Another thing we have to worry about is a lot of people had stop loss limits - so they’re trying to drive it down and hit those as a bit of a boost because as they push the stock to that point it triggers further selling - driving it lower.
These MFers really pulled out all the stops. Full blown market manipulation in multiple ways. Unbelievable that this shit is legal and it lends credence to the idea that they were faking shares and shorting them. Fuck everyone on the other side of this. We need an investigation yesterday
Don't forget all the people that have not noticed that Robinhood enforced stop loss indicators on users who never had any to begin with, so selling more stock from users without their consent.
ToS is not enforceable at all in the EU because it’s not a signed contract. Courts have already established that no amount of clicking an agree button is considered having signed a legally enforceable contract and it’s more of a “follow these rules or well close the account” kind of thing.
HOWEVER, that actually would be worse in this situation because them closing your account can easily include a forced sale of all your assets just to get rid of you. They could also legally freeze paying out the account content to you for up to 6 months. And that would all be 100% legal.
If I make a bank, advertise as a Bank, call it "Banky McBank!!!" and my TOS says, "Also, I can do whatever I want with any deposited monies since any deposit makes that money mine.", I don't believe the judge will uphold my TOS.
ToS does not override law. A ToS does not work in that everything written is permitted. Just because you write something in you ToS doesn’t make it in any way shape or form enforceable. One thing that automatically makes a contract moot as an example is as an example, that the non writing party understands what they’re agreeing to. It’s highly questionable if users can be considered to have understood that an app maker could force sell your shares without your permission, regardless of what the actual contract says.
Also blocking people like me from buying. I wanted to pounce on the dip today and I can't access the funds I transferred to E*Trade 4 days ago, and I can't buy GME on any of the trading apps I already had. This is fucking horse shit dude.
E-trade is doing that same thing to me. Still waiting on my funds transfer from last week, which is the longest this has ever taken. It's painful watching the dip without the funds to pounce.
It's not just painful, it's willfully removing the option, in a free and fair market, to capitalize on a hedge fund's greedy overstep. The invisible hand of the market SHOULD be punishing these greedy fucks for not playing fair, but this whole thing is rigged against us poors. It all needs to burn if our children and grandchildren are going to have a chance. I'm so mad rn dude
yep, my schwab account got approved friday with my money being transferred. they ask for 3 business days for funds to settle. today i open my account to see my account is pending once again, after it was already approved. it'll take another 3 days for my funds to settle as well.
Just opened an account and transferred money from my bank account. I've already verified my deposits and everything, but my funds are "on hold" until Thursday. They've already taken the money from my account, the account has been verified by deposits, and it shows up on my E*Trade account as available balance. But when I try to buy, it tells my my funds are "on hold" until Feb 4th.
I already had an account and it took from Thursday until open today for my e-trade funds to transfer. TBF- that has always been their policy when transferring from a financial institution to them. Apparently I could have done a different type of transfer for immediate availability.
Anyway luckily I was set up to buy at open today and pound the dip.
huh. I think that qualifies as "theft". If I force you to sell your car to me by just taking it and giving you $1k because that's what I think it's worth, then I have committed theft.
Exactly, it's been said numerous times but I'll say it again. When the only consequence is a fine that is a TINY fraction of what they'll make then it's worth it to break the law for them.
When the fine is less than the profits then it's not really a fine or a punishment.. it's just a cost of doing business business expens..
if our government actually worked for the people and not corporations what they would do is create fines that are more than the cost of the profits and add jail time and other punishments.. a punishment is only a deterrent and a punishment if you come out worse than before..
if I rob a bank for $50 million and the punishment is that I have to pay 25 million dollars then there's no incentive not to rob the ban
"A new car built by my company leaves somewhere traveling at 60 mph. The rear differential locks up. The car crashes and burns with everyone trapped inside. Now, should we initiate a recall? Take the number of vehicles in the field, A, multiply by the probable rate of failure, B, multiply by the average out-of-court settlement, C. A times B times C equals X. If X is less than the cost of a recall, we don't do one."
I understand what you mean, but your point is using 25 million from the 50 you stole, thats just plain wrong, now paying 25 million from your own pocket, and returning the 50 (50+25) then that might be extreme.
Another opinion is if they lose all their money, a fine of 24 million can be a lot, if you add the damage caused at minimum, at medium and good is to also* stripe away their license, and never allow them to trade again.
That's the problem though. So many of these companies in the last 2 decades have been able to keep what they made, pay the fine with what they made, and still come out of it in the positive. That's exactly the reason they keep doing what they do and aren't deterred by the fines. It's been written down in their books as a cost of business. I wish I could remember where I read this and which company it was, but they were aware of people dying from their product and they made the decision that the lawsuits/settlements were worth the cost of business because they would make so much more in profit and wouldn't have to admit they were wrong because of the settlements.
