Impaulsive with Logan Paul - E252 WallStreetBets Founder Exposes Robinhood Corruption & GameStop Boom

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00:02:12.760 So at the end of the day, like, we're decentralized.

00:02:15.340 We don't go by the same rules as you do.

00:02:17.780 From the jail cell, that story becomes less intriguing.

00:02:21.440 Correct.

00:02:21.700 You know what I'm saying?

00:02:22.420 So it's just all f***ing.

00:02:23.700 It's f***ing, man.

00:02:24.780 Are we even going to the moon at this point?

00:02:26.820 Why am I wearing this?

00:02:29.580 emergency impulsive podcast what what a crazy day an unprecedented day on wall street welcome

00:02:43.820 back to impulsive number one podcast in the world gme restricted nokia restricted amc restricted

00:02:50.720 robin hood has restricted stocks trading on certain stocks wall street's going what are

00:02:56.880 you doing what are you doing we still got one boys huh hi this is too good are we still going

00:03:04.520 or what are we going to the trip to the moon it's postponed for now until further notice yeah

00:03:16.320 it's it's a disaster yeah um if you're like me guys you don't quite understand stocks i've had

00:03:23.400 to have a real self-reflective moment where i had to ask myself am i dumb people have described

00:03:30.040 described stocks to me for years over and over and over again and i've never truly gotten it

00:03:35.880 and then yesterday when all this craziness started happening with the game stonks i had you come over

00:03:40.700 and whiteboard it out for me everyone this is chase hero he's a good friend of mine he also

00:03:44.400 built the maverick club uh he's been in the stock market for over a decade and your portfolio is

00:03:50.200 quite diversified and you're very good with your money and so you gave me a little crash course

00:03:54.180 on uh the stock market and what was happening in the background of the redditors and wall street

00:03:59.460 versus the wall street bets and the layman versus hedge funds now it's dave portnoy versus robin

00:04:03.960 hood it's been a crazy morning it's been a volatile morning so this episode we're going to educate you

00:04:07.620 exactly what's going on how we got here and uh i guess what's going to happen to the future of

00:04:13.960 wall street because i can't see this not being a pivotal moment in trading history it'll be changed

00:04:19.260 forever absolutely are you surprised this morning as you sit here i woke up and saw the news that

00:04:25.260 the impenetrable shield around the wealthiest of americans remains semi-impenetrable i think i

00:04:34.040 think reddit has done a great job but at the end of the day are you surprised are you shocked that

00:04:38.920 that this is happening i'm not unfortunately you know believe it or not as i always tell you guys

00:04:43.880 the way i trade is normally like 10 years out right i buy something hold it for 10 years because

00:04:48.960 they're notoriously good at this you know at the end of the day the average person investing wants

00:04:54.560 the win like they probably aren't winning a lot in life so they're hunting for that win and when

00:04:59.860 it's robbed from them it demotivates them and they're like all right it'll never come back or

00:05:05.360 that five grand maybe i shouldn't have put in now it's two i need that money that's why it's sad

00:05:10.300 it's so sad because what happens it just goes right back up and they're moving these markets

00:05:16.120 around in just such a crazy way i mean but to be honest with you it's it's to be expected and i

00:05:21.220 think that we can also probably expect that absolutely no one will go to jail because of

00:05:26.900 well that's well that's the thing so many people are saying uh they can't do that well isn't that

00:05:30.580 illegal this has to be a crime someone should be thrown in jail and i i keep saying this morning

00:05:34.740 the same people that benefit from this happening are the ones that make the laws to prevent it

00:05:42.000 from happening in the future what do you think they're going to do this is a systemic fucking

00:05:46.620 problem dude it's designed for exactly this to happen it's well the thing is is they want you

00:05:54.120 to get in the market enough with hope but at the same time they want to make the market so weird

00:05:58.880 it's like they're dangling that hope that uh prospect of potentially making money in front of

00:06:04.000 you but then when it happens they're like oh whoa yeah you've made you made too much and it sucks

00:06:10.840 that the billionaires were able to take back at least for now the power from the trillion thousand

00:06:18.340 aires or however well it's because also there's not that many and you watch the news dangle huge

00:06:23.900 returns it's like they glorify these insane returns you see it on cnbc waltz or you see it

00:06:28.560 all the time like look at these crazy gains so someone gets into the stock market their first

00:06:32.820 time they're like anticipating that's what's going to happen to them and when it doesn't i mean it is

00:06:38.680 the ripple effect of this will be horrible right now this is incredibly fucked people are really

00:06:44.400 down on their luck can I ask you how down on your luck you are you don't have to say I'll say

00:06:48.560 yeah so I'll be honest with you I joined this for fun uh you know I put 100 grand in at one point

00:06:54.940 this morning it was a little over 5 million then like 8 million and then I went to go sell the

00:06:59.520 options and you could tell they were manipulating the market they were 10 grand I was like well

00:07:04.020 how can this be? This makes no sense. And then I realized it's always been this way. They don't

00:07:10.720 trust the average person to act freely because they think that if you think freely, new things

00:07:16.800 will change and it will board about things that they can't control, i.e. cryptocurrencies and

00:07:22.180 things of that nature. So Reddit is, you know, they couldn't control the platform. They can't

00:07:27.340 control free traders. But what do they do? They lock their access out to Robinhood. You know,

00:07:31.240 i believe most wealthy people can just call up their broker and still buy all these things right

00:07:35.120 now yeah yeah for sure which is just so screwed how does how is robin hood or some of these other

00:07:40.800 trading platforms defending their position on halting the ability to trade these stocks is it

00:07:46.380 because they they see some sort of uh you know illegalities in the fact that this is happening

00:07:53.380 in the first place are they is it a liability thing on their end or i i also saw uh alerts

00:07:58.740 coming yesterday from the app saying that there's a tremendous amount of volatility right now be

00:08:04.140 careful so are they claiming that they're protecting their users they put out in light

00:08:07.860 of current market volatility we're restricting transactions for certain securities to position

00:08:11.840 closing only including amc and gme read more but what but why like if you pop that open why are they

00:08:18.060 doing it or why sorry what not why are they doing why are they claiming they are i think they're

00:08:22.880 saying they're trying to protect their end user from like buying in right now super volatile stuff

00:08:28.060 Correct. But here's the problem is there's millions of people who all bought in and you just cut them out at the knees.

00:08:35.220 They created the volatility. Correct. I mean, the thing is, is should it be at the price it is?

00:08:40.760 That's relative. I mean, it really is. This the world we live in is ever changing.

00:08:44.780 So, like, I don't think fundamentals are going to say they are.

00:08:47.380 But if enough people trust something, they can send it wherever they want. Case in point, Tesla. Right.

00:08:53.140 So I think that just they're trying to stifles people's choice.

00:08:56.640 And it's so funny that an app called Robinhood is literally doing the exact opposite of what Robinhood did.

00:09:04.040 And they're about to IPO.

00:09:04.860 He was a hero.

00:09:05.600 They're robbing the hood.

00:09:07.020 Literally.

00:09:07.360 They're robbing the hood.

00:09:08.080 They're robbing the fucking hood.

00:09:09.480 Portnoy posted this.

00:09:11.580 Citadel bails out Melvin Capital.

00:09:13.780 So then Ken Griffin calls up Robinhood CEO Vlad and says, don't allow buying a GME AMC naked anymore.

00:09:18.820 I know you got some of that yesterday.

00:09:19.980 Citadel handles 60% of Robinhood's trades.

00:09:22.360 Basically, Robinhood needs Citadel slash Ken Griffin.

00:09:24.620 So the platforms and the people that are backed by the money are still always going to choose the money.

00:09:33.500 Correct.

00:09:34.200 And it sucks.

00:09:35.360 And Citadel is really powerful.

00:09:36.980 I think that people forget that they're the people who essentially high frequency trade this.

00:09:41.740 So when Robinhood sends their trade off to the ecosystem to go back to the exchange to buy something, they're buying that position from them.

00:09:50.720 And they're raking up a couple pennies.

00:09:53.580 and they make that margin on both sides so they always are flush with capital and able to kind of

00:09:58.400 move the market how they see fit this should be illegal there's no question about it thousand

00:10:02.800 percent there has to be some sort of accountability take this this i don't understand my brain cannot

00:10:08.300 compute how this is not criminal is it a class action lawsuit well like well like people making

00:10:13.020 yeah well that's what i'm just that's what i'm saying i mean how are they they're not gonna

00:10:16.280 they're not gonna uh prosecute the people that are making them the money you know what i'm saying

00:10:20.720 they're all eating off of it all all of the all of the administrators or or legislators that would

00:10:25.920 make laws to prevent this type of thing from happening are eating off of it happening it's

00:10:30.820 in citadel this is what's in melvin capital this is what's funding their trips to pebble beach this

00:10:35.260 is what's fun fueling their jets like activity like this and like i was just was thinking about

00:10:40.380 it more this morning it's like putting the internet which everyone you know says is undefeated and i

00:10:45.760 sure hope it continues to prove so against a truly undefeated fucking monster that is the

00:10:51.120 american financial system this is a system unlike the internet that has not lost this system cannot

00:10:57.660 lose if you take down the banks they are bailed out with taxpayer money the money we make to shut

00:11:04.220 them down we then pay back to get them back up they're simply re-skinned reformatted to attack

00:11:09.800 us from a different flank it doesn't fucking matter it doesn't matter dude and so in a lot

00:11:14.320 ways i like the suit he's riled up in his suit we are on a trip right now he's still going to the

00:11:19.840 moon and listen you kind of came thing listen i want i had to do this just for you guys look at

00:11:23.700 this i wore my naked underwear wow the stock's restricted though so i i'm stuck with it we're

00:11:28.640 probably gonna get this all flagged and stuff hashtag not naked my bad some of the wall street

00:11:33.700 bets uh folks are being shadow banned the guy who i'm about to invite on the podcast which i'm gonna

00:11:38.400 do now he he hopefully has some answers for us and can uh educate us a little bit on how this started

00:11:43.520 where we're at where we're going uh his account is shadow banned literally and there was a moment

00:11:49.300 yesterday where they shut down the reddit yeah it was crazy and now it's you know steaming on

