6 ms·

WSB Went Private on Reddit

132 points by vincentmarle 6y ago

leesalminen 6y ago
Private or deleted?
- bmaisonp 6y ago
  Right now just private
- rasz 6y ago
  With Billions on the line I wouldnt be surprised in the former pretty soon.
vincentmarle 6y ago
WSB is now also offline on Discord. Does this have anything to do with SEC / Biden administration "monitoring the situation"?
- asenna 6y ago
  Discord claims it's not related to GME but rather because of the language that WallstreetBets community uses. > Today, we decided to remove the server and its owner from Discord for continuing to allow hateful and discriminatory content after repeated warnings. > To be clear, we did not ban this server due to financial fraud related to GameStop or other stocks. https://www.theverge.com/2021/1/27/22253251/discord-bans-the-r-wallstreetbets-server https://www.theverge.com/2021/1/27/22253251/discord-bans-the...
  - throwaway0a5e 6y ago
    I hope for Discord's sake that the "language that WallstreetBets community uses" that they take issue with isn't "calling each other autists as a form of endearment" because if that's the case there's going to be a really tough follow up question about a different group of people's language.
    - ignoranceprior 6y ago
      > really tough follow up question about a different group of people's language What are you insinuating?
jborden13 6y ago
Think they landed on the moon...
root_axis 6y ago
Also banned from discord.
- 0_gravitas 6y ago
  Now that's interesting, makes me see discord in a bit of a poorer light to be honest.
fwiwm2c 6y ago
This happens frequently. Happened last week too. Mostly to remove bots/shills. Will likely come back soon.
- noncoml 6y ago
  Doesn't look like it's the same case. Hedge funds are losing at their own game with their own rules, and trying to find other ways to win.
  - Tenoke 6y ago
    It is and the sub is already back.
konjin 6y ago
A good time to shill for the open source, distributed reddit alternative: https://getaether.net/ https://getaether.net/
- MitPitt 6y ago
  Doesn't look like reddit at all, but maybe i'm wrong. I would suggest Lemmy, much more similar: https://join.lemmy.ml/ https://join.lemmy.ml/
flerchin 6y ago
I guess it was cheaper to buy reddit than cover the positions. :-D
bedobi 6y ago
Most of my GME units were purchased at ~$100. But I like the stock! So today I bought more at $330. I'm not worried that the aftermarket nominal price is just below that, because I think that's just fake short ladder figures on very low volume - I'm still HOLDING - when the short sellers are truly forced to buy back to cover their shorts the price will go to the moon. The real squeeze hasn't even begun yet.
- gnfargbl 6y ago
  ...I honestly can't tell whether this is meant to be a serious post, or a parody of a typical WSB post about GME.
  - adenadel 6y ago
    Wouldn't shock me if it were both
    - UncleMeat 6y ago
      Yeah I'm not sure I've ever felt as old as I feel today. I just don't get it.
      - bedobi 6y ago
        here's my understanding (which may be wrong, and this isn't financial advice or a recommendation) if the stock is at $20 and you think it will go to $10 you can sell the stock at $20 (even if you actually don't own the stock, and never actually gave the buyer the stock, it's more like a promise that you will deliver the stock at some point) so now you've pocketed $20 and you're waiting for the stock to go down to $10 then, you can buy it for $10 and deliver the stock since you got paid $20, but you only paid $10 for the stock, you've made $10 this is called shorting people have been shorting to the point the number of stocks that are promised to be delivered is 140% of the actual number of stocks this means that, when those who promised to deliver stocks are actually called in to deliver the stocks they already sold for $20 (or whatever price they shorted at) they need to buy up 140% of the stocks in existence needless to say, there are not enough stocks to enable them to cover their shorts and this creates an insane spiral positive feedback loop in the price none of it has anything to do with fundamentals of the business, their dividends, balance sheets etc it's purely an artifact of a quirk state the stock has gotten into the funny thing is it's dumb retail investors who spotted it and kind of all jumped on in at the same time we like the stock! if and when the shorters are truly called in on their promises to deliver the stocks they shorted they will have to fight over an extremely limited supply of stocks, due to the nature of them having sold 140% of the stocks in existence AND us retail investors who have vacuumed up what little was for sale anyway (only a fraction of all stocks in existence are ever up for sale in the first place, so think of it like us vacuuming them all up and leaving them in a position where they have to deliver 140% of the stocks in existence when only a few percent of them are for sale = lol
liquidify 6y ago
Hopefully they don't stay this way. It is pretty annoying when subs disappear or get the cancel culture. Too many good ones have already disappeared.
asenna 6y ago
Interesting thing is you can see the direct affect that WSB has in the aftermarket. It fell off a cliff around the time the subreddit went private. But yeah tomorrow is going to be fun to follow this, when the real squeeze kicks in.
- cvhashim 6y ago
  Oof, this should be interesting.
andrethegiant 6y ago
Append a 2
mastre_ 6y ago
We are experiencing technical difficulties based on unprecedented scale as a result of the newfound interest in WSB. We are unable to ensure Reddit's content policy and the WSB rules are enforceable without a technology platform that can support automation of this enforcement. WSB will be back.
