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0 pointssmcn2y ago0 comments

I don't think anyone was trying to save the stock market. The general vibe was more fire and brimstone.

0 comments

They made up a story about how short sellers were ruining the stock market and then tried to say that punishing them would save the stock market.

Or am I wrong in my assessment? Then the crowds ate it up and GME mooned. The pumpers then dumped and RoaringKitty became a millionaire.

smcnOP2y ago

Yes I'd say that you're wrong with that.

To start, it wasn't that short sellers were ruining the market. If you spent any time there, you'd see that they, too, short stocks.

Second, it definitely wasn't made up. GME was tremendously shorted. And there were more shares shorted than existed. This is not a unique phenomenon and is possible due to a concept called "naked shorting".

It also didn't stop going up because people pumping it stopped. They literally disabled the ability for people to buy more. That is what killed the momentum. https://www.cnbc.com/2021/01/28/robinhood-interactive-broker...

dragontamer2y ago

Yeah, no one is going to change short selling rules any time soon because it's all jus t made up crap and rumors from WSB to pump GME.

Hate to break it to ya, but you're getting played of you actually think the problem here was short selling.

The problem is that skittery online retail can be so openly manipulated to believe such conspiracies and that this leads to the profits of the small leaders of the crowd.

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dragontamer2y ago

They made up a story about how short sellers were ruining the stock market and then tried to say that punishing them would save the stock market.

Or am I wrong in my assessment? Then the crowds ate it up and GME mooned. The pumpers then dumped and RoaringKitty became a millionaire.

smcnOP2y ago

Yes I'd say that you're wrong with that.

To start, it wasn't that short sellers were ruining the market. If you spent any time there, you'd see that they, too, short stocks.

dragontamer2y ago

Yeah, no one is going to change short selling rules any time soon because it's all jus t made up crap and rumors from WSB to pump GME.

Hate to break it to ya, but you're getting played of you actually think the problem here was short selling.

The problem is that skittery online retail can be so openly manipulated to believe such conspiracies and that this leads to the profits of the small leaders of the crowd.

1 more reply

j / k navigate · click thread line to collapse