00:11:54.260 five million people what's next week gonna be like i just feel like it's such a voice that

00:11:58.380 this could get crazy out of hand and again you have to remember the powers that be they can just

00:12:04.240 unplug everything so i was take us back to the stone age so here's my question and i this is

00:12:10.000 going to be the you know this is completely devil's advocate i'm not saying it's right or wrong but i

00:12:13.820 was watching that scene from the matrix this morning where the guy's eating the steak and he

00:12:18.020 says you know for eight years they told me that this wasn't real and he eats the steak and he goes

00:12:24.760 ignorance is bliss and the and the matrix guy says to him so we have a deal you know like and a lot

00:12:32.100 of ways i'm just like yo should i just dump full back into amazon and just like at what point do

00:12:37.080 i just get back on the giant shoulders and at least please sir please just a couple dollars for

00:12:41.280 me like that's you know what i'm saying i'm not saying do that like keep fucking fighting but

00:12:45.500 it's just like yo are we gonna keep getting fucking pulverized in the ground or is elon

00:12:49.120 musk gonna take us to mars and save us i want to go somewhere to space we could tell i dressed for

00:12:53.260 it quite fucking later i thought we're going to the moon and now everybody's still holding but

00:12:58.200 not because they want to because they fucking have to because they can't sell the stock well

00:13:01.140 yeah and you're destroying people like we talk you talk about like the the mental issues and

00:13:05.220 like the things people go through, mental health,

00:13:06.900 what do you think a whole bunch of people are going through right now

00:13:09.960 when they've just been like, they're like, you took my choice away?

00:13:13.860 I believe we have them on.

00:13:17.580 Can you hear us?

00:13:19.760 How are you, brother?

00:13:22.240 Good, thank you. How are you?

00:13:23.620 Amazing. Yeah, pretty good. It's been a wild morning, huh?

00:13:27.580 Oh, you can say that again.

00:13:28.620 I still have my protein shake breakfast, which I've really touched.

00:13:32.720 Have you been stressed out? Have you been busy?

00:13:35.220 uh busy yeah stressed out not really you know this is wall street bets have been in the press

00:13:41.340 before and i've been in the press before um you know certainly not to this extent so yeah

00:13:46.620 busy yeah but stressed no man i'm enjoying it got you well really appreciate you taking the time

00:13:51.980 to hop on with us on such a short notice and uh jamie i wanted to clarify your your involvement

00:13:58.620 in in wall street bets because right your twitter says founder of wall street bets uh but but if

00:14:03.520 i understand correctly there's no it's not controlled by anyone in particular it's not

00:14:09.100 owned by anyone particular right it's it's a open forum with a few moderators or yeah what's your

00:14:14.580 actual correct right so so founding really means that i created the subreddit i went on on the

00:14:19.980 reddit platform and on other social platforms twitter youtube whatever uh and i came up with

00:14:24.540 the name and i registered it uh and on reddit specifically you know you start a community kind

00:14:30.100 to say what the rules are for the topic and you promote it to try to grow it and get the

00:14:34.700 conversation going. And then as the creator of it, you're also the head moderator, meaning that

00:14:40.580 you get to decide all the moderation stuff, what the Reddit looks like, what conversations are

00:14:48.240 allowed, not allowed, and how it's grown. So I promoted, I grew it over the years and was

00:14:55.160 moderator for pretty much the entire time up until april of last year got you very cool very cool

00:15:02.480 um i had some people reaching out to me this morning like messaging me does even this uh

00:15:07.980 this practice of speaking on shows upset other members of the community because i got quite a

00:15:12.920 few messages i'm sorry i i switched the wi-fi network oh he's oh i thought he i thought he

00:15:18.060 does that from time no i just switched the wi-fi i was like he has a poker face for sure

00:15:21.840 no wonder he's the head you got you got cut off yeah i'll jump back in um uh i i just got some

00:15:30.340 mess shit and i don't even know how i started the wi-fi met the wi-fi switch um i got some

00:15:35.600 messages from people this morning that were were basically you know kind of telling me uh that they

00:15:41.180 were upset no one speaks for us uh we're a community an open community um what do does this

00:15:48.380 practice of even speaking on platforms like this, like upset the community or you just came off of

00:15:53.480 TMZ, CNBC, CBS, right? You've been, uh, I've done all of them. Yeah. Yeah. So yeah, you know,

00:16:01.480 I don't speak for wall street bets. Nobody speaks for wall street bets. It's not an organized,

00:16:08.200 uh, movement or community. It is by definition, just a group of people that go on there and they

00:16:15.420 They share topics, and if they like the topics, they upload it, you know, like a retweet, and those conversations, which get a lot of attention, end up going to the topic people talk about.

00:16:26.120 There is no unified person that speaks on behalf of WallStreetBets.

00:16:29.880 You know, the appearances I've been making have been from a perspective of the founder of WallStreetBets about my experience with it.

00:16:38.560 And as a passive observer of this phenomenon, to be honest with you, I got no skin in this game.

00:16:43.020 That's why, you know, when you ask me, I was stressed.

00:16:45.340 No, I'm just watching this, enjoying this.

00:16:47.400 I'm talking about the subject that's taking place, which I have a lot of interest in.

00:16:51.400 Got it.

00:16:52.020 Gotcha.

00:16:52.360 Very cool.

00:16:52.940 All right.

00:16:53.140 So I want to take a second to educate everyone listening who maybe isn't familiar with how all of this started.

00:17:00.260 How did this viral game stonk boom even begin?

00:17:08.400 You know, I guess it was slowly making.

00:17:10.060 Lost your bet started with people that are saying, including me, that wanted to learn how to trade, how to make some extra money, don't mind taking extra risks, don't mind losing whatever it is that you're putting on the table.

00:17:21.580 And, you know, there had been pretty much two schools of thought in the world of the stock market.

00:17:26.220 You got this, you know, the scholarly approach, which we can probably categorize the boomers, which, you know, take this fundamental approach and they analyze and do value versus growth and crunch numbers and they sit there on collect dividends.

00:17:39.200 And then you had a more active group of people, which these are professionals that buy and sell stocks with no long-term interest.

00:17:46.000 And then they're just cashing in on short-term moves.

00:17:49.620 Individuals did this on their own, and large institutions do that as well.

00:17:54.180 All big firms, Goldman Sachs, JP Morgan, they all have trading desks.

00:17:58.300 This new category that kind of developed, I started with that kind of category, this trading.

00:18:04.120 it evolved into this this meme stock mentality this meme stock boom where people no longer care

00:18:10.620 about the stock price moves they no longer care about the mechanics of what's taking place they

00:18:15.260 just think it's funny and they'll put a picture it goes viral everyone talks about it they enjoy

00:18:20.880 it they don't care if it goes up or down they can bet either direction and they just have a blast

00:18:24.500 doing it and sometimes they make money that's wild so what was the the thing that what was the

00:18:29.920 catalyst for gamestop you know i i i i've been asked about like so what do you think about this

00:18:38.180 movement they're knocking out all these big hedge funds but they're like i i don't think

00:18:42.300 lost your best doesn't have the capacity they're not they don't have the organizational structure

00:18:46.080 like they don't have a leader that said hey guys let's knock over a hedge fund today um they most

00:18:50.120 likely this is my prediction they most likely started like any other stock that they talk

00:18:53.980 about they started trading it they start making money with it uh and all of a sudden they see

00:18:58.700 this effect because so many people are doing this and the type of trades that they're doing,

00:19:02.540 they're using these stock options that have an effect as to how the entire mechanics of the

00:19:07.500 market works. It ended up inadvertently pushing the stock up or maybe advertently, I have no idea.

00:19:12.740 And as soon as that started holding steam, then people said, wow, the more we do this,

00:19:18.640 the more we can make. Like usually if you place bets and historically in the stock market as well

00:19:22.920 as an individual, if you think Apple's going up or down, you make a bet and that's it. You're

00:19:27.000 either right or wrong on horse races and in sports you do the same thing you're either right or wrong

00:19:32.060 you make a lose but in this case all of a sudden these guys are influencing the outcome of the bet

00:19:36.220 because by the very nature of the fact that lots of people do it all of a sudden the price is doing

00:19:41.860 stuff relative to the number of people that are doing it and so that got attention and that's

00:19:47.140 pretty much the reason why it's exploding so the internet in the form of redditors got together

00:19:53.540 functioned as a unit and went head to head against against hedge funds you know to me that's what's

00:20:01.020 crazy about it like you take enough chaos you end up finding order out of it like you end up

00:20:05.040 scrambling you know a deck of cards long enough you'll get them in order i suppose and i you know

00:20:09.900 i kind of feel that this is what happened here they're historically you go on the wall street

00:20:14.540 you have people that go i think this stock market is going to go down i think the stock market is

00:20:18.760 going to go up and they have between each other a rivalry of shorts versus longs you know people

00:20:22.900 they're betting on the spot going down or up and it's a very fun conversation it's real spirited

00:20:27.860 and and it's uh you know it's it's it's sort of been the case for some reason they all kind of

00:20:34.820 clicked into place with this one and huge you know in a huge uh uh numbers and scope of both

00:20:40.960 a number of people and the types of bets they're making and boom all of a sudden you have this

00:20:45.420 organized you know this organization that takes place out of chaos it's fascinating what's what

00:20:49.900 started as like a fun gathering of people trying to stick it to the men now feels like a like a

00:20:55.660 revolt like this feels like a world war who's the william wallace who's the dude at the front with

00:21:01.360 the face paint and the broad sword you told me about this one kid well tell me about this kid

00:21:06.120 the kitty yeah he's like 53 wasn't it 53k to 50 million the other day he held strong yeah i wanted

00:21:12.700 to say something on that because you think that maybe the perfect storm of the fact michael burry

00:21:17.360 you know made a post about it in 2019 he kind of got behind it and if you know michael burry

00:21:22.020 he stuck it to the man with you know shorting the house and mike it back in the day and like like

00:21:26.500 you guys are committing fraud he was the guy and then people realize that you know this melvin

00:21:32.580 capital is also the same dirt bags trying to take alan musk down i feel like people want a chance to

00:21:39.400 like be like i want to be heard in this world and i want to make action and like this is the this

00:21:44.860 will ripple effect in the stock world forever but even but even burry then yesterday kind of almost

00:21:52.480 rolled back on it at the end at the end all this and said yo this has reached a point now where

00:21:57.020 it's dangerous why do you think somebody paid him probably or or he knows how effed up the game is

00:22:02.820 and how shady they can play it and he feels bad for the common man i mean after he made all that

00:22:07.460 money he turned into like a recluse for a while right because he was just like the system is so

00:22:12.400 rigged. You know what I'm saying? And I think that partly people don't want people to lose.

