PILOT SPIN
Spin Zone => Spin Zone => Topic started by: Jaybird180 on January 28, 2021, 07:43:00 AM
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Anyone following that story?
https://www.cnet.com/news/reddits-gamestop-stock-surge-is-a-terrifying-new-occupy-wall-street/
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https://finance.yahoo.com/news/gamestop-resumes-rally-reddit-forum-110219720.html
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Cool huh, a bunch of day traders figured out how to hurt the hedge funds.
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I sold mine last year because it was a non-performer. I had 200 shares, it would have only been $60,000. Sigh.
I think my son might have some, but he hasn't responded to my question. Hope he doesn't miss the boat, I expect it to crash today.
The part I don't get of this story is that short contracts are public. How could a professional manager not catch shorting 140% of the outstanding shares?
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Anyone following that story?
https://www.cnet.com/news/reddits-gamestop-stock-surge-is-a-terrifying-new-occupy-wall-street/
I had heard about it from Styxhexenhammer666, I’ll link the video.
I find this interesting:
There's a common through line with not just the DC riot but also the hacktivist collective Anonymous, Bernie Bros and even baseless conspiracy theory QAnon. It's the idea of fighting against a corrupt system that you feel is screwing you over. It's harnessing the anger and frustration that comes with that mindset. That same sentiment, fueled by the insular culture of message board interactions and its own lingo, has helped spark the rise in extremism in this country.
That’s what I’m saying! The lefties and the righties need to get together. It’s the corrupt system that’s screwing both of us. But this article claiming message boards are causing the rise of extremism is way off base. First of all, “extremism” is being redefined. It now includes people with perfectly reasonable grievances. Secondly, “extremism” is born out of oppression. The rise of expressed grievances comes from historical abuse. On the left, they feel abused by capitalism for centuries. On the right, they feel abused by government for at least one and a half centuries, but many on the right are seeing now the evil of corrupt capitalism with the malignant growth and power of mega corporations, and I hope that a lot on the left are beginning to see the evil of an overbearing government (mass surveillance for example).
My opinion, small business free market capitalism with focused opportunities for oppressed minorities (inner city blacks and Appalachian whites for example have similar lack of business opportunities, and being trapped in a jobless environment) and the traditional conservative overlooks this, while the conventional leftist wrongly thinks government redistribution of wealth is the only answer. Both are wrong, but both have the current government/mega-corporate alliance as a common Overlord and the two sides getting together has got to be what they fear the most. But both sides would need to start with understanding each other, then finding compromises. And I fear even mentioning this online will get me put on some kind of watch list.
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I sold mine last year because it was a non-performer. I had 200 shares, it would have only been $60,000. Sigh.
I think my son might have some, but he hasn't responded to my question. Hope he doesn't miss the boat, I expect it to crash today.
The part I don't get of this story is that short contracts are public. How could a professional manager not catch shorting 140% of the outstanding shares?
I feel you. Many years ago I thought I should buy one or two of these newfangled bitcoins. Decided not to waste my $10, which would be about $400,000 today. :(
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I feel you. Many years ago I thought I should buy one or two of these newfangled bitcoins. Decided not to waste my $10, which would be about $400,000 today. :(
but if everyone had done that, what would it have been?
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but if everyone had done that, what would it have been?
Yes, this is why the few people who did do that deserve their wealth. They had the foresight and they had the guts to take a risk. Sadly, I had neither. Most people don’t.
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but if everyone had done that, what would it have been?
Economics 201:
Supply vs Demand determines price.
Class adjourned.
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Oops and there it goes
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Looks like a crowdsourced pump and dump scheme. And the idiots get screwed.
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https://www.cnet.com/personal-finance/robinhood-app-td-ameritrade-restrict-trading-of-gamestop-amc-stock/
Robinhood, TD Ameritrade restrict trading of GameStop, AMC stock
This is what is upsetting the masses now.
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Looks like a crowdsourced pump and dump scheme. And the idiots get screwed.
My thought also - classic pump and dump. Winners are the ones who bought before the pump or at its start, then sold to bigger fools. Losers are those who bought in later looking to sell to bigger fools, only to find none left. They are left holding the proverbial bag.
The free market always extracts a tuition for the lessons it provides.
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Blatant hypocrisy.
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The poor Hedge Fund guys are crying. Poor fucking rich folks are upset because someone found a way to beat them at their own game.
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The poor Hedge Fund guys are crying. Poor fucking rich folks are upset because someone found a way to beat them at their own game.
Market manipulation is A-ok as long as it's the 1% that keeps it quiet.
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BTW, good to hear from you Jay.
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My thought also - classic pump and dump. Winners are the ones who bought before the pump or at its start, then sold to bigger fools. Losers are those who bought in later looking to sell to bigger fools, only to find none left. They are left holding the proverbial bag.
The free market always extracts a tuition for the lessons it provides.
Is it really a pump and dump if they did it to themselves?
If I observe something happening in the market and post on a public forum saying "Hey, I see this, here's what I think is going to happen" and lots of people agree with me...isn't that just the public acting on public information and taking advantage of someone's mistake?
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Is it really a pump and dump if they did it to themselves?
If I observe something happening in the market and post on a public forum saying "Hey, I see this, here's what I think is going to happen" and lots of people agree with me...isn't that just the public acting on public information and taking advantage of someone's mistake?
