Discord claims it's not related to GME but rather because of the language that WallstreetBets community uses.
> Today, we decided to remove the server and its owner from Discord for continuing to allow hateful and discriminatory content after repeated warnings.
> To be clear, we did not ban this server due to financial fraud related to GameStop or other stocks.
I hope for Discord's sake that the "language that WallstreetBets community uses" that they take issue with isn't "calling each other autists as a form of endearment" because if that's the case there's going to be a really tough follow up question about a different group of people's language.
Most of my GME units were purchased at ~$100. But I like the stock! So today I bought more at $330. I'm not worried that the aftermarket nominal price is just below that, because I think that's just fake short ladder figures on very low volume - I'm still HOLDING - when the short sellers are truly forced to buy back to cover their shorts the price will go to the moon. The real squeeze hasn't even begun yet.
here's my understanding (which may be wrong, and this isn't financial advice or a recommendation)
if the stock is at $20
and you think it will go to $10
you can sell the stock at $20 (even if you actually don't own the stock, and never actually gave the buyer the stock, it's more like a promise that you will deliver the stock at some point)
so now you've pocketed $20 and you're waiting for the stock to go down to $10
then, you can buy it for $10 and deliver the stock
since you got paid $20, but you only paid $10 for the stock, you've made $10
this is called shorting
people have been shorting to the point the number of stocks that are promised to be delivered is 140% of the actual number of stocks
this means that, when those who promised to deliver stocks are actually called in to deliver the stocks they already sold for $20 (or whatever price they shorted at)
they need to buy up 140% of the stocks in existence
needless to say, there are not enough stocks to enable them to cover their shorts
and this creates an insane spiral positive feedback loop in the price
none of it has anything to do with fundamentals of the business, their dividends, balance sheets etc
it's purely an artifact of a quirk state the stock has gotten into
the funny thing is it's dumb retail investors who spotted it and kind of all jumped on in at the same time
we like the stock!
if and when the shorters are truly called in on their promises to deliver the stocks they shorted
they will have to fight over an extremely limited supply of stocks, due to the nature of them having sold 140% of the stocks in existence AND us retail investors who have vacuumed up what little was for sale anyway (only a fraction of all stocks in existence are ever up for sale in the first place, so think of it like us vacuuming them all up and leaving them in a position where they have to deliver 140% of the stocks in existence when only a few percent of them are for sale
I get the mechanics of the short squeeze. That's easy.
What I don't get is the memes. WSB has millions of subscribers and appears to be a combination of a weird nihilistic wasteland, populist anger, memes and jokes, and a few people getting rich. What the heck is that?
We are experiencing technical difficulties based on unprecedented scale as a
result of the newfound interest in WSB. We are unable to ensure Reddit's content
policy and the WSB rules are enforceable without a technology platform that can
support automation of this enforcement. WSB will be back.
So sad. Obviously reddit asked them to keep in check and reddit itself doesn't have technology to help WSB moderate itself.
Just one more example why decentralization is actually the future of all content/social platforms. Centralization of control just reinforces existing control/choke points trying to keep entrenched in power in the name of guidelines.
I saw this coming from a mile away because the way these threads were used was entirely new. Essentially, threads were used more like live chats where people reacted to the stock price. Everytime a thread hit the 100k comment limit, they had to create a new one. Due to the activity, the threads were also constantly at the top of the reddit frontpage.
> We are experiencing technical difficulties based on unprecedented scale as a result of the newfound interest in WSB. We are unable to ensure Reddit's content policy and the WSB rules are enforceable without a technology platform that can support automation of this enforcement. WSB will be back.
If they don't come back before market open $GME, $AMC, $BB all go caput tomorrow. The community will panic sell without a place to unify.
Nah, /r/wallstreetbetsnew is already up and organizing as a backup.
I'm sure some of the mods are probably thinking about taking their sub the fediverse... this is definitely a sub ripe for breaking out of reddit into it's own thing...
I feel like there's something better coming though. I feel like something's missing from activepub/federation.
I don't know if it's something to make censorship harder, or make privacy better, or for better identity.
Something though is missing. Maybe there needs to be a centralized "identity" and accounts can be "verified" like on twitter and you'd use @user instead of @user@server.com
This way you also could have less chance of impersonation. That's something that I really wonder about... I mean Obama could have an account on one site, and I could create an account with same name on another server masquerading as him, and who'd know which one's authentic?
Sure, if you don't care about celebrity insights that's great, but celebs actually do reply on twitter and that's one of the "draws" being able to possibly interact with someone famous who could make you "famous for a minute".
I would suggest that the authenticity problem you describe has already been solved by similar systems (Email, XMPP, etc). Nothing wrong with discussing this, of course.
Email can be spoofed, no? usernames are a dime a dozen, but on twitter there's a single username for Stephen Colbert for example. It's verified that it really belongs to him, and only he's authorized to use it.
I think anyone who wants should be able to verify themselves. Whether you are a celebrity or you just think you are because you have 14k twitter followers (grumble grumble).
If you become famous overnight, you're already have a verified identity for PR, etc.
So, I think centralized one-identity that you can control makes a lot of sense and maybe you can always have a kill-switch to set your profile private, or delete/wipe the data and control your own privacy.
