OT: wallstreetbets vs wall street

[chicagoballer]

Let me know where you decide to go. Robinhood and others lost a lot of people by doing that.

I already have accounts with Fidelity and Vanguard. From what I gathered, Fidelity was the least to limit trading today. TD ameritrade was actively blocking trades. I will likely go with Fidelity. Robinhood charges $75 to transfer the account, but if you have substantial enough accounts (maybe > 10k?), the new brokerage will likely cover the fee.

[HomoSapien]

So, I bought 50 AMC shares during the pandemic for around $3 and change. My thinking was when things eventually go back to normal, people are going to be really excited to see movies in theaters again and I'll probably easily double or triple my money. Woke up yesterday to the stock surging and sold it for a $700 profit before understanding what on earth was happening. It was pretty awesome.

Then did research on everything, and read up on the Reddit surge. Seemed like Nokia was going to be the next stock they were going to pump up, so I bought 60 shares. Will be interesting to see how all this plays out. I'm also going to eventually leave Robinhood over this, but will wait a bit since I have some stocks in there that I'm monitoring closely. Apparently, they freeze your stocks for 2 weeks when you try to transfer.

[dice]

https://www.tweaktown.com/news/77560/this-redditor-turned-755k-into-48-million-thanks-to-gamestop-stock/index.html

So around 2005 or so, I was a big poster on a HS Running message board called Dyestat. My best "friend" on that site was a guy from MA called "wizard".

wizard and I drifted after he deleted his fb sometime around 2010 and AIM became obsolete but earlier today I saw his brother post an article. wizard is deepf*ckingvalue on reddit.

https://www.tweaktown.com/news/77560/this-redditor-turned-755k-into-48-million-thanks-to-gamestop-stock/index.html

But what is absolutely mind blowing about this all is that normal people are getting stinking rich from this entire thing, with Reddit poster u/**** putting in $754,991 and making -- at least according to the last post -- a no-one-in-your-lineage-has-to-work-again $48 million.

From getting banned for saying "penis" on a running message board to transforming how Wall Street works.

that guy is a legend now. A movie should be made about this, and he maybe the star

if there's reason to believe that actual deep thought went into the making of the millions. nobody's gonna make a movie about the guy who made a bundle and then lost it and more, thinking that the stock would go to $1000 or whatever

i day traded for 10 years and had no idea about this until it hit the mainstream press yesterday. was thinking today that i should've maybe shorted it as soon as i heard the news ('cause by the time everybody knows about it, the party's over, generally speaking), but just saw that it went to nearly $500 today before crashing back to earth. that would've been a whole lot of heat to take. but the health of the company is the ultimate arbiter of price in the long-term. if the company is genuinely in trouble it's only a matter of time before the price goes close to $0 again

[Susan]

https://www.tweaktown.com/news/77560/this-redditor-turned-755k-into-48-million-thanks-to-gamestop-stock/index.html

So around 2005 or so, I was a big poster on a HS Running message board called Dyestat. My best "friend" on that site was a guy from MA called "wizard".

wizard and I drifted after he deleted his fb sometime around 2010 and AIM became obsolete but earlier today I saw his brother post an article. wizard is deepf*ckingvalue on reddit.

https://www.tweaktown.com/news/77560/this-redditor-turned-755k-into-48-million-thanks-to-gamestop-stock/index.html



From getting banned for saying "penis" on a running message board to transforming how Wall Street works.

that guy is a legend now. A movie should be made about this, and he maybe the star

if there's reason to believe that actual deep thought went into the making of the millions. nobody's gonna make a movie about the guy who made a bundle and then lost it and more, thinking that the stock would go to $1000 or whatever

i day traded for 10 years and had no idea about this until it hit the mainstream press yesterday. was thinking today that i should've maybe shorted it as soon as i heard the news ('cause by the time everybody knows about it, the party's over, generally speaking), but just saw that it went to nearly $500 today before crashing back to earth. that would've been a whole lot of heat to take. but the health of the company is the ultimate arbiter of price in the long-term. if the company is genuinely in trouble it's only a matter of time before the price goes close to $0 again

He's been on GME for months and has a youtube channel documenting why.

Watch on YouTube

[Susan]

He's a super impressive guy. Was a d2 all-american in the 1500m in college, one of the top players in the world of a card game called "wizard" in HS and just a funny ass guy.

[chicagoballer]

if there's reason to believe that actual deep thought went into the making of the millions. nobody's gonna make a movie about the guy who made a bundle and then lost it and more, thinking that the stock would go to $1000 or whatever

i day traded for 10 years and had no idea about this until it hit the mainstream press yesterday. was thinking today that i should've maybe shorted it as soon as i heard the news ('cause by the time everybody knows about it, the party's over, generally speaking), but just saw that it went to nearly $500 today before crashing back to earth. that would've been a whole lot of heat to take. but the health of the company is the ultimate arbiter of price in the long-term. if the company is genuinely in trouble it's only a matter of time before the price goes close to $0 again

The result is yet to be seen. It may take months or years for the results of this to be seen. Maybe regulations, fines, people going to jail.

