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UnRelated discussion => Off-topic => Topic started by: Night on January 29, 2021, 03:59:26 AM

Title: GME stock & government response
Post by: Night on January 29, 2021, 03:59:26 AM
Just became aware of this recently. Some crazy stuff going on with GME stock and responses from google, the government, etc.

Can scroll through to read more, I assume it will be trending for quite some time.
I've read multiple reports of them even selling peoples stocks without their consent.
Title: Re: GME stock & government response
Post by: JP_Finn on January 29, 2021, 04:41:18 AM
Selling stocks without owner’s consent is sure-fire way to get crucified by SEC.
Have a nice vacation at Federal Hotel Graybar.
Title: Re: GME stock & government response
Post by: paulkorotoon on February 07, 2021, 03:44:31 AM
Watching this story from the beginning. Completely crazy. But also quite sobering and freeing from delusions.

Here is the best situation summary I've read. Adapted from Russian, so I'm sorry for probable mistakes.

Spoiler: show
So, the redditors ‘attack’ has evidently revealed there is NO STOCK MARKET at all. Instead, there is something, suspiciously similar to an entertainment complex: here are bookmakers accepting bets on horse races (constantly being manipulated by the complex owners), here is a poker house full of hustlers, here is a casino, where roulettes are being cheated with magnets and some of players are employees. And, sure, the entertainment complex is ruled by some kind of mafia, and is protected by committees and law-writers. Sometimes you're allowed to win, but big wins go to fakers. No one is going to let a stranger systematically win in here. You're going to be pressed out or locked up. Note how exactly SEC acts in this case: they blame redditors only, as if the hedge fonds don't take any part in what's happening at all.

What's happening right now means everything we learned from textbooks about stocks and derivatives trading can be flushed down the toilet. Everything we knew about the money management turned out to be bullshit. You can as well base your investment strategy upon making bets on soccer championship games, half of them fixed. Any kind of analysis now looks clownery, as cheesy as an astrologer prognosis in a cheap magazine or fortune-telling on coffee grounds. Sometimes it just coincide with reality, no more than that.

Relatively winning strategy now looks like this: you've got an inside info. And the only truly winning strategy is this: you've got an inside, you've got enough resources, you've got a market collusion, and you've got protection. Anything else is just fairytales for plebes.