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kingsskierEventually, these guys will run out of buying power and a wall will be hit. Then the market will correct back swiftly. But right now, ride that shit.
**This post was edited on Jan 28th 2021 at 8:36:52am
I honestly cant get the smirk off my face from all this. Occupy Wall Street had them laughing at us then we pump up a Gamestop stock and have everyone in full panic mode. It looks like the little guy found a lever he was never supposed to be able to grab lol
This could be an entirely new form of protest and economic warfare. For instance if a company is being shitty, the 'Community' could manipulate the market and crash the stock right before their shareholder meeting etc. It could fuck up a companies IPO as well.
T.L.Keep an eye out for litigation from state AGs. I looks like the Texas AG is taking comments already on the Robinhood situation.
They should. That is like the Refs getting to call a break at the Superbowl when there is 30 seconds left and the Patriots are on the 25 yrd line with no more time outs.
SuspiciousFishI honestly cant get the smirk off my face from all this. Occupy Wall Street had them laughing at us then we pump up a Gamestop stock and have everyone in full panic mode. It looks like the little guy found a lever he was never supposed to be able to grab lol
This could be an entirely new form of protest and economic warfare. For instance if a company is being shitty, the 'Community' could manipulate the market and crash the stock right before their shareholder meeting etc. It could fuck up a companies IPO as well.
Right? This is highly entertaining. I'm not really involved and I appear to be recouping the losses in my more typical investments which I intend to hold long term anyway so I'm not that worried. I can just sit back and enjoy the memes.
The problem is they're just going to halt trading on anything retail buyers start buying in large amounts for fear of this sort of thing. It's going to be similar to how they deploy riot police to the site of a scheduled protest before anything goes down. But it's also going to be like one of those things that happens without any communication because the intent is obvious. The damage is done. People know this is possible. If they care about this and enforce laws then there's going to be a shitstorm about not enforcing it when rich people do the same shit.
DrZoidbergRight? This is highly entertaining. I'm not really involved and I appear to be recouping the losses in my more typical investments which I intend to hold long term anyway so I'm not that worried. I can just sit back and enjoy the memes.
The problem is they're just going to halt trading on anything retail buyers start buying in large amounts for fear of this sort of thing. It's going to be similar to how they deploy riot police to the site of a scheduled protest before anything goes down. But it's also going to be like one of those things that happens without any communication because the intent is obvious. The damage is done. People know this is possible. If they care about this and enforce laws then there's going to be a shitstorm about not enforcing it when rich people do the same shit.
Thats the best part about this. Since the beginning of the stock market rich investment house owners would call each other and manipulate the market to their liking, now the 'normal people' found a way to do it and everyone is panicking. There are certain financial 'sacred cows' that are never supposed to be touched and some dudes on the internet just put a deer slug into it lol. IMO Day Trading is dumb anyway, you are basically just online gambling and pretending like you are making real financial moves.
Good for you for doing it long term. "Diversify and Ignore" is the best motto for long term investing. An event people panic over will become a little blip when you stretch the graph to 20 years.
SuspiciousFishThey should. That is like the Refs getting to call a break at the Superbowl when there is 30 seconds left and the Patriots are on the 25 yrd line with no more time outs.
Class action suit filed in NY. The site is being ddos'd right now so might have to check back later.
SuspiciousFishThats the best part about this. Since the beginning of the stock market rich investment house owners would call each other and manipulate the market to their liking, now the 'normal people' found a way to do it and everyone is panicking. There are certain financial 'sacred cows' that are never supposed to be touched and some dudes on the internet just put a deer slug into it lol. IMO Day Trading is dumb anyway, you are basically just online gambling and pretending like you are making real financial moves.
Good for you for doing it long term. "Diversify and Ignore" is the best motto for long term investing. An event people panic over will become a little blip when you stretch the graph to 20 years.
Yeah this is really a test of how much influence the law will tolerate. Interacting with the market changes it and the level of influence through interaction is clearly not evenly spread. What's the difference between one person using their huge amount of influence versus 10000 people pooling their small amounts of influence, other than collaboration?
I could be wrong, but I assume there's a lot of cooperation between people with high levels of influence without ever exchanging words. Like shit, even when I play Apex Legends, which has no communication between teams, when multiple teams fight everybody always knows who to pick on and what to do to ensure the outcome they want. If a bunch of 16 year old gamers can figure that out how to work as a team with the enemy, if only for a moment, without exchanging words with them then for sure these fund managers can.
DrZoidbergYeah this is really a test of how much influence the law will tolerate. Interacting with the market changes it and the level of influence through interaction is clearly not evenly spread. What's the difference between one person using their huge amount of influence versus 10000 people pooling their small amounts of influence, other than collaboration?
I could be wrong, but I assume there's a lot of cooperation between people with high levels of influence without ever exchanging words. Like shit, even when I play Apex Legends, which has no communication between teams, when multiple teams fight everybody always knows who to pick on and what to do to ensure the outcome they want. If a bunch of 16 year old gamers can figure that out how to work as a team with the enemy, if only for a moment, without exchanging words with them then for sure these fund managers can.
There are private clubs and $250 a plate dinner restaurants all over NYC for a reason. You know these people all talk and collude together to make the market do what they want.
Don't want to be mr debbie downer. But i'm in a stock chat with my friends and watching them cry about losing their stimulus checks is somewhat enjoyable.
The thing that really blows me away is how many people surprised by Robinhood’s actions. If you’ve paid a sliver of attention over the past 18 months you would know it’s a piece of shit shady company that doesn’t care about anything it claims to (the little guy).
