Banking on Bitcoin

GameStop: how Reddit amateurs took aim at Wall Street’s short-sellers​


"The co-ordinated effort by users of the online forum Reddit to drive up the share price of GameStop and other companies is designed to turn the screw on short-sellers.

What is short-selling?

It’s a way of making money by betting that a company’s share price will fall.

What has happened with GameStop?

In this case, Reddit users in a group called WallStreetBets noticed that hedge funds, including one called Melvin Capital, had taken a large short position in GameStop. They decided to punish the Wall Street big boys and launched a co-ordinated buying spree. That began forcing the price up – it is now up more than 1800% – increasing the losses for the short-sellers who had bet against it. They had suffered losses of $1bn already, according to reports on Thursday."

https://www.theguardian.com/busines...s-amateurs-tripped-wall-streets-short-sellers
And now Wall Street is trying to label these guys/gals as “hackers” and “cheats”. What a bunch of whiny brats. As soon as things don’t go their way they are up in arms about it. Talk about double standards.
 
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And now Wall Street is trying to label these guys/gals as “hackers” and “cheats”. What a bunch of whiny brats. As soon as things don’t go their way they are up in arms about it. Talk about double standards.
well game stop failing is meant to be a sure thing ... 401K's and pensions will probably take a hit.
 
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Do you guys use apps to invest in these stocks or something else?
 
DogeCoin hit 900% at one point through the early hours
This is insane since DOGE was literally built as a meme crypto. It's inflationary by design too - so the supply is always increasing.

@DylanM345 - I use TD Ameritrade, but there's a bunch of options. TD just has a nice portal called "Think or Swim" if you get into more technical trading. I used to be a financial advisor so that was a nice add for my background.
 
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And now Wall Street is trying to label these guys/gals as “hackers” and “cheats”. What a bunch of whiny brats. As soon as things don’t go their way they are up in arms about it. Talk about double standards.
There were just as many probably more on Wall Street longing these stocks too. along with Blackberry and AMC
 
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I think there is supposed to be some action tonight with Dogecoin. I bought some just in case 😂
 
Anyone who invests in BTC should checkout BlockFI.. its kinda like a "savings" account with 6% interest.

Also, don't buy your BTC on Robinhood.. you never own the coin, you only own an IOU
 
How’s about don’t buy anything on RobinHood they clearly had a liquidity issue last week when they had to halt and limit trades on GME. People assumed it was some big conspiracy. There are hedge fund managers laughing all the way the the bank this week. If they were willing to short that stock when it was only worth $4 imagine how much money they must have made in the last 7 days shorting that stock at $400 it’s less than $69. Melvin probably had their shorts covered despite undervaluing the GameStop last year.
 
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Do you guys use apps to invest in these stocks or something else?
For Bitcoin & other crypto look into Coinbase.
Robinhood usually works for stocks & Bitcoin. Doesn't appear they get into other crypto though.

Side note: I found this bitcoin return calculator recently. I sold a house almost exactly one year ago. Ended up with about $10k cash after it was all said and done. Had I bought bitcoin then with it, it would be worth $40k today. In one year!
 
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  • Wow
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Bitcoins were about 33k yesterday. This morning after the Tesla buy, they're at 43k.
 
$2 Trillion Banking Giant BNY Mellon Reveals Bitcoin And Crypto Plans—‘Digital Assets Are The Future’
BNY Mellon is currently developing a prototype that it claims will be the financial industry’s "first multi-asset digital custody and administration platform" for both traditional and digital assets—bringing bitcoin and cryptocurrencies under the same roof as traditional holdings.

"We’re experiencing heightened interest from current clients who are seeking exposure to digital assets," says Demissie. "We are also seeing new demand from prospective clients, particularly digital native companies in the digital asset space, who are looking for BNY Mellon’s core investment services."

BNY Mellon's digital asset unit will cover cryptocurrencies like bitcoin but also extend to stablecoins, such as USDC, as well as tokenized securities and real assets, according to Demissie. Eventually, it's also expected to include central bank issued digital currencies (CBDCs).

"Over the course of the last year, we have seen increasing regulatory clarity and guidelines to safely operate in the digital asset space," says Demissie.

https://www.forbes.com/sites/billyb...igital-assets-are-the-future/?sh=6062127376e4
Tesla, amazon, master card, Visa, BNY Melon now
 
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