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There's that meme about turning $500 into $2000 "This is not a pyramid scheme. We will be selling crack."
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Feb 1, 2021 03:49
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eSports Chaebol posted:
I mean, really, who would just go on the internet and tell lies? Why would people do that? I’m happy we can agree to take everything people post online at face value.
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Feb 1, 2021 03:51
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Mr_Companie posted:In terms you nerds might understand - it's like i paid retail 1993 prices for alpha cards, and right now they're publishing beta. NFT's, guys. Flowchain. Can you say this in french por favor?
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Feb 1, 2021 03:55
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the heat goes wrong posted:Looks like the video ending is cut off. There are few minutes more where he talks about it. Ok, that's much more interesting. He still doesn't say what you said, and I'm sure if he had the guy with a #wallstreetbets hashtag would have shown it. Is intentionally causing a short squeeze illegal? Like, if you remove the populist / distributed action part and said, one billionaire hedge fund plows money into gamestop in an attempt to short squeeze another hedge fund. It seems like the answer is no, it's legal, and the old man who is aiming a webcam at the top of his head is wrong. He might prefer if it was illegal. He also suggests that shorting more that 100% of stock should not be allowed. That sounds like a sensible market regulation to me! We should do that, afterwards. The SEC says: quote:Although some short squeezes may occur naturally in the market, a scheme to manipulate the price or availability of stock in order to cause a short squeeze is illegal Regardless, the guy still has a legit point: the GME short squeeze can't go to infinity. Halting buys because their clearinghouse and their brokerage could not fill the orders is not done to force the price down. It's because there isn't enough available stock to fill the buys. I don't see that as some ludicrous, obvious lie.
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Feb 1, 2021 04:03
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The NBA launched a new kind of digital collectible, using NFT's (non fungible tokens) to create digital collectibles that can be bought and sold on an all digital marketplace. The company that runs the blockchain is releasing other NFT collectible projects in the near future with other brands. It's digital trading cards you can track, with scarcity. They are literally just blowing up in the last few weeks and NBA top shot is the biggest one. Mark Cuban wrote a blog post about it today, and the founders are on clubhouse talking about it. It's still in Beta and the website runs like poo poo, but theres already a huge market for it. Theyre project 3 billion in sales by the end of the year. There are still fewer than 100k users so, it's poised to blow up big. Card prices have gone up several thousand percent, depending on what you purchased. The most expensive limited edition pack sold for 230 retail for 11 digital cards. The average expected return for any eleven of those is at least 11,000 dollars. The top selling moments have sold for 100,000. Links to prove I'm not full of poo poo - https://www.nbatopshot.com the website. It's constantly crashing. the discord server has about 9000 users on at any given time and around 42000 members. https://cryptoslam.io/nba-top-shot/ This is a tracker of all exchanges on the marketplace. Look at how much money the top sellers have made in three days. The marketplace is only averaging around 6000 sales a day right now. https://twitter.com/mcuban/status/1355995109733621762?s=20 They run on flow block chain, found here https://www.onflow.org/ Topps is doing something similar on another blockchain but I'm not as familiar. All of these products are very new and have small markets. Mr_Companie fucked around with this message at 04:17 on Feb 1, 2021 |
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Feb 1, 2021 04:04
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Mr_Companie posted:The NBA launched a new kind of digital collectible, using NFT's (non fungible tokens) to create digital collectibles that can be bought and sold on an all digital marketplace. The company that runs the blockchain is releasing other NFT collectible projects in the near future with other brands. Sounds dumb as hell to me but whatever people want to spend/waste money on I guess.
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Feb 1, 2021 04:07
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1redflag posted:I mean, really, who would just go on the internet and tell lies? Why would people do that? I’m happy we can agree to take everything people post online at face value. i think people on the internet would lie to get people to jump on a bandwagon for their own benefit THIS DOESNT MEAN THE BANDWAGON ISNT REAL i mean it's like saying that cult leaders lie...therefore cults dont exist and no one is a cult follower. wtf?
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Feb 1, 2021 04:08
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Meme Poker Party posted:Sounds dumb as hell to me but whatever people want to spend/waste money on I guess. Yeah, I don't understand why someone would want them, but they do. Sports collectibles are having a moment lately.
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Feb 1, 2021 04:09
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This sort of fervour is the sort of thing that heralds an incoming, horrific capitulation of the market. Everything with some inherent value is so massively overvalued, speculators are now looking to things that have no value whatsoever like..check notes...clips of basketball games The question is what finally pushes it over the edge.
