GameStop is legit going to see a big bump in business from this.
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god damnit aoc i was gonna stream tonight
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Downloaded RH last night, made a deposit, and put in an order for two of the meme stocks. Wake up today to find my orders had been canceled. What the hell?
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I woke up not long ago and am grunching, sorry if this has been posted. My finance friend sent me a screenshot of a CNN Business story from Jan 27 whose headline was since apparently changed (because I can’t find it now):
White Supremacist Internet Gamers buy Gamestop Stocks to purposefully bankrupt Jewish Hedge Funds on International Holocaust Remembrance Day
Amazing. The current version of the article makes no comment of that previous headline. The previous main author is now listed as a contributor.
in today’s episode of the simulation we took off RH mask and discovered it was Steven Cohen all along.
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it doesn’t make sense though. if a margin account is a justified reason to sell, why wouldn’t they force sell on all margin accounts before going to cash accounts?
The free market had to be given a timeout until the hedge funds figure out what the hell is going on.
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Michael Lewis is already busy outlining his next book.
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It’s almost like they’re amateur tech bros in over their heads. Hard to believe!
sure but if it’s true it also shows they didn’t think about the margin account angle and were like just ‘f u sell sell citadel are mad at us’
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Or angrily scrapping Chapter 1 of his new book “Reddit Idiots” because now everyone wants to read "Um Actually the Story Here is The Corrupt Relationships Between Brokers and Insider Hedge Funds ".
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Exactly. Seems more like mashing buttons, but who knows?
Same boat.
I know I’ve said that WSB and QAnon both come from the same 4chan source. GME is WSB’s Trump 2016 and maybe we should be thinking about what the exploits are for when they go all-in on the equivalent of Trump 2020.
Watch first 9 minutes of this video for a good explanation of WTF went down today on the prevention of buying for stonks. This is probably one of the most bullish things for cryptocurrency that i’ve heard of in a while. Basically the combination of a third party (clearinghouse) plus market volatility and settlement time caused everything to break down
Summary from reddit:
For a lot of good reasons, brokers are limited to a large but finite amount of trading. While trading and transfers occur electronically, trades are settled (at the back office) only after 2 days. And the broker needs to have a small percentage of each trade ‘on hand’. This is to ensure that when you sell 10 shares of a stock for $10, you will get $100 in your account. And this isn’t net. If a single account from wsb is selling 10 times and buying 10 times in a day, Robinhood is on the hook for all those trades for 2 days. Robinhood was apparently struggling to keep up with the huge number of trades and then the amount they needed to keep on hand for each trade was increased tenfold (due to the risk). At that point, they would have had to risk their whole brokerage to keep trading.
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don’t use robinhood
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I’m no fan of this chamath guy, but holy shit if he drags a bunch of 20something bros over to aoc’s channel and she wins even just a handful of them over with her message that is a huge good for this country
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