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Shorting Game Stop stock today is costing billionaires billions


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#1 TVCasualty

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Posted 26 January 2021 - 05:17 PM

And it's an amazing thing to behold.

 

Hedge funds were shorting Game Stop stock but then a revolt began on Reddit attempting to pump the stock price, and Elon Musk eventually joined in and promoted it and so basically Musk and a bunch of Redditors have managed to pump the stock price over 200% just TODAY. It's up to ~$216 in after hours trading as I write this, and it was trading at a little over $20 last Wednesday. So this stunt could have literally created millionaires overnight. It might be good to stay current with this stuff!

 

Some financial commentators are claiming that the short sellers have lost over $5 billion so far in 2021 on Game Stop stock. To that I say Bwahahahahahahahahahahaha!

 

This is probably going to to result in some sort of financial regulations, though I'm not sure how this kind of thing can be prohibited without banning all social media. But the important takeaway from this is that it appears to be a potent tool for opposing the schemes of the 0.01% while chipping away at their power base by making billions of their dollars disappear.

 

I look forward to watching the spin that various interests will place on this historic event (for real!) in the coming days. And seeing it happen again and again as a popular new anti-fuckery tactic.

 

I was thinking about putting this in the Chaos thread as an example of the good kind that no one saw coming but decided it was significant enough to merit its own thread.

 

 


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#2 FLASHINGROOSTER

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Posted 26 January 2021 - 06:21 PM

That may have made my day

 

I never watch Jim Cramer but for some "reason" he popped up in my youtube feed yesterday talking about shorting gamestop.... I am starting to wonder if a guy should just fade all of cramers predictions as he is likely just a propaganda tool for the establishment.

 

As much as I want to talk about censorship these days in reality the public has never had an easier time getting their voices heard. The people are slowing gaining back the power to control the narrative

 

If the end result is only the donor class gets fucked then Hell yeah, too often those mother truckers walk away scott free and slap the peasants with the bill of their corrupt failures

 

I hate that billionaire casino that is the stock market so much... is so corrupt it boggles the mind how it even exists.... then you remember greed. The dangling carrot dream that one day you too can make it rich, so don't ruin a good thing, okay, peasant. Nevermind that there is a not so secret bubble within that vacuum's up the profit before the rest of us even get to open the door to see what we are bidding on


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#3 TVCasualty

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Posted 26 January 2021 - 06:35 PM

Someone posted this about it with the comment "kids who grew up with this have Robinhood accounts now" (it's the app they're using to basically destroy a hedge fund):

 

 

post-102948-0-02419900-1611704043.jpg

 

This is fun and I'm not even becoming a millionaire today.

 

 

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#4 Juthro

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Posted 26 January 2021 - 07:02 PM

Does anyone else see the irony of Elon Musk participating in a revolt against the top .01%ers?


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#5 TVCasualty

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Posted 26 January 2021 - 07:51 PM

Does anyone else see the irony of Elon Musk participating in a revolt against the top .01%ers?

 

Nope, because it's ultimately done for profit. HFTs were almost certainly a big part of it (HFTs are High Frequency Traders, the assholes who use supercomputers to buy and sell stocks at rates no human could ever come close to), so it's more like the rich stealing from the rich and mostly giving it to the rich but tossing a few bucks to the finance flash-mob that they used to make it happen. But it's still a case of a $15 billion hedge fund being destroyed, and so can be looked at as one of those "the enemy of my enemy is my friend" kind of deals.

 

 

This is a great and concise explanation of what's going on with this insanity (a multi-post Twitter thread): https://twitter.com/...890766800621569

 

It's also illuminating about several areas of Finance that could use some more illumination. I imagine the SEC is going to dissect this event very carefully.

 

This was the final tweet in the linked thread:
 

 

So, when you ask yourself, "who pays for no-commission trades, and why?" or "what's the harm of RobinHood's business model?", take a look at what happens behind the scenes, in the milliseconds after you press buy, but before you own those shares. It's vampires all the way down.

 


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#6 Juthro

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Posted 26 January 2021 - 10:07 PM

I've no sympathy for the players who had the game used against them, but Elon has his own track record for not playing by the rules when it comes to trading, and I have no doubt that the side he is playing for is not mine, even if this win makes us both smile.

 

And I do still see plenty of irony that one of the richest, most powerful men in the world pitted himself against the top .01%'ers.  I find it more likely it's a machismo issue between him, and one of his peers then he actually is trying to do what is right.

 

[Direct Link]


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#7 TVCasualty

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Posted 27 January 2021 - 11:05 AM

Yeah, what's going on with Game Stop and now other companies today is something that would be HIGHLY illegal if done by institutional investors. Martha Stewart went to prison for much less.

 

But this is all uncharted territory. It's blowing people's minds all over the place today. The big players are genuinely freaked out by it, judging by the frantic spin and criticism the financial news channels are running today. But that's pretty funny since they're basically crying "Not fair!! Regular people aren't allowed to manipulate markets! Only WE are!!" but at the same time it's not clear just how "populist" this stunt really was. It couldn't have happened without the social media flash mob, but that doesn't mean they're the ones who benefit the most from it.

