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Redditors gave Wall Street traders an absolute pasting

As @Titus and myself spoke about first thing this morning, it was always going to lead to censoring/shut down of platforms.

The sooner more people realise the power of large tech on society and look for alternatives, the better. The last 12hrs has been a complete (but predictable) disgrace.

NOTHING will come of it either. It’s next weeks fish and chip paper in terms of news.
 

Kenna said:
I can’t wait for the movie about this in 6 years time to come out.
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The big stonks
Kenna said:
Still don’t really get it :lol:

Do you need to cough up like £500 to even begin? I wish I had that kind of money spare.
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Nah, you can get an app and put in a few quid with a small percentage as a trading fee. Don't bother unless you're happy to lose what you've put in. The house always wins in the end.
Lefty Frizzell said:
As @Titus and myself spoke about first thing this morning, it was always going to lead to censoring/shut down of platforms.

The sooner more people realise the power of large tech on society and look for alternatives, the better. The last 12hrs has been a complete (but predictable) disgrace.

NOTHING will come of it either. It’s next weeks fish and chip paper in terms of news.
Click to expand...
Never underestimate what bored autists can do on the internet when they have no job to go to.
 
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i haven't got a clue what they're on about but reading the wallstreetbets reddit page is mental. there's someone on there they all now think it's god who's got over 50000 GME shares. up an obscene amount of money but held through what's now a $14 million loss since yesterday :eek:
 
Lefty Frizzell said:
As @Titus and myself spoke about first thing this morning, it was always going to lead to censoring/shut down of platforms.

The sooner more people realise the power of large tech on society and look for alternatives, the better. The last 12hrs has been a complete (but predictable) disgrace.

NOTHING will come of it either. It’s next weeks fish and chip paper in terms of news.
Click to expand...

People will just move more to decentralised tech.

It depends how long the rebel alliance keep it up
 
Pacific said:
i haven't got a clue what they're on about but reading the wallstreetbets reddit page is mental. there's someone on there they all now think it's god who's got over 50000 GME shares. up an obscene amount of money but held through what's now a $14 million loss since yesterday :eek:
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He's been doing it for months now, you can track his progression in his post history going from about 100k to 30 million, personally I'd cash out enough to be set for life but he seems pretty adamant the risk will pay off.

Either that, or he wants to go down in history on that subreddit as the biggest loser, they love that kind of thing.
 
Hulkenburger said:
He's been doing it for months now, you can track his progression in his post history going from about 100k to 30 million, personally I'd cash out enough to be set for life but he seems pretty adamant the risk will pay off.

Either that, or he wants to go down in history on that subreddit as the biggest loser, they love that kind of thing.
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I like how he just casually posted an update as if it was nothing. must be absolutely minted anyway to even contemplate what he's doing
 
Bukowski said:
:lol:

Not trying to be deliberately obstinate here, but doesn't this whole memestocks / shortselling fiasco suggest that the practice of shorting in the first place can easily prove a one way ticket to a disorderly market?

i.e.

If billion $ funds weren't shorting GameStop to 140% of its float yesterday, how could retail investors off Reddit cause what you call a disorderly market today.
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yes
jcrossan said:
What is your problem? Of course lots of people invest in funds. So what?

If you short 140 per cent of a company's float then you are asking for trouble. Trouble arrived.
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its the opposite of soros shorting the pound it comes down to who has more liquidity amazingly reddit did.
i half wish i was still here
You must be logged on to see external links
they will be making a fortune off the volatility
CatRyan said:
he's aggressive and bullish, he has no elegance of manner or thought, he is vulgar and I hear short but can still turn out the odd good post
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and ironically its a bear market
 
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The Albanian said:
I see the trader has popped along to defend his corrupt pals.

f***ing disgusting
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👏👏👏well said
monkeytassle said:
The sec presides over markets and aims for "fair, orderly and efficient" markets. If they think a person or group of people are acting against this they will take action. I don't give 2 figs about the hedge funds that have lost money and nor will the regulators. What they will care about is influencing stock prices.

