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News & General Discussion => News Stories and Current Events => Topic started by: Blackleaf on January 29, 2021, 11:13:43 AM

Title: Reddit Shoots GameStop Stock up 2,752%
Post by: Blackleaf on January 29, 2021, 11:13:43 AM
(https://scontent.fhou1-1.fna.fbcdn.net/v/t1.0-9/143757315_3171886046247225_2634571501960058329_n.png?_nc_cat=1&ccb=2&_nc_sid=730e14&_nc_ohc=5os6GlZiudAAX9GNR8X&_nc_ht=scontent.fhou1-1.fna&oh=7f998e738981307bb2b59330774affac&oe=603A7121)

I'm surprised no one has posted a thread on this here yet. Apparently, recently, some people got together on Reddit to invest their money into GameStop all at once, causing the stock's worth to shoot up like a rocket into space. I don't know the legalities of this kind of thing, but it seems the only people upset by this are the 1%ers who were hoping to bank off of GameStop's bankruptcy. Now Robinhood, the app used by ordinary people (non-elites) to purchase stock, has paused activity, screwing over these people and keeping them from making bank.

What do you guys think about all of this?
Title: Re: Reddit Shoots GameStop Stock up 2,752%
Post by: Cassia on January 29, 2021, 11:44:52 AM
The reddit crowd is legit squeezing some 'short seller' hedge funds who vastly over-bet that the stock will go down and got caught in a calculated social media blitz. Is it likely that eventually people will loose their nerve and a selling frenzy will ensue and many "paper fortunes" will be lost? Probably, yes.

In fact...the entire market including NASDAQ, Russell 2000 and S&P are historically overvalued right now so I do suspect a big correction for many of these amazingly overvalued stocks sometime soon. When? Who knows? This bull market has defied all logic.. but typically when the cash is "all in", that's when the trouble starts and the market reverts and starts rewarding savers again.
Title: Re: Reddit Shoots GameStop Stock up 2,752%
Post by: SGOS on January 29, 2021, 12:20:18 PM
I was pretty young when I heard about one of the Rockefellers (??) Selling an absurd amount of shares in a company, then buying them all back plus more after his single action would cause the price to drop.  My father told me about it (he was the last thing from a stock expert), and said that the government put an end to that kind of trading, because it was unfair.  Right now we are in a deregulation environment and now things that were once proven failures and even more harmful things are politically encouraged.  I don't care about what happens to the stock guys until they cause a collapse in the economy as they did in 2008.  But no one is going to anything about it, so when these young punks decide to fuck over Wall Street, I think its kind of funny... until it's not.
Title: Re: Reddit Shoots GameStop Stock up 2,752%
Post by: Blackleaf on January 29, 2021, 01:28:55 PM
So I looked at Legal Eagle to see if he could shed some light on this, and of course he has a video on it.

https://www.youtube.com/watch?v=uUM8WmCWTHc

Unfortunately, his answer is basically, "I don't know. lol" Oh, jeez. I have no idea what to think of this.
Title: Re: Reddit Shoots GameStop Stock up 2,752%
Post by: PopeyesPappy on January 29, 2021, 02:09:01 PM
Not a market guru so no idea if this is true, but if it is... 

(https://cdn.discordapp.com/attachments/804379902802526248/804592703744507975/8276f0da6eafcfca35eecf87397210bfa5e41048f98fea92c16467a8aefd34de.png)
Title: Re: Reddit Shoots GameStop Stock up 2,752%
Post by: Blackleaf on January 29, 2021, 02:28:38 PM
Angry Joe made a video on this. It's a pretty interesting watch from a gamer's perspective.

https://www.youtube.com/watch?v=sNQZmY1lKII

I mean, holy shit! Ted Cruz just agreed with AOC on something! WUT! He literally replied to a tweet she made saying the shutting down of the market by Robinhood needs investigating, with the reply, "Fully agree." These people don't agree on anything!
Title: Re: Reddit Shoots GameStop Stock up 2,752%
Post by: Hydra009 on January 29, 2021, 03:25:20 PM
I'm surprised no one has posted a thread on this here yet.What do you guys think about all of this?
I know literally nothing about the stock market, so I'm not really in a position to comment on it.  However, it appears to be causing serious financial harm to billionaires (probably going to have to hold off on buying that third yacht) - particularly the robber billionaires who apparently get rich off of companies like Gamestop going under and laying off their middle class workers - so whatever's going on, I'm in favor of it.

(https://thumbs.gfycat.com/SentimentalBrokenGoldfinch-max-1mb.gif)
Title: Re: Reddit Shoots GameStop Stock up 2,752%
Post by: Shiranu on January 29, 2021, 03:28:22 PM
I'm too stupid to understand what the consequences might be of all this, but my gut reaction is they will be a lot worse than if people had just left the system alone (even if it's a horrible system).