- fwiwm2c 6y ago
  So sad. Obviously reddit asked them to keep in check and reddit itself doesn't have technology to help WSB moderate itself. Just one more example why decentralization is actually the future of all content/social platforms. Centralization of control just reinforces existing control/choke points trying to keep entrenched in power in the name of guidelines.
  - konjin 6y ago
    A good time to shill for the open source, distributed reddit alternative: https://getaether.net/ https://getaether.net/ It even includes mining for new posts which is a simple yet surprisingly effective way to limit people's willingness to sock puppet.
  - djeiasbsbo 6y ago
    I saw this coming from a mile away because the way these threads were used was entirely new. Essentially, threads were used more like live chats where people reacted to the stock price. Everytime a thread hit the 100k comment limit, they had to create a new one. Due to the activity, the threads were also constantly at the top of the reddit frontpage.
  - mastre_ 6y ago
    > Just one more example why decentralization is actually the future of all content/social platforms. Truly. In this case it remains to be seen if they can get back online, apparently it's happened before.
twostorytower 6y ago
> We are experiencing technical difficulties based on unprecedented scale as a result of the newfound interest in WSB. We are unable to ensure Reddit's content policy and the WSB rules are enforceable without a technology platform that can support automation of this enforcement. WSB will be back. If they don't come back before market open $GME, $AMC, $BB all go caput tomorrow. The community will panic sell without a place to unify.
- gremlinsinc 6y ago
  Nah, /r/wallstreetbetsnew is already up and organizing as a backup. I'm sure some of the mods are probably thinking about taking their sub the fediverse... this is definitely a sub ripe for breaking out of reddit into it's own thing...
  - riffic 6y ago
    Other subreddits have done the same thing. Look at Lemmy: https://github.com/LemmyNet/lemmy https://github.com/LemmyNet/lemmy
    - gremlinsinc 6y ago
      Yeah, I've seen that. I feel like there's something better coming though. I feel like something's missing from activepub/federation. I don't know if it's something to make censorship harder, or make privacy better, or for better identity. Something though is missing. Maybe there needs to be a centralized "identity" and accounts can be "verified" like on twitter and you'd use @user instead of @user@server.com This way you also could have less chance of impersonation. That's something that I really wonder about... I mean Obama could have an account on one site, and I could create an account with same name on another server masquerading as him, and who'd know which one's authentic? Sure, if you don't care about celebrity insights that's great, but celebs actually do reply on twitter and that's one of the "draws" being able to possibly interact with someone famous who could make you "famous for a minute".
      - 6y ago
vthallam 6y ago
For the curious, I made a leaderboard based off r/wallstreetbets comments from the last 24h - https://stonks.news/wsb/summary/ https://stonks.news/wsb/summary/
- antisthenes 6y ago
  Are you sure that for example "PUMP" is a stock that WSB is talking about, rather than using the word pump in reference to other stocks?
  - vthallam 6y ago
    There are few words that closely align with common WSB terminology. I filtered most of them, will add it to the list.
- Lorin 6y ago
  Add a timescale filter :)
djeiasbsbo 6y ago
This was my first and last "gambling session" with stocks. Bought in at 70 and sold at 380. Really glad that I got lucky for once but I'm never gonna do that again!
dang 6y ago
For pointers to the other interesting vertices of this story graph, see https://news.ycombinator.com/item?id=25933543 https://news.ycombinator.com/item?id=25933543. Edit: is the current submission a dupe of https://news.ycombinator.com/item?id=25868680 https://news.ycombinator.com/item?id=25868680? Sounds like the same story but 5 days was a long time ago.
lemoncookiechip 6y ago
r/WSB is gathering here https://www.youtube.com/watch?v=gW1GR7BECq4 https://www.youtube.com/watch?v=gW1GR7BECq4 Hold
lurkmurk 6y ago
Another sad day for internet communities. Big guys always win. If you want freedom to express, self host (let's see how long until this is forbiden).
- asenna 6y ago
  Or perhaps we create and start promoting decentralized options? It's still early days but I was recently looking into decentralized web-hosting through IPFS / ENS and it's definitely maturing. I think we'll be seeing more decentralized services in the next year or two.
- gher-shyu3i 6y ago
  This is good for Bitcoin? :P
Threeve303 6y ago
Over the past decade or so we have seen the increasing power of social media that can manipulate numerous people into behaving a certain way for a certain outcome. Just look at the last four years... Would it be possible to target specific financial institutions in the market to cause volatility and or a crash? A sort of social media driven financial weapon.
deleted 6y ago
[deleted]
danhor 6y ago
It's now back again
asenna 6y ago
Looks like WSB is back. Mods took it private to probably do some bot-cleansing and to figure some things out given the sub is 3.6 million strong now, and the growth just in the past week is insane. They definitely feel let down with what Discord has done though and seeking help from the community. https://www.reddit.com/r/wallstreetbets/comments/l6j4r9/where_do_we_go_from_here_and_who_is_going_to_step/ https://www.reddit.com/r/wallstreetbets/comments/l6j4r9/wher...

