The Gamestop Stock Market Boogaloo

[Kowani]

Robinhood releases late-night announcement that they’ll be limiting options trading for Game Stop and AMC




hmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmm

[Odreria]

class action lawsuit time

[Comerciante]

I walked through this thread reading all the posts up to page 31.

I'm glad we could all find unity in something like this we can all agree on fawk WS.

[Sundiata]

Events like this are the consequence of the rich ignoring their responsibility to the poor. It has been said that it is easier for a rich man to pass through the eye of a needle than to enter the kingdom of heaven.

[Northern Socialist Council Republics]

Events like this are the consequence of the rich ignoring their responsibility to the poor. It has been said that it is easier for a rich man to pass through the eye of a needle than to enter the kingdom of heaven.

I generally find that the observation that bad people are the cause of bad events, however true that might be, is rarely helpful in finding actual solutions to social problems. Why do the rich "[ignore] their responsibility to the poor"? What regulations permit and what incentives encourage them to act that way? What problems in the structure of our society results in irresponsible people ending up in powerful positions? The answers to those questions are far more interesting than the generic observation "rich people bad".

Whenever you confront a problem that is the result of multiple factors, you ought to focus on those factors that you have the greatest ability to change, and unless you have some amazing mind-control technology you aren't telling us about, the greedy, self-centered nature of the human spirit is not one such factor.

[No State Here]

Robinhood releases late-night announcement that they’ll be limiting options trading for Game Stop and AMC

(Image)


hmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmm

Of course, their sugar daddies are being threatened

[No State Here]

Also it’s hilarious seeing media boomers talking about r/WSB as some sort of secret cabal of criminals or something

[Cultural Posadism]

Marx would have approved of trolling hedge funds like this.

[Cultural Posadism]

Robinhood releases late-night announcement that they’ll be limiting options trading for Game Stop and AMC

(Image)


hmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmm

lmao a bunch of nerds on a subreddit managed to scare the entire financial system shitless

[United Chinese Communes]

Marx would have approved of trolling hedge funds like this.

Indeed.

[Nevertopia]

Robinhood releases late-night announcement that they’ll be limiting options trading for Game Stop and AMC

(Image)


hmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmm

lmao a bunch of nerds on a subreddit managed to scare the entire financial system shitless

Oh no the poors have figured out the rules of the game! Somebody stop them!

[Repubblica Fascista Sociale Italiana]

Huh, the only thread where all of NSG is agreeing

[Nevertopia]

Huh, the only thread where all of NSG is agreeing

[Cultural Posadism]

lmao a bunch of nerds on a subreddit managed to scare the entire financial system shitless

Oh no the poors have figured out the rules of the game! Somebody stop them!

Equal opportunity wasn't meant to be equal!

[No State Here]

Huh, the only thread where all of NSG is agreeing

Yes, comrades and captains unite

[Cultural Posadism]

Yes, comrades and captains unite

Sooolidarity foreeever!

[Ethel mermania]

Gamestop ain't the only one. Raping the shorts by out Manipulating the short sellers, actually seems like a strategy that should be used by hedge funds. AMC will be harder because they have many more shares than GME, and they took advantage of the ridiculous spike to issue more stock and improve their cash position


https://www.marketwatch.com/story/here- ... 1611687693

[Northern Socialist Council Republics]

Huh, the only thread where all of NSG is agreeing

To reiterate what I said earlier in the thread:

I will say that one thing that’s very interesting is to see so much “fuck the elites” sentiment from dyed in the wool capitalist retail investors.

The world is a better and more prosperous place than it has ever been. I bet that even the economic disaster that has been the coronavirus pandemic wouldn’t set our living standards back by more than five years after it’s over.

People are thus getting upset and angry - rightfully upset and angry - that political tricks played by the elite have largely kept them away from all this wonderful prosperity of automation and globalisation.

The pie grows bigger every year, so where’s our slice of it?

Anti-elitism is not a stance dependent on political ideology. You don’t have to be a hysterical leftie like me to see that things aren’t working out as they perhaps should. Conservatives are not, generally speaking, stupid, and they too can feel that something is wrong.

The basic premise of capitalism is that in an open market, individuals are privately rewarded for services that they perform for the community and that these private rewards incentivise people to perform such services.

There is a certain bloc of people who have gotten enormously rich mostly by moving numbers around between different ledgers and not by providing any service that society in general might consider useful. Regardless of whether you are a pro-capitalist or an anti-capitalist, everyone can see that this isn't how capitalism is supposed to work.

This is why nobody likes the finance industry.

[Seangoli]

Huh, the only thread where all of NSG is agreeing

This is because what these hedge funds do isn't what capitalists want. The notion of a fair market doesn't exist, and they abuse the system. What is going on now is Peak Capitalism as it should be, and is ruining generational wealth in the process by punishing idiotic an risky behavior. Play stupid games, win stupid prizes.

We may yet to see unity in the country yet, and it hilariously comes in the form of a struggling brick and mortar video game store. After the shit show of 2020, I can think of no better start to 2021.

[Seangoli]

Gamestop ain't the only one. Raping the shorts by out Manipulating the short sellers, actually seems like a strategy that should be used by hedge funds. AMC will be harder because they have many more shares than GME, and they took advantage of the ridiculous spike to issue more stock and improve their cash position


https://www.marketwatch.com/story/here- ... 1611687693

It's going to be a god damn blood bath. It is also going to be good in the medium term for a lot of retailers to inboard onto long term prospects as these hedge funds are forced to liquidate other assets to cover their idiotic short positions, and across the board prices will go down.