Playing games with the economy is what causes it to crash... it doesn't matter if it's the filthy rich or the working class, there are always ripple effects... and something like this could put off some tsunami-sized ripples.
Title: Re: Reddit Shoots GameStop Stock up 2,752%
Post by: Cassia on January 29, 2021, 03:44:12 PM
Back in 1929 it was said....
(https://steemitimages.com/p/5bEGgqB1dEYR25LJ2Jx7fWWamvDRPuMx29VSCVQSSBLo68KimRs4BkAGgZwcgdpdkuWRr9c2FTJizipHe9TLvEDPeE5vD7r6?format=match&mode=fit&width=640)
Title: Re: Reddit Shoots GameStop Stock up 2,752%
Post by: drunkenshoe on January 29, 2021, 03:46:39 PM
I don't understand the subject either. However, I don't think these people would stop doing it if they knew normal people are harmed too. That's the game. If you make that distinction, you don't get into this from the beginning this way.

For what it's worth, my opinion is that their way of thinking could be 'we beat the system, good for us!'.  And then probably complain about everything in the country, world.   
Title: Re: Reddit Shoots GameStop Stock up 2,752%
Post by: drunkenshoe on January 29, 2021, 03:49:20 PM
Back in 1929 it was said....

Do you think it is good? I really don't know anything. It just sounds like something can get out of control very easily and even cost the world economy at some point. Do you think this could have any good consequences?

E: Honest questions by the way, lol.
Title: Re: Reddit Shoots GameStop Stock up 2,752%
Post by: SGOS on January 29, 2021, 04:35:47 PM
Amazing that all this fuss, OK not all, is about GameStop, a company with bad balance sheets and a bad reputation, is sky rocketing.  If I owned GameStop, I'd be unloading all my stock right now, and be buying up other businesses like manufacturing of spreadable cheese products.
Title: Re: Reddit Shoots GameStop Stock up 2,752%
Post by: SGOS on January 29, 2021, 04:47:50 PM
The media calls this GameStop run up the work of a "gang."  It must be either a very rich gang or a very big one.
Title: Re: Reddit Shoots GameStop Stock up 2,752%
Post by: drunkenshoe on January 29, 2021, 05:05:45 PM
OK. I've just read Pop's post. Until the end I didn't get anything. I still don't really get it, but I got the story I think. We''l never get normal again. And may be that is good, I dunno. It is just I want to feel normal again. I'm exhausted.   
Title: Re: Reddit Shoots GameStop Stock up 2,752%
Post by: Hydra009 on January 29, 2021, 06:21:00 PM
Playing games with the economy is what causes it to crash... it doesn't matter if it's the filthy rich or the working class, there are always ripple effects... and something like this could put off some tsunami-sized ripples.
The filthy rich have been playing this game for decades, pocketing ridiculous sums when they win and socializing their losses when they lose.  They're already asking for a bailout from this debacle.  And you better believe there have been ripples - when the American people need relief, we're told there's no money.  What we aren't told is why there's no money.  And lots of people lose their jobs from this vicious boom-bust cycle.  And once again, they're not told why they lost their jobs.

If the market crashes because a few dozen adderall junkies on reddit banded together, then it deserves to fail and it should never ever be rebuild without massive structural changes.  And it goes without saying that no one gambling their money on Wall Street deserves a bailout.
Title: Re: Reddit Shoots GameStop Stock up 2,752%
Post by: Shiranu on January 29, 2021, 06:39:19 PM
That's all well and good, but if the market crashes that doesn't just hurt the rich... it hurts everyone, and if anything the rich are more well positioned to survive it.

I'm not a big fan of starving the majority of the poor to stick it to a few of the rich.

In fact, the people who are doing the harm are becoming quite wealthy themselves. If it has backlash that hurts working class, what makes them any better than the hedge fund investors?

Title: Re: Reddit Shoots GameStop Stock up 2,752%
Post by: Cassia on January 29, 2021, 07:27:03 PM
The filthy rich have been playing this game for decades, pocketing ridiculous sums when they win and socializing their losses when they lose.  They're already asking for a bailout from this debacle.  And you better believe there have been ripples - when the American people need relief, we're told there's no money.  What we aren't told is why there's no money.  And lots of people lose their jobs from this vicious boom-bust cycle.  And once again, they're not told why they lost their jobs.