132 points by vincentmarle 6y ago

leesalminen 6y ago

Private or deleted?

bmaisonp 6y ago
Right now just private
rasz 6y ago
With Billions on the line I wouldnt be surprised in the former pretty soon.

vincentmarle 6y ago

WSB is now also offline on Discord. Does this have anything to do with SEC / Biden administration "monitoring the situation"?

asenna 6y ago
Discord claims it's not related to GME but rather because of the language that WallstreetBets community uses. > Today, we decided to remove the server and its owner from Discord for continuing to allow hateful and discriminatory content after repeated warnings. > To be clear, we did not ban this server due to financial fraud related to GameStop or other stocks. https://www.theverge.com/2021/1/27/22253251/discord-bans-the-r-wallstreetbets-server https://www.theverge.com/2021/1/27/22253251/discord-bans-the...
- throwaway0a5e 6y ago
  I hope for Discord's sake that the "language that WallstreetBets community uses" that they take issue with isn't "calling each other autists as a form of endearment" because if that's the case there's going to be a really tough follow up question about a different group of people's language.
  - ignoranceprior 6y ago
    > really tough follow up question about a different group of people's language What are you insinuating?

jborden13 6y ago

Think they landed on the moon...

root_axis 6y ago

Also banned from discord.

0_gravitas 6y ago
Now that's interesting, makes me see discord in a bit of a poorer light to be honest.

fwiwm2c 6y ago

This happens frequently. Happened last week too. Mostly to remove bots/shills. Will likely come back soon.

noncoml 6y ago
Doesn't look like it's the same case. Hedge funds are losing at their own game with their own rules, and trying to find other ways to win.
- Tenoke 6y ago
  It is and the sub is already back.

konjin 6y ago

A good time to shill for the open source, distributed reddit alternative: https://getaether.net/ https://getaether.net/

