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Society & Culture
Virtual Legality Episode 401

GameStop - "WallStreetBets" Booted by Discord, (Briefly) Reddit Private

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184 184 views
6m Jan 27, 2021
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With GameStop continuing its stock market roller coaster ride and more and more short sellers taking a bath, it is no surprise that the impetus behind it all, subreddit "wallstreetbets", is facing more scrutiny than ever.

But with more scrutiny comes a higher likelihood that technology platforms will use the inherent vagueness of their terms against their users, which appears to be just what Discord and Reddit have elected to do.

It's Bets, Boots, and Bots today...in Virtual Legality.

#GameStop #Stock #WallStreetBets


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Discussed in this episode:

"Power to the Players: Reddit and the GameStop Stock Explosion (VL398)"
YouTube Video - January 25, 2021 - Hoeg Law
https://youtu.be/TjiurSx42yA

"BREAKING: Discord tells me they've shut down the WallStreetBets server..."
Tweet - January 27, 2021 - Hannah Murphy
https://twitter.com/HoegLaw/status/1354576436678569986

"Discord bans the r/WallStreetBets server"
The Verge - January 27, 2021
https://www.theverge.com/2021/1/27/22253251/discord-bans-the-r-wallstreetbets-server

Discord Terms of Service
Updated May 7, 2020
https://discord.com/terms

Discord Community Guidelines
Updated May 19, 2020
https://discord.com/guidelines

"A Fight Over GameStop’s Soaring Stock Turns Ugly"
Wired - January 25, 2021
https://www.wired.com/story/gamestop-stock-wall-street-bets-short-squeeze/

"Well, to be fair to people, you kind of walk right into those theories..."
Tweet - January 27, 2021 - Hoeg Law
https://twitter.com/HoegLaw/status/1354572412139020291

"wallstreetbets subreddit just went private"
Tweet - January 27, 2021 - Rod Breslau
https://twitter.com/Slasher/status/1354576058687893507

"r/WallStreetBets has been made private"
The Verge - January 27, 2021
https://www.theverge.com/2021/1/27/22253339/reddit-wallstreetbets-subreddit-private-gamestop

"Lot of ppl were....breaking SEC guidelines..."
Tweet - January 27, 2021 - Punished Daniel
https://twitter.com/BadHombreDaniel/status/1354577006768381954

Reddit User Agreement
Updated September 15, 2020
https://www.redditinc.com/policies/user-agreement-october-15-2020

Reddit Content Policy
https://www.redditinc.com/policies/content-policy

"GameStop stock up 135% in 24 hours, Biden administration 'monitoring the situation'"
Game Industry Biz - January 27, 2021
https://www.gamesindustry.biz/articles/2021-01-27-gamestop-stock-up-135-percent-in-24-hours-biden-administration-monitoring-the-situation

"Registration requirements for securities"
15 USC 78l (subsection (k))
https://www.law.cornell.edu/uscode/text/15/78l


"Virtual Legality" is a continuing series discussing the law, video games, software, and everything digital, hosted by Richard Hoeg, of the Hoeg Law Business Law Firm (Hoeg Law).

CHECK OUT THE REST OF VIRTUAL LEGALITY HERE:
https://www.youtube.com/playlist?list=PL1zDCgJzZUy9YAU61GoW-00K0TJOGnPCo

DISCUSSION IS PROVIDED FOR INFORMATIONAL PURPOSES ONLY AND IS NOT TO BE CONSTRUED AS LEGAL ADVICE. INDIVIDUALS INTERESTED IN THE LEGAL TOPICS DISCUSSED IN THIS VIDEO SHOULD CONSULT WITH THEIR OWN COUNSEL.


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