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Thursday, January 28, 2021

Never trust a ticket-taker

An insider explains why Robinhood is selling out its users:

I work for Robinhood. Don't kill me.

Low-level, technical shit, comp sciences major, not finance side. Guess what we overhead today?

Vladimir, yes founder Vladimir, and the C-Suite, received calls from Sequoia Capital and the White House that pressured into closing trading on GME etc. I guarantee you the same took place at E-Trade and the others who closed trading.

File reports on the SEC page. If I wasn't scared to be out of work in a pandemic I'd quit. I'm disgusted. We all need to rise up, this is as bad as it gets when we talk about how the rich get one set of rules, and the rest of us get screwed over, and over, and over again left to bail them out and pick up the tab for their trillion dollar tax breaks. We need to pile pressure on every government and financial institution involved in this travesty of justice.

I'm taking a massive career risk even posting here but fuck these motherfuckers.

So much for the "rule of law". It's not communistic in the slightest to observe that the corporations are now obviously a significant part of the problem.

Labels: ,

129 Comments:

Blogger sammibandit January 28, 2021 4:57 PM  

Robinhood employee may God protect you in his infinite mercy. God bless you for posting. In Jesus' name I pray for your security.

Blogger Piqua Bear January 28, 2021 4:59 PM  

I'm willing to bet that reddit whistleblower voted for Biden.

Blogger right wing architect January 28, 2021 5:00 PM  

All for me and none for thee.

Blogger Nate January 28, 2021 5:00 PM  

Look... when everyone from Ja Rule to Ted Cruz to AOC to Don Jr are out for your head... you have royally screwed up.

Blogger Salt January 28, 2021 5:05 PM  

A call from the White House. Can it get any better? Joe, we hardly knew ya.

Blogger Frozen Territory January 28, 2021 5:05 PM  

I (and everyone else in the comments) called this yesterday. Blue checkmarks only you Serfs! WeBull, Interactive Broker, and Ameritrade are all in on it to. Anonymous Conservative sounds less crazy every time something like this goes down.

Blogger OVB January 28, 2021 5:07 PM  

The White House intervening, eh? Imagine the look of absolute unsurprise on my face.

Blogger NO GOOGLES January 28, 2021 5:10 PM  

I like the naivete in the post. "Report them to the SEC!"
So what, exactly? Do you think the White House is going to let the SEC step in and stop this? LOL.

Blogger Canadian Warlord January 28, 2021 5:14 PM  

"I work for _________. Don't kill me."

The #1 hit song of the 2030s. Won't be listened to.

Blogger swiftfoxmark2 January 28, 2021 5:14 PM  

Vladimir, yes founder Vladimir, and the C-Suite, received calls from Sequoia Capital and the White House that pressured into closing trading on GME etc. I guarantee you the same took place at E-Trade and the others who closed trading.

In other words, Biden is about to become even less popular.

He may have negative approval numbers by the end of next month at this rate.

Blogger NRx January 28, 2021 5:16 PM  

Its quite obvious that when multiple platforms act in concert against their own interests the compulsion comes from the government and they are acting either as an arm of the government or under compulsion and threat.

I find it surprising that Biden and the gang of criminals around him would use the WH itself to pressure them, I would have thought they would have acted through the intermediary of the SEC or treasury but Biden has no shame about corruption so I suppose this is possible.

Blogger Delaware Blue Hen January 28, 2021 5:17 PM  

It will be interesting to see what the Reddits mob's counter move will be to blatant tipping of the scales of justice against them. I doubt that the courts will help them. Well, there is always the use of the cancel culture routine--just dox everyone (hedge fund owners, DOJ officials, etc.) who has had a hand in cheating the Reddit mob out of their just rewards. Sauce for the gander and all that. Normally, I am against doxing, but seeing as the other side has thrown out all of the rules, I will be glad to make an exception in this case.

Blogger Eduardo January 28, 2021 5:18 PM  

Make Robin great again. By killing it and replacing it ...

... So which hedge fund are we gonna pillage today?

Blogger Jeroth January 28, 2021 5:18 PM  

Thomas Wictor has been almost non-stop ranting about the wicked, petulant children messing up his lawn...I mean stock market. "And the same people who fucked up Trump's chances after the election are now fucking up the stock market for retail buyers." I still have no idea what to make of the guy, except that he's always amusing.

Blogger dangerfield January 28, 2021 5:19 PM  

This is fantastic and oddly enough strikes me as more evidence that trumps "retirement" is only temporary. The utter corruption of the ruling elite is becoming clear to even their useful idiot lackeys...waiting for the biden hedge fund bailout any moment now heh

Blogger Bezzle January 28, 2021 5:19 PM  

If they think what's happening to their naked-short position in loser garbage companies (GameStop, et al) is bad, just wait until they see what happens when WSB, its appetite whetted, turns its attention to precious metals ETFs.

Blogger Wayne January 28, 2021 5:20 PM  

The elites no longer care if their actions are transparent for all to see. But waking up the masses is a dangerous game.

Blogger Doktor Jeep January 28, 2021 5:20 PM  

But muh free market.

National Capitalism has never been tried.
And I'm fairly certain that naked short selling would be illegal under national Capitalism.

In the meantime, throw trade services on the "get your own" stack. Maybe in 10 years we might have that if anybody has any money left.

Blogger Azure Amaranthine January 28, 2021 5:21 PM  

The corporations are the government-guaranteed, fedres-funded mercenaries to do what the government isn't allowed to.

Not only that, but corporations exist for no other reasons than to take advantage of tax breaks and legal loopholes. They're existentially chained to the carrot and stick of a tax system that only exists for politicians to abuse; this revealed in that fedgov operating funds can easily be supplied by not only tariffs, but also inflation.

Blogger Hbogbinder January 28, 2021 5:26 PM  

RH's whole business model is a treason against their customers. Build a platform to systematically attract the noisiest and most atomized order flow. This is the most profitable order flow for HFT guys. Then sell the order flow to a HFT market maker like Citadel. If it is "free" you are the product.

Blogger Angela January 28, 2021 5:29 PM  

I love how every evil in every arena of life is being revealed to us. We see. We see it all. The emperor has no clothes. And now we pray as we are commanded. Pray with purpose, conviction, and fearless power.

What a time to be alive! Hold the line.

Blogger Hbogbinder January 28, 2021 5:30 PM  

Latest is RH has drawn down its credit lines. The swings in GHE are so big that they must have customers missing margin calls and in deficiency. RH might actually face some serious losses from this situation.

Blogger Gettimothy January 28, 2021 5:37 PM  

Barnhardt called it a decade ago.