You are correct - it need not be a pump and dump scam. But the lesson is still there: you aren't investing, you're gambling and the odds of winning are not good the later you get in and then try to get out.
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Blatant hypocrisy.
I see robinhood.com is already getting sued:
https://www.thedailybeast.com/robinhood-hit-with-class-action-after-trying-to-shut-down-wallstreetbets-gamestop-uprising?ref=home (https://www.thedailybeast.com/robinhood-hit-with-class-action-after-trying-to-shut-down-wallstreetbets-gamestop-uprising?ref=home)
Edit to add this from the end of that article:
Also on Thursday, Rep. Alexandria Ocasio-Cortez (D-NY), a member of the House Financial Services Committee, said she would “support a hearing if necessary” into Robinhood’s actions.
“We now need to know more about @RobinhoodApp’s decision to block retail investors from purchasing stock while hedge funds are freely able to trade the stock as they see fit,” she wrote on Twitter.
Sen. Ted Cruz (R-TX) responded, “Fully agree.”
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The poor Hedge Fund guys are crying. Poor fucking rich folks are upset because someone found a way to beat them at their own game.
I effing love it.
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Who thought they would ever see the Day when AOC and Trump Jr agree
https://www.washingtonexaminer.com/news/aoc-trump-jr-agreement-gamestop
AOC and Don Trump Jr. share rare moment of agreement in response to 'big tech' halting GameStop trading
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The Apocalypse is upon us...
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If I cared, I would short Robinhood (parent company???) stock ;D ;D ;D
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If I cared, I would short Robinhood (parent company???) stock ;D ;D ;D
Looks to be privately held and has some history of controversy:
https://en.wikipedia.org/wiki/Robinhood_(company) (https://en.wikipedia.org/wiki/Robinhood_(company))
This part amazes me:
“In July 2019, Robinhood admitted to storing customer passwords in cleartext and in readable form across their internal systems, according to emails it sent to the affected customers. Robinhood declined to say how many customers were affected by the error and claims that it did not find any evidence of abuse.[60] However in 2020 the firm acknowledged that almost 2,000 Robinhood Markets accounts were compromised in the hacking spree, and that it siphoned off customer funds, a sign that the attacks were more widespread than was previously known and not forthcoming originally by Robinhood.[61]”
Passwords stored in clear text!!? Talk about amateur hour!
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I’d like to see what kind of person invests through a firm called “Robin Hood.”
They probably also send their sons to the John Wayne Gacy Clown School for Boys.
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They’re in trouble and denying it
https://www.nbcnews.com/business/business-news/robinhood-raises-1-billion-taps-credit-lines-make-trading-gamestop-n1256141?utm_source=facebook&utm_medium=news_tab&utm_content=algorithm
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And the hits just keep on coming
https://www.forbes.com/sites/siladityaray/2021/01/29/stock-frenzy-fallout-google-cracks-down-on-robinhood-review-bombing-facebook-bans-popular-trading-group/
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Oh, Hedge Funds will never lie (https://www.reddit.com/r/wallstreetbets/comments/l7p9d5/the_hedge_funds_will_lie_on_their_short_positions/?%24deep_link=true&correlation_id=1f6e9167-dca6-4748-8100-a0488fae3fc1&ref=email_digest&ref_campaign=email_digest&ref_source=email&%243p=e_as&%24original_url=https%3A%2F%2Fwww.reddit.com%2Fr%2Fwallstreetbets%2Fcomments%2Fl7p9d5%2Fthe_hedge_funds_will_lie_on_their_short_positions%2F%3F%24deep_link%3Dtrue%26correlation_id%3D1f6e9167-dca6-4748-8100-a0488fae3fc1%26ref%3Demail_digest%26ref_campaign%3Demail_digest%26ref_source%3Demail&_branch_match_id=883764304509137195)....LoL
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I'm wondering...
If the market is 3,000,001 people, can the 3,000,000 be market manipulators if they ARE the market?
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I'm wondering...
If the market is 3,000,001 people, can the 3,000,000 be market manipulators if they ARE the market?
I suppose all but that one could all be market manipulators if they fit the definition (none of these elements seem applicable, IMHO):
“Market manipulation is when someone artificially affects the supply or demand for a security (for example, causing stock prices to rise or to fall dramatically).
Market manipulation may involve techniques including:
- Spreading false or misleading information about a company;
- Engaging in a series of transactions to make a security appear more actively traded; and
- Rigging quotes, prices, or trades to make it look like there is more or less demand for a security than is the case.
”
From: https://www.investor.gov/introduction-investing/investing-basics/glossary/market-manipulation (https://www.investor.gov/introduction-investing/investing-basics/glossary/market-manipulation)
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I guess they're OK then since their activity involved
Highlighting the 140% short positions. The information is public domain and was true.
NOT trading stock...in other words, taking no activity to trade.
they most certainly did not rig quotes.
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The whole Gamestonk this is absolutely hilarious.
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The whole Gamestonk this is absolutely hilarious.
Hi Chad,
Welcome.
Why don't you tell us a little bit about yourself?
Are you a pilot? What do you fly? Doesn't matter though. You don't have to be a pilot to contribute here.