00:22:17.240 And to be honest with you in this, normally the people who are losing are the people who

00:22:21.560 succumb to the pressure. Right. And they take a lost position. Like I always say, like I've done

00:22:26.240 well in the stock market and I've had horrible months. I mean, months that make you want to like

00:22:31.040 cry or rethink all of your objectives in life. But you hold you like hold. You're like, all right,

00:22:36.780 no longer doing this. Right. But to the point to the point he made earlier about this all

00:22:42.300 being kind of started from like gaming and joking do you think there's any uh you know rightfulness

00:22:48.860 for the people who do this for a living to be to be upset outside of financial reasoning like you

00:22:54.540 like a lot like stonks dogecoin like that little meme dog you know going up against these

00:23:01.260 institutional people and i understand yes do we want to remove some of that money from hedge funds

00:23:05.920 yes do we want to even the playing field for sure but do you think there's any level of it where

00:23:09.740 some of these guys are like, yo, I've been doing this for 40 years. Like I've been, I studied my

00:23:13.840 whole fucking life to do this. My family depends on, on, on this money, whatever, especially some

00:23:18.000 of the guys at the lower levels that aren't, you know, billion dollar golden parachute guys,

00:23:22.000 but these guys that have studied their whole life to be there. Do you think there's any level of

00:23:25.520 that? People that are just upset because some, a group of people are using a fucking meme dog.

00:23:30.600 Of course. But again, absolutely. Like, first of all, it absolutely has poetic justice,

00:23:37.720 You know, like this concept of sticking it to the man. It feels good. It's got a feel good story.

00:23:42.560 And I'll tell you who's kicking themselves. The guys that were sitting out in 2010 with their pickets outside of Wall Street saying that we've got to occupy it, hoping to take over the control.

00:23:51.320 But they're just complaining. They're like, no, man, this isn't fair or whatever. You know, these guys, these guys figured out a different way to do it.

00:23:57.120 I don't think it was their intention to take down Wall Street because, you know, it's not the same situation.

00:24:01.460 It's not like they're out of a job or whatever. They're just bored and they're making money with it.

00:24:05.180 And it kind of turned into it. But here's here's what I want to see on that particular thing.

00:24:09.960 So like, oh, we also got to stop these short sellers, whatever. One thing is taken out of fund that, you know, a hedge fund.

00:24:15.400 That feels good because they've done it. This is an invite only big boys club.

00:24:19.160 And all of a sudden, these nobody's got together and just knocked somebody out, you know, all in and poker.

00:24:25.640 Right. The what's going to be interesting is as soon as the stocks turn around, maybe these GameStop,

00:24:31.700 maybe some of these other ones are trading in general i know for a fact they're all going to

00:24:35.320 change their mind and they're going to say all right guys let's go ahead and just short this too

00:24:39.780 because it's going down these guys are after making money and they're not going to you know

00:24:44.300 they're not going to sit out on any money and the fact is most likely at some point game stock

00:24:48.600 is going to come back down to reality and these these people are going to make money all the way

00:24:52.560 back down and hypocrites but you know it's going to it's going to make people go crazy you know

00:24:57.620 Because right now they're thinking, oh, you know, these guys, they're all for making money.

00:25:01.440 So I can't wait for that to happen because this whole movement against short bettors,

00:25:05.260 I've seen this happen time and time again on Wall Street.

00:25:07.640 Sorry, on Wall Street bets.

00:25:08.780 You know, it happened last year during the, you know, temporary crash in the market.

00:25:12.720 And they changed their mind.

00:25:14.140 But to your second point, the meme stocks, absolutely, it's got to piss these people

00:25:17.860 off.

00:25:18.160 They have to go and learn about discounted cash flows and who knows what with the EBITDA

00:25:21.660 tax, whatever, you know, and they get these certifications.

00:25:25.640 the CF, you know, there's all sorts of certifications really difficult to get. And yeah,

00:25:29.620 these guys are sitting there going, ha ha, my Tesla has a ludicrous button. And I'm going to

00:25:35.120 turn these, these calls, these bets into a ludicrous bet, you know, and they make a funny

00:25:39.960 TikTok video. And then they actually make money. That's the thing. So these, these old timers will

00:25:45.660 sit there and say, you guys don't know what you're doing. You're going to lose your shirt. Well,

00:25:50.480 they haven't lost their shirt yet. And it's been a while since they've been doing this long before

00:25:54.480 GameStop. And the fact is, their little funny pictures are having an effect on it. So I'll give

00:26:01.420 you one example. Last year, when the pandemic started, everyone's locked in, people having to

00:26:07.500 do Zoom meetings for everything. They're like, let's invest in Zoom. And they look it up, and

00:26:10.960 they look up the wrong Zoom company, because there's ticker symbols, and they don't always

00:26:14.600 match. So they bought a company that just happened to have that ticker, and they shot up this

00:26:20.260 unsuspecting company, the price of the stocks astronomically, right? The other Zoom also went

00:26:26.840 up. The correct one also went up. And these institutional traders going, ha ha, you children,

00:26:32.960 you picked the wrong stock. You don't know what you're doing in the investing world. But these

00:26:36.480 children made more money picking the wrong stock than they did had they picked the real Zoom.

00:26:42.700 They took their money, walked away. They're not waiting for dividends on these things. So it's

00:26:48.880 crazy it's like a perfect storm right now though too i think everybody is looking for a way to

00:26:54.860 organize themselves could you imagine it happening right now because like he was saying i see in the

00:27:00.200 group i mean i've spent far too much time as a father of four children i probably shouldn't be

00:27:04.200 on reddit for fucking 16 hours a day but so be it but what i'm seeing on there is a lot of people

00:27:10.760 actually holding for example the kitty guy that had 53k i mean this guy has life-changing money

00:27:15.740 And yes, he sold a little of his position, but he's sitting there with what, 30, 40 million dollars in shares.

00:27:20.660 I mean, we're educated guys and I'm holding my stuff.

00:27:23.560 I'm willing to take it down because I just like how history writes its story.

00:27:28.840 I'm holding it to the grave.

00:27:29.820 I'm that way.

00:27:30.400 I'm like to the moon.

00:27:31.060 If the Renaissance happens and they go look through the files, I want to be like, that boy is one of us.

00:27:36.440 Like I grew up with nothing.

00:27:37.600 I went to prison.

00:27:38.360 I've been through all these things.

00:27:39.740 It is really kind.

00:27:40.940 Just like he said, it's poetic justice.

00:27:42.720 Just to see a little, just to watch them stressed that right there, like ulcers are probably forming and all hemorrhoids.

00:27:50.520 Here's my never been stressed.

00:27:51.940 Probably like this.

00:27:52.660 What stops, uh, the Robin hoods, the stonks guys, the doge coiners from making 50 to a hundred million dollars banding together and becoming the old far hedge fund.

00:28:05.760 Like, so with great power comes great responsibility.

00:28:08.620 Are these the people that change the wave completely?

00:28:11.320 They go, they get their money and they're like, you know what?

00:28:13.180 I made a hundred million on stonks last year with that little bald guy with the fucking

00:28:17.880 arrow that always goes up.

00:28:19.540 I'm going to give 90% back to the community.

00:28:21.900 Like, are we seeing that?

00:28:23.120 Are we starting to see that happen?

00:28:25.000 I feel that way.

00:28:28.540 We saw a little bit of giving back the money last year when I said the stocks were crashing,

00:28:32.560 they were making so much money short of the economy and just, they were cheering on the

00:28:35.960 unemployment rate.

00:28:36.820 They're cheering on the world's going to crash and burn because it was hurting the stocks

00:28:40.640 and they were making so much money and they felt guilty to the point that yes they started donating

00:28:44.560 that money they found random causes to do it with uh but but you know they have that little bit of

00:28:49.500 of conscience now if if they're gonna turn around and create a participant to be a big fund

00:28:54.940 it's so hard to tell like i just checked the twitter account and saw the what's her name

00:28:59.440 alexandra ocasio-cortez yeah it's totally cheering this thing on right and she's she's a player and

00:29:04.980 and elizabeth warren like you have people in congress that are taking the side of wall street

00:29:10.000 bets and cheering it on and saying yeah they're pissed off that robin hood apparently stopped

00:29:15.840 people from trading certain stocks today to try and contain some of this madness and they're pissed

00:29:20.840 about it they're like wait hold on a second it's fair when it's the big guys but when it's the

00:29:24.320 little guys you guys are getting out of the way like you guys feel uncomfortable what's the deal

00:29:28.140 this is where i get confused that seems so obviously illegal like they should who who

00:29:35.060 wouldn't be pissed off about this if you're truly unbiased and you just see this scenario someone

00:29:40.900 describes it to you there's someone who's definitely wrong and there's someone who's

00:29:44.620 definitely right there's a bad guy and maybe i'm a little biased a good guy right so so it's

00:29:50.740 it's it's good that these people are um speaking up here i just what's the repercussion what

00:29:59.700 happens now let's let's let's turn this around right i've heard accusations of market manipulation

00:30:04.860 shit and blah blah blah who knows if that's going to be true or not it's interesting i got both

00:30:08.940 phones uh and i'm also not an expert with it but but but the accusations are being made toward

00:30:14.160 false events for market manipulation you want to know what else is manipulating the market

00:30:17.860 when you stop people from trading that stock did you see what happened to the price today it's down

00:30:22.980 like 20 50 i don't know what percentage and i think in no small part because these guys decided

00:30:28.700 to cut off the valve they're just as you know a bigger player in manipulating the market and

00:30:33.660 they're actually an organized you you know if if i were a regular i'd be asking myself these

00:30:38.840 questions who's having an effect on these prices and they're both having an effect these retail

00:30:42.600 people pushing the stock up and the fact that these brokers are blocking them to push this

00:30:46.680 stock down they you know there's no free market who's the referee here again i'm new is it the

00:30:51.660 sec yeah where's the sec well i was gonna say what happens if they already know they're fine

00:30:57.140 like they already know kind of what they're gonna get you know they've done this before this isn't

00:31:01.040 like new what happens to they're like we either lose 20 billion dollars this week and you know

00:31:07.780 funds may shut their doors we might have like you know irreversible damage or we do what we always

00:31:14.100 do we pin our three billion dollar slap on the wrist and we let's go to let's go to what's the

00:31:18.260 dope snowboard hill up in spain or whatnot right you want to know what's even you want to know

00:31:23.500 what's even more interesting than that is what's actually behind the scenes i haven't seen enough

00:31:27.340 conversation about Citadel. Citadel is the company that

00:31:31.260 handles the order flows for Robinhood, right? They make money every time

00:31:35.320 you trade, period. That's it. They don't care if you make money, you lose money, you don't care if you short it, you long it.

