| Author | Source |
|---|---|
| u/pinkcatsonacid |
Banner submission by: u/Shubaobao
Good Morning Superstonk!!
Happy Saturday!! 🤙
Did y’all think this cat was gonna sleep on the weekend?!
Go watch the Dr. T AMA if you haven’t yet!
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Important Update regarding SEC posts re: Market Manipulation and Organizing
So the reason for this Saturday Morning Post is an important one. There is a lot of confusion around the sub (and other subs… and twitter…) about what constitutes market manipulation. I, myself have been confused on the legalities and nuances of these terms “manipulation” and “organization”.
Which is why I think it’s important that you hear from your mod team (which includes several experienced in Law) what we have consulted and found to be accurate information. THIS DOES NOT CONSTITUTE LEGAL ADVICE FROM OR FOR ANYONE!
Yesterday the sub feed was flooded with SEC related hashtag posts which were deemed to be repetitive and clogging the feed, so the mod team did remove several duplicate posts for Spam. This was not a direct endorsement nor denial of the post content, just trying to keep the sub clean from topical bottlenecks while we consult as a team and decide a course of action. Remember this whole thing is extremely fluid and your mods are having to adapt by the minute to keep this rocket steered in the right direction! This is a full time job and we really appreciate your patience! 💖
Spoiler alert: It’s totally legal!
I encourage you to read this post by u/vbache who is a Judge and Euro-ape. This particular quote is of note, and directly applies to the topic at hand:
“I think the ‘we are in this together’-aspect of the situation needs to be reiterated and enforced in order to increase the likelihood of a near infinite squeeze, which would in turn allow each and every one of us to reach their respective goals.
And it is imho legal for us to do so. To qualify a behavior as market manipulation under EU law a set of specific criteria needs to be met and I suspect, similar principles to be applicable in common law countries. In broad strokes there at least needs to be a dominant position on the market in question of the actor(s), either individually or collectively and secondly, these actor(s) need to take coordinated action to restrict supply in order to achieve predetermined price targets.
The individuals on this sub do not hold a dominant position in this sense. Even if we collectively own (multiples of) the float of GME, we do not act as such a collective. The key to define a market manipulating collective is that the individuals participating in the collective can be forced to adhere to the collective’s decisions (enforcement mechanism). We do not have an enforcement mechanism since being called a paperhand is not a strong deterrent. Each and every one of us is free to exit our positions at whatever price point we individually deem appropriate.” - u/vbache
So the TL;DR for that is: WITHOUT AN ENFORCEMENT MECHANISM, THERE IS NO MANIPULATION!
Enforcement is the key to a manipulation case. Do we make paper hands actually pay some sort of penance for selling? NO. Do we have an agreed upon floor price that we all must adhere to? Umm….. :gestures broadly at literally everyone debating possible floor price:
Market manipulation is doing something to inflate or deflate the price of a stock. THESE are the ESTABLISHED GROUNDS for charging someone with market manipulation. And do you know how many times that’s happened? Like 5 times. And they were all people in the industry.
There’s no case for market manipulation in this subreddit, or even in the GME Saga as a whole.
Well, I lied. Hedgies are doing plenty.
So when you see people referring to “we” or “us”, they aren’t doing anything wrong. This is a community, right? Everyone here isn’t just a figment of your imagination right? (right?!?)
We are all friends here
We are a community. And no one can stop us from liking and discussing a stock. That’s what they want you to think.
What’s the difference between our sub and the idea dinners the rich have been attending for decades? The expense report. Do you remember when American Politicians used insider information about the pandemic to profit off of the resulting crash? APES REMEMBER. Don’t let FUD stop you from bonding with your fellow ape. This is actually essential to our journey. Get in here and love each other. It’s Woodstonk 2021 up in here✌💖🌼☮
A comment from our General Queen, u/RedChessQueen99:
” Any use of the words “we” or “us” is not evidence of manipulation. We are not the ones manipulating the market. The use of words that suggest we are a group only references this community of people, who are individuals investing in the same stock, but as individual retail investors. This community is not a place to organize or manipulate markets and it never will be. It is a place for sharing publicly-available information and analyzing/studying that information as a community in a way that benefits everyone fairly and safely. “
And while we’re talking about a movement…
Do you know what Dr. T recommended we do as a next step in our course of action?
Do you think Dr. Susanne Trimbath, PhD Economist, Former Manager for the DTC, Former “Plumber of Wall Street”…. the author of the book that is starting this serious public conversation, would tell the people that are finally supporting her and listening to her… after 30 years of being ignored partially just because she’s a fckin woman*… do you think she would tell us to do something that would hurt us or that would stop progress? NO.
Trust Dr. T. She’s OG Ape
No it’s not illegal to petition the government to pay attention to illegal activity. You don’t have to own any stocks to belong to r/Superstonk. Or to be a part of a civil movement to expose Wall Street Corruption. You are free to participate (or not) as you please. There are no requirements in this sub except that you behave according to our rules.
You know what’s also totally not illegal and a right for everyone? To contact your representatives whose decision making effects your life. We live in a democracy. It did not suddenly become illegal to decide to contact your representatives because you have been made aware of illegal activity on reddit. There is nothing criminal about democracy. 💪
Speaking of democracy, I will add that part of the reason for such a tight control on the situation with the SEC posts were the hashtags. There were several FUD posts popping up on Twitter that associated the SEC movement hashtag on the same posts as violent and inciteful hashtags. Homie don’t play that. Not in my sub. That’s why you saw a few posts about the topic, and the rest were deleted. We nip that in the bud ‘round here.
But I strongly urge you to keep a lookout for FUD aimed at leeching off of the positivity found here. A potentially positive message can easily be tainted by FUD spreaders grifting off the popularity. Be vigilant and always report anything that looks sus.
Please be aware that this is an achilles heel to the popularity of this sub and its content- our greatness can be turned to a weakness if we aren’t vigilant in our defenses. You think I’m playing? I’ve been posting in these subs since January and I’ve seen first hand the psyops battle being played on this battlefield. From bots to paid shills to upvote trickery… This isn’t nuts, it’s history.
And with that, I want to leave you with a sort of hybrid quote from Dr. T, with my own perspective:
It’s hard to know you’re reading history when you’re the one writing it.
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Know your rights
P.S.- Contact your brokers if you haven’t received your Control Number yet for proxy voting. And follow the instructions to vote provided by your broker! Happy Saturday! 🚀🚀🚀🚀🚀🚀🚀