If you don't know or understand what happened today with cryto read this.

[TheBeardedBaby]

This is huge and it will have a big impact on bitcoin and the crypto world in general.
What happend today was the biggest market manipulation probably in the entire history.
You msybe heard of GameStop news on Twitter or reddit and about Robinhood's locked hedge fund and you have no idea what is going on here then read this,so you know.



Source https://twitter.com/bigdogbluenose/status/1354896357081960450?s=19

[OcTradism]

Investors and traders in stock market called cryptocurrency as scam before they accepted cryptocurrency and participate in crypto market.

They said such stupid statements as they were jealous with amazing pumps in crypto market that not usually happen in stock market. In traditional markets, there are circuit breaks that help price has some control for their stability in a day of active market. In contrast, crypto market so far has not this feature yet and of course I honestly never want to see such stupid circuits in crypto market.

Sometimes, I see some pumps of stocks and they look very similar to scam cryptocurrency. Pumps to the heaven in few days and the screenshot in OP shows how stupid traditional investors said about crypto. They consider traditional market and approved assets, hedge funds are safer than anything in cryptospace. Boom, bankruptcies broke their belief. Belief when is put on centralized entities is always stupid.

[Obito]

Hopefully, this thing will continue to happen and more hedge fund managers suffer, I do understand how short bet works based on the explanation and I think that people should do the right thing and continuously destroy the bets of those hedge fund devils, they deserve this, remember when they got rich because they destroyed the economy back in 2008 or something, this is the payback for that time. The government should get involved with this thing because stock market trading apps is closing their doors for individual investors knowing that the exploit that they are doing is shooting them in their foot.

[xcaret]

oh, so good to  see hedge  funds  going down in flames ..  And this could be just the beginning.

[acroman08]

it's funny how they feel it is ok when they do it but suddenly feels other people are exploiting the field they have been exploiting for a long time and they feel the need that it needs to be stopped when they aren't the one doing it.

[Darker45]

I was about to create a thread on this. I found yours, so I'm glad this is to be discussed already.

The problem is that the world is divided between several billions of average individuals and a handful of wealthy elites. The former, these lowly individuals, are always at the mercy of the latter. However, their sheer number, if gathered and united, could actually be a source of immense power that could easily defeat or humiliate these elites. This is what is being shown in this case.

The problem, however, is that the world is characterized with centralization. Trading platforms such as Robinhood is controlled by a person. The moment the masses prevail over the few elites, these centralized platforms could easily turn a switch off here and a switch off there which would save the position of the elites.

This has to stop! This needs to be stopped! Decentralization should take over! Freedom should prevail!

[Wexnident]

This entire issue was quite fun to watch tbh. I wasn't able to join in on the fun with GME since I noticed it way too late, but damn seeing those elites screaming about how this is manipulation and how this should be stopped is so satisfying. However, just the fact that this is quite funny to most shows how such situations are rare, and how the elites taking advantage of regular average joe traders is a norm now. Bloody wish that the market would become a "free market" now, and not just in name.

[kolesozw]

As a result, Robinhood hypocritically backed the hedge funds, halting the trade of the Reddit discussed stocks.

But now, Congressmen & Congresswomen as demanding a hearing from Robinhood and their actions. I hope that Robinhood will go into investigation and will get a huuuugeeee fine about their actions!

[arbiter5]

Or in summary:

[gabbie2010]

Kudos to redditors for joining force to buy GameStop stock massively to counter the hedgefund manager, this is likened to a case of 'hunter being hunted' the hedgefund must previously succeeded in earning huge profits from the masses without qualms, now a revenge from the masses was said to be illegal, its good that they were  beaten them at their own game which will serve as a lesson to other managers.

[btc_angela]

Maybe the question is how is this going to affect crypto currency or bitcoin itself.

Can they have the same effect on the market? And the next target from this reddit group is AMC.

So it's going to be a battle of Wall Streets and this the now popular WallStreetBets redditors, which side we are going to take?

[GreatArkansas]

Maybe the question is how is this going to affect crypto currency or bitcoin itself.
(.....)

It may have huge effect for cryptocurrency or Bitcoin.
Look what happened on Dogecoin, almost increase in 1000% by just 24 hours.
But for Bitcoin, for me, Bitcoin is immune to this. Bitcoin already experienced a lot of ups and downs, different FUDS just to drive the price to crazy.

I am curious on what happened in GameStop, are those activities conducted by random people on the internet is illegal?
I saw a exchange or broker that they are halting some stocks to trade because of what happened.

