Cory Doctorow
@doctorow
Tweeted On: Jan. 28, 2021, 5:47 p.m.
Cory Doctorow
@doctorow
Tweeted On: Jan. 28, 2021, 5:47 p.m.
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There's two prominent versions of the Gamestop story. The first is that r/wallstreetbets represents so many angry average joes that they can "move markets" by buying unlikely shares, like Gamestop or AMC, and confound the markets. https://t.co/DRBbwJKfMN 25/
What happened with GameStop?
https://marketsweekly.ghost.io/what-happened-with-gamestop/
GameStop madness isn't David vs Goliath. It's Goliath vs. Goliath, with David as a fig leaf
The second story is that r/wallstreetbets has figured out a hack. They inflict asymmetric pain on shorts (a tiny gain for average joes is a huge wound to the sharks). By buying options, they can eke out tiny gains for a fraction of the price. https://t.co/g0FoiyU7cU 26/
Reddit's GameStop, AMC surge is the new Occupy movement, and it terrifies Wall Street
https://www.cnet.com/news/reddits-gamestop-stock-surge-is-a-terrifying-new-occupy-wall-street/
Commentary: The gains are rooted in disdain for existing financial institutions, tapping into the same emotions as the protests from a decade ago. And it has Wall Street running scared.
But there's a THIRD story, and I think it's the most important one. That's @alexisgoldstein's account of what's going on with Robinhood and the institutional investors it's in bed with. https://t.co/DRBbwJKfMN 27/
What happened with GameStop?
https://marketsweekly.ghost.io/what-happened-with-gamestop/
GameStop madness isn't David vs Goliath. It's Goliath vs. Goliath, with David as a fig leaf
But the road to legitimacy is rocky. Yesterday, the finance monopolist TD-Ameritrade halted trading on the stocks targeted by the average joes. Today, Robinhood followed suit. Maybe they fear that they can't control the monster they created? https://t.co/xbvpra0AQC eof/
Robinhood blocks purchase of GameStop, AMC, and BlackBerry stock
https://www.theverge.com/2021/1/28/22254102/robinhood-gamestop-bloc-stock-purchase-amc-reddit-wsb
Citing ‘recent volatility’ in the market