Comment by vga805 | Hacker News Reader

Comment by vga805 | Hacker News Reader

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Big banks own upwards of twice as much as retail. What is the big banks target price and what is retails target price?

Over on WSB they're going nuts claiming that 5k isn't a meme.

The banks aren't holding until then. If they decide to offload at, say, 600, then retail will be left with the bag since the bank selloff will drop the price down dramatically.

That's the claim as I've seen it made on the /r/stocks subreddit.

I have a lot of shares. In at $17. I'm not sure what to think. I've already taken out 5x my initial investment. I've been doing as much research as I can to determine how high this could go, partially for my own benefit, but I also want to "hold the line."

Who knows what would have happened had RobinHood and others not shut down buying. I'm pretty sure I would have retired.

> Who knows what would have happened had RobinHood and others not shut down buying. I'm pretty sure I would have retired.

This is another misconception: Robinhood didn't exactly choose to shut down buying. The extreme volatility required significant extra collateral to be posted, which Robinhood probably didn't have the money for. This is why they had to do an emergency raise of a billion dollars and draw down their credit lines.

Robinhood also makes all accounts margin accounts by default. They try to hide the fact that trades don't settle until T+2 days by making the margin invisible to the end-user, but it still draws down their credit. Robinhood Instant [transfers] also consume margin while they wait for incoming bank transfers. Without an infinite supply of credit, it just wasn't possible to allow unlimited buying (margin buying in most cases, due to T+2 settling or bank transfer delays) of GME stock.

Congrats on the value of your shares, but I would implore you to come up with an exit strategy. Even /u/DFV has been slowly taking money off the table during this entire run-up. Don't let yourself be one of those people talking about how you had a paper gain of a million dollars for a brief moment in 2021 before you lost it all.

I never said they chose to. I know all about the DTCC and its rules.

I've also taken out 5x my initial investment. I've been trying to minimize exactly that kind of regret along the way.

I would love to hold and see it going to the moon but I will likely have a few limit sell orders open before monday morning.

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