[pooya87]

The part when the "whale" loses a ton of money because they went against the market is actually pretty common in bitcoin world. Specially those who are stupid enough to short bitcoin during its bull market. That doesn't need people uniting against them though but it was a very interesting story to read so thanks for sharing.
I wonder how long before the bitcoin shorters are turning bankrupt because of them going against the market?

[davis196]

oh, so good to  see hedge  funds  going down in flames ..  And this could be just the beginning.

What about the people,who put their savings in a hedge fund?Are you happy that their savings will "go down in flames"?What about pension funds?

Maybe the question is how is this going to affect crypto currency or bitcoin itself.
(.....)

It may have huge effect for cryptocurrency or Bitcoin.
Look what happened on Dogecoin, almost increase in 1000% by just 24 hours.
But for Bitcoin, for me, Bitcoin is immune to this. Bitcoin already experienced a lot of ups and downs, different FUDS just to drive the price to crazy.

I am curious on what happened in GameStop, are those activities conducted by random people on the internet is illegal?
I saw a exchange or broker that they are halting some stocks to trade because of what happened.

Bitcoin isn't immune to market manipulation,no financial asset is immune,the only difference is that the market manipulators will have to get way more capital to invest,in order to conduct a successful market manipulation.
I don't think that the Wallstreetbest subreddit members did something illegal.
On the other hand,what Robinhood did seems illegal to me.

[dansus021]

Bitcoin isn't immune to market manipulation,no financial asset is immune,the only difference is that the market manipulators will have to get way more capital to invest,in order to conduct a successful market manipulation.
I don't think that the Wallstreetbest subreddit members did something illegal.
On the other hand,what Robinhood did seems illegal to me.

a hundred percent agree with your sayin, nothing is immune with market manipulation, Big Whale or the small fish who gather around to destroying big whales 

[sunsilk]

OK, it's really helpful, DOGE have increased 400%~

I see it with 800%+ gains within less than a day.

Maybe the question is how is this going to affect crypto currency or bitcoin itself.

Well, just as what we've been thinking before about manipulation. When most of the retail investors join hands in buying bitcoin, that's the same as gamestop's pump.

But it seems to be not new to us when we see bitcoin pump it's greater than Gamestop's recent pump. The idea is that new money would come in to bitcoin if those retail investors get in to bitcoin or if majority of the altcoin investors do the same.

[pooya87]

OK, it's really helpful, DOGE have increased 400%~

I see it with 800%+ gains within less than a day.

I don't understand why people are even comparing the two here.
What altcoins have has always been a pure pump and dump scheme from day one. There really isn't any community and utilities for majority of them. They simply exist to be pumped then dumped from time to time. What we see in case of Doge and hundreds of other coins that get pumped and dumped is simply that. There is no market trends, there is no whales, there is not big investor shorting, etc.

[Kakmakr]

I do not think the price increase is due to a Bitcoin "Short Squeeze" ...but rather a result of a Elon Musk Tweet about Bitcoin that went out. Source : https://decrypt.co/55943/elon-musks-twitter-bio-now-says-one-word-bitcoin

We know Elon Musk has done this before and this time the Bitcoin's price has jumped $4,000 .... rising from $32,000 to $36,000 in half an hour. He is definitely a Market mover and one Tweet from him will be enough to pump Bitcoin.  

                  I hope we will see a Bitcoin "Short Squeeze" on top of this to push the price to $50 000  

[zanezane]

As a result, Robinhood hypocritically backed the hedge funds, halting the trade of the Reddit discussed stocks.

But now, Congressmen & Congresswomen as demanding a hearing from Robinhood and their actions. I hope that Robinhood will go into investigation and will get a huuuugeeee fine about their actions!

Robinhood is a company in the end and they sadly are part of the team that is supporting those sad hedge fund managers so they will have to do their bidding to mercilessly manipulate the market by blocking other people from buying the pumped stocks. The sore losers are doing everything they can to counter this lose by selling the stocks of people without their permission which will definitely be an issue that they need to address in the hearing with the Congress. I don't like the idea of them paying huge fine for this scummy company, I want them to give back those forcefully sold stocks to the owners without getting the money back, sort of like giving the justice to the people.

[aoluain]

it's funny how they feel it is ok when they do it but suddenly feels other people are exploiting the field they have been exploiting for a long time and they feel the need that it needs to be stopped when they aren't the one doing it.

yes, when they loose control.

They are parasites, in the case of Gamestop where they see a weakness
and manipulate it with their underhand "legal" market  plays.

They want to drive the price down, devalue the stock then buy it back
and at the same time a company who is being preyed upon cannot
raise capital to invest and keep itself viable.

More power to the reddit groups who are also focusing on Nokia and Blackberry.