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GameStop (GME) Stock Surges Amidst New Board, Short Squeeze [Read Threadmarks]

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Filipus

Filipus

Prophet of Regret
Avenger
Dec 7, 2017
5,135
I cant open an account anywhere. Etrader is not processing the last steps, Fidelity is not even loading the website correctly... I feel so betrayed by Robinhood. Sure, it's my fault I got played but when FLIPPING ROBINHOOD cancels my ability to buy (and I just woke up) I thought it was over. So dumb.


Anyone have any suggestions of a place I can open an account and buy before tomorrow (or even tomorrow)?
 

Deleted member 2379

User requested account closure
Banned
Oct 25, 2017
1,739
Relaxed Muscle said:
My point is there's a lot of bad actors as unreliable as Joe K, but they are allowed to trade.

Hedge Funds are making a bank here today, but Joe K can't do now. The fact that 'this is how the system is built' don't make it fair. The market allowed Joe K to play until the saw fit. If an amateur discover how to win then that can't be allowed.
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I expect this was an order from FINRA (regulatory body for all brokers) which is why you are seeing the changes be very broad.
 
dem

dem

Banned
Nov 3, 2017
900
There will be fines...
and the fines will be a lot less than they saved. A drop in the bucket.


Thats how it works. Thats why I keep pumping Facebook. The fines don't matter.
 
DJ88

DJ88

Member
Oct 26, 2017
830
Safe to say I'm pretty pissed at myself right now.

Meant to put a stop order when the big dip was happening, accidentally did a sell limit and immediately sold my 9 shares at the price they were currently at of $120.

Wouldn't have been a big deal, but Robinhood had to stop people from buying. I could've easily bought it all back.

I don't have any other broker options that I could setup and be able to buy today. My only hope is that the backlash is big enough for RH to turn buying back on.
 
Salient_Lion

Salient_Lion

Member
Dec 20, 2020
235
Bigg said:
nvm
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Calamari41 said:
Directly forcing the bad actors in charge of our financial system to show their ass to the world is a pretty impactful activist activity.
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Enforcer said:
How about you let him do whatever he wants with his money.
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Bigg said:
yeah okay nevermind I'm out of here
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If I do end up making a profit I'll be donating a fair chunk of it to charity. I think it's worth the risk to capitalise on the moment and attempt to force this into the public counsiousness and generate some political will.
 
Expy

Expy

Member
Oct 26, 2017
9,866
Grouch Douglass said:
It is amazing how easy it is for a bunch of CEO's to get together and shape the country the way they want like this and there is now w


I wonder if its a matter of the possible fines they could be facing could not possibly exceed the amount of money they would lose if the market were to continue unfettered?
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Calculated move. The fines would be nothing if anything.
 
BlueManifest

BlueManifest

One Winged Slayer
Member
Oct 25, 2017
15,338
I could see big rules coming from the cause of this in the not too distant future

I could easily see them limiting individual trade accounts to 1 trade per day or 3 trades per week

Thanks WSB
 
pirata

pirata

Member
Oct 25, 2017
2,411
Dammit, can't open an account for the life of me. Have a retirement account through work with Fidelity, trying to open a brokerage account and keep getting server errors. Grrrrrr........... Any solution, or am I SOL until Fidelity gets its shit in order (unless this is purposeful)
 

Deleted member 2379

User requested account closure
Banned
Oct 25, 2017
1,739
Grouch Douglass said:
I wonder if its a matter of the possible fines they could be facing could not possibly exceed the amount of money they would lose if the market were to continue unfettered?
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A) This tweet is false. Citadel doesn't own RH
B) Citadel processes RH's order flow and trades on it. They didn't disclose it well enough and were fined last year. There was nothing illegal about it. They were just fined because they didn't do a good job explaining that Citadel pays RH to process all of its trades and can trade on the data.

Citadel doesn't own Melvin. They are an investor.

Melvin is out and down 70%.

Citadel makes money on RH trading.
 
André

André

Member
Oct 25, 2017
652
Europe
I've got no stake in this (lol), but just so I see if I understand the economics of the thing: when (if?) brokers reopen buying, a sudden massive spike should be expected, right? Due to the gigantic number of currently-suppresed people who want to buy?
 