If the market crashes because a few dozen adderall junkies on reddit banded together, then it deserves to fail and it should never ever be rebuild without massive structural changes.  And it goes without saying that no one gambling their money on Wall Street deserves a bailout.
Absolutely. Crush the unions, shit-can good pensions for 401Ks, No financial education for the masses, have built-in cyclical disasters when many of the 90% are forced to sell and take their money. BINGO.
Title: Re: Reddit Shoots GameStop Stock up 2,752%
Post by: Hydra009 on January 29, 2021, 07:30:37 PM
That's all well and good, but if the market crashes that doesn't just hurt the rich... it hurts everyone, and if anything the rich are more well positioned to survive it.

I'm not a big fan of starving the majority of the poor to stick it to a few of the rich.

In fact, the people who are doing the harm are becoming quite wealthy themselves. If it has backlash that hurts working class, what makes them any better than the hedge fund investors?
The poor very rarely own stock, and yet always suffer from downturns.  And for once, this market correction appears to mainly affect the rich, who as you note, are well positioned to survive it.  So what's the problem?

And yes, some people are becoming millionaires due to keenly foreseeing this shorting scheme and making it work for them rather than the billionaires.  Do you think I should criticize newly-minted millionaires who did not destroy peoples lives with the same vitriol I would criticize billionaires who do destroy peoples lives on the regular for decades for a couple more billion that they clearly don't need?  Who are the truly greedy ones here?

Today, I read a fluffy article about an 8-year-old who made $3,000 (pre-tax) from a few shares she got as a gift years ago.  Do you consider that ill-gained?  Should she give that money back and to whom?
Title: Re: Reddit Shoots GameStop Stock up 2,752%
Post by: Hydra009 on January 29, 2021, 07:43:29 PM
Absolutely. Crush the unions, shit-can good pensions for 401Ks, No financial education for the masses, have built-in cyclical disasters when many of the 90% are forced to sell and take their money. BINGO.
I honestly can't tell if that's sarcastic praise.  I don't have anything against people being part of unions or learning finance or investing small sums as they wish.  But I absolutely despise the vast concentration of wealth in this country and Wall Street is the public face of this ongoing human catastrophe.  I will never forget these scenes from Occupy Wall Street:

(https://pbs.twimg.com/media/Ess1M57XMAMmjvf.jpg)(https://pbs.twimg.com/media/Ess1M58XcAIJ0UJ.jpg)
(https://s.wsj.net/public/resources/images/NY-BH801_OCCUPY_G_20111117185411.jpg)

No one was ever arrested for that market crash, but lots of people were arrested for protesting the injustice of it.
Title: Re: Reddit Shoots GameStop Stock up 2,752%
Post by: Shiranu on January 29, 2021, 09:01:01 PM
Quote
And for once, this market correction appears to mainly affect the rich, who as you note, are well positioned to survive it.  So what's the problem?

For now. I'm saying the longer term implications could be a lot more severe, as is generally the case when people play games with the economy.

You said it yourself; billionaires have been doing this for decades... and look at the economy... it's shit.


If poor people become rich at the cost of the economy taking a hit... a punch to the face is a punch to the face, regardless who threw it. If it hurts the economy does it make it better that at least it was poor people who hurt it for their own gain instead of the normal suspects?
Title: Re: Reddit Shoots GameStop Stock up 2,752%
Post by: Cassia on January 29, 2021, 09:08:50 PM
I honestly can't tell if that's sarcastic praise.
I'm with you 100%. Game is rigged by the 1%.
Title: Re: Reddit Shoots GameStop Stock up 2,752%
Post by: Hydra009 on January 29, 2021, 09:26:48 PM
I'm with you 100%. Game is rigged by the 1%.
Oh.  Well, welcome to the Resisty.
Title: Re: Reddit Shoots GameStop Stock up 2,752%
Post by: Hydra009 on January 29, 2021, 09:36:35 PM
For now. I'm saying the longer term implications could be a lot more severe, as is generally the case when people play games with the economy.

You said it yourself; billionaires have been doing this for decades... and look at the economy... it's shit.
IF it backfires and IF it hurts regular folks, then I will of course dislike that.  Just like I've disliked that sort of poor-squeezing market manipulation a month ago, a year ago, and a decade ago.

My gripe is that people are reacting to this stuff in a negative way as if this is some new brushfire.  This is an ongoing inferno like Centralia and even if this goes as bad as you say, it's just a footnote to a failing, broken system.  Hopefully, understood as a wakeup call but probably not.

And my other gripe - nothing to do with you - is that some people are reacting negatively because the *wrong* people are profiting off it.  When billionaires sink small businesses and push people to the poverty line (or worse), that's normal and natural and a-okay.  When regular people sink a billionaire hedge fund, it's some perverse reversal of the natural order and morally wrong and should be stamped out.
Title: Re: Reddit Shoots GameStop Stock up 2,752%
Post by: Jason Harvestdancer on January 29, 2021, 11:43:43 PM
I legit love this.

