The most requested community in the past week: WallstreetBets
We've been following the situation, not wanting to release a WSB community without having their mods onboard. Well, we still don't have their mods on board. We talked to them in mid-2020, but never came to an agreement.
We hope that they don't get banned from Reddit (we'd pick up a good portion of that traffic, so don't do it, Steve.)
Having said that... the WSB Discord server just got banned (for hate, by the way), and it's very possible that the subreddit suffers the same fate...
Our unofficial WSB Win site:
https://wsbets.win/ or c/wsbets
We've had some well known WSB users reach out asking for us to set this up, and even some people who have been involved in the running of WSB, but to be very clear, this is NOT officially affiliated with the WSB subreddit (but we'll hand it over to them when they want it)
Update: WSB is NOT banned on Reddit. It's private, which is normally a decision by the moderators.
Short selling itself should technically be illegal, at least in the way it's typically used. You're borrowing stock in order to rob people of money. And a lot of people say that Gamestop's initial stock price was only soo low because of short selling, should have been 5x higher than what it was before this fiasco. Short selling also hurts companies. Its not just betting that a companies stock will drop, it's actively doing things to make it drop. Short selling destroys a companies available capital and puts a lot of people out of jobs. I really don't feel bad for short sellers.
I think that’s simplistic, short selling is used mainly to hedge positions and the number of people who can force a stock down after buying puts are vanishingly small. Even among those who can, there’s usually better ways to make money and if the pinch isn’t reflective of actual value, the stock will usually just go back up again because other people rightly view it as an opportunity to buy something that is undervalued. Also, people have been making fun of GameStop for decades, there was no conspiracy against a physical games retailer when games are all going digital.
Anyways, I think I’m done with this thing. We were promised a revolution and an end to corruption, what we got was betrayal and people teaming up with leftists to buy GameStop stock. It was fun to dream I guess.