00:31:39.240 They're making money off of this thing. And a lot of it. Because yesterday was the highest

00:31:43.380 volume of stock options traded in the history of Wall Street. So they made the most amount of money

00:31:47.300 on that aspect of it. And you know what else happened? After they knocked over this Melbourne

00:31:51.100 Capital Fund, Citadel said, hey, I got a ton of cash laying around

00:31:55.380 that i happen to have made up on unrelated activity to your demise i'll go ahead and buy you

00:32:00.480 that is the most hostile takeover in the history of wall street i mean they devised or at least

00:32:06.500 they're in a comfortable position and they don't have to worry about the regulators they're just

00:32:10.300 processing flows they're like the credit card merchant if it feels like you're sitting at a

00:32:15.000 poker table with a chip leader do you know what i'm saying like they can just muscle anything

00:32:20.880 they fucking want you know when you're sitting there and you have just enough to get in on the

00:32:23.960 fucking blinds and you're like yo i'm gonna fight back and wall street is sitting there with

00:32:28.000 fucking stacks of chips bro listen when this all started happening yesterday the hedge funds just

00:32:34.020 bought calls they just bought calls on fucking game stop to cover their fucking shorts losses

00:32:38.540 now they're gonna buy more shorts on the way back down they're gonna make more money than the people

00:32:43.900 that put the whole fucking program together and they're gonna be sitting at the table with an

00:32:47.720 even bigger stack also saying now you owe us money for pulling this shit and they're gonna

00:32:52.780 absolutely that that is absolutely missing from the conversation people talking about how these

00:32:59.360 hedge funds are losing i hate to break it to you they're not that one did you know melvin did but

00:33:04.300 these guys look i talked to to andrew left the guy from from citron or whatever and i you know i

00:33:11.460 being careful with my words he didn't seem too worried right i have a feeling that everybody

00:33:17.060 knows what they're doing it's not their first rodeo uh the one one fund went down but the rest

00:33:22.920 of them seem to be just fine uh absolutely there's other ways to take this on so yeah they're gonna

00:33:27.740 make money too yeah you think stevie cohen woke up stressed out this morning he's not fucking

00:33:32.720 chuck rose didn't show up chuck rose showed up he would be yeah but like 15 on point 72 he just

00:33:38.600 he's do you not understand what 85 still on the table looks like for point 72 they're gonna make

00:33:44.020 it back yeah it's not this is not gonna break anything but it did create a nice fucking ripple

00:33:50.280 which is a start it's a start we interrupt this program to bring you a word from our sponsor and

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00:35:11.580 at betterhelp.com slash logan back to the program i have a question that's the thing is these guys

00:35:17.000 are used to playing these these big stacks and they're not used to they're even consider when

00:35:20.760 when an individual comes in because that's not even enough money to make the ante

00:35:24.080 nowadays now they've actually been out muscled a little bit and they were not prepared so that's

00:35:28.560 They are an uncomfortable place. Right. Right. Are these, you know, Melvin Capital shareholders, are these people like potentially open to sue Melvin Capital for, you know, they're supposed to be a fiduciary.

00:35:40.220 You would one would think if you're shorting a company that hard and, you know, open yourself that much, you're not really thinking about the future.

00:35:46.980 So, like, part of me is like, what happens if they get like the shareholder gets bailed out because of, you know, these companies are doing shady stuff? Who pays that? How does that go down?

00:35:56.200 i i i don't i don't honestly know enough about that to tell you but i'll tell you this when

00:36:02.000 you said that they they shorted something really hard think about short sales like if you want to

00:36:06.440 just open up an account i don't even think you can do it with robin hood but if you want to

00:36:09.700 shorten account you usually have to go through some extra steps because when you put it down

00:36:13.660 on paper they say potential losses are infinite right when you when you buy a stock the potential

00:36:18.380 losses is however much value it's you know it's 100 bucks and go to zero but if you're shorting

00:36:22.680 the stock it's 100 bucks and go to infinite and so you can only you only have to share it to short

00:36:26.920 one share to lose infinite amount of money in theory right in practice not the case so i i think

00:36:32.420 more the case is why did they why didn't they get out earlier i don't know how big a position they

00:36:37.260 have but based off of how close to infinite uh game stop got they probably should have cut their

00:36:44.460 losses earlier or taken some you know bought some calls whatever uh that that's what i want to know

00:36:48.980 Not only that, but I bet you it's also an optics thing.

00:36:53.080 I bet you it's an optics thing for the fund to say, no way we're going to take a fucking

00:36:56.840 L to the internet.

00:36:57.760 We're going to figure this out.

00:36:58.940 This stock's coming back down.

00:37:00.140 And imagine sitting there as it went to one 90 to two 10 to two 50 to two 80 sitting there.

00:37:04.980 We're not fucking losing these shorts.

00:37:06.360 We're holding on to these.

00:37:07.000 We're not getting beat by Reddit.

00:37:08.180 We're not getting beat by Elon Musk and just getting your fucking shorts handed.

00:37:11.180 Well, that's where Ken Griffin Citadel came in with Stephen Cohen.

00:37:13.980 They said, Hey, you know, Melvin Campbell, don't sell your shares.

00:37:16.980 Your, your big positions.

00:37:18.260 we'll cover your downside like don't sell them it's again i want to reiterate this literally

00:37:23.440 feels like a war where i'm watching the leverage go back and forth yeah like once this hit mainstream

00:37:28.700 media yesterday there was a moment when it started to really really really spike which

00:37:33.440 is you were here that's when i that's when i bought in and bought some options and then

00:37:37.460 the reddit got shut down wall street bets right or or was it the discord or both the reddit went

00:37:43.860 private yeah the discord got shut down for unrelated reasons and the reddit you know

00:37:49.300 separate it goes private uh on a regular basis you know a lot of times when they're getting a

00:37:54.140 lot of heat sometimes it's a joke sometimes it's a you know legitimate change i don't really know

00:37:59.060 uh yesterday exactly what it was but it's it's up to the moderators to temporarily put their

00:38:03.180 stuff to conversation gotcha because when that happened uh and portoy spoke on this and i backed

00:38:08.440 them on twitter every time uh a group or a person has been de-platformed their message is activated

00:38:15.740 and amplified yeah it just it just it's like you get slapped in the face and your army comes back

00:38:22.720 so then i felt like the leverage was back in the redditor's power the buy the retail buyer's power

00:38:28.580 and everyone was preparing today to buy to go crazy it was going to be you know the second

00:38:35.800 coming and uh absolutely we woke up today and you can't do anything yeah and that's the thing is

00:38:44.480 right like they actually ended up getting some pretty high profile and and some big heavy hitter

00:38:48.020 allies in this they got mark cuban tweeting about this and obviously before all this got too crazy

00:38:52.840 elon musk weighed in but now you have politicians big-time politicians that are weighing in on this

00:38:56.800 and are also outraged about the fact that there's this back and forth and they're taking sides right

00:39:00.500 and they're taking them for much more philosophical reasons and just making a few

00:39:03.980 You know, making some attendees dip in the champagne.

00:39:07.240 It's it's it's absolutely is.

00:39:09.020 I agree 100 percent with that.

00:39:10.420 Yeah, he called he called it a war, which it is.

00:39:12.920 And, you know, we all know what the right side is.

00:39:15.460 We all know the side that we want to be on.

00:39:17.000 We all know the side that we want to win that we want to win.

00:39:19.840 Excuse me.

00:39:20.400 But unfortunately, like right now, that side is is made up of a bunch of people with knives facing off against a bunch of people with nuclear weapons.

00:39:28.640 Like this is not leverage has not swung in any way.

00:39:31.340 You saw 0.000000001% swing in leverage yesterday.

00:39:37.400 Like, bro, and when you see that lever swing to favor the little guys,

00:39:42.420 they'll just move a lever in a different department to fuck you anyways.

00:39:46.820 Like, it's not, this is not, this all feels great,

00:39:49.800 and as he said, is very poetic, and we've talked about it,

00:39:53.420 but honestly, like, this would need to really keep up

00:39:55.920 and really gain, like, some serious fucking traction,

00:39:58.520 even put a dent in the system.

00:39:59.800 That is American wealth.

00:40:00.660 But even that 0.001% is made a huge change.

00:40:05.160 A ripple, a massive ripple.

00:40:05.980 You know what I'm saying?

00:40:06.920 Exactly.

00:40:07.480 That was going to be my point, right?

00:40:08.860 Like, so maybe you're not there playing with weight, but you look at any type of change

00:40:13.760 in the history of anything, right?

00:40:16.500 Like it starts with conversations and the conversations are being had.

00:40:19.940 It doesn't matter if it was just, you know, you can make the price of a share go up with

00:40:23.840 very little money.

00:40:24.680 That's the penny stocks are famous for.

00:40:26.100 There's not one of the properties for them.

00:40:27.520 So in theory, you know, like it's whether or not somebody is willing to sell something at a certain price that that transaction is posted and that price is a new price, whether one dollar was changed or a billion dollars was changed.

