General Why aren't you dorks talking about gamestonk hilarity?

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Leigh

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Jan 26, 2015
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That's such a load of bullshit, lol.
I kinda buy it. Maybe I'm being naive.

People are betting on markets; FOREX, stocks, commodities, indices etc. The bookies brokers need to be able to cover the bets. If they can't cover, then they legally can't take the bets.
 

ThatOneDude

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I kinda buy it. Maybe I'm being naive.

People are betting on markets; FOREX, stocks, commodities, indices etc. The bookies brokers need to be able to cover the bets. If they can't cover, then they legally can't take the bets.
It's sounds like they were running into SEC regulation issues, not even truly running out of cash, maybe.
 

BeardOfKnowledge

The Most Consistent Motherfucker You Know
Jul 22, 2015
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I kinda buy it. Maybe I'm being naive.

People are betting on markets; FOREX, stocks, commodities, indices etc. The bookies brokers need to be able to cover the bets. If they can't cover, then they legally can't take the bets.
Makes sense, except in that case they should be halting all trading, not just selling. Which is part of why I call bullshit.

*Edit: meant to say buying. Its early.
 

Leigh

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Makes sense, except in that case they should be halting all trading, not just selling. Which is part of why I call bullshit.
Well, they can easily cover sell trades. They can't cover any more buy trades.
 

BeardOfKnowledge

The Most Consistent Motherfucker You Know
Jul 22, 2015
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Well, they can easily cover sell trades. They can't cover any more buy trades.
I don't see how that's possible. If you bought a stock at $1 they'll let you sell at $300, and claim to have money to cover that, but don't have money to cover buying st $300 and cashing out at $350?

Does that not make sense to anyone else or am I missing something?
 

ThatOneDude

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I don't see how that's possible. If you bought a stock at $1 they'll let you sell at $300, and claim to have money to cover that, but don't have money to cover buying st $300 and cashing out at $350?

Does that not make sense to anyone else or am I missing something?
I'm torn, tbh.
 

Hauler

Been fallin so long it's like gravitys gone
Feb 3, 2016
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I don't see how that's possible. If you bought a stock at $1 they'll let you sell at $300, and claim to have money to cover that, but don't have money to cover buying st $300 and cashing out at $350?

Does that not make sense to anyone else or am I missing something?
They are fixing the system.

When you sell, someone is buying. Giving a certain group an option to only SELL is a move to instill panic and tank the stock.

It's one of the most blatantly illegal moves I've ever heard of and it was done publicly - they didn't even attempt to hide it.

They are attempting to protect the hedge funds - or to at least get what they can from them by getting the price down to a reasonable level.

I don't say this as hyperbole - people should go to jail for this.
 

Leigh

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Jan 26, 2015
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I don't see how that's possible. If you bought a stock at $1 they'll let you sell at $300, and claim to have money to cover that, but don't have money to cover buying st $300 and cashing out at $350?

Does that not make sense to anyone else or am I missing something?
Trade always requires someone to buy if you want to sell and vice versa. You can't buy anything if no one is selling.

Imagine you're a broker. You get $1M in buy trades and NO sell trades. If price doubles and people cash out, you need to cover $1M. Imagine price goes from $40 to $350, price has increased 9 times!

So you have a load of buy orders and you're struggling to cover them. You need a whole load of sell orders to cover the buy orders. You'll take all the sell orders you can get and that's good for everyone; the guys who have buy orders can get theirs fulfilled.
 
D

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so robinhood may not have had the funds available to offer more buys on the stock, atleast, in the short term
for the record, robinhood in the news last night said their move was not based on any liquidity problems with their company
 

ThatOneDude

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for the record, robinhood in the news last night said their move was not based on any liquidity problems with their company
Then why did they reach out for so many lines of credit? There is fuckery afoot, I think.
 

BrunoMcGyver

Bruno no dey carry last
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Im keen on putting a couple bucks on this Dogecoin. Whats the best platform to use for this?