It is beginning to sink in that in (((clown world))) economics is not about economics, law is not about law, politics is not about governance, education is not about education , language is not about communication.

Fortunately, Christendom awakes and (((clown world))) will bleed.


Funny aside..I am working poor, have no interest in finance or stonks. I saw this opportunity to join the battle against them. Per Neon, I installed RobinHood,gave them my phone number and ssn ....24 hous later I am a Zerohedge Muppett.

(:

Feels good man.

Anybody know what trading apps our man Putin recommemds?

Also, the Robinhood founders look like milli vanilli

Blogger Crew January 28, 2021 5:38 PM  

Some shill on WSB is claiming that it is an obviously fake letter ...

Fake but accurate, no doubt.

Blogger Faramir January 28, 2021 5:41 PM  

Man, this just gets better. Hedge funds got their bluff called, and now they're pissed? Maybe shows you knew what you were doing and the ridiculous risks you took with other people's money, O hedge fund managers.

Wonder how many people will sue the funds for breach of fiduciary duty in taking excessively risky bets...

Blogger Gallant January 28, 2021 5:41 PM  

Still resembles big-tech "Cancelling" of someone on the net, in that it's coordinate between many players with the intent of denying something to people with no recourse.

It's like they canceled. . . Integrity. . . .

Blogger Ominous Cowherd January 28, 2021 5:41 PM  

NRx wrote:... I would have thought they would have acted through the intermediary of the SEC or treasury but Biden has no shame about corruption so I suppose this is possible.
Zho Bi-Den has no shame about his corruption, but he is non compos mentis. His handlers have abandoned all pretense of honesty and legitimacy, and don't care if the whole world knows about these crimes they're committing in Zho's name.

Blogger liberranter January 28, 2021 5:42 PM  

I find it surprising that Biden and the gang of criminals around him would use the WH itself to pressure themL

Why on earth would you find this surprising? These people clearly no longer feel the need to even pretend that the rule of law exists and that their corruption and tyranny need to be masked.

Blogger Azimus January 28, 2021 5:43 PM  

Bernie Maddoff is kind of a hero - he was the last shyster with a conscience...

Blogger Damelon Brinn January 28, 2021 5:47 PM  

I like the naivete in the post. "Report them to the SEC!"

You don't tell people to call the SEC because it will help. You tell them to do it because you know it won't.

It's not about courts and cops and what's legal anymore. It's about convincing a critical mass of Americans that the entire system is rigged against them, that the oligarchs aren't going to let us have even a single win anymore. For most people to realize that, they have to call the authorities about a clear injustice and be rebuffed. Probably more than once. The election was a big one, this will be another. Eventually they will get it, as we here did.

Blogger Arthur Isaac January 28, 2021 5:49 PM  

It's not a market, it's a racket.

Blogger RJ January 28, 2021 5:52 PM  

"A call from the White House. Can it get any better? Joe, we hardly knew ya."

You're assuming that Joe made the call. He didn't. He was tucked in his bed safely in the basement. They only let him out for press conferences and photos ops, he doesn't have a damn thing to do with actually running anything.

Blogger basementhomebrewer January 28, 2021 5:53 PM  

Things are rapidly disintegrating. Trump might have started the overthrow of the establishment, Biden might unwittingly cement its finish.

Blogger Newscaper312 January 28, 2021 6:03 PM  

@Damelon
Correct. Complain to the SEC so they are *seen* to do nothing, emphasizing the fix is in.
And maybe, just maybe, the pig just might fly.
Win-win either way.

Blogger Ominous Cowherd January 28, 2021 6:07 PM  

Gettimothy wrote:Barnhardt called it a decade ago.
Following up some of Barnhardt's stuff from back then is what led me to eschew financial assets. That decision has worked out very well for me. Thanks, Ann.

Blogger RedJack January 28, 2021 6:11 PM  

As a kid, I loved Batman. No I get the Joker.

Had a friend call me asking if I had "joined an insurrection " by buying GME stock. Said that by the time I noticed it was to late to join the fun, but I wished I had. He then started talking about hate crime charges against the Reddit boys for this....

Yes, he us a SJW, but for the love of God it's stupid. Law is a system of rules we agree to play by. But if the game changes that doesn't mean the ride stops.

Every time they break the law to protect themselves, a few more turn against them.

Blogger Ransom Smith January 28, 2021 6:15 PM  

Man my prediction about begging for Trump to return is going to be accurate in less than a month at this rate.

Blogger weka January 28, 2021 6:23 PM  

Look at the capital markets moving elsewhere. New York ist todt. Zurich, London or Singapore, where there is robust contract law, and the Xiden cannot reach.

Blogger Glenn January 28, 2021 6:23 PM  

Talk about the mask coming off.

Blogger guardianDogg January 28, 2021 6:24 PM  

You know for some reason I find this exciting. Google's coming at the Dark Lord and Robinhood took the ticket and crept keeper Biden in the white house. I think this year is going to a fun ride.

Blogger Reader January 28, 2021 6:30 PM  

After this election there is no need for further proof that the system serves to enslave the majority for the sole benefit of a small minority, the ruling class. It is really very straightforward. We have zero power, zero recourse, zero voice. Barring a fairy tale ending to this election coup, there remains but one last option open to the people to fight back, and they will be coming for it like a crack addict in withdrawal going for his next fix. Made in the shade, indeed.

Blogger Kevin January 28, 2021 6:31 PM  

Hasn't that been the objective, too expose the "rules for thee, not for me" double standard? And they did it on such a large scale. This isn't crash JPM buy silver. Much large scale. I've enjoyed this.

Blogger Daniel H January 28, 2021 6:32 PM  

Jeroth wrote:Thomas Wictor has been almost non-stop ranting about the wicked, petulant children messing up his lawn...I mean stock market. "And the same people who fucked up Trump's chances after the election are now fucking up the stock market for retail buyers." I still have no idea what to make of the guy, except that he's always amusing.I'm done with that guy. He had some interesting analysis over the past few months pertaining to the election but he's a day trader recluse so it's not surprising he'd be REEEEEEEEing over all this. Fuck him.

Blogger James Dixon January 28, 2021 6:35 PM  

> And I'm fairly certain that naked short selling would be illegal under national Capitalism.

It already is: https://www.investopedia.com/terms/n/nakedshorting.asp

Blogger James Dixon January 28, 2021 6:37 PM  

> he doesn't have a damn thing to do with actually running anything.

My one prayer for Joe Biden is that he be healed and his mental facilities returned. He was an old school democrat. I have no real idea what he'd do if he knew what was happening in his name, but it wouldn't be pretty.

