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This is a great thread.
On the face of it (most news articles), it seemed that the “bad guys” at Wall Street Bets (WSB) were colluding by all agreeing to buy shares in the same company at the same time and therefore force the price to go up. If there were no such thing as shorting the market, you could argue that those WSB guys just recognised that the changes to GameStop strategy recently, and the Covid19 effect, gave them cause to believe the stock was undervalued. However, cudos to them for figuring out that with such a ridiculous number of shorts in the market (over 130% of shares available on the market), it would not take too much of a buying effort to force margin calls, and that is what happened.
This has bugged the sh*t out of me ever since 1980 when the Bunker Hunt brothers were accused of “treason” when in fact they were trying to do exactly the opposite of what they were accused of. Ever since then it has staggered me that the law makers can continuously fine large corporations for “illegal activity” yet allow them to continue their illegal activities provided they keep paying the fines. Since the profits exceed the fines it is just a cost of business to them. Never mind the retail investor who gets shafted sideways. It’s a bit like the executive pay committees of large corporations. Nepotism.
So was buying GameStop shares illegal? NO
Is it / was it a scam? Cannot be proved one way or another. If the public is willing to buy the largest stocks in the US at price to earnings ratios that would require a thousand years to pay back the stock, who is to say what is a scam and what is not. For sure, mass investors have clearly taken leave of their senses in both bond and stock markets.
Should it be made illegal? NO. What is the difference between 20 blokes meeting in a pub every Friday night and deciding which stocks to buy on Monday, and 20,000 blokes meeting on an internet forum and deciding which stocks (or currencies) to buy? If anything it should reduce the excesses of the whale shorts mafia, which has had detrimental impact on some companies that would not otherwise have happened except for greed of a few.
Tonight I watched 2 to 3 hours of a live stream from a small group (2,000 or so) watching the alleged pump of XRP tokens. It was a trade I had set up on Friday anyway. I learned more about price action watching the live stream commentator in 3 hours than I had learned in 3 years previously. I find such live and mass events incredibly educational on more than one level. Long may they continue
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Palihapitiya might also not be the total good guy he’s being made out to be by the media. He just wants some of that Robinhood action for the company he’s IPOing later in the year, Sofi, and he’s not afraid to get out there and say RH is just as bad as Facebook when it comes to selling your data (he’s also an ex early FB executive, so he probably does have deeper insight that most on what goes on inside Facebook). Sofi for the most part has exactly the same business and payment relationships Robinhood has with firms like Citadel (payment for order flow - PFOF) and requirements brought on by the clearinghouses they work with.
Smart guy, with not so genuine motives.
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Buy in wild trading? hell nah!
I have read a very little about this that regulators want to halt the trading but that “it’s hard to prove such posts are part of an illicit scheme to manipulate the market.”
What do you think how its gonna affect the different markets?
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Capitalism as @sprotz sees it 
Really good compilation ! (Auto plays through the excerpts +
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Big jump in Silver, if this is the Reddit gang I wish them the best as I have a large silver position that has done nothing for months
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Hope your silver does well @Dennis3450 - Really, seeing the potential collapse of faith in the monetary system as a whole - it should do ! - Certainly in the longer term I think,
As to the “Reddit Group” - I link them in my own mind to the current attempts to eradicate men and boys from Society which I have Identified elsewhere and some of you may wish to read some of what I have posted in another thread - which I think is perhaps very relevant to this situation - Long may we see their actions continue !
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I think they were also pushing some crypto called dogecoin. Not sure how buying that is sticking it to the man. There’s nobody prominent behind it that I can find. If that’s true, then why pump it?
In answer to the original question the answer IMO is no.
Of course we all now know the price has fallen alot, but let’s say it had not - and was even going higher.
As traders we all need a plan and a niche we perform best at.
Just hopping on board GME because it’s making money goes against both those tenets, infact most here don’t even trade stocks at all.
So why jumped on board something you were probably oblivious of prior to this post?
There are going to many many times when a market moves without you on board, get used to it, otherwise you are just jumping in the FOMO train - which usually crashes on you at some point.
Trading should be like sniping, not wack a mole where you only join a market that’s already hot.
Be patient, wait for opportunities in your own trading niche, don’t jump on board other people’s.
Silver is however one of my own niches, so was interested to see if the reddit crowd could push it up - the answer was no, as I expected (other than
a quick pop)
Da big boys control silver through the raising of margin requirements, and increased paper contract shorts on the COMEX
I already know a few who jumped on the ‘short silver’ bandwagon and are already regretting it - all because they strayed from their own niche into someone else’s.
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Yeah, but don’t market makers/banks/financial institutions do the same thing? They manipulate the markets.
Perhaps they just don’t like when the paradigm shifts against them.
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It’s unpleasant, but I’ve had to watch friends make big money in the stock market while I’m still learning Forex and trading 0.01 lots. My friends are high rolling with several $10k in stocks.
And I’m just trying to profit $7.00
It’s a joke.
But like you said, you can’t go bouncing around like that.
One friend told me to leave forex alone and trade stocks like him. But I knew the saying, “If you try chasing two rabbits, you won’t catch either one of them.”
So, I chose to just stay focused on forex. I wanted to jump on silver. I thought about GameStop as well. But, you can’t jump into anything unless you understand it.
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You have it correct my friend - and it shows development in your trading skill set.
The easy thing would have been to follow the crowd, it may have worked out but may have not.
Eventually the market always finds out those with true trading ability and those who are just riding their luck.
Sticking to your niche is so important.
When in doubt remember - people make money in their own business and lose it in someone else’s.
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Even if you were late to the Party… GameStop was a slam dunk of a profit opportunity…
a. A bricks and mortar franchise that is struggling against online competition…
b. Wall Street is driving the share into the floor with a massive short position…
c. An organised group of social media traders started to push the price up with volume buying…
d. GS share price roars up from an average of $17.50 to over $340 in a matter of days…
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Which way is this instrument likely to go next… anyone, anyone… Of course it is back down!!!
Why would you be buying?? And within 7 days… back to the mid $90’s
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Just like OIL in March 2020… Down from mid $50’s to as low as $8.00/barrel (IC Markets)
Which way is this instrument likely to go next… anyone, anyone… Of course it is back up!!!
Why would you be Selling?? And within 30 days… back to the mid $30’s
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Amazing how they made the stocks go so high
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ColdFusion one of the best channels on Youtube has a great video on this subject, everything that is and has happened in the financial sector can be traced back to a bill signed by Bill Clinton, leave it to billy boy to cause all this chaos
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@Dennis3450, Ditto, the Intel - From Inventors of the CPU to Laughing Stock (Two Part) feature from Dagogo’s ColdFusion channel is more ground breaking information applicable to the Markets.
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A bit of due diligence, disclosure about Robinhood’s part in the GameStop Saga.
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In simple terms but pretty complete - good maybe for Newbies to Stock Trading ?
Another perspective - which also looks at tessla and bitcoin and the struggle against censorship - which our SJWs and TDS proponents may do well to note !
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This bubble has popped basically. Despite huge interest and HODL mood prevailing in wall street bets they can’t lift GME. It still near 50$, couldn’t take off and poised to slide further. I guess short squeeze couldn’t be done without whales support
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I must disagree, what stopped the short squeeze was brokerage firms refusing to accept buy orders on GME, had the market been allowed to do its thing there is no telling how high it would have gone.
What this little experiment has taught us is the market is rigged, and the market ( or should I say the people controlling the market) will intervene when things are not going the way they want.
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