@freemo basically soros types decided to do soros fuckery, anons found out, drove the value up, caused all the shorters to blow up, now they're screeching about how dare the internet do the same thing they do.

@icedquinn yea im aware of the story a bit (didnt really look into it too much).. but what you just describe would be them long-ing the stocks (buying) not shorting.

@freemo hedge funds are holding short, anons are holding long.

@icedquinn @freemo they think things will turn their way but their corrupt attempts to "stabilize" the stock will further radicalize people

@georgia @freemo the coversups are often worse than the crimes

although who knows, maybe the other hedges were already committed by the time it happened and they're panicking.

@icedquinn

It seems contrary to how brokers are reacting then.. brokers are allowing the long buys on the stocks right now but have only blocked shorting the stocks. If it is as you say the brokers and bank shorting and getting mad their getting screwed then I would have expected the brokers not to block shorts and still permit longs (which is what is hurting the banks/brokers).

@georgia

@freemo @georgia some of the trade platforms blocked buying GME entirely.

@freemo @georgia basically, Capital called up Robin hood after shorting and extorted them in to banning trade. Then ?someone? is going around extorting the other apps in to doing the same. This is pretty overt collusion

there's one or two (Fidelity?) that refused and is still letting people trade as normal

@freemo @georgia reportedly some of the smaller apps are trying to roll it back now, 'cause you know. crimes, and losing all their users.

@icedquinn

I need more info to judge, but freezing in the face of high volatility isnt a crime its standard.. but it seems there is more to it i need to know before i excuse it.

@georgia

@freemo @georgia The SEC didn’t freeze it. Neither did the market.

Capital is going around strong arming the apps to freeze while also issuing its own transactions.

@freemo @georgia Freeze for thee, not for me.

@icedquinn @freemo the apps are made so regular people can trade stocks. no real estate brokers use robin hood. it's pretty obviously fucking over amateur retail traders.

@georgia

well yea to a point, but thats just robin hood then, fuck them, never liked them anyway.

@icedquinn

@freemo @georgia It's others too. They're doing the rounds.

Anons are already filing lawsuits.

@icedquinn

Ahh then yea i can see why that could be a problem.. though as I said seems on my end of the three borkers I used they only froze short selling and none of them froze anything else (you could still exist shorts, buy long, and sell long)... So really not sure what any of that would accomplish, those who went short would make a killing by just waiting.

@georgia

@freemo @icedquinn >by just waiting
that's why there's exhortations to hold the line

@freemo @icedquinn @georgia except there's a shitload of misconceptions though. For one, many brokers including my own didn't completely "freeze" trading, but put restrictions on trading with margin and options shit.

@denza252

yea they have mostly either restricted short sells, or put the maintenance margin at 100%, but of the three brokers I use none of them had a complete freeze.

@icedquinn @georgia

@freemo @icedquinn @georgia ngl my current contrarianism is at least 30% because of the massive influx of tards who didn't read shit and don't understand how things work then whining about stuff in the normally decent built-in chat and shitting it up with their idiocy.

@icedquinn @georgia @freemo I've been buying NOK shares all day just to test this and it's not the case on TD Ameritrade at least.

@freemo @icedquinn most people aren't shorting it though. they're buying. and they don't like this "volatility". short term trade is frozen altogether.

@georgia

I'm not entierly convinced who is corrupt here yet, still catching up.. sounds like the accusation is both sides are doing their own version of a pump-and-dump scheme which would be illegal on both sides if true.

Generally when stock prices go above a certain volatility it is common for them to be frozen as well, so regardless of if everyone is acting legally or not, the effect of both/eitehr sidemeans a very high volatility and freezing short sales (and sometimes even long buys) is very common and standard when that happens.

@icedquinn

@freemo @georgia it's just a reddit forum telling people to buy it

if that's a pump and dump then giving stock advice to anyone is a crime

@freemo @icedquinn they're not dumping though, which is why it's awesome. they're holding because they don't want to make money they want the hedge funds to lose it.

@freemo its entirely devolved in to The Internet is buying them purely out of spite at this point, and The Banks are screeching to the world to make it stop because they're about to lose another umpteen billion come friday. I guess.

@icedquinn ahh ok, that makes sense then

@icedquinn @freemo >every single hedge fund is shorting

medium heh

@denza252 @freemo is it really all of them?