00:40:38.540 It's definitely the case with Bitcoin. But the fact is, these conversations are no longer these light featherweight division.

00:40:45.920 This is a very, very heavy hitting conversation that's starting in every major social change from gay rights to, you know, whatever marijuana legalization is trying to come up with some of the recent ones.

00:40:58.320 That's exactly how it starts with these types of events.

00:41:01.300 Yeah, that's a good point.

00:41:02.380 They're used to picket fences.

00:41:03.380 This was like – put it this way.

00:41:05.540 It was so much that they did this blatantly in our faces, knowing that there's – maybe knowing there's some sort of repercussion coming, but they did it right in your faces because it's that strong.

00:41:15.600 I guarantee they were so worried what would happen this morning.

00:41:18.660 I was up with you last night,

00:41:20.140 talk with new friends coming in.

00:41:21.780 They're like,

00:41:22.180 where do I put money?

00:41:22.920 I'm like,

00:41:23.160 first off we gambling here right now.

00:41:25.600 Second,

00:41:26.060 he's like,

00:41:26.400 what's going to,

00:41:26.940 we were talking to banks about it last night.

00:41:29.040 And there's this question of like,

00:41:30.200 yo,

00:41:30.360 what can happen here?

00:41:31.660 At the end of the day,

00:41:32.380 no one really knows what's going to fucking happen.

00:41:34.140 That's always the case with stocks,

00:41:35.220 but especially when you get into the volatile stuff,

00:41:37.240 which we talked about earlier,

00:41:38.540 companies with terrible fucking technicals,

00:41:40.900 GameStop,

00:41:41.700 I hate to say it is a,

00:41:42.700 is a dead enterprise.

00:41:44.100 It was like a Russell 500 or whatever.

00:41:45.600 It was like the Russell's number one stock for a while.

00:41:50.880 Like, wasn't it something like that? It was crazy.

00:41:52.240 Like that right there, that right there should be plaqued up somewhere.

00:41:56.540 Like, like, let's be honest.

00:41:57.780 His games is GameStop going to come back on technicals and mechanics and become a,

00:42:02.500 and stick in the fortune 500s as a stock that people want to own based on profit and gain.

00:42:09.180 No, well, let's be fair.

00:42:10.480 I agree with your point, but let's look at Tesla.

00:42:12.760 Yeah, I was just going to say that.

00:42:14.420 For sure. For sure.

00:42:15.160 I was like, if the Winklevii have their way,

00:42:17.080 they're going to turn all their USD capital into Bitcoin.

00:42:19.500 Did you just say the Winklevii?

00:42:20.360 Yeah, you like that?

00:42:21.800 Hippopotami.

00:42:22.320 Incredible.

00:42:22.600 It's the same thing you do with the hippopotamus.

00:42:24.320 That's what they call both of them at once?

00:42:25.820 Yeah.

00:42:26.340 Is this war winnable?

00:42:27.940 Can we win?

00:42:29.220 Can we win this war?

00:42:30.560 What's the win, right?

00:42:31.780 What is a war win?

00:42:33.660 You knock out all the hedge funds.

00:42:36.320 Let's start with the trading being opened back up.

00:42:38.580 What happens here?

00:42:41.400 Is it opened back up?

00:42:42.580 That has to be addressed.

00:42:44.020 people have to be going crazy about this situation because it's no longer a free market but i don't

00:42:48.320 think it ever really necessarily was but it looked more like more free than it does now

00:42:52.420 it has to open up back up i mean it doesn't look too free right now man they literally locked it

00:42:58.800 out this morning because you see trading you want to you want to know who i feel bad for is the

00:43:04.220 people at game stock because those guys you know whether you're the owner and have shares because

00:43:08.440 you're the owner or because you're the company and own shares you can sell some of these shares

00:43:12.560 and get yourself out of these depots.

00:43:14.080 They could reinvent themselves

00:43:15.080 with the amount of money they could make out there.

00:43:17.120 But the problem is, and this is the regulation,

00:43:19.560 if they sell these shares knowing

00:43:21.460 that they're not worth that amount of money

00:43:23.240 to unwitting customers,

00:43:24.520 they start getting into regulatory problems themselves.

00:43:26.740 Now we're talking about these pump-and-dub, right?

00:43:28.520 Even if they didn't cause the pump,

00:43:30.200 they just need to fraudulently unload these things

00:43:33.040 knowing that they're trying to get rid

00:43:35.160 of these stocks at a high price.

00:43:36.420 That's kind of where the pump-and-dub definition comes from.

00:43:38.820 So they got to go crazy.

00:43:40.700 They know that they got to be worth so much money, right?

00:43:42.560 now but if they sell to either save the company or to buy a yacht they're not watching this

00:43:48.900 even if they wanted to unload their shares they couldn't because they can't sell them on any of

00:43:54.680 the fucking platforms my question my question is this on that you see you see the sec halt

00:44:00.900 trading on stocks all a lot of times from an institutional or from a uh administrative or

00:44:06.600 legislative or whatever you want to call a mechanical standpoint they'll halt trading

00:44:09.900 because something is just getting crazy volatile like we're going to slow this down everybody take

00:44:13.260 a fucking breather before you do what you're going to do next right you see it all the time with

00:44:16.660 penny stocks and all these other stocks have that increased volatility 100% shifts you know either

00:44:21.720 way is this the first time we've seen a private institution like Robin Hood make that decision

00:44:28.540 for the SEC I don't know that they did I don't know that they didn't make the decision for the

00:44:34.840 SEC it does not make any sense that Robin Hood woke up this morning and said I want to do the

00:44:38.660 right thing and put them into this madness they clearly were pressured yesterday it started

00:44:42.860 happening with other brokers you know with td murray trade and whatever uh i can't imagine

00:44:47.120 in fact i even saw a tweet i i have to see exactly when it came out where they

00:44:51.100 kind of ambiguous they don't feel comfortable with this i don't think it was their own uh willing to

00:44:55.880 to step in on behalf of the sec i like to think they were pressured into it it makes no sense

00:45:01.260 they're already innovators they're already uh uh you know they've already shattered the the status

00:45:07.200 support of how things work it doesn't make sense for them to start behaving like the traditional

00:45:10.660 ones out of nowhere so what happens to robin hood if i'm a user of robin hood the app

00:45:15.480 do i should i continue using it well you don't have much of a choice you know like there's other

00:45:21.420 i guess you can kind of keep going to different platforms and maybe they'll end up having to do

00:45:24.940 the same thing because once again i don't think it's coming from uh internal board conversations

00:45:29.180 so you're kind of screwed you know like i said maybe you'll find some other platform for now

00:45:34.000 and maybe there'll be a cat and mouse game or whatever.

00:45:36.020 But I don't know.

00:45:38.260 I think Robinhood, look, Robinhood has overcome some serious challenges.

00:45:42.600 They've been criticized because they have terrible execution,

00:45:45.360 because they're slow, because they give you crap prices.

00:45:47.840 Security issues.

00:45:48.440 Because they're front run.

00:45:49.940 Yeah, they've had a lot of outages during last year.

00:45:53.360 Also, when the stocks were doing crazy things,

00:45:54.900 they had outages during the most important days of the stock market.

00:45:58.200 They were dropping 10% or up 10%.

00:46:01.200 and people yeah but people came back to it you know they're like yeah we're gonna leave whatever

00:46:06.220 and they didn't they loved it for whatever reason they're like i don't know i have a they have a

00:46:10.320 love-hate relationship with it they have such a fun interface look that's why that's it i was just

00:46:14.620 gonna say talk about the power of a good os or the power of a good fucking interface you look at

00:46:21.000 it so pretty you're not gonna you're not gonna stop using it i i won't say what it is but it's

00:46:26.060 complicated even the one you have it's complicated and i hate it and you gotta like talk like i have

00:46:30.060 to call someone on the phone they gotta like are you you you gotta send somebody you go on robin

00:46:34.380 and what do you like get an account in five minutes you can upload money like you're done right

00:46:38.080 not only that not only that check this out you want to get into stock options which are complicated

00:46:42.740 i hate to break it to people like they are but you get in there and you're like all right i think

00:46:46.080 apple's gonna go up you look up apple you're like sure options that sounds good you go through the

00:46:49.660 prices you've got you go find what you can afford right you got 200 bucks in your account you have

00:46:53.200 no consideration for strikes or expiration what do you know that even means like i got 200 bucks

00:46:57.540 of my account. That thing is going to go up. You buy the

00:46:59.480 call and Robinhood stops you because it wants to make

00:47:01.520 sure you do the right thing. Just to make sure

00:47:03.340 before I process this, you think the stock is going up

00:47:05.520 or down, right? You guys are playing

00:47:07.160 stock options and you answer

00:47:09.320 with an arrow, a green arrow,

00:47:11.480 the color-coded picture that goes

00:47:13.420 up. And then you get confetti

00:47:15.520 to sell it.

00:47:16.980 To be honest, when you buy

00:47:19.140 a stock, it blows up.

00:47:21.520 No, of course not.

00:47:23.500 If that's good, that's good.

00:47:25.660 They figured it out.

00:47:26.780 The fat people in Wall-E with the bones, with no bone structure, were using Robinhood.

00:47:32.380 100%.

00:47:32.820 They were sitting in those little incubators on Robinhood looking at the confetti explode.

00:47:37.040 It's a beautiful app.

00:47:38.060 But didn't you just say something about Portnoy posted that like 60% of the trades are done with Citadel and Robinhood?

00:47:45.180 So like now it makes you start wondering that maybe Citadel is, you know, in collusion with them and doing their thing.

00:47:52.280 And then what happens?

00:47:53.180 How do they think about you?

00:47:54.300 Think about these mechanisms they made.

