Yesterday, I wrote that I’ve been watching the stories about Wall Street with Reddit against the Hedge Funds or the rich.
I didn’t expect in any way what happend today.
Robinhood (and several other brokers) decided to forbid buying stocks like &GME, &AMC, &BB, and &NOK, but allow to sell it.
This means that they were manipulating the market cause when nobody (or very limited) people can buy, it means automatically that stock goes down cause they are is no sales. When nobody is buying or in this case can buy, it artificially means there is no demand. Which again, brings the stock down.
Then it means, the people that shorted the stock in this case the hedge funds earn more money, while the people who bought the stock are losing money.
Hours before Citadel Hedge fund who owns or invests in Robinhood, double down on their shorts for those stocks like $GME.
This is literally stealing from the poor.
This resulted in very very big losses for the investors who bought the stock. I lost money too although not a lot since I jumped ship on time luckily with some stocks. I just never expected it to be this blatant and fast what the hedge funds are doing.
The stock market is a rigged game and shorting is bullshit in my opinion. We need decentralization tools like Blockchain, that disallows these behaviors. I have most of my money in Crypto and I’m glad, even thought the stock market is a complete bullshit at the moment.