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

[Harvey Danger]

There was a post on WSB claiming that they had been within spitting distance of causing basically an infinite growth loop for GME valuation because market makers wouldn't have sufficient liquidity to cover obligations for purchasers of GME, resulting in GME becoming more valuable, resulting in their liquidity falling even shorter of the mark, causing GME to become more valuable, ad infinitum.

You know, there is a built-in end point to all this. The hedgies go broke, go bankrupt, get liquidated, and default on any shorts that can't be cover. Anyone on the other side of that trade becomes very sad, and the world spins merrily along.

But the big money isn't letting that happen. This all should have been over by now; that $2 billion emergency infusion never should have happened. The smart money should've looked at 138% of float and said "nope, those boys are the dumb money, let them die". But they didn't.

Right now everyone in the media is acting very concerned that GME's price isn't backed by fundamentals. But that concern trolling misses the point, and its premises should be rejected outright. The fundamentals drove the price up for 2 years; the surge is a result of some chucklefuck betting against it. There should be a price surge frompeople taking the other side... and then it resolves. It's called arbitrage, and it's a feature of that capitalist free market the big boys always pretend to worship.

By now, Melvin should have been liquidated and gone, the shorts should have been voided, and GME should have crashed back to reasonable levels.

The only reason GME is up above $300 while everyone knows it doesn't deserve to be there, is because they aren't letting the arbitrage resolve.

 

[Cum]

You can have your holdings transferred to another brokerage account. I started a digital transfer of my Robinhood assets to Fidelity (through Fidelity) and it's estimated that it will be complete by Friday of next week.

The site's design is very archaic and boomer-oriented, but at no point this week were there any restrictions on any security.

Edit: Addendum, I'm not entirely sure how it handles transferring cryptocurrency investments. And, while Fidelity does support investing in cryptocurrency, Dogecoin is not supported yet. There are more crypto investment options than Robinhood has, though. If you're transferring your assets, bear this all in mind.

 

[Andy Bandy Man]

Lol yeah but my point was they need something more than just movies. Theaters are in direct competition with streaming and streaming will always be cheaper and more convenient.

It would be the same market at winetastings,
more of a status symbol for yourself and the date you want to impress.

She wants that citizenship, but she first has to hear the lecture about how great America at one point and be shown Gremlins for some reason.
...

 

[Takayuki Yagami]

The damage will be huge, but manageable. You have to realize that this isn't just affecting the US. China and Europe are down too.

The damage will be in the reaction the powers that be have, and the knock-on effects we might not see yet. As a few people here have said, the government doesn’t have that many options here that don’t result in even more people getting angry or having limit the same risky bets they themselves take arvantage of. If they limit common citizens’ access to the stock market then the mask slips even more in a time when everyone’s eyes are on this and make more people viscerally aware of how much everything in this country is a fucking sham. If they limit the people on wall street’s ability to play these retarded games then they’re losing a big part of how they move money around instead using to better us all long term.

 

[+MarkOuttaBat+]

You can have your holdings transferred to another brokerage account. I started a digital transfer of my Robinhood assets to Fidelity (through Fidelity) and it's estimated that it will be complete by Friday of next week.

The site's design is very archaic and boomer-oriented, but at no point this week were there any restrictions on any security.

Shit, better start some moves.

 

[360NoTrope]

Linus Tech Tips is live right now, pledging to match all superchats x5 and buy GME. I've never seen so many so fast.

Edit: 2 minutes and he's in for 10k already.

Edit: 20k.

Edit: He threw in the towel at 50k.

 

[+MarkOuttaBat+]

The damage will be in the reaction the powers that be have, and the knock-on effects we might not see yet. As a few people here have said, the government doesn’t have that many options here that don’t result in even more people getting angry or having limit the same risky bets they themselves take arvantage of. If they limit common citizens’ access to the stock market then the mask slips even more in a time when everyone’s eyes are on this and make more people viscerally aware of how much everything in this country is a fucking sham. If they limit the people on wall street’s ability to play these retarded games then they’re losing a big part of how they move money around instead using to better us all long term.

The solution is for them to SHOCKER...

do nothing

Fuck the big rigs, our economy is founded on small business and startups. Old money needs to go.

 

[Overly Serious]

I’m only posting half of this ZH article because only half of it is interesting - by which I mean a major financial disaster may already be in motion.

https://www.zerohedge.com/markets/robinhood-caps-maximum-holdings-36-stocks-just-one-share

“And as a postscript, while we expect that the turmoil will be contained at Robinhood, whether in the form of new capital infusion, a takeover, or bankruptcy, there is the possibility that the liqudity shortfall goes as far as the clearinghouses. What happens then? Below we excerpt from a monthly letter written by Horseman's Russell Clark who had a good recap of "what if":

“
__________
tl;dr One of the regulatory fixes from 2008 may have broken something, and that’s now an exposed nerve.

There's a old design principle which is that "Cybernetic systems do not scale".

That means systems which have to keep monitoring their inputs to control their state by adjusting their behaviour begin to break down the more complex they get.

What you do if you're an engineer facing problems like this is you design many small self-correcting systems that have the effect you want through their aggregate behaviour. Or in the simplest possible terms: distributed intelligence / control scales much better than centralised intelligence / control.

What you've just described sounds very much like a complex system scaling beyond the point it can manage and beginning to break down. They should have a consistent set of rules and many smaller entities abiding by them.