Blogger OneWingedShark January 28, 2021 6:41 PM  

NO GOOGLES wrote:I like the naivete in the post. "Report them to the SEC!"
So what, exactly? Do you think the White House is going to let the SEC step in and stop this? LOL.

Don't be a moron.
This is EXACTLY how governments lose legitimacy: refusing to DO Justice.

Delaware Blue Hen wrote:It will be interesting to see what the Reddits mob's counter move will be to blatant tipping of the scales of justice against them.
Talk of RICO on the chans; some are even asking foreigners to get in on it by having their ambassadors calling and saying that such untrustworthy actions in the markets will make the US absolutely undesirable in trade.

Bezzle wrote:If they think what's happening to their naked-short position in loser garbage companies (GameStop, et al) is bad, just wait until they see what happens when WSB, its appetite whetted, turns its attention to precious metals ETFs.
Already happening.

Doktor Jeep wrote:National Capitalism has never been tried.
And I'm fairly certain that naked short selling would be illegal under national Capitalism.

IIUC it's that way now, but some people are above the law.

Azure Amaranthine wrote:The corporations are the government-guaranteed
Funny thing: there's something called "disincorporation".
If things keep going this way, you might see the Governor [and legislature] of Delaware given this proposition:
"Disincorporate Google, Amazon, BlackRock [etc]… or get the noose."

Blogger Lando January 28, 2021 6:49 PM  

The same commentator I spoke of a few posts ago made a post today talking about how the Rule of Law become the Rule of Man and discussed Henry the 8th and Thomas More...

Blogger Canada78Bear January 28, 2021 6:51 PM  

The SEC does take anonymous submissions (whistleblowers) with payout and there have been a lot of payouts this past year it seems.

Certainly seems like a good retirement plan if you are in the possession of such information. (you get percentage of fines)

Blogger Darren January 28, 2021 7:01 PM  

And Jen Psaki's husband Jeff Psaki works at the hedge fund Capital LLC who Janet Yellen allowed to step in. Capital paid her 1million in speaking fees. Small world.

Blogger Unknown January 28, 2021 7:05 PM  

The whole thing is a grotesque sham.

I've absolutely had it with them.

Blogger Charlemagne January 28, 2021 7:07 PM  

"Make the rubble bounce" - I think there will be a lot of rubble bouncing in the next few days/weeks (months?)

Blogger Werekoala January 28, 2021 7:11 PM  

Truth is, the game was rigged from the start.

Blogger FUBARwest January 28, 2021 7:17 PM  

Theres screenshots of RH selling users stocks in GME on twitter circulating right now. I'm sure their TOS will allow that action if it doesn't already but how in the world can that be legal? Yeah, legal smeagle, but theres supposed to be the veneer of legality right?

Blogger MidnightSun January 28, 2021 7:33 PM  

Both of Vlad Tenev's parents worked at World Bank before, after or during their escape from East Germany's Iron Curtain is unclear. The usual MO; he grew up in D.C. then attending Stanford and things just magically happened after that. In just 3 years Robinhood was worth 6 billion! Just like Bill Gates, Zuckerface, Tim Cook etc., these people are placed in these positions. Every single one of them! Let it all burn. I've had it.

Blogger Hedge January 28, 2021 7:36 PM  

What does everyone make of this?

https://www.humorousmathematics.com/post/vincent-fusca-jfk-jr-spotted-at-trump-pennsylvania-rally

Blogger Asun January 28, 2021 7:37 PM  

What if GME buys AMC, creates a new model for video game/movie experience and then calls it BlockBuster?

Blogger map January 28, 2021 7:39 PM  

Hbogbinder wrote:RH's whole business model is a treason against their customers. Build a platform to systematically attract the noisiest and most atomized order flow. This is the most profitable order flow for HFT guys. Then sell the order flow to a HFT market maker like Citadel. If it is "free" you are the product.

Ahhh, got news for you. Even TD Ameritrade (Schwab) clears its order flow through Citadel.

Blogger Jack Amok January 28, 2021 7:40 PM  

Some shill on WSB is claiming that it is an obviously fake letter ...

Fake but accurate, no doubt.


I'm not so sure he's a shill. He's got a decent hypothesis (what brokerage C-suite is going to let the salaried riff-raff overhear their illegal market manipulation schemes) and thinks it's an attempt by the Shorties to turn this into an Anti-Trump issue and thus pivot all the Donks into line supporting them (for reference, see what happened with COVID as soon as it became about Trump).

Note that the r/WSB poster does not dispute that manipulation happened, he just disputes the Biden angle. Like some folks have pointed out, it's not a good look to have everyone from AOC to Don Jr. in the same pitchfork wielding mob. It wouldn't be a stupid move for the Shorties to try and make this a Biden-vs-Trump thing to get the Donks back on board.

Robinhood is going to be a sacrificial lamb here. The claims in the letter about what they did are very likely true. The claims about who they did it for are less certain.

At any rate, I don't think this needs to be anything Fraudulent Joe is explicitly blamed for - it's enough to just let the pooh-flinging circus be associated with his first eight days in office.

Blogger A trite re-white January 28, 2021 7:44 PM  

The favored class giving favors, business as usual, as Vox says build.your own system.

Blogger Ariadne Umbrella January 28, 2021 7:45 PM  

A'ight, two of the biggest holders of Gamestop are big funds, with exposure to Chinese stocks they have to unload.

Keep it up because it is fun, though.

And, again, why Gamestop? My description of a typical visit would make it a stock to buy and hold, per Random Walk Down Wall Street. Healthy, well-dressed, height/ weight proportional Americans in a group is usually a financially more stable group. Children in sports gear with their parents- these are not single parent thug life thieves in failing cities. Men buying anything with their own money is usually a good market.

I genuinely had no idea why Cheetos or sports drinks or any other men's lifestyle category products were not working the line at every midnight game release handing out samples. They spend millions on television, which skews older and poorer. Why not go where the younger, healthier and wealthier play together? Did no one in marketing anything else ever go look at this?

Those boxes of electronics- the small boxes held $299 game systems. I have no idea how much the bigger boxes sold for. I know that any of those boxes are worth more than a single shopping bag full of clothes from Old Navy, which has a bigger real estate footprint and more staff, and the same number of shoppers.

So: why was this one mall store brand, suburban shopping brand, getting so much press time as a failure? Real Question. Right up there with all the hate for gamers. I don't understand. I really do not understand.

About all I can come up with is if they drop the price of the stock, tptb can buy up a media distributorship for cheap. Video games are a larger market than Hollywood. Romance novels are a bigger market than Hollywood, and that was rife with financial shenanigans and social engineering. So owning the gate for most normal people for most video games is akin to owning a movie theater chain.

