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The only experience I have holding stock in a dying company is a company I used to work for that went bankrupt right after Lehman (they had been circling the drain for years and their majority (90%) stockholder sold for peanuts to write it off as a loss). We had an employee stock purchase program at a 15% discount, so I flipped some during one period for ~$1k in profit, then immediately bought more a couple days before Lehman. By the time I was allowed to sell it was down about 90%, so after the tax writeoff for the losses I ended up basically even. But like, what if I hadn't sold? Eventually the stock would get delisted (already happened to BBBY iirc) so it would be harder to sell, but as long as the company existed as a publicly traded entity, it would still theoretically have some miniscule value, right? This company "existed" for at least several years afterwards to resolve its bankruptcy. At what point do stock certificates in a dead company become meaningless paper? What's the mechanism that makes a publicly traded company no longer that? I guess what I'm asking is at what point will these people be holding assets that not only have zero value, but have zero potential for value.
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Jul 11, 2023 22:58
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The shares get canceled. A lot of times companies don't even bother to do it (there are still Lehman Bros shares out there) but there is a way. It's basically just some paperwork and then no more shares.
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Jul 11, 2023 23:07
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Someone posted earlier that stocks should go negative and shareholders should be on the hook. I love that idea. Do your due diligence, assholes.
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Jul 11, 2023 23:11
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HappyHippo posted:
So all the <deleted> comments in these threads. Are they automatically deleted marketing/crypto spam or similar, or is it heretics with their attempt to inject a dose of reality into the thread being purged?
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Jul 11, 2023 23:13
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Your assumption that there is miniscule value is a questionable one. Compared to a brand new stock(for nothing), just issued, it would have the same assets(none at all) but already diluted by the existing owners. Which one could think of as an ongoing legal liability. The only value it could possibly have was these dorks continuing to think it has value.
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Jul 11, 2023 23:15
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fez_machine posted:It must also be remembered that Reddit is the home of the creative writing exercise so some not insignificant portion of the "true" believers are just people acting how they think someone who was way too deep into this would act I'm still convinced a huge proportion of the "I just bought another 10k shares today, suck it hedgies" are just saying that in a futile attempt to build hype and desperately try to push the price back up of the deadweight shares they got before this year.
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Jul 11, 2023 23:20
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bobjr posted:https://www.eurogamer.net/sega-plans-to-bring-immensely-popular-franchise-to-blockchain-platform They should do Like A Dragon since it's all about organized crime
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Jul 12, 2023 00:05
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Sonic probably has the right kind of obsessive fanbase to make an NFT Sonic game profitable, and it's not like they care about quality.
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Jul 12, 2023 00:12
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Random Stranger posted:Oh yeah? What about infinity + 1? To my understanding, possibly, yes.
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Jul 12, 2023 00:17
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CaptainSarcastic posted:Planet of the (Liquidated) Apes Gawd drat! 
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Jul 12, 2023 00:20
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Mercury_Storm posted:Have there been stock market cults in the past? Usually cults have involved people just giving all their money away and/or committing ritualistic suicide rather than attempting to make a profit but perhaps we could say the same for all capitalism! my friend, let me tell you about GT Advanced Technology (GTAT)
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Jul 12, 2023 01:35
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more falafel please posted:The only experience I have holding stock in a dying company is a company I used to work for that went bankrupt right after Lehman (they had been circling the drain for years and their majority (90%) stockholder sold for peanuts to write it off as a loss). We had an employee stock purchase program at a 15% discount, so I flipped some during one period for ~$1k in profit, then immediately bought more a couple days before Lehman. By the time I was allowed to sell it was down about 90%, so after the tax writeoff for the losses I ended up basically even. Upon confirmation of a plan of liquidation that cancels the stock certificates.
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Jul 12, 2023 01:54
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evilweasel posted:Upon confirmation of a plan of liquidation that cancels the stock certificates. I doubt that would convince these people.
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Jul 12, 2023 02:11
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nexous posted:Someone posted earlier that stocks should go negative and shareholders should be on the hook. I love that idea. Do your due diligence, assholes. Most of those investors are also being scammed. I think you lack a real understanding of what is even going on in these situations and you might need to sit this one out.
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Jul 12, 2023 02:14
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Sickening posted:Most of those investors are also being scammed. I think you lack a real understanding of what is even going on in these situations and you might need to sit this one out. Buddy I’m shitposting in the bitcoin thread of course I don’t know what I’m talking about
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Jul 12, 2023 02:26
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posting dumb in the bitcoin thread? now you hosed up
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Jul 12, 2023 02:30
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Zokari posted:posting dumb in the bitcoin thread? i'd like to short this post
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Jul 12, 2023 02:49
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Impossibly Perfect Sphere posted:I doubt that would convince these people. It finally killed the Sears apes so I bet it would work. Seems to be the only thing that will.