Deep thought did go into it. It was working and people were/are making a lot of money. Many will lose money too. They saw the stock was shorted to impossible levels and this buying surge would lead to profit, got a large group of people to understand why it would work, and made it happen. He was the original poster on reddit I think? or atleast one of the originals?

I dont day trade. I follow Buffet's school of investing, and have only been doing it a couple years. All (atleast majority) of the retail investors know that GME will come crashing once the squeeze is complete. I dont think anyone is looking long term.

The issue here how the hedge funds and brokerages have responded. David was taking down a goliath. A movie can definitely be made about this. Maybe without the aforementioned reddit user, but seems like he was a big part of it.

[Shill]

I dont day trade. I follow Buffet's school of investing, and have only been doing it a couple years.

Same.


One of the most interesting angles of the story is that Robinhood essentially slit its own throat and possibly opened themselves up to criminal prosecution in order to protect Citadel.

LOL better to go to Club Fed than to go broke, I suppose.

[Michael Jackson]

I can’t believe how Robinhood blocked us today from trading or buying these stocks. The billionaires don’t want us making money. I got to get mine out of there, you guys know anywhere else I can go that doesn’t do this ? Webull?

I moving all my money out of robin hood as well, but not sure where to yet. I need a place where I can transfer money quickly from the bank to the trading platform. Still researching.

Let me know where you decide to go. Robinhood and others lost a lot of people by doing that.

I have a TD Ameritrade account along with Robinhood. I liked Ameritrades think or swim simulator. I had more invested in Robinhood though because I like their format better.... until now. Robinhood has been ready for a topple honestly, and this might do it to them.

[League Circles]

Probably a dumb question, but is it correct that the main draw that built Robinhood was basically fee-free trades? If so, why did people think they were getting something for nothing? How did they think Robinhood was going to make money?

I read yesterday that there was a class action lawsuit filed last month against Robinhood. Sounds like the writing was on the wall. I'm just learning about this though.

[MGB8]

I really hate short squeezes as a concept - gambling/manipulation as opposed to "purist" investing - but that's part and parcel of allowing shorts in the first place - something that wasn't always legal.

At the same time, there's a real life benefit to shorts. You know those $0 per trade (no commission) online brokers? One of the big ways that they make money is because they reserve the right to lend out the account holders shares (without notification) for shorts - getting a fee for that lending - so long as they can guarantee your liquidity in your position (i.e., if you sell while your shares are lent out, they borrow someone else's shares and pay you the proceeds as if they had never borrowed your shares).

Banning shorts likely eliminates the ability to have no commission trading.

That said, as a "systems guy" (despite being a lawyer) - who therefore tends to want to keep things as simple as is reasonably possible - I still think that short selling (and therefore short squeezing) should be banned.

Prices will fluctuate less on "gambling" moves like these, and more based on underlying fundamentals. And the fact that you'd have to go back to paying for trades to be made (though maybe not that much, due to volume and technology - but building out and maintaining that tech has a cost) would probably actually add more stability to the system, too.

(Heck, I'm such a fogie that I'd actually love to expand the rules on REITs, who have to return a certain percentage of profits to shareholders as dividends to keep tax status, should be expanded (at a lesser level) to all publicly traded companies - then you'd really be tying share price to actual value [the dividend, its sustainability and capacity for growth or risk of decline]).

[MGB8]

I moving all my money out of robin hood as well, but not sure where to yet. I need a place where I can transfer money quickly from the bank to the trading platform. Still researching.

Let me know where you decide to go. Robinhood and others lost a lot of people by doing that.

I have a TD Ameritrade account along with Robinhood. I liked Ameritrades think or swim simulator. I had more invested in Robinhood though because I like their format better.... until now. Robinhood has been ready for a topple honestly, and this might do it to them.

I have ameritrade and I didn't know about thinkorswim until you just posted (used websearches, etc., then executed just based on the normal profiles/quotes). Then searched. Umm... I've been missing out.... Downloading those apps today...

Thank you.

[ATRAIN53]

I've resisted loading Robinhood and playing daytrader with my $$$ for the fact that I don't understand the stock market enough.

It's been really tempting but I'm gonna guess after this incident things will change so you can't make $$$ like people did this week.

folks that were in the right place, right time here - nice work! enjoy your $$$$

it does really prove that reddit is the wild wild west of the internets. so many things are hatched there.

[Susan]

https://www.nytimes.com/2021/01/29/technology/roaring-kitty-reddit-gamestop-markets.html

https://www.wsj.com/articles/keith-gill-drove-the-gamestop-reddit-mania-he-talked-to-the-journal-11611931696?mod=e2tw

To put this into perspective, it would be like if doug was the one behind this whole thing. Our forum died in 2011 and before that Keith and I moved on but still, he was a prominent poster and we were stupid close. So happy for him.

