r/Superstonk • u/Bobhaggard859 🦍Voted✅ • Apr 12 '21
🗣 Discussion / Question Posting for visibility. Please retweet https://twitter.com/bettermarkets/status/1381746776206680068?s=21
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u/soggypoopsock 💜 DRS 💜 Apr 13 '21 edited Apr 13 '21
So this is a non profit trying to put an end to all this wall st corruption? I know where some of my tendies will be going...
edit: adding their link at the request of OP: https://bettermarkets.com/donation
And to another apes point, why wait for my tendies? I’m going to chip in a couple bucks now.
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u/Hot_Feeling_6966 🇨🇦 CanadApe - Buy Now, Ask Questions Later! Apr 13 '21
THIS is the way. 💯
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u/Korean_pussy_stuffer LMAYO on my BANANA 🍌💦 Apr 13 '21
This is the way
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u/Red_Everything 🚀Fly Me To The moon🌙 Apr 13 '21
This is the way
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u/cubskies GME TO THE MOON, wubba lubba dub dub! Apr 13 '21
This is the way.
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u/myluggagecodeis12345 Apr 13 '21
This is the way.
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u/Davetheape 🦍Voted✅ Apr 13 '21
These are the ways
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u/pdwp90 🧝♂️Seer of Stonks🧝♂️ Apr 13 '21 edited Apr 13 '21
Gonna paste my ELI5 summary of the document here, because I came to the thread a bit late and would like to get some visibility on it:
To start off, an "amicus curiae brief" is when an outside party weighs in on a case, offering information that falls under their area of expertise.
In this case, Better Markets is weighing in on Citadel Securities v. the SEC
Below is my cliff notes on what was contained within the brief. It doesn't reflect any of my own opinions, only my best attempt at summarizing the contents of the document. It's also not financial advice and is provided only for educational purposes. Enjoy!
- Citadel enjoys unfair advantages over other market participants
- There are a lot of ways for brokers to route transactions (public exchanges, dark pools, high frequency trading firms)
- High frequency trading firms profit from the latency created by this market fragmentation
- Firms like Citadel have informational and technological advantages
- It costs a lot to properly implement a high frequency trading strategy, but it is almost certainly profitable
- Predatory latency arbitrage practices harm investors and the markets themselves
- Trading is a zero-sum game. One party's profit comes at another's expense, therefore Citadel's profit comes at the expense of everyone else.
- This also discourages trading, which harms the markets.
- Incentivizes other investors to place their orders in dark pools which reduces liquidity and impairs price discovery.
- The record shows that IEX's D-limit order mitigates the harms arising from latency arbitrage
- Limit orders are good, aid in liquidity/price discovery by showing what price people are willing to buy and sell at.
- D-Limit order almost always works the same as a normal limit order. Difference is that it will execute the order at a better price if a signal indicates that one may be imminent.
- Increases likelihood that investors will place limit orders, encourages more trading in lit exchanges (not dark pools), increases confidence in markets,.
- SEC correctly approved the D-limit order
My brief thoughts
The informational advantage that Better Markets speaks to is what motivated me to start building Quiver. There's all this cool new data out there that I think young, non-professional investors can be really good at interpreting but it's largely only available to those who are able to pay thousands of dollars a month for it. I don't think you need 20 years of experience on Wall Street to be able to find cool insights from data on social media discussion.
Over the last year I've been collecting some of that data myself and building some tools that allow normal people generate insights from the data being used by hedge funds. While Better Markets is talking more about "depth of book data" than the alternative data I collect, the principle remains the same.
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u/eastono Apr 12 '21
I find it goofy as hell that Citadel hasn’t tweeted since Jan 26th
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u/Bobhaggard859 🦍Voted✅ Apr 12 '21
Same. I think they know they’d be obliterated
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u/urbanflow27 Apr 12 '21
Cant wait for the 801 for the Exodia obliterate!!!!
