Economy Discord Bans bans the r/WallStreetBets server,Wall Street is panicking over Gamestop?

[Rational Poster]

I hope this manipulation against thepeople trying to save Gamestop and AMC opens a lot of eyes. Between this and the recent big tech censorship issues I hope people connect the two issues.

These people aren't trying to save Gamestop or AMC, they're using their stocks as a vehicle for their own personal enrichment.

Gamestop and AMC are still fucked no matter what their stock is artificially pumped to. Their business model is dead. This just is going to line the owner's pockets even more before they go under.

 

[Lead]

Exactly, the biggest social media platforms will have the highest visibility for anything. Seems like in Reddit's case added 2 million new users in three days. That's an insane amount of exposure to a hype train. On one hand I almost wish everyone was left to their own devices so when there became a cataclysmic collapse on themselves it's a learning lesson. Lesser informed people were thinking it's almost pyramid scheme-like where everyone can make money by adding money with no consequence or risk. But on the other hand I know no one would learn anything and if there is an indirect market collapse then everyone would suffer. So I feel something should have been done, no clue what that is though, and what was done was done in the most terrible way possible. It's a giant grey area. The way the intervention occurred feels too Big Brothery for my liking though.

What’s weird is I actually think I saw a TikTok that advertised that discord channel and was bragging about it going up. I didn’t know the ticker for GameStop is GME

 

[mkess101]

These people aren't trying to save Gamestop or AMC, they're using their stocks as a vehicle for their own personal enrichment.

Gamestop and AMC are still fucked no matter what their stock is artificially pumped to. Their business model is dead. This just is going to line the owner's pockets even more before they go under.

I actually think for a lot of them it's neither of those things. They don't feel any bond or loyalty to Gamestop. They also don't care about getting rich necessarily, or they'd have sold at $300 when they bought at $15. They know the underlying financials of the company aren't good. They know the longer they hold onto an asset that's been artificially inflated to many times its actual value, the more risk they take on. They just want to teach some of these Hedge Fund managers a lesson. I'm not saying I agree or disagree with that, just that I think you're missing out on a key element of the motivation for a lot of these guys.

 

[Quipling]

Yea agree there. The Bitcoin saga was worse because it was so high at the time people were too reckless. The "let me take out decades of savings to buy four shares at $20k each" is a life changer in a bad way. In the GME case it was probably the most begrudgingly cover in recent memory lol. Feel bad for the Wednesday buyers though because in their case they'd have no chance, but in a way it's also irresponsible to overly invest where you aren't informed.

I do feel that for RH, or others, there has to be some sort of legal ramification. I've traded on platforms that had stocks I wanted unavailable, so I had to use other platforms. But I've never seen in-the-moment removal of a heavily traded stock, and selective restrictions on the fly like "temporarily you can only sell but not buy". I'd assume they have to have a strong justification or have it deep in their TOU, but even then I don't know if it can disappear into the night quietly.

I think a substantive investigation is more likely than not. It may wind up turning into serious legal action, but regulations are ambiguous enough that I suspect there's something they at least arguably violated. This isn't twitter- they can't hide behind their TOU. Most of the applicable regulations can't be contracted around.

IMO, their best bet is to claim it as an attempt to prevent market manipulation, which they generally can do, and hope that (1) there's no damning internal communications (toss-up); (2) they had a legit reason to think it was market manipulation (which I think they will probably be able to provide some evidence of); and (3) they can do so even if the market manipulation turned out to be entirely legit.

That last question is going to be really interesting, and if they lose on any of these I'd expect them to have to pay out a solid chunk. Of course, this is not stuff I have much meaningful experience in, so there's probably a bunch of other available defenses.

These people aren't trying to save Gamestop or AMC, they're using their stocks as a vehicle for their own personal enrichment.

Gamestop and AMC are still fucked no matter what their stock is artificially pumped to. Their business model is dead. This just is going to line the owner's pockets even more before they go under.

People unironically framing this as "save gamestop" are idiots. Almost nobody legitimately believes this will save gamestop - its really just a chance to stick a thumb in the eye of some hedgefunds.

 

[Rational Poster]

I actually think for a lot of them it's neither of those things. They don't feel any bond or loyalty to Gamestop. They also don't care about getting rich necessarily, or they'd have sold at $300 when they bought at $15. They know the underlying financials of the company aren't good. They know the longer they hold onto an asset that's been artificially inflated to many times its actual value, the more risk they take on. They just want to teach some of these Hedge Fund managers a lesson. I'm not saying I agree or disagree with that, just that I think you're missing out on a key element of the motivation for a lot of these guys.

Some of them sure, the early adopters almost certainly because that was literally the plan.

All the FOMO types buying in the past few days though, they only care about themselves.

 

[Proud American]

No, Fuck you, separatist scum.

Actually, scum rises to the top, and you are heading in the opposite direction so... separatist sludge, I guess.

Man, do you grovel as you sit there and lick the boots of every corrupt entity we have.

this goes to show we live in a corrupt system. More people will begin to realize that. We don’t have to bow to it like you do.

To quote a hero.....

they about to arrest and take me to jail, but I’m about to exhale and you punk motherfuckas be watching, fuck y’all!

 

[CatchnShoot]

He helped rig the system by giving them a shitload of free money so...

+Juan
--and largely championed the deregulation of the market.

 

[CatchnShoot]

Man, do you grovel as you sit there and lick the boots of every corrupt entity we have.

this goes to show we live in a corrupt system. More people will begin to realize that. We don’t have to bow to it like you do.

To quote a hero.....

Dude, you come off as genuinely mentally ill. How long before we read about you in the news?
Like, when is your group planning to attack? You know, so I can plan my day.

