I know next to nothing about stocks and day trading and whatnot, but I've been following along with this on twitter and it looks like redditors are putting the hurt on a few hedge funds.
Anyone know what the long-term effects of this are? I assume a shitload more regulation as only the big guys should be allowed to manipulate the market. Can't have the plebs think they have any sort of power.
lol. of course it's white supremacy according to Vice. What isn't?
NASDAQ is threatening to halt trading over social media chatter.
Here's a thread explaining it:
If you're out of the loop - this is the (hilarious) story of a subreddit (wall street bets) taking down a multi-billion dollar hedge fund... get your popcorn ready 🍿
— Shaan Puri (@ShaanVP) January 26, 2021
I’ve been following this it’s been crazy to watch
Overvaluing GameStop by 9 billion dollars what could go wrong
Kinda watching from overhead.
Biden is looking into the situation now. Must've had some large donors call him in a panic.
>This man on Fox News just said that they should “ban social media from talking about short stocks” pic.twitter.com/lYs54F2Yu3
— cirno++ (@cirnoplusplus) January 27, 2021
Quick update on today's trading:
Express Inc: +245%
AMC Theatres: +230%
Blockbuster Video: +181%
GameStop: +125%
Nokia: +50%
Build-A-Bear: +45%
BlackBerry: +24%
Bed Bath & Beyond: +23%
Tootsie Roll: +14%— Jon Erlichman (@JonErlichman) January 27, 2021
posted by justincredible
Quick update on today's trading:
Express Inc: +245%
AMC Theatres: +230%
Blockbuster Video: +181%
GameStop: +125%
Nokia: +50%
Build-A-Bear: +45%
BlackBerry: +24%
Bed Bath & Beyond: +23%
Tootsie Roll: +14%— Jon Erlichman (@JonErlichman) January 27, 2021
My early 2000s self loves this...
What an odd funny, and somewhat alarming story. Interesting to watch as a lay person for sure.
posted by justincredible
Quick update on today's trading:
Express Inc: +245%
AMC Theatres: +230%
Blockbuster Video: +181%
GameStop: +125%
Nokia: +50%
Build-A-Bear: +45%
BlackBerry: +24%
Bed Bath & Beyond: +23%
Tootsie Roll: +14%— Jon Erlichman (@JonErlichman) January 27, 2021
Gamestop and Build a Bear bring the most lulz.
Build-a-Bear is hilarious. Love seeing Nokia and BlackBerry on the list.
Classic short squeeze. Big institutional investors will do this from time to time, and it doesn't require any sort of collusion. All it takes is too much short interest in a stock, the big funds bid up the price and hope short sellers capitulate, which drives up the price even more as they try to buy [even more] scarce shares to close out their position.
Short sellers are critical to an efficient & liquid market. My guess is these reddit idiots thought the short sellers were hurting Gamestop.
LOL, and then there's Tesla. How is it that two of the richest people in the world (looking at you, too, Bezos) made all that money off companies that don't make money?
posted by justincredibleBuild-a-Bear is hilarious. Love seeing Nokia and BlackBerry on the list.
How is Blockbuster still traded? I think they have 1 store left, globally. Although I know they had a mail-order business, and possibly even a streaming service.
Love a great short squeeze .......especially if it involves David Einhorn getting cleaned
Blockbuster still around? I have a video to return.
posted by QuakerOatsLove a great short squeeze .......especially if it involves David Einhorn getting cleaned
Daniel Loeb is the best. That reddit thread most likely contains a young Daniel Loeb (possibly the OG, too).
https://y0ungmoney.blogspot.com/2015/03/before-dan-loeb-became-famous-he-was-mr.html
His battles with the original cuckoo for cocoa puffs founder of Overstock.com were highly entertaining!
Looks like Twitter is going to ban the posts so we’ll see if people who were fine with the Trump ban are fine with bans on stock posts
posted by geeblockLooks like Twitter is going to ban the posts so we’ll see if people who were fine with the Trump ban are fine with bans on stock posts
They banned the Reddit too, at least for a bit. Big tech is garbage.
posted by iclfan2They banned the Reddit too, at least for a bit. Big tech is garbage.
I'm dumbfounded over that. Trump is a unique animal, so I try not to use him as an example to make a case for "new normals".
Can't say I've ever seen anyone make a case that we need to protect people from their own stupidity on the internet. I know that kind of falls under the "nanny state" mantra, but some of the biggest nanny state proponents have always been like "ohhhhh, nothing is more pure and sacred than a free and open internet!"
Pump-and-dump schemes, and this kind of sounds like a version of that, are illegal. So it's a little hard to dismiss this as harmless and no big deal when registered brokers go to jail for this.
Go back to verified identities on the internet. Remove the complete anonymity the "anarchists" rely on and then let law enforcement deal with determining if what people are saying is dangerous or protected speech.
Perhaps we've been getting a little too caught up over protecting anonymous speech, which isn't actually the same thing as free speech.
posted by gutI'm dumbfounded over that. Trump is a unique animal, so I try not to use him as an example to make a case for "new normals".
Can't say I've ever seen anyone make a case that we need to protect people from their own stupidity on the internet. I know that kind of falls under the "nanny state" mantra, but some of the biggest nanny state proponents have always been like "ohhhhh, nothing is more pure and sacred than a free and open internet!"
Pump-and-dump schemes, and this kind of sounds like a version of that, are illegal. So it's a little hard to dismiss this as harmless and no big deal when registered brokers go to jail for this.
Go back to verified identities on the internet. Remove the complete anonymity the "anarchists" rely on and then let law enforcement deal with determining if what people are saying is dangerous or protected speech.
Perhaps we've been getting a little too caught up over protecting anonymous speech, which isn't actually the same thing as free speech.
Maybe we can get everyone a serial number they have to register and we will tattoo it on their forearm
In order to bankrupt a hedge fund, there has to be some real money behind this. I'm sure that you have some people trading from mom's basement, but you wouldn't be able get enough of those people to threaten a hedge fund.
posted by gutGo back to verified identities on the internet. Remove the complete anonymity the "anarchists" rely on and then let law enforcement deal with determining if what people are saying is dangerous or protected speech.
Perhaps we've been getting a little too caught up over protecting anonymous speech, which isn't actually the same thing as free speech.
