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Discord bans r/WallStreetBets server, subreddit went private for a while

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Re: Discord bans r/WallStreetBets server, subreddit went private for a while

#301

Post by cbozeman »

majormajor wrote: post #278
cbozeman wrote: post #271

Earlier quoted context omitted.

By "radicalized" he means, "Will cause them to buy and hold more GameStop to continue the pain until Wall Street learns to back down." Diamond hands all the way. They had the chance to take it on the chin like a man, but they wanted to play rough, so we'll play rough.

> By "radicalized" he means, "Will cause them to buy and hold more GameStop to continue the pain until Wall Street learns to back down." What's the endgame? Sell at some point? At a profit or a loss? Seems like in that scenario anger would play to the hands of the people who bought earlier and can sell to newcomers...

The endgame is the destruction of Melvin Capital, and that's going to happen no matter what. No one can swoop in and just tank the stock price. Even if BlackRock were to dump all their shares before Friday, it likely still wouldn't be enough because that's only 13% of GME. Michael Burry's Scion Capital owns around 5%, but I don't think Dr. Burry's going anywhere either, and the reason they're going to hold is the same reason Melvin is going to go down in flames, there's simply no stock left to buy and no indication that selling makes sense right now.

The whole thing driving this is a massive buy-up of all available stock. No one wants to sell; everyone wants to buy.

If Melvin Capital were a patient in a hospital, it'd be brain dead and on life support. We're just waiting for everyone involved to say their goodbyes so the plug can be pulled.

At $90 a share, Melvin had to get a $2.75bn capital injection to stay afloat. That was the time to get out. They instead tried to force a sell-off so they could buy up cheap shares and reduce the bleeding. That failed. For roughly every $12 over $90, Melvin Capital lost $1 billion. Well at $348 a share, they're now negative $21.5bn in value. Its over. Their greed has resulted in their utter destruction.

Once Melvin's corpse is wheeled out of the hospital, BlackRock and Burry might head for the exit, especially Burry, since he bought in at $4 a share, and a 5% stake there is such an enormous return even at $200, much less $348, that at some point, you're just being a greedy asshole.

Some people on WSB a little more ruthless, and frankly with the BS that Wall Street has gotten away with for the past few decades, I can't say I blame them; they plan to hold till $1000, which hilarious and crazy as it sounds, may not be impossible, but I'd judge it unlikely.

I'd say anyone that got in $GME before the huge price spike ($20 and lower), now's a good time to cash out. You won. Your lottery ticket hit all 6 numbers. Go live your life.

To all the short-sellers, I can only bow and say, "We who are about to die, salute you."

Re: Discord bans r/WallStreetBets server, subreddit went private for a while

#302

Post by afuchs »

mrtksn wrote: post #195
disgrunt wrote: post #177

Earlier quoted context omitted.

You are certainly right for many participating in this short squeeze. But collectively this short squeeze is undeniable proof that what's good for the goose is not good for the gander. The hedge funds play by a separate set of rules from the rest of us.

That’s why they believe that it doesn’t matter in first place. I’m not a nihilist but I think they have a point. As a Long time lurker of the sub, I’m not happy with reddit closing it down.

This thread/discussion is attached to an article about Discord banning one (of multiple, only one got banned) communities and the r/wallstreebtets community going private (moderators limiting access to members who've already joined and blocking outsiders). Since then, the subreddit was opened back up. How did Reddit close it down if it everyone can still access it?

Re: Discord bans r/WallStreetBets server, subreddit went private for a while

#303

Post by delaaxe »

johncessna wrote: post #127

>Discord says it did not ban the server for financial fraud — rather, it was banned because it continued to allow “hateful and discriminatory content after repeated warnings.” Funny how that works. If they're not careful, people might start to think 'Hate Speech' could be misused to pursue an agenda. 'It's not that I disagree with what they are doing, they should have just called each other assholes instead of the X…

The mods said that there were bots spamming actual hate speech and they couldn't remove it fast enough.

Re: Discord bans r/WallStreetBets server, subreddit went private for a while

#304

Post by SpicyLemonZest »

mech422 wrote: post #291
SpicyLemonZest wrote: post #197

Earlier quoted context omitted.

Does it prove that? I tend to agree that it's true, but I don't see what it has to do with the current situation. If anything, I expect most people to argue the opposite - when the price drops again, and some retail traders lose their shirts, there will inevitably be a flood of thinkpieces about how cruel the financial system is for permitting them to lose money on the same terms as a hedge fund.

I tend to think people's losses will be smaller (as individuals) then everyone seems to think. This is reddit we're talking about, and people using RobinHood. I'm guessing losses for those that didn't get out will be limited to beer money. I think the reason they could squeeze the shorts is because of the size of their army, not the depth of their war chest... After all, its all about the lulz...

I really do hope that you're right and I'm wrong about this.