 

[HumanHive]

Yeah, this is one of the big things about the 2008 crash. The fix may have left more holes then intended.

All in all this will show how our economy is made off of a select few people not really contributing anything to it and just shuffling money around causing more damage then fixes.

Man... fuck Obama

There’s an unfortunate drive to “fix the market” after a big bubble or crash, when in reality that’s just how markets work. Sometimes the bottom falls out and bagholders lose. You can’t stop that from happening no matter how much you lobotomize the market. Instead the responsibility should be on the investors, not the system, to realize a crash is imminent and calmly unfuck themselves.

Meanwhile, shorts remain legal because hurr durr. You can bet stocks to fail because otherwise we wouldn’t know what the “real” price is. What a load of tripe.

 

[Orange Rhymer]

Did you turn blue or did you take proper precautions?

Full PPE at all times. 2 layers of gloves and respiratory protection.

 

[LUNEKO]

Yeah, this is one of the big things about the 2008 crash. The fix may have left more holes then intended.

All in all this will show how our economy is made off of a select few people not really contributing anything to it and just shuffling money around causing more damage then fixes.

Man... fuck Obama

the year is 2021, we are now blaming Obama, without a hint of irony

 

[Marissa Moira]

You gotta know when to HODL them, know when to lol them, know when to lmao when the dealing's done.

 

[+MarkOuttaBat+]

There’s an unfortunate drive to “fix the market” after a big bubble or crash, when in reality that’s just how markets work. Sometimes the bottom falls out and bagholders lose. You can’t stop that from happening no matter how much you lobotomize the market. Instead the responsibility should be on the investors, not the system, to realize a crash is imminent and calmly unfuck themselves.

Meanwhile, shorts remain legal because hurr durr. You can bet stocks to fail because otherwise we wouldn’t know what the “real” price is. What a load of tripe.

I agree, I have looked at the market data form 1900 to 2020. It makes me cringe when people don't realize the Boom Bust cycle can't be stopped or "fixed"

It is inherent to every economic system.

 

[+MarkOuttaBat+]

the year is 2021, we are now blaming Obama, without a hint of irony

He should have put the big rig on the stake and make the public shame them. He didn't and now we are in this situation.

 

[Rich Evans Apologist]

Instead the responsibility should be on the investors, not the system, to realize a crash is imminent and calmly unfuck themselves.

Generally some fixes that insulate individuals who are not themselves active investors can be worthwhile, like how the government backed up individual bank accounts after the banks just ripped money from everyone to cover their asses in 1929. I don't hate ideas like this in concept, which allow idiots to lose big in necessary market corrections without it necessarily dragging everyone else to the gallows.

But what broadly happens in cases like this is that the government goes in suggesting it wants to provide a fix to protect innocent people who have not been playing with fire... and simply protects the people playing with fire, offering them even more angles by which to dick over the average joe schmoe's retirement funds.

 

[joebobmurphy]

Bought a share after watching Null's stream. If the economy collapses, it would have done so whether or not I participated. If not, I'll just be content with playing a teensy tiny part in fucking these hedge fund assholes with no lube.

 

[TerribleIdeas™]

Thing is I agree with him. And I'm pretty sure most of the people involved with this do as well - a "wealth tax" is pretty counter-productive, disincentivises success, isn't very ethical and frankly doesn't accomplish nearly as much as people think because the large majority of earnings aren't the tiny elite but the middle class. People like Elizabeth Warren leaping on this to push her Wealth Tax agenda are not even looking at the actual problem.

It's not lack of taxes on the rich that caused this. It's double standards that let super-wealthy funds make destructive bets and then skip away from the consequences. If you remove all penalty of failure by forcing the tax payer to bail them out each time, then you will get failure, after failure, after failure.

Huh, that sounds just... like... universities.



Oh.
Ohhhhhhhh.

Yeah, this is one of the big things about the 2008 crash. The fix may have left more holes then intended.

All in all this will show how our economy is made off of a select few people not really contributing anything to it and just shuffling money around causing more damage then fixes.

Man... fuck Obama

Those holes were intended; those are features, not bugs, and they were left there for the use of all the hedgies, not us common folks.

 

[LUNEKO]

Linus Tech Tips is live right now, pledging to match all superchats x5 and buy GME. I've never seen so many so fast.

Edit: 2 minutes and he's in for 10k already.

Edit: 20k.

THE FINANCIAL REVOLUTION HAS BEGUN, IF THEY WON'T LET THE MARKET CRASH BY SACRIFICING OUR LIVES TO IT, THEN WE WILL CRASH IT WITH OUR OWN LIVES

 

[Overly Serious]

Linus Tech Tips is live right now, pledging to match all superchats x5 and buy GME. I've never seen so many so fast.

Edit: 2 minutes and he's in for 10k already.

Edit: 20k.

Thanks - watching this now. I think Linus is just realizing how much enthusiasm he's just opened himself up to. Superchats are going nuts!

Quote: "I thought maybe $5k and I could do it on my credit card." Co-host: "Ohhhh, no."

 

[Honka Honka Burning Love]

Thanks - watching this now. I think Linus is just realizing how much enthusiasm he's just opened himself up to. Superchats are going nuts!

Quote: "I thought maybe $5k and I could do it on my credit card." Co-host: "Ohhhh, no."

Never Underestimate The power of the Demon Hordes of the internet