[dougthonus]

if there's reason to believe that actual deep thought went into the making of the millions. nobody's gonna make a movie about the guy who made a bundle and then lost it and more, thinking that the stock would go to $1000 or whatever

i day traded for 10 years and had no idea about this until it hit the mainstream press yesterday. was thinking today that i should've maybe shorted it as soon as i heard the news ('cause by the time everybody knows about it, the party's over, generally speaking), but just saw that it went to nearly $500 today before crashing back to earth. that would've been a whole lot of heat to take. but the health of the company is the ultimate arbiter of price in the long-term. if the company is genuinely in trouble it's only a matter of time before the price goes close to $0 again

The stock will go to zero, and there will be a lot of people caught holding the bag and losing tons of money on this. I mean to state the obvious, this is all paramutual, someone makes 42 million at the expense of someone losing 42 million. At the same time, when it crashes is interesting, because the short interest is still over 100% last I checked, which means if people keep applying pressure, there's no reason this can't go well over 1000 or 5000 or any number until the short sellers actually sell out. When the short interest drops down to a reasonable number (even 50%) there will likely be a rush of profit takers and the stock will drop to fair market value over night, and you'll have tons of people who gambled and lost big.

If you think that the battle will last awhile, you can probably just buy and sell the wild day trade swings, but anything you do here is just straight up gambling. The time to make the huge money with little risk is gone. That was at the beginning of this thing by buying a few options. Now you still might make huge money, but only by taking huge risk.

[Michael Jackson]

Let me know where you decide to go. Robinhood and others lost a lot of people by doing that.

I have a TD Ameritrade account along with Robinhood. I liked Ameritrades think or swim simulator. I had more invested in Robinhood though because I like their format better.... until now. Robinhood has been ready for a topple honestly, and this might do it to them.

I have ameritrade and I didn't know about thinkorswim until you just posted (used websearches, etc., then executed just based on the normal profiles/quotes). Then searched. Umm... I've been missing out.... Downloading those apps today...

Thank you.

Yeah I like that app a lot to mess with money I don’t have or might reinvest somewhere. You can test theories as a pretend investor like myself. It looks better than their main amp to me too visually.

[Michael Jackson]

if there's reason to believe that actual deep thought went into the making of the millions. nobody's gonna make a movie about the guy who made a bundle and then lost it and more, thinking that the stock would go to $1000 or whatever

i day traded for 10 years and had no idea about this until it hit the mainstream press yesterday. was thinking today that i should've maybe shorted it as soon as i heard the news ('cause by the time everybody knows about it, the party's over, generally speaking), but just saw that it went to nearly $500 today before crashing back to earth. that would've been a whole lot of heat to take. but the health of the company is the ultimate arbiter of price in the long-term. if the company is genuinely in trouble it's only a matter of time before the price goes close to $0 again

The stock will go to zero, and there will be a lot of people caught holding the bag and losing tons of money on this. I mean to state the obvious, this is all paramutual, someone makes 42 million at the expense of someone losing 42 million. At the same time, when it crashes is interesting, because the short interest is still over 100% last I checked, which means if people keep applying pressure, there's no reason this can't go well over 1000 or 5000 or any number until the short sellers actually sell out. When the short interest drops down to a reasonable number (even 50%) there will likely be a rush of profit takers and the stock will drop to fair market value over night, and you'll have tons of people who gambled and lost big.

If you think that the battle will last awhile, you can probably just buy and sell the wild day trade swings, but anything you do here is just straight up gambling. The time to make the huge money with little risk is gone. That was at the beginning of this thing by buying a few options. Now you still might make huge money, but only by taking huge risk.

Wait a second you mean there isn’t enough profit margins in a retail product sold at the same or virtual same cost margins as their competitors to sustain this increase long term? Sorry green don’t I plied but I had that argument with someone who once worked for GameStop and was telling me yes we always had rises with the release of new systems... and indeed that is true but nothing like this and there is no margin in their operations to sustain a high share price. It wasn’t just sleeping giant no one knew about, this is a smash and grab operation and if at the forefront, you could have profited, ethics ignored. If you are asking the question though if you are that person, it likely isn’t you.

[HomoSapien]

Reddit users are trying to convince people to go in on Doge Coin. Thoughts?

[Shill]

Reddit users are trying to convince people to go in on Doge Coin. Thoughts?

A friend of a friend made six figures off Doge.

Personally, I stay away from crypto.

Too much volatility, and too difficult to gauge the intrinsic value.

[chicagoballer]

Reddit users are trying to convince people to go in on Doge Coin. Thoughts?

in general, if investing gets you excited similar to gambling on sports, probably not a good idea. The higher the excitement, the quicker the payout = quicker the losses, emotional decisions. Rule number one is to minimize risk of losing money for me.

I was late to GME - was $80 or so when I found out and not work the risk for me. I could have NOK, AMC, BBBY. But its not my thing. I dont invest in crypto either, but dogecoin has the same feel of emotional investing. I dont want to left holding an empty bag. I would rather my gains be modest, consistent, low risk.

[dougthonus]

Reddit users are trying to convince people to go in on Doge Coin. Thoughts?

I would wager that a lot of people trying to do these things are getting in early, then trying to convince others to get in, then dumping their shares at a profit. It will be interesting to see if reddit is able to consistently manipulate the markets enough to make this work, but I kind of doubt it.