I'm not even getting near this. Absolute accident waiting to happen.

Fwiw this is good for banks and financing so the conspiracy theorists are already wrong.
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This is the problem though, EVERY scenario ends up being good for banks and financing. That’s what’s so wrong about the whole thing. Step out of your bubble for a while, it’ll do you good, trust me, I’m not a banker
 
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12 years ago there was a move in Congress to stop naked short selling After the sub prime fiasco. The hedge funds and investment banks fought it because they make so much money doing so, driving at-risk companies into the dirt and picking up huge money in the process...

What goes around comes around. Tomorrow (Friday) is options expiry day as well. The shit is going to hit the fan.

Robinhood is reluctantly letting its clients again buy stock..isnt that nice..The reason it stopped is because it front runs all trades and sells that info to Citadel, a hedge fund, that can then trade on those same stocks with advance knowledge on the bits coming in but before the retail investors bid hits the market. With Citadel bleeding because of the short squeeze the cash tap was turned off so they screwed their own retail investors and said they could sell but not buy the hot stocks, thereby slaughtering the price which allowed the big Wall Street firms to cover their shorts at such a lower price. Now they are backing off before the whole lot end up in jail...as the politicians realize a few million investors are very pissed..

(When AOC and Ted Cruz are on the same side of an argument..look out.)

What a day tomorrow is going to be. Bring popcorn.
 
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MonkeyLove said:
I have an economics background so yes I know the difference between various financial institutions...

More importantly so you don’t avoid a question again.., you presumably don’t think Robinhood apps behaviour today is a little odd?

One, why did they unilaterally make a decision to stop purchase of shares when their are checks and balances in the market that would regulate excessive volatility?

Two, why all of a sudden have they taken the ethical approach of protecting first time investors from risky trades when for years people could go on their app as first time traders and lose their shirt?

And three, the best of the f***ing lot, they specialise in cryptocurrency so any logic or rationale they want to argue they ceased trading to protect users from risk or volatile markets is absolutely laughable :lol:

You get taken to the cleaners on this board across all sorts of topics and your go to defence is to claim other people don’t know what they are talking about. Utter shambles.
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I get annoyed because I work in an industry with a poor reputation and that reputation exists partly because people who don't understand but think they do, pile into it.

To answer your questions

1) it's likely they are allowing clients to trade in margin. Which means that if the client suffers heavy losses and can't honour their obligations the broker will be wearing the loss.

2) see 1

3) bitcoin accounts are fully funded. In fact they often have to be overfunded
Cow said:
👏👏👏well said

This is the problem though, EVERY scenario ends up being good for banks and financing. That’s what’s so wrong about the whole thing. Step out of your bubble for a while, it’ll do you good, trust me, I’m not a banker
Click to expand...
It's a banks business model to make money. That's their purpose. Like kwik fit or bupa. Service in exchange for goods. Just so happens at a bank the service is goods.
jcrossan said:
12 years ago there was a move in Congress to stop naked short selling After the sub prime fiasco. The hedge funds and investment banks fought it because they make so much money doing so, driving at-risk companies into the dirt and picking up huge money in the process...

What goes around comes around. Tomorrow (Friday) is options expiry day as well. The shit is going to hit the fan.

Robinhood is reluctantly letting its clients again buy stock..isnt that nice..The reason it stopped is because it front runs all trades and sells that info to Citadel, a hedge fund, that can then trade on those same stocks with advance knowledge on the bits coming in but before the retail investors bid hits the market. With Citadel bleeding because of the short squeeze the cash tap was turned off so they screwed their own retail investors and said they could sell but not buy the hot stocks, thereby slaughtering the price which allowed the big Wall Street firms to cover their shorts at such a lower price. Now they are backing off before the whole lot end up in jail...as the politicians realize a few million investors are very pissed..

