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Game Stopped? (Live congressional hearing on GameStop)
- Thaxll 6y agoListening to that you really want to punch the Melvin CEO in the face.
- chaostheory 6y agoSteve Huffman, reddit's CEO, is on now.
- giacaglia 6y agoWhat a waste of time
- koolba 6y agoKeith Gill is looking good in the suit and had a great intro. I think he's going to do great today. Anybody know what's up with spez's left eye?
- royosherove 6y ago"There are many things I am not. I am not a cat..." - Keith Gill
- elwell 6y agoIn addition to referencing "RoaringKitty", that's a fresh reference to this: https://www.youtube.com/watch?v=s-frHneo95k https://www.youtube.com/watch?v=s-frHneo95k
- fractionalhare 6y agoI am loving Waters' slap down of Tenev. Tenev refuses to give her the honest answer: Robinhood did have a liquidity problem.
- csours 6y agoRobinhood had a liquidity problem in the same way as ERCOT is having a power problem. That is, the corporate entity is Ok, and you have to deal with the problem.
- fractionalhare 6y agoI would not say Robinhood the corporate entity was okay, they seriously fucked up and could have seen this coming. Tenev called it a "five-sigma event" - lol okay. Sure it was, as if volatility blow ups happen once every 8 millennia...
- bo1024 6y agoIs there a good news source covering this? Very interesting is this interview yesterday with the Interactive Brokers chairman (5min): https://www.youtube.com/watch?v=_TPYuIRVfew https://www.youtube.com/watch?v=_TPYuIRVfew
- pmorici 6y agoThey really need to get into how the collateral deposit required by the clearing firm from Robinhood is calculated. It gives all parties plausible deniability but without knowing how it is calculated you can't know all the avenues from which undue influence might have come into play.
- nightowl_games 6y agoVlad Tenev's "Black Swan", "One In 3 million event is unmodellable". This guy just reeks of deceptive corporate speak. He even looks like Martin Shkreli.
- fractionalhare 6y agoYeah. Calling something a five-sigma event loses meaning if there haven't been anywhere near enough time intervals (here: market days) to validate that thesis. Here is a decent paper on the topic of n-sigma events: https://arxiv.org/pdf/1103.5672.pdf https://arxiv.org/pdf/1103.5672.pdf
- 6gvONxR4sf7o 6y agoNot just that, you have to define the independent units. A 1 in 35M event is crazy over 35M days. It's less crazy over 35M trades. Without knowing which it is, 1 in 35M doesn't say anything.
- nightowl_games 6y agoTenev's "Black Swan" comment is even more ludicrous given that we are currently in the midst of the COVID pandemic which made the Black Swan phrase trendy and known. Other recent black swans: - Texas freezing over - Beirut explosion It seems as though these "black swan" events are happening more and more rapidly.
- monksy 6y agoI'm pretty sure that Martin Shkreli would be on the side of the investors and put money in.
- sschueller 6y agoI find the audio issues embarrassing (echo's, feedback, way off volume balance etc.). I would think the congress would install proper equipment in the homes of the representatives. Bigfuckingvalue has the best sound and he's just a "youtuber".
- jcranmer 6y ago> Bigfuckingvalue has the best sound and he's just a "youtuber". Let me rewrite that sentence for you: "Bigfuckingvalue has the best sound because he's in a profession where having a good home audio setup for teleconferences is critical to success." (I've never done any of this myself, but I've heard from several people that the #1 most crucial investment you can make as a youtuber is in improving your audio setup.)
- sschueller 6y agoYes, this. Most important for podcasts or YouTube is sound and it is the thing everyone recommends you deal with first.
- silon42 6y agoTo start you can get 95% there by: - headphones with microphone - wired
- PartiallyTyped 6y agoDFV has a "HyperX QuadCast", which according to reviews on reddit, is a decent entry level microphone, I bought mine at €99 a year ago.
- LukeShu 6y agoI agree with your point that it makes sense that he has the best audio. But regarding "in a profession": I believe he still has a day job; I wouldn't call being a youtuber his profession, being a youtuber is a hobby for him.
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- bogwog 6y agoKind of off-topic, but the quality of most of these streams are terrible. Zoom/whatever should add an optional overlay to the corner of every stream that displays the ISP of that user. Maybe the public shaming on these high-profile streams will lead to some change?
- michaelmcdonald 6y agoCouldn't agree more. Wasn't sure if it was the quality of webcams being used, ISPs, or some other factor. It's brutal to watch though.
- Const-me 6y agoI think cameras is the main issue there. Most non-technical people don’t realize how horrible laptop built-in cameras are. I have no idea why that’s the case. There’s good competition on the market, dozens of companies are making laptops. Technical issues are solved too; smartphone cameras have similar form factor yet modern ones are awesome.
- samtheprogram 6y agoThis seems like a stretch to publicly shame companies without any sort of certainty they are to blame. There’s a _lot_ of factors in stream quality, one of which that also on its own has a lot of factors is connection speed. For example, poor WiFi is the biggest ongoing issue in my experience. Another possibility is a particular edge of Zoom or a competitors network is facing a degradation at that time. Some streams are bad but have nothing to do with connection speed. Stupid people in large groups do not understand nuance. I would use more hesitation before providing them ammo.