Not only that, we're seeing "progressives" defend the hedge funds against the people.

I legit love that too.

Robinhood should rename themselves "Sheriff of Nottingham", since they've sided with the rich against the people.

Elizabeth Warren, who was always Hillary with a Bernie mask on, came out in favor of regulations to protect the hedge funds.

I'm actually agreeing with AOC and Cruz at the same time.  AOC can't stand that Cruz agreed with her.  Too bad, bitch.

Although I do not like what Robinhood did, I like how it was yet another "tipping hand" moment of the elite against the people, and I love that too.

There's so much good about this.
Title: Re: Reddit Shoots GameStop Stock up 2,752%
Post by: Shiranu on January 30, 2021, 03:37:55 AM
Quote
There's so much good about this.

If that doesn't raise some red flags, I don't know what will.
Title: Re: Reddit Shoots GameStop Stock up 2,752%
Post by: SGOS on January 30, 2021, 04:13:01 AM
I legit love this.
Not only that, we're seeing "progressives" defend the hedge funds against the people.
Republicans and Democrats both prioritize the needs of the wealthy first.  That's who they golf with.  There really isn't anything new here.
Title: Re: Reddit Shoots GameStop Stock up 2,752%
Post by: drunkenshoe on January 30, 2021, 05:09:03 AM
IF it backfires and IF it hurts regular folks, then I will of course dislike that. Just like I've disliked that sort of poor-squeezing market manipulation a month ago, a year ago, and a decade ago.

Far more than a decade ago probably. If this was a popularity contest, you can bet everybody would LOVE it. If you mean the show that went down, the fear the rich felt? Yeah, it is lovely. Fuck the rich with a barbwire dipped into some nerve agent. I have written a week ago what I think about wealth.

Quote
My gripe is that people are reacting to this stuff in a negative way as if this is some new brushfire.  This is an ongoing inferno like Centralia and even if this goes as bad as you say, it's just a footnote to a failing, broken system.  Hopefully, understood as a wakeup call but probably not.

Was there a different system before or the system has been like this from the beginning, but people has just caught up with it when it became clear where this was going? The system hasn't failed, this was the system all along. "Beat the system, good for you!"

Along the way, people were carefully taught not to even used the word 'capitalism' while criticising this 'broken' system. Because it is the air, do you acknowledge or criticse the air while you are breathing it, right?  I have written this a couple of times here. Not something I thought of consciously, no. It was something random I noticed years back while reading about American essays, articles, blogs...on the system; economy, class, culture... you can find everything in those, but the word capitalism. It's removed form the vocabulary of the last generations. It's exactly what's happening here.

Quote
And my other gripe - nothing to do with you -is that some people are reacting negatively because the *wrong* people are profiting off it. When billionaires sink small businesses and push people to the poverty line (or worse), that's normal and natural and a-okay.  When regular people sink a billionaire hedge fund, it's some perverse reversal of the natural order and morally wrong and should be stamped out.

OK, fuck morality. But then you are the one who is actually being moral here because as far as I understand, exactly the same game is being played and you are just picking sides, which I agree with you but it doesn't matter because it is very easy to feel that way, it is sparkly and heart warming. It's pink candy and kittens. So what we are playing here is now just 'it's their turn' game with the same system; huge amount of profitting changing hands.

You can't eat your cake and have it too. Because if GameStop can do this, if somebody can profit the same way from this in this amount of time, now that's the big game candidate in town and after a certain amount of time, it will be the new 'evil'. There is no other way this can go as long as this kind of profitting goes.

In that case, what can go bad, will go for the worst, if it does. The profile of smallest life units in the US; hard working people; singles, youngsters, couples, families... the life style of ordinary people is NOT tribal because the society is driven for individuality. The motto for everybody is for themselves has become a cultural motto beyond the wild economical side of survival. And people are less likely to come together and look after their own, each other just out of caring. Yes, of course tons of people will do it thinking they have to, but it's a strong cultural conflict, a cultural depression in individual and mass scale.

And add that the pandemic, the political situation in the country, easy access to guns...How much does it take for an individual to be recruited by some groups like Soveriegn Citizen or QAnon under these circumstances? Found new ones? In a country with huge space where life is concentrated around certain points, where you cannot move without a fucking car, but can live without cash, sitting on a pile of weapons and arsenal. What was the amount of people who had 500-1000 dollar ready cash in their pockets before the pandemic in the country? Is my impression wrong?

