furiously googling "can the SEC charge an egregore with market manipulation"
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also really enjoying the image of some serious-ass trader having to plow through hundreds of comments on /r/wsb in order to have a fully up-to-date picture of meme-based market movements
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aw hell yeah this is the cyberpunk shit i'm talking about
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Quants are scraping WallStreetBets now. We are off the rails lmao businessinsider.com/hedge-funds-da
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okay no *this* is the cyberpunk shit i'm talking about
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Replying to @eigenrobot
they're also trying to astroturf /r/wsb apparently with lots of bots saying that GME peaked, it's over, etc.
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what do you think the m/f gender ratio is here? 99% 99.9%? 99.99%?
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the wallstreetbets discord needs to be heard to be believed.
it’s the modern day version of being on floor of NYSE.
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alright party's over
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my mom told me she was thinking of buying some GameStop Corp (GME) tonight, my poor sweet mother
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oh shit this is a deeper story than i expected
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Step 0: Citadel pays Robinhood for order flow. Citadel gets to see RH's orders a few milliseconds before they're filled. Citadel may choose to front-run some of those trades.
Step 1: RH's customers and WallStreetBets start manipulating $GME. This is happening in the open.
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oh yeah, robinhood is notoriously terrible because it hides "no-fee" trading by having bad prices for a lot of its options (everything trades at a premium and the spreads suck), which is perfect given that it's based around day trading (which is all about the spread)
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this isn't a secret either (WSB knows this, and strongly encourages people to use other services if they're trading larger amounts of money where you'd be better off paying fees)
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... but nonetheless even though it's not a secret, it's still a big factor. robinhood's order flow sells for an order of magnitude more than any other trading firm because their customers are much more profitable
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Replying to
wack. really shifts the narrative a lot to think of this as being in some sense orchestrated by citadel
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i wouldn't say that's the case
frontrunning trades doesn't necessarily mean anything with regards to overall market movement per se; at the most basic level it just means shaving a few fractions of a cent off every trade, effectively
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i'm not an HFT person so i can't say for sure, of course, but "paying for order flow" *doesn't necessarily* mean they're doing anything dramatic that would change the long-term (i.e. on intervals greater than a few seconds/minutes) prospects of the market
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