Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

Facebook shuts popular stock trading group amid GameStop frenzy

reuters.com

Post reply on HN
Print view View original

471–480 of 540 posts

Re: Facebook shuts popular stock trading group amid GameStop frenzy

#471

Post by ctrlp »

dandare wrote: post #469
ctrlp wrote: post #453

Frankly, this is a good thing. Maybe when those who were so sanguine about the recent censoring by Big Tech see it without the blinders of their political bias on, and also witness to the coordinates attacks by the media to justify it, the other Big Lie will be obvious to more people.

Are you referring to the recent censoring of platforms that refused to moderate the inciting of violence? I believe there is a huge difference. You can not have a society that is tolerant to intolerance, see https://en.wikipedia.org/wiki/Paradox_of_tolerance

If you believe that I have a bridge to sell you. Iirc, there were a few major platforms that are well known to harbor and promote incitements of violence when it aligns with the political and cultural hegemon. You actually can and must have a society that is tolerant of intolerance. The alternative is totalitarianism. Hence the paradox.

Re: Facebook shuts popular stock trading group amid GameStop frenzy

#472

Post by Bakary »

mike00632 wrote: post #170
Bakary wrote: post #58

I'm hoping this will create an impetus for social change. Occupy Wall Street failed but now that people's nihilism is increasingly justified and living standards drop, I doubt things will go on as before.

"Let's protest because we can't sink our money into GameStop stock after seeing a stock promoter online hype up the stock!" Do we forget that GameStop is a mall retailer that sells physical copies of video games? This is not the next Amazon or Saudi Aramco. Anyone who is convinced to put their money in GameStop was likely tricked by someone with a financial interest (and that was probably a rich person). This entire…

You misunderstand the context here. Yes, there's the narrative and the certainty that wealthy people participated in the snowballing/astroturfing and profited from it. But it's still the case that small investors made some money playing by the same rules as the hedge funds, and the institutions have nakedly tried to stop that through any means possible, from curtailing the actual discussion to media campaigns to directly plugging at the source with Robinhood. It has nothing to do with the actual nature of GameStop, but that's part of the message of the stock market itself and the broader economy being more and more nonsensical and divorced from production.

The nihilism is increasing more and more. This is just one instance of it, where institutions are so brazen that they don't even bother to come up with an excuse and just pull the plug after some cost benefit calculations. Eventually there will be the straw that will break the camel's back, which is what I mean by an impetus for change. If more and more people come to understand that working hard and saving is a sucker's game and that any escape from that game is rigged at the institutional level, they will stop wanting to participate in the current social contract.

Re: Facebook shuts popular stock trading group amid GameStop frenzy

#473

Post by yowlingcat »

PragmaticPulp wrote: post #225
Avicebron wrote: post #41

Earlier quoted context omitted.

The definition of a "dangerous organization" now is whether it can lighten wealthy wallets

When the music stops, it's also going to lighten the wallets of many of the amateur investors. These groups quickly degrade into memes about how buying and holding these stocks forever will make people rich. They chastise anyone who even considers mentioning an exit strategy. When the stock begins to decline, early investors in these groups will quietly exit while using the group to convince others to "buy the dip" a…

> When the stock begins to decline, early investors in these groups will quietly exit while using the group to convince others to "buy the dip" and have "diamond hands".

Haven't they been pretty candid about saying "when the short interest decreases it's every man for himself?"

Re: Facebook shuts popular stock trading group amid GameStop frenzy

#474

Post by rokhayakebe »

perl4ever wrote: post #143
grecy wrote: post #52

Earlier quoted context omitted.

Today I saw: Common Folk: We want a chance at financial stability." Rich Folk: "Invest your money." Common Folk: "OK, GME it is." Rich Folk: "Wait. Not like that. Stop. This clearly must be outlawed."

Sometimes people ask, why do rich people keep striving for more money? What is the point of having $1B instead of $100M, or $10B instead of $1B, or $100B instead of $10B? Sometimes the answer is given, that it's the same impulse as playing a computer game and money is the score. But the last few days, something else occurred to me, watching the kind of disarray of various billionaire hedge fund types. A big attractio…

Money is the score

Re: Facebook shuts popular stock trading group amid GameStop frenzy

#475

Post by wvenable »

adamcstephens wrote: post #466
wvenable wrote: post #286

Earlier quoted context omitted.

Absolutely! I'm not sure why you replied to my comment with this but I totally believe that Facebook doesn't have any legal or moral requirement to host anything they don't want to. They could literally just punt me tomorrow because they don't like my name and that's their right. Especially because there is no commercial or contractual relationship between us. I am not a customer of Facebook. If you pay for hosting t…

For many people, rightly or wrongly, Facebook has become a de facto way to communicate socially and for their business. It has become to big to make the sole decisions on who can and cannot be on the platform. It should be treated as a utility, just like phone and internet companies should be.

