OT: wallstreetbets vs wall street

chicagoballer · Post #1 » by **chicagoballer** » Thu Jan 28, 2021 7:18 pm

I think the corruption in wall street and our government regulators was brought out into daylight today/this week. What a crazy story! I think its good to discuss this as a lot of media outlets are not sharing unbiased information.

Watch on YouTube

getjeffrey · Post #2 » by **getjeffrey** » Thu Jan 28, 2021 7:33 pm

Wrong place.

chicagoballer · Post #3 » by **chicagoballer** » Thu Jan 28, 2021 8:05 pm

getjeffrey wrote:Wrong place.

There are things in the world bigger than the bulls. This is an eye opening moment in time. I did not buy the stock and was a spectator on the side line, but I cant stop reading about it.

If you dont want to participate in one of the biggest stories of the year, you can just avoid the thread? It says OT on the title. I hope you take a moment to truly understand what happened today, its a battle of the rich vs the average joe. The rich are flexing their muscles and showing us how the world works

Red8911 · Post #4 » by **Red8911** » Thu Jan 28, 2021 8:32 pm

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?

chicagoballer · Post #5 » by **chicagoballer** » Thu Jan 28, 2021 8:41 pm

Red8911 wrote: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.

ImSlower · Post #6 » by **ImSlower** » Thu Jan 28, 2021 8:51 pm

It's a fascinating story, isn't it! I am not an investor myself, but I sure would be if I weren't dead broke. I have an IRL buddy who threw a grand into the fray early on with Gamestop and made 6k in like three days. He probably could have ridden it past 10k if he'd been greedier/more faithful in the continued rise. Now he and his family are literally going to Disneyland off it. Pretty awesome week for that guy. I know his also-nerdy wife well also and in normal circumstances, I would have loved to see her reaction to "Honey I put a thousand bucks into Gamespot. Trust me."

MrSparkle · Post #7 » by **MrSparkle** » Thu Jan 28, 2021 8:55 pm

Ha - indeed quite a week. Went from big gains to a net neutral with possibility of losses if the international markets also lock out buyers. Gonna hold this nonsense out though. It is casino at this point, but whatever, I don't risk much on gambles.

I totally get the halts and brakes. Straight-up banning buys and timing shorts and pumps and dumps though? This was as blatant as it gets.

moorhosj · Post #8 » by **moorhosj** » Thu Jan 28, 2021 9:17 pm

chicagoballer wrote:I think the corruption in wall street and our government regulators was brought out into daylight today/this week. What a crazy story! I think its good to discuss this as a lot of media outlets are not sharing unbiased information.

Let's be honest here, Saagar has a bias and he admits it within the first minute of this video. That doesn't make his broader point wrong, but his claim that there isn't a fundamental basis for shorting stocks is pretty ignorant of actual financial activities. Hedging is a part of any legitimate portfolio. I keep money in cash, as a hedge. Gold has long been held, as a hedge. Bitcoin is held by many, as a hedge.

Pax for Prez · Post #9 » by **Pax for Prez** » Thu Jan 28, 2021 9:24 pm

CNN just had Jordan Bellfort on talking about it

Watch on YouTube

dougthonus · Post #10 » by **dougthonus** » Thu Jan 28, 2021 9:28 pm

The situation with gamestop is pretty interesting and unique.

They probably need to regulate how much short interest can be open on a stock, certainly it shouldn't legally be able to go over 100% and probably not over 50%. The fact that gamestop had over 100% short interest meaning more people shorted the stock than shares exist (and theoretically means people couldn't legally borrow enough shares to actually make this work in custody).

I do think its wrong that people have not allowed trading on it. Huge firms have used their leverage to manipulate the markets forever, and quite legally, just look how options expiration works every period.

meekrab · Post #11 » by **meekrab** » Thu Jan 28, 2021 9:45 pm

dougthonus wrote:They probably need to regulate how much short interest can be open on a stock, certainly it shouldn't legally be able to go over 100% and probably not over 50%. The fact that gamestop had over 100% short interest meaning more people shorted the stock than shares exist (and theoretically means people couldn't legally borrow enough shares to actually make this work in custody).

Naked short selling is already illegal, but putting together the paper trail to prove it happened is basically impossible. A better solution might be to require affirmative confirmation of ownership from the share lender for each trade.

dougthonus · Post #12 » by **dougthonus** » Thu Jan 28, 2021 10:07 pm

meekrab wrote:Naked short selling is already illegal, but putting together the paper trail to prove it happened is basically impossible. A better solution might be to require affirmative confirmation of ownership from the share lender for each trade.

Worth noting the people shorting don't actually find the lender unless they're self clearing.

CBS7 · Post #13 » by **CBS7** » Thu Jan 28, 2021 11:23 pm

Even if you aren't invested into GME this may affect you. This is a huge economy altering event and will definitely lead to changes in how the stock market works in the future.

I'm in for a non life changing amount, but this still has been extremely interesting to follow. I've gotten almost no work done the past few days following it.

chicagoballer · Post #14 » by **chicagoballer** » Thu Jan 28, 2021 11:35 pm

CBS7 wrote:Even if you aren't invested into GME this may affect you. This is a huge economy altering event and will definitely lead to changes in how the stock market works in the future.

I'm in for a non life changing amount, but this still has been extremely interesting to follow. I've gotten almost no work done the past few days following it.

Im in the same boat. Hard to do any work following it, and it will have trickle down effects on regulations in the upcoming months, which may affect many. Hopefully, in a positive way. I love the internet and the transparency it can provide when shady dealings are happening.

nanokooshball · Post #15 » by **nanokooshball** » Fri Jan 29, 2021 1:45 am

getjeffrey wrote:Wrong place.

I know it's a basketball forum. But, honestly I love the non-basketball threads here than other places, esp reddit. I think people here have a much more thoughtful analysis, and we get a much higher caliber discussion in this forum about these topics.

Pax for Prez · Post #16 » by **Pax for Prez** » Fri Jan 29, 2021 2:29 am

FYI - Cuomo on CNN is going to have wallstreetbets founder and a member of wall street on to discuss this in a few minutes.

Susan · Post #17 » by **Susan** » Fri Jan 29, 2021 2:49 am

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. :lol:

chicagoballer · Post #18 » by **chicagoballer** » Fri Jan 29, 2021 3:02 am

Susan wrote: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

Red8911 · Post #19 » by **Red8911** » Fri Jan 29, 2021 3:07 am

chicagoballer wrote:
Red8911 wrote: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.

dumbell78 · Post #20 » by **dumbell78** » Fri Jan 29, 2021 3:11 am

Susan wrote: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.

DiCaprio should be playing this guy on the big screen in a few years.

Its a fascinating story on the whole. Hedge fund cats crying foul is he funniest $hit I have seen in ages.