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Has anyone been paying attention to this Gamestop and Reddit story?


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It's fantastic to see the little guy screwing over Wall Street for once. Looks like Wall Street is playing dirty and fighting back today. The Robinhood app and a few other places are now not allowing people to buy the stock, but they are allowing sales which caused a huge dip. It's the very definition of market manipulation. 

I'm sure they will get a slap on the hand from Congress or the SEC for it, but their fine won't even be close to the amount of money they saved hedge funds and perhaps themselves.

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Yeah, l have been watching it, and there are no issues with Stake, (online trading account) in Australia, but Stake doesn't have margins, so they don't have the "robinhood asking for more bank money to shore up potential leverage issues"to deal with.

Robinhood was allowing margins of 1.10 - 1.20 or put in 1k and invest, or gamble up to $20,000.

:o

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There's a number of different angles to this.

First off, to my untrained legal eye, this looks like a pretty much open and shut case of stock manipulation. They could, and probably should serve some jail time, and any gains they made should be confiscated as proceeds of a crime.

On the other hand, who doesn't feel a deep sense of schadenfreude at Wall Street being beaten at its own game. Colbert probably summed it up best:

(Skip to the 6:50 mark for the bit about Reddit/GameStop).

 

On 1/29/2021 at 11:01 AM, Tagiscom said:

Yeah, l have been watching it, and there are no issues with Stake, (online trading account) in Australia, but Stake doesn't have margins, so they don't have the "robinhood asking for more bank money to shore up potential leverage issues"to deal with.

Robinhood was allowing margins of 1.10 - 1.20 or put in 1k and invest, or gamble up to $20,000.

:o

How comforting for you, however the financial viability of RobinHood, or any other brokerage is not even close to what this thread is about.

A whole new world of possibilities has just been opened for activism/hacktivism.

What about unions shorting "problem" companies, or even taking a controlling stake in the companies? Greenpeace doing something similar to fossil fool companies, and so on, and so on.

Watch this space, things could get very interesting. Very interesting indeed.

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2 hours ago, whateverpedia said:

How comforting for you, however the financial viability of RobinHood, or any other brokerage is not even close to what this thread is about.

A whole new world of possibilities has just been opened for activism/hacktivism.

What about unions shorting "problem" companies, or even taking a controlling stake in the companies? Greenpeace doing something similar to fossil fool companies, and so on, and so on.

Watch this space, things could get very interesting. Very interesting indeed.

Well, ignoring the sarcasm, and reluctantly admitting that you have a good point about any large group controlling any interest on the stock-market, it seems that the floor is open,

But staying with specificy, GameStop was the most traded stock on the planet a few days ago, and RobinHood, said they make the call of their own volition, (l know we have to accept their word, considering that other interests that own most of RH got hammered).

This happens all of the in mass media, but good to see it reversed.

:P

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  • 2 weeks later...

GME, has pretty much gone sour, even though Reddits, retards, (that is what they call themselves") have waffled on about staying the course.

Seems that institutional investors are capitalizing on newbies.

:P

Edited by Tagiscom
Sure is quiet here, must be the "revenge is sweet, Karma thing".
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