This is a poor argument. Facebook provides an HTML form and database for free and lots of people use it so it's a utility? That argument doesn't hold a lot of water.

Phone and Internet requires literal physical infrastructure that crosses public and private property, you pay for it, and they are natural monopolies because of that. Facebook is nothing by comparison.

Re: Facebook shuts popular stock trading group amid GameStop frenzy

#476

Post by perryizgr8 »

kibwen wrote: post #470
perryizgr8 wrote: post #409

Earlier quoted context omitted.

> We both believe that freedom of speech is generally a good thing I doubt it. Cases in point: > I should not be free to > I should not be free to go around telling all your friends Free speech is absolute by definition, otherwise it is not free. If you don't believe in free speech, you don't believe in free speech. Own up, don't try to weasel around with words. Say it: I do not support free speech. This is the main…

> You can voice your disregard for the principles of freedom and liberty. And when the principles of freedom and liberty come into conflict with each other, how will you resolve it? If you must excommunicate me from the church of freedom of speech for the heresy of believing in the existence of more important personal liberties, then I accept my ostracision. In the meantime, /u/DeepFuckingValue was doxxed today. Do y…

> Do you believe that Reuters' right to free speech outweighs his right to privacy?

That is for thr courts to decide. He can sue. But Twitter should not ban Reuters from their platform.

Re: Facebook shuts popular stock trading group amid GameStop frenzy

#477

Post by wvenable »

belorn wrote: post #398
wvenable wrote: post #286

Earlier quoted context omitted.

Absolutely! I'm not sure why you replied to my comment with this but I totally believe that Facebook doesn't have any legal or moral requirement to host anything they don't want to. They could literally just punt me tomorrow because they don't like my name and that's their right. Especially because there is no commercial or contractual relationship between us. I am not a customer of Facebook. If you pay for hosting t…

Paying for hosting and signing contracts won't behold any company either, because any hosting company will have terms in their service contract that give them the right to discontinue the service at their discretion. A lot of people on HN also argue that companies has a right to decide which customers they want to have an association with, and thus there is no legal or moral requirement to continue hosting customer,…

As a paying customer, you can negotiate whatever terms you want. They will want the ability to discontinue your service and you will conversely want that ability as well. However you can negotiate the exact terms as well as any notice periods, etc.

You have no consideration relationship with Facebook. You haven't entered into a contract. You are just filling out forms on a website.

Re: Facebook shuts popular stock trading group amid GameStop frenzy

#478

Post by jonathankoren »

cambalache wrote: post #422
jonathankoren wrote: post #144

Earlier quoted context omitted.

Bro. You don’t need AWS. You need a server. People did this. For decades.

Until your internet provide cuts you off

Yeah, it’s a real shame that’s there is only one ISP in the whole world. If there was at least one more, maybe Pirate Bay wouldn’t have been killed in 2006.

Re: Facebook shuts popular stock trading group amid GameStop frenzy

#479

Post by jonathankoren »

llampx wrote: post #425
jonathankoren wrote: post #144

Earlier quoted context omitted.

Bro. You don’t need AWS. You need a server. People did this. For decades.

You need Cloudflare though. And where are you going to host the server?

Every site uses Cloudflare, and there’s only one ISP in the entire world? That’s CrAzY!

Seriously. The lack of imagination here is embarrassing. Cargo cult engineering.

I suggest you read up on what a real persecuted site does. https://www.businessinsider.com/the-ingenious-way-the-pirate...

Re: Facebook shuts popular stock trading group amid GameStop frenzy

#480

Post by UShouldBWorking »

wvenable wrote: post #475
adamcstephens wrote: post #466

Earlier quoted context omitted.

For many people, rightly or wrongly, Facebook has become a de facto way to communicate socially and for their business. It has become to big to make the sole decisions on who can and cannot be on the platform. It should be treated as a utility, just like phone and internet companies should be.

This is a poor argument. Facebook provides an HTML form and database for free and lots of people use it so it's a utility? That argument doesn't hold a lot of water. Phone and Internet requires literal physical infrastructure that crosses public and private property, you pay for it, and they are natural monopolies because of that. Facebook is nothing by comparison.

Not true at all, you Are totally discounting the fact that networks have value. The Bitcoin network is worth billions. The code is easy to fork but no one will use it. Facebook's network is no less valuable (and impossible to reproduce) as a physical network of telephone lines.

Facebook's network is EXACTLY the same as the phone company's physical network and should be regulated as such.

Post reply on HN