Gamestop stonks revolution

[Cunt]

So the story (which I'm confident I'm misunderstanding) is this:

Some hedge funds tried 'shorting' a stock.

Online forums full of bored assholes took advantage, purchased a BUNCH of Game Stop stock, and drove the price up high, costing the hedge fund fuckers billions.

Said fuckers then got their buddies to put the brakes on this thing, trying desperately to limit their losses.

It's been referred to as a revolution by Tim Pool and it might be. For quite some time, backroom deals could short stocks and take money reliably. Now, it looks like allowing people to talk to each other has put those particular flavours of fuckery in danger.

I'm going to drop in a few memes, to further indicate my lack of understanding, and general informal approach.

Financial disclosure - I don't stonk. I didn't buy some. I think this is funny in a comedy way.

[Cunt]

[laklak]

It's fucking brilliant, they fucking STUCK it to a couple of hedge funds. And then got slapped down because there's on set of rules for Them, and another for Us.

I can hear the wheels of the tumbrel carts in the distance.

[Cunt]

I think this is the 'consequences' part that some have seemed immune from.

cue claims of 'hatespeech'

[Cunt]

[Joe]

So that's what Twitter was a-titter about today. Typical Wall Street assholes - they're all anti-regulation, unfettered free market fans until they take a loss, then they want a bailout.

I hope those redditors sold near the top.

[Cunt]

So that's what Twitter was a-titter about today. Typical Wall Street assholes - they're all anti-regulation, unfettered free market fans until they take a loss, then they want a bailout.

I hope those redditors sold near the top.

They aren't.

They are holding spitefully, and Joe, there is kind of a deep well of spite against the TWSA's

It's almost like all the political factions are aligned on this one.

Or like it's a hilarious trap to catch gullible people who read too much into stock market fulgurations.

[Hermit]

Meh. Flash in the pan. Melvin Capital will take a 2 - 4 billion dollar haircut, But the cash shortage will be temporary. Other fund managers have already tided it over. There is such a thing as solidarity among thieves. Citadel and Point72 have chipped in $3 billion. It'll come out in the wash. GameStop shares have dropped 44% already. The trading app Robinhood triggered that by restricting trades in GameStop shares and two more companies that are currently severely shorted. (Makes you wonder whose side their owners are on, doesn't it?) Next, someone at Melvin Capital will probably be made the sacrificial lamb "for not keeping to company guidelines". Maybe Gabriel Plotkin will be replaced.

It'll be business as usual before long. Hedge fund managers have burnt their fingers before, but they win many more bets than they lose. Of course they would. They're running the game. The risks are known and the odds are stacked in their favour. A few million amateur day traders don't have deep enough pockets to threaten the racket where hundred of billions of dollars zip around the globe every hour 24/7/365.

[Cunt]

Don't you get all sensible with me!

[Cunt]

[Hermit]

Don't you get all sensible with me!

Man, I wish I were wrong.

[Cunt]

this one stinks. Thought it was stonks.

[Cunt]

Ok, Hermit, Tim Pool blathered hopeful tonight, and I'm going to enjoy the prospect (though your more boring prediction sounds more likely)

He suggests that this is an example of regular folks finding their power in this situation, which will effectively remove this play from the play books of the hedge funds.

[pErvinalia]

Robinhood has only stopped buying of Gamestop and a few others. The little fella is still able to divest themselves of this rubbish if they so desire.

But good to see the little fella stick it to the man for a change.

[Brian Peacock]

I think this is the 'consequences' part that some have seemed immune from.

cue claims of 'hatespeech'

You seem to have a bit of a chip on your shoulder there.

Anyway. Capital always exercises power in its own interest. Stopping Robinhood users from buying while allowing them to sell to protect Capital interests not only shows how hedge funds are fundamentally made out of unproductive bullshit but how the finance sector generally believes it has a divine right to monopolise its corner of the economy and that the purpose of regulation is to secure that kind of operational exclusivity.