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29th January 2021, 18:24 | #41 |
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Gold
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Stay shook. No sook. |
29th January 2021, 20:22 | #42 |
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Given that robinhood doesn't transact the trades against an exchange and just passes them (maybe) to another market maker that places the trades on an exchange (maybe) there is a great room to fuck people out of their money.
"Sell" people GME stock at $450 and don't actually transact against a real exchange. Place a halt on buys, crash the price to $150 and pocket the $300. Job done. |
29th January 2021, 22:14 | #43 |
A mariachi ogre snorkel
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As a startup with an IPO coming up you'd think Robinhood would be more, I dunno, careful about doing things that might expose them reputational damage.
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30th January 2021, 09:48 | #44 | |
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But in GME's case, they were 140% shorted, meaning the hedge funds shorted more shares than what existed. They were caught with their pants down and the world (i.e. /r/WSB) noticed. Now they're scrambling to get the capital required to close their positions before the price to buy the stocks back raises any higher - or option B, shady tactics. I guess the hedge funds think the risk of jail time and class action law suits are less damaging than the potential market impact. They would rather commit securities fraud on a global scale and deal with the fallout of that than lose the bad bet they made. It’s the cheaper option. I.B. Chairman Admits to Market Manipulation on Live T.V.
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ɹǝʌo sᴉ ǝɯɐƃ ʎɥʇ Last edited by Cyberbob : 30th January 2021 at 09:49. |
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30th January 2021, 10:17 | #45 |
Architeuthis
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Looks like a lot of WSB folks have moved off Robinhood and onto other platforms. Price war is still raging and many funds must be bleeding out due to the massive interest they have to pay on holding those shorts. Fascinating stuff.
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30th January 2021, 17:02 | #46 |
A mariachi ogre snorkel
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I don't think Robinhood comes back from this. That brand is in the dumpster with WeWork now.
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30th January 2021, 21:28 | #47 |
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Sounds like Elon was wanting to flex some muscle too today.
Tweeing bitcoin and having the price shoot up to screw over short sellers |
31st January 2021, 12:44 | #48 | |
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- Side with FED & Wall Street: Lose the plebs - Side with the plebs: Lose the money The decision may be too hard to make and he’ll just freeze in the headlights
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but what would I know? |
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31st January 2021, 13:18 | #49 |
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I think "let nature take its course" might be a valid option. Although that might be siding with the people by default.
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Stay shook. No sook. |
2nd February 2021, 11:43 | #50 | |
A mariachi ogre snorkel
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Quote:
For the WSB raid - and that's what it was, it was a MMORPG raid - to be successful, the players needed to be able to communicate with each other, they needed for the client software to work, they needed the server to stay up, and they needed to be in the game and all Leeroy Jenkins at the right time. Just when it looked like the crazy fuckers actually had a chance, every one of those things failed. What are the chances.
"the system is the system and it was built for them, not for you" |
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2nd February 2021, 12:04 | #51 |
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The house won the battle, and was forced to show everyone the sausage factory in the process. Robinhood will lose a shit tonne of users, but the next hot brokerage app will also sell user data.
The GME war isn't over yet. The many short positions are still due to close over Feb / Mar. So there's a bit of juice left. Also it's not just retail, there will be opposition hedge funds who will gladly stick the knife in Melvin Capital. Then there's the fake allies: Chamath got in on the price rise, but exited his position to take profits (and give to charity). Uh, the point was to buy and hold so the hedge funds cannot buy the stock back at all. Jimmy Kimmel blames Russia... yawn. https://twitter.com/TimJDillon/statu...32145924698112
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but what would I know? |
2nd February 2021, 12:06 | #52 |
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So, is anyone going to be held accountable for the transparent market manipulation? Not likely.
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ɹǝʌo sᴉ ǝɯɐƃ ʎɥʇ |
2nd February 2021, 12:35 | #53 | |
A mariachi ogre snorkel
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Kimmel? Russia? wtf? |
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2nd February 2021, 12:47 | #54 |
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One other aspect that helps hedge funds is the ETFs that try to balance GME @ 1% of holdings blew that out to 20% of holdings in the surge. So lots of index funds were rebalancing and selling shares into the market (at a time when only hedge funds can buy).
In the coming days and weeks, we will see if this repertoire of fraud was enough to cover their naked short positions.
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but what would I know? |
2nd February 2021, 13:18 | #55 |
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Elon VS Vlad on Clubhouse
opening salvo: "Vlad the stock impaler!" from here: https://twitter.com/NickSzabo4/statu...74364707450880 video link: https://www.youtube.com/watch?v=2M7X2dsW_Xw
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but what would I know? |
2nd February 2021, 14:01 | #56 | |
A mariachi ogre snorkel
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And yet
Robinhood raises another $2.4 billion as broker app deals with retail trading frenzy Quote:
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2nd February 2021, 15:08 | #57 |
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So what's the barrier to creating alternative platforms?
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Stay shook. No sook. |
2nd February 2021, 15:20 | #58 |
A mariachi ogre snorkel
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The usual for any app. Investors, a business plan, leaders with a vision. It's not like Robinhood is unique, and I think this week's cockup is an opportunity for someone to step up into that space.