00:47:55.900 that's like something i do for my daughter who's four right they're like congratulating you about

00:48:00.920 hey hey dipshit are you sure you're not being a dipshit right now check yourself like that just

00:48:05.800 you see what i'm saying so like they kind of already like in a way it feels like they built

00:48:10.180 this to move this right right right class action lawsuit filed against robin hood app in the

00:48:16.100 southern district yeah you know it's it's it's it's fascinating like it's it's really tricky

00:48:21.720 because i think the symptom that like what's what's there to collude the only the only way

00:48:25.400 they're the biggest way they're making money from this is from people making trades they don't care

00:48:30.320 if you're going up or down or manipulating stocks or behind these stunts they just want lots of

00:48:35.200 individuals to make lots of little clicks and get a lot of you know confetti animation that's to

00:48:39.340 change every time that happens so their their collusion is let's get people interested in the

00:48:44.140 stock market right that's that's the best you know they're in a neutral state that's why they're

00:48:47.920 comfortable maybe front loading it too you know the speculation

00:48:50.960 They are, but of course, yeah, but that's what I was saying, like, the Robinhooders don't care.

00:48:55.760 They don't care if the stock, if the application goes down, they come back to, you know,

00:48:59.640 try splitting front running to someone that's, you know, that's clicking the green arrow on the call option button.

00:49:06.220 Candlestick.

00:49:06.580 They don't care.

00:49:07.660 And then I heard somebody on Twitter saying, well, you know, thanks to all these things,

00:49:11.200 they're going to start taxing these trades or whatever.

00:49:14.280 Like, they're not going to care about that either.

00:49:16.260 You know, they're losing money on the front running.

00:49:17.960 They're losing money on the spread.

00:49:19.240 They're losing money on the execution.

00:49:20.960 What the hell is a few extra cents on this thing?

00:49:23.180 Like they're going for 10 B's.

00:49:24.520 They're going for the moon when the stock price goes up a hundred bucks.

00:49:27.380 What the hell is 15 cents for this particular trade?

00:49:29.660 Like it's not stopping them.

00:49:31.060 That's the good thing at the end of the day here,

00:49:33.120 regardless of what it does to,

00:49:34.820 to combat institutional trading and hedge funds and how big that wave

00:49:39.040 actually is.

00:49:39.720 The big wave here is transparency.

00:49:41.440 The big wave is blowing the lid off this fucker and showing people what's

00:49:44.380 really sitting underneath it.

00:49:45.780 You know what I'm saying?

00:49:46.420 I mean,

00:49:46.600 there's a lot of people that woke up this morning.

00:49:47.920 You're like,

00:49:48.160 wow,

00:49:48.320 this is fucked.

00:49:49.480 This is fucked.

00:49:50.120 people are making money and private private interests and the government are saying stop

00:49:54.240 making money this money belongs to people that you aren't as as good as you're you can you don't

00:49:58.840 deserve that money like we're seeing it we know now i think it's a crazy house of cards that they

00:50:03.500 did not want to allow to open up i know what's going on and this could open up the can of worms

00:50:12.220 that could be so okay the biggest thing now is what's the takeaway where do we go from here do

00:50:22.460 we flock to cryptocurrency coinbase is trending on twitter right now doge coinbase everyone's

00:50:28.360 is is the answer in coming up with a decentralized system what do we do why not i mean these things

00:50:38.700 are just numbers that move around like you're buying dogecoin you have these fundamental people

00:50:43.700 go well let me explain the thing about the blockchain and the way the fiat currencies

00:50:48.880 and the goldback whatever like you know they make it and then you got the kids going too you don't

00:50:52.440 understand how this technology works it's great because you have the ledgers and whatever like

00:50:56.920 it doesn't matter that the thing went up and it went down like it's it's it's another option for

00:51:02.440 you to be able to pick like if you want to talk about abstract things i i'm fascinated by volatility

00:51:07.780 instruments these are super complicated to explain super complicated to understand

00:51:12.340 and then they layer complexities on top of complexities these are math formulas they're

00:51:16.720 they're not even they can't even come close to something in reality but those numbers move up

00:51:22.020 and down and people can make money buying options and calls or whatever on these these crazy these

00:51:27.600 math formulas and they don't care so sure i mean throwing some some cryptocurrencies into the mix

00:51:32.540 Dave Portnoy, I love what he did last year because he also was a unified voice because he's got an audience that he did pull the lid on this elite approach to Wall Street.

00:51:47.260 Now, these people are supposedly doing sophisticated things.

00:51:49.340 You're like, dude, I forget what stocks he'd go for, but I use this because I feed my dog this food, so I'm going to buy this stock, and it would go off.

00:51:57.180 And he made tons of money.

00:51:58.620 And then that's funny.

00:51:59.720 And then what's also serious about that is when he lost money, he was cool, but he goes, guess what, guys, I lost money out of the game, but I lost my money.

00:52:09.260 Not that guy. I did not pay that guy commissions to lose that money. This one's on me.

00:52:13.920 So that's that's more profound, I think. So even with it, even with the crypto, too.

00:52:19.840 And, you know, wherever this goes from here, it's just like, you know, I was talking to somebody about about it this morning, decentralized currency.

00:52:26.900 and uh they were like well the good thing about crypto and decentralized currency is the government

00:52:31.880 can never touch it it's untouchable by the government and i was like that's great that's

00:52:36.220 great like they can never fuck with the blockchain like they can never take the money out of your

00:52:39.640 wallet until they can i said what if they tell you the new tax rate on crypto capital gains is 95

00:52:45.160 or what happens to make it illegal what if what if they say what if they say yo if you use are

00:52:49.800 and found in in uh ownership of crypto you're going to jail for 10 years so at the end of the

00:52:54.940 day like we're decentralized we don't go by the same rules as you do from the jail cell that's

00:53:01.160 that story becomes less intriguing you know what i'm saying so it's just all it's fucked man are

00:53:06.540 we even going to the moon at this point why am i wearing this but he's going he really wants to go

00:53:15.540 to the moon i thought we were going today your astronaut i missed the fucking flight dude i missed

00:53:20.700 what's crazy i mean to your first point the blockchain is that the crypto people are going

00:53:26.880 to you know say well they can't text me because the technology you know allows us to not do that

00:53:30.840 your second point is where it's at right like look at that with silk road they're like all right you

00:53:35.460 know here's your ebay or your craigslist or whatever for for buying whatever the heck you

00:53:38.960 want to buy with it because crypto is super anonymous whatever uh and now they're tweeting

00:53:43.080 from a jail cell so you know the government does ultimately have a bit of a strong hand it can

00:53:47.240 always play they can always make an example out of individuals and kind of scare people out of it

00:53:51.420 so you know as much as you can decentralize it the government's still but but but the

00:53:56.200 the nature of cryptocurrency is is global right yeah so the but the government so what about

00:54:03.920 what's the united states government could only no but what's the international uh government

00:54:08.480 called the one that comes after you if you go on the run interpol interpol interpol just they're

00:54:14.120 like no no no no no it's decentralized i left america they can't touch me it's gold but they're

00:54:18.360 like have you heard of interpol they exist in every country in the world that they can

00:54:23.780 like my question is once again at what point do i just eat the matrix steak invest as much money

00:54:31.780 as i can in amazon too big to fail take the fucking returns and eat my filet mignon knowing

00:54:37.680 that i'm a part of the system that's destroying the you know what i'm saying well fuck here's

00:54:41.980 what's funny is last night I was looking up, I was like, how big, look this up. How big is the

00:54:46.340 financial market, the stock market? Right. I think it was like $55 trillion. If I'm correct, it's

00:54:50.220 like around there. Is that, I think that's, I'll tell you right now, the market cap on the entire

00:54:55.140 68.5 trillion. There you go. Okay. So look this up. 70, 70 trillion. What is the derivatives

00:55:00.720 market total? This was crazy. So I have, I have the answer to that. It's like, it's crazy. I

00:55:06.460 looked it up and they said it's like 1.2 quadrillion dollars so yeah that's that's it's

00:55:15.120 like a swamp so it's like a game that we're not able to play right it's like between two big

00:55:19.120 counterparts and again they're really convoluted and there's millions of forms of it but just

00:55:22.880 understand people are making bets on top of bets my whole point here is everybody's like oh the

00:55:28.220 hedge funds oh all these things these motherfuckers have got 1.2 you know quadrillion dollars some

00:55:34.220 people say it's 10 times the world's GDP on these contracts that make no sense. Last time we got

00:55:39.760 caught in swaps was the housing crisis. People think because people went backside on their homes,

00:55:45.820 that's why it all went to shit. No, banks could have restructured. We could have pushed things

00:55:48.960 out like we're doing right now. But there was $15 trillion of swaps, people betting on if you were

00:55:56.640 going to be right or you were going to be right. I'll bet you $200 billion. Okay. At a hundred to

00:56:01.380 And when it backsided, the money disappeared.

00:56:05.480 I've never heard quadrillion used in practical application.

00:56:07.800 Let me read you a quote from-

00:56:10.420 I saw it last night.

00:56:11.360 I was like, this can't be right.

00:56:13.500 A book I wrote and I published it long before this madness takes place about Wall Street

00:56:17.460 bets.

00:56:17.900 And it says, the World Bank estimates that there's a $69 trillion market cap for all

00:56:25.620 the companies, but the derivatives market is an astounding 1.2 quadrillion.

00:56:29.140 This was a year ago.

00:56:30.080 To put that under perspective, for every dollar of value that exists in a share of a given company that kind of can explain to a five-year-old, $17 exists in this acronym-laden, leveraged, counterparty-dependent, abstract variety that Wall Street Bets uses to YOLO, right?

00:56:46.080 That is what we're talking about.

00:56:47.940 $1 of serious money versus $17 of YOLO money.

00:56:53.400 So we're not even at the table.

00:56:56.460 Correct.

00:56:56.600 Like, like, remember when I talked earlier about the hedge funds having the chip leading

00:56:59.740 stack and we have the little, the Annie just to buy in, we're actually not even at the

00:57:03.580 table.

00:57:03.860 The table is so far above and away from us with hands that literally move the wealth

00:57:08.880 of countries and they gamble entire GDP of countries on one fucking bet, dude.

00:57:14.420 What's crazy is what I was saying.

00:57:15.760 I'm saying some of these swaps, like think of it like this.

00:57:18.080 They did a really good analogy.

00:57:19.320 It was, it's somewhere on the internet and they used a gambling, right?

00:57:22.260 And it would be like you and me betting on, you know, Jeff has a 20 and the dealer showing like a six or a seven.

