WallStreetBets Proves the System Is Rigged | Hacker News Reader

WallStreetBets Proves the System Is Rigged

bombthrower.com

76 pointsStuntPope22 comments

Completely. Their latest fear tactic? Everyone has been locked into only selling at a low by the trading apps and the shorts have driven the price down in a last ditch desperate attempt to shake WSB and the GME holders.

This is what happens when someone (hedge funds like Melvin Capital, et al in this case) is caught with their pants down and tries to do everything they can to get their way; with also their accomplices. (I'm sure you can think of another similar event of this happening).

One more thing. GME is 'going' up. (Again)

Can't stop, Won't stop, Next stop, Game Stop, Full stop.

This is some disgusting manipulation, and even worse is that hedge funds most likely shorted the stock even more knowing what the investor apps would do, and profited from this coordinated shutdown.

That hedge funds were even allowed to short so much naked was ridiculous. I mean the fallout from a GME continuing to rise would be catastrophical to the financial system. It would cost tens of billions that these funds do not have and would end up costing the banks money that they could not lose.

I ditched my Robinhood account today. Four friends did the same. Claiming you're about "Democratizing finance for all" and then blocking legitimate purchases in an apparent attempt to manipulate the market to protect the billionaire hedge funds is pretty low.

What's a good trading app/service? Are Vanguard or Ally good? I've heard mixed news about Robin Hood, so one of the main things I want to learn before playing with trading is what a good platform would be.

Ally has been terrible for me. From my end it was down all morning. Some days its extremely slow. I'm currently looking for another.

I know exactly 0 people that believe the system is fair. The consensus was that big whales have an edge over the retail investors (not that it’s blatant manipulation whenever things don’t go according to the program)

I believe we need stronger regulations when it comes to what hedge funds are allowed to do. This kind of stuff can lead to the next crash and they will just receive another bailout - because reasons

It proves something anyway.

I'm a moderator of /r/silverbugs and we've been getting slammed all morning with either accounts from wallstreetbets or accounts trying to make them look bad, with dozens of brand spanking new or barely used accounts spamming to buy various silver related stocks/funds.

I've banned more accounts this morning than I have in 2 years.

Hell hath no fury like a Reddit mob scorned.

I modded and later administrated a smallish v-bulletin forum for over 5 years (20 - 70 registered users posting on any given day, depending), I remember some d*cks from a big Red Sox forum harassing us occasionally but nothing coordinated, widespread, or unmanageable.

Running a forum on Reddit seems like running a store in downtown Seattle, I'm sure the discoverability of Reddit is nice, but God bless anyone willing to put up with the mobs who just wanna break shit.

The idea is sound. Silver has been shorted and held low for a long time by institutional shorts. I am on another metals trading forum and they've been waiting for a silver breakout for years, which never comes. Why are you afraid if Silver goes higher?

>Silver has been shorted and held low

As recently as 2011 spot was as high as $56.28, it's $26.29 right now and was $14.28 last March.

I don't agree with that statement.

>Why are you afraid if Silver goes higher?

Never said I was. /r/silverbugs is for stacking, it's a hobby for the vast majority of us, we hold physical silver. So hundreds of people trying to get rich quick day trading after seeing articles about GameStop flooding the sub to tell us to buy SLV has nothing to do with our community and, in fact, most people in our community swear by "if you don't hold it, you don't own it", so it actually goes against our communities general beliefs.

Reminds me of the schmucks that seemed to pop up in every forum on the internet 15ish years ago saying to buy the Iraqi Dinar. Oh, and you know, the idiots that push penny stocks to make a quick buck off of uneducated people that have fallen for the FOMO crap that is spread by the people trying to make a quick buck.

I don't know. Most of those stocks are so ridiculously overpriced and such terrible investments, there was a reason they were shorted.

While it does show contempt for their user's ability to make their own decisions, RobinHood's actions are likely a misguided attempt to protect their users from absolutely awful investments rather than protect wall street. The damage has already been done to the short sellers.

Who are you to tell the rest of the world that gamestop is overpriced?

How sure are you of that? Have you shorted gamespot yet?

http://web.archive.org/web/20210128160620/https://bombthrowe...

Once again, EXTREME greed has lost in the end. Not happy with a billion percent, have to taunt and threaten the big guys. Now millions and millions are lost because of it. Thinking you're going to outlast trillions of dollars is silly.

This whole thing is going to wipe a lot of people out and concentrate that money into a few pockets. Manipulation? Yeah, the people who got in early on WSB egging people to jump into GME at 20x over value in order to "stick it to the man".

Once again, EXTREME greed has lost in the end.

Traders will see this as a cost of doing business. They will continue to try to do it again and again, because they've done it thousands of times in the past and only been caught out significantly once before (VW in 2008). They definitely haven't lost - the money they use isn't theirs to lose (they just take a percentage of the profit they make, they're not losing their own money) and, more importantly, traders are up hundreds of billions in the past decade or two, so a few tens of billions lost now isn't going to put them off trying again.

??? Didn't the fact that stocks are doing well in a pandemic + massive job loss also prove this? (Additionally all the stimulus given right to the 0.1%.)

What "stimulus rights" were given to the 0.1%?

>What "stimulus rights" were given to the 0.1%?

Basically all of it. Unlimited free money printing, while we get a $600 check.

No, because you could argument that you have fair chances on stock market. Now, it's clear that hedge funds can change the rules if they don't like the outcome.

No, it can easily indicate belief that those companies will eventually recover. At any rate, plenty of stocks aren't doing well - e.g. airlines.

If the stocks did badly they would be at a massive discount on their future earnings and would therefore be a strong buy. Unless the pandemic would permanently damage the company or economy there is no reason for the prices to substantially drop.

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