(When AOC and Ted Cruz are on the same side of an argument..look out.)

What a day tomorrow is going to be. Bring popcorn.
Click to expand...
All of this is just wrong. Exactly what I said above. You think you know but you really don't and that's frustrating
Lefty Frizzell said:
As @Titus and myself spoke about first thing this morning, it was always going to lead to censoring/shut down of platforms.

The sooner more people realise the power of large tech on society and look for alternatives, the better. The last 12hrs has been a complete (but predictable) disgrace.

NOTHING will come of it either. It’s next weeks fish and chip paper in terms of news.
Click to expand...
You're adhering to the t&cs of a company you use to buy or sell stock. It's as simple as that. Robin Hood or any other app or brokerage can do as they please because you (plural) signed up on their terms. Robin Hood is a broker. No more no less.
This tweet and subsequent thread I thought sun's the while sorry charade up well

"I am still unclear how buying near-bankrupt companies or outright frauds at parabolic prices, or multiple SPAC’s from Silicon Valley/Wall Street promoters, is “sticking it to the suits”."
MonkeyLove said:
I have an economics background so yes I know the difference between various financial institutions...

More importantly so you don’t avoid a question again.., you presumably don’t think Robinhood apps behaviour today is a little odd?

One, why did they unilaterally make a decision to stop purchase of shares when their are checks and balances in the market that would regulate excessive volatility?

Two, why all of a sudden have they taken the ethical approach of protecting first time investors from risky trades when for years people could go on their app as first time traders and lose their shirt?

And three, the best of the f***ing lot, they specialise in cryptocurrency so any logic or rationale they want to argue they ceased trading to protect users from risk or volatile markets is absolutely laughable :lol:

You get taken to the cleaners on this board across all sorts of topics and your go to defence is to claim other people don’t know what they are talking about. Utter shambles.
Click to expand...
Here you go:

You must be logged on to see external links

That's why
 
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monkeytassle said:
I get annoyed because I work in an industry with a poor reputation and that reputation exists partly because people who don't understand but think they do, pile into it.

To answer your questions

1) it's likely they are allowing clients to trade in margin. Which means that if the client suffers heavy losses and can't honour their obligations the broker will be wearing the loss.

2) see 1

3) bitcoin accounts are fully funded. In fact they often have to be overfunded

It's a banks business model to make money. That's their purpose. Like kwik fit or bupa. Service in exchange for goods. Just so happens at a bank the service is goods.

All of this is just wrong. Exactly what I said above. You think you know but you really don't and that's frustrating

You're adhering to the t&cs of a company you use to buy or sell stock. It's as simple as that. Robin Hood or any other app or brokerage can do as they please because you (plural) signed up on their terms. Robin Hood is a broker. No more no less.
This tweet and subsequent thread I thought sun's the while sorry charade up well

"I am still unclear how buying near-bankrupt companies or outright frauds at parabolic prices, or multiple SPAC’s from Silicon Valley/Wall Street promoters, is “sticking it to the suits”."

Here you go:

You must be logged on to see external links

That's why
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I agree with your first paragraph.

But a bank’s business model is to make money by trading risk. And people get rightly annoyed when they see that risk being apparently unfairly minimised by what they see as unscrupulous practises. The banks, or funds in this case seemingly unwilling to accept the risks they have hedged for.

In the risk reward balance there seems to be a lot of reward for what seems to be limited risk. That’s not how it’s supposed to be.
 
HellsBells said:
I agree with your first paragraph.

But a bank’s business model is to make money by trading risk. And people get rightly annoyed when they see that risk being apparently unfairly minimised by what they see as unscrupulous practises. The banks, or funds in this case seemingly unwilling to accept the risks they have hedged for.

In the risk reward balance there seems to be a lot of reward for what seems to be limited risk. That’s not how it’s supposed to be.
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A hedge fund has lost billions taking on a short position. I'm not sure how this is being taken as unfair. It's just the market.
 
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