This is what happens when someone (hedge funds like Melvin Capital, et al in this case) is caught with their pants down and tries to do everything they can to get their way; with also their accomplices. (I'm sure you can think of another similar event of this happening).
One more thing. GME is 'going' up. (Again)
Can't stop, Won't stop, Next stop, Game Stop, Full stop.
That hedge funds were even allowed to short so much naked was ridiculous. I mean the fallout from a GME continuing to rise would be catastrophical to the financial system. It would cost tens of billions that these funds do not have and would end up costing the banks money that they could not lose.
I believe we need stronger regulations when it comes to what hedge funds are allowed to do. This kind of stuff can lead to the next crash and they will just receive another bailout - because reasons
I'm a moderator of /r/silverbugs and we've been getting slammed all morning with either accounts from wallstreetbets or accounts trying to make them look bad, with dozens of brand spanking new or barely used accounts spamming to buy various silver related stocks/funds.
I've banned more accounts this morning than I have in 2 years.
I modded and later administrated a smallish v-bulletin forum for over 5 years (20 - 70 registered users posting on any given day, depending), I remember some d*cks from a big Red Sox forum harassing us occasionally but nothing coordinated, widespread, or unmanageable.
Running a forum on Reddit seems like running a store in downtown Seattle, I'm sure the discoverability of Reddit is nice, but God bless anyone willing to put up with the mobs who just wanna break shit.
As recently as 2011 spot was as high as $56.28, it's $26.29 right now and was $14.28 last March.
I don't agree with that statement.
>Why are you afraid if Silver goes higher?
Never said I was. /r/silverbugs is for stacking, it's a hobby for the vast majority of us, we hold physical silver. So hundreds of people trying to get rich quick day trading after seeing articles about GameStop flooding the sub to tell us to buy SLV has nothing to do with our community and, in fact, most people in our community swear by "if you don't hold it, you don't own it", so it actually goes against our communities general beliefs.
Reminds me of the schmucks that seemed to pop up in every forum on the internet 15ish years ago saying to buy the Iraqi Dinar. Oh, and you know, the idiots that push penny stocks to make a quick buck off of uneducated people that have fallen for the FOMO crap that is spread by the people trying to make a quick buck.
While it does show contempt for their user's ability to make their own decisions, RobinHood's actions are likely a misguided attempt to protect their users from absolutely awful investments rather than protect wall street. The damage has already been done to the short sellers.
How sure are you of that? Have you shorted gamespot yet?
Traders will see this as a cost of doing business. They will continue to try to do it again and again, because they've done it thousands of times in the past and only been caught out significantly once before (VW in 2008). They definitely haven't lost - the money they use isn't theirs to lose (they just take a percentage of the profit they make, they're not losing their own money) and, more importantly, traders are up hundreds of billions in the past decade or two, so a few tens of billions lost now isn't going to put them off trying again.
Basically all of it. Unlimited free money printing, while we get a $600 check.