GameStop short sell explained
CDN_PATRIOT @ Thu Jan 28, 2021 9:23 am
DrCaleb DrCaleb:
It's like 'Occupy Wall Street' has returned, and uses their own rules and actions against them. 
I've read several articles this morning, and listened to a podcast as well. There is also a lot of coverage on BNN Bloomberg this morning. Hedge funds are getting wiped out, some billionaires have been ruined, and it's not anywhere near over.
Several financial and market experts are even warning against any kind of enforcement by financial institutions, as it will only make matters worse and infringe upon the 'free market' aspect of trading. Mark Cuban (one of the VERY few rich guys I respect) has even spoke in support, saying that short sellers have gotten rich off screwing over everyone else, and that it's time they got a taste of their own medicine.
Hell, I would have gotten into this had I known about it sooner. Markets are all over the place today (even my small portfolio), so I will be watching this carefully.
-J.
PluggyRug @ Thu Jan 28, 2021 9:34 am
DrCaleb @ Thu Jan 28, 2021 9:39 am
CDN_PATRIOT CDN_PATRIOT:
DrCaleb DrCaleb:
It's like 'Occupy Wall Street' has returned, and uses their own rules and actions against them.
I've read several articles this morning, and listened to a podcast as well. There is also a lot of coverage on BNN Bloomberg this morning. Hedge funds are getting wiped out, some billionaires have been ruined, and it's not anywhere near over.
Several financial and market experts are even warning against any kind of enforcement by financial institutions, as it will only make matters worse and infringe upon the 'free market' aspect of trading. Mark Cuban (one of the VERY few rich guys I respect) has even spoke in support, saying that short sellers have gotten rich off screwing over everyone else, and that it's time they got a taste of their own medicine.
Hell, I would have gotten into this had I known about it sooner. Markets are all over the place today (even my small portfolio), so I will be watching this carefully.
-J.
Read the Rising video with Saggar that Scape posted.
He says it well.
DrCaleb @ Thu Jan 28, 2021 10:53 am
https://www.reddit.com/r/smallstreetbet ... &context=3
xerxes @ Thu Jan 28, 2021 11:12 am
It's very telling that the Robinhood app has banned buys of a bunch of stock but still allows sales. Wall Street is fucking terrified and their fear is showing.
Though I imagine it'll only be a matter of time before the fat cats find a way to resume the status quo and make sure this never happens again. I'm sure they're increasing their "donations" to their favourite politicians as we speak.
Also interesting, Reddit is down as I type this...
xerxes @ Thu Jan 28, 2021 11:16 am
Furthermore, a class action suit has been filed against Robinhood over their chicanery.
https://www.bloomberg.com/news/articles/2021-01-28/robinhood-customers-sue-over-removal-of-gamestop
I don't think this is going to end well for the people who run that app.
DrCaleb @ Thu Jan 28, 2021 1:18 pm
Losses top $70-billion on short positions in U.S. firms: Ortex data
Tricks @ Thu Jan 28, 2021 1:26 pm
xerxes xerxes:
Furthermore, a class action suit has been filed against Robinhood over their chicanery.
https://www.bloomberg.com/news/articles/2021-01-28/robinhood-customers-sue-over-removal-of-gamestop
I don't think this is going to end well for the people who run that app.
https://www.bloomberg.com/news/articles/2021-01-28/robinhood-customers-sue-over-removal-of-gamestop
I don't think this is going to end well for the people who run that app.
You mean the company that has GME shorted?
Citadel owns Robinhood. Citadel bailed out Melvin Capital, which owned a huge short position on GME. The company that owns Robinhood shut down trading on it to protect their short position.
xerxes @ Thu Jan 28, 2021 1:28 pm
I was thinking Robinhood is going to lose that suit.
But a lot of hedge funds are losing over this and I welcome it.
Scape @ Thu Jan 28, 2021 2:06 pm
PluggyRug @ Thu Jan 28, 2021 2:15 pm
On a Related note.....
Tricks @ Thu Jan 28, 2021 2:33 pm
xerxes xerxes:
I was thinking Robinhood is going to lose that suit.
But a lot of hedge funds are losing over this and I welcome it.
But a lot of hedge funds are losing over this and I welcome it.
They won't just lose the law suit. They could be charged by the SEC.
Scape @ Thu Jan 28, 2021 4:20 pm
DrCaleb @ Thu Jan 28, 2021 4:47 pm
Scape Scape:
I don't know why, but whenever you post a video from that guy, I think he is trying to sell me a slap chop.
Scape @ Thu Jan 28, 2021 5:08 pm
I can see the Vinny resemblance.