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Twelve by Pies posted:Yeah, "Gamestop is beloved by millennials" doesn't seem right. Maybe, maybe in the early 2000s when they would have shelves of old NES/SNES games in their stores and you could grab some old gems for five bucks or so, but especially with the rise of digital purchasing and online stores like Amazon I can't imagine any millennials really give a poo poo about Gamestop at all unless they're just really big on getting two dollars of store credit for a game released the month before. They bought and killed the good (better at least in my childhood memory) stores like Funcoland and Electronics Boutique. Their trade in policies are garbage, they'd sell their employee copies of games as new, destroyed lord knows how many game boxes and manuals... Gah. They're the worst edit bad snipe. so... uh here's an old penny arcade that's mildly relevant 
Ambitious Spider fucked around with this message at 00:25 on Jan 29, 2021 |
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Jan 29, 2021 00:22
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Raised By Birds posted:
For all the complaining about regulators he doesn't seem to advocate for that to change much.
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Jan 29, 2021 00:23
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Twelve by Pies posted:I've said it before and I'll say it again: Garrison loves to go on about how billionaires are bad and hurting the lower class, and have too much influence in politics, and then he turns around and says "And that's why we need to elect conservative Republicans and deregulate business!" It's the conservative thing. Literally every piece of information, no matter what it says, no matter why it says that, is evidence that it's time for truly unbridled right-wing policy to be implemented immediately.
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Jan 29, 2021 00:28
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Twelve by Pies posted:I've said it before and I'll say it again: Garrison loves to go on about how billionaires are bad and hurting the lower class, and have too much influence in politics, and then he turns around and says "And that's why we need to elect conservative Republicans and deregulate business!" Problem: Powerful people are making life terrible for large swathes of people with impunity. Solution: ADD FASCISM! 
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Jan 29, 2021 00:34
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Nobody likes Gamestop or Milhouse.
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Jan 29, 2021 00:35
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Bootleg Trunks posted:Nobody likes Gamestop or Milhouse. I like Gamestop and was saying Buu-urns.... But mostly I hate hedge funds because they're a scam the rich use to screw people over so I'm fine with them eating poo poo.
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Jan 29, 2021 00:45
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Raised By Birds posted:Problem: Powerful people are making life terrible for large swathes of people with impunity. I mean that's how fascism has always worked though. They don't want to fix the system they just think they should be in charge of it
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Jan 29, 2021 01:01
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Twelve by Pies posted:I've said it before and I'll say it again: Garrison loves to go on about how billionaires are bad and hurting the lower class, and have too much influence in politics, and then he turns around and says "And that's why we need to elect conservative Republicans and deregulate business!" That's conservative/fascist populism in a nutshell. Get people on your side by pointing to real, actual problems, and then come up with the worst possible solutions. And of course it gets really bad when there isn't a good counter narrative.
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Jan 29, 2021 01:07
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Big Biz still in pretty good shape even after all these years. 
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Jan 29, 2021 01:08
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Ambitious Spider posted:They bought and killed the good (better at least in my childhood memory) stores like Funcoland and Electronics Boutique. Their trade in policies are garbage, they'd sell their employee copies of games as new, destroyed lord knows how many game boxes and manuals... Gah. They're the worst Yeah, I remember Babbage’s. Whether it was actually better, I’m not sure, but I feel like Game Stop going so hard on the trade-in side of things cheapened it. Game Stop is... fine, but not important. And I’m sure the Zoomers DGAF about brick-and-mortar game stores.
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Jan 29, 2021 05:57
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GameStop was picked specifically because millennials and zoomers know it's a dead company walking and the vultures are circling, I figured.
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Jan 29, 2021 06:24
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Ghost Leviathan posted:GameStop was picked specifically because millennials and zoomers know it's a dead company walking and the vultures are circling, I figured. That's how the meme stocks crowd realized it was being shorted, yeah.
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Jan 29, 2021 06:29
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Raised By Birds posted:
Not since they claimed that their stores was an "essential service" and tried to force their employees to work during the lockdown. This is the first time in a while were Gamestop has been in the news and it isn't because they're awful.
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Jan 29, 2021 06:40
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Yeah, pretty much everyone was willing to let GameStop die because they have spent the past few years being lovely to their staff and not wanting to update their business model. Especially after the 'essential service' fiasco last year. But WSB saw that it was literally getting shorted for more that even existed (something like 140% of shares) and decided to pounce for the profits. Then hedge funds started whining, people started making money, and within a week it morphed into this weird anti-establishement symbol of fighting back against corporate greed. Now it's over $500 per share, hedge funds are bleeding out, and trading companies are pulling the plug and trying to scare people to sell. All on a company that was dying out at the start of the month. poo poo is wild.