You are gonna fuck the rich? Have the balls and guts do it without becoming another one, if you are going to call this a 'revolution'. Because otherwise, you are either too stupid to understand what is going on -highly unlikely considering what they do- OR you are just the same corrupt piece of shit with less money for now. Yeah, the answer is B.

These people are highly likley -in core- the red pill 4 chan groups who is playing the Boiler Room, imagining themselves as Neo in the Matrix. And the rest is following the money. And nobody is at the wheel. I even started to think there is no wheel and when things are really broken, it is ordinary, hard working people around the world will be fucked. The rich will remain rich.
 
Title: Re: Reddit Shoots GameStop Stock up 2,752%
Post by: drunkenshoe on January 30, 2021, 05:09:53 AM
If that doesn't raise some red flags, I don't know what will.

I was just about to write that. :lol:
Title: Re: Reddit Shoots GameStop Stock up 2,752%
Post by: drunkenshoe on January 30, 2021, 05:23:40 AM
Republicans and Democrats both prioritize the needs of the wealthy first.  That's who they golf with.  There really isn't anything new here.

You cant deny that it's entertaining to watch his 'reasoning' and lack of self awarness though.
Title: Re: Reddit Shoots GameStop Stock up 2,752%
Post by: Cassia on January 30, 2021, 09:16:58 AM
I have always thought there is a big difference between those who have managed to work within the skewed economic system to benefit themselves and their families and those who actually control the system and make the shitty rules. If you take the time to learn how it all works to your benefit, you are doing your part toward equalization. You can 'bend the skew' back towards your own favor, and here we see that happening. Some underdogs will do very well. The whole 'FIRE' concept is a sound strategy that has a historically high probability of success.

The only reasonable alternative to this (as I see it) is a slow democratic revolution towards a socialized democracy where all people can benefit more equally from the economy. The 'Nordic' model appears to work well.
Title: Re: Reddit Shoots GameStop Stock up 2,752%
Post by: drunkenshoe on January 30, 2021, 10:04:52 AM
...The only reasonable alternative to this (as I see it) is a slow democratic revolution towards a socialized democracy where all people can benefit more equally from the economy. The 'Nordic' model appears to work well.[/color]

This sounds good to me.
Title: Re: Reddit Shoots GameStop Stock up 2,752%
Post by: Hydra009 on January 30, 2021, 01:14:33 PM
If that doesn't raise some red flags, I don't know what will.
Broken clock?  I mean, this issue got AOC and Ted Cruz to agree.  Maybe there's a small amount of common ground between two very divergengent political ideologies.  At least, before we go back to wealth mistakenly equated with success/acumen, like I saw a lot of in 2016.
Title: Re: Reddit Shoots GameStop Stock up 2,752%
Post by: Blackleaf on January 30, 2021, 01:31:49 PM
Broken clock?  I mean, this issue got AOC and Ted Cruz to agree.  Maybe there's a small amount of common ground between two very divergengent political ideologies.  At least, before we go back to wealth mistakenly equated with success/acumen, like I saw a lot of in 2016.

Yeah, I was really surprised seeing Ted Cruz of all people, and even some Fox News personalities, taking the side of the little people. These people practically worship the rich, based on their trickle-down-economics philosophy. I mean, these people got Trump elected. Trump says, "I pay these other guys to do what I want. So just vote for me instead." Which to me sounds like being told that the wine is poisoned, and then drinking the poison directly instead of the wine. Just...complete nonsense. And Cruz is one of those spineless people who works for his investors rather than any principals or beliefs of his own. You'd think he'd be on the side of these 1%ers, and maybe he will later vote to bail them out when they lose their money, but I'm just so confused by this behavior.

I hear that AOC is upset with having Cruz agree with her, and yeah, I understand that sentiment. Typically, if someone like Cruz agrees with you, that's a pretty good sign you're on the wrong side. But AOC should remember, the enemy of my enemy is my friend. If they can work together to bring some good out of this situation, she should do it, and then go back to fighting later.
Title: Re: Reddit Shoots GameStop Stock up 2,752%
Post by: Hydra009 on January 30, 2021, 02:25:55 PM
I hear that AOC is upset with having Cruz agree with her, and yeah, I understand that sentiment. Typically, if someone like Cruz agrees with you, that's a pretty good sign you're on the wrong side. But AOC should remember, the enemy of my enemy is my friend. If they can work together to bring some good out of this situation, she should do it, and then go back to fighting later.
Jason (as usual) left out some pretty major info about that.  It wasn't that she was mad that he agreed, she was mad that a guy who supported a deadly insurrection to topple American democracy and essentially install a dictactor waltzes back into the office like nothing happened and acts like he's still doing the people's work.  I'd be weirded out by that, too.  Definitely a strange (and slightly hostile) work environment.