The indy romance writers, on one hand, sort of blew the doors off trad publishing. However, the ones that get mainstream press are usually doing homegrown versions of the same things sold by mainstream, while the more Christian skewing authors get ignored by the mainstream media.

And, games are where some really interesting ideas that don't make it into mainstream books sold at B&N get played out. B&N was 'ailing' for years, until it got sold to the usual sort of suspects. Now it's in turnaround and creative, and who knows what else. Whatever else, it has shabby retailing that does not correspond to American readers' true habits and interests.

Blogger JWM in SD January 28, 2021 7:49 PM  

It was Dr Jill...

Blogger ChewbacaTW January 28, 2021 7:54 PM  

I wonder if this has something to do with the "rule of law" theme that the GE was referring to in several of his speeches before Jan 20th.

Blogger Fozzy Bear January 28, 2021 7:59 PM  

All great wealth is based on theft, coercion, or fraud. Economics 101 teaches that the only ways to consistently generate an economic profit rather than a normal profit are through: high barriers to entry, government fiat, monopoly power, fraud or other criminality, or consistent and never-failing innovation. A normal profit is basically what you would earn for doing the same tasks for a salary.

When you meet a small business owner or franchisee with a Ferrari or two, he's either a tax cheat, mobbed up, or has a government contract.

Blogger Ron January 28, 2021 8:11 PM  

Corporations should be outlawed; government workers should not have immunity; big pharmaceutical companies should have liability....personal liability for all

Blogger CM January 28, 2021 8:13 PM  

The comments at wsb are heart wrenching.

Judging from the 76k comments on a stickied post showing support for the OP, this looks like a revenge hit by victims of the ‘08 crash.

I lucked out in becoming a full fledge adult in that year - good job, married, buying a first house at the bottom of the market.

I knew things were bad, but had no idea how awful it got for those truly affected by it.

Blogger Crunchy Cachalot January 28, 2021 8:14 PM  

@14 - And Wictor thinks retail investors haven't been getting royally reamed for decades by the people he's siding with now? "Retail investor" these days is just a longer way to say "masochist".

Also gotta love all the dopes claiming WSB is "ruining" the market by driving prices UP.

Blogger Horace January 28, 2021 8:14 PM  


The author asks the reader to file a report with the SEC about the robinhood program, instead of producers of media that publicized the intellectual property of hedge research companies without permission from any American citizen whom it will effect.

It is incorrect to blame a program on a computer (coorperation, person, or otherwise) for the author's problem which may be employment.

If I am mistaken please correct me.

Whoever it is, they certainly wrote we a lot of times, while sitting at a computer (alone).

Blogger Balam January 28, 2021 8:27 PM  

Their response is to draw in foreign investors.

Blogger Crunchy Cachalot January 28, 2021 8:27 PM  

He may have negative approval numbers by the end of next month at this rate.

If only that didn't required a huge number of emotionally incontinent egotists to admit they were wrong. TDS begets ABT (Anybody But Trump) begets TYSMIHA (Thank you sir may I have another?).

Blogger Dafo January 28, 2021 8:32 PM  

The merger of big business with the government is a true nightmare in the making.

Blogger Nate January 28, 2021 9:02 PM  

Hedge fund bros... utterly sacked... pillaged... smashed.

By a bunch of people in their pajamas referring to each other as retards.

Blogger Delaware Blue Hen January 28, 2021 9:06 PM  

@46
It would be nice to see Delaware disincorporate Google and the rest. However, in the statehouse, the Democrats outnumber the Republicans 2 to 1 in both houses, and the governor is a Democrat. On the other hand, there have been cases in the past where public outrage has lead to change in DE.

Back in the 1970s or 80s, there was a Delaware state senator who wanted to buy a new house. The house he had his eyes on was located just 2 or 3 lots outside of his district. In DE, representatives have to live in the district they represent--so this senator would have had to resign in order to live in this house. To get around this little problem, the senator slip a small clause into one of those big spending bills that no one reads. The clause moved his district boundary just fall enough to cover the lot of the house he wanted to buy. He got away with it until the next election cycle came up. Two other lots also had to be moved from one district to the other so that the senator's new house could be switched. These homeowners were surprised to learn when they got their voter cards for the upcoming election that they were in new districts. One thing lead to another, and eventually the scandal broke about how this senator abused his position for personal gain. He was forced to resign.

On the other hand, this is the state that gave us Biden (sigh).

Blogger Hbogbinder January 28, 2021 9:09 PM  

It's true, but RH gets paid an order of magnitude more than Schwab. Ask yourself why. TD is stealing from your penny jar, RH is mugging you.

Blogger OneWingedShark January 28, 2021 9:25 PM  

Ariadne Umbrella wrote:And, again, why Gamestop?
I'll answer.
The reason is because the hedgefunds shorted the stock to drive the prices down.
People on /r/WallStreetBets noticed, a year or so ago [IIUC], and joked about buying up GameStop.
Time passes and it becomes clear that those shorts WERE MORE STOCKS THAN EXISTED IN THE PUBLIC MARKET — this, combined with the fact that you have to pay at the market-price when you close your short, meant that buying stock (and thus increasing its price) hurts them... but they also have TO BUY MORE SHARES THAN EXIST.
The hedgefund's plan was to crash GameStop into bankruptcy, making the stock price $0, and they'd gladly pay that $0.
AND THEY WOULD HAVE GOTTEN AWAY WITH IT IF IT WASN'T FOR THOSE MEDDLING KIDS!
Because "the kids" can just buy a share of GameStop and THE MOST they can ever lose is that stock's purchase price, their losses are bounded; but the losses for the short-sellers are theoretically unbounded because a stock's price is theoretically unbounded.
The Hedge-fund doesn't want to, and likely CAN'T, pay $200+ a share for the stock.
If the hedge-fund goes under, the debt STILL EXISTS and *MUST* be paid, so then it would go to the backers of the hedge-fund (their banks) and start eating THEIR money... which would be fine... IF they weren't borderline insolvent themselves.
IOW: this thing has the possibility to bankrupt BANKS, essentially ALL investment banks [IIUC], and that is why they are so desperate NOT to allow this loss.

Blogger Frozen Territory January 28, 2021 9:31 PM  

You mean like "Detroit: Become Human" and any other quicktime event infested choose your own adventure film?

Blogger OneWingedShark January 28, 2021 9:32 PM  

CM wrote:I knew things were bad, but had no idea how awful it got for those truly affected by it.
Millennials get a LOT of shit, but consider the life of an older Millennials:
— Graduate high-school into 2000; welcome to the War on Terror.
— Maybe sign up for military; 6 yr enlistment at the least.
— Graduate college 2004–2008; welcome to the 2008 "we can't call it a depression 'financial crisis'".
— Oh, look, now it's fairly difficult to get a job.
— 2010: when the "Financial Crisis" really hits.
— Now it's really difficult to get a job.
— Affordable Care Act: now you boss has incentive to cut your hours so you're not "full time".
— 2018: This is when 2008 finally starts recovering.
— 2020: You should be picking up Senior-level titles now... but CORONA-CHAN!!

