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StandardVC10 posted:I feel like my intense disdain for GameStop is blinding me to the merits of this whole scheme GameStop is doomed, but that's completely beside the point. This just reveals to everyone that the stock market is a casino with no bearing on economic reality whatsoever. And that casino is staffed, overseen, and generally filled with cheaters.
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Jan 28, 2021 20:42
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Waltzing Along posted:Why is gamestop so high? For it to hit $300, someone had to actually buy the stock at $250, right? That's incredibly stupid. No, actually, you are not misunderstanding anything. My read on events is informed by people who have been subbed to r/wallstreetbets for a long time, but people have been trying to get Reddit to do this since last fall to set the whole thing off on their own positions. Before late August it was only worth $4-$5 and has been steadily climbing since then. You can get an exponential amount of people to go in on your philosophy, and the later they get in, the bigger suckers they are. Most of the people holding a position will absolutely take a bath.
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Jan 28, 2021 20:57
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S w a y z e posted:I remember reading the last 4 posts verbatim and even contributing one in the bitcoin thread way back in the day. You guys are right, these things are usually bubbles, but sometimes they aren't. At the end of the day smart money shouldn't ignore the possibility of masses of idiots stumbling into becoming millionaires online v0v It's easy to think this way but if you were into chasing the ground floor of bubbles all the time, 9 out of 10 would see you busting out in the end. You could have made millions on GME if you sank your life savings into it in August and then pulled the money out a week and a half ago. But... You probably wouldn't have done the latter, even if you had done the former. Anyway, r/wallstreetbets now reads like the ravings of a bunch of Jim Jones cultists mixed in with some very disillusioned people who thought they were going to burn it all down. For what it's worth, Bitcoin is still fundamentally unstable and is essentially designed to eventually collapse.
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Feb 8, 2021 22:12
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