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Facebook shuts popular stock trading group amid GameStop frenzy

reuters.com

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Re: Facebook shuts popular stock trading group amid GameStop frenzy

#451

Post by NoOneNew »

dec0dedab0de wrote: post #450
NoOneNew wrote: post #440

Earlier quoted context omitted.

This kind of boils down to preference in humanity as well. Do you prefer a group that makes dick/retard/cuck jokes for laughes or prefer a group that laughed when they ruined the economy, put people out in the streets and coerced the gov to bail them out because they were too important to go out on the street? Politically correct speech is bankrupt in all forms of ethics and morality if it favors the second group jus…

Less clever people show up and attach to the “offensive” part without bringing along the “clever” part. Going a bit off topic, but HNs constant fight against this is its best asset. Sometimes it's annoying to see a funny joke down-voted, but it's so much better than the entire comment section devolving into nonsense like slashdot did >15 years ago.

Absolutely understand that position and I know (and can prove through my HN history) that I'm pretty crass as well. However, this issue comes to facebook using the sensitive speech arguement to shut them down. How many other groups are just as bad if you do a simple word search on their database? If they effectively shut down everyone and every group for the offense of saying dick immediately, fine. I'm okay with that. But arbitrarily doing so, especially when the group is hurting their financial overlords, that's where I call bullshit and stand by using that word. They got zero flak pre this short squeeze and their attitude and speech is no different. But they're embarrassing the folks who cry for gov bail outs. Focusing on them making offensive jokes is a red herring from wall street trying to cover their ass.

Re: Facebook shuts popular stock trading group amid GameStop frenzy

#452

Post by MrMan »

fny wrote: post #190
newacct583 wrote: post #141

Earlier quoted context omitted.

Largely because the "gamestop maneuver" has inflammed an already excitable community and things are likely bubbling over right now in a way that they wouldn't be if people hadn't just bet thousands of dollars on a tulip scam. And let's not euphemize this, it's not a "maneuver", it's market manipulation. Coordinating a collective buy to effect a short squeeze is clear market manipulation. Enticing a horde of gullible…

No it's not market manipulation. Its counter party risk gone awry and the entirety of the internet finding out about it at the same time. In my view, hedge funds have implicitly colluded for years on short positions because it's in their best interests not to screw each other over the long haul. Imagine going against Citadel as a fund. Your career is over. The fact the short interest rose to 140% is proof of that. Th…

this comment is a lot of non-sense

Re: Facebook shuts popular stock trading group amid GameStop frenzy

#453

Post by ctrlp »

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.

Re: Facebook shuts popular stock trading group amid GameStop frenzy

#454

Post by MrMan »

newacct583 wrote: post #348
swader999 wrote: post #279

Earlier quoted context omitted.

They've been very public and transparent for all to see about their strategy. It's a very common play when naked shorts are this exposed. The WSB side of this is a distraction. Michael Burry of Big Short fame has been talking this trade and pouring hundreds of millions into this gamma squeeze since the summer.

> naked shorts are this exposed See, this is why someone is going to jail. This explanation is wrong. Someone lied to you, and they probably lied to you to make this look like a sure bet so that you'd buy (and thus pump) a stock that is otherwise going to crash, so that they can unload their position before it does. You got scammed, and the person who did it is guilty of a crime. FWIW: Short leverage higher than 100%…

yes the GME crowd-source scenario is definitely market manipulation, it is the very definition of it. the question is, can any single person or group of people be identified as culpable? that is the beauty of it, in a way.

Re: Facebook shuts popular stock trading group amid GameStop frenzy

#455

Post by josefx »

epistasis wrote: post #250
malwrar wrote: post #247

Earlier quoted context omitted.

Having expressed this understanding of WSB's benign intent in their use of the term "retard", surely you see why some random person at Discord taking offense to it and whimsically banning the entire community is messed up, right? Discord is host to a massive variety of nominally private (you need a link to join) communities that have real, deep value to those who participate in them. Over time they develop their own…

The comment you are responding to is talking about more offensive stuff than the "benign intent" of the core WSB community. I've only been in a handful of discord communities, but none of them would tolerate even the "benign intent" WSB stuff. Also, "benign intent" does not make offensive behavior less offensive. Intent can matter, but it certainly isn't everything.

> I've only been in a handful of discord communities, but none of them would tolerate even the "benign intent" WSB stuff.

