Hodl'er

Wallstreetbets

Date listed

2 months ago

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Full time

Remote

Yes

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Keywords: remote net bitcoin

Please note that this is a joke, no such position exists and it does not constitute investment advice.

🚀🚀🚀

WE SEEK ALPHA AND MASTER BETA!!!!11 La-li-lu-le-lo. Are funds SAFU or SNAFU? Is Bitcoin your safeword?

Here is the tl;dr of the $GAMESTONK 2 STRONK SQUEEZE - When your broker is as a reliable as a Cyberpunk 2077 launch day patch, does the GAME have to STOP? #cwutididthere

R/wallstreetbets, also known as WallStreetBets or WSB, is a subreddit where participants discuss stock and option trading. It has become notable for its profane nature, aggressive trading strategies, and role in the 2021 GameStop short squeeze.

The subreddit, describing itself through the tagline "Like 4chan found a Bloomberg terminal",[2] is known for its aggressive trading strategies, which primarily revolve around highly speculative, leveraged options trading. Members of the subreddit are often young retail traders and investors who ignore fundamental investment practices and risk management techniques, so their activity is considered gambling. The growing popularity of no-commission brokers and mobile online trading has potentially contributed to the growth of such trading trends. Members of the communities often see high-risk day trading as an opportunity to quickly improve their financial conditions and obtain additional income. Some of the members tend to use borrowed capital, like student loans, to bet on certain "meme stocks" that show popularity within the community.[1][3][4][5][6]

The subreddit is also known for its profane and juvenile nature, with members often referring to themselves as "autists" and "degenerates."[5][7]

History: The GameStop Short Squeeze

On January 22, 2021, users of r/WallStreetBets initiated a short squeeze on GameStop, pushing their stock prices up significantly. This occurred shortly after a comment from Citron Research predicting the value of the stock would decrease.[8] The stock price increased more than 600% by January 26, and its high volatility caused trading to be halted multiple times.[9][10]

On January 24, a moderator of r/WallStreetBets wrote a post stating: "There is NO organized effort by those [of] us who moderate this community to promote, advise or recommend any stock. It is against our policy to do so and we feel it is crucial to allow members to be able to share their ideas amongst each other with autonomy."[11]

After the GameStop stock closed up 92.7% on Tuesday, January 26, business magnate Elon Musk tweeted out a link to the r/WallStreetBets subreddit.[12]

On January 27, r/WallStreetBets users triggered a short squeeze on AMC, a company in a similar position to GameStop.[13]

On January 27, the official WallStreetBets Discord server was banned for "hateful and discriminatory content". Discord denied that the ban was related to the ongoing GameStop short squeeze.[14] In an official statement posted to the r/WallStreetBets subreddit, moderators claimed that their efforts to automatically delete content that violated rules had been overwhelmed by the sheer influx of users and the use of obscure Unicode characters, and criticized Discord for not providing the tools needed to take action to curtail hate speech on the server.[15] This was shortly followed by the subreddit being switched to private by the moderators at around 7:00 p.m. EST, before being made public again around an hour later.[16] Within one week of the GameStop short squeeze, the subreddit had gained over 2.4 million new subscribers, whereas it took 9 years to reach 2.2 million.[17] As of January 28, the WallStreetBets Discord server is online.

Effect on the Robinhood Trading Platform

Many members of the subreddit use the popular mobile app Robinhood to trade stocks and options. Some members have been responsible for significant feature removals and bug fixes after identifying and publishing methods of exploit.[18]

Robinhood Restricts Trading

On January 28, 2021, in response to r/wallstreetbets's involvement in the GameStop short squeeze, Robinhood, TD Ameritrade, E-Trade and Webull restricted the trade of heavily shorted stocks such as GameStop, AMC, BlackBerry Limited, Nokia, and Koss Corporation on their platforms.[23]

