As hilarious as this whole thing has been, it will reach new heights of hilarity if the SEC nails the funds/exchanges to the wall for illegally trying to slow down the trading and drive the price back down. I don't know where the legal line is exactly, but there is way more coordination and regulated power on the side of the shorts than on the side of the autists.
Ha. Reddit crashed because of the WSB load. "Reddit's Engineering team has asked us to rotate threads more frequently because our load destroying their backend. Keep up the good work!"
That was really interesting. The host really seemed to have very little retort for excellent points. The main idea being that retail traders are too stupid to know what they are doing and that caused a grave miscalculation on Melvin’s part.
"You may not realize that's what you're saying, but that's what you're saying." The condescension is beautiful.
The concept that they have to protect the retail investor from themselves is hilarious. "They aren't investing in the fundamentals!" "140% short is a fundamental?" Never mind who's fundamental? Who should decide? All I know is that I signed a metric fuck-ton of paperwork to get my trading account that said there are no guarantees and that I'm responsible for my actions... so why is that not good enough, other than some of their hedge fund buddies are getting slaughtered? The point about the collusional dinner parties was interesting... "WSB is just doing it in public".
Yeah, but they're fucking sweet YouTube clips. In all seriousness, the same people who have been pumping the trading card market are the same ones getting into this ahead of time. They are under the impression that an NBA licensed product in the digital trading card realm will be a good bet when kids growing up now in the digital age look to invest in a digital sports product. Think of all the digital transactions kids make nowadays. In game skins, loot crates, bitcoin, game currency, etc. It's only a matter of time before someone gets a beloved analog thing into the digital realm and it blows up beyond belief.
"Fuck the retailer", eh? This is just going to get people even more angry. And now the SEC is apparently stepping in to investigate. https://www.reuters.com/article/gamestop-regulator-idUSL4N2K246P "This isn't investing, this is gambling." LOL What the fuck do you think hedge funds do? It's not a sure thing... it's an "educated" guess... that fell apart when you engaged a shit-ton of affluent autists.
It's like they are losing and are now complaining that they only lost because others weren't following the unwritten rules.
Sweet mother of Jesus. At what point do you start to pull funds out so that you don't get screwed by some SEC intervention?
https://www.reddit.com/r/wallstreet...gme_yolo_update_jan_27_2021_guess_i_need_102/ He's got $14m in cash already... and he made the call a year ago. He is the heart of WSB, and if he loses it all, he will be their God.
He fucking thousand-x'd his money. I've only done that one time in my life and it was with a single dollar. He did it with $50k.
The cash in the account is from profits he's already taken? If so, just bank it and see what happens if he wants. I personally wouldn't throw it all away to impress some reddit group, but that's his call.
He's had a plan for a long time, even when WSB was calling him a retard. He knows his price target based on the analysis he's done and he'll sell when he gets there. The $14 million he's banked is just a safety blanket (and god damn, his safety blanket is a 275x return) in case he's wrong. He's not risking millions to impress Reddit, he's risking millions because he's convinced he's right (and he's been more right than anyone else so far, so maybe he is).
I can’t say I wouldn’t cash out way sooner myself, but I can say I would not have the insight/skill/foresight to be in that position in the first place.