@icedquinn @freemo I'm being sarcastic. People think they're not going to get played themselves, but I guarantee they will be.

@denza252

I envy the people short selling honestly. If shorts werent frozen i would be short selling like mad.. they are going to make a FORTUNE and all from the pockets of whoever thingks buying overpriced stocks is going to do something... the longer they keep it up the more the cashout on the short at the end will be.

In fact I wouldnt be suprisised if the hedge funds are playing the redditors like fools and were the ones who started the trend and got everyone buying shit up in the first place just so they could make a fortune off their shorts.

@icedquinn

@freemo @icedquinn There's this collective willful disbelief/refusal to acknowledge the possibility that other big players won't use all this shit to their own advantage
Stickin it to the man by helping line someone else's pockets.
https://shitposter.club/notice/A3i4jryjOZtsCSJPSi

@denza252 @freemo i just laugh from a distance. i'm not involved in stonks.

@icedquinn @freemo its ok to admit that things have the potential to backfire

@denza252 @freemo
> potential
populists generally lose. it's just fun to watch them try.

@denza252

the truth is the best way to be screwed on the stock market is to be predictable en masse. Having everyone agree to artificially inflate the price by buying like crazy has predictable market results and that means anyone can bet against them and make a fortune at their expense long-run.

In fact the only reason brokers are stopping short-sales at all is because if they let other people sell short then thre is less stock for **them** to sell short. I have no doubt that while all of us are blocked from short sales every broker and hedge fun out there is probably going short on every single stock they can get, most of which are probably shorting the very stocks these people are buying to inflate prices.

Its basically just hundreds of thousands of people just handign piles of money to brokers at this point out of "spite" and thinking they won something.

@icedquinn

@freemo @icedquinn "Its basically just hundreds of thousands of people just handign piles of money to brokers at this point out of "spite" and thinking they won something."

Fucking exactly my point, THANK YOU.

@swiley @freemo 140%

@swiley

Yea but waiting it out doesnt sound like a big issue, they can just wait it out and make even more of a fortune..

If everyone is buying to inflate the price so they cant exit their short position the logical thing to do is **not** to exit their short position but rather buy **more** short positions.. eventually people will run out of interest, time, or money and stop buying and the artificial inflation will drop back down.. Everyone who bought would have lost a ton, and everyone who held their shorts (and especially those who entered into even more shorts) would have made an absolute fortune..

So no need to artificially block teh markets at all, the "tactic" used by others to buy stocks would only help(significantly so) those who were shorting in the long run.

@icedquinn

@freemo @icedquinn It works like a high interest rate loan though.
So yes in theory you could hold a short position forever but in practice there's the time value of money and you want to close it quickly. This is why shorting usually requires pretty precise timing and most people don't recommend taking a bearish position that way.

@swiley @freemo

We can remain retarded longer than they can remain solvent.

@icedquinn @freemo OMG lol that's great.
FR though I'm not long GME. I don't think that's a responsible position. I'm playing with the derivatives though.

@icedquinn

doubtful they would have to buy more and more over time to keep the price high.. I doubt people could maintain that for weeks on end, and the longer they maintain it the more money the people shorting will make when it stops... so it really makes no sense as a tactic your basically just handing them your money in the long run

@swiley

@freemo @swiley and yet, one hedge fund filed bankruptcy because of this

@icedquinn which one specifically, cant find any in the news.

@swiley

@freemo @swiley melvin capital, looks like.

they were given a bailout by other funds, but there were reports capital was thinking of backing out of it

@icedquinn

Ok so they didnt go bankrupt at all then (I just checked no news they went bankrupt)

@swiley

@swiley

Not at all.. I usually have 100K + in shorts all the time. There is interest on it, but its actually very low, not super high like you suggest at all. a few percentage points in a whole year at most.

@icedquinn

@freemo @icedquinn Hmm, maybe you're right. I don't short sell ever because it freaks me out so you probably know better than me.

@swiley

Short selling is the best way to make sure you minimize drawdown on any strategy. Its important not to avoid it.

If you are scared of shortselling then buy up leveraged short ETFs, its technically a long buy for you but effectively the same as a short, the shorting is just handled by the security and not by you.

@icedquinn