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Jan 29, 2021 07:27
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J.A.B.C. posted:Now it's over $500 per share, hedge funds are bleeding out, and trading companies are pulling the plug and trying to scare people to sell. All on a company that was dying out at the start of the month. Is that...good? That sort of price for a dying company? Unless by buying shares at that price, GameStop could last longer? I don't understand anything.
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Jan 29, 2021 07:53
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toanoradian posted:Is that...good? That sort of price for a dying company? Unless by buying shares at that price, GameStop could last longer? I don't understand anything. It's proof that stock prices are loving fake, mostly. And also that the people who make money off of fake stock prices will blatantly collude to stop others from doing the same.
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Jan 29, 2021 07:59
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toanoradian posted:Is that...good? That sort of price for a dying company? Unless by buying shares at that price, GameStop could last longer? I don't understand anything. It's cheaper for vultures to buy it if the share price is low 
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Jan 29, 2021 08:01
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toanoradian posted:Is that...good? That sort of price for a dying company? Unless by buying shares at that price, GameStop could last longer? I don't understand anything. It was down to 2.50 within the last year and was around 5 when poo poo started. Thing about Gamestop is that while it's not exactly a strong buy they've been generally hanging on since they closed a bunch of stores over the summer. Shorting is a shady as hell practice where you borrow a share and promise to give it back in say, a month. Then you turn around and immediately sell it for 5 bucks. Then in a month you buy it back for 4.50 (you hope) and just pocket the 50 cents. Problem is a bunch of redditors blew the price up to 300 dollars. So when that stock comes due instead of making 50 cents they will have to spend 295 bux. It's basically financial chicken to see who blinks first. Except the hedge funds have due dates and redditors are trolls. A hedge fund that rides it out could be fine... or they could be the guys who has their time run out when the stock has spiked to 5k. The redditor could sell for 200 or try to be the guy who is selling at 5k when poo poo gets real. The price is eventually going to normalize back to 5 bux because the business doesn't support that insane price, but only after most of the short sellers are gone and reddit is out of hostages.
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Jan 29, 2021 08:12
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Relentless posted:Shorting is a shady as hell practice where you borrow a share and promise to give it back in say, a month. Then you turn around and immediately sell it for 5 bucks. Then in a month you buy it back for 4.50 (you hope) and just pocket the 50 cents. I wouldn't really call it any more shady than anything else wall street does. Instead of betting on a stock going up like with a normal trade, shorting lets you bet on it going down. What it is is risky as hell. If you buy a hundred shares of Gamestop stock at $5 and it drops to zero, you're out $500 and that's the end of it. You will never lose more money than your initial investment. If you short-sell a hundred shares of Gamestop stock at $5 and reddit drives the stock price up to $1000 a share before you sell, you made $500 up front but now owe $100,000, with no limit on how much you can lose. In theory your losses could be driven into the billions or trillions. Oops. e: okay well i guess it is about as shady as borrowing your mom's vcr to hock it for drug money, totally planning to get it back before the end of the month. but everything wall street does is scummy because they're all a bunch of crooks Sagebrush fucked around with this message at 08:58 on Jan 29, 2021 |
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Jan 29, 2021 08:47
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Relentless posted:Shorting is a shady as hell practice where you borrow a share and promise to give it back in say, a month. Then you turn around and immediately sell it for 5 bucks. Then in a month you buy it back for 4.50 (you hope) and just pocket the 50 cents.
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Jan 29, 2021 08:57
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Ambitious Spider posted:edit bad snipe. so... uh here's an old penny arcade that's mildly relevant Funny, I bought games used that had come out in same week, I guess some people play then through and sell them. Haven't bought any used game for awhile, cause it feels that used game prices jumped for some reason, now I just wait for some discount in Xbox Store/Steam etc.
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Jan 29, 2021 09:00
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Republicans posted:Big Biz still in pretty good shape even after all these years. Well sheeeeiiiiit, is THAT the secret origin of Crying Lady Liberty?
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Jan 29, 2021 09:20
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Rall: The Border is Open Again! Ted Rall posted:Comprehensive immigration reform is here. Construction on the wall, to the extent that it ever happened, is ending. Joe Biden wants you to know that you can come to America anytime you want. But why would you want to? First Dog on the Moon: Ooh! Albo has made a slew of Australia-saving appointments! 
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Jan 29, 2021 09:32
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Twelve by Pies posted:Because it's chuds doing this GameStop thing and he likes chuds, so he's willing to say they've been unfairly treated by the US because of the Democrats and liberals. This is the first I've heard of the Gamestop thing being a chud-based movement. I mean it's Reddit so there is certainly chuds amongst them, but from what I've heard it's just a whole lot of spite against Wall Street.