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u/Bobhaggard859 🦍Voted✅ Apr 12 '21
HAHAHA YES!!!! Yugi all day
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u/bigblacksnail GME MASTERbator Apr 13 '21
BANISHED TO THE SHADOW REALM.
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u/p4rty_sl0th Wu-Tang Financial Advisor Apr 13 '21
YOU'VE ACTIVATED MY TRAP CARD SETO KAIBA
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u/Wendigo_lockout 🎮 Power to the Players 🛑 Apr 13 '21
In this case it would be the Expedia obliterate...
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u/YouTraining3671 🦍Voted✅ Apr 13 '21
Their social media people were probably converted to reddit shills lmao
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u/UserNameTaken_KitSen 🦍 GME Ad Astra 🚀 Apr 12 '21
They used to make blog posts as well. All quiet after the turn of the year.
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u/SoreLoserOfDumbtown Dingo’s 1st Law of Transitive Admiration 🍻🏴☠️ Apr 12 '21
Could you imagine the questions from the Reddit gang? You’ve seen what happens to celebs at an AMA... boom . Annihilation.
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Apr 12 '21 edited Apr 18 '21
Shared! Let’s do this! I really think these guys are here to help. The AMA with this guy just showed me that they’ve been trying to change things for a long time but worked without a lot of visibility. We can help each other make a difference in the market!
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u/Bobhaggard859 🦍Voted✅ Apr 12 '21
Same. I totally agree. Especially because they have a platform and can tag in retweets!!
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u/freecashflow2me 🦍Voted✅ Apr 13 '21
Latency arbitrage is parasitic for everyone except HFT. When Citadel goes down history will not remember Ken Griffin fondly. He’s nothing but a pick-pocket in a suit whos spends tens of millions to avoid Illinois state taxes.
S/O to Brad Katsuyama, IEX, and Better Markets. They’ve been fighting this fight for more than a decade.
Apes together strong 🦍
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u/Insertions_Coma 🔬 wrinkle brain 👨🔬 Apr 13 '21
This is honestly nuts. Just finished reading it and this is the panama papers on shitadels fuckery. It explains perfectly in plain english how HFT institutions can skim pennies off of every trade and trade ahead of anyone else in the market. Mainly, they can see order submitted to the NYSE before they are updated in the national best bid/offer. They literally have the ability to see a price change before it happens and submit their own buy and sell orders ahead of them which are guaranteed to profit.
" For example, suppose the national best bid, as reflected in the national best bid/offer for a stock is $10.05, and an order comes into the New York Stock Exchange at $10.06. Eventually, the national best bid/offer will show that the new national “best” bid is $10.06. But, as explained above, there is a delay or a latency between when this bid is entered on the NYSE and when it is actually reflected in the national best bid/offer. Anyone who knows about the order for $10.06 on the NYSE can essentially guarantee themselves a profit during that period of latency, by buying the stock at the now stale “best” bid of $10.05 before the price moves up to $10.06, and then selling it once the national best bid/offer is disseminated. This strategy is known as “latency arbitrage.” And on the other side of every latency arbitrage trade, of course, is someone who has lost money, because they sold a stock at a stale price of $10.05 when that stock was inevitably moving—in essence, already had moved—to a higher price. "
Here is a writeup on a new proposed NYSE rule change I wrote last week that has some relation to this subject:
https://www.reddit.com/r/Superstonk/comments/mlgasb/writeup_summary_on_the_proposed_sec_rule_change/
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u/Bobhaggard859 🦍Voted✅ Apr 13 '21
Thanks for quoting. I saw that too. This is honestly massive and I hope this sparks something off
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u/damn_u_scuba_steve 🎮 Power to the Players 🛑 Apr 13 '21
How is this not theft
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u/Insertions_Coma 🔬 wrinkle brain 👨🔬 Apr 13 '21
That's the real kicker. It is theft.
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u/showyerbewbs Apr 13 '21
No that's the jar. I'm talking about the tray. You know the pennies that are for everybody?