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Jul 12, 2023 03:12
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I would pay you two hamburger NFTs tomorrow for a hamburger NFT today!
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Jul 12, 2023 03:17
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more falafel please posted:The only experience I have holding stock in a dying company is a company I used to work for that went bankrupt right after Lehman (they had been circling the drain for years and their majority (90%) stockholder sold for peanuts to write it off as a loss). We had an employee stock purchase program at a 15% discount, so I flipped some during one period for ~$1k in profit, then immediately bought more a couple days before Lehman. By the time I was allowed to sell it was down about 90%, so after the tax writeoff for the losses I ended up basically even. I worked for Rackspace back in the day. They handed out stock as a long term incentive plan to retain folks. The trick was that it was basically an option at a fixed value - you could later "purchase" the stock at that original price, and the difference between the original price and the new price was pure profit. This worked as long as line goes up. And for a few years it worked as intended, leading to some nice extra cash. But then one year the stock price started declining, and it never rebounded. I could still exercise those options, but I would be buying the stocks underwater - paying a higher price than they were worth. Just pure loss. At least in my case I was saved by the fact that we didn't pay anything until we exercised the option. So I could walk away from the stocks without penalty. But I went from tens of thousands in bonus cash to literally worthless incentives that I had racked up over the years. That's about the time I left. Rode that train all the way to the bottom.
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Jul 12, 2023 03:59
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ikanreed posted:Your assumption that there is miniscule value is a questionable one. You're right in that it has no market value, but in theory I have a thing that I could sell. Or, in some universe that would never happen, the market could suddenly decide that BBBY is actually worth $10/share, and I have some of that. At a certain point you don't even have that, you don't have something worth 0, you have null.
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Jul 12, 2023 04:48
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more falafel please posted:You're right in that it has no market value, but in theory I have a thing that I could sell. Or, in some universe that would never happen, the market could suddenly decide that BBBY is actually worth $10/share, and I have some of that. At a certain point you don't even have that, you don't have something worth 0, you have null. You still have the NFT you made out of a screenshot of your stock trade interface, forevially blockchainized.
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Jul 12, 2023 04:57
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So you're saying that if I make an NFT of a stonk at a certain price it will either stay at that price or go to the moon?! This is the super stock hack that's going to make us all rich!!!
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Jul 12, 2023 07:58
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Code Jockey posted:i'd like to short this post I'm making an NFT of this post.
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Jul 12, 2023 08:41
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Collateral Damage posted:The screenshots are all stupid, but this one takes the cake. These idiots have no idea what shorting is or what causes a short squeeze. The Gamestop squeeze broke their brains and now they see squeezes everywhere when GME was pretty much a freak occurence that is unlikely to be repeated anytime soon. And it was only ever gonna be so specifically because it was a freak occurrence, because hedge funds aren't gonna fall for that trick again. Just that everyone who's smart enough to realise that moved on immediately afterwards and all that's left is the bagholders. Mercury_Storm posted:Have there been stock market cults in the past? Usually cults have involved people just giving all their money away and/or committing ritualistic suicide rather than attempting to make a profit but perhaps we could say the same for all capitalism! Pyramid schemes are pretty close and have a lot of overlap with cults for a reason. Something about how the deliberate miseducation about money, economics and capitalism that's been standard in most of the world for over a century has resulted in people getting particular blind spots and complexes over money that are incredibly easy to exploit if you know how. The specific fixation on brands to a degree that gets cargo cult in multiple senses is the bit I find morbidly interesting. Despite the whole 'free market' ideology being built on supposedly being Darwinistic where only the strongest and most suited to the conditions survive, a considerably vocal subset of these weirdos seem to be unable to comprehend a big company that was once seemingly omnipresent going out of business simply because their business model became untenable, let alone bad management or deliberately ran into the ground for tax bullshit reasons. And not even brands they have any reason to be attached to- like goddamn, you can at least understand the TaleSpin guy was just fixated on a reasonably good if uneven and occasionally hella racist 90s Disney cartoon with some characters some people find sexy, and some cool planes. He clearly has the common nerd thing of mistaking his intense personal attachment for universal appeal, but at least there's genuine energy there. But it literally just seems to be that they recognise Bed Bath and Beyond from pop culture references, even if they've never chosen to enter one, and think it must be always there, like a kid who doesn't yet understand mommy and daddy can't read their mind.
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Jul 12, 2023 10:31
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money is a powerful force, and if you're poor and uneducated, it's a magical thing that makes all your problems go away. You just have to find the right church, huckster or tech mogul/prophet to give you the incantations needed to manifest it. It seems on the nose that one of the bigger MLM schemes is essential oil. They may as well just call it snake oil I don' t think it would stop anyone from buying in. Also, what part of the snake does the oil come from?