CaptainObvious.The thing that really blows me away is how many people surprised by Robinhood’s actions. If you’ve paid a sliver of attention over the past 18 months you would know it’s a piece of shit shady company that doesn’t care about anything it claims to (the little guy).
I've given them the benefit of the doubt, and frankly just prefer the ease of their UI compared to the excel spreadsheets of every other trading platform. But their actions today far outweigh any convenience for me so I'll probably move to Fidelity
CaptainObvious.The thing that really blows me away is how many people surprised by Robinhood’s actions. If you’ve paid a sliver of attention over the past 18 months you would know it’s a piece of shit shady company that doesn’t care about anything it claims to (the little guy).
It's not just robinhood though. It's all the major trading platforms doing the same thing to protect their ultra wealthy friends. It's the same level of coordination we've seen between the giant social media platforms and web hosting services to silence wrong think.
Here's an alleged insider saying that robinhood got calls from the whitehouse and sequoia capital to shut it all down. If this is true, invest in rope next.
T.L.It's not just robinhood though. It's all the major trading platforms doing the same thing to protect their ultra wealthy friends. It's the same level of coordination we've seen between the giant social media platforms and web hosting services to silence wrong think.
Here's an alleged insider saying that robinhood got calls from the whitehouse and sequoia capital to shut it all down. If this is true, invest in rope next.
TOAST.Probs fake, most tech people working from home.
Decent chance its fake but he seems pretty geeked out. Account is only 3 hours old but Id' create a new account too if I was gonna blow the whistle on a big company like that.
T.L.It's not just robinhood though. It's all the major trading platforms doing the same thing to protect their ultra wealthy friends. It's the same level of coordination we've seen between the giant social media platforms and web hosting services to silence wrong think.
Here's an alleged insider saying that robinhood got calls from the whitehouse and sequoia capital to shut it all down. If this is true, invest in rope next.
a self-described "low-level," "not finance side" employee claims on a reddit post to have "overheard" a call between the white house and the founder of the company
screams fake, dude. low level people like that prob aren't even in the same building, nevermind suite, as the principals he mentions, especially right now
From their earlier statement I was under the impression that it was their clearing firm that wouldn't accept gme, amc, and nok buy orders. Whatever happened I'm glad they're allowing trading again
Lol good luck suing every major platform and the SEC. Buncha stimulus check millennials upset about losing money. XD
T.L.It's not just robinhood though. It's all the major trading platforms doing the same thing to protect their ultra wealthy friends. It's the same level of coordination we've seen between the giant social media platforms and web hosting services to silence wrong think.
Here's an alleged insider saying that robinhood got calls from the whitehouse and sequoia capital to shut it all down. If this is true, invest in rope next.
zuesSo you're telling me robinhood somehow convinced every platform to do the same thing by halting GME buying? I think something is missing here.
I'm not saying they convinced these platforms, but the majority of people participating used Robinhood to trade. If citadel knows that people will start panicking if they can no longer buy and subsequently tank the stock price due to proprietary knowledge, logic would say that they profited illegally.
I agree it's fucked. I hope something comes out of this to prevent it from ever happening again.
hdubsI'm not saying they convinced these platforms, but the majority of people participating used Robinhood to trade. If citadel knows that people will start panicking if they can no longer buy and subsequently tank the stock price due to proprietary knowledge, logic would say that they profited illegally.
zuesalso seeing that people's shares of GME on Robinhood are automatically being sold. Not sure how true this is.
As far as I know this is just for some people who bought shares on margin. Not exactly sure how margin works but I guess its in the terms of a margin call that they can do this shit
zuesI agree it's fucked. I hope something comes out of this to prevent it from ever happening again.
Nothing will happen. Many on both sides of the aisle are bought and paid for by wall street. The brand new treasury sec. that's being fawned over because 'muh wimins' has taken something like $810k in speaking fees just from Citadel alone.
The only thing to hope for is for the sun to shit out a giant CME to put us all back in the stone age.
T.L.Nothing will happen. Many on both sides of the aisle are bought and paid for by wall street. The brand new treasury sec. that's being fawned over because 'muh wimins' has taken something like $810k in speaking fees just from Citadel alone.
The only thing to hope for is for the sun to shit out a giant CME to put us all back in the stone age.
That makes sense then. I'm hearing mixed comments. It could just be a return for Margin order placed post market close.
DayManAs far as I know this is just for some people who bought shares on margin. Not exactly sure how margin works but I guess its in the terms of a margin call that they can do this shit
T.L.Nothing will happen. Many on both sides of the aisle are bought and paid for by wall street. The brand new treasury sec. that's being fawned over because 'muh wimins' has taken something like $810k in speaking fees just from Citadel alone.
The only thing to hope for is for the sun to shit out a giant CME to put us all back in the stone age.
zuesI agree it's fucked. I hope something comes out of this to prevent it from ever happening again.
Yeah I hope this differs from '08 and people actually go to jail for this shit. Thankfully I think this is one this Democrats and Republicans can agree on, even if the treasury secretary doesn't. Shout out to Ted Cruz agreeing with AOC on the need for a formal inquiry.
**This post was edited on Jan 28th 2021 at 5:08:56pm
DayManAs far as I know this is just for some people who bought shares on margin. Not exactly sure how margin works but I guess its in the terms of a margin call that they can do this shit
It’s a loan from a broker that is based of a certain % of your holdings. If he did buy all that on margin (and at a higher price than shown) with how volatile GME has been its feasible it was a margin call. Though usually they give you the option to deposit cash to cover.