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Jan 29, 2021 09:32
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They're retail investors, so they're not exactly communist activists Except the ones that are communist activists
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Jan 29, 2021 09:36
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SirSamVimes posted:This is the first I've heard of the Gamestop thing being a chud-based movement. I mean it's Reddit so there is certainly chuds amongst them, but from what I've heard it's just a whole lot of spite against Wall Street. It's pretty clearly a desperate, incoherent smear since trying to paint them as antifa won't go over well.
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Jan 29, 2021 09:46
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Trapezium Dave posted:Rall: The Border is Open Again! I was going to ask if Ted Rall knew how bad some of the people living in other countries have it that they want to move to the US, but I realized the answer is obviously not because that doesn't affect Ted Rall. SirSamVimes posted:This is the first I've heard of the Gamestop thing being a chud-based movement. I mean it's Reddit so there is certainly chuds amongst them, but from what I've heard it's just a whole lot of spite against Wall Street. Yeah it's unfair for me to generalize like that, my bad. At the very least Garrison himself thinks it's a chud based movement, or that there's enough chuds involved that he assumes they're the majority. If he thought this was a liberal/leftist thing, he'd probably make a cartoon showing them as idiots for throwing money at Wall Street.
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Jan 29, 2021 09:55
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Relentless posted:It's basically financial chicken to see who blinks first. Except the hedge funds have due dates and redditors are trolls.
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Jan 29, 2021 10:35
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Trapezium Dave posted:
This guy really needs to get a blog
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Jan 29, 2021 10:36
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toanoradian posted:As a know-nothing I am scared that this increasing share price could lead to someone spending their whole life savings for nothing. So I guess my fear is misplaced? The participants are hedge funds, of whom I have no sympathy for, and redditors, who can just bail out anytime they like? Except they're working together to cut the legs out from under the retail crowd. So the chance to lose everything is real
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Jan 29, 2021 10:38
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The stock market is meant to be a playground for rich kids but all the poor kids have piled in and keep pushing the merry go round faster and faster while the rich kids are crying for them to stop and someone breaks a tooth (actually happened to me as a kid)
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Jan 29, 2021 11:53
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Melvin Capital, the central shorter here, is basically crashing and burning. Naked shorts like this have literally no ceiling, because it's nothing like a normal stock buy/sell trade. So a stock could go to a million a share, and they'd have to buy it at that price. So with Gamestop at nearly 100x its original price, they're paying out literally billions of dollars. And it's likely with how successful Melvin is that there's a bunch of other firms that were doing the same. Hell, several banks backing these firms are probably going to be hit hard, because they're so exposed. Worth mentioning that other shorts are going to be hit by this too, so they might be doing even worse real soon.
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Jan 29, 2021 12:18
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Gee, it sounds like the problem is that hedge funds are allowed to short more stocks than are actually available, and not that people are allowed to buy stocks. I wonder what the SEC is going to crack down on once they look into it (its the people just buying the stocks, not the people shorting them).
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Jan 29, 2021 12:48
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toanoradian posted:As a know-nothing I am scared that this increasing share price could lead to someone spending their whole life savings for nothing. So I guess my fear is misplaced? The participants are hedge funds, of whom I have no sympathy for, and redditors, who can just bail out anytime they like? Oh no, there will be a lot of bag holders once it crashes and burns. And it will crash and burn at some point, though very likely after the large shorters have been taken to the cleaners. At some point people will start to cash out and cause a massive collapse. Gamestop, the company, is still garbage with no future.
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Jan 29, 2021 13:19
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I just wish they had decided to back up a less blatantly evil company.
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Jan 29, 2021 13:21
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I've actually learned quite a bit about the stock market in the past few days, and what I've learned is that it's a lot more bullshit than I realised.
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Jan 29, 2021 13:27
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RoboRodent posted:I've actually learned quite a bit about the stock market in the past few days, and what I've learned is that it's a lot more bullshit than I realised. 
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Jan 29, 2021 13:29
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Alhazred posted:I just wish they had decided to back up a less blatantly evil company. I don't think it does anything to benefit the company itself? Gamestop is still a failing company with no future. I think part of the point is demonstrating that the numbers are meaningless. Gamestop isn't magically better or more relevent or more solvent just because Number Go Up.
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Jan 29, 2021 13:40
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RoboRodent posted:I've actually learned quite a bit about the stock market in the past few days, and what I've learned is that it's a lot more bullshit than I realised. When I was a kid I wondered what actually controlled the numbers. Everyone seemed a slave to them. Where did they come from? What gave those numbers meaning? What rules do they follow? What benefit do they bring to our lives? I figured it would make sense when I grew up, but all that happened is the pretense fell off.
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Jan 29, 2021 13:55
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If anyone is still having trouble understanding the Gaemstop stock market thing please read this: The stock market is a scam.
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Jan 29, 2021 14:13
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