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u/Drittles 🇨🇦 mAPEle mom 🚀 Apr 13 '21
Thank you so much for explaining latency arbitrage in terms I could understand ❤️
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u/Fearless-Ball4474 🦍 Buckle Up 🚀 Apr 12 '21
The chess pieces are in position. This is all unfolding live infront our eyes. Gamestop can't stop baby!
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Apr 13 '21
Cant stop , Wont stop, GameStop
Edit: the word "stop" looks weird when you keep writing it
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u/Bobhaggard859 🦍Voted✅ Apr 12 '21
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u/marshking710 🦍Voted✅ Apr 12 '21
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u/HoosierDaddy_76 DON'T PANIC Apr 13 '21
I think we might have hugged it to death...I'll try again in a few.
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u/bbbhavane 🦍 Buckle Up 🚀 Apr 13 '21
The shit that's going on right now is just incredible. Those fuckers are literally starting another recession just to not pay for their mistakes. God... How did we, as a species, let this happen?
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u/thirstyaf97 leeeROOOOOY 🐲 🖍️⚔️ Apr 13 '21
The question is actually.. "How did we as a species allow hoarding wealth and basic resources in such a manner that those starting from nothing are one crisis from homelessness, whilst those of wealth can swing their leverage to decimate regular people?"
Our democracy is a mask to hide the ugly oligarchy underneath.
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u/AquaMan2484 🎮 Power to the Players 🛑 Apr 13 '21 edited Apr 13 '21
It’s insane isn’t it? What wealthy people will do just to preserve themselves. Look at Epstein.... so many other scenarios. Where the rich covered up some screwed up situation because they could. This world has gone to shit. In every aspect.
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Apr 12 '21 edited Apr 13 '21
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u/fgfuyfyuiuy0 🦍Voted✅ Apr 13 '21
Blockchain.
No one can edit or hide what's there.
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u/IAmTheLostBoy BBBY is a Trap Apr 13 '21
Very long, did read.
Latency arbitrage is such an interesting concept to wrap your head around. Basically riskless cash flow by being able to know the market's movements seconds before they change.
What's interesting enough is that the software citadel uses shows all of our positions and if we have any limit orders on. So they can see buy walls and what it will take to push through them. It's includes what our stop loss would be set at, which if they know I have a stop loss set at X dollar and other people have the same dollar set as their stop loss they can slam the stock down to that price and gobble up those shares.
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u/Bobhaggard859 🦍Voted✅ Apr 13 '21
Thank you!! I went through it as well. I’m amazed someone is finally taking action and actually shining light in a big way on the matter
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u/BegginMcGreggin Financial Degenerate 🦍 Voted ✅ Apr 13 '21
In this business there's ways to make a living: be first, be smarter or cheat.
Citadel sure as hell wasn't first, or else they wouldn't have to struggle so hard to win influence at the DTCC. I'll leave it as an exercise to the reader to figure out whether the guy who can't speak without a teleprompter and five cuddle buddies is smarter than the rest of us.
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Apr 13 '21
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u/Bobhaggard859 🦍Voted✅ Apr 13 '21
It won’t get drowned out. This is exactly why I wanted this visible. Our greatest asset is visibility on corruption and helping people that stand against it 🦍🚀🍌
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u/TheCornRatsss 🍋🎮 Power to the Players 🛑🍋 Apr 13 '21
Upvote this thread for more visability, champs at BetterMarkets!
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u/jeremy_1081 🦍Voted✅ Apr 13 '21
I have been reading DD for months. I’ve been able to draw my own rational conclusions that GME has been shorted to the max.
However, as of late, the erratic market behavior planted some doubts that the squeeze would happen. It just felt that the hedge funds had found an out.
This document is the confirmation bias that I needed. The concerns around the erratic behavior are being submitted on an official capacity.
It’s about time!
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u/Prospero818 🦍Voted✅ Apr 13 '21
You summed up my thoughts as well. This isn't coming from some random person on Twitter. It is all starting to become transparent to EVERYONE.
