Stocks and Trading Thread - Channeling your inner Mono

[Josquius]

The plumet isn't continuing.

It is now.

It dropped a lot earlier today.
It is now fairly steady.
Checking up the 100 barrier has been crossed with no massed sell off resulting. Really suggests the WSB crew are sticking.

[Tamas]

Ok so you find it possible that the buying ban broke the squeeze's momentum?

I find it likely that a number of participants chose to react to the ban in a way that broke the squeeze's momentum.

I'll take that.

[Admiral Yi]

It dropped a lot earlier today.

Around the time you posted "it isn't plumeting?"

[Admiral Yi]

I'll take that.

Of course that's leaving aside the question of why we're supposed to give a fuck about momentum.

[Josquius]

It dropped a lot earlier today.

Around the time you posted "it isn't plumeting?"

No, around when I said looks like it's over.

[Admiral Yi]

I wonder if any shorts are using today's drop to take profit.

[Tamas]

I'll take that.

Of course that's leaving aside the question of why we're supposed to give a fuck about momentum.

I think that comes back to what as I recall you had trouble with earlier, namely that most people are influenced by emotions when trading. I am sure you are not, but many are.

[Valmy]

The one totally on the nose comment Cuban made in that AMA (re Robinhood)

Yes. There will be class action suits. And you will win. And after legal feeds you will get your $4.00 settlement check

$4.00? That would be a pretty sweet class action lawsuit payout. Usually you get something like 85 cents.

[Admiral Yi]

I think that comes back to what as I recall you had trouble with earlier, namely that most people are influenced by emotions when trading. I am sure you are not, but many are.

OK.  So that leaves us with "Vlad didn't protect me from my own irrational response when halting trading due to regulatory requirements so that means he stole my money."

[alfred russel]

The one totally on the nose comment Cuban made in that AMA (re Robinhood)

Yes. There will be class action suits. And you will win. And after legal feeds you will get your $4.00 settlement check

Whoa! So the big shot lawyers will get a handsome payday while the ordinary victims get $4? Seems like the deck is stacked against the little guy.

[Valmy]

That is how class action lawsuits work. Each plaintiff gets very little but the entire point is to punish the corp for their bad behavior not get rich...well unless you are a lawyer.

[crazy canuck]

The one totally on the nose comment Cuban made in that AMA (re Robinhood)

Yes. There will be class action suits. And you will win. And after legal feeds you will get your $4.00 settlement check

Whoa! So the big shot lawyers will get a handsome payday while the ordinary victims get $4? Seems like the deck is stacked against the little guy.

You may misunderstand the purpose of a class action proceeding.

They were designed so that when large numbers of people have the same small individual claims, all those claims can be pursued at once.  Otherwise, there would be no way to prosecute their individual claims.  The damages they are entitled to remain the small amount the were entitled to in the first place.

[alfred russel]

The one totally on the nose comment Cuban made in that AMA (re Robinhood)

Yes. There will be class action suits. And you will win. And after legal feeds you will get your $4.00 settlement check

Whoa! So the big shot lawyers will get a handsome payday while the ordinary victims get $4? Seems like the deck is stacked against the little guy.

You may misunderstand the purpose of a class action proceeding.

They were designed so that when large numbers of people have the same small individual claims, all those claims can be pursued at once.  Otherwise, there would be no way to prosecute their individual claims.  The damages they are entitled to remain the small amount the were entitled to in the first place.

I understand the class action industry in the US well. One of the largest class action administrators was one of my main clients before I took a corporate job. It is how I know it is rife with abuse.

[Tamas]

Bloody hell WSB was a sad read last night. Not so much the loss porn but more like the clearly upset people clinging on to false hope and sense of solidarity to justify their losses and continued pouring of money into this lost cause.

The few voices of reason are drowned out by DIAMON HANDS and HODL.

[Josquius]

Bloody hell WSB was a sad read last night. Not so much the loss porn but more like the clearly upset people clinging on to false hope and sense of solidarity to justify their losses and continued pouring of money into this lost cause.

The few voices of reason are drowned out by DIAMON HANDS and HODL.

Explains why the plummet stopped. Everyone who was in for a quick buck is gone leaving behind the true cultists and those playing a very long game who bought in at $2 or something.
Iirc all the shorts they were betting against were set quite a bit lower than $80, coming from the days when it had a sane price and was expected to drop even from that.
I am going to keep an eye on this, just on the off chance it isnt over. As said there are people with millions in this still