Author Topic: Reddit Shoots GameStop Stock up 2,752%  (Read 2292 times)

Reddit Shoots GameStop Stock up 2,752%
« on: January 29, 2021, 11:13:43 AM »


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?
"Oh, wearisome condition of humanity,
Born under one law, to another bound;
Vainly begot, and yet forbidden vanity,
Created sick, commanded to be sound."
--Fulke Greville

Re: Reddit Shoots GameStop Stock up 2,752%
« Reply #1 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.
« Last Edit: January 29, 2021, 11:46:23 AM by Cassia »

Offline SGOS

Re: Reddit Shoots GameStop Stock up 2,752%
« Reply #2 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.

Re: Reddit Shoots GameStop Stock up 2,752%
« Reply #3 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.



Unfortunately, his answer is basically, "I don't know. lol" Oh, jeez. I have no idea what to think of this.
"Oh, wearisome condition of humanity,
Born under one law, to another bound;
Vainly begot, and yet forbidden vanity,
Created sick, commanded to be sound."
--Fulke Greville

Offline PopeyesPappy

Re: Reddit Shoots GameStop Stock up 2,752%
« Reply #4 on: January 29, 2021, 02:09:01 PM »
Not a market guru so no idea if this is true, but if it is... 

Save a life. Adopt a Greyhound.


Re: Reddit Shoots GameStop Stock up 2,752%
« Reply #5 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.



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!
« Last Edit: January 29, 2021, 03:35:58 PM by Blackleaf »
"Oh, wearisome condition of humanity,
Born under one law, to another bound;
Vainly begot, and yet forbidden vanity,
Created sick, commanded to be sound."
--Fulke Greville

Offline Hydra009

Re: Reddit Shoots GameStop Stock up 2,752%
« Reply #6 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.


Offline Shiranu

Re: Reddit Shoots GameStop Stock up 2,752%
« Reply #7 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.
“The great appear great to us only because we are on our knees. LET US ARISE!” - "The Rebel", Texas' Premier Socialist Newspaper, 1892

Re: Reddit Shoots GameStop Stock up 2,752%
« Reply #8 on: January 29, 2021, 03:44:12 PM »
Back in 1929 it was said....

Offline drunkenshoe

Re: Reddit Shoots GameStop Stock up 2,752%
« Reply #9 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.   
« Last Edit: January 29, 2021, 04:46:26 PM by drunkenshoe »
"I believe you find life such a problem because you think there are good people and bad people. You're wrong, of course. There are, always and only, the bad people, but some of them are on opposite sides." Havelock Vetinari

Offline drunkenshoe

Re: Reddit Shoots GameStop Stock up 2,752%
« Reply #10 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.
« Last Edit: January 29, 2021, 04:42:22 PM by drunkenshoe »
"I believe you find life such a problem because you think there are good people and bad people. You're wrong, of course. There are, always and only, the bad people, but some of them are on opposite sides." Havelock Vetinari

Offline SGOS

Re: Reddit Shoots GameStop Stock up 2,752%
« Reply #11 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.

Offline SGOS

Re: Reddit Shoots GameStop Stock up 2,752%
« Reply #12 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.

Offline drunkenshoe

Re: Reddit Shoots GameStop Stock up 2,752%
« Reply #13 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.   
"I believe you find life such a problem because you think there are good people and bad people. You're wrong, of course. There are, always and only, the bad people, but some of them are on opposite sides." Havelock Vetinari

Offline Hydra009

Re: Reddit Shoots GameStop Stock up 2,752%
« Reply #14 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.