MitPitt 6y ago
Doesn't look like reddit at all, but maybe i'm wrong. I would suggest Lemmy, much more similar: https://join.lemmy.ml/ https://join.lemmy.ml/

flerchin 6y ago

I guess it was cheaper to buy reddit than cover the positions. :-D

bedobi 6y ago

Most of my GME units were purchased at ~$100. But I like the stock! So today I bought more at $330. I'm not worried that the aftermarket nominal price is just below that, because I think that's just fake short ladder figures on very low volume - I'm still HOLDING - when the short sellers are truly forced to buy back to cover their shorts the price will go to the moon. The real squeeze hasn't even begun yet.

gnfargbl 6y ago
...I honestly can't tell whether this is meant to be a serious post, or a parody of a typical WSB post about GME.
- adenadel 6y ago
  Wouldn't shock me if it were both
  - UncleMeat 6y ago
    Yeah I'm not sure I've ever felt as old as I feel today. I just don't get it.
    - bedobi 6y ago
      here's my understanding (which may be wrong, and this isn't financial advice or a recommendation) if the stock is at $20 and you think it will go to $10 you can sell the stock at $20 (even if you actually don't own the stock, and never actually gave the buyer the stock, it's more like a promise that you will deliver the stock at some point) so now you've pocketed $20 and you're waiting for the stock to go down to $10 then, you can buy it for $10 and deliver the stock since you got paid $20, but you only paid $10 for the stock, you've made $10 this is called shorting people have been shorting to the point the number of stocks that are promised to be delivered is 140% of the actual number of stocks this means that, when those who promised to deliver stocks are actually called in to deliver the stocks they already sold for $20 (or whatever price they shorted at) they need to buy up 140% of the stocks in existence needless to say, there are not enough stocks to enable them to cover their shorts and this creates an insane spiral positive feedback loop in the price none of it has anything to do with fundamentals of the business, their dividends, balance sheets etc it's purely an artifact of a quirk state the stock has gotten into the funny thing is it's dumb retail investors who spotted it and kind of all jumped on in at the same time we like the stock! if and when the shorters are truly called in on their promises to deliver the stocks they shorted they will have to fight over an extremely limited supply of stocks, due to the nature of them having sold 140% of the stocks in existence AND us retail investors who have vacuumed up what little was for sale anyway (only a fraction of all stocks in existence are ever up for sale in the first place, so think of it like us vacuuming them all up and leaving them in a position where they have to deliver 140% of the stocks in existence when only a few percent of them are for sale = lol

liquidify 6y ago

Hopefully they don't stay this way. It is pretty annoying when subs disappear or get the cancel culture. Too many good ones have already disappeared.

asenna 6y ago

Interesting thing is you can see the direct affect that WSB has in the aftermarket. It fell off a cliff around the time the subreddit went private. But yeah tomorrow is going to be fun to follow this, when the real squeeze kicks in.

cvhashim 6y ago
Oof, this should be interesting.

andrethegiant 6y ago

Append a 2

mastre_ 6y ago

We are experiencing technical difficulties based on unprecedented scale as a result of the newfound interest in WSB. We are unable to ensure Reddit's content policy and the WSB rules are enforceable without a technology platform that can support automation of this enforcement. WSB will be back.

fwiwm2c 6y ago
So sad. Obviously reddit asked them to keep in check and reddit itself doesn't have technology to help WSB moderate itself. Just one more example why decentralization is actually the future of all content/social platforms. Centralization of control just reinforces existing control/choke points trying to keep entrenched in power in the name of guidelines.
- konjin 6y ago
  A good time to shill for the open source, distributed reddit alternative: https://getaether.net/ https://getaether.net/ It even includes mining for new posts which is a simple yet surprisingly effective way to limit people's willingness to sock puppet.
- djeiasbsbo 6y ago
  I saw this coming from a mile away because the way these threads were used was entirely new. Essentially, threads were used more like live chats where people reacted to the stock price. Everytime a thread hit the 100k comment limit, they had to create a new one. Due to the activity, the threads were also constantly at the top of the reddit frontpage.
- mastre_ 6y ago
  > Just one more example why decentralization is actually the future of all content/social platforms. Truly. In this case it remains to be seen if they can get back online, apparently it's happened before.