(https://preview.redd.it/7bpsaqx254e61.jpg?width=599&auto=webp&s=033a1876c286b522e2b07f9dee7e4dd0fe7953d0)
Title: Re: Reddit Shoots GameStop Stock up 2,752%
Post by: drunkenshoe on January 30, 2021, 03:41:48 PM
I don't understand why any of you think Cruz's actions are weird or interesting. Bullying 101 and creepy, yes, but isn't it actually shooting a few birds with one stone for the politics these people make? Why does anyone assume he wants to do any good by -almost- injecting himself into the investigation? First thing with tweeting is brazenly saying that 'doesn't matter what happened or not, we are here.' Orange can't tweet, remember?

This man has no intention of taking any responsibility of his actions with the coup attempt. His ruse -a common one it seems- to push an agenda by turning anything possible into 'angry democrats wants revenge, but we should forget this and move on quick, look this is hurting our country'.

So anything that would impact the daily media, esp. something about the common people, esp. an event like this is an amazing opportunity to be affiliated with in any capacity on social media. PR 101. Do you really think he is that stupid to think she would not react to this?

But what happened now from the cult minions' point of view? While she is perfectly right and correct both from personal and lawful points in reality, she 'refused' Ted Cruz's 'help' because all democrats care about is 'revenge'. And he is the perfect actor for this stunt because he is not a filthy rich billionaire. His profile is a Texas family man who became successful on his own and made a few millions for his family and working for his country, for good old American values. He is the very poster boy of the 'American dream', with a perfect dose for this.

Furthermore, besides all that if it were you -at any side with the real wealth- wouldn't you want someone in an investigation of an unprecedented event like this? I would.

Title: Re: Reddit Shoots GameStop Stock up 2,752%
Post by: Jason Harvestdancer on January 31, 2021, 11:38:43 AM
The response of the political class is predictable.  There is now a movement to create a transaction tax that is supposed to stop the hedge funds but will actually stop the day traders.  In the name of stopping the corruption of the hedge funds, the peasants will be forced out of the market.

Both those supporting the aristocracy of the hedge funds, and the support for the people actually engaging in capitalist activity, is bipartisan.
Title: Re: Reddit Shoots GameStop Stock up 2,752%
Post by: SGOS on January 31, 2021, 12:14:02 PM
Both those supporting the aristocracy of the hedge funds, and the support for the people actually engaging in capitalist activity, is bipartisan.
It was the same with "saving" the banks 15 years ago.  Beware of laws with names like "The Forest Protection Act" or "Affordable Healthcare."  They don't often describe what they actually do.
Title: Re: Reddit Shoots GameStop Stock up 2,752%
Post by: Cassia on February 02, 2021, 10:50:21 AM
Well, just hope too many Grandmas and college kids in debt didn't buy Gamestop shares with their piggy bank money when it was $350 because it dropped to below $90 this morning. Wall Street is brutal and the hedge funds probably banned together in a huge "ladder attack" to drive down the price while lots of the "hold till death" reddit crowd got scared and sold off.
Title: Re: Reddit Shoots GameStop Stock up 2,752%
Post by: SGOS on February 02, 2021, 11:12:28 AM
Hold to death?  I don't think that's supposed to be a financial strategy when arbitrarily driving up a fundamentally worthless stock.
Title: Re: Reddit Shoots GameStop Stock up 2,752%
Post by: Cassia on February 02, 2021, 11:38:26 AM
Hold to death?  I don't think that's supposed to be a financial strategy when arbitrarily driving up a fundamentally worthless stock.
Now it is going up again ~$140...madness I tell ya !!!
Title: Re: Reddit Shoots GameStop Stock up 2,752%
Post by: SGOS on February 02, 2021, 11:47:41 AM
By the time I figure out how to use that app they all seem to be using, I will have missed my chance to even place my bet, and fortune will have passed me by one more time.
Title: Re: Reddit Shoots GameStop Stock up 2,752%
Post by: Cassia on February 04, 2021, 06:51:39 PM
By the time I figure out how to use that app they all seem to be using, I will have missed my chance to even place my bet, and fortune will have passed me by one more time.
Hope you didn't buy..it's down in the $50s now. A bunch of first time "investors" may be turned away from the markets; but maybe some others will learn there is a sensible approach to long term investments.
Title: Re: Reddit Shoots GameStop Stock up 2,752%
Post by: Hydra009 on February 04, 2021, 07:03:46 PM
Yeah, the boom is over.  Anyone still holding is likely to take a loss.

