Reddit Shuts down WSB for "hate speech"

Peak censorship in the US. I guess freedom no longer means anything to the authorities. 

Source: why don't you try visiting WSB page? https://www.reddit.com/r/wallstreetbets/


What's wrong with bunch of average people practicing their own freedom to fuck up a tiny hedge fund and make themselves bunch of $$? That's free market capitalism at its best. I guess only a selected few are allowed to make money? America just reached peak crony capitalism.

 

Oh wow a lot of people on that offshoot, probably one of the bigger ones I've seen. Still OG WSB is the only one for me.

"The obedient always think of themselves as virtuous rather than cowardly" - Robert A. Wilson | "If you don't have any enemies in life you have never stood up for anything" - Winston Churchill | "It's a testament to the sheer belligerence of the profession that people would rather argue about the 'risk-adjusted returns' of using inferior tooth cleaning methods." - kellycriterion
 
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I’m personally not invested (pun somewhat intended) as to the outcome for either side, but saying “a bunch of average people... making themselves bunch of $$” is a little naive. This is a textbook bubble— a couple individuals have and will make themselves a bunch of $$ off this, but there will be many many many more of those average folks who get absolutely walloped when it’s realized that maybe GME is not worth $300+ or even +$15. I’ve seen bunch of comments on WSB saying the likes of “this is my first stock, is $200 too late to get in?”.. when this crashes lots more people than Gabe will be hurting to the benefit of some who drove up the bubble up. Besides, I’ve seen borderline sketchy things in those threads.. individuals begging people to buy, giving incentives for the price to rise to a certain (in the form of things like charitable donations). Not to mention, this is not Tesla 2.0; however, that’s exactly what lots of WSB folks think it is. The former has a number of bull and bear cases, the bullishness of which was driven by a charismatic leader and a legit revolutionary product. GME is literally and in the simplest form pumping pumping pumping up the stock so those on the front end can make their spoils. They are trying the same thing with AMD and BB.. for no other reason but to pump up the price (they should come up with a term for when some pumps up the price then subsequently dumps the stocks). Anyway I don’t really care I just figured I’d say this cause I haven’t seen many people with these same thoughts

 

No shit it's textbook bubble. 

But when the entire industry decided to create huuuuge bubbles during the dot com era and pre-2008, no authorities bet an eye.

Now that average people are doing it, it's dangerous all of a sudden? I just find it hypocritical.

 

Tesla up 1000% in under a year with billions in shorts getting blown out. No one bats an eye or says retail investors colluded to pump a company that's only profitable due to subsidies and tax credits. Why? Because Nancy Pelosi and others bought millions in stock or options prior to the run-up. Suddenly retail investors catch a hedge fund in an overextended position and decide to bully little Melvin for getting greedy. Now his parents will call the news pundits to shame you and explain why doing this is dangerous to "market integrity." It's so nakedly hypocritical it'd be enraging if it weren't such pathetic an attempt to stem retail trader enthusiasm for sticking it to the man.

"The obedient always think of themselves as virtuous rather than cowardly" - Robert A. Wilson | "If you don't have any enemies in life you have never stood up for anything" - Winston Churchill | "It's a testament to the sheer belligerence of the profession that people would rather argue about the 'risk-adjusted returns' of using inferior tooth cleaning methods." - kellycriterion
 

I guess the party is over. 

Even the capitalist are against capitalism if it fucks them over. 

 

If you can not be bothered to understand the basics of investing and willingly ignore the potential risks then that is your fault. The gain or loss is yours and that should be acceptable in a capitalist country instead of this crony capitalist censorship bullshit that rich people in their ivory towers benefit from when they see the ground shattering underneath them. 

Bill Ackman running a billion dollar fund can preach hell is coming, act like an Oscar winning actor and the sec simps for him, when Jim Cramer said to buy bear sterns before the stock plummeted no one bats an eye or how about any sell side analyst that promotes a buy, hold or sell rating can hop on CNBC to discuss the catalyst without any issues but when a bunch of amateurs that have aum in the hundreds or thousands start to buy a stock based on their own analysis or because of speculation the sec becomes the Green Berets and flexes its muscles.

This the antithesis of free markets because when the shit hits the fan Melvin gets bailed out by Citadel and P72 while retail investors are stuck staring at their losses. 

 

This is so stupid. All these comparisons are horrible. 

You are comparing analysts doing analysis and putting their reputation behind it to an anonymous internet thread pump and dump scheme. SEC routinely prosecutes asset managers and other individuals who do similar pump and dumps. 2017-2018 crypto, tons of cases. I mean what a horrible take. 

A ER analyst saying "I think this stock is a buy" because of XYZ, is not at all comparable to "buy this stock to fuck Melvin." Not even making a point about whether or not the SEC should get involved, just saying they are not at all comparable, and I'm sure you know that. 

Melvin getting bailed out buy Citadel and P72 is capitalism. They have a good track record and therefore have access to lines of credit. 

 

This is so stupid. All these comparisons are horrible. 

