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WallStreetBets vs WallStreet: It's not about the money anymore

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Re: WallStreetBets vs WallStreet: It's not about the money anymore

#91

Post by mancerayder »

dcolkitt wrote: post #79
mancerayder wrote: post #55

They are blocking buying, and only allowing selling GME, BB and others. How is this not evidence of a corrupted free market system? A CEO of one company can call up his connections in retail trading platform firms, CNBC, and Nasdaq and protect his profits? Why is Reddit the scandal and not that? Reddit is full of rocket emojis and YOLO jokes. But what we see here, especially with the moralizing about gambling, is an…

Robinhood is a free service. The customers don’t pay anything. If the order internalizers decide to stop paying them for their order flow, then they have to route to the exchanges. which charge fees. Trading is still ongoing at the exchanges. It’s just the free platforms, where it’s shut down. If someone wanted guaranteed access to the exchange, then they shouldn’t have used a free broker. Are you saying that Robinho…

I'm saying they should be sued. So, yes, I am saying that. If you buy securities you can't sell, you're pinned and that's not right, is it. I'm not sure if Robinhood traders signed up to that. Free doesn't matter.

Re: WallStreetBets vs WallStreet: It's not about the money anymore

#92

Post by function_seven »

dcolkitt wrote: post #79
mancerayder wrote: post #55

They are blocking buying, and only allowing selling GME, BB and others. How is this not evidence of a corrupted free market system? A CEO of one company can call up his connections in retail trading platform firms, CNBC, and Nasdaq and protect his profits? Why is Reddit the scandal and not that? Reddit is full of rocket emojis and YOLO jokes. But what we see here, especially with the moralizing about gambling, is an…

Robinhood is a free service. The customers don’t pay anything. If the order internalizers decide to stop paying them for their order flow, then they have to route to the exchanges. which charge fees. Trading is still ongoing at the exchanges. It’s just the free platforms, where it’s shut down. If someone wanted guaranteed access to the exchange, then they shouldn’t have used a free broker. Are you saying that Robinho…

Yes. They should be forced to provide the service they promised. It’s not my fault their business model is failing for a particular ticker on a particular day.

If they can’t, then some advance notice is needed. Making this decision instantly without giving customers time to move their holdings elsewhere is not okay.

That being said, I’m surprised people are still using them for day trading. They don’t have a great track record.

Re: WallStreetBets vs WallStreet: It's not about the money anymore

#93

Post by duxup »

ryandward wrote: post #68
ghaff wrote: post #58

Earlier quoted context omitted.

So they're going to show Wall Street who's boss by gambling away their grocery money? (Some will make out but I suspect the vast majority will lose big--money at least some can't really afford to lose.) I have trouble conjuring up a lot of sympathy but that's almost certainly uncharitable as I'm sure there will be stories of serious individual loss.

Nobody is gambling money away. The sentiment is that they are knowingly _throwing_ it away to send a message.

Are we talking about cutting your own nose off to spite someone else's face?

Re: WallStreetBets vs WallStreet: It's not about the money anymore

#94

Post by giu »

loceng wrote: post #18
nappy-doo wrote: post #3

I've read /r/wallstreetbets -- it's about the money.

Apparently there's an early buyer of one of these stocks who made $40 million off of it; I last read they only sold $14 million of their position so far.

Yep, that buyer is https://twitter.com/theroaringkitty

Here [0] he talks the first time about the GME stock; the video was uploaded on the 28th of July, 2020 and the stock was at $4.03 back then.

Here [1] you can find his latest GME update; he's sitting on $50 Mio. right now, although it's quite volatile.

Here [2] you can see a post from his Reddit account on November 2019 showing his GME calls.

It's just crazy and fascinating at the same time.

[0] https://www.youtube.com/watch?v=GZTr1-Gp74U

[1] https://www.reddit.com/r/wallstreetbets/comments/eick65/gme_...

[2] https://www.reddit.com/r/wallstreetbets/comments/e3kpbc/gme_...

Re: WallStreetBets vs WallStreet: It's not about the money anymore

#96

Post by tester34 »

Watching events in USA in last month makes me really worried about relying on computer related stuff from US.

