the hedge funds were shorting the stock without owning any. the wallstreetbet guys used an app that only leased the stock they only think they own and maybe even leased each stock multiple times. so no one actually owns anything. and them saying our rock solid bearer instrument is just hot air?  I don't see anyone saying anything bad about BTC anywhere in WSB. Look, the company issues shares and those numbers are known. When a short seller sells a share they don't own, they are basically creating a new share out of thin air. Whoever buys that imaginary share has all the rights and benefits as if they owned a share issued by the company. If the company issues a dividend, the shorter is responsible for paying that dividend on the imaginary share they created. The only way a shorter can get out of this situation is to buy any share back and like matter/anti-matter, the short and long shares destroy each other on contact. Once all the shorts are gone, all the imaginary longs are gone as well, and we are back at the number of shares the company actually issued. In the back office of any brokerage, there are number crunching people trying to keep the whole house of cards from collapsing. The best way to do that is to borrow shares that actually represent the fake shares the traders created. If they are unable to do this because there aren't that many in existence, they still have lots of other shares of other companies to cover for the shares they don't have. They figure they can always liquidate those and buy shares on the open market if they run into trouble. Our whole economy is built like this, it's how banks create money from nothing and how debt is magically turned into an asset. The sooner the thing collapses, the better it is for hard assets like BTC. GME is the best chance we've had in a generation to cause the thing to collapse and it aint over yet. |
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The only question is: will the redditor apes manage to hold the stock while the price is so volatile, or will they give in and be content with just a paltry profit? In other words: the outcome, as in our favorite formerly asymmetrical bet, depends on the strength of the hands that hold.
Looking at people already bailing GME-ship, they will prove mostly paper hands. It doesn't look like anyone is bailing to me. Some exchanges cancelled peoples orders, added unwanted stop losses, and restricted trading all while shorts are doubling down. Everyone else is just holding and waiting for the action or buying more when they force it down. All pretty impressive when you consider all the trading restrictions in place now. |
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https://www.cnbc.com/2021/02/01/how-bitcoin-could-be-the-new-gamestop.htmlData from crypto news and analysis company The Block shows that hedge funds are short bitcoin by more than $1 billion.
That term “shorting” means that traders and hedge funds are betting that the price of bitcoin will go down. Those short positions ramped up starting in October 2020, just as bitcoin’s latest rally began to take hold.
Meanwhile, individual investors are still buying into bitcoin, among other cryptocurrencies, as they bet that the price will go up.
Sound familiar?
Coincidence? I don't like the highlighted part, as we (or some of us) have seen how the hedgefockers work.. Let them short the shit out of BTC, there is no government body to print more BTC and no company to issue more BTC. I would love to see us go to $500k+ on the backs of $1billion or $1trillion in wrecked hedge fund shorts. Pure supply and demand baby and the GME diamond hands have nothing on BTC hodlers. We eat 90% drops for breakfast around here. |
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I get a strange feeling that some folks here, who are already (or will be shortly) rich off-of bitcoin, are engaging in self-defeating trades in all that ws crap (be it GME, amc, silver, doggie, whatever).
Why?
Because you have a bit of extra money?
In jest?
To show 'tha man'?
Decrease your profit % so you can engage in conversations with those who made "just" 30% last year?
What is the most popular vibe?
To burn the system down so people realize BTC is the answer. |
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Everyone says stupid shit from time to time. None of us are immune from the occasional moment of stupidity, his are just very public. The fact is, he is changing the world the same way BTC is. You have to give him credit for that at the very least. |
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I don't want to sound like a huge faggot or anything, but got bored and decided to buy 100oz or so of physical silver off <internet.site>
Let's get back to crashing the economy. I'm trying to do my small part.
Buying some junk silver will not crash any economy. Depending on location but Silver is one if the biggest money trap there is. It has to rise 25% before any profit. Gold in most places does not have the tax burden to deal with but still happily sold last piece last year. Commodities is so last century, even toiled paper is abetter investment because its needed, no-one needs a silver spoon. Silver does seem like a silly target to crash the economy plus the drama of Gamestop isn't over yet. If people lose focus too early, the sqeeeeeze might not take place. One target at a time. It will take every penny to make it happen. |
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Treasury Secretary Yellen received over $800k in speaking fees from hedge fund involved in GameStop controversyFox News and other media sources are reporting that Janet Yellen, confirmed just this week as Treasury Secretary with only a handful of Republicans voting against her received around $810,000 in speaking fees from a hedge fund that bailed out one of the primary “victims” of the recent GameStop “controversy.”
