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kazr
Jan 28, 2005

Chumbawumba4ever97 posted:

Ah so there was no specific reason they picked Gamestop?

There are 70 million shorts and only 49 million stocks available to trade. Most of these shorts come due Friday and if they aren't paid they're charged interest to the tune of 60%

Even though game stops model was dying before covid they have a lot of cash on hand and could put themselves into a competitive position again without taking on massive debt. That is, if their leadership gives a poo poo beyond looting the company and letting it die, but some pretty big high roller internet business people have been put on the board of directors

A lot of things all happening at the same time combined with the internet meme machine is making some bigly lols

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Meme Poker Party
Sep 1, 2006

by Azathoth

Chinatown posted:

all the bitchmade financial professionals screaming THIS ISNT A GAME ITS NOT A CASINO is the funniest part

because its in reality exactly those things

china bot
Sep 7, 2014

you listen HERE pal
SAY GOODBYE TO TELEPHONE SEX
Plaster Town Cop
https://twitter.com/scottshawverr/status/1354611305429094401

Philthy
Jan 28, 2003

Pillbug
that dude on reddit turned 50k into 50m. he sold 25% already and has millions.

lmao gamestop

Amarcarts
Feb 21, 2007

This looks a lot like suffering.
This poo poo is the first significant shake the market has had since last March and the big institutions are going to start profit-taking on a lot of their massive gains over the last 9 months to protect themselves from short-term volatility. We're already seeing everything contract. It's not guaranteed to result in another giant crash and it's really impossible to time the bottom on these things, but the "miracle of 2020" for the stock market may be over.

Pekinduck
May 10, 2008

ArbitraryC posted:

If it's so easy to wreck some big hedgefunds by propping up stock that should be any reasonable metric be failing how come that doesn't happen more often in a rich vs rich person scenario. I have a hard time believing there's so much collusion there's absolutely no one up top willing to take down other rich people in the name of their own profit. Is it just sort of a mutually assured destruction thing where it's taboo because they'd all ruin each other?

Partly I think its that they assumed other investors will behave in ways to make themselves a profit, not just to mess with hedge funds. I'm not an expert in this stuff but I don't think pumping up Gamestop would make a competing hedge fund money long term.

Hedge funds are notoriously delicate, a bunch spectacularly imploded in the 80's-90's all on their own. (and got government bailouts of course)

Fluffy Bunnies
Jan 10, 2009

If you can afford it, 1-2 shares of GME isn't a bad idea. Just be aware that you might also lose $700.

I think they're probably going to pump it until they ruin people's lives, which given that I've been predicting stock poo poo for a while now (it's all just bullshit, all those articles are bullshit), :lol:

I hope they're all billionaires before they're done.

kazr
Jan 28, 2005

Amarcarts posted:

This poo poo is the first significant shake the market has had since last March and the big institutions are going to start profit-taking on a lot of their massive gains over the last 9 months to protect themselves from short-term volatility. We're already seeing everything contract. It's not guaranteed to result in another giant crash and it's really impossible to time the bottom on these things, but the "miracle of 2020" for the stock market may be over.

Redditors pumping up Gamestop that ruins a few hedge funds and crashes the stock market is extremely the roaring '20s

Amarcarts
Feb 21, 2007

This looks a lot like suffering.
A lot of this also has to do with the fact that a significant amount of the new money in the market over the last year is from non-Wall Street people stuck at home bored with extra cash from not going on vacations or dining out. Trading is free everywhere these days so in the short term it costs nothing to mess around and gamble.

Chinatown
Sep 11, 2001

by Fluffdaddy
Fun Shoe
crash everything to the point where a house will be more attainable than a RTX 3000 series GPU.

imho

Meme Poker Party
Sep 1, 2006

by Azathoth

kazr posted:

Redditors pumping up Gamestop that ruins a few hedge funds and crashes the stock market is extremely the roaring '20s

The roaring 20's.


*100 years pass*


The lol'ing 20's.

Sophy Wackles
Dec 17, 2000

> access main security grid
access: PERMISSION DENIED.





Chumbawumba4ever97 posted:

Ah so there was no specific reason they picked Gamestop?

It was (and is?) the most heavily shorted stock. They picked it specifically to try to create a short squeeze and make a ton of money, which some redditors who got in early did.

NutritiousSnack
Jul 12, 2011

deadeyez posted:

very poor people left

It legit only is Hedge Fund Managers. This is a victimless crime, which is why they are going to be bailed out

ArbitraryC
Jan 28, 2009
Pick a number, any number
Pillbug

Pekinduck posted:

Partly I think its that they assumed other investors will behave in ways to make themselves a profit, not just to mess with hedge funds. I'm not an expert in this stuff but I don't think pumping up Gamestop would make a competing hedge fund money long term.

You operate at a loss to make the competition lose more money then take on all their clients when they go out of business before you do or w/e, it's a p typical strategy when one fish gets bigger enough to fast for a bit while chasing down another fish. Obviously I'm being incredibly simplistic here but I find it hard to believe that something so easy to do you could get a bunch of tangentially related internet small time investors together to make a big enough impact isn't a wildly used strategy among bigger people just to crush competition.

Just legit curious on why this isn't used more often, if it just happened to be an incredibly lucky blow or if a bunch of redditors are also about to lose as much if not more money than they cost the funds they were fighting.

