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Quick and dirty OP. Long story short, no pun intended, users of subreddit WallStreetBets have been buying Gamestop stocks. This has had the effect of driving up the stock price, which is bleeding out the vampires at Melvin Capital. They are also doing the same for AMC Theaters. https://arstechnica.com/gaming/2021...m_medium=social quote:Last week, an epic short squeeze had driven GameStop stock up to $40 a share, a roughly 1,500 percent increase from its low point nine months ago. Little did anyone know at the time that this would only be the beginning of the story. This is a developing saga. EDIT: I AM NOT RESPONSIBLE FOR ANY FINANCIAL LOSSES INCURRED IF ANY YA'LL BUY ANY STOCKS. Detective No. 27 fucked around with this message at 23:39 on Jan 27, 2021 |
# ? Jan 27, 2021 21:21 |
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# ? May 15, 2024 03:54 |
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I've heard that some have dumped their whole life savings into this and come out millionaires. I know gently caress-all about stocks and the market, but that owns for anyone that came out on top. Is there any downside for them?
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# ? Jan 27, 2021 21:31 |
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Taking that massive bet at first was really the risk. I guess if some government fuckery happens and Melvin Capital doesn't end up paying? People are already using the profits from selling a bit of their stock to help pay off college debt, family medical bills, and Investor Chamath Palihapitiya will donate his earnings from GameStop's rally to the Barstool Fund, which supports struggling small businesses The whole thing is turning into a massive gently caress YOU to WallStreet.
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# ? Jan 27, 2021 21:36 |
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There's a good chance that Biden will take action on this before he sends out those $2000 survival checks he promised. Capitol is the only thing that the government cares about helping.
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# ? Jan 27, 2021 21:50 |
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Lol, I want to be the fly on the wall as some one tries to explain to Biden's dementia mind what the hell is going on.
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# ? Jan 27, 2021 21:52 |
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sigher posted:I've heard that some have dumped their whole life savings into this and come out millionaires. I know gently caress-all about stocks and the market, but that owns for anyone that came out on top. Is there any downside for them? The good news is since you just bought it normally and didn't sell at the right time all you can lose is your initial investment! Good job you didn't short it when it was cheap and lose billions! Hahahahahahahaaaaaaa!
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# ? Jan 27, 2021 21:52 |
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Seems like these fellas over at reddit are bonkers for stonkers
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# ? Jan 27, 2021 21:56 |
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Detective No. 27 posted:There's a good chance that Biden will take action on this before he sends out those $2000 survival checks he promised. Capitol is the only thing that the government cares about helping. This is going to be the excuse for not sending out any checks. "Americans got more than enough money from the stock market"
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# ? Jan 27, 2021 21:57 |
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As far as I understand it, Melvin left their rear end hanging in the breeze by shorting 136% of the actual outstanding shares of GME, a position that leaves you incredibly exposed to even small increases in demand for the stock. They are now calling for regulations to prevent anyone who isn't already in the club from being able to yell that Melvin's rear end is exposed and begging for a swing from a rat tail.
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# ? Jan 27, 2021 22:46 |
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Suddenly they want regulations
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# ? Jan 27, 2021 22:47 |
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I love how everyone on TV has to jump around DeepFuckingValue name The consciences of the subreddit seems to be "If he's Holding, I'm Holding".
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# ? Jan 27, 2021 22:56 |
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looking forward to further developments
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# ? Jan 27, 2021 23:23 |
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I see a couple of people on my feed trying to get in on it. I am tempted but I know nothing about stonks, and I do not want to end up on the wrong end of the deal, so to speak. What is hilarious is all these economists clutching their pearls and going "STOP LAUGHING THIS IS SERIOUS" https://twitter.com/jowens510/status/1354197191984746496 Unlucky7 fucked around with this message at 23:42 on Jan 27, 2021 |
# ? Jan 27, 2021 23:36 |
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If you get in now, you're on the wrong end. The time to buy was probably a week ago.
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# ? Jan 27, 2021 23:50 |
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Paracelsus posted:If you get in now, you're on the wrong end. The time to buy was probably a week ago. thats what goons said about bitcoins when they were 5 cents each
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# ? Jan 28, 2021 00:05 |
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I mean....its a bet. Now its a bet that if you hold you get to really screw over a wall street firm but still a bet.