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Feb 1, 2021 04:09
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Imagine a digital Magic: The Gathering card but pointless and way more expensive. *Makes millions of dollars*
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Feb 1, 2021 04:12
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Dont Touch ME posted:Its literally pronounced "doggy" you imbeciles hahahahahahahahahaha aaaahahahahahahahahahahahaha
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Feb 1, 2021 04:13
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me; it's dumb to buy magic beans my aquaintences; those beans are worth a fortune. i bet u feel real stupid now lol
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Feb 1, 2021 04:16
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abigserve posted:This sort of fervour is the sort of thing that heralds an incoming, horrific capitulation of the market. Everything with some inherent value is so massively overvalued, speculators are now looking to things that have no value whatsoever like..check notes...clips of basketball games yup. the other only question is this mania going to break next week or 7 years from now? there’s no way to know until it’s too late! have fun everyone!!
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Feb 1, 2021 04:21
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AMC to the moon ＤｅｅｐＦｕｃｋｉｎｇＶａｌｕｅ 逸恩ね
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Feb 1, 2021 04:23
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Feb 1, 2021 04:33
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Klyith posted:Is intentionally causing a short squeeze illegal? Like, if you remove the populist / distributed action part and said, one billionaire hedge fund plows money Some years ago, 2013 or so a few billionaires fought it out over Herbalife Bill Ackman shorted, and Carl Icahn, George Soros and other challenged by buying herbalife (lol). Many SEC things happen and herablife had to restructure, its a great story to look in to. Does this show how it's different or the same for the billionaires to do battle against other billionaires rather than redditors vs billionaires. Is it okay or is it not? Klyith posted:The SEC says: I think the important word here is not manipulation, but scheme. My opinion is WSB is not a scheme, but a meme. Fist fucked around with this message at 04:37 on Feb 1, 2021 |
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Feb 1, 2021 04:35
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Manipulation sounds wrong. There were a bunch of guys saying hey this stock is undervalued* and a bunch of guys who are telling you to sell are BSing. *Part of being undervalued was being shorted to the gills but not sure if it's illegal to say "Hey these people will have a strong need to buy so screw with them". Is that manipulation?
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Feb 1, 2021 05:49
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Fist posted:
Scheme needs to have a set plan which you're never going to prove and manipulation is too broad in that anyone who buys stock or hope it changes in value or spreads propaganda for a company is manipulating.
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Feb 1, 2021 05:52
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Dunno how true this is, but if it is then fuckin lol https://www.reddit.com/r/wallstreetbets/comments/l97ykd/the_real_reason_wall_street_is_terrified_of_the/ tldr - its possible there are millions of counterfeit shares of GME, and the collective group of shareholders, retail investors, etc may right now be holding more shares than actually exist
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Feb 1, 2021 06:01
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Fake James posted:Dunno how true this is, but if it is then fuckin lol This is a normal thing they do though, short more shares than exist. I was wondering before what happens when it comes time for the contract for these made up shares expires and gamestop doesn't want to create them. Edit this is a different thing where there are actually more owned out right shares than possible which is just normal fraud if true. Flannelette fucked around with this message at 06:10 on Feb 1, 2021 |
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Feb 1, 2021 06:08
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Fake James posted:Dunno how true this is, but if it is then fuckin lol LOL is it simple like I lend you 1000 shares you promise to repay and now you possess 1000 shares but I still say I "own" 1000?
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Feb 1, 2021 06:09
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Bright Bart posted:LOL is it simple like I lend you 1000 shares you promise to repay and now you possess 1000 shares but I still say I "own" 1000? Possibly just that, but it also possible that it is the same scenario you describe but then in the end discovering the 1000 shares that were lent out never existed in the first place but we now both are claiming to have the shares.
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Feb 1, 2021 06:16
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Drone_Fragger posted:It isn’t a pump and dump. The shares *are* valuable because the hedge funds have to buy them. They decided to short 140% of the total float, so at some point will have to buy every single share to return to who lent them to them in the first place, then buy them back off them to return them again to the remaining 40%. The closest real world analogue I can think of is someone selling 10 collectible baseball cards before they actually own them, then finding out that not only do only 6 of those cards exist but that the 4 people who own them will not part unless you pay them 100 times more what you believed they were worth. So what you're saying is that normal people were able to pump the price through word of mouth and are planning to dump those shares on the hedge funds who need to eventually buy them
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Feb 1, 2021 06:25
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At some point you're just describing all investing, unless you somehow assume you're going to get a seat on the board?
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Feb 1, 2021 06:31
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Bright Bart posted:Manipulation sounds wrong. There were a bunch of guys saying hey this stock is undervalued* and a bunch of guys who are telling you to sell are BSing. I guess one could claim that memes about Diamond Hands and predicting that the price is going to the moon is a form of manipulation, like those posts are clearly made with the intention of driving the price higher. It's the same kind of manipulation that wall street has engaged in literally every day for over a century, though, so it's a little silly to complain about it now
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Feb 1, 2021 06:34
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Oh no I didn't think about the taxes, how am I going to afford the taxes on this financial windfall??? I'm ruined!