Fox says that Yellen’s financial disclosure showed she made over $337,000 over multiple days last October from Citadel. She made an additional $292,500 in October 2019 and $180,000 in December of that same year. "Speaking fees". Not really much familiar with that term, I'm not from the US. But it seems like some kind of twisted way to make bribes acceptable to be spoken about publicly. Imagine betraying 300 million people for $800K. They only get paid when they are not in office. Private citizens get paid to speak all the time. She can't do that anymore now that she is the Treasury Secretary. The point was that she will be lenient on Citadel since they gave her so much money before. |
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Some people suddenly seem to faint with ecstasy whenever someone pronounces the name "Gamestop".
This is not about Gamestop, this is about shorters using their influence to artificially push prices down even further. It's about abuse of power. And that's indeed unacceptable.
No I agree, and I think most people, even the degenerates on WSB know what it's all about. It's become Occupy Wall Street 2.0 in cyberspace. But funny thing though, no one seems to care when Wall Street hitches all the hedge fund wagons and indexes to a few FAANG stocks, and then has the Fed give the CBs trillions in free money to continue pumping those few stocks to the moon. Just as corrupt a situation, if not more so. It's collusion of the highest order. I'm sorry Torque, Elwar, and others: I think this is "all about" a simple pump and dump married with a warped assed sense of "social justice". Feelings are a commodity like corn or oil, and in this case feelings of "rage" are being cashed into pumps and dumps across the financial spectrum. In the old days the hucksters would have to call you on the phone from a suckers' list and pitch you pink sheet stocks that you buy, price goes up a bit, they sell, you're left with worthless crap. Back then the hook would be greed, stupidity, maybe religious fervor (your church could get a new steeple! Or more clubs to bash Gay people!). Shit they made movies about this con game. But now... Now it's "different". Now you can profit off peoples' rage and lack of willingness to do anything about it. Instead you can get them to crowdfund a "cause", stick it to the "man" and all the while the shares you bought go off to the moon. "Look, he's honest, he has a hundred million in shares and *only* cashed out 5m!". Much like Occupy people were fucked, and Q-Anon people were fucked, these guys will be fucked. But the trick is the exit strategy in this con counts on these people saying "Well I lost my $100 but at least I was able to stick it to the MAN!!!" And they will be happy and the instigators will get their money. Maybe it's even worth it in some twisted way.... All true but in this case, because of how much is shorted and how much the company holds, this is very good financially for Gamestop the company as well. In the process of pumping GME for "insert reason", the internet has created a behemoth that won't easily dump. It is likely a pump and dump without the dump part. Gamestop the company doesn't have to get permission to issue new shares to make billions off of this. They can sell the shares they currently hold and instantly become a major company that can't be dumped. It's even possible they already have a deal in place worth billions. We will probably find out on Monday as their fiscal year ends on Sunday and they will be allowed to make public statements again. I get that this wasn't the intent of the pumpers but life has a funny way of changing what you intended into something you never intended. |
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Do you really think we should keep shops selling games physically opened, and stop streaming games and movies and instead go back to cartridges and VHS or so (which will, by the way, again, be produced by mega corps)?
Yes, we should keep every brick and mortar store of any kind open. These are the lifeblood of the economy and society. Most people are never going to be able to fill high tech jobs. We need stores that dumb people can work at so they don't have time to commit crime and can feel like they're doing something productive. That's the way to a peaceful society. Streaming is fine when you're feeling especially lazy and depressed but getting off your ass and going to the store is better for everyone. Also, everyone who hates mega corporations should stop using any product or service offered by the Facebook, Apple, Amazon, Netflix and Google. |
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On a side note. GameStop is not going anywhere. Bankruptcy is off the table. They have 60 million plus shares in their treasury that they bought back in 2019 for <$5 a share. Even if they just sold a portion at the recent prices, they can fund their operations for years.
