Lets post any updates here
they're trying to fuck us
I don't care how low the prices go today, I went into this knowing that this is gambling and that I could lose money.
HOLD THE LINE
This is a potentially perfect radicalization for millions of people, to not take this seriously and find a way to empathize and connect would be foolish. Also: https://www.cnbc.com/2021/01/28/wallstreetbets-and-gamestop-reddit-investing-frenzy-spreads-overseas.html
EDIT: To be clear, I mean to say while r/wallstreetbets is overridden with reaction and general behavior antithetical to our goals and values as anti-capitalists, so to is the bulk of the subset of the proletariat that has the money to throw on Robinhood. Make no mistake, they are not all proles, and they are not all our allies. But this entire fiasco could be enough to turn a massive grouping of young capitalists-to-be against the institutions that proliferate and maintain the class dynamics of modern capitalism. Most will not have their faith in the capitalist ideal shaken, but 30% of 12 million would be a desperately needed infusion of energy to the left. They would need to do a lot of growth as a collective body to be considering anywhere close to an ally, let alone a comrade, but this is an opportunity for us and that is not in question.
this is an opportunity for us and that is not in question
100%, but you best believe I'm not gonna let concern trolling about outreach prevent me from ppbing any bigots that find their way here
not saying you're concern trolling with this particular comment. but where this radicalization vector exists there also exists the opening for cooption, and I've got faith that we're going to maintain our culture (going back to the sub days) of clowning on bigots until mods get around to banning them. the bruv account that from what I can tell was the source of the GME hype here back on Friday getting banned yesterday for some backhanded transphobic bullshit is proof of this.
so if you, reader, are scrolling this megathread wondering what the fuck this forum is, know that you'll fit right in if you like to fling shit at racists/transphobes/ableists/capitalists/etc. until the janitors come around to clean up the mess
By all means, can't let any situation corrupt our values or allow us to compromise on our core conclusions and analysis. But as it stands there are a hell of a lot of people that have a very deep rooted reactionary tendency of their own tragic variety. This should change nothing of who we are as a community and what we produce/vocalize.
$70b in losses on short positions already, and short sellers haven't even begun to cover their position yet. Can I get some :sicko-yes: in the thread?
Waking up to RH dickery just solidified my commitment to HOLD no matter what. Get fucked, RH. 💎 ✋
The only correct investment portfolio is 50% GME, 50% gold doubloons. It's the global financial collapse position.
r/WSB only had like 2 million members a few days ago. Now there are almost 5 million. Holy shit.
"russian bots trying to cripple the usa financial systems!!! 😤 " - some :LIB: out there probably
AOC's tweeting about RH fuckery. LOL
https://twitter.com/AOC/status/1354830697459032066
edit:
And Rashida
https://twitter.com/RashidaTlaib/status/1354807292667981828
ngl the way you said it makes it sound like you’re disappointed in her for not trying to be a fucking loser.
Interesting response... have any of the Clintons weighed in on this shit show?
WeBull approved my shit, but my bank is blocking me from linking an account. All those potential gains (and losses) lost, like tears in rain.
But at least I get to witness the spectacle and radicalize some friends in the process :sicko-yes:
from wsb post that Citadel reloaded shorts before telling rboninhood to halt trading
If this is true the both Robinhood and Citadel did this knowing they would get caught more than likely. I think this means that they expect the "punishment" to be less than the cost of not taking this action. We have seen a pattern of fines that are lower than the profits (Wells Fargo, BofA, Equifax, etc.) and so they figure better to protect their short positions and make a lot of money, then pay a little extra "tax" in the form of penalties.
This is a pattern that has played out again and again and if we allow it to happen again then we are the fools.
thoughts?
big money 100% runs the show like we all know. some people are just getting an out in the open blatant manipulation by them. it's so blatant it's forcing politicians to speak up.
the real question is what is the fallout? will congress protect the super wealthy's casino and crack down on the poors, or will they give big money a tiny slap on the wrist which would cost far less than not fucking over the people?
my guess is the latter, with a sprinkling of the former.
An electrician at robinhood goes to prison for 5 years and everyone with a gme stock gets 10 bucks from a class action lawsuit. The American way
The real question is whether the price dip came from panic selling or insider trading. If there's no panic selling, then Citadel just dug themselves a deeper hole.
I have not seen any popular posts advocating for people to sell. Everyone seems to be digging their heels in.
That's true, there's an argument there. We'll need real quantitative data before knowing what happened today.
That's 3.3m of the 140m shares Melvin needs to purchase. But it doesn't seem that Melvin purchased those shares to cover their shorts.
The result of this trade is that the supply of GME is circulation has risen from 24m to 27m.
More info here [1] The total shorts has been reduced from 130% to 122% from all the bullshit today. That's still unheard of lol
The goal is to force Melvin Capital to buy GME at cartoonishly high rates. Their positions will never expire, but they begin to fall into legal trouble for complex financial reasons I don't understand on Friday. Once they are under pressure to begin buying back shares, and that's when things get wild.
this makes sense for citadel and not robinhood, who chose their customers over the revenue steam in such a spectacular way that I doubt they survive
hope the workers there land soft
Dear Valued Client,
Please note that we will no longer allow clients to open new positions in following three stocks:
- AMC
- GME
- KOSS.
Okay Xi is cancelled.
jfc what exchange accessible to the average person is left that is still letting you make new accounts and buy GME...
WeBull restricting GME trading is about to turn me into a Xinjiang separatist. I swear to god, Xi, stop playing with me.
over 4k comments in less than 10 min, it's gotta be the most active sub off all time right now
This poor dude apparently traded on the margin and is now 300k in debt. People should really do a ton of research before doing things like this - https://old.reddit.com/r/wallstreetbets/comments/l739x7/300k_cash_what_do_i_do_now/?sort=new
Yeah anything outside of straight "I have x money, I will buy y shares with x money" is absolutely insane for a retail investor to be doing without extensive research. The fact that banks just allow newbie retail investors to buy out of the money options to the tune of hundreds of thousands of dollars is criminal.
Wall street is at its core a wealth transfer from unsophisticated to sophisticated. Yes the very wealthy benefit from both sides of that, but they are losing too, just they gain more than they lose.
You are even seeing this with hedge funds. The sophisticated hedge funds built option positions to take advantage of the short squeeze, which is fucking over less sophisticated hedge funds.
Yeah, I’m not big on our community getting into this sort of thing for this reason. GME couldn’t go up forever, and someone would be holding the bag. There’s gonna be a lot of stories like this unfortunately.
DeepFuckingValue just posted his daily update to WSB and I wouldn't be surprised if he silently cashes out tomorrow and is never heard from again.
Imagine throwing like $50k into a stock and then posting your way into millions.
I hope he's jokerfied enough to ride or die. Once he's out this whole experiment is over
I think he already cashed out some of his position. Probably enough to retire for the rest of his life, and now he's probably just in it to be king of WSB and to fuck over the hedge funds.
There's going to be a lot of lives destroyed when the GME stock goes pop and we'll never hear most of their stories. It's really sad.
I mean, there’s a lot of people who are in way over their head. Selling options below their intrinsic value because they can’t afford to exercise them and their broker not allowing any margin on GME. It’s fucked.
If theory if the short squeeze plan works the idea is the hedge funds get left holding the bags having been forced to buy shares (held by retail) at whatever price the retail traders set, because there literally aren't any others available to buy. Of course in practice it will be a giant chaotic cluster fuck so yeah there's a definite risk of losing a big chunk of what you put in.