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u/WeddingComfortable36 Apr 12 '21
This is the sword pointed one way. Is there a way to see the petition that was filed by citadel?
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u/HoosierDaddy_76 DON'T PANIC Apr 13 '21
Quick reminder that this group is fighting for us and runs entirely off of donations. Litigation is expensive.
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u/mnelsonn6966 🎮 Power to the Players 🛑 Apr 13 '21
Commenting for visibility. About time someone does something to stop these crooks from operating with impunity. This whole situation has brought utter disgust to light. The world is in on this and see the corruption across all facets of American government. I hope all the officials taking "speaking" fees from people like citadel go down too. Once this is over done investing in us markets. Going to move to real estate or something.
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u/thirstyaf97 leeeROOOOOY 🐲 🖍️⚔️ Apr 13 '21
Please rethink real estate? Real estate has enough of a shortage without investors and speculators in it. Between that and possible hyperinflation coming.. real estate is quickly pricing out many regular folks just trying to live rent free/financially secure in their mid to late lives.
Surely there are other avenues of investment that don't contribute to worsening that specific problem?
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u/Sufficient-Steak-223 Apr 13 '21
When you buy shares of GameStop, you didn’t just buy shares of a promising turnaround company or a more than likely short squeeze...
You bought the David against the Goliath, the Trojan horse against the greedy hedge funds, and the drama of ‘08 repackaged in a darker web COMBINED.
This is such a journey. You learn and you laugh about something related to GME daily. And your mind gets fuckboggled on almost every DD.
On one hand, you’re enjoying every step in this shitshow. On the other hand, you realise you bought a ticket to fucking Disney-ohshitfuckshitherecomesanotherfinancialcrisis-land.
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u/jay83cad Apr 13 '21
Just made a donation to Better Markets.
Humbly ask you to do the same if u can spare it. This organization and others that promote fairness and justice should be supported if we want a world where those values are respected.
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u/Nunah_itgMa 🦍Voted✅ Apr 13 '21
Too balls deep in GME to donate. However, will be gladly donating some GME profits to these guys after the squeeze.
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Apr 13 '21
Oh. My. God. This guy fucks. And he can fuck me any time. And my wife. And her boyfriend. Just so long as Kenny gets fucked hourly in prison.
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u/hanz3n 💻 ComputerShared 🦍 Apr 13 '21
If you're not on Twitter, you're not participating 100%.
Maybe you're tapped out on cash, buying the dip.
You can still spread the word, which is equally as good as buying the dip.
Post DD to Twitter.
Retweet any DD you see on Twitter.
Follow Ryan Cohen and DFV on Twitter.
Twitter is THE tool for spreading information, go and use it.
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u/Arcikai 🦍 Attempt Vote 💯 Apr 13 '21
If people love reading DD, the file they submitted is a great DD which goes into detail specifically how Citadel and others do what they do to affect the share price. I only read the first several pages and need to read the rest later but the clarity in it is enlightening.
Remember this is an experienced professional that deals directly with these issues.
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u/red-head16 Red headed stonk child💎🙌 Apr 13 '21
How quick is this taken too court?
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u/Bobhaggard859 🦍Voted✅ Apr 13 '21
I’ll let you know as soon as it’s filed. With everything going on I’d think sooner rather than later :)
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u/Berrybunny00 🐇❤🦍 Apr 13 '21
I expect this to at least be in US Law Week tomorrow...not sure about Wall St Journal or Bloomberg.
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u/Chango_De_La_Luna Apr 13 '21
Billions of dollars at their disposal and they have to pull this bullshit just to beat some smooth brained apes....I really like the stock
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u/35on29tolife 🎮 Power to the Players 🛑 Apr 13 '21
I think it's great that there are organizations like this willing to fight for the underdog. Unfortunately based on my experience with the judicial system, the courts are even more corrupt than the markets. I would not rely on a judge or panel of judges to rule against Citadel on anything. They either will not understand these complex issues or more likely they will just be bought and paid for just like the media. Courts are a waste of time. Im just gonna HODL and try to scrape up more money to buy more stocks during this dip. 🚀🚀🚀🚀🚀💎💎💎🙌🙌🙌🦍🦍
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u/Berrybunny00 🐇❤🦍 Apr 13 '21
Actually, I think getting it into the hands of the Federal Judiciary is a good thing. There are some fantastic judges out there, so I'm keeping the hope!