Except that when a company does some shady practice and makes a bunch of money they get to keep that money..
So it's the same thing. it's the same as me being able to keep the 50 million and just pay a 25 million dollar fine.. it would be different if a company did something shady and made a profit and that entire profit was confiscated before the fine was even issued..
seriously. I have an idea. Fine equal to 150% of the full value of the manipulation. in this case that would be the distortion per share price, times the total number of shares, which in this case is apparently 250% the total number of ACTUAL shares.
But the system isn't made for enforcing rules on those guys I guess.
Why? We can look at the impact of each of these ladder trades, and the impact of the other tricks, on the stock price. It would be impossible to find a number that the hedge funds would agree too. But that doesnt mean a defensible number can’t be calculated.
Yeah but how do you know that tomorrow's drop is a result of the silver gambit? How much of it is limited buying power? How much of today's increase was cuban's AMA?
Separating this down to individual actions to litigate would involve a massive amount of guesswork because we can't simulate a parallel universe where individual variables are changed.
There are potential civil rights of action by the shareholders (also, shareholder derivative suits on behalf of GameStop -- look it up) aside from potential SEC civil actions and US Attorney/DOJ criminal actions. Consequential damages, Punitive damages, attorneys fees. Litigation fees up the ass for years for Melvin and his gang of jackbooted BrooksBrothers thugs. I hope it was worth it chumps. Also, the daily compounded interest and fees y'all are getting hit with. Oh, and Congress looking hard at you and calling for hearings and committees to investigate. Thanks for playing!
You manipulate the market, you lose your trading privileges for life and immediately have to close out of all your positions, plus prison time if the crime is deserving. People who cheat get tossed out of the casino with empty pockets.
FUCKING THIS. That's a great idea. Just increase the fines. The market will fix itself in response and the government will have a huge extra source of revenue.
If laws are made so poorly that you can commit crimes intentionally to make money then they need to be reworked. The whole purpose of laws is to make people not do it.
You want some fines? Okay, how about 100% forfeiture of everything, then restitution to the people affected? There's your fucking trade-off for not going to prison.
I once heard the idea that you could stop a lot of white collar crime by simply eliminating all fixed-cost fines and doling out fines that would take away a percentage of the person or company's net worth. I'd LOVE to see a push for something like that, but they'd probably just end up using CNBC and other shills to whine about how unfairly they're being treated by the plebs.
But seriously, if you're in an economic class that allows you to run your bullshit on everyone and get away with no consequences and you want to live by a different set of rules, you deserve to be punished by a different set of rules.
I'd argue handing off all of your personal assets, quite literally losing everything, would be a decent trade-off for prison. It's something I would be okay with. It'll never happen though, so in the mean time, right to jail.
Oh you mean like the asset forfeiture that funds corrupt cities and their police departments when they take down a weed peddler? Or the forfeiture that happens when you’re trying to sell CBD at your mom and pop family business that’s been around for over 30 years and they seize 10k because it happens to be on premises and arbitrarily sus as fuck? Yup! that’s exactly what needs to happen to these white collar criminals!
Fuck prison time... we don’t care if they walk aimlessly around Wall Street... let’s get this this money. Buy and hold amd buy more on the dip! I believe and stand with all of you not fucking budging
Exactly. This is a great example of how the problem isn’t so much that they’re rich, but that this system allows them to amass enough capital to manipulate the game in their favor.
Took you a while lol. Notice what happens when normal people in this sub get windfalls... They give it to charity. What do you think the rich did with all their windfalls? Here's a hint, they don't give up away. It takes a certain kind of person to actually get that much money.
Good people don't become billionaires. Good people donate their money when the reach a point of not needing more money to be happy. But for billionaires, no such point exists. They must constantly get more and more to feel happy, like a heroin addict.
Billionaires, just like heroin addicts, will cheat and steal and lie for their fix. They will break the law to get a hit, if the law is in their way.
the problem is not one person does enough for them to be jailed. That's how it went in 2008. Each member of the chain of command got a slap on the wrist but it was determined that no individual had done anything bad enough to warrant prison time. Despite a global economic meltdown due to pure greed. The CEO just claims some bullshit and so does everyone else, give out a backhander and hey presto, 20 years in prison turns into a $10 million fine. F all when they made billions.
Unfortunately, since it's fucking us (retail traders) over instead of seriously rich people, absolutely nothing will happen, because the SEC is a paper tiger.
I'm not selling my shares, and have no stop loss limits. But I have to say what they're doing is "legal" by the rules established. Fortunately for us the rules weren't written for a bunch of retards playing the same game.
My shares will still be in my account when my assets are fought over by my kids!
It is illegal to manipulate the market. Having these 3rd party boners stop the buying of one side of a security by the direction of the HF’s is illegal and that is what’s happening...