Fluffy Bunnies
Jan 10, 2009

ArbitraryC posted:

You operate at a loss to make the competition lose more money then take on all their clients when they go out of business before you do or w/e, it's a p typical strategy when one fish gets bigger enough to fast for a bit while chasing down another fish. Obviously I'm being incredibly simplistic here but I find it hard to believe that something so easy to do you could get a bunch of tangentially related internet small time investors together to make a big enough impact isn't a wildly used strategy among bigger people just to crush competition.

Just legit curious on why this isn't used more often, if it just happened to be an incredibly lucky blow or if a bunch of redditors are also about to lose as much if not more money than they cost the funds they were fighting.

Because the bigger groups are terrified of getting shut down/fines/etc. Redditors have nothing to lose. This is definitely treading some fine lines but it isn't over any of them.

money making game
Feb 14, 2003

https://mobile.twitter.com/EricBalchunas/status/1354187341582233611

Pretty krad

Meme Poker Party
Sep 1, 2006

by Azathoth
GameStop the Steal (of hedge fund money).

Mazz
Dec 12, 2012

Orion, this is Sperglord Actual.
Come on home.
Super interested to see what happens between now and Friday with the weekly calls, but yeah god drat that one dude on Reddit is up 25 million today. Just insane.

Whole lot of dumb people dumping their live savings into this at like $300/share tho which is pretty fuckin' questionable. Time will tell.

Mazz fucked around with this message at 05:41 on Jan 28, 2021

ohnobugs
Feb 22, 2003


ArbitraryC posted:

You operate at a loss to make the competition lose more money then take on all their clients when they go out of business before you do or w/e, it's a p typical strategy when one fish gets bigger enough to fast for a bit while chasing down another fish. Obviously I'm being incredibly simplistic here but I find it hard to believe that something so easy to do you could get a bunch of tangentially related internet small time investors together to make a big enough impact isn't a wildly used strategy among bigger people just to crush competition.

Just legit curious on why this isn't used more often, if it just happened to be an incredibly lucky blow or if a bunch of redditors are also about to lose as much if not more money than they cost the funds they were fighting.

I think the how and why of this is gonna be debated for a long time. It's just so enjoyable watching retail investors gently caress over the hedge funds for once.

Fluffy Bunnies
Jan 10, 2009

Mazz posted:

Super interested to see what happens between now and Friday with the weekly calls, but yeah god drat that one dude on Reddit is up 25 million today. Just insane.

Whole lot of dumb people dumping their live savings into this at like $300/share tho which is pretty fuckin' questionable. Time will tell.

With it going viral like this, I assume it's going to pop very, very hard after opening tip, drop a little as short-term people fall to the side, then redditors will fuel it to 400-500 if they're being serious. They sure seem to be.

Grevlek
Jan 11, 2004
Anyone else expect Biden to come out tomorrow morning and denounce this horrific attack on our capital?

Chumbawumba4ever97
Dec 31, 2000

by Fluffdaddy
I have an extremely dumb question. Does Gamestop themselves actually benefit from this at all? Like, can they renovate more stores or something because their stock went up? Or is that not work stocks work?

Sophy Wackles
Dec 17, 2000

> access main security grid
access: PERMISSION DENIED.





Fluffy Bunnies posted:

With it going viral like this, I assume it's going to pop very, very hard after opening tip, drop a little as short-term people fall to the side, then redditors will fuel it to 400-500 if they're being serious. They sure seem to be.

Going to be interesting. I was watching it after hours and GME dropped like 35% in a few minutes just because WSB closed down temporarily (stock back up but still down 15%). So pretty much anything could be the catalyst to a massive crash where all the retail investors lose everything.

Blistex
Oct 30, 2003

Macho Business
Donkey Wrestler
https://mobile.twitter.com/screaminbutcalm/status/1105577845642878976

money making game
Feb 14, 2003

Chumbawumba4ever97 posted:

I have an extremely dumb question. Does Gamestop themselves actually benefit from this at all? Like, can they renovate more stores or something because their stock went up? Or is that not work stocks work?

I'd imagine quite a few form 4's will be coming out from the insiders in the next week or so, but to answer your question, yes, this influx will allow them the runway to re-pivot to the online marketplace they've been wanting to capture just like steam and epic have been successful on and, eventually, additionally turn their retail spots into e-sports arenas.

Chinatown
Sep 11, 2001

by Fluffdaddy
Fun Shoe

Chumbawumba4ever97 posted:

I have an extremely dumb question. Does Gamestop themselves actually benefit from this at all? Like, can they renovate more stores or something because their stock went up? Or is that not work stocks work?

store renovations are often paid for, at least partially, by the landlord actually

Dignity Van Houten
Jul 28, 2006

abcdefghijk
ELLAMENNO-P


Convince me I'm wrong - everyone buying shares NOW is screwed unless they get lucky and sell at peak, which might be between this and next Friday. Or does everyone think it just goes up forever?

feelix
Nov 27, 2016

Chumbawumba4ever97 posted:

I have an extremely dumb question. Does Gamestop themselves actually benefit from this at all? Like, can they renovate more stores or something because their stock went up? Or is that not work stocks work?

I would like to know this as well.

I think there may be some negative consequences if the stock craters? I remember people started buying Nintendo stock like crazy because of Pokemon GO and they actually had to make a public announcement telling people "chill out, we don't actually have anything to do with that game"

Katamari Democracy
Jan 19, 2010

Guess what! :love:
Guess what this is? :love:
A Post, Just for you! :love:
Wedge Regret
If this fucks over some hedge people I am all for it. And if it continues to get the ball rolling on other hedge people that can only mean comedy

feelