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toxic's profile
Toxic
Toxic
Toxic
@toxic

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Toxic

@toxic

Potty mouth, Web 0.96β apologist, Unix wrangler, and master of one finger opinions. I was probably getting paid to build the Internet before you heard of it.

Santa Cruz, mostly
toxic.sf.ca.us
Joined February 2007

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    1. Toxic‏ @toxic Jan 25

      ...to cover their borrowed shares. If most shares are held by retail investors who won't sell, the price will skyrocket (supply/demand) until someone does. The bear hedge funds and such will still have to buy to cover, which may cause a bit of a liquidity crisis for the funds.

      7 replies 81 retweets 1,255 likes
      Show this thread
    2. Toxic‏ @toxic Jan 25

      The concept of "Screw the hedge fund vampires who exist only to destroy companies like Gamestop" is a big part of /r/WallStreetBets's messaging. It's a compelling message, and a decent secondary reason for this. The primary reason to manipulate markets remains profit, though.

      10 replies 256 retweets 2,586 likes
      Show this thread
    3. Toxic‏ @toxic Jan 25

      Step 2: HFTs buy shares ahead of Robinhood users. Remember Citadel, the firm who can front-run robinhood trades, and got to see all of that RH data a little early because they paid for flow? Yeah. When do you think they started buying $GME in front of RH traders on momentum?

      8 replies 142 retweets 1,399 likes
      Show this thread
    4. Toxic‏ @toxic Jan 25

      Because the volume of shares exchanged suggests that the HFT folks were all over this, all the way to $150. The message on WSB might be "lots of little guys screwing big Wall Street", but the truth is that the HFT robots were screwing everyone, while paying RobinHood a kickback.

      12 replies 445 retweets 3,066 likes
      Show this thread
    5. Toxic‏ @toxic Jan 25

      Step 3: A hedge fund becomes insolvent. Today it was Melvin Capital Management. It very likely won't be the last. Melvin immediately sells off a portion of itself, because it needs the influx of cash or it will vanish in a poof of smoke, vaporizing ~$15 Billion in the process.

      8 replies 125 retweets 1,628 likes
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    6. Toxic‏ @toxic Jan 25

      Step 4: Who's the lead investor, picking up part of a usually successful fund at fire-sale prices? Right. Citadel, probably with some of the cash they made by repeatedly profiting in the milliseconds before filling the trades that collapsed this fund.https://www.wsj.com/articles/citadel-point72-to-invest-2-75-billion-into-melvin-capital-management-11611604340 …

      12 replies 232 retweets 2,049 likes
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    7. Toxic‏ @toxic Jan 25

      Step 5: Citadel still has access to RH order flows, is still allowed to front-run them and/or pocket the spread, and can use that and other information to determine the next over-leveraged fund that's going to get squeezed. They might even be able to accelerate the squeeze.

      7 replies 137 retweets 1,560 likes
      Show this thread
    8. Toxic‏ @toxic Jan 25

      So, the next time you discount the impact of "4chan with a bloomberg terminal", remember that they are not the only ones who stand to benefit from intentionally screwing exposed short-sellers. The professionals are all too happy to amplify the efforts of the amateurs for profit.

      10 replies 316 retweets 2,880 likes
      Show this thread
    9. Toxic‏ @toxic Jan 25

      Because if amateurs manipulate the market, uh, truthfully, then nobody loses their license. "I (retail investor) bought because I hate Citron & hedge funds, and we're going to screw them for profit. Join us, but do your own due diligence. YOLO!" might just be legal. IANAL.

      4 replies 133 retweets 1,828 likes
      Show this thread
    10. Toxic‏ @toxic Jan 25

      If a licensed broker/dealer did this, they'd lose their license, and probably go to jail. Martha Stewart did time for less. But Citadel, by paying for order flow and sitting in the middle, gets to legally ride-along, printing money the whole way.

      14 replies 319 retweets 2,812 likes
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      Toxic‏ @toxic Jan 25

      So, when you ask yourself, "who pays for no-commission trades, and why?" or "what's the harm of RobinHood's business model?", take a look at what happens behind the scenes, in the milliseconds after you press buy, but before you own those shares. It's vampires all the way down.

      6:21 PM - 25 Jan 2021
      • 932 Retweets
      • 6,962 Likes
      • /biz/methyst Rachel Uchida Catherine Dibble SirRic just_a_pie ⎋ Malto Sarah Valerio Daisy P-L
      142 replies 932 retweets 6,962 likes
        1. New conversation
        2. Fernando Fernandez‏ @Fernand19424575 Jan 26
          Replying to @toxic

          I agree that HFTs are vampires, but I don't feel sorry at all about overleveraged bear funds getting squeezed.

          1 reply 1 retweet 41 likes
        3. Show replies
        1. Saha Mansi‏ @SahaMansi1 Jan 26
          Replying to @toxic

          Citadel is straight up HFT = High Frequency Trolling

          0 replies 1 retweet 1 like
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        2. Thread Reader App‏ @threadreaderapp Jan 26
          Replying to @halo1pistolier

          Hello, here is your unroll: Step 0: Citadel pays Robinhood for order flow. Citadel gets to see RH's orders a few milliseconds before they're… https://threadreaderapp.com/thread/1353890766800621569.html … Have a good day. 🤖

          0 replies 0 retweets 0 likes
        3. End of conversation
        1. New conversation
        2. Jay Es‏ @jay_es_one Jan 26
          Replying to @toxic

          @threadreaderapp unroll

          1 reply 0 retweets 2 likes
        3. Thread Reader App‏ @threadreaderapp Jan 26
          Replying to @jay_es_one

          Salam, the unroll you asked for: Step 0: Citadel pays Robinhood for order flow. Citadel gets to see RH's orders a few milliseconds before they're… https://threadreaderapp.com/thread/1353890766800621569.html … Share this if you think it's interesting. 🤖

          0 replies 0 retweets 1 like
        4. End of conversation
        1. New conversation
        2. Shayne 'History is Now' Mitchell‏ @CultOfSignal Jan 26
          Replying to @toxic

          Sure most of the folks know this already, but this isn't unique to Robin hood. Other cheap brokerages that charge fees also engage in the same front loaded activities that shaves a cent or two off shares their clients buy and sell.

          1 reply 0 retweets 9 likes
        3. Toxic‏ @toxic Jan 26
          Replying to @CultOfSignal

          Robinhood routes its trades based on kickbacks. Discount brokers route theirs based on best execution (generally best price). The ethical obligation to the customer didn't change, but RH has an unusual interpretation of "best option for the customer". There is a difference.

          3 replies 4 retweets 48 likes
        4. Show replies
        1. Zachary Neugut‏ @ZacharyNeugut Jan 26
          Replying to @toxic

          Front running flow and manipulating stock prices are both illegal, WSB is doing this because they are random people who don't understand consequences, Citadel is not because they have a compliance department and actually fear consequences

          0 replies 0 retweets 2 likes
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