On the other hand quite a few of them would probably support stabbing each other in the back. I may have had a run in with a few too many people that like to abuse simple stuff for power plays.

Re: Facebook shuts popular stock trading group amid GameStop frenzy

#456

Post by MrMan »

swader999 wrote: post #279
newacct583 wrote: post #141

Earlier quoted context omitted.

Largely because the "gamestop maneuver" has inflammed an already excitable community and things are likely bubbling over right now in a way that they wouldn't be if people hadn't just bet thousands of dollars on a tulip scam. And let's not euphemize this, it's not a "maneuver", it's market manipulation. Coordinating a collective buy to effect a short squeeze is clear market manipulation. Enticing a horde of gullible…

They've been very public and transparent for all to see about their strategy. It's a very common play when naked shorts are this exposed. The WSB side of this is a distraction. Michael Burry of Big Short fame has been talking this trade and pouring hundreds of millions into this gamma squeeze since the summer.

you cant tell if someone has a naked short position on. they are exceedingly rare, and most likely ephemeral, and most likely caused by a back-office error rather than deliberately. i dont think you know what you are saying

Re: Facebook shuts popular stock trading group amid GameStop frenzy

#457

Post by SkyBelow »

lindenksv85 wrote: post #376
jb775 wrote: post #262

Earlier quoted context omitted.

FYI by your own logic, you have no right to be upset about the RobinHood GME situation. Per your own logic, RobinHood is a private company, and they can do whatever they want...If you don't like it, you can build your own RobinHood!

RH is subject to a ton of federal regulations that social media isn’t. They legally cannot cut off one set off investors in order to enrich another. It’s a felony. We are not discussing free speech here.

It is kinda funny how the Constitutionally protected right doesn't have laws ensuring fair treatment, but stock trading does. Why should they have to allow for equal access to investors? Sure, the law currently requires it, but if we made a law saying First Amendment now applies to all private businesses people would be fine with it because it is now the law? I think not. So, given they are a private company, shouldn't they be free to do business with who they want and how they want?

As for the penalty of breaking the law, if it is enforced it will likely still have been the cheaper option for those who made the call.

Re: Facebook shuts popular stock trading group amid GameStop frenzy

#459

Post by MrMan »

diehunde wrote: post #307
cbozeman wrote: post #271

Earlier quoted context omitted.

This is not how WallStreetBets started. I joined the community in 2017 and I can tell you, there was high-level due diligence going on that made me wonder if some of the people posting might also be working at large investment banks, but couldn't get these certain trades they were advocating past their compliance guys (at some point, "too risky" starts to overlap in the Venn diagram with "too dumb"). Like every thing…

The same Chamath Palihapitiya said in his CNBC interview that he read posts in WSB and saw better analysis than the ones coming from real wall street analysts he has worked with.

because a lot of them are on the street or big funds

Re: Facebook shuts popular stock trading group amid GameStop frenzy

#460

Post by TheCondor »

dalbasal wrote: post #93
pfraze wrote: post #49

Earlier quoted context omitted.

Okay so I completely agree but I want to add something to what’s going on Half the fun of WSB is that it is enormously offensive. The foundation of the community is that a forum talking about stock investing strategies is, at its heart, really dumb. It’s harder than most people can manage to evaluate all the “DD” flying around and any advice other than playing it safe (r/investing) is stupid to take from a rando on a…

Agreed on WSB culture but.... The "real question," imo is not about how FB, discord or reddit handle WSB's culture. It's why have they all decided to act right now, just as this gamestop maneuver is happening? That is the fishy part... and it's too fishy to leave it unaddressed and talk content. Either way, this just shows why we can't have a handful of companies moderating most of the internet under a TOS regime.

They acted now because it drew attention to their platform. Not the kind of attention they wanted. They seem to basically not care until something big happens and they could appear to have helped/allowed it to be organized on their platform. This seems clear as day. There is still a ton of foul, lewd, right leaning, left leaning, offensive, racist, x-phobic, etc content on these platforms, it’s just not drawing attention to the platform. Ironically or maybe it’s more indicative of the intelligence limitations of those taking part, them shuttering these groups becomes more ammunition for the falsehoods and antiestablishment ideas the groups promote. It’s probably a lot less fishy than you might think. You can’t have fight club anymore when everyone knows about it...
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