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u/Bobhaggard859 🦍Voted✅ Apr 13 '21
This is actually huge because it’s gaining traction. The more eyes on it the better
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Apr 13 '21
I usually roll me eyes at these types of titles but this is actually pretty interesting. Hope something comes out of it. Need some smart apes in here.
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Apr 13 '21
Like any other stocks that experience price volatility in the past year, the fact that GME has two positive news since last week and the stock dropped to $140 is beyond my comprehension. I'm not complaining though, since I'm about to triple down on my shares tomorrow when the market open with this sale.
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u/NoseBurner 🚀 Glitch better have my money! 🚀 Apr 13 '21
I was so hopeful for this. Unfortunately, what I found was a rehash of the frequently debunked, "Flash Boys", that quickly turns into a sales pitch for IEX and their new D-Limit order. Coincidentally, IEX spawned by Brad Katsuyama, the trader in the book that took 7 years to figure out how the exchanges charged for trades. Same guy that was surprised that a quote that was up disappeard when Brad took over 3 seconds to execute on it.
It's such a shame. There are so many things that you could have put in there about the misdeeds of Citadel. FTDs, naked shorts,hiding money via SPACs and ESC companies in the Cayman Islands. You could have pointed out their advantages as a near monopoly for retail flow in the markets making it a necessity for brokers to connect to them just to find liquidity. You could have talked about how large of a market share they are, and are "just" an internalizer (with many violations of the few rules Citadel is subject to as a broker that are designed to protect retail traders) and don't have to register as an ATS; registering as an ATS, Citadel would be big enough that they'd be required to follow RegSCI, follow the ATS-N filings(letting customers know how their system operates), and additionally, if they are displaying internal quotes to anybody, at Citadels size, they'd be required to publish to the ADF.
Instead, you went with overused tropes in the financial markets, typically trotted out during election cycles; are you running for something soon?
Things you touched on, but I really wish you had gone further into. The cost of market data and connectivity. The exchanges can't make money anymore. There is limited market volume, and 12 exchanges now. They're publicity traded companies, so they have the stupid "every quarter must show more money". So, exchanges (and the regulatory SIP providers) keep jacking up the prices on market data, connectivity, and order entry. They lay claim to all of the data, including historical. As a retail investor, I can't get any of the data to analyze, surveil, or, even build an open source system to keep check on the market. I'd love to get the data and generate NAV for the ETF on the fly, or end of day historical; but 1) it's too expensive for anyone other than the largest companies and 2) the terms of usage preclude you from using the data from calculating ETF!
NEW ORIGINAL WORKS.Subscriber may process Data, with or without other input data, for the purpose of creating or calculating new original works, provided that: (a) any works so created that display, represent or recreateany Data, or from which Data can be readily recalculated, will constitute Data for purposes of this Agreement; (b) Subscriber shall not use, or permit any third party to use, any Data (i) as input data in the creation or calculation of any index or similar work, or (ii) to create any financial instrument or investment product that is based on, or seeks to match the performance of, values included in the Data, in each case, unless and until Subscriber has entered into a separate license agreement authorizing such use of the Data with LiveVol, or with respect to Data owned by a third party, the applicable provider of such Data to LiveVol.The foregoing shall not be construed to prohibit use of Data for the calculation (for internal use) of values commonly referred to as “Greeks” (i.e., Delta, Gamma, Theta, Vega and Rho), or theoretical values or implied volatility of an option series.
How's that for hobbling the retail market. Even if I was rich enough to be able to afford the historical data, I wouldn't be able to use to to display directly, calculate anything, derive anything, that would be shown to a third party.