00:57:30.680 Right. And I'm like, I bet Jeff's going to win.

00:57:34.240 I bet you a hundred million dollars.

00:57:35.780 And you're like, well, of course he is.

00:57:38.000 I don't want that's a dumb bet, but I'll go against you if you give me 200 to one on the options.

00:57:43.240 Now, the money's on the table.

00:57:44.820 There's no new money added to the fucking table.

00:57:46.840 It's just us talking about it and us trusting that the other person would do it.

00:57:51.180 Because the likelihood of me not winning is unlike, you know, it's very unlikely.

00:57:56.400 But when it happens, it backsides so fast.

00:57:59.540 So my question was always like, wait until like the Reddit world and stuff are understanding

00:58:04.480 derivatives and swaps and like how they can like fluctuate like corn and orange and soy

00:58:11.720 and oil and these things that can really actually have a problem.

00:58:15.900 And now here comes the other side of that.

00:58:17.580 them doing that them uprooting this system could destroy all of us in its existence in the wake of

00:58:24.160 it because we've allowed these people these financial guys gals whatever to prop us up like

00:58:31.120 this so all it takes is one thing this is why probably they don't want these kids all of us

00:58:36.240 to come in and see their game because they're not worried about the thing they're showing us

00:58:39.840 they're worried that shit they might be smart enough to see the shit we're not showing my god

00:58:44.660 And then what happens?

00:58:46.880 That's a great question.

00:58:48.160 You know what?

00:58:48.800 Let me make it more complicated than that because in this scenario, that scenario would have been good a year ago.

00:58:54.360 But now we have a different scenario where you betting your 200 to 1 odds whatever on this blackjack hand actually has an outcome on the game.

00:59:04.300 In other words, if you, it'd be hard to squeeze it into it, but the fact that so many people are making these side bets using these derivative markets that have no effect on the underlying is not the case anymore.

00:59:17.460 The reason why GameStop's going up is because the mechanics of it.

00:59:22.080 What's happening is GameStop is a company that was small cap, right?

00:59:26.660 Makes it more susceptible to price moves with less money, number one.

00:59:30.820 Number two, it was heavily shorted, all right?

00:59:33.120 and number three these guys go in there with really uh with a huge amount of volume buying

00:59:38.380 out of the money deep out of the money call options they have short-term expiration people

00:59:43.860 that so there's three participants there are people that are short uh gamestop and people

00:59:48.100 that are long gamestop with with call options and then there's the middle guys which are the

00:59:51.860 ones that are selling these call options they're kind of neutral they're like whatever i don't

00:59:54.800 care if you goes up or down i'll sell you the option i'll make money on the premium and i'll

00:59:58.780 hedge my bet based off of what's happening with the price the more the price gets close to that

01:00:02.660 that strike price uh the more that they have to buy the shares with their own actual money

01:00:08.080 in order to protect their interest and then that's called delta hedging and then if it goes up even

01:00:12.780 further they have to do something called gamma hedging where they have to it's complicated but

01:00:16.760 they you're forcing these guys to do their actual money to it and now the stock price is going up

01:00:21.080 thanks to this and now go ahead and bring this short squeeze situation out of it because that's

01:00:25.600 known phenomena where these guys have to cover their shorts and buy the stocks so that so this

01:00:30.700 is a really perfect storm and it's a it's a formula that they figured out and they they're

01:00:36.440 actually having an effect on these on the price usually when you see a a price go up like it did

01:00:44.120 last friday you know almost a week ago usually every time i've ever seen that it comes right

01:00:48.860 back down to where it started and what happened instead it kept going up nobody's seen this

01:00:53.240 before uh because more people found out the news found out the news was pumping the stock up too

01:01:00.240 I hate to break it to you. And now this thing went up like crazy. You know, and it's it's it's the more popular this story became, the more people got into it, the more likely you were to win.

01:01:12.420 The thing is, they're like spreading the on Reddit. If you watch in there, it's actually slightly brilliant.

01:01:17.040 But they're like doing the math on how many shares are available. And they're like, guys, if we don't sell these shares, these these nakeds have to cover and it just keeps skyrocketing.

01:01:27.220 Do you think people are panic selling right now?

01:01:30.840 Or do you think people will really hold these stocks?

01:01:33.520 Well, what's it at right now?

01:01:35.160 Because I watch it go back up today a little bit.

01:01:37.180 Like it got pounded on.

01:01:38.300 It was up at one point.

01:01:39.660 It went like down to 112 and then tripled in 30 minutes.

01:01:42.820 And then the moment it got up, that's when they restricted the trigger.

01:01:47.060 No, so that last night, during the day today on my way over here, it was making its run back up.

01:01:51.480 It was crazy.

01:01:51.960 That's what I'm saying.

01:01:52.560 It was well on its way up to go how high, who knows?

01:01:56.100 Correct.

01:01:56.340 i think i think you're gonna see people i think you're what is that 222 237 and it made a high

01:02:02.640 of 513 at some point yeah wait so did that five did that 513 smack the short the short set done

01:02:10.640 well the thing is is what happens is it went back up there it went up to three times it went the

01:02:14.900 513 and went down and went back up and then went back down and went back up like this is not normal

01:02:18.500 people are holding what it shows you i mean look at the volume yesterday just like you said it was

01:02:22.480 the largest option volume day in wall street history if you like today the volume just shows

01:02:27.120 you it's like and if you thought that was crazy i would say you could ask pretty much anybody if

01:02:32.060 they thought more people would buy today if it was open i think the consensus would have been yes

01:02:36.180 yeah for sure so if that happened yesterday with that volume what happened today so i think that's

01:02:42.420 the math the run they're like oh my gosh we're actually gonna be caught where we this could go

01:02:47.760 to thousands ten thousand is it is it super hot right now and can this heat be uh utilized on

01:02:57.800 monday if the trading opens back up will it will it open back up maybe tomorrow i'm hoping tomorrow

01:03:03.660 i'm hoping tomorrow right like do we do we still hold here's my thing here's my thing and you know

01:03:08.560 i don't feel bad for wall street but it's kind of you know sucks for them but i feel like people

01:03:12.780 have been beat to shit all year they're stuck at home they're dwelling on this shit they're

01:03:19.760 thinking about this shit and i just don't think that they're gonna be like i'm cool because you

01:03:23.740 have to look at this most these people who didn't sell they're taking a beating so they've kind of

01:03:28.460 like made this logic in my head like well i'm down 80 so let's let's let's get some tendies

01:03:34.040 and hold this bitch until it goes back up right to the moon correct so i think the big fear here is

01:03:39.880 is this looming desire and listen at the end of the day look at wall street bets i mean they've

01:03:44.740 almost got five million people what was it a few days ago it's like two million i mean this is

01:03:49.480 utterly absurd i have family members who i don't even think understand what the stock market is

01:03:56.220 i don't think they understand what digital money is it's not on a checkbook right or some cash in

01:04:00.280 their pocket they're like what is this like like oh son what should we be doing here and i'm like

01:04:04.440 oh my God. So it has this semblance of hype and I want to be a part of it. And that's what Bitcoin

01:04:10.460 did. You know, in the beginning, I truly think Bitcoin fell in 2017, 18, because a bunch of

01:04:15.520 people were buying with credit cards and things they couldn't afford. So when it started moving

01:04:19.500 back on them, these are people who couldn't lose the money to begin with. They started like

01:04:23.540 rationalizing, well, I can make a thousand bucks back. Let me get out. And when retail investors,

01:04:28.480 lots of trades and lots of different people move out, just like you said, the stock's going to go

01:04:32.560 the direction of the momentum correct so i feel like people are seeing that again this time though

01:04:37.940 this is a regulated a current or regulated uh security it's in the real world it's getting

01:04:44.120 mass media attention i mean like you said aoc and i think even ted cruz was like for this so

01:04:49.440 you're getting bipartisan on both sides of this i think wall street heads aren't going on vacation

01:04:56.580 today that's probably the end of it stevie cohen just tweeted oh what'd he say

01:05:02.280 i have it right here he he goes uh well no i was looking at this other one first too i'm not

01:05:08.700 feeling the love on this site today trading is a tough game don't you think

01:05:11.520 just poking just poking a huge community portney wants prison prison for robin hood app steve

01:05:22.020 cohen whatever steve cohen responded hey dave what's your beef with me i'm just trying to

01:05:24.940 make a living just like you happy to take this offline like he like he wants to meet him in the

01:05:28.120 parking lot yeah cash them outside the thing is is el presidente will probably show up like four

01:05:33.360 million people like at this point like you you that's a bad person to step against like chamath

01:05:38.720 these guys all they've been doing is good for this this world i mean chamath is a hedge fund

01:05:43.120 exec or ex-hedge fund exec but he's like part of the people he's even saying like this has been a

01:05:48.380 corrupt game it's wrong you know so we've got to show what's right and get it done my my favorite

01:05:54.220 tweet that i saw was somebody saying now the sec has to outlaw outsider trading which is hilarious

01:05:59.740 because that's kind of what they're stuck with doing right like hey what are you going to do

01:06:03.360 anymore no it's it is cool to watch some big heads let that come in and win because they have weight

01:06:08.960 right the little guys they don't uh a lot of times they don't want to speak their voice they don't

01:06:13.540 want to break their anonymity but you have big power players to speak into it those people do

01:06:17.160 so regardless of how much money and what percentage of the stocks they're controlling whatever it is

01:06:21.900 like you know once the once these people spoke about it and you have government you have celebrities

01:06:26.420 you have the fortnight which is kind of everywhere and you have sure hollywood's probably gonna weigh

01:06:30.600 on at any moment it's it's it becomes a an actual movement hollywood has i think everyone i've seen

01:06:36.860 hollywood's like i'm in it i mean dobrook posted like amc one two three you know like a fun little

01:06:42.680 everybody's posting about it yeah we're holding the line dude i like it who's at the front with

01:06:47.540 the Braveheart. You might be the

01:06:49.540 Mully might be rocking it. Come on now. Spin

01:06:51.480 that thing around. Let's go. Everybody

01:06:53.560 at all. Everybody I talked to was just waiting

01:06:55.460 on the Nokia boom today. And then

01:06:57.380 it got fucking smacked, bro. Yeah.

