https://t.co/QBRi9yL11R pic.twitter.com/3vcBUZMUtE
— Stefan Ruijsenaars (@stefan_arrr) January 28, 2021
Once “security” measures are put in place, they are never reversed. Haven’t we learned that already?
That’s also why lockdowns will never end….
Month: January 2021
Market Made
I want to write up my thoughts about GameStop but trying to describe in-depth financial plumbing problems mixed with market rigging by cynical assholes would make me sound like a lunatic.
— Matt Stoller (@matthewstoller) January 28, 2021
Same.
I think me and Chris Arnade are the only people on the internet who seem to understand all the details of what happened and why with Reddit and Gamestop, and I just don’t have the energy to write it all up step by step.
Part of if is that I did some weighted lunges tonight that really sapped me, but another factor is that even at the best of times that I don’t have the energy to write 2 or 3 thousand words that most people wouldn’t read anyway, especially the people who need to.
Eat
When vulture funds ran a multimillion dollar campaign to drive the economy of Argentina into the ground to profit off junk debt, emiserating an entire country, nobody on Wall Street called for regulation. When they did the same to Puerto Rico, these people were silent. Eat shit. https://t.co/VKZbiER6un
— Ryan Grim (@ryangrim) January 27, 2021
Right the fuck on.
Debillion
They shut down that Stocks subreddit in 72 hours. But let them plan the January 6th insurrection on that same app in broad daylight? I got that right??
— Openly 6LACK (@TheHusayn) January 28, 2021
Well, one lost billionaires loads and loads of money. The other was an attempted coup.
It’s obvious to see which one was more important to squelch.
Free? Ha
Robinhood Banning GameStop Proves the Free Market Is a Lie.
Who ever thought it was the truth? I’ve been trading actively since 1998. Trust me, it ain’t free. I have never been able to do the illegal and dubious things large investors do routinely every day (front-running, HFT, naked shorting, after-hours trading, dark market trading, etc.).
The market is about as free as a Supermax prison, and we’re the inmates.
Incelled
Incels are for the left what The Homosexuals were for the religious right https://t.co/OEZbuqBZAY
— Mason ♂️✂️ (@webdevMason) January 29, 2021
That is a really great insight. I agree, though it would not have occurred to me to think of it that way.
Cut The Hedge
Gotta protect the hedgies at any and all costs. Whiny little babies that they are.
Drain Stop
Due to sheer nihilistic depravity, I just tried buying GME through my TD Ameritrade account. They’re apparently rejecting all buy orders. It’s actually an extremely infuriating feeling to be arbitrarily blocked from buying a publicly traded security. pic.twitter.com/xaPtjOhiAW
— Mister Belvidere (@_InfinitePest_) January 29, 2021
Hedge funders always get their way. I foresee many more restrictions on retail traders. There already were restrictions on many accounts, by the way, even before this Gamestop hilarity.
No Stop
By the way, I looked into it more and the hedge funds were definitely naked shorting Gamestop stock. At one point, more than 140% of it was shorted at the same time.
This is very much illegal. Remember that when you condemn the Reddit traders. What they did in my opinion was very awesome and showed how rotten the system is. (And it is very, very rotten.)
Brokering
Uh what https://t.co/vXUzgkkRKb
— Aella (@Aella_Girl) January 28, 2021
Told ya the hedge funders wouldn’t allow themselves to shown what’s what by peons. They are going to take their money no matter how they have to do it.
Nora
Post one picture that changed your entire concept of what television could be pic.twitter.com/mNbsgpXpFA
— TZE THEE CHUN (@thetzechun) January 27, 2021
Out On a Robbin’ Spree
Please respect the markets, our app was not designed as a means of stealing from the rich to give to the poor. We here at Robin Hood believe that
— Dan Sheehan (@ItsDanSheehan) January 28, 2021
Haha. Yeah, the only time you see decisive action taken with great celerity is when some billionaires start losing money.
Hard Up
In 1979, you could buy a 10 megabyte Corvus hard drive system for your Apple II for $5350, which is over $18,360 in today's dollars
At that rate ($1,836/megabyte), a 1 TB drive would cost $1.836 billion. We're all rich and we don't know it pic.twitter.com/cWxnviwZKl
— Benj Edwards (@benjedwards) January 26, 2021
I didn’t have a computer with a hard drive until 1992 or 1993 (can’t remember exactly).
Short Stop
Whole post is worth reading. It’s all old hat to me but is mostly accurate.
Also, it’s worth pointing out that if hedge funds shorted more than 100% of all shares of Gamestop at the same time, then someone was naked shorting (shorting shares they didn’t actually borrow), which is illegal. Not that it matters — we don’t enforce it, so hedgies do it all the time.
Game Start
After what happened to $GME, expect retail trading to be clamped down on hard. It’s already started by way of the Discord forum the Gamestop traders were using being banned for “hate speech.” But these days “hate speech” is just code for someone trawling through to find where some random user said something vaguely offensive anywhere and using that as a pretext to get rid of speech or activity disliked for other reasons. I’ve personally seen it happen dozens of times on Reddit.
The finance boys (and they are nearly all boys) do not like it when the peons get stroppy and embarrass them and it won’t be permitted for long. And that’s especially true when the peons use the very tools the finance bros use to manipulate and run the market.
Only the rich and connected will be allowed to have that kind of power. A few score hedge fund bros have been humiliated, losing billions, and they will be able to change laws and regulations to make sure it doesn’t happen again.