Yeah, things are BAD.

Blogger Crunchy Cachalot January 28, 2021 9:53 PM  

It's not communistic in the slightest to observe that the corporations are now obviously a significant part of the problem.

Modern MNCs are in fact QANGOs, although that term is unknown in the US.


why Gamestop?

Because it's the Blockbuster of gaming. Digital distribution is the truth and the way today. I haven't bought a game in a box for at least 5 years, and it might be closer to ten.

Blogger James Dixon January 28, 2021 9:54 PM  

> The claims in the letter about what they did are very likely true.

If reports are true, it's worse than that: #Robinhood app has reportedly begun to automatically sell shares of $GME for some customers, "for their own good."

Blogger SciVo January 28, 2021 9:54 PM  

I'm reminded of a similar episode with front-runninh. All the big guys use supercomputers, well-refined algorithms, and their closeness to the action (as market-makers) to do millisecond arbitrage. It adds no value to the rest of us, just a way for them to make some steady money off the rubes.

So anyway, one that wasn't in the club managed to create an algorithm so superior that even as an outsider, he was a serious competitor in the millisecond arbitrage industry. So I course the Feds came down on him like a ton of bricks.

If you're an insider, it's a laudable thing, a necessary service, why you're practically a saint for deigning to provide it to the peons. (All false.)

If you're an outsider, it's literally criminal.

They stopped even pretending at blind justice a loooong time ago.

Blogger Nate January 28, 2021 10:06 PM  

"It's true, but RH gets paid an order of magnitude more than Schwab. Ask yourself why. TD is stealing from your penny jar, RH is mugging you."

the sketchy thing about RH is the datamining that literally no one knew about until today. That alone is enough to throw everyone involved in jail.

Blogger Unknown January 28, 2021 10:17 PM  

Never forget, they rape, torture and eat our children.

Blogger map January 28, 2021 10:23 PM  

Ariadne Umbrella wrote:A'ight, two of the biggest holders of Gamestop are big funds, with exposure to Chinese stocks they have to unload.

Keep it up because it is fun, though.

And, again, why Gamestop? My description of a typical visit would make it a stock to buy and hold, per Random Walk Down Wall Street. Healthy, well-dressed, height/ weight proportional Americans in a group is usually a financially more stable group. Children in sports gear with their parents- these are not single parent thug life thieves in failing cities. Men buying anything with their own money is usually a good market.


That is curious why Gamestop would get hit or get treated as part of the "retail apocalypse." Playstation and Xbox systems and games can only be purchased as cartridges and disks. There is nothing like Steam available for these systems. They are not computer games. Computer games have issues with software piracy that PLA/XBox do not have.

Blogger Damelon Brinn January 28, 2021 10:44 PM  

If they were selling people's stocks against their will, and selling them at the lowest dip of the day at that, investors should just skip the "jail" stage of the process.

Blogger boogeyman January 28, 2021 10:47 PM  

Reacting in such a ham-fisted way is going to bite them in the ass, as others here have noted. They could have had some faceless bureaucrat make some quiet calls, have a back bencher in Congress attach a law dealing with it to a larger bill, be patient, take your time, let this hedge fund take it in the shorts while you, unnoticed, put things in place so it doesn't happen again. In 6 or 9 months the federally approved thieves could go back to their raping and pillaging, and the plebs would go back to sleep.

But instead they're stomping about in the crudest way imaginable, trying to crush any resistance. They're acting out of fear and frustration, and in doing so, driving more and more to the very place they don't want them to be.

The more they tighten their grip, the more star systems will slip through their fingers.

Blogger Stilicho January 28, 2021 10:49 PM  

Biden's approval rating was already negative yesterday by the approve/disapprove metric wasn't it? Or was it that he was just behind Trump?

At any rate, the hedge funds and RH just have to remember one thing; don't forget 10 for the Big Guy.

Blogger TW789 January 28, 2021 11:26 PM  

It’s interesting that though brokers were enjoying their games, the name they are hearing this week is: GAMESTOP.

Blogger The Pitchfork Rebel January 28, 2021 11:37 PM  

This is the horseshit from TD Ameritrade

Under the subject "We're here to support you"



Dear Name,


We are in the midst of an unprecedented week in investing. It has included some of the highest-volume days in history.


I want to acknowledge that this week's trading volume and volatility across our entire industry has led to significantly increased call volumes and hold times for our clients, as well as challenges for some with our platforms at market open. Nothing is more important to us than serving you. We understand that service disruptions are frustrating and want you to know that we take these issues very seriously and sincerely apologize for any problems this may have caused.


In some cases, the volatility we are seeing in a small number of stocks has forced us to put restrictions in place. These restrictions will not prevent clients from buy and sell transactions. For the latest list of impacted stocks, visit tdameritrade.com/restricted.


We appreciate your patience and are committed to providing the high level of service and reliability you have come to expect from us.


To help you stay up to date on the current market conditions, our latest expert perspectives are always available at tdameritrade.com/marketupdate.


Sincerely,

Tom Butch signature

Thomas W Butch
President, TD Ameritrade Retail

Blogger Jeff aka Orville January 28, 2021 11:56 PM  

It won't be just the hedgies getting nuked. https://gab.com/Daimler92 has a detailed explanation that the hedgies not only don't have the money to cover Gamestop, but any other short plays they have going. When they are wiped out, risk moves to the broker to pay up. Sergei is saying the potential losses are so yuge that the counter-party risk flows right up to squids themselves, the investment banks. He flat out said this could wipe out all investment banks in the US. Way bigger deal than the housing collapse in 2008.

Blogger Arthur Isaac January 29, 2021 12:00 AM  

It would be hilarious if there was more counterparty exposure in Gamestop than there was in Russia during the LTCM debacle? Can you imagine an epic banking collapse based on some idiots leveraging a short sale on the video game equivalent of Blockbuster video? Top fricken kek.

At the time of the LTMC meltdown there was said to be a quadrillion dollars in naked trash to be exposed. That was 25 years ago and probably a imperceptible ripple in the pond of deep sh!t these guys are in.

We certainly live in interesting times.

Blogger Arthur Isaac January 29, 2021 12:03 AM  

@Nate, it's more than hedge funds. You should read "When Genius Failed" when the Nobel Prize winners at Long Term Capital Management cratered on Russian Bonds back in the mid 90's. These guys are without a doubt planing with maximum leverage from ALL sorts of banking interests. I'll bet this is a Moon sized digger.