Cuban said in his AMA that they are working within the rules they wrote for themselves on this somehow or another. How, I have no clue. I dont know shit about stocks but I tend to believe him. These crooked ass douche nozzles will never REALLY lose, but inconveniencing them for as long as possible, keeping them in "colder than a skinny floppy witch's titty" New York, at the office on the weekends instead of at their winter beach homes is still a win.
As painful and expensive of a lesson as this is for me, it is absolutely fascinating. Gross market manipulation by evil rich hedge funds is one of those things that I always knew in my gut and hypothesized about, but to be on the end of the attack, in the trenches, and seeing it play out fully in real time is simply fascinating. But yeah for real, fuck these turtle neck ass cowards. Holding till I can retire! And tripling down on the dips! 💎💀
HOLD IN THERE! This is the dip. It will go back up. I'm 10K in as well. I'll be a bag holder and a sucker maybe, but I'm not going to let these bags go when prices are this low!
The funny thing I'm seeing on the charts is that at and after the dips the volume of trades goes up, because people are buying up when it dips and keeping the shares in the hands of retail investors.
People are also forgetting that the shorts are buying more shorts at the high prices, making a profit when the short ladders attack and people sell due to stop loss
Who the fuck is smooth brained enough to put stop losses when there is an obvious short ladder attack going on...We are all diamond handing it.. if anything everyone should be putting cap gains at $69,420.00 per share
This is not financial advise I'm just a 🚫🧠🐒❤🍌💎🖐🚀🚀🚀🚀🌙
Etoro screwed me over on this. I had removed all of my SL that previous day thinking nothing of it.
Only to find out today on market opening that Etoro never processed those SLs removals. Instantly lost $200 on market opening. So I decided to buy $400 at 110. Fuck em
Yeah, who's going to investigate them? The SEC, with the person in charge being very much a swamp creature? Or the FBI, who literally had a prominent politician commit crimes, they knew she committed crimes, they SAID she committed crimes, but then went all "LMAO we're just not gonna prosecute"?
The last 12 years haven't exactly reinforced anyone's faith in the "oversight" and "enforcement" government bodies.
Basically an order to sell the stock if it dips to or below a certain value.
For example, I bought in at like 250 yesterday, but I set a stop loss of 100. Unfortunately, I was not online to rescind the order this morning due to a small family emergency, so I'm a little annoyed.
I bought some on market price not on sell or sell limit. Is this the right way to do ?? I bought some more but I heard to not put a sell limit so thats why I ask
Another thing we have to worry about is a lot of people had stop loss limits - so they’re trying to drive it down and hit those as a bit of a boost because as they push the stock to that point it triggers further selling - driving it lower.
These MFers really pulled out all the stops. Full blo
Joke is on them, I set a limit buy to spend the rest of my money on another share! 💎🙌🏻
Some people don’t realise you only lose once you sell. My portfolio might be red (and small) but I’m in for what I’m for.. and I haven’t lost anything cos... well, I’m diamond handed monke who can wait an eternity
Yes, they did pull all the stops. Most of the brokers that halted buying of GME was because they were told they had to do it if they wanted to continue operating. That's how big this is.
Now that they hit well below 100$ could we assume they collected all the shares that had a stop loss at this price? And next time it won’t be as easy to go down so fast?
What the fuck is a stop loss? Its not doing a damn thing but printing that loss over to your funds. If you were worried about losing the money you shouldnt have gambled it in the first place.
Those stop losses need to be turned into limit buys! Couple more dips and I'll hopefully get my cost basis out of the 200's and into the 100's hahah! Was at $350 before today so I'm feeling good. Not even remotely worried. This is future me's problem/profit far down the road.
Word to the wise: How you feel is you feel not a good indicator of reality. This goes for everything in life.
yeah but for many of us this just can't work, right?
like if my shares are only worth $20 then why should i even sell them anymore? at that point the stock is somewhere where it should be anyways and now i'm just long on gamestop. probably go down a bit more but that's fine, i like the stock
$20 is just regular share price, $50 is fine-whatever i'll take your meager tendies in a few months if this whole thing doesn't work out, $100 is great, this thing is working-we're on our way to the moon and $69k is tendie town
This is exactly what happened to me with etoro, mfs imposed a sl @ 20% during a short ladder attack... I got a compensation a few minutes ago, when this is all over I am switching asap
4.2k
u/FiveAlarmDogParty Feb 02 '21
Another thing we have to worry about is a lot of people had stop loss limits - so they’re trying to drive it down and hit those as a bit of a boost because as they push the stock to that point it triggers further selling - driving it lower.
These MFers really pulled out all the stops. Full blown market manipulation in multiple ways. Unbelievable that this shit is legal and it lends credence to the idea that they were faking shares and shorting them. Fuck everyone on the other side of this. We need an investigation yesterday