 

[Quipling]

https://docs.reclaimthenet.org/robinhood-class-action.pdf

Class action filed. It's not great, but I expect a much better amended complaint once he gets folks with actual expertise onboard.

 

[D 1 Wrestler]

When have we ever seen unity like this before???

 

[Proud American]

Dude, you come off as genuinely mentally ill. How long before we read about you in the news?
Like, when is your group planning to attack? You know, so I can plan my day.

There is no group and no attack is necessary.

peaceful revolutions win the day.

But the Wall Street crooks will be arrested. Political crooks will be arrested. Corporate crooks will be arrested.

how have you been so brainwashed to support the corrupt elites? Bc you hate who they hate? They just instructed you To hate who they hate over the course of your life.

 

[MeatheadMike]

Exactly, the biggest social media platforms will have the highest visibility for anything. Seems like in Reddit's case added 2 million new users in three days. That's an insane amount of exposure to a hype train. On one hand I almost wish everyone was left to their own devices so when there became a cataclysmic collapse on themselves it's a learning lesson. Lesser informed people were thinking it's almost pyramid scheme-like where everyone can make money by adding money with no consequence or risk. But on the other hand I know no one would learn anything and if there is an indirect market collapse then everyone would suffer. So I feel something should have been done, no clue what that is though, and what was done was done in the most terrible way possible. It's a giant grey area. The way the intervention occurred feels too Big Brothery for my liking though.

Pretty much how I feel.

Financial institutions and platforms like Robin Hood put restrictions because they don't want their idiot customers to lose money in an obvious pump and dump (since it would be mutually bad for them also). But in this case specifically maybe they should just let them. I agree there would be little lessons learned for the majority of these fools once the dust settles, but perhaps some may think twice before taking investment advice from Reddit next time.

 

[PolishHeadlock2]

 

[MMAisGod]

I think a substantive investigation is more likely than not. It may wind up turning into serious legal action, but regulations are ambiguous enough that I suspect there's something they at least arguably violated. This isn't twitter- they can't hide behind their TOU. Most of the applicable regulations can't be contracted around.

IMO, their best bet is to claim it as an attempt to prevent market manipulation, which they generally can do, and hope that (1) there's no damning internal communications (toss-up); (2) they had a legit reason to think it was market manipulation (which I think they will probably be able to provide some evidence of); and (3) they can do so even if the market manipulation turned out to be entirely legit.

That last question is going to be really interesting, and if they lose on any of these I'd expect them to have to pay out a solid chunk. Of course, this is not stuff I have much meaningful experience in, so there's probably a bunch of other available defenses.

The internal communications could potentially be a big one, because we see far too often the email/ping/text/etc in writing where it's a lot more difficult to talk around. With #2 I am assuming they'll be able to pull that off. Due to the nature it happened, the unprecedent join rate at WSB exclusively from "hype", the way some of the wording was referenced in regards to "do this to take down xyz" over growing your own wealth or support of your investment. Might be the easiest to argue.

#3 I'd be the most curious to know if that is a passable argument/defense. I feel like it is the one that if it is, it might get people truly on the edge. If this happened somewhat under the radar maybe not regardless, but it's too blown up at this stage and sharks want blood. Should be very, very interesting.

 

[Proud American]

So everyone should quit robinhood and use this app?

I was going to use robinhood but not now. Is it finally safe for me to set up and get started? It’s my focus after work

 

[mkess101]

Some of them sure, the early adopters almost certainly because that was literally the plan.

All the FOMO types buying in the past few days though, they only care about themselves.

Yeah it's a combination for sure. And of course, the "true believers" that just want to stick it to the man are the ones that could actually retire wealthy right now by selling since they bought in so early and cheap. And the ones piling on yesterday that bought at $300 are the ones who want to get rich but are sweating bullets on how this goes tomorrow when the contracts are up.

Absolute craziness. For a buy and hold and stay diversified guy like me...it's damn interesting to watch though.

 

[D 1 Wrestler]

So everyone should quit robinhood and use this app?

I was going to use robinhood but not now. Is it finally safe for me to set up and get started? It’s my focus after work

We bull CEO said it wasn't his decision and was due to their broker and they got it back up. Robinhood hasn't said shit

 

[Quipling]

The internal communications could potentially be a big one, because we see far too often the email/ping/text/etc in writing where it's a lot more difficult to talk around. With #2 I am assuming they'll be able to pull that off. Due to the nature it happened, the unprecedent join rate at WSB exclusively from "hype", the way some of the wording was referenced in regards to "do this to take down xyz" over growing your own wealth or support of your investment. Might be the easiest to argue.

#3 I'd be the most curious to know if that is a passable argument/defense. I feel like it is the one that if it is, it might get people truly on the edge. If this happened somewhat under the radar maybe not regardless, but it's too blown up at this stage and sharks want blood. Should be very, very interesting.

Yeah, based on what I know, 2 is a shoe-in. I'm mostly adding uncertainty because of my own lack of familiarity with how that works, and a bit on whether they were internally using those as a basis at all. Internal uncertainty v external, if that makes sense.

 

[CatchnShoot]

There is no group and no attack is necessary.

peaceful revolutions win the day.

But the Wall Street crooks will be arrested. Political crooks will be arrested. Corporate crooks will be arrested.

how have you been so brainwashed to support the corrupt elites? Bc you hate who they hate? They just instructed you To hate who they hate over the course of your life.

Sure, Wall street has been in need of a purge for decades, clean that shit up.

The FIRST political crook will be your boy Donnie, though... is that what you want?

I will ALWAYS be on the side of science, facts, equality, environmental responsibility, reason and truth. Whether the person telling the lie is left or right leaning doesn't matter to me.

 

[dirtypablo]