Blogger Christina January 29, 2021 12:17 AM  

Darren wrote:And Jen Psaki's husband Jeff Psaki works at the hedge fund Capital LLC who Janet Yellen allowed to step in. Capital paid her 1million in speaking fees. Small world.

Not true. Jen P is married to Gregory Mecher. (Jeff P may be a sibling or cousin, I haven't been able to figure out if there is a relation yet.) Source: https://www.nytimes.com/2010/05/09/fashion/weddings/09PSAKI.html

Blogger Cypher January 29, 2021 12:25 AM  

Had me at "kill,kill,kill"
Love

Blogger Harambe January 29, 2021 12:41 AM  

If someone hurts your grandmother by destroying her investments, is any response really off the table? I mean, I'm not saying it's right, but I would understand.

Blogger furor kek tonicus ( LeBron James loves Asian Rape Farms and Slave Labor ) January 29, 2021 1:05 AM  

18. Doktor Jeep January 28, 2021 5:20 PM
National Capitalism has never been tried.


re-read your Constitution.

Free Trade *only* between unionized States of the Nation ( who also share currency, language, have much of the same Law and Regulatory environments, etc ), coupled with funding the Federal government via Tariffs and Duties ( taxes on International Trade ... iow, foreigners ).

sounds a lot like a Nationalist Capitalist regime to me.

Blogger Zander Stander January 29, 2021 1:12 AM  

Go to wikipedia. See who owns Gamestop. Short answer: Barnes & Noble shareholders. Work from there. Gamestop is NOT mom&pop. The punking never stops.

Blogger Jack Amok January 29, 2021 1:35 AM  

If reports are true, it's worse than that: #Robinhood app has reportedly begun to automatically sell shares of $GME for some customers, "for their own good."

Yes, and that coincided with a dramatic drop in Short Interest on the stocks. At the very least, the market was frozen to outsiders while the big hedge funds covered the worst of their short positions, but if the reports are true, they were covering their short positions by having their broker buddies forcibly sell the little guy's shares to them at a massive discount. The r/WSB guys entire strategy was take the shares off the market by refusing to sell, and their broker just Space Raptor Butt Invaded them.

If they were selling people's stocks against their will, and selling them at the lowest dip of the day at that, investors should just skip the "jail" stage of the process.

Not just "against their will" but deliberately violating their entire investment strategy.

If they were doing that, they should be begging the Feds to put them in jail where the mob can't get at them to rip them limb from limb.

And then hope none of the prison guards were members of r/WSB...

Blogger Noah B. January 29, 2021 1:40 AM  

At any rate, the hedge funds and RH just have to remember one thing; don't forget 10 for the Big Guy.

"Sorry Frank, we had to use your bonus to buy some Chinese foot models for Hunter. Thanks for understanding. We'll make it up to you next year."

Blogger Snidely Whiplash January 29, 2021 1:55 AM  

Zander Stander wrote:Gamestop is NOT mom&pop.
Oh, for fuck's sake Zander. It's a publicly traded corporation. Nobody involved was ever under the impression it's a mom & pop.
More to the point, IT'S NOT ABOUT GAMESTOP.
Get that through your head. It's not about Gamestop, it's not about money, it's not about Reddit, it's not about Millennials, it's not about Boomers.

It's about punishing the (((parasite))) class that has been stealing, literally stealing, the wealth of every single working-class, and most upper-class person in this country for 40 years. It's about making them pay for their crimes.

It's about burning this motherfucker to the fucking ground and machine-gunning the bastards as they try to escape.

If we're lucky, this has the capacity to bankrupt Goldman-Sachs. Think about that.

Blogger Tyler Beh January 29, 2021 2:12 AM  

Haha

Blogger RadixMalorum January 29, 2021 2:38 AM  

Nate wrote:Look... when everyone from Ja Rule to Ted Cruz to AOC to Don Jr are out for your head... you have royally screwed up.

It's all talk and posturing. They won't do shit.

Blogger God Emperor Memes January 29, 2021 2:46 AM  

Will you be downloading your consoles digitally, too?

Blogger Brainspirit January 29, 2021 2:46 AM  

https://www.dailymail.co.uk/femail/article-9199365/Sigma-male-archetype-akin-alpha-mocked-online.html

Blogger God Emperor Memes January 29, 2021 2:49 AM  

PS and Xbox games can DEFINITELY be bought in digital format and downloaded. Do you even own any of the current-gen consoles?

Blogger Azure Amaranthine January 29, 2021 2:50 AM  

"It adds no value to the rest of us, just a way for them to make some steady money off the rubes."

That would be the entire stock market... and financial industry in a nutshell.

"If they were selling people's stocks against their will, and selling them at the lowest dip of the day at that"

No "if" required. They were.

"re-read your Constitution."

I can't seem to find that piddling "capitalism" word anywhere until Marx invented it as a rhetorical/dialectic attack vector. How strange!

"It's about punishing the (((parasite))) class that has been stealing, literally stealing, the wealth of every single working-class, and most upper-class person in this country for 40 years. It's about making them pay for their crimes.

It's about burning this motherfucker to the fucking ground and machine-gunning the bastards as they try to escape."


This, especially the second paragraph. Kill. Kill. Kill. Kill. Kill. Kill. Kill.

Blogger Canadian Warlord January 29, 2021 3:00 AM  

I'm torn.

Pro: Love seeing wall street getting it's panties in a bunch. Call the SEC! Wasn't the first director Joe Kennedy? It won't be all uphill after that.

Con: The con. This has generated a lot of interest and more speculation. People have to stop putting quarters into the noisiest slot machine. Individual choices melt away with so many involved - but there's really no other way to stop it.

We don't throw people into volcanoes anymore, and eventually we won't care about paper wealth 'generating' anymore. The path from here to there will feature losses of fortunes and probably lives. But afterwards the spell will briefly be broken.

Blogger Pirate January 29, 2021 3:18 AM  

Snidely Whiplash wrote:Zander Stander wrote:Gamestop is NOT mom&pop.

It's about burning this motherfucker to the fucking ground and machine-gunning the bastards as they try to escape.



Apologies, but you forgot to add "and tie their shoelaces together after they're finally down" to the end of that.

Blogger mike January 29, 2021 3:33 AM  

Thats textbook fascism. Govt telling corpo what to do based ona whim not lure of raw.

Blogger machinephilosophy.com January 29, 2021 3:45 AM  

If I were one of those high-rollers, my two main worries would be consumer drones and and Jim Bell style prediction markets.

