/r/wsb autists taking on a wallstreet hedgefund. Elon musk involved as always / wallstreetbets / gamestop - Gamergate 2: financial boogaloo

  • 🔧 At about Midnight EST I am going to completely fuck up the site trying to fix something.
Holy shit. I was ahead of curve.
Here what some folks are saying about our current sitiation:


Im quoting:


We allowed them all this power. It's a little late to be crying about it now. It sucks, but that's kind of the reality of the situation. Any significant change is going to hurt everyone. If you're willing to endure the pain keep on fighting.


So the choice seems to be, "suffer a bit because of the fight" or "remain serfs."

No, the choice is destroy the world as we know it, or live comfortably for as long as we can. I honestly haven't come down on a side yet.
 
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Gig Bucking Fun said:
The problem I think comes when WSB in light of these new investors, instead of going silent, egged people on to keep buying and holding. I think that's where a case could be made for P&D is when they picked up the ball and ran with it.
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Okay, and how is loudly telling everyone "BUY THIS STOCK!" any different from... some rando on a financial podcast/radio show telling people they think a stock is good to buy?
Meat Target said:
Doesn't mean they won't try to prosecute WSB. They pissed on the territory of their betters. The little man stood up for himself.
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Oh I hope they do. I hope this continues to escalate, because as I mentioned earlier, getting even a half of a percent of the populace angry enough to "do something about it" would mean that there's one and a half million, probably armed, angry peasants who will have a definite bad guy to direct their ire at.

The quintessential essence of "fuck around and find out".
 
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Vaclav said:
You know, when it became clear that Biden was going to be declared winner, I had this funny feeling like the Democrats made some deal with the devil where they asked "Get Trump out at any cost!" And the devil was like "Any cost? Absolutely any cost?" And they said "Yes! Any cost!"

Now, days after Trump has left office, Biden is facing a crisis that will probably force him to pay a massive Wall Street bailout, cancel any stimulus payments to citizens and cut all government spending to the bone. And this during a pandemic where people are in dire financial straits and have unlimited time to wreak havoc in public. Bravo.
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They'll just run the printing presses even fasterer.

Honestly in clown world, and with modern monetary theory guiding the way, a banking collapse is a GOOD thing.

It means the Fed balance sheet can get even bigger. None of that doubling in a year coz pandemic, that;s for pussies, we need it to the power of 10. That;s what a real man would do. And Joe is a real man who does push ups without shitting in his depends (mostly).

We can have negative 50% interest rates. Everyone will be a millionaire.

Paradise awaits.
 
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Jimjamflimflam said:
I'm taking an optimistic stake. What's so different between a bunch of people talking in public about strategies then a bunch of investors doing it behind close doors? In fact the posters in public is better since its in the open.

I get where you are saying about them cracking down now but i don't think that the public willing to lay back and let it happen this time though. The double standard is more apparent than ever before and now the public has money to throw away for lawyers along with a solidarity forming.

Rainbows welcomed
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The difference is hedge funds are a coalition of investors under an entity that is heavily regulated by the SEC. When a hedge fund shorts a stock, there are a litany of rules they have to follow if they don't wanna be hit with a hefty fine.

WSB operates pretty much the same, but in comparison is the wild west in terms of rules they have to follow, or lack thereof.

I don't think they'll regulate the stock market or people's accounts, but I do think messaging boards such as WSB or StockTwits will come under a lot more scrutiny.
 
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Jimjamflimflam said:
I'm taking an optimistic stake. What's so different between a bunch of people talking in public about strategies then a bunch of investors doing it behind close doors? In fact the posters in public is better since its in the open.

I get where you are saying about them cracking down now but i don't think that the public willing to lay back and let it happen this time though. The double standard is more apparent than ever before and now the public has money to throw away for lawyers along with a solidarity forming.

Rainbows welcomed
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I've seen a different take than the usual where openly and honestly discussing the position you intend to take is very legal while openly discussing the position you intend to take and being misleading about the reasons or position is very illegal.

I.e. "I am buying and holding so I can see a hedge fund burn because they are overexposed" = legal and "Hey everyone, we have wound down our short positions, wink wink" is not. Whether or not it gets enforced the sensible way is where we're likely all on the losing side of the bet.