You are comparing analysts doing analysis and putting their reputation behind it to an anonymous internet thread pump and dump scheme. SEC routinely prosecutes asset managers and other individuals who do similar pump and dumps. 2017-2018 crypto, tons of cases. I mean what a horrible take. 

A ER analyst saying "I think this stock is a buy" because of XYZ, is not at all comparable to "buy this stock to fuck Melvin." Not even making a point about whether or not the SEC should get involved, just saying they are not at all comparable, and I'm sure you know that. 

Melvin getting bailed out buy Citadel and P72 is capitalism. They have a good track record and therefore have access to lines of credit. 

At what point is "pump and dump" just the market?  For one or two actors to engage in a coordinated scheme to raise a price and get out, that I can see.  When millions of small retail investors follow advice, how is that a "pump and dump"?  Genuinely curious what the law is.  If this is a pump and dump, how is the entire financial news sector not a pump and dump?  When a company reports better than expected earnings and the price goes up, isn't that a pump and dump under this definition?  As long as no false information is being spread and no insider info is being traded on, what's the issue?

 

A ER analyst saying "I think this stock is a buy" because of XYZ, is not at all comparable to "buy this stock to fuck Melvin." Not even making a point about whether or not the SEC should get involved, just saying they are not at all comparable, and I'm sure you know that. 

Definitely not an ER analyst, but having lurked on the WSB sub since 2019, there have been some pretty decent takes on Gamestop on the sub - it's not all just buy to screw the HFs out there. I think all of this is a byproduct of how crazy the markets have been in the last year, but you can't just pick and choose which stocks deserve to be overvalued because of "fundamental analysis". How is buying because of Ryan Cohen-hype and the imagination of GME becoming the sole provider of Corsair and other gaming products and everything any different than people betting on what the future looks like and investing accordingly? At the end of the day, isn't it just supply and demand? 

I get that recently it has been more about sticking it to the HFs, but brokerage platforms telling investors that they can't buy something is different from a meme group telling them they should buy on a forum. Only one gives the option for free decision-making. Tons of WSB users have been talking about GME longer than the last two weeks and no one cared then. 

I hate that most articles covering this have made it into a poor vs. rich narrative and I think CNET is one of the only outlets I've seen mention in length that many users actually believed and still believe in the company, whether with a true, coherent thesis or a risk-happy, gambling mindset.

 

Yankee Doodle

They ban them for "hate speech", not market manipulation. Shows you what the real purpose of woke capital it is and who it protects.

Welcome to neoliberalism.

I was under the impression they closed the sub for a while because people were engaging in criminal speech - calling for violence against specific people/groups.

Also, genuinely curious why this is "market manipulation"?  As far as I can tell no one is deliberately lying to pump up the stock price, nor trading on insider information.  I'm not conversant on securities law, so I'd love to hear the explanation.  

 

Making fun of someone with memes or calling out shitty behavior is "calling for violence" according to these people.

And of course the market manipulation charge is bullshit. But that's just typical behavior of our elites these days. Play the woke card whenever egregious and immoral behavior is discovered. That's all it's ever been used for. It is a class tool used by the new economic elite to deflect and control. 

"Work ethic, work ethic" - Vince Vaughn
 

"I lost all my money because...(government, hedge funds, collusion, rich people),  not because I bought Gamestop at a $25 billion valuation."

When retail gets fucked it will be someone else's fault.

"But when the hedge funds get fucked its someone.."

NOPE! Hedge fund people go to jail, pay fines, and go bankrupt all the time. 

Have fun getting your faces ripped off Robinhood virgins. 

 

GME was on track to balloon to $650-$700 within half an hour of market opening before Robinhood news broke. Shit went up from $350 to $500 while the market was closed AFTER HFs were artificially driving the price down. Fuck out of here you privileged piece of shit. Go suck Ken's tits more. (And no, I didn't lose money. I pulled at 250% gain).

 

Okay hater.

I actually built a small time series model using this past week's returns data. I got it to predict when today's peak would be and I was only off by 10 mins. Trading patters were that consistent this past week. Bought at $330 yesterday and sold at a cool $400. 

Not a bad momentum strategy if you ask me.

If I want to take advantage of once in a lifetime opportunity, then what's wrong with that This? THIS IS WHAT quant traders to EVERYDAY man. 

This kind of attitude is what makes me hate MBA students. Pompous assholes who think they run everything.

 

THIS IS BLATANT ABUSE OF POWER hahaha holy shit this is flagrant its incredible ...I hope AOC treats this as seriously as gay unicorn rights 

fucking hilarious the user count in the new WSB counts participants as retards XDDD

 

It's absolutely perfect that they used ''hate speech'' to justify the ban. The same argument used to censor conservatives everywhere. As I said in the other thread as well, you now know that ''hate speech'' is the argument used by the liberal elite to protect its economic interest and power. The ritualistic genuflection to social justice causes is there for their narcissistic need to feel good about themselves while at the same time being a shield against any criticism. They are ''the good guys'' and they ''deserve to be your benevolent leader''. You will also not be allowed to raise just like they will not allow themselves to fall.