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Feb 1, 2021 06:40
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QuarkJets posted:Oh no I didn't think about the taxes, how am I going to afford the taxes on this financial windfall??? I'm ruined! You mean to tell me they need to pay anywhere up to 37% on the thousands of dollars they made just by clicking a few buttons? Just doesn't seem worth it!
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Feb 1, 2021 06:49
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Granted there are always fools who go bankrupt after winning lottery because they blow through it all, and I both feel sad for them and laugh at their financial ineptitude... but "haha you have to pay taxes on your windfall based on whatever your marginal rates wind up being" is simply not an effective burn
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Feb 1, 2021 07:04
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me, sitting at the slot machine with an incredulous look on my face as the reels stop on 777 and the machine starts spewing out coins, just shooting the drat things everywhere, coins breaking windows and beaning people upside the head while everyone nearby points and laughs at my misfortune: "this is the worst day of my life. how could this have happened"
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Feb 1, 2021 07:43
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poors won't try to acquire wealth if they are terrified of getting taxed
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Feb 1, 2021 08:14
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Ripple (which from what I've read is even worse than dog coin) is doing weird stuff now.
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Feb 1, 2021 08:15
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Fake James posted:Dunno how true this is, but if it is then fuckin lol Sounds like some rock-solid evidence. quote:Moreover, there are now more than 7 million people subscribed to r/wallstreetbets~~. I know lots of people here are sitting on a few hundred shares that they bought back when it was under $50. Some of us are even holding thousands. If the average number of shares owned by each subscriber is even close to 5-10, we have a very good shot at also owning a similarly enormous amount of GME.~~ Even if the average was just 10 shares per legit subscriber, that puts the minimum retail position at about 30-50% of the entire company. I mean, how could you possibly argue that something fishy isn't going on with analysis like that?
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Feb 1, 2021 08:23
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Flannelette posted:Ripple (which from what I've read is even worse than dog coin) is doing weird stuff now.
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Feb 1, 2021 08:27
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They're doing something because in the last 3 hours it's tracking to be over 1$ a share.
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Feb 1, 2021 08:50
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What all this reminds me off the most is naturally the bitcoin craze of late 2017. After years or going up or down a relatively stable price rang rbitcoins started going up pretty quickly. The bitcoiners being a bunch of techies who got super enthusiastic about it started crowing about how great it was even louder than before, which lead some normal investors/gamblers to also get in. After continuing a huge run up suddenly everyone got into bitcoin when it had already grown in value 10 times, with the shoeshine and Joe at the bar suddenly talking about hodling and crypto. It then crashed, many people were left holding the back, yada yada yada. What I remember about that time on top of bitcoin was that many, many other crypto suddenly were created and pumped, as everyone wanted to get into the next bitcoin begore it blasted off. It was a real mania about ethereums, yotas, ripples what have you. This is what I'm feeling now, lots of people are wildly investing in stock like amc, bb, bby and so on hoping to catch it riding up, even though it has none of the underlying strategy that gme is trying to pull. These are all real pump and dumps, and this will lead once again to a lot of people holding the bag. Tldr of this summary with no real new insights: if you've got any skin in this sell yo poo poo, all the meme stocks are up bigly in the EU so far so it's propably as good as its gonna get. Gambling is fun as long as you're winning, once it's all gone and you sober up you feel like a tool.
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Feb 1, 2021 09:12
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Checking again and doge coin seems to have decided to buck the trend and show that a crypto coin can be stable currency.
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Feb 1, 2021 09:52
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OMFG FURRY posted:poors won't try to acquire wealth if they are terrified of getting taxed Problem is even some fairly well off people don't understand marginal tax rates and conversely some poor people do. What you need is to actually make it a threat. Set a fee partaking in the market. An infrastructure tax. Make it deductible but poor will never pan that much income tak anyways sobie it's out of pocket for them.
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Feb 1, 2021 10:56
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Hypnocoin is the only true currency. All other currency is inferior. I love hypnocoin 
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Feb 1, 2021 11:00
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Flannelette posted:Checking again and doge coin seems to have decided to buck the trend and show that a crypto coin can be stable currency. LOL. But the narrative right now is that it won't go up unil later in the week. That when it started to rise people made accounts and transfered money to by but verification and transfers weren't in time to keep the momentem going. I am what you call an unsophisticated investor. Bright Bart fucked around with this message at 11:07 on Feb 1, 2021 |
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Feb 1, 2021 11:04
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My advice to everyone is pay your rent, fill your apartment with beans and pray that Wall Street doesn't collapse until after you've done so.
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Feb 1, 2021 11:21
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