01:06:59.280 The thing is, I always just tell people in life

01:07:01.540 and anything consistency.

01:07:03.540 Like if you want to win at something,

01:07:05.720 just be consistent. Keep showing

01:07:07.260 up, right? Like you're going to chop a tree down

01:07:09.320 eventually if you just show up. Like it's

01:07:11.360 going to probably suck at first, be hard

01:07:13.280 and most people give up. But it takes 10

01:07:15.380 years to become an overnight success.

01:07:17.540 Yep. Yep. Yep. I was reading something about like retail traders and like institutional

01:07:21.540 investors. And it was saying something like, you know, and it comes off the internet,

01:07:24.880 so don't quote me, but it was something like the, a retail investor on average holds their

01:07:29.000 trades six months where institutionals hold trades 10 years. So it's like that right there

01:07:34.100 just kind of explains what's happening here. Like it's just, it's weak hands, you know,

01:07:38.580 and what, yeah, what you should do because it's this bro, once again, not to bring it back,

01:07:42.500 not to bring it back to the gambling thing, but there's a reason the house hits to 17

01:07:46.580 and everybody sits there and they they look at me and they say I got a 14 and I'm facing a seven

01:07:52.460 I don't know there's been a lot of big cards coming out I think I'm gonna say I'm like bro

01:07:56.200 the house hits on that hand do what the house does yeah mimic their behavior to earn like them

01:08:03.340 if they're holding hold the fucking stock to the fucking moon yep it's crazy I'm going with or

01:08:09.080 without you we're here I'm here I got my naked undies on I didn't think you'd come so prepared

01:08:13.620 I thought I was going to have the outfit

01:08:15.560 It just took me down

01:08:16.560 Hey guys I hate to do this to you

01:08:20.020 I'm having a ton of fun

01:08:21.000 I'm not going to let you do this

01:08:22.980 Because I will not have this done to me again

01:08:25.060 Jamie thank you for your time

01:08:26.540 We appreciate you bro

01:08:27.920 Thanks a lot for having me

01:08:30.580 Of course brother

01:08:31.440 Best of luck to you man

01:08:32.940 I ain't going to let people fuck down

01:08:36.580 The wild

01:08:39.600 Crazy crazy times

01:08:41.880 It's just going to be interesting

01:08:43.460 Chase what do we do

01:08:45.740 Because I'm down

01:08:46.960 Some money

01:08:48.460 Do I hold the line with my fucking boys

01:08:51.440 We hold it

01:08:52.080 We hold the fucking line

01:08:53.560 I got naked

01:08:55.200 I'm also dressed for the trip

01:08:59.080 That you guys are trying to go on

01:09:00.320 And then just watch

01:09:03.300 Wall Street

01:09:05.460 Collapse or build back

01:09:07.220 What happens

01:09:07.740 I want to just

01:09:10.000 like I'm not a financial investor. I'm not giving advice, but I think I can offer a little bit of

01:09:15.400 insight. I came from nothing. I went to prison. I built my success from the ground up and I learned

01:09:20.460 that it comes slow. But one thing I've really figured out in life is people's emotional control

01:09:26.520 of things. When it comes to money and investing, if you can break that up even a little bit,

01:09:32.000 you have a much better chance because emotions are harder to control as is and they cause us to do

01:09:37.520 things that we regret later on in all facets of life. So one thing that I did when I had a lot

01:09:43.720 of emotions in trading is I picked something that I was already wasting money on. Maybe I went to

01:09:48.980 movies all the time or I went to the club. It's 200 bucks a month. What I did is I looked at it

01:09:52.900 like this. I'm like, listen, I want to be in the game. I ain't rich, but I want to participate.

01:09:57.320 I can't take crazy swings to put in 10 grand and lose two G's. I can't take it. So what I would do

01:10:02.460 is I would just put in 200 bucks every month to the things I liked. And I would forget it because

01:10:06.720 to me i already blew that money and the sheer fact did you stop doing the things did you stop

01:10:12.480 going to the clubs did you stop yes correct correct otherwise i'd have gone broke right

01:10:16.860 you have to have like conviction in what you want like it's it's not hard to become successful it's

01:10:23.000 it's it's arduous it takes a long time we think it's going to be and it just the second you

01:10:29.420 realize it takes time and my only advice is i can give to people is 10 years ago i was a broke

01:10:36.400 nobody hated by everybody walking piece of shit in people's eyes 10 years later i don't even

01:10:41.880 remember what that was like and i didn't do anything crazy i just was consistent every single

01:10:47.580 day i said fuck the noise they're always trying to distract me everything in the world is trying

01:10:52.580 to i just want to make my life better how do i do it the way they're doing it i just started buying

01:10:58.200 that was it i'm like listen that 10 grand for the year is gonna be gone anyways i'm trying to get

01:11:02.720 pussy or do whatever i want baby you know me that's prior to our marriage love you uh you know

01:11:08.320 but the the idea here is is like i just really think we need to educate people more of the chance

01:11:14.040 they have right because a little bit of money in all the time with you know you know consistently

01:11:19.400 with time equals wealth money periodic buying yes money plus time it's the smartest well you're

01:11:24.660 still doing it to this day to this day you told me how much you unload on bitcoin every day it's

01:11:28.160 wild. Yep. 25 grand every single day I buy every single day. And it's, it's because, you know,

01:11:34.760 I want to buy bigger pieces. I believe I've done very well in the markets. This year has been

01:11:38.740 crazy, right? It's, it's been, you know, last year we've done very well, but I like the idea

01:11:43.400 of even me managing that craziness, right? So some days I buy at 40,000, some days I'm getting

01:11:49.420 at 30. So it feels better as my account's going up and it's less like, oh my God, I just lost my

01:11:54.720 whole house or oh my god i gotta change the way i live now or i can't go do that because that's

01:11:59.200 when it really starts messing you up is when you like change the narrative of your future yeah

01:12:03.920 like i lost 10 grand every i gotta i gotta move to a one-bedroom apartment i gotta sell my car

01:12:09.000 and now how do you ever get back on the winning path again when you're like constantly debilitating

01:12:14.600 yourself so that's always i just tell people i think people more of this would take place more

01:12:19.840 of quote-unquote the little man would have a fighting chance if they were just consistent

01:12:24.460 yeah they erased the negative things in their life that are completely pointless and mindless

01:12:28.900 and they start building their future and also and and that's such a great point and also i think

01:12:32.940 goes along with trading at your your level of expertise i think there's so many people that

01:12:37.900 see this this action and they see all these people oh this guy went 50k to 50 million which by the

01:12:42.720 way bravo that's fucking incredible but for the average person who's jumping and trying to do that

01:12:47.200 filled with emotion yes scared trading they get in they drop 10k this morning they call their

01:12:54.120 broker i saw all the gamestop news 10k and gamestop it's now 4k they sell they take a

01:13:00.160 six thousand dollar hit because they're not informed they're not doing what they should be

01:13:03.360 doing your system is very smart trickle money in truck trickle money in over time as opposed

01:13:08.520 as opposed to putting it into a savings account periodically put it into the market put it into

01:13:12.880 some blue chips put it into some mid caps wherever the fuck it is and don't try to trade i mean that's

01:13:16.840 my personal opinion i i day traded for like two years i probably was an inch from like beating

01:13:21.520 my wife and kids and like making all my friends hate you're like literally a toxic yeah like you

01:13:27.100 have a great win like i mean a great win and then the next day it's like a low it is great it's like

01:13:33.520 your best friend like just cheated on you with your girl in your bed like with your favorite

01:13:37.480 stuffy or something right next to pet your dog like it's just you're like how did i come to this

01:13:41.920 your job has become being a professional blackjack right player you know what i'm saying like you're

01:13:46.520 at a you're at a table you're a little bit more informed about what cards are going to come because

01:13:49.760 you've done studies and stuff but at the end of the day like who knows if it's going to be a three

01:13:54.180 under the eight or a fucking a 10 or a seven you know yeah i saw your tweet this want to go to

01:13:59.920 prison you said he has his own episode yeah he's gonna have his own episode this is this oh yeah

01:14:04.240 of course especially even having you on today i'm like bro there's too much here but this is fun

01:14:08.640 though i saw yeah great this is the last thing i'll say i saw your tweet this morning this would

01:14:12.640 be crazy so i mentioned that chase built the maverick club and the overtime crew yeah he

01:14:16.500 powers subify who does the uh premium subscription based models if you don't want to do only fans

01:14:21.780 we had subify.vip would love to power wall street bets community we truly believe we can build

01:14:27.740 something for this movement that would become so powerful that we can even the even the playing

01:14:30.820 field against these cock holsters of human beings that would be wild that would be amazing i would

01:14:36.280 i would love to do it i and i think we could i actually think we could do something that disrupted

01:14:41.400 a lot of stuff just imagine like first off there's tons of money being made imagine like a commutative

01:14:46.840 like hold right where we could all vote on what's happening with it right like just think about that

01:14:53.080 think about five million people voting you can tell me is that gonna be outlawed after who knows

01:14:58.900 but like i can tell people what i've traded eight million people can go on their twitter and say i

01:15:03.620 traded this position you know like i'm in i love it this is what's happening it's just i'm curious

01:15:09.080 is what you're going to be able to get away with with enough money we could probably get away with

01:15:13.280 the same shit they're getting away with there we go cheers to that wild just saying all right so

01:15:18.780 we'll end it there chase thanks for joining us love having you guys yeah yeah well yeah we had

01:15:23.420 you yeah but i hear you yeah maybe he did who knows who knows i am your dad in many ways thanks

01:15:29.820 for listening to impulsive hit that subscribe button hope you learned something today we'll

01:15:32.180 see you next time to the moon lisa tell them about our new show we have a new podcast it's

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01:16:58.220 Ooh, I scammed them.

01:16:59.400 What?

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01:17:21.000 It's really funny and a good time.

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Impaulsive with Logan Paul - January 29, 2021

E252 WallStreetBets Founder Exposes Robinhood Corruption & GameStop Boom

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