Scrutable

I think you need to do a bit of reading on the reddit investors. They refer to themselves as retards and many are prepared to lose their micro investments. The lulz are giving them excellent value for money and they’re mad as hell and aren’t going to take it any more.

They’ve found a way to hurt Wall Street and to siphon cash out of them. That’s capitalism, red in tooth and claw, surely?

People like everyone have been scalped by the financial services industry all our lives.

Ah yes, the good ol' approach of screwing capitalism by being exploited by capitalism.

Rebel against manipulated stock markets by losing money to manipulated stock markets. Rebel against capitalists by getting yourself addicted to a capitalist product you literally burn and replace. Teach them a lesson for your zero hours contract by spending your inadequate wages at the betting shop. Rant against the globalists, posted from my iPhone.

Well, it’s a bit more than that. Collaborate to destroy the parasites might be a more appropriate way to put it.

See the Marx quote I put on the first page...

plodder wrote: ↑

Thu Jan 28, 2021 2:38 pm

Well, it’s a bit more than that. Collaborate to destroy the parasites might be a more appropriate way to put it.

Wait, are they parasites, mere fleas on the dog? Or are they the dog itself, the vicious scalpers who destroy lives globally?

Because you know, right, that this might kill a couple of fleas but is going to do nothing to dent the system? When a flea on the dog gets killed all it means is the other fleas get fatter. Already Goldman Sachs will have figured a way to exploit this situation and make themselves even richer.

Anyway, the WSB crowd are flocking to silver now.

BUY SILVER

WAIT WAIT WAIT

SELL SILVER

WAIT WAIT WAIT

HOLD TILL I DIE f.ck WALL STREET

lpm wrote: ↑

Thu Jan 28, 2021 2:46 pm

Already Goldman Sachs will have figured a way to exploit this situation and make themselves even richer.

Yes, they (Morgan Stanley) have (allegedly) banned their discord channel because they own it, and they (Big $$$) have also (allegedly) had them banned from other trading apps they (allegedly) control, which plays nicely into the benevolent trader narrative.

Some hedge fund investors lost some money.

Eventually, valuations will return to something resembling the actual value of the companies, so the Reddit clowns will lose some money.

Which of these do you think can more easily afford to lose some money?

Meanwhile, the weird behavior of these stocks makes other stock prices somewhat lower and more volatile, which means that the 55% of Americans who have some of their savings in stocks lose some money. Probably more than 55% really, as that figure doesn't include pension funds.

I see nothing hilarious here.

bolo wrote: ↑

Thu Jan 28, 2021 4:02 pm

Some hedge fund investors lost some money.

Eventually, valuations will return to something resembling the actual value of the companies, so the Reddit clowns will lose some money.

Which of these do you think can more easily afford to lose some money?

Meanwhile, the weird behavior of these stocks makes other stock prices somewhat lower and more volatile, which means that the 55% of Americans who have some of their savings in stocks lose some money. Probably more than 55% really, as that figure doesn't include pension funds.

I see nothing hilarious here.

Love how the reddit guys are the clowns, whereas the coke-fueled titans of Wall Street are the sensible, reliable, honest johns who incidentally were bailed out to the tune of trillions of dollars by the reddit clown's parents not so long ago.

obviously innovations like high-frequency trading are not just wheezes and benefit us all.

once again, I don't think the people on reddit care if they lose money

Stephanie wrote: ↑

Thu Jan 28, 2021 4:26 pm

once again, I don't think the people on reddit care if they lose money

I got the impression they all say that, whether they mean it or not. The ones who don't really mean it might get out in time to make some money.

also I don’t think “creating market volatility” is unique to the reddit clowns

According to a friend, a local Gamestop has a sign on the door saying "Trades are back!"

No pic, so it might not have happened.

This phenomenon shows no sign of stopping, despite the online brokerss coming to the aid of the hedge funds. Now it is happening to other stocks as well. It looks a colour revolution or people power being applied to the stock market. Maybe it will be the death knell for short sellers and hedge funds.
Maybe even capitalism itself.

Well one can hope, can't they?

Now that Robinhood has blocked the purchase of GME stocks, they've managed to alienate their customers, in addition to hedge fund managers who hated them anyway, and both AOC and Ted Cruz are coming out against them. Oh, and there's already a class action lawsuit, filed in New York.

Good effort, lads.

Martin Y wrote: ↑

Thu Jan 28, 2021 4:42 pm

Stephanie wrote: ↑

Thu Jan 28, 2021 4:26 pm

once again, I don't think the people on reddit care if they lose money

I got the impression they all say that, whether they mean it or not. The ones who don't really mean it might get out in time to make some money.