This makes me happy. I know people say their business model is dying, but hopefully now they will have a second chance to figure out their future and thrive. A world where you could only download/stream your games through the mega corp likes of XBox Cloud, Stadia, or Apple TV would be a very sad world indeed. Seriously mate, this has nothing to do with Gamestop. Gamestop has around 5500 shops worldwide, so in case you forgot: Gamestop is a mega corp, too, albeit one with a dying business model. Gamestop was only the object used to bring a loud and clear message to shorters that they've reached a border which they shouldn't cross, and that enough is enough. Rightfully so. So the message was: we hate shorters (with some nuance, of course), and not: we love Gamestop.Do you really think we should keep shops selling games physically opened, and stop streaming games and movies and instead go back to cartridges and VHS or so (which will, by the way, again, be produced by mega corps)? And no, I don't like corps either - at all, which I've made clear often enough in the last 3 years on these boards, at least when it comes to a discussion about power and abuse of power. But let's not confuse things here. It doesn't matter what the original intent was, these things have a life of their own. Gamestop is now a mega corp that can create whatever business model it wants going forward. |
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the crooks/idiots were shorting 140% of the share float .... they can't all get out together even if they wanted to (down to 120% on Friday close) the main part of the squeeze hasn't happened yet
r/wallstbets has their foot on the throat, new buys increase the hedge funds losses, so they are liquidating longs in big caps to cover margin calls .... has systemic implications at some point, they broke the rigged game by taking it to it's absurd extreme, reductio ad absurdum, GameStopped it, quant models exploding everywhere, AI didn't see irrational autists on the horizon
Why don't the brokerages pull a Gox and issue retailers shares that don't exist? They lent phantom stock for naked short-selling, so why not take the fraud to the next level. That's probably exactly what Robinhood did. Then the price went 10x and bankrupted them. |
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I'm glad he's spreading the word about this. Those 24 or 48 hours let the hedge funds escape. The good news is, this isn't over yet. There were a ton of naked calls in the money yesterday which means the sellers of the calls have to buy the stock on the open market over the next few sessions to deliver to the holders of the options who want delivery. This will push the price up again this next week and start the whole cycle over again. If the market is allowed to operate normally, this could be an epic week. Most people have signed up for other brokerages so Robinhood will be less of an issue. On a side note. GameStop is not going anywhere. Bankruptcy is off the table. They have 60 million plus shares in their treasury that they bought back in 2019 for <$5 a share. Even if they just sold a portion at the recent prices, they can fund their operations for years. If they sell all of them, it wouldn't help the shorts. It would still be the most heavily shorted stock in the market and it would have 18 billion plus in the bank to become a tech giant. The cash value alone of the company would be $150+ a share. |
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man, get a reputable broker and not this bucket-shop called RobinSucks Using Robinhood after yesterday and today is like owning BSV. |
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The real issue is whether stocks were sold by RH without margin requirements/calls backing those sales. And why buying shares is blocked, not only by RH but by numerous brokers all over the world, while the rest of the (professional) traders are free to continue trading the stock. Organized? In the end, the collapse of GME stock will decimate a lot of retail traders with only a few early sellers making bank. Nothing will change for the better and the story of naked short selling will be put under the rug again. Rien n'a change. The number of shorts is higher than the number of shares outstanding. If they have to cover their shorts, they have to get every single owner to sell plus 40%. The only way retail loses is if the squeeze doesn't happen. If it does happen, you can name your price and everyone can get out. |
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that was probably on margin (or using funds that did not fully 'arrive' yet). I doubt that you can EVER do it to a non-margin position. RH is done for anyway. I know, but they cause the drop by forbidding to buy. That can't be right.. Exactly this. There would have been no need to liquidate anyone if they didn't cause the drop. Robinhood caused the drop by all of a sudden stopping trading on GME. This did two things. It stopped all the buying pressure at a critical moment one day away from a massive options expiration and it also caused sudden panic which caused people to sell. Robinhood caused the dip and then liquidated anyone on margin. Seems more like like a bitcoin exchange than a regulated broker. They need to be put out of business. |
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I guess the "partners" behind the scene of RH forced them to stop the further buying of some stocks.
is the WSB dude anonymous or is his identity known? if not I guess the SEC will go against him in the next weeks and will try to put him to jail or some other incredible fine so that nobody will try such an orchestration in the future ever again.
Instead, SEC needs to go against RH and other brokerages which are CLEARLY manipulate the market-there is no question about that. I am still out. Ted Cruz and AOC agree? https://twitter.com/tedcruz/status/1354833603943931905?s=20 |
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