 

I think the most significant development that this event will result in is an exponentially-growing awareness among "regular people" that the stock market is a giant game of smoke and mirrors. When you find yourself playing a bullshit shell game run by con artists the only viable option is to quit playing (and maybe flip the table over and take your money back by whatever means necessary). But I also get the impression that this is not happening soon enough to matter.


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#8 TVCasualty

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Posted 27 January 2021 - 01:09 PM

This is a shaping up to be a game-changing story that we're getting to watch unfold in real time. Yesterday was just a warm-up, apparently.

 

Finance is never going to be the same after this. Mainly because whenever Wall Street loses big-time they rewrite the rules so they won't lose again that way in the future. But it might also spur real change that actually matters for a change.

 

The stop-loss snowflakes are shutting down exchanges, lol. I guess all the talk of "risk" only refers to small/retail investors who can't shut down the freakin' exchanges for fuck's sake.


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#9 FLASHINGROOSTER

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Posted 27 January 2021 - 05:13 PM

Ya my guess is it's only working in the short term because its unexpected, they out cheated the cheaters. Now that the method is know its only a matter of time before they start employing it themselves


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#10 TVCasualty

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Posted 28 January 2021 - 12:11 PM

This story is getting really crazy really fast. So much so that posting links is pointless since they'll be obsolete in hours.

 

The moves being made to counter the crowd-sourced squeeze are exposing the man behind the curtain like never before (I mean to those who didn't realize there was one, or just how deeply the manipulated fuckery really runs).

 

Right now the big boys are allowed to buy AND sell the stocks currently being squeezed but if you are a retail investor you are ONLY allowed to sell right now, at least through some of the brokerages (like Robinhood, which is not very Robin Hoody of them at all). As a member of the Financial Services Committee, Rep. Alexandrio-Cortez is calling for a hearing about it.

 

This is one to watch closely. We may be at the tipping point of a paradigm shift. It will probably depend on whether or not the big players manage to crush the movement that at the moment is gaining momentum quickly.

 

While some of the big players are involved in the current chaos and making even more money thanks to it, they're really playing with fire since they're waking up a sleeping giant in order to do it in the form of a legion of retail investors who might be persuaded/conned by social media into doing the bidding of the big boys today but who will still be a cohesive yet decentralized mass of populist rage tomorrow, and the next day, and the next. It will not be a force they will be able to control or manipulate in all cases, so the potential of this new approach as a catalyst for change is substantial.


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#11 makinbones69

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Posted 28 January 2021 - 02:23 PM

Looks like you got your answer this morning TV. Is shameful and also not surprising.
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#12 GORF

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Posted 28 January 2021 - 02:33 PM

The house always wins. How dare those gamblers cheat the house

They will bribe some Washington committee members and get a new rule now.

The mask has come off
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#13 kcmoxtractor

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Posted 28 January 2021 - 03:25 PM

I wanted to add my own screenshots on this topic. WSB is awesome, one of my favorite subs.

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#14 xlcor

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Posted 28 January 2021 - 04:35 PM

This is simply fantastic.


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#15 FLASHINGROOSTER

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Posted 28 January 2021 - 07:31 PM

Ya I want to play, I have pissed away money on sports bettting many times so why not take a chance with this crazyness


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#16 rockyfungus

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Posted 28 January 2021 - 08:30 PM

I wish I had bet days ago, been watching the retards trade forever there.I thought about it around 6 bucks...then at 40$ i knew I should of done something. I may invest in cheaper similar options, but who knows what regulation is in the future.


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#17 TVCasualty

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Posted 28 January 2021 - 08:34 PM

So how much Bitcoin do I exchange for Dogecoin?? Some? Half? All?

 

People are buying the hell out of BC to get into DC so both are going UP.

 

Musk is pumping Doge, but you mostly have to buy Bitcoin to buy Doge with (anyone know how to buy Doge directly with fiat without using Binance?) so both are moving and about to move a lot more.

 

Tomorrow is going to be insane.


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#18 Boebs

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Posted 28 January 2021 - 08:39 PM

All i made a killing today on doge,
Lets launch it to 1$
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#19 TVCasualty

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Posted 28 January 2021 - 08:39 PM

The house always wins. How dare those gamblers cheat the house

They will bribe some Washington committee members and get a new rule now.

The mask has come off

 

And so have our gloves.

 

Ol' Leon sure shat the bed in this interview wherein he lays it out loud and clear that We the Peasants have no business playing his game. This is what they call "saying the quiet part out loud."

 

 

EDIT: Video removed because the important part was edited out. See later reply for new link

 

Imagine being a billionaire and still being so mean and seething...


Edited by TVCasualty, 29 January 2021 - 11:37 AM.

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#20 makinbones69

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Posted 28 January 2021 - 08:40 PM

You should email Warren Buffet and ask him how to make the currency conversion. Oh wait we're not in the club.
Not that I make any significant investments but still.. for shame.

Edited by makinbones69, 28 January 2021 - 08:41 PM.





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