Blogger machinephilosophy.com January 29, 2021 4:14 AM  

If anyone's awake, check bitcoin. My bitstamp tradeview screen looks like it's getting hit by lightning constantly. Started at about 337am eastern.

Blogger Darren January 29, 2021 4:14 AM  

This comment has been removed by the author.

Blogger T.L. Ciottoli January 29, 2021 4:17 AM  

Snidely Whiplash wrote:It's about punishing the (((parasite))) class that has been stealing, literally stealing, the wealth of every single working-class, and most upper-class person in this country for 40 years. It's about making them pay for their crimes.

Not 40 years. Over 100 years, since 1913 when they began syphoning off the energy and power of working Americans through money-printing, using that ill-gained lucre to fund wars that killed, maimed, or psycho-spiritually destroyed our fathers, uncles, great uncles, grandfathers, great-grandfathers, in every Jew-supported and Jew-funded war since 1913.

This is war. We're not playing 'for profit.'

To be honest, anyone playing 'for profit' should not be considered a 'rational' actor, an actor with some pseudo-neutral 'rational self-interest,' but rather our enemy.

There is no such thing a 'rational' self-interest that hurts your own people and serves the enemy of your people, or the enemy of your own soul.

Snidely Whiplash wrote:It's about burning this motherfucker to the fucking ground and machine-gunning the bastards as they try to escape.

Anyone looking to 'get out' of something like this with their own little pile of 'profits' doesn't understand the battlefield he's on, nor what we're truly fighting for here. Anyone thinking like that is too stupid to be trusted, a weak link at best, and potential traitor.

Blogger T.L. Ciottoli January 29, 2021 4:31 AM  

Jeroth wrote:Thomas Wictor has been almost non-stop ranting about the wicked, petulant children messing up his lawn...I mean stock market. "And the same people who fucked up Trump's chances after the election are now fucking up the stock market for retail buyers."

Wictor has a massive (((blind spot))).

"Retail Buyers" means gullible goyim who give price support to public stock exchanges while Jews figure out their next scam and their next victims.

If there ever was a prime-mover pagan god in the pantheon of Boomerdom, it would be "The Market" and its holy words and prophecies, its judgements, punishments and blessings are handed down to us lowly creatures by its manifestation in the demigod beings of "The Stock Market," "NASDAQ," and "DOWJONES."

Quite literally these are deities in their eyes, and the 'retail investor' is some poor believer, a right-believing and innocent laity whose belief system, in all its manifestations, should be respected and held sacrosanct by those irreverent, meddling kids.

Badmouth 'the markets' and badmouth precious metals and you've struck at the heart of the worldview and religious belief system of most Boomers.

Blogger T.L. Ciottoli January 29, 2021 4:33 AM  

Crunchy Cachalot wrote:Also gotta love all the dopes claiming WSB is "ruining" the market by driving prices UP.

Great point.

BTW, yours was the thread-winner yesterday with your comment about blaming Whitey and that scumbag White-hater Kevin Williamson. Props.

Blogger Darren January 29, 2021 5:34 AM  

@91

Darren wrote:
And Jen Psaki's husband Jeff Psaki works at the hedge fund Capital LLC who Janet Yellen allowed to step in. Capital paid her 1million in speaking fees. Small world.


Not true. Jen P is married to Gregory Mecher. (Jeff P may be a sibling or cousin, I haven't been able to figure out if there is a relation yet.) Source: https://www.nytimes.com/2010/05/09/fashion/weddings/09PSAKI.html


So, after looking around a bit, it seems that Jeff Psaki is Jenn Psaki's brother. Her Wikipedia entry was edited to remove the reference. You can see the change here.

https://en.wikipedia.org/w/index.php?title=Jen_Psaki&type=revision&diff=1003465012&oldid=1003421001

Blogger Arthur Isaac January 29, 2021 5:55 AM  

@machinephilosophy, they're tapping every source of liquidity to cover their shorts. I bet there isn't enough.

Blogger Arthur Isaac January 29, 2021 6:54 AM  

@Darren, so Raggedy Ann AND Andy?

Blogger Gettimothy January 29, 2021 7:26 AM  

From the robinhood "Close my account" page.

This is because regulations require us to preserve certain books and records. We take the security of all collected data extremely seriously, and we don’t intend to use this data for anything beyond the fulfillment of our regulatory requirements.

so let's see.
They have my SSN, phone number, email, address and they do not intend to give that away.

I feel so much better.

Blogger Ariadne Umbrella January 29, 2021 7:56 AM  

Wictor does not have children. It is none of his concern.

Thank you very much for the explanation, OneWingedShark. I very sincerely hope that you succeed in this endeavor. Veangeance for 2008 will be sweet!

Also, the French monarchy was destabilized by financial shenanigans. They had a financial elite, of the usual sort, and then they got called on their scandals, eventually. They had liquidated their productive middle class in the meantime, on pretexts of religion. They were hanging people for smuggling in cotton cloth, even though the royal princesses lived in cotton dresses.

And for everyone calling it Blockbuster: I hold with what I have seen with my own eyes. Gamestop has customers. They buy expensive stuff. Some of the customers want it to expand its offerings. I don't know if I am at the magic Gamestop, or a regular Gamestop failing like a Blockbuster. Thin, employed people buying games and games systems. Families with kids in soccer clothes buying stuff.

Okay,for that matter, one handsome young man, well-dressed, accessorized, nice hair and good grooming, calling himself "a string bean" and a "nerd." That's the closest I've seen to your stereotypical gamer guy. Solid muscles, good shoes, on trend clothing. With one big electronics box, two smaller boxes of peripherals and some game clamshells. He was talking to other people, which is how I heard the "nerd" and "string bean" comments, so not autistic?

I lived next to a Blockbuster next to a housing project. It was a going concern right up to the end. It was also dirty and disorganized, like ToysRUs was, at the end. The ToysRUs also had hired a bunch of what looked like active, quite scary-looking, gang members covered with tattoos, unlike the harmless looking teenagers and early twenties kids they had had until the last six months. The upper management did things to mess up these companies, or quit enforcing norms, or something.

The ToysRUs building is still empty. The Blockbuster is now a storefront dentist office.

This Gamestop was clean, the staff was knowledgeable and busy, and there was a line out the door. It had the same number of customers as the Barnes and Noble- enormous footprint- and slightly less than Old Navy- a generally chubbier and shabbier crew. And Old Navy is the most profitable of the Fisher companies, right now.

I don't think they were trying to go to zero and shut it down. I think they are trying to buy it cheap to choke off games like- yes, Detroit, becoming human, and those odd games that get into geostrategies and history and statistics and such. Barnes and Noble lost a bunch of sections of information books- math, history, politics besides clickbait titles, the 6,000 core literature books, child development books- when they got bought, and replaced them with their weird lefty fetish titles that do not sell.