On January 28, 2021, in response to r/wallstreetbets's involvement in the GameStop short squeeze, Robinhood, TD Ameritrade, E-Trade and Webull restricted the trade of heavily shorted stocks such as GameStop, AMC, BlackBerry Limited, Nokia, and Koss Corporation on their platforms.[23]

References

Davidson, Jake (October 25, 2018). "Meet the Bros Behind /r/WallStreetBets, Who Lose Hundreds of Thousands of Dollars in a Day—And Brag About It". Money. Retrieved March 16, 2020. Kochkodin, Kochkodin (October 17, 2019). "A Guy on Reddit Turns $766 Into $107,758 on Two Options Trades". Bloomberg. Retrieved 23 January 2021. Weisenthal, Joe; Alloway, Tracy (March 5, 2020). "How a Profane Subreddit Moved the Market (Podcast)". Odd Lots (Bloomberg). Retrieved March 16, 2020. Kiberd, Roisin (December 11, 2017). "You Probably Shouldn't Bet Your Savings on Reddit's 'Wallstreetbets'". Vice. Retrieved March 16, 2020. Kawa, Luke (February 26, 2020). "Reddit's Profane, Greedy Traders Are Shaking Up the Stock Market". Bloomberg. Retrieved March 25, 2020. Anthony, KS (March 2, 2020). "Irrational Exuberance: An Interview With WallStreetBets Founder Jaime Rogozinski". SumZero. Retrieved March 25, 2020. Regan, Michael; Flanagan, Cristin; Balji, Divya (26 January 2021). "Reddit's Rocket-Ship Stock Picks Like BlackBerry Soar Again". Bloomberg. Retrieved 28 January 2021. Lyons, Kim (January 22, 2021). "GameStop stock halts trading after Reddit drama". The Verge. Retrieved January 25, 2021. Li, Yun (26 January 2021). "GameStop jumps another 90% above $140, but short sellers aren't backing down". CNBC. Retrieved 27 January 2021. Kilgore, Tomi. "GameStop's stock rockets again in volatile trading, while company has not released news or commented". MarketWatch. Retrieved 27 January 2021. "How'd you guys manage to win so big it made these old guys drown in their tears?". Reddit. January 24, 2021. Retrieved January 25, 2021. Bursztynsky, Jessica (2021-01-26). "GameStop jumps after hours as Elon Musk tweets out Reddit board that's hyping stock". CNBC. Retrieved 2021-01-27. Warren, Tom (January 27, 2021). "Reddit's GameStop traders turn their attention to AMC stock". The Verge. Retrieved January 27, 2021. Morse, Jack (January 27, 2021). "Discord bans WallStreetBets server for 'hateful and discriminatory content'". Mashable. Retrieved January 27, 2021. "Where do we go from here and who is going to step up to help us?". Reddit. January 28, 2021. Retrieved January 28, 2020. Peters, Jay (January 27, 2021). "r/WallStreetBets has been made private'". The Verge. Retrieved January 27, 2021. Murdock, Jason (January 28, 2021). "WallStreetBets Subreddit Gains 2 Million Members in a Day Amid Wall Street Siege". Newsweek. Retrieved January 28, 2021. GmbH, finanzen net. "The jig is up: Robinhood says it's closed the 'infinite leverage' loophole that allowed users to build positions worth millions". markets.businessinsider.com. Retrieved 2021-01-27. Langlois, Shawn. "Trader says he has 'no money at risk,' then promptly loses almost 2,000%". MarketWatch. Retrieved 2020-05-29. GmbH, finanzen net. "Robinhood's 'infinite money' glitch shows the dangers of turning investing into a game, expert says | Markets Insider". markets.businessinsider.com. Retrieved 2020-05-29. "wsb yolo".[dead link] "Robinhood has a 'free money cheat' that allowed one user to grow $4,000 into $1 million through 'infinite leverage'". Business Insider. 2019. "Robinhood, TD Ameritrade restrict trading of GameStop, AMC stock". CNET. January 28, 2021. Retrieved January 28, 2021.

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