DJ88

DJ88

Member
Oct 26, 2017
830
Are there any broker options that you could realistically get approved, have funds transferred the same day, and allows GME buying?
 
KodaRuss

KodaRuss

Member
Oct 27, 2017
3,860
Texas
Good to see there is a lot of support from republicans, democrats and other business types looking into this against Robinhood.

I am not surprised that this is what happened but how long can they hold out trading GME? It doesnt look like GME is going down as much as they want it to and they have pissed everyone off on Reddit and others that they are basically more willing to take this risk now to F them for what they have done to prevent the market influence that was legal but not profitable for them.
 
ConanEdogawa

ConanEdogawa

Member
Oct 31, 2017
1,082
André said:
I've got no stake in this (lol), but just so I see if I understand the economics of the thing: when (if?) brokers reopen buying, a sudden massive spike should be expected, right? Due to the gigantic number of currently-suppresed people who want to buy?
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Yeah. I feel like when the pressure gets too much and buying opens back up, it's going to absolutely rocket.
 
Sunbro83

Sunbro83

Member
Oct 27, 2017
1,262
My friend is telling me that this isn't a good thing and only hurts the little guys in the end (people's pensions and stuff like that). That this doesn't affect the big guys at all. Is that the case? I don't know enough about this to understand what's happening in the bigger picture
 
KodaRuss

KodaRuss

Member
Oct 27, 2017
3,860
Texas
André said:
I've got no stake in this (lol), but just so I see if I understand the economics of the thing: when (if?) brokers reopen buying, a sudden massive spike should be expected, right? Due to the gigantic number of currently-suppresed people who want to buy?
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There is so much Fuck You attitude about it now as soon as they turn it back on people will buy almost immediately out of spite it seems.

Realistically how long can they prevent these trades for? The rest of the week? Next Week?
 
SaintBowWow

SaintBowWow

Member
Oct 25, 2017
4,085
André said:
I've got no stake in this (lol), but just so I see if I understand the economics of the thing: when (if?) brokers reopen buying, a sudden massive spike should be expected, right? Due to the gigantic number of currently-suppresed people who want to buy?
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It really depends on what the price is when trading GME is allowed again on these platforms. If the price crashes before then then I assume everyone will assume they missed the boat and not buy in.
 
Zachary_Games

Zachary_Games

Member
Jul 31, 2020
2,979
Sunbro83 said:
My friend is telling me that this isn't a good thing and only hurts the little guys in the end (people's pensions and stuff like that). That this doesn't affect the big guys at all. Is that the case? I don't know enough about this to understand what's happening in the bigger picture
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No... The affect GME has on the overall market in a vacuum is one-tenth, of one-quarter, of one-percent.
 

Fusionterra

Banned
Oct 28, 2017
700
Screenshot_20210128-120050_Discord.jpg
 
gothmog

gothmog

Member
Oct 28, 2017
2,434
NY
Sunbro83 said:
My friend is telling me that this isn't a good thing and only hurts the little guys in the end (people's pensions and stuff like that). That this doesn't affect the big guys at all. Is that the case? I don't know enough about this to understand what's happening in the bigger picture
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Bigger picture is people are angry at wall street and have been for years. They are hoping that things like this will shine some much needed light on how much the market manipulates the world.

Short term, people think this is going to sink a large hedge fund and cause others to lose billions.

And yes, a huge shakeup of the financial markets and regulatory bodies would probably hurt everyone who has saved and invested at least in the short term.
 
SaintBowWow

SaintBowWow

Member
Oct 25, 2017
4,085
Sunbro83 said:
My friend is telling me that this isn't a good thing and only hurts the little guys in the end (people's pensions and stuff like that). That this doesn't affect the big guys at all. Is that the case? I don't know enough about this to understand what's happening in the bigger picture
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I do think the whole "fuck the man" attitude that's sprung up around this is a bit misguided. Yes, some hedge funds are hurting because of this and that's cool, but it's not like all hedge funds were heavily short on GME, and those that weren't and jumped on the train because they saw the upcoming squeeze have likely gained massive amounts of money from this.

What your friend is likely referring to though is that hedge funds also hold plenty of stock in the market, so when they go under they'll be selling everything to cover their GME losses, which will hurt other stocks that are more likely to be in people's retirement funds.
 
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