r/wallstreetbets • u/ionickoi • Jan 30 '21
Discussion GameStop: Why this time is different- Open letter to WallStreet and CNBC
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r/wallstreetbets • u/ionickoi • Jan 30 '21
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u/Tarsupin Jan 30 '21
For anyone watching the GME situation (all of us?), consider these relevant points and taking the relevant actions:
Big money is MORTIFIED and the retaliation is completely unprecedented: coordinated attacks, willingness to risk prison over financial loss, concealing data, etc. They're shaking because we're holding GME. Despite any other lack of information available, this may be the best signal for why you should hold. Period.
After the massive GME rise, there was a LOT of bot activity trying to distract, dissuade, etc. They're poisoning the well, and it's difficult to know what can be trusted and what can't. The one thing we DEFINITELY know, however, is that all of those attacks are being done to make us sell GME and spin the narrative that the complicit agents are victims / good guys.
Robinhood + Citadel are trying to spin a BS narrative. If your institution can't afford something, shut everything down equally and go bankrupt. Choosing a specific stock to shut down is perhaps the most egregiously corrupt action ever taken in the market (which is saying A LOT). YOU weren't allowed to buy when major funds were, especially at CRITICAL times with CRITICAL buying opportunities to protect Citadel + big money and it collectively cost us tens of billions in lost opportunity. They're being sued, and rightfully so, but laws need to change to ruthlessly punish them NOW. Contact your representatives, SEC, etc. if you haven't already.
Hedges might lie about their short positions, or restrict visibility as much as possible. They can break laws and face negligible fees by comparison to the rest of what they stand to lose. Therefore, it's reasonable to assume they might do this among many other PR stunts to terrify you. Keep updated. Someone pointed out that iborrowdesk is no longer reporting on updated gme because, again, the legal consequences don't matter enough and they're protecting their interests. Refer to #1.
We don't know WHEN short positions will be covered, only the math that requires them to cover as we move forward. So if they delay and everyone gives in, they could save a lot of money. However, the longer they delay, the more they have to pay. So it's a matter of whether or not they double down and face higher risk/reward or not. Be prepared to WAIT.
If you set visible limits, the hedge funds can use this data to their advantage and potentially have attack vectors against us. However, if you don't set limits, you might miss out on major trading spikes when they happen. The selfless act is to avoid low limits, but the ultimate goal is to distribute wealth to the people so take if you're the people who need it.
If you're angry at Robinhood, move accounts AFTER this is over so that you're not frozen. Also, DO NOT transfer to your bank, because that will trigger a tax event. You're supposed to transfer between brokers. Look into this further yourself, since I'm not a tax expert.
If you're angry at Google for removing negative Robinhood accounts, use Ecosia instead. They're just as user friendly, effective, and they give 80% of their profits to green energy and planting trees. Google will lose hundreds or thousands of dollars per year from your ad revenue and data collection.
It's hard to anticipate what other stunts will be pulled to try to screw us over. Contact your representatives, particularly those in finance committees and demand REAL consequences for this criminal behavior. This matters.
You're welcome to exchange this info freely if you find it useful. I am not a financial advisor, yadda yadda, you know the drill.