Stop Calling It "Hacking" (feat. r/WallStreetBets)
Before I get into it, I wanted to shout out the Sample Size Podcast ( https://shows.acast.com/sample-size ). I helped them make an episode about "Parler and Hactivism", and on the Gamestop r/WallStreetBets hype that builds on what I talk about in this video.
Reddit's r/WallStreetBets, GameStop ($GME), Citron Capital, Melvin Capital, and Robinhood. I am sure you've seen and heard plenty of craziness recently going on between these groups. But something that has been floating around is this idea that they were "hacked" or the market was "hacked". I don't mean this in the ambiguous sense that the system was used in an unexpected ways. People are equating this to unethical, black-hat, hacking and it is unacceptable. Nothing about what r/WallStreetBets has done is "hacking", it's not even that transformative. Markets move like this all the time, this time it just happened to have more transparency than usual.
But regardless, we are entering a dangerous space. Calling what's happening "hacking" diverts attention from the hedge funds and Robinhood towards reddit. A piece of misinformation that if it takes root, could not only affect how we interact on reddit, but how we build online spaces across the internet. In this video I explain hacking, its many incarnations, and how this is, IN NO WAY, hacking, but just how markets work. And I go in to detail on what is happening with the situation and why we need to be paying attention and fighting misinformation around it that looks to divert attention away from Robinhood and Melvin Capital.
For anyone curious for my sources and how I came by some of this information, here you go:
Citadel and Point72 Bailout Melvin Capital: https://www.wsj.com/articles/citadel-...
Intro to r/WallStreetBets clash with Hedge Funds: https://www.nytimes.com/2021/01/27/bu...
Citron Capital Backs Out Of Short Position: https://markets.businessinsider.com/n...
Robinhood's Ties To Hedge Funds: https://cointelegraph.com/news/financ...
Investigation Into Ties Between Robinhood and Melvin Capital: https://beincrypto.com/us-congressman...
Gamestop's Move To Course Correct With new CEO: https://www.businessinsider.com/games...
Shorting 140% of Gamestop's Float: Spreadhttps://www.marketwatch.com/story/gam...
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All footage used in this video is for educational purposes only.
#WallStreetBets #GameStop #Reddit #CitronCapital #MelvinCapital #Robinhood #Hacking #Hackers #Misinformation #CyberSecurity #MacroEconomics #Stocks #WildcardCameron