But really: to short a stock, you have to locate, borrow, sell and buy back at a later date. If you have not located or borrowed before you did the sell step and also sold 140% of what exists, what did the buyers even get? That's fucking fraud any way you slice it and I guarantee you that not one single naked short seller will see official justice so all I can do is cheer on reddit at this point
 
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instythot said:
But really: to short a stock, you have to locate, borrow, sell and buy back at a later date. If you have not located or borrowed before you did the sell step and also sold 140% of what exists, what did the buyers even get? That's fucking fraud any way you slice it and I guarantee you that not one single naked short seller will see official justice so all I can do is cheer on reddit at this point
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They had the stock, it was just borrowed . What happens now is that they'll have to either work out a deal with their lenders or pay back the price in cash. In the event they can't pony up, their backers will have to foot the bill.
 
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LurkTrawl said:
Okay, and how is loudly telling everyone "BUY THIS STOCK!" any different from... some rando on a financial podcast/radio show telling people they think a stock is good to buy?

Oh I hope they do. I hope this continues to escalate, because as I mentioned earlier, getting even a half of a percent of the populace angry enough to "do something about it" would mean that there's one and a half million, probably armed, angry peasants who will have a definite bad guy to direct their ire at.

The quintessential essence of "fuck around and find out".
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The difference is when someone like Jim Cramer tells people "I like this stock" they aren't also saying "BUY THIS STOCK NOW, AND DON'T YOU DARE SELL IT!"

Plus, they're very careful with their vocabulary as to cover their asses legally. WSB threw all caution out of the window and shat in Wall Street's living room while giving them the finger.
 
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Chiri said:
The accelerationist in me wants this to result in a bailout since there is no way that it would go over well with anybody that isn't receiving it and would be a complete disaster for everyone in power. 2021 is looking to be a kino year.
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After that joke of an election, this stocks kino already makes up for all the ridiculous shit I've seen in 2020. I hope this fucking pattern continues, because I'm lovin' it.
 
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Bill The Fucker said:
They had the stock, it was just borrowed . What happens now is that they'll have to either work out a deal with their lenders or pay back the price in cash. In the event they can't pony up, their backers will have to foot the bill.
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No they didn't. How did they borrow 140% of the entire float? They can't.
 
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Gig Bucking Fun said:
The difference is hedge funds are a coalition of investors under an entity that is heavily regulated by the SEC. When a hedge fund shorts a stock, there are a litany of rules they have to follow if they don't wanna be hit with a hefty fine.

WSB operates pretty much the same, but in comparison is the wild west in terms of rules they have to follow, or lack thereof.

I don't think they'll regulate the stock market or people's accounts, but I do think messaging boards such as WSB or StockTwits will come under a lot more scrutiny.
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The thing about them coming under more scrutiny is what are they even going to scrutinize? Does it become "market manipulation" to discuss a hyped project, especially in something like crypto? If a there's a sizeable community that jumps on a bandwagon, is that market manipulation? I highly doubt the whole "we just think it has good fundamentals" meme would really hold if they cared to come after any of these boards.

That's what makes the pajeet CNBC interview interesting. He likens these boards to investment hedges and the anchor immediately scoffs. This is SUPPOSED to be there infinite wellspring of pretend number wealth, and to think that anyone could cross that barrier and "understand" their arcane games is laughable to them.
 
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DyingStarsForever said:
If he cancels the stimulus and bails out wall street, all hell will break lose. This administration will have to strategize a little bit more than that.
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The Last Stand said:
Are you telling me that because of this stunt, the federal government may bail out the hedge fund? Please don't have another Housing Recession ON TOP of Coronavirus and the college debt bubble. Let them squirm.
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I'm not gonna interrupt the Biden administration while they're making a mistake.
 
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Gig Bucking Fun said:
litany of rules
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Such as no naked shorting?

I understand what you are saying and normally agree. But the blatant rule breaking by the hedges with no repercussion went for so long that for the SEC to suddenly come in now, enforce and write new ones aimed at the WSB crowd. The double standard glows to much that I don't think the public, a public now getting fuck you money and a burn it down attitude, will just accept it this time.
 
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trent said:
At first I didn't think this had anything to do with the election but as it goes on I'm pretty sure it does.


The timing of it, the exposure of hypocrisy on the left with them now jumping to the defence of the nameless, faceless types who run the economy and the media deciding that it is Nazis doing it because it actually upsets the establishment (unlike months of fruitless "protests").

The Biden administration is going to be fucked with like this for every second of the next four years and forced into decisions that will piss off even their most ardent supporters.
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The best part is that they have no Trump to direct people's ire at. The media have been training people for the last four years to hate, hate, hate and direct all their hatred at the guy who they said was running "the system," even as Trump manifested the largest contradiction within the system.

Now Trump is gone, banished from the news and social media, a non-entity. The people have more reason for hate and rage than ever and the target crafted by the media to receive that hate is gone. I wonder where all that anger will be directed now?
 
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