I'm confused. Are these rich people who can afford to chuck away a few hundred dollars? Or are these the downtrodden victims of the Wall Street villains who slave at two jobs to be able to feed their kids?

The share can be taken off the market temporarily if regulators suspect a pump and dump, it happens infrequently but does happen. I can't think of any examples off the top of my head but I'm sure more organised people can find some if they look. I mean, it quite blatantly is one and my heart breaks for genuine small investors and the staff that are going to get destroyed by this.

You could easily prevent more than say 10% of a company's stock being involved in shorting with a bit of regulation and a bit of IT. I mean, these places somehow implemented FATCA, the poor sods.

Both sides are bad guys but the majority are victims so nobody comes off well in this whole fiasco. I say take steps to limit the damage that either shorting or pump and dumps can do and simply limit how much of a shares stock can be borrowed and make sure it can only be borrowed once. That way everyone gets what they want but in much slower and more manageable motion.

lpm wrote: ↑

Thu Jan 28, 2021 5:23 pm

Martin Y wrote: ↑

Thu Jan 28, 2021 4:42 pm

Stephanie wrote: ↑

Thu Jan 28, 2021 4:26 pm

once again, I don't think the people on reddit care if they lose money

I got the impression they all say that, whether they mean it or not. The ones who don't really mean it might get out in time to make some money.

I'm confused. Are these rich people who can afford to chuck away a few hundred dollars? Or are these the downtrodden victims of the Wall Street villains who slave at two jobs to be able to feed their kids?

A fair few are people with jobs who are doing OK paycheck to paycheck, and who then got a $600 check from the government that they decided to screw around with. Stimulus spending in action.

lpm wrote: ↑

Thu Jan 28, 2021 5:23 pm

Martin Y wrote: ↑

Thu Jan 28, 2021 4:42 pm

Stephanie wrote: ↑

Thu Jan 28, 2021 4:26 pm

once again, I don't think the people on reddit care if they lose money

I got the impression they all say that, whether they mean it or not. The ones who don't really mean it might get out in time to make some money.

I'm confused. Are these rich people who can afford to chuck away a few hundred dollars? Or are these the downtrodden victims of the Wall Street villains who slave at two jobs to be able to feed their kids?

I mean, from the perspective of a trader, they're all microscopic penniless scum who don't know how to manage their money.
But if you zoom in a bit there's all sorts of fascinating detail, and once you get your eye in watching them scurrying about you can tell that they're all actually quite different. It's quite the revelation.

Anyway, the stock brokerages have managed to get Ted Cruz and AOC to agree on Twitter that they're being dicks. Which is fun.

dyqik wrote: ↑

Thu Jan 28, 2021 5:35 pm

lpm wrote: ↑

Thu Jan 28, 2021 5:23 pm

Martin Y wrote: ↑

Thu Jan 28, 2021 4:42 pm

I got the impression they all say that, whether they mean it or not. The ones who don't really mean it might get out in time to make some money.

I'm confused. Are these rich people who can afford to chuck away a few hundred dollars? Or are these the downtrodden victims of the Wall Street villains who slave at two jobs to be able to feed their kids?

A fair few are people with jobs who are doing OK paycheck to paycheck, and who then got a $600 check from the government that they decided to screw around with. Stimulus spending in action.

And yet somehow all this is going to help the downtrodden victims who slave at two jobs to feed their kids. You're going to have to explain this to me again from the beginning.

I don't much fancy the chances of more Covid relief when it'll be spun as more money for basement boys to chuck away gambling.

lpm wrote: ↑

Thu Jan 28, 2021 5:45 pm

dyqik wrote: ↑

Thu Jan 28, 2021 5:35 pm

lpm wrote: ↑

Thu Jan 28, 2021 5:23 pm

I'm confused. Are these rich people who can afford to chuck away a few hundred dollars? Or are these the downtrodden victims of the Wall Street villains who slave at two jobs to be able to feed their kids?

A fair few are people with jobs who are doing OK paycheck to paycheck, and who then got a $600 check from the government that they decided to screw around with. Stimulus spending in action.

And yet somehow all this is going to help the downtrodden victims who slave at two jobs to feed their kids. You're going to have to explain this to me again from the beginning.

I don't much fancy the chances of more Covid relief when it'll be spun as more money for basement boys to chuck away gambling.

OK, here's the explanation:

A bunch of people are screwing around. And amusing to see how vulnerable the supposed masters of the universe of finance are to it.