Still, some good did come from it: a 20-year-old donated to a children's hospital (https://abcnews.go.com/US/20-year-renegade-gamestop-investor-donates-part-windfall/story?id=75633085).
Title: Re: Reddit Shoots GameStop Stock up 2,752%
Post by: SGOS on February 04, 2021, 07:05:22 PM
Hope you didn't buy..it's down in the $50s now. A bunch of first time "investors" may be turned away from the markets; but maybe some others will learn there is a sensible approach to long term investments.
I saw a headline someplace yesterday that read, "Wall Street Wins!"  Is that good or bad, I wonder.  Actually, I was kind of rooting for the upstarts.  I hope they at least dented the short sellers.
Title: Re: Reddit Shoots GameStop Stock up 2,752%
Post by: SGOS on February 04, 2021, 07:22:04 PM
Still, some good did come from it: a 20-year-old donated to a children's hospital (https://abcnews.go.com/US/20-year-renegade-gamestop-investor-donates-part-windfall/story?id=75633085).
Not only is that downright unAmerican, but he will never make it as a big time investor.  You don't do good with you're money.  You use it to make more money and to gain personal power and wealth.
Title: Re: Reddit Shoots GameStop Stock up 2,752%
Post by: Cassia on February 04, 2021, 10:21:56 PM
How did this guy not cash out after a couple of Million? From 5M to 360K....dammmit !
(https://preview.redd.it/z6cd074p1jf61.jpg?width=960&crop=smart&auto=webp&s=c123778b65dbbbe89fa6e887f897d54ab4a488e5)
Title: Re: Reddit Shoots GameStop Stock up 2,752%
Post by: Hydra009 on February 04, 2021, 10:31:09 PM
I'm not sure what those numbers mean, but I'm pretty sure that graph is Not Stonks.
Title: Re: Reddit Shoots GameStop Stock up 2,752%
Post by: Cassia on February 04, 2021, 10:35:04 PM
I'm not sure what those numbers mean, but I'm pretty sure that graph is Not Stonks.
The backstory is he got a 2nd mortgage for $35K, bought lots of Gamestop stock early when it was cheap...watched his 35K go to up 5 Million and instead of selling he held all the way down to 360K. Still could make 10x but he is holding even now.
Title: Re: Reddit Shoots GameStop Stock up 2,752%
Post by: Hydra009 on February 04, 2021, 10:39:50 PM
Even I know to sell when the selling is good.  Ideally, pick a threshold and sell whenever it dips down to hit that threshold.
Title: Re: Reddit Shoots GameStop Stock up 2,752%
Post by: Blackleaf on February 05, 2021, 03:19:46 PM
OMG! Sell it, idiot! He's gonna lose it all!
Title: Re: Reddit Shoots GameStop Stock up 2,752%
Post by: Hydra009 on February 05, 2021, 11:17:42 PM
Hedge fund billionaire fears the Gamestop frenzy was really about wealth inequality (https://markets.businessinsider.com/news/stocks/billionaire-ray-dalio-bridgewater-associates-gamestop-stock-price-wealth-inequality-2021-2-1030047842)

(https://i.imgur.com/LyhWS3d.jpg)
Title: Re: Reddit Shoots GameStop Stock up 2,752%
Post by: Shiranu on February 06, 2021, 02:09:17 AM
Hedge fund billionaire fears the Gamestop frenzy was really about wealth inequality (https://markets.businessinsider.com/news/stocks/billionaire-ray-dalio-bridgewater-associates-gamestop-stock-price-wealth-inequality-2021-2-1030047842)

(https://i.imgur.com/LyhWS3d.jpg)

Why, whatever gave them that idea?
Title: Re: Reddit Shoots GameStop Stock up 2,752%
Post by: Hydra009 on February 06, 2021, 02:25:12 AM
Why, whatever gave them that idea?
In fairness to him, I think he's merely playing dumb.  He goes on to say that he really empathizes with these small-fry investors (cue laugh track), but says that we shouldn't seek to tear each other down (yet the wheel turns, crushing those underneath), and that maybe policy should be reformed (though he suspiciously keeps that part rather vague).

It seems strange that someone who has profited to excess from this system would want it reformed at all.  But if there's one thing those at the top fear more than reform, it's collapse.
Title: Re: Reddit Shoots GameStop Stock up 2,752%
Post by: Cassia on February 06, 2021, 08:09:38 AM
Two years ago (after 15 years of steady investing of 17% of my salary), my portfolio reached a million and a quarter, house/cars paid for and my company was looking to downsize. They offered a package @ $60K just as interest rates for CDs and annuities popped up to over 3.75%. That week I dumped over half my portfolio into insured CDs and annuities such that they pay my bills. Then I quit my job and took the deal much to everybody's surprise. Walked away from an incredible salary and benefits ten years early.