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Jul 12, 2023 14:32
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I think also a lot of people don't realise that being rich doesn't work like in the cartoons, billionaires don't actually have all their money attached to a single corporation. Brands are literally just that, and while there's a big legal fiction around corporations being these personal things, they are not.
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Jul 12, 2023 14:35
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Ghost Leviathan posted:And not even brands they have any reason to be attached to- like goddamn, you can at least understand the TaleSpin guy was just fixated on a reasonably good if uneven and occasionally hella racist 90s Disney cartoon with some characters some people find sexy, and some cool planes. He clearly has the common nerd thing of mistaking his intense personal attachment for universal appeal, but at least there's genuine energy there Who's this now?
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Jul 12, 2023 14:42
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Thesaurus posted:Who's this now? https://www.buttcoinfoundation.org/bitcoin-community-spotlight-logansryche/
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Jul 12, 2023 14:54
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Getting people to identify personally with the brand and treat any questioning of the get-rich-quick claims as an attack by malicious entities who want to destroy you is another tactic borrowed from MLMs. I sat through an MLM pitch once (someone asked me to go to their 'work mixer' and welp) but it was interesting how a chunk of it was attempts to alienate people from their families. Your family will say this is a scam because they're jealous of you and want you to fail. When you get rich you'll show all the haters.
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Jul 12, 2023 15:11
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Ghost Leviathan posted:But it literally just seems to be that they recognise Bed Bath and Beyond from pop culture references, even if they've never chosen to enter one, and think it must be always there, like a kid who doesn't yet understand mommy and daddy can't read their mind. Someone correct me if this isn’t right, but I believe they chose BBBY because it was being heavily shorted (because it was doing poorly) which is a requirement for a squeeze attempt to be successful. Nostalgia probably played some role as wel. They all hate SHFs (Short hedge funds?) and want them to go out of business like happened with one during the GameSpot squeeze.
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Jul 12, 2023 15:13
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I think that’s true, but BBBY both lacked the nostalgia appeal of GameStop (at least to the youngish, male, childless meme stock brigade) and was in much worse shape financially. So it couldn’t pull off the same trick.
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Jul 12, 2023 15:21
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That and it was so openly and explicitly trying to make lightning strike twice in an only vaguely similar situation in a way that no one was falling for it again.
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Jul 12, 2023 15:32
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VitalSigns posted:Getting people to identify personally with the brand and treat any questioning of the get-rich-quick claims as an attack by malicious entities who want to destroy you is another tactic borrowed from MLMs. lol you know it's good when they have to literally trick you into going.
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Jul 12, 2023 16:05
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The bait phase is the most interesting to me. Where it's like let's meet up and I'll tell you all about this thing, Which in any other circumstance I am not willing to tell you about.
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Jul 12, 2023 16:09
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I think cults would be way more successful if they gave you free golf clubs when you join.
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Jul 12, 2023 16:12
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The Pirate Captain posted:Someone correct me if this isn’t right, but I believe they chose BBBY because it was being heavily shorted (because it was doing poorly) which is a requirement for a squeeze attempt to be successful. Nostalgia probably played some role as wel. They all hate SHFs (Short hedge funds?) and want them to go out of business like happened with one during the GameSpot squeeze. I thought they chose it because Ryan Cohen (CEO of gamestock, PBUH) invested in it? Then after the pump he dumped his BBBY stock in August, leaving them holding the bags. Of course they still worship him and think he's involved in some way when in reality he duped them.
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Jul 12, 2023 16:14
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Impossibly Perfect Sphere posted:I doubt that would convince these people. I have a feeling that this bbby stuff will eventually fade into the background noise of dead-but-not-gone scams like the iraqi dinar scam, where the years go on and every now and then you'll see a reference to it, and rediscover that there are still a handful of people out there posting in dusty corners of the internet about how this ostensibly-worthless certificate will one day become immensely valuable for ~~reasons~~
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Jul 12, 2023 16:30
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Blotto_Otter posted:I have a feeling that this bbby stuff will eventually fade into the background noise of dead-but-not-gone scams like the iraqi dinar scam, where the years go on and every now and then you'll see a reference to it, and rediscover that there are still a handful of people out there posting in dusty corners of the internet about how this ostensibly-worthless certificate will one day become immensely valuable for ~~reasons~~ There's still a reddit for Sears hangers-on: https://www.reddit.com/r/SearsForever/
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Jul 12, 2023 16:40
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Ghost Leviathan posted:And it was only ever gonna be so specifically because it was a freak occurrence, because hedge funds aren't gonna fall for that trick again. Just that everyone who's smart enough to realise that moved on immediately afterwards and all that's left is the bagholders. The idea that Bed Bath and Beyond is going to rise from the grave and take on loving Amazon is just a galaxy brained moron idea. Amazon spent the last decade slowly murdering BBBY and every other brick and mortar retailer but somehow they're actually an 800lb gorilla waiting in the wings.
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Jul 12, 2023 17:00
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