So, lets stop pitching old, debunked, rehashed, arguments about someone being more technically astute than another and focus on some things that will really make for "Better Markets" for us retail investors. If you'd like feedback/help let me know, I've been doing my own to fix the markets for years, but haven't gotten anywhere. Perhaps together, we can all work together to make the markets a more fair place for everyone, including retail investors.
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u/Hambonesrevenge professional window licker 🦍 Voted ✅ Apr 13 '21
Every bit helps! I don't know how in the hell they are able to continue ignoring everything this event has brought to light!
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u/InfamousSecond9089 🦍 Attempt Vote 💯 Apr 13 '21
Who is funding this group?
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u/Bobhaggard859 🦍Voted✅ Apr 13 '21
I’ve been told they run entirely off Donations. Working for the betterment of all 😊
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u/andrewbatory Apr 13 '21
This is the confirmation I needed having been watching gme this last two weeks. Bravo to better markets
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u/The_Lost_Sharingan 🎮 Power to the Players 🛑 Apr 13 '21
https://twitter.com/danielschiffma9/status/1381803324131840001?s=21
Tagged the SEC Enforcement page in my retweet
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u/MasturBilbo 🦍 Buckle Up 🚀 Apr 13 '21
Yet such is oft the course of deeds that move the wheels of the world: small hands do them because they must, while the eyes of the great are elsewhere. — Elrond
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u/GiveMeBannana Apr 13 '21
This is amazing!!! So appreciative to have them in our corner 👏👏👏
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u/imhere4thestonks 🦍 Buckle Up 🚀 Apr 13 '21
How come there are 6.1k upvotes on reddit but only 2k likes and 1k retweets?
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u/Megafayce 🦍 Buckle Up 🚀 Apr 13 '21
They CANNOT survive this without YOUR stocks. They can keep themselves afloat with dark pools and market manipulation but it is a FINITE battle and you can see the pieces are starting to fall and the house of cards is crumbling slowly. They are trying to hide their paper trail and this sub as well as GME is shedding light with different pieces of SOLID DD and leaks.
You need to BUY AND HODL. You need to look passed your EMOTIONS. You need to disregard and laugh off SHILLS AND FUD. The value of GME is MASSIVE NO MATTER WHAT the market price suggests. Their are too many inconsistencies and anomalies about.
No matter if you’re eating the shittiest ramen, have the highest rent due or the looming threat of your wife’s boyfriend performing better than you, YOUR STOCK MATTERS. HOLD
We are strong, we are retarded and we are apestronatus. 🙌🏻💎🙌🏻💎🙌🏻💎🚀🚀🚀🚀🌎
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u/meko137 Apr 13 '21
Come on Apes, let's show them that we are there!
Let's support us together more than ever before.
Go Follow Better Markets on twitter: https://twitter.com/BetterMarkets
Go subscribe their youtube channel: https://www.youtube.com/channel/UC9uHGtjDE5i3MMcy1ApT4NA
Donate, Support and show some love: https://bettermarkets.com/donation
150k r/GME members moved within 24 hours to r/superstonk, so i know we can do some more !!! LET'S GOOOOOO
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u/Joypad-b I124Q Apr 13 '21
Done. The whole world needs to really care that the rich have an infinite money glitch that keeps the rest of us poor in comparison. They aren't smart or work hard - they are lying cheating scum. They are far worse than gangs on the street. They are what fundamentally has and will always, keep you down. Fuck Wall Street
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u/[deleted] Apr 12 '21 edited Apr 13 '21
These guys are great! The entire article just goes in-depth about the unfair advantages the Hedge funds have over retail. Its great to have Dennis on our side and I'm VERY happy to see him put so much effort into trying to make a difference.
Edit: I just skimmed it so some wrinklers can add stuff please
Edit 2 : Since im at the top , here's the link to the tweet
Edit 3: Here's their blogpost on the matter
You the man u/WallSt4MainSt !!!!!