Re: Discord bans r/WallStreetBets server, subreddit went private for a while

#305

Post by garmaine »

astine wrote: post #46

For those of us not in the know, what is so special about today regarding WSB? I know there's a feud with short sellers going on, but I haven't been following the details.

The details: a hedge fund decided to short retail stocks during the pandemic. They overextended with a naked short position against GameStop (that brick and mortar video game retailer) that exceeds not only the share float by a large margin but even the total number of shares in existence.

u/DeepFuckingValue on r/wallstreetbets discovered this a month or so ago, took out a $50k position, and let the rest of the sub in on it. That position is now worth $50M, a 1,000x increase.

Now there is literally no limit to the upside of a short squeeze. The price goes up high enough and the short sellers declare bankruptcy and liquidate their positions to cover the cost of purchasing shares. If they still come up short, then the same happens to the banks that lend to them . If that comes short, the brokerage must step up. At that point there’d probably be government intervention and a bailout. The WSB motto has become “we can stay retarded longer than they can stay solvent.”

According to a naïve view of the law, at least, that is correct. Far more likely there will be market outages and regulator shenanigans at undo the situation. Nobody is more of a sore loser than the establishment.

Re: Discord bans r/WallStreetBets server, subreddit went private for a while

#306

Post by adrr »

Tenoke wrote: post #26

The subreddit is as of now private, too. Edit: for the curious, according to my open tabs minutes before going private the sub had '3,218,594 readers. 778,127 users here now' Edit2: The sub is back online and up to '3,577,830 readers' and counting.

Sub goes private all the time. It is nothing new.

Re: Discord bans r/WallStreetBets server, subreddit went private for a while

#307

Post by GavinMcG »

chrisweekly wrote: post #282
mrtksn wrote: post #133

Earlier quoted context omitted.

See, the problem is that people are doing all this because they believe that it doesn’t matter. These are not idealists or indoctrinated revolutionaries. No one is going to do anything if it’s not going to bring lulz or cash quickly because nothing matters anyway. All the anti establishment movement is nihilistic in its core. These are not Eastern European kids who dream to finish school and go to Western Europe and…

You might have some points to make but you lost me at "All the anti establishment movement is nihilistic in its core." Sweeping generalities like this are anathema to discourse.

Or they're a starting point. You could respond with agreement or disagreement and an argument.

Re: Discord bans r/WallStreetBets server, subreddit went private for a while

#308

Post by ve55 »

karpierz wrote: post #251
ve55 wrote: post #115

Earlier quoted context omitted.

When you're able to play a video game and have a large amount of users agree to use anything besides Discord, then I'll grant this objection. Until then, I'll refer to it as a monopoly (not over all communication of course, just within its own niche).

Anything is a monopoly if you define the niche narrowly enough.

I agree, and I tried not to be too narrow in my reasoning, but it's primarily speaking from what myself and so many that I know have experienced.

I initially didn't want to use it, and I know many others that didn't. Slowly the communities they loved moved to it until they were completely excluded and felt forced to adopt it as well. At this point I only have two friends left that still refuse to use it, everyone else gave in citing network effects. It reminds me precisely of how Facebook felt when I was in school, in that you were excluded from friend groups and events if you chose not to use it.

I know there are many alternatives, but getting your favorite communities to switch to them is completely intractable. Communication shouldn't be like this and I think that we can do much better, even if it takes us awhile to get there.

Re: Discord bans r/WallStreetBets server, subreddit went private for a while

#309

Post by astrange »

meowkit wrote: post #203
f430 wrote: post #35

Earlier quoted context omitted.

well the r/wsb subreddit has gone private too. We are experiencing technical difficulties based on unprecedented scale as a result of the newfound interest in WSB. We are unable to ensure Reddit's content policy and the WSB rules are enforceable without a technology platform that can support automation of this enforcement. WSB will be back. This seems like a DDOS attack on r/wsb well knowing that the moderators canno…

https://www.reddit.com/user/DeepFuckingValue/ Doesn't look like they were wiped?

Reddit servers were really unstable for a bit, I've noticed user pages don't load when that happens. Seems a lot of people see conspiracies in caching issues.

Re: Discord bans r/WallStreetBets server, subreddit went private for a while

#310

Post by boogies »

aeturnum wrote: post #293
SirensOfTitan wrote: post #259

Remember: Parler tried “making their own X”. They were taken offline by a concerted effort at every level, despite the fact that a large portion of the capitol protests were organized on Facebook and YouTube. Anyone who’s ever been an activist for long enough knows that the censorship that silenced your enemies will eventually silence you. Corporate policing of speech needs to stop.

I'm of two minds. It's absolutely true that unpopular minorities (of whatever kind) should be able to talk. It's also absolutely true that virality can create dangerous situations which are difficult to control. Instead of banning, which I agree has problems, I favor putting questionable communities in a 'slow mode' where people need to wait to join them (and maybe communications within the community are delayed). Th…

Isn’t the point of democracy that oligarchies lose control to the hoi polloi?
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