- hogFeast 6y agoI was just about to say that...they be out there complaining about Robinhood's technology...not muting mics, echoing, you heard someone's alarm go off whilst someone else was speaking, there are people having conversations not muting their mics whilst other people are speaking, I sm pretty sure someone is trying to rearrange their furniture... ...I don't think video is the issue, the audio is so bad, and some people are using laptop webcams/mic. You have to up the professionalism. And it often isn't internet speed, it is bad hardware, WiFi, etc.
- kludgeon 6y agogame estopped shoulda been the title
- sn_master 6y agoKeith Gill part https://youtu.be/ukXQGBpXaVM https://youtu.be/ukXQGBpXaVM
- bookmarkable 6y agoWell, that was 15 minutes I'll never get back. Listening to Congressmen and Congresswoman always leaves me with the same question - is this really the best we can do? The same mumbling paid off clown show we could've heard from in 1950 or 1850. Yes, more diverse, but aside from demographics, the same people are still in Congress year after year and are clearly not fluent in the modern world.
- emteycz 6y agoAs long as there is democracy yes, this is the best it gets. Cherish it, because it will get much worse over time.
- NegativeLatency 6y agoProbably a feature not a bug
- prepend 6y agoI think that part of the success of the US is that it’s so hard to change things with all the checks and balances. So the representatives don’t matter much and just a way to occupy the need to appear to have governance. So Congress is like the Golgafrinchan Ark Fleet Ship B [0] and that might be good because if it was full of Ship A people they would just be stomping over each other. and if it was Ship C people we’d be minmaxing and micromanaging. [0] https://hitchhikers.fandom.com/wiki/Golgafrinchan_Ark_Fleet_Ship_B https://hitchhikers.fandom.com/wiki/Golgafrinchan_Ark_Fleet_...
- doggodaddo78 6y agoCongress is bellyaching about legislating a utopian world where trading is completely value-based, and trying to scapegoat Robinhood and Reddit for existence of internet communications and retail trading. Based on the reps' rhetoric, I think they're most likely using this as cover to hamstring retail traders to help their Wall St. buddies.
- 6gvONxR4sf7o 6y agoI'd recommend everyone interested read the opening statements https://docs.house.gov/Committee/Calendar/ByEvent.aspx?EventID=111207 https://docs.house.gov/Committee/Calendar/ByEvent.aspx?Event... These testimonies are interesting and short and I'd encourage everybody to skim them. (The robinhood one is longer :() Some interesting highlights to me: Everyone's starting out with "I went to high school and am a normal person and love my partner and I was an underdog" which is really striking when it's such a strong pattern. Reddit's CEO describes reddit's governance: > Reddit additionally uses a governance structure akin to a federal democracy, where the aforementioned policies and teams represent the federal government, and the communities themselves represent states. This is a weird description of what seems more like a federal dictatorship, where the aforementioned policies and teams represent the federal government (a dictatorship), and the communities themselves represent states (smaller dictatorships). > We have since analyzed the activity in WallStreetBets to determine whether bots, foreign agents, or other bad actors played a significant role. They have not. In every metric that we checked, the activity in WallStreetBets was well within normal parameters, and its moderation tools were working as expected. I'd love to know what "within normal parameters" amounts to. From Robinhood's CEO: > I want to be clear at the outset: any allegation that Robinhood acted to help hedge funds or other special interests to the detriment of our customers is absolutely false and market-distorting rhetoric. It strikes me that everyone believing (or believing that everyone else believed...) the conspiracy theory certainly hurt the GME price more than if everyone just knew that it had a relatively boring reason. When robinhood halted things and conspiracy theories multiplied and went viral, the subsequent price fall might have been at least to some degree an own goal. The virality that moved the stock up is the same virality that told everyone the game was (extra) rigged against them. From the director of financial regulation studies at the Cato institute: > The fact that GameStop traded temporarily, and perhaps still trades, above fair estimates of the company’s value is not, by itself, a reason for concern. Stock prices move in and out of alignment all the time, and markets are no strangers to bubbles. If a company is valued by the market differently than a review of its “fundamentals” suggests, it might indicate that the analysis is missing relevant information about a company’s prospects or it might indicate that the company’s stock price is due for a correction. This seems disingenuous to me in a system where "the market can remain irrational longer than you can remain solvent" is an accepted truism.
- noncoml 6y agoAs a person who is used to black or white thinking, I really don't understand what's the point of this whole thing. RobinHood CEO didn't give a single straight answer. He deflected or ignored 100% of the questions asked. Not sure what the public wins from this hearing. Someone please educate me?
- cordite 6y agoRobinhood testimony Congresswoman: <question> I need a yes or no Company person: <canned statement> Congresswoman: I need a yes or no Company person: <continues canned statement> Congresswoman: I do not have time for this, I need a yes or no Company person: <continues a canned statement> Congresswoman: The gentlemen will be denied further comment (or something like this) The interaction was like watching NPCs
- iso1631 6y agoContrast: Congressman: Would you buy GME at $45 Gill: Yes Congressman: ....
- nowandlater 6y agoOne take away I get is that if Robinhood is supposed to fundamentally be about "lowering the barrier to entry and democratizing finance for all", then that kind of corporate speak should be seen almost certainly as complete bs and raise the level of trust/suspicion required by everyone the next time a company wants to peddle the same line. I know it should be obvious, but maybe not, I dunno.
- jedberg 6y agoThe agenda and all of the opening statements can be found here: https://docs.house.gov/Committee/Calendar/ByEvent.aspx?EventID=111207 https://docs.house.gov/Committee/Calendar/ByEvent.aspx?Event...