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Facebook shuts popular stock trading group amid GameStop frenzy

reuters.com

331–340 of 540 posts

Re: Facebook shuts popular stock trading group amid GameStop frenzy

#331
post #25

Why do they even pretend to give a reason anymore. Just close it. Nobody is buying the "hate speech" "adult sexual exploitation" whatever arguments, and honestly it just makes facebook look like liars. Just delete the group and say: "It violated our terms of service". That's probably also a lie, but at least it's a little less obnoxious.

If you manage a community that is even remotely controversial, you’d better start asking your community for their email address, as an emergency backup. Possibly even ask for their phone number. Though it's tempting, don't message them at all. Just hang onto it. Only use it to if your community is banned and you need to start over somewhere else. Then email/text them the location of the new community.

Keeping a record of phone numbers or email is asking for trouble when you get audited. Keep it more random than that and encrypted.

Re: Facebook shuts popular stock trading group amid GameStop frenzy

#332
For pointers to other vertices of this story graph, see https://news.ycombinator.com/item?id=25933543.

(Sorry for the annoying repetition:) Large threads are paginated. To see all the comments, you'll need to click More at the bottom of each page, or do this sort of thing:

https://news.ycombinator.com/item?id=25952659&p=2

https://news.ycombinator.com/item?id=25952659&p=3

Re: Facebook shuts popular stock trading group amid GameStop frenzy

#333
post #2

> The notification, seen by Reuters, said without detail that the group violated policies on “adult sexual exploitation.” That's some bullshit right there. Spin the wheel, come up with a random charge, and ban the entire community with zero recourse and no way to appeal.

Laughs in conservative. It musts be your first time.

Re: Facebook shuts popular stock trading group amid GameStop frenzy

#334
post #2

> The notification, seen by Reuters, said without detail that the group violated policies on “adult sexual exploitation.” That's some bullshit right there. Spin the wheel, come up with a random charge, and ban the entire community with zero recourse and no way to appeal.

[flagged]

Please stop posting ideological flamebait. You've done a ton of it in the last 24 hours, it's not what this site is for, and we ban accounts that do it—regardless of which flavor you favor or how strongly you feel about it.

Fortunately your recent account history doesn't show much of this before the current episode, and many of your comments seem downright excellent. That's great. Please go back to that and don't do any more of this. If you wouldn't mind reviewing https://news.ycombinator.com/newsguidelines.html, we'd appreciate it. The idea here is substantive, thoughtful conversation on topics of intellectual curiosity.

Re: Facebook shuts popular stock trading group amid GameStop frenzy

#335
post #272

Earlier quoted context omitted.

Serious question: Since Facebook is a private company, does the "if you don't like it, you can build your own platform" argument apply here? Or does that only apply selectively when it benefits partisan politics? The RobinHood $GME situation is the natural next step in societal evolution once extreme censorship is given a pass. If you support the "go build it yourself" argument, you no longer have the right to compla…

Of course it applies here. The problem with Facebook doing this is that it diminishes their brand, product and trust users have in the platform. Re: Robinhood, it is a completely different story. What Robinhood did in this case is market manipulation. They only allowed people to sell the stock and not to buy it. That is (I think) illegal.

If so, it requires someone to take action against them. Since the CEO of the Nasdaq suggested a trading halt to let hedge funds "recalibrate"[0] it's going to take State AGs or similar to take action.

0 - https://www.msn.com/en-us/money/topstocks/nasdaq-ceo-suggest...

Re: Facebook shuts popular stock trading group amid GameStop frenzy

#336
post #272

Earlier quoted context omitted.

Serious question: Since Facebook is a private company, does the "if you don't like it, you can build your own platform" argument apply here? Or does that only apply selectively when it benefits partisan politics? The RobinHood $GME situation is the natural next step in societal evolution once extreme censorship is given a pass. If you support the "go build it yourself" argument, you no longer have the right to compla…

Of course, they have the right to do whatever. What is interesting is the timing. Why is Facebook comfortable demonstrating to what extent they are somehow linked to wall street? That's just an odd choice, I wouldn't have made a connection between them if they hadn't actively moved to harm their own brand in order to protect markets. That should ring alarm bells regardless of legality.

> Of course, they have the right to do whatever.

If they collude to manipulate the market they are committing a crime.

Re: Facebook shuts popular stock trading group amid GameStop frenzy

#337
post #241

There used to be a guy on Twitter/Facebook/other social media who kept harping about how the system was rigged....

Yeah, real funny that guy, if only someone would put him in a position of ultimate power I'm sure he'd un-rig the system real quick, and definitely not spend four years with his thumb up his ass laughing with his rich buddies at the gullible rubes who appointed him.

Kinda makes me wonder how hard he worked (was he all talk?); we'll never know. He certainly caused us to think though.

Re: Facebook shuts popular stock trading group amid GameStop frenzy

#339
post #27
post #14

Earlier quoted context omitted.

If you don’t like it, build your own stock market.

You literally can't because of government regulations, although spinning up your own self-hosted community hasn't been regulated yet and is fairly easy.

"yet"

Re: Facebook shuts popular stock trading group amid GameStop frenzy

#340
post #25

Why do they even pretend to give a reason anymore. Just close it. Nobody is buying the "hate speech" "adult sexual exploitation" whatever arguments, and honestly it just makes facebook look like liars. Just delete the group and say: "It violated our terms of service". That's probably also a lie, but at least it's a little less obnoxious.

Or just delete it and be honest: "Our VP's rowing crew buddy from Harvard who now works at Citadel asked us to shut this down and he's more important than you."

Reminds me of when I and a whole flight's worth of people were waiting hours in line at the airline's service desk to rebook flights after a missed connection. One guy waltzes up and steps right into the front of the line. People object to him pushing in, but the guy stays where he is and says "sorry, I'm business class!".

The airline employees let him do it, and just repeat to us: "Sorry, he's business class!" He gets served first, saving literally hours compared to joining the back of the line.

At least they were honest.

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