Blogger Glen Sprigg January 29, 2021 8:26 AM  

I'm not sure what the end result of this might be; all the investment bankers in North America doing involuntary swan-dives off of various tall buildings is the ideal outcome, but just seeing them on the street begging for handouts from the people they've screwed for decades would be an acceptable alternative.

I do know that I'm taking some steps to protect my family if this ends up taking the entire economy down; I bought $5000 worth of silver yesterday. Not paper silver, but actual bars and coins that are going to be shipped to our house within a week. That, and we're pulling all of our cash out of the bank; we'll deposit the money when we need to pay the mortgage and other bills, but otherwise, the bank isn't going to have more than five dollars of my money at any given time.

Investment and day-trading isn't anywhere near my wheelhouse, but I'll happily invest in Schneider's and have the hot dogs ready for when the flames reach the sky.

Blogger Didas Kalos January 29, 2021 8:56 AM  

@jsmes Dixon. That's a new order of stupid. You should have stuck with your Stop drinking resolution.

Blogger T.L. Ciottoli January 29, 2021 9:11 AM  

More than any amount of gold and silver, a garden and good, solid, trustworthy brothers in Christ, in your vicinity, who are race-aware, are the most valuable things you can have in the coming years.

A bit of gold and silver will be good. Anymore than that and you won't be able to spend it anyway lest you bring too much attention to yourself.

There's a reason why gold and silver weren't needed much by peasants and little people. They trusted each other and learned to be content with what they had. It was the elites, detached from humility and the land, who always became deluded with the promises of gold and trading it for exotic goods; spices, chocolate, delicacies, etc. They destroyed entire nations for these things, to satisfy their stomachs and their vanity.

Blogger Avalanche January 29, 2021 9:46 AM  

@87 "This is the horseshit from TD Ameritrade
Under the subject "We're here to support you"
Dear Name,"

Grist for the lawsuit(s) mill... assuming anyone ever GETS to try the 'legal redress' system, which will fail them.

Still, maybe all part of the God Emperor's 'Great Reveal'? Even IF it's led by "I am the leader of StocksGate" guerilla band in the woods (or the ether?) fighting for their own homelands?

Blogger OneWingedShark January 29, 2021 10:23 AM  

Glen Sprigg wrote:I do know that I'm taking some steps to protect my family if this ends up taking the entire economy down; I bought $5000 worth of silver yesterday.
I'm thinking 1000lbs of Rice, and 1000lbs of beans, might be in order.
A literal ton of food.

Blogger Ominous Cowherd January 29, 2021 11:06 AM  

Glen Sprigg wrote:I do know that I'm taking some steps to protect my family if this ends up taking the entire economy down; I bought $5000 worth of silver yesterday. Not paper silver, but actual bars and coins that are going to be shipped to our house within a week. That, and we're pulling all of our cash out of the bank; we'll deposit the money when we need to pay the mortgage and other bills, but otherwise, the bank isn't going to have more than five dollars of my money at any given time.
If you haven't taken physical possession, it's not yours. It sounds as if you're on the right track.
Do you already have food and fuel in your possession? Don't buy precious metals before you have the necessities squared away.

Blogger Hescominsoon January 29, 2021 11:11 AM  

I wonder why robinhood would have to draw heavily on it's credit lines if all it was doing was executing trades....unless it was involved in shorting these stocks as well?
https://www.zerohedge.com/markets/you-can-not-purchase-additional-shares-robinhood-reportedly-removed-shuts-down-buying

Blogger machinephilosophy.com January 29, 2021 11:41 AM  

Hey Arthur

Makes sense. Huge if true. That might be good news, since it would destroy the exchanges enabling it.

I appreciate the mods allowing my comment. I will only bring up bitcoin about very unusual events such as happened early this morning, and I will post about it only on this blog.

I joked early yesterday to a friend that Gamestop seemed to have woke up bitcoin. But I could not understand the schizoid price behavior testing the latest lows of the last few weeks. Turns out what the Gamestop flashpoint really did for me was to make some sense of bitcoin's recent languishing.

Hopefully bitcoin itself will do a number on the Satanists that will dwarf what happened with Gamestop.

For anyone who is interested, I follow bitcoin on an old $30 chromebook with three tabs open in the browser, two being bitstamp.net/market/tradeview--one set on a per-minute view (upper right corner just above the chart) and the other set at per-day for quick looks at highs/lows and in relation to the last few weeks, and the third tab is a Point & Figure chart at:

https://stockcharts.com/freecharts/pnf.php?c=$BTCUSD,P

It periodically only shows the summary and not the chart itself because stockcharts wants you to subscribe, but that passes. I've used P&F since the late 90s and it continues to be the best--and simplest--filter of noise. Just the first ~25 pages of Dorsey's seminal book by the same name pretty much explains all anyone needs to know.

But even if you're not into bitcoin for yourself, it's an incredible indicator and reflector of what's really going on--especially on the realtime per-minute view of the chart.

An hourly view really clarifies the craziness that began on January 2. But even the daily shows that something unique was up beginning January 21. And that continued through yesterday.

I could be wrong, of course, but I see the price behavior as a global thermometer (as well as a war monitor), like this: Attempts were made to do the same thing as with Gamestop on the 21st and the 27th, and even late yesterday evening. But yesterday's attempt seemed a last-ditch--and short-lived--effort in light of those previous ones. Seems obvious from the last 8 hours' price behavior that it ain't gonna work.

But whether I'm right about all that or not, anyone interested in what's happening in the world should at least try out that per-minute view on bitstamp (the light/color indicators are the real value here) and see what they think about it as a fascinating realtime parallel to what is happening elsewhere.

Blogger Wm Jas Tychonievich January 29, 2021 11:57 AM  

Interesting to see the name Robin Hood associated with the Biden White House.

https://narrowdesert.blogspot.com/2020/12/robin-hood.html

Blogger Akulkis January 29, 2021 3:11 PM  

>>
My one prayer for Joe Biden is that he be healed and his mental facilities returned. He was an old school democrat. I have no real idea what he'd do if he knew what was happening in his name, but it wouldn't be pretty.

Clueless Joe has always been ineffectual. Even if he were to not merely regain his full faculties as they existed 30 years ago, but triple that, he would still do nothing, other than wait for his handlers to tell him what to do. Because that is exactly what HE HAS ALWAYS DONE.

Blogger AnCapMetalhead January 29, 2021 7:13 PM  

is this the same Sequoia that sold its voting machine business to Dominion?

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