These guys are throwing actual good money after bad bets and many are going to get wrecked in the process.

[Galloism]

Wall Street Journal dips their toe in on the "white supremacist investors" angle

First, there were the potential legal issues. As WallStreetBets grew, it faced accusations—often lodged by angry short sellers—of market manipulation. Moderators urged users not to make posts “for the purpose of instigating or coordinating a group effort to move the market for a security.” But that didn’t silence the community’s critics.

Then there was the hate speech. Last year, Mr. Rogozinski decided to do some housekeeping and scrub some of the more distasteful content being shared in the community. In an off-Reddit chat room associated with WallStreetBets, he found language rife with obscenity, racism and antigay views that moderators let stand.

“There were a handful of mods who were straight up white supremacists,” he said. As a Jewish man married to a Mexican woman, he found it impossible to stomach.

“I have really thick skin and people can say whatever they want to me, but at some point there’s a moral standpoint—like with my kids, I don’t want them to think, ‘Well, they can say whatever they want about you,’” he said.

Mr. Rogozinski wound up deleting the private chat room hosted on Discord where the offensive messages were exchanged. He also removed some of the moderators. The backlash was swift: Enough users chafed at his actions—along with his promoting a book based on WallStreetBets, as well as an esports-style trading competition under the WallStreetBets name—that he was booted out by other moderators. He hasn’t moderated the community since April.

[Cannot think of a name]

The take on ABC News Live seems to be, "Well, these Redditors didn't make the rules, they just figured them out. Buy a helmet, hedge funds." For a company owned by Disney kind of a bold take. Even when they talk about 'is this gaming the system' or 'manipulating the market' etc. they keep coming around to 'they didn't invent this, this is how it's been working the entire time."

[Seangoli]

Wall Street Journal dips their toe in on the "white supremacist investors" angle

First, there were the potential legal issues. As WallStreetBets grew, it faced accusations—often lodged by angry short sellers—of market manipulation. Moderators urged users not to make posts “for the purpose of instigating or coordinating a group effort to move the market for a security.” But that didn’t silence the community’s critics.

Then there was the hate speech. Last year, Mr. Rogozinski decided to do some housekeeping and scrub some of the more distasteful content being shared in the community. In an off-Reddit chat room associated with WallStreetBets, he found language rife with obscenity, racism and antigay views that moderators let stand.

“There were a handful of mods who were straight up white supremacists,” he said. As a Jewish man married to a Mexican woman, he found it impossible to stomach.

“I have really thick skin and people can say whatever they want to me, but at some point there’s a moral standpoint—like with my kids, I don’t want them to think, ‘Well, they can say whatever they want about you,’” he said.

Mr. Rogozinski wound up deleting the private chat room hosted on Discord where the offensive messages were exchanged. He also removed some of the moderators. The backlash was swift: Enough users chafed at his actions—along with his promoting a book based on WallStreetBets, as well as an esports-style trading competition under the WallStreetBets name—that he was booted out by other moderators. He hasn’t moderated the community since April.

The offensive messages were probably paid for bots, apparently. Anybody who goes to r/wsb and sees the sea of Occupy Wall Street posts should immediately be dissuaded from this argument. Most of these people *hate* Trump, and are merely taking advantage of a situation of him putting regulators asleep at the wheel, allowing potentially unlawful behavior to go on for a long as time.

[Northern Socialist Council Republics]

This is a beautiful line from BBC's coverage of the incident:

The Sydney Morning Herald reported that a tiny West Australian mining company saw a 50% surge in its share price, most likely due to its Australian stock exchange (ASX) code matching that of the American video game retailer.

The BBC has a reasonably neutral take on the issue that reaffirms my faith in that agency.

[Ethel mermania]

Wall Street Journal dips their toe in on the "white supremacist investors" angle

First, there were the potential legal issues. As WallStreetBets grew, it faced accusations—often lodged by angry short sellers—of market manipulation. Moderators urged users not to make posts “for the purpose of instigating or coordinating a group effort to move the market for a security.” But that didn’t silence the community’s critics.

Then there was the hate speech. Last year, Mr. Rogozinski decided to do some housekeeping and scrub some of the more distasteful content being shared in the community. In an off-Reddit chat room associated with WallStreetBets, he found language rife with obscenity, racism and antigay views that moderators let stand.

“There were a handful of mods who were straight up white supremacists,” he said. As a Jewish man married to a Mexican woman, he found it impossible to stomach.

“I have really thick skin and people can say whatever they want to me, but at some point there’s a moral standpoint—like with my kids, I don’t want them to think, ‘Well, they can say whatever they want about you,’” he said.

Mr. Rogozinski wound up deleting the private chat room hosted on Discord where the offensive messages were exchanged. He also removed some of the moderators. The backlash was swift: Enough users chafed at his actions—along with his promoting a book based on WallStreetBets, as well as an esports-style trading competition under the WallStreetBets name—that he was booted out by other moderators. He hasn’t moderated the community since April.

And they are talking to a guy with a clear axe to grind. Aside from the fact that being a white supremacist does not bar you from stock trading.

"I have a thick skin and I couldn't stomach it" fucking virtue signaling cause clearly taking advantage of a hedge fund is only done by unamerican nazi's. Fuck him.