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# ? Jan 28, 2021 00:09 |
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Edit: I need to look closer at things.
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# ? Jan 28, 2021 00:27 |
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Womyn Capote posted:thats what goons said about bitcoins when they were 5 cents each I think there's a decent argument it was undervalued at $20. It's sitting at around $290 in after-hours trading, down from a close of $347. The calls are on Friday, if I understand correctly, and now everyone is aware of what is going on.
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# ? Jan 28, 2021 01:11 |
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Its doesn't help that that WallStreetBets Discord has been banned and the sub has been set to private. But yeah, the gov/wallstreet is starting to notice what is going on.
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# ? Jan 28, 2021 01:25 |
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WSB is back now. The show is not over.
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# ? Jan 28, 2021 01:59 |
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It's funny watching Wall Street cry when other people play their game and use their crazy rules to mess them up.
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# ? Jan 28, 2021 02:49 |
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I wonder what this will go into the economics textbooks as.
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# ? Jan 28, 2021 05:23 |
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As somebody who knows basically nothing about stocks... is it possible to short Gamestop now that the stocks are astronomically overvalued, the idea being they will almost certainly fall back hard because of what a poo poo company Gamestop is?
GreatGreen fucked around with this message at 05:40 on Jan 28, 2021 |
# ? Jan 28, 2021 05:38 |
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Cobalt-60 posted:I wonder what this will go into the economics textbooks as. A non-violent rebellion. It's not a pump and dump, since the growth is literally speculation that it will go up (albeit with the original instigator giving well reasoned arguments for Gamestop being highly undervalued), and not based on false information. It's not insider trading, as the reddit and discord are public, the release of next gen consoles was known over a year in advance, and with no outstanding debt, Gamestop's survival into the new year was a given, even with many physical locations being closed. It's not harassment, as you can't target specific hedgefunds' short positions, merely go long against all of them. Mister Facetious fucked around with this message at 05:41 on Jan 28, 2021 |
# ? Jan 28, 2021 05:39 |
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Mister Facetious posted:A non-violent rebellion.
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# ? Jan 28, 2021 05:46 |
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the stock market is like a giant casino and trading is just a betting game so I'll give you a temp pass OP, though you really should have posted in trad games
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# ? Jan 28, 2021 05:48 |
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Endorph posted:it made two extremely rich guys lose money and be embarrassed so itll be illegal somehow "Domestic terrorism" * jazz hands * "Conspiracy to introduce Communist/Socialist/Democratic practices to Capitalism" Mister Facetious fucked around with this message at 05:51 on Jan 28, 2021 |
# ? Jan 28, 2021 05:49 |
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GreatGreen posted:As somebody who knows basically nothing about stocks... is it possible to short Gamestop now that the stocks are astronomically overvalued, the idea being they will almost certainly fall back hard because of what a poo poo company Gamestop is? It absolutely is, and in the abstract it's a great idea because there's no way Gamestop is actually worth 350-400 whatever it's going for now. But you risk being hit with the same type of short squeeze that got the hedge fund in trouble. Like, let's say we can guarantee the actual price is like 5 bucks and we know 100% won't stay above 300 dollars and buy in at that price. The question becomes how long does that drop actually take? And if the price jumps to 400 tomorrow before dropping, you better have 100 bucks per share to maintain your short, otherwise the brokerage will liquidate your shares and sell them at 400 to buyers and you owe 100 per share. But if you can maintain and the price drops back down to 50? You just made 250 per share. Especially when things are this volatile, the rule is "The market can stay irrational longer than you can stay solvent." It doesn't matter that you were right and the price drops down to five bucks, all the insanity that happens in between will bankrupt you. And while stocks can drop to zero they don't become negative so you "only" lose everything you put in. Stocks can go up infinitely so there's technically no ceiling to the amount of money you could lose when shorting. The price could go to 500, 800, 1000. threelemmings fucked around with this message at 06:09 on Jan 28, 2021 |
# ? Jan 28, 2021 06:03 |
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Rule of stock trading is the same as gambling. Only put in what you are willing to lose. You have to be comfortable with the fact that whatever you put in can just vanish like a fart in the wind and jfc don't short a stock unless you live, eat and breathe this crap. Oh and if someone says it's nothing like gambling, bullshit it is exactly like gambling except you don't even get the satisfaction of hearing the clack of casino chips.