Trump's Social Medias,

Parler with AWS and the rest,

Reddit Warning to WSB so they had to close for a few hour(s),

Discord Ban to WSB,

RobinHood Scam

scam follows scam basically, no wonder people are angry when "just a few" control everything HARD.

This land is no full of freedom in any sense

Re: WallStreetBets vs WallStreet: It's not about the money anymore

#97

Post by sgpl »

dcolkitt wrote: post #79
mancerayder wrote: post #55

They are blocking buying, and only allowing selling GME, BB and others. How is this not evidence of a corrupted free market system? A CEO of one company can call up his connections in retail trading platform firms, CNBC, and Nasdaq and protect his profits? Why is Reddit the scandal and not that? Reddit is full of rocket emojis and YOLO jokes. But what we see here, especially with the moralizing about gambling, is an…

Robinhood is a free service. The customers don’t pay anything. If the order internalizers decide to stop paying them for their order flow, then they have to route to the exchanges. which charge fees. Trading is still ongoing at the exchanges. It’s just the free platforms, where it’s shut down. If someone wanted guaranteed access to the exchange, then they shouldn’t have used a free broker. Are you saying that Robinho…

It's not just robinhood, platforms that charge commission such as IBRK [1] have halted the trade of options (which is different from not allowing buying) but it definitely suggests some behind the scenes coordination for all these online brokers to all decide this today.

[1] https://www.axios.com/robinhood-gamestop-restrictions-370adf...

Re: WallStreetBets vs WallStreet: It's not about the money anymore

#98

Post by fileeditview »

leetcrew wrote: post #54

> With their heads in cloud nine, hedge funds tried to kill GameStop ($GME). They tried to squeeze it so much that it would suffocate and die. They didn't care about the people who will be out of jobs, unable to pay their bills, or even survive. Blinded by greed, all they care about was money. this is a bit much. shorting != trying to kill a business. it can certainly depress the stock price, but so can closing a lon…

Does not seem far fetched. Killing the business means maximum profit for the shorters.

Having a short interest of about 140% is also a good indicator that they would have loved to see GME bankrupt.

In the end a short means a future buy and 140% of shares bought in the future means the price will go up eventually..

Re: WallStreetBets vs WallStreet: It's not about the money anymore

#99

Post by brutal_chaos_ »

dcolkitt wrote: post #79
mancerayder wrote: post #55

They are blocking buying, and only allowing selling GME, BB and others. How is this not evidence of a corrupted free market system? A CEO of one company can call up his connections in retail trading platform firms, CNBC, and Nasdaq and protect his profits? Why is Reddit the scandal and not that? Reddit is full of rocket emojis and YOLO jokes. But what we see here, especially with the moralizing about gambling, is an…

Robinhood is a free service. The customers don’t pay anything. If the order internalizers decide to stop paying them for their order flow, then they have to route to the exchanges. which charge fees. Trading is still ongoing at the exchanges. It’s just the free platforms, where it’s shut down. If someone wanted guaranteed access to the exchange, then they shouldn’t have used a free broker. Are you saying that Robinho…

Yes, this is the bed they made for themselves.

Re: WallStreetBets vs WallStreet: It's not about the money anymore

#100

Post by Clubber »

willis936 wrote: post #33
Beefin wrote: post #9

People have had enough, it's not just WSB anymore. The community of retail investors in GME is far beyond WSB. It's people that are frustrated with the 1% getting bailed out time and time again and them not seeing a dime at their tax dollar expense.

Occupy Wall Street was just 10 years ago. It was the longest demonstration in a lifetime. Nothing changed. How did nothing change? What message does this send?

The only way things will change, I'm convinced, is for everybody to vote out the incumbent every time. Occupy Wall Street didn't work, riots and looting wealthy areas didn't work, raiding the capitol building didn't work. The corruption is dug in.

Voting out the incumbent breaks all these decades long (multi-generational?) relationships with the elites. They will probably reform the relationships to a degree the first time, but if congressional membership dramatically changes every 2 years, those relationships will weaken over time.

To whomever disagrees, please help me understand your reasoning.

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