twostorytower 6y ago

> We are experiencing technical difficulties based on unprecedented scale as a result of the newfound interest in WSB. We are unable to ensure Reddit's content policy and the WSB rules are enforceable without a technology platform that can support automation of this enforcement. WSB will be back. If they don't come back before market open $GME, $AMC, $BB all go caput tomorrow. The community will panic sell without a place to unify.

gremlinsinc 6y ago
Nah, /r/wallstreetbetsnew is already up and organizing as a backup. I'm sure some of the mods are probably thinking about taking their sub the fediverse... this is definitely a sub ripe for breaking out of reddit into it's own thing...
- riffic 6y ago
  Other subreddits have done the same thing. Look at Lemmy: https://github.com/LemmyNet/lemmy https://github.com/LemmyNet/lemmy
  - gremlinsinc 6y ago
    Yeah, I've seen that. I feel like there's something better coming though. I feel like something's missing from activepub/federation. I don't know if it's something to make censorship harder, or make privacy better, or for better identity. Something though is missing. Maybe there needs to be a centralized "identity" and accounts can be "verified" like on twitter and you'd use @user instead of @user@server.com This way you also could have less chance of impersonation. That's something that I really wonder about... I mean Obama could have an account on one site, and I could create an account with same name on another server masquerading as him, and who'd know which one's authentic? Sure, if you don't care about celebrity insights that's great, but celebs actually do reply on twitter and that's one of the "draws" being able to possibly interact with someone famous who could make you "famous for a minute".
    - 6y ago

vthallam 6y ago

For the curious, I made a leaderboard based off r/wallstreetbets comments from the last 24h - https://stonks.news/wsb/summary/ https://stonks.news/wsb/summary/

antisthenes 6y ago
Are you sure that for example "PUMP" is a stock that WSB is talking about, rather than using the word pump in reference to other stocks?
- vthallam 6y ago
  There are few words that closely align with common WSB terminology. I filtered most of them, will add it to the list.
Lorin 6y ago
Add a timescale filter :)

djeiasbsbo 6y ago

This was my first and last "gambling session" with stocks. Bought in at 70 and sold at 380. Really glad that I got lucky for once but I'm never gonna do that again!

dang 6y ago

For pointers to the other interesting vertices of this story graph, see https://news.ycombinator.com/item?id=25933543 https://news.ycombinator.com/item?id=25933543. Edit: is the current submission a dupe of https://news.ycombinator.com/item?id=25868680 https://news.ycombinator.com/item?id=25868680? Sounds like the same story but 5 days was a long time ago.

lemoncookiechip 6y ago

r/WSB is gathering here https://www.youtube.com/watch?v=gW1GR7BECq4 https://www.youtube.com/watch?v=gW1GR7BECq4 Hold

lurkmurk 6y ago

Another sad day for internet communities. Big guys always win. If you want freedom to express, self host (let's see how long until this is forbiden).

asenna 6y ago
Or perhaps we create and start promoting decentralized options? It's still early days but I was recently looking into decentralized web-hosting through IPFS / ENS and it's definitely maturing. I think we'll be seeing more decentralized services in the next year or two.
gher-shyu3i 6y ago
This is good for Bitcoin? :P

Threeve303 6y ago

Over the past decade or so we have seen the increasing power of social media that can manipulate numerous people into behaving a certain way for a certain outcome. Just look at the last four years... Would it be possible to target specific financial institutions in the market to cause volatility and or a crash? A sort of social media driven financial weapon.

deleted 6y ago

[deleted]

danhor 6y ago

It's now back again

asenna 6y ago

Looks like WSB is back. Mods took it private to probably do some bot-cleansing and to figure some things out given the sub is 3.6 million strong now, and the growth just in the past week is insane. They definitely feel let down with what Discord has done though and seeking help from the community. https://www.reddit.com/r/wallstreetbets/comments/l6j4r9/where_do_we_go_from_here_and_who_is_going_to_step/ https://www.reddit.com/r/wallstreetbets/comments/l6j4r9/wher...