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# ? Jan 28, 2021 06:57 |
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Endorph posted:it made two extremely rich guys lose money and be embarrassed so itll be illegal somehow Attempting to regulate the stock market would cause a lot of even richer people to bring down the goddamn apocalypse.
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# ? Jan 28, 2021 07:40 |
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GreatGreen posted:As somebody who knows basically nothing about stocks... is it possible to short Gamestop now that the stocks are astronomically overvalued, the idea being they will almost certainly fall back hard because of what a poo poo company Gamestop is? You'd have to find someone willing to take that position - i.e., bet against you. Then you have the problem of either being stuck with worthless stocks at the end of the day or taking a huge risk on a naked short for a tiny profit upside. Edit: if you're not familiar with a naked short, it's like trying to sell a house you're renting from someone. If anyone calls your bluff, the only way you could possibly fulfill the contract is to buy the house from the person you're renting it from - at a much higher price than you sold it for. KillHour fucked around with this message at 07:57 on Jan 28, 2021 |
# ? Jan 28, 2021 07:52 |
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With American Stimmy checks coming in hot, the dumb money will keep on flowing into the markets. Same thing happened last year.GreatGreen posted:As somebody who knows basically nothing about stocks... is it possible to short Gamestop now that the stocks are astronomically overvalued, the idea being they will almost certainly fall back hard because of what a poo poo company Gamestop is? Of course you can. Long as their's shares available from your broker you can short as much as you want. Joink fucked around with this message at 08:23 on Jan 28, 2021 |
# ? Jan 28, 2021 08:19 |
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BexGu posted:I love how everyone on TV has to jump around DeepFuckingValue name Didn't DeepFuckingValue start with 100 thousand dollars or something as an initial investment? Like, it's ridiculous and insane that such a sum could be grown to 47+ million using a single stock (not realized into cash yet AFAIK), but if they had that amount of seed money ready to gamble with, they weren't exactly what I'd call poor.
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# ? Jan 28, 2021 08:37 |
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ErrEff posted:Didn't DeepFuckingValue start with 100 thousand dollars or something as an initial investment? People are making huge sums of money. Look at the $200 strike expiring Jan 29th. Yesterday, Jan 26th it could be bought for a low of $1.68. Today it hit a high of $198. It's not even expiry day yet.
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# ? Jan 28, 2021 09:13 |
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ErrEff posted:Didn't DeepFuckingValue start with 100 thousand dollars or something as an initial investment? I think he started with 50,000, so he definitely is not poor although WSB is infamous for idiots blowing their life savings on a stock and posting the massive gain/loss.
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# ? Jan 28, 2021 14:29 |
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Apparently Discord closed the server for "hateful speech" which is the biggest "suuuuuuuuuuuuuuure" I've seen in a while.
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# ? Jan 28, 2021 14:30 |
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Robinhood blocked all trading of meme stocks and its gettin' wild out there
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# ? Jan 28, 2021 14:49 |
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But the secret is that all stocks are meme stocks.
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# ? Jan 28, 2021 15:00 |
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Mordja posted:Apparently Discord closed the server for "hateful speech" which is the biggest "suuuuuuuuuuuuuuure" I've seen in a while. I can;t tell if GoG removing Devolution cause of the outcry of the "The Gamers" is a bigger bold face lie then Discord but they are sure neck and neck. Like the discord had bots and everything to remove poo poo for a 250K plus channel but apparently it took some one using unicode icelandic and screen shotting it to get shutdown. quote:We have grown to the kind of size we only dreamed of in the time it takes to get a bad nights sleep. We've got so many comments and submissions that we can't possibly even read them all, let alone act on them as moderators. We wrote software to do most of the moderation for us but that software isn't allowed to read the Reddit new feed fast enough and submit responses, and the admins haven't given us special access despite asking for it. The WSB Mods are holding strong but Christ the longer this goes on the longer more and more people are gonna see the bold face lie of the market. A bunch of manic's a subreddit might actually do more damage then OWS.
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# ? Jan 28, 2021 15:58 |
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# ? May 15, 2024 03:54 |
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They're just mad that neckbeards are getting rich from playing with money like they do. The difference is that hedge fund managers get rich from playing with other people's money as well.
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# ? Jan 28, 2021 16:51 |