I'm not really a stock market guy - I'm interested but not involved, if you get me - and it sounds like the app Public is doing good things. Like, democratising investment but without the gamified gambling addiction vibe of Robinhood. I'm also seeing stock market functions show up in crypto apps lately. All of a sudden I see I can buy not just crypto but stocks within Blockfolio, for example. |
2nd February 2021, 19:00 | #59 |
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Scott Galloway is assuming the "concerned Dad" role
https://twitter.com/APompliano/statu...00569091174400 Stop staring at the price of bitcoin on your phone. Cmon son, go outside and get some exercise. Go meet a nice girl! And for godsake get a job!
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but what would I know? |
2nd February 2021, 19:05 | #60 |
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Will ANY news institution admit that these people literally have nothing to lose, no future to look forward to, and this is an expression of that? Rationalise it that way and the nihilism makes perfect sense.
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but what would I know? |
3rd February 2021, 09:55 | #61 | ||
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Quote:
From Mark Cuban's AMA today: Quote:
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ɹǝʌo sᴉ ǝɯɐƃ ʎɥʇ |
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3rd February 2021, 11:05 | #62 | |
A mariachi ogre snorkel
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3rd February 2021, 11:06 | #63 |
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I don't think they even realise. It's too abstract from their own experiences.
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Stay shook. No sook. |
3rd February 2021, 11:57 | #64 |
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You're right. I'm still shocked these talking heads can so easily lie and manipulate.
This podcast is very good. Speaking of Bitcoin podcast - Gamestop, Wall Street and the Avocado Toast Revolution (SOB#452) https://youtu.be/s5-FCS1-2RI The ending remarks are spot on: 2008 was "too big to fail", and 2020/21 is "too small to succeed"
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but what would I know? |
3rd February 2021, 12:29 | #65 |
A mariachi ogre snorkel
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I like Scott Galloway, he's a smart dude and he seems to be really grounded for a rich white American. But yeah he is totally hamstrung by the lens through which he's looking at this.
Here's the latest episode of his podcast, in which he and NYU finance professor Aswath Damodaran talk about the GME squeeze: https://podcasts.apple.com/us/podcas...=1000506946680 It's a great discussion, you guys should all give it a listen even if just the first 10 mins or so. These guys are brilliant and articulate and and insightful and they just have no idea how much they don't understand what's happened. They have this huge blindspot that comes from being stock market guys. They talk about how the WSB investors need to have an exit strategy and how risky their current investments are and how Gamestop's future earnings look bleak because of changing retail patterns and OH MY FUCKING GOD SHUT UP SHUT UP SHUT UP. The fact that they describe the WSB tards as investors in need of an exit strategy just shows how much they don't get it. The can't seem to get their heads around the fact that to a lot of the core WSB tards money is a meaningless concept because they know they'll never have enough of it. The can't even conceive of the fact that a lot of the tards would happily set 100% of their own money on fire if it bankrupted a hedge fund. It's weird because Galloway in other pods and interviews reveals that he's aware of the resentment that young people have towards the system that has shut them out of prosperity and financial security, but his commentary on the WSB squeeze seems really blinkered. |
3rd February 2021, 22:01 | #66 |
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The platform just has to adjust margin based on the volatility of the stock people are trading, right down to 1:1 if need be. RH should have stopped leveraged buys early in the piece.
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4th February 2021, 12:47 | #67 | |
A mariachi ogre snorkel
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Hard-hitting analysis from the Washington Post:
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4th February 2021, 13:33 | #68 |
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Wait till they get into actual Wall Street.
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but what would I know? |
9th February 2021, 11:41 | #69 |
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Stay shook. No sook. |
19th February 2021, 11:02 | #70 |
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Congress is now making sure Roaring Kitty is the problem that needs fixing... no questions about naked shorts, broker liquidity, or trade halts.
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but what would I know? |
19th February 2021, 15:01 | #71 |
Architeuthis
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The case against RK based on securities fraud seems weak to me. From what I saw he was mostly just posting about his own investment strategies and positions.
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25th February 2021, 12:00 | #72 |
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Round 2 FIGHT!
I'll bet Robinhood isn't the leading broker this time.
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but what would I know? |
25th February 2021, 12:02 | #73 |
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Will it have any impact on hedge funds this time around?
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Stay shook. No sook. |
25th February 2021, 12:10 | #74 |
A mariachi ogre snorkel
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9th March 2021, 15:45 | #75 |
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The man, the legend. Story continues, but gets no oxygen on mainstream media.
https://www.reddit.com/r/wallstreetb...te_mar_8_2021/
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but what would I know? |
1st July 2021, 13:39 | #76 |
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https://twitter.com/finra/status/141...198199305?s=21
https://www.finra.org/media-center/n...hood-financial $70,000,000 is the pricetag, uh “fine” And here i was thinking they were going to get away with it…
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but what would I know? |
1st July 2021, 13:58 | #77 |
A mariachi ogre snorkel
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What's Robinhood's current valuation... 30 billion?
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1st July 2021, 15:19 | #78 | |
Architeuthis
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1st July 2021, 15:21 | #79 |
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Plus that's 30B of mostly other people's money (as shares) they currently have under their management, not just outright theirs. (though the rules there are VERY vague)
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Ξ √ Ω L U T ↑ ☼ N وكل يوم كنت تعيش في العبودية |
1st July 2021, 17:05 | #80 |
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The fine has got nothing to do with the GME and others short squeeze.
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