This was my first and last "gambling session" with stocks. Bought in at 70 and sold at 380. Really glad that I got lucky for once but I'm never gonna do that again!
Or perhaps we create and start promoting decentralized options?
It's still early days but I was recently looking into decentralized web-hosting through IPFS / ENS and it's definitely maturing. I think we'll be seeing more decentralized services in the next year or two.
Over the past decade or so we have seen the increasing power of social media that can manipulate numerous people into behaving a certain way for a certain outcome.
Just look at the last four years...
Would it be possible to target specific financial institutions in the market to cause volatility and or a crash?
A sort of social media driven financial weapon.
Looks like WSB is back. Mods took it private to probably do some bot-cleansing and to figure some things out given the sub is 3.6 million strong now, and the growth just in the past week is insane.
They definitely feel let down with what Discord has done though and seeking help from the community.
54 comments
[ 3.1 ms ] story [ 115 ms ] thread> Today, we decided to remove the server and its owner from Discord for continuing to allow hateful and discriminatory content after repeated warnings.
> To be clear, we did not ban this server due to financial fraud related to GameStop or other stocks.
https://www.theverge.com/2021/1/27/22253251/discord-bans-the...
What are you insinuating?
Hedge funds are losing at their own game with their own rules, and trying to find other ways to win.
if the stock is at $20
and you think it will go to $10
you can sell the stock at $20 (even if you actually don't own the stock, and never actually gave the buyer the stock, it's more like a promise that you will deliver the stock at some point)
so now you've pocketed $20 and you're waiting for the stock to go down to $10
then, you can buy it for $10 and deliver the stock
since you got paid $20, but you only paid $10 for the stock, you've made $10
this is called shorting
people have been shorting to the point the number of stocks that are promised to be delivered is 140% of the actual number of stocks
this means that, when those who promised to deliver stocks are actually called in to deliver the stocks they already sold for $20 (or whatever price they shorted at)
they need to buy up 140% of the stocks in existence
needless to say, there are not enough stocks to enable them to cover their shorts
and this creates an insane spiral positive feedback loop in the price
none of it has anything to do with fundamentals of the business, their dividends, balance sheets etc
it's purely an artifact of a quirk state the stock has gotten into
the funny thing is it's dumb retail investors who spotted it and kind of all jumped on in at the same time
we like the stock!
if and when the shorters are truly called in on their promises to deliver the stocks they shorted
they will have to fight over an extremely limited supply of stocks, due to the nature of them having sold 140% of the stocks in existence AND us retail investors who have vacuumed up what little was for sale anyway (only a fraction of all stocks in existence are ever up for sale in the first place, so think of it like us vacuuming them all up and leaving them in a position where they have to deliver 140% of the stocks in existence when only a few percent of them are for sale
= lol
What I don't get is the memes. WSB has millions of subscribers and appears to be a combination of a weird nihilistic wasteland, populist anger, memes and jokes, and a few people getting rich. What the heck is that?
I agree /r/wallstreetbets is hard to grasp :P I'm just along for the ride
But yeah tomorrow is going to be fun to follow this, when the real squeeze kicks in.
Just one more example why decentralization is actually the future of all content/social platforms. Centralization of control just reinforces existing control/choke points trying to keep entrenched in power in the name of guidelines.
It even includes mining for new posts which is a simple yet surprisingly effective way to limit people's willingness to sock puppet.
Truly. In this case it remains to be seen if they can get back online, apparently it's happened before.
If they don't come back before market open $GME, $AMC, $BB all go caput tomorrow. The community will panic sell without a place to unify.
I'm sure some of the mods are probably thinking about taking their sub the fediverse... this is definitely a sub ripe for breaking out of reddit into it's own thing...
https://github.com/LemmyNet/lemmy
I feel like there's something better coming though. I feel like something's missing from activepub/federation.
I don't know if it's something to make censorship harder, or make privacy better, or for better identity.
Something though is missing. Maybe there needs to be a centralized "identity" and accounts can be "verified" like on twitter and you'd use @user instead of @user@server.com
This way you also could have less chance of impersonation. That's something that I really wonder about... I mean Obama could have an account on one site, and I could create an account with same name on another server masquerading as him, and who'd know which one's authentic?
Sure, if you don't care about celebrity insights that's great, but celebs actually do reply on twitter and that's one of the "draws" being able to possibly interact with someone famous who could make you "famous for a minute".
I think anyone who wants should be able to verify themselves. Whether you are a celebrity or you just think you are because you have 14k twitter followers (grumble grumble).
If you become famous overnight, you're already have a verified identity for PR, etc.
So, I think centralized one-identity that you can control makes a lot of sense and maybe you can always have a kill-switch to set your profile private, or delete/wipe the data and control your own privacy.
Edit: is the current submission a dupe of https://news.ycombinator.com/item?id=25868680? Sounds like the same story but 5 days was a long time ago.
It's still early days but I was recently looking into decentralized web-hosting through IPFS / ENS and it's definitely maturing. I think we'll be seeing more decentralized services in the next year or two.
Would it be possible to target specific financial institutions in the market to cause volatility and or a crash? A sort of social media driven financial weapon.
They definitely feel let down with what Discord has done though and seeking help from the community.
https://www.reddit.com/r/wallstreetbets/comments/l6j4r9/wher...