The irony is that all the talk about ''dismantling systems of oppression'' comes from the actual oppressors. It's also amazing to see how quickly the eradication of free speech online reached free markets. A good lesson for all those libertarians who thought they could shy away from the culture war.

What's also better is that now, the only platform you can organize on is.... Telegram. Yes, Americans who want to exercise their freedom now need a Russian infrastructure, because the liberal elite otherwise won't allow them. You are now less free than Russia. Congratulations. Just wait they try to shut that down because of ''Russia collusion''. Highly predictable at this point.

Never discuss with idiots, first they drag you at their level, then they beat you with experience.
 

Mr.GGekko

WSB and Robinhood traders are the market manipulators, but they are poor so it's okay? That is what I am hearing from robin hood traders. 

I don't think your hearing that from Robinhood traders.  What you're hearing is that they're doing the same exact thing that large scale investors do on a daily basis, but because they're poor and the other guys are rich, the system gets rigged against them.  Which we saw in stark relief yesterday.  

 

This is nothing more than a viral pyramid scheme. Retail investors: "if you buy it at $310 and the next person buys it at $320 and you can find another person to buy it for $330, we'll all get rich!! What's wrong with that?!". Someone will be left holding the bag. And a lot of people it looks like. There's a floor right now for $330 - that's a fuck ton of people in for what is probably 30x the value of the stock back in December. There are going to be a ton (look at WSB user growth this week) of retail investors decimated and they are going to cry and blame other people why they let this happen.

Citron Research said they are never publishing a short report again - what a travesty, they uncovered the Valeant fraud. What is going on right now is not how stock markets should function and should be stopped.

 

recoveringcpa

This is nothing more than a viral pyramid scheme. Retail investors: "if you buy it at $310 and the next person buys it at $320 and you can find another person to buy it for $330, we'll all get rich!! What's wrong with that?!". Someone will be left holding the bag. And a lot of people it looks like. There's a floor right now for $330 - that's a fuck ton of people in for what is probably 30x the value of the stock back in December. There are going to be a ton (look at WSB user growth this week) of retail investors decimated and they are going to cry and blame other people why they let this happen.

Well, thanks to most of the retail trading platforms they now all have a case when they cry.  

Citron Research said they are never publishing a short report again - what a travesty, they uncovered the Valeant fraud. What is going on right now is not how stock markets should function and should be stopped.

What do you mean, this isn't how the market should function?  You mean when a hedge fund makes a dumb bet and gets punished for it, that's the market acting irrationally?  This is the purest expression of the stock market - find a dislocation and exploit it.  The idea that stock pricing is tethered to some kind of "fundamental"
 reality has been bullshit for a very, very long time.  Is Tesla, a company that doesn't even make a profit, more valuable than Ford, Chrysler, and GM combined?  No... and yet, here we are!  Don't see you complaining about that.

You're argument boils down to "the people losing money are the people who know what they're doing, the wrong people are making money."  Which is just such an arrogant take.  It presupposes that you have a right to make money in all situations.  By definition, if you're losing money in the stock market, it's because you don't know what you're doing.  Either that, or you have to admit that the whole thing is just another form of playing roulette.  Melvin Capital and their ilk made a serious of incredibly dumb, incredibly greedy bets and got punished for it.  No insider trading, no market manipulation, just a bunch of people waking up and realizing "these assholes are so arrogant that they don't even realize the position that they're in."

 

My argument is that the most financially illiterate among us are going to lose a lot of money. A general societal problem, but not the main subject here. A well functioning capital market should not be a roulette... do you disagree with this? Pro-mortgage crisis? Don't really care if you think it's "bullshit", but (as you know) all assets are worth the net present value of their cash flows. If the little retail guy can continually bid GME to $350, eventually a $350 bag holder of GME will realize the future earnings of GME will NEVER pay back or justify their principal investment in the stock. It is going to crater and it is only a matter of time. OR if GME is acting rational, they should announce a stock issuance and dilute everyone.

Also, what is so wrong with shorting a business? I could go on my Xbox right now and buy digitally half of my local Gamestop's library and pirate the other half. These hedge funds deserve to be punished simply because Gamestop is a shitty business? Why? You can't justify that as a social good in any rational way. Short selling also promotes good corporate governance (see Citron and Valeant - multiple executives sent to prison).

Lastly, on the Elon Musk red herring, I think he's a jackass and should be censured by the SEC.

 

Ozymandia

You're argument boils down to "the people losing money are the people who know what they're doing, the wrong people are making money."  Which is just such an arrogant take.

this isn't what his take was at all. what you say he is boiling it down to has nothing to do with what he said.

 

Elizabeth Warren has decided to request the SEC to push an investigation on Reddit and r/wallstreetbets

So much for serving the people. Didn’t this bitch want to greatly raise taxes on all financial institutions? Just your average Dem, always switching sides and not having a clear vision on anything

 

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