I recall languishing in that padded office as life slipped away. Each day a test of how much bullshit I could tolerate. I did enjoy my career early on and maybe my mistake was accepting promotions. If you love your job, that is great but I was no longer happy in mine. By investing in index funds and staying debt free...at least I had options. I can always go back to work in a lower pressure environment but I have discovered I am pretty good at not doing much, LOL. FOMO and YOLO are not really viable investment plans, but I can certainly understand the motivation.
Title: Re: Reddit Shoots GameStop Stock up 2,752%
Post by: drunkenshoe on February 06, 2021, 08:20:47 AM
Hedge fund billionaire fears the Gamestop frenzy was really about wealth inequality (https://markets.businessinsider.com/news/stocks/billionaire-ray-dalio-bridgewater-associates-gamestop-stock-price-wealth-inequality-2021-2-1030047842)

(https://i.imgur.com/LyhWS3d.jpg)

 :rrotflmao:

Oh my...these people really know how their society works, don't they?
Title: Re: Reddit Shoots GameStop Stock up 2,752%
Post by: drunkenshoe on February 06, 2021, 08:24:44 AM
Two years ago (after 15 years of steady investing of 17% of my salary), my portfolio reached a million and a quarter, house/cars paid for and my company was looking to downsize. They offered a package @ $60K just as interest rates for CDs and annuities popped up to over 3.75%. That week I dumped over half my portfolio into insured CDs and annuities such that they pay my bills. Then I quit my job and took the deal much to everybody's surprise. Walked away from an incredible salary and benefits ten years early.

I recall languishing in that padded office as life slipped away. Each day a test of how much bullshit I could tolerate. I did enjoy my career early on and maybe my mistake was accepting promotions. If you love your job, that is great but I was no longer happy in mine. By investing in index funds and staying debt free...at least I had options. I can always go back to work in a lower pressure environment but I have discovered I am pretty good at not doing much, LOL. FOMO and YOLO are not really viable investment plans, but I can certainly understand the motivation.

I like how badly adjusted you are. :lol: You give me hope.

Mine is a similar spirited, but a very different story. Weren't you harrased a bit? I was.
Title: Re: Reddit Shoots GameStop Stock up 2,752%
Post by: Cassia on February 06, 2021, 09:03:06 AM
I like how badly adjusted you are. :lol: You give me hope.

Mine is a similar spirited, but a very different story. Weren't you harrased a bit? I was.

That sucks. Early on, before the company "woke up" so to speak I was a very unaware nerd myself. I was treated OK and had a good mentor. There was big shift in attitudes over the years. I think I could have helped more  :sob: as the company became more diversified. I do think being 'outed' as an atheist would have been damaging because many leaders were so open about their church affiliations and activities.
Title: Re: Reddit Shoots GameStop Stock up 2,752%
Post by: drunkenshoe on February 06, 2021, 09:16:48 AM
That sucks. Early on, before the company "woke up" so to speak I was a very unaware nerd myself. I was treated OK and had a good mentor. There was big shift in attitudes over the years. I think I could have helped more  :sob: as the company became more diversified. I do think being 'outed' as an atheist would have been damaging because many leaders were so open about their church affiliations and activities.

Oh I see. Sorry to hear all that. I was mobbed by my peers for anything possible. Profs were a problem because they were the old traditional kind of ones...'gods' but it is becuse of the institution in the end and they didn't have a problem with me. Atheism didn't have an effect on them as much as the 'radical' political tendencies and they generally more cared about how the department would look I guess. That's almost 15 years ago...everything's changed. It's completely a different place now. They are all retired. It looks more like an open prison type of an extended high school than a university now. :lol: Gawd... it's been 25 years since I've graduated...ooof. It's another century in every sense.

Title: Re: Reddit Shoots GameStop Stock up 2,752%
Post by: Cassia on February 06, 2021, 09:30:31 AM
Oh I see. Sorry to hear all that. I was mobbed by my peers for anything possible. Profs were a problem because they were the old traditional kind of ones...'gods' but it is becuse of the institution in the end and they didn't have a problem with me. Atheism didn't have an effect on them as much as the 'radical' political tendencies and they generally more cared about how the department would look I guess. That's almost 15 years ago...everything's changed. It's completely a different place now. They are all retired. It looks more like an open prison type of an extended high school than a university now. :lol: Gawd... it's been 25 years since I've graduated...ooof. It's another century in every sense.
Yes it is! I think that African American women had the worse time around here. Geez I could have been more encouraging. I had Turkish woman named Nurgun as my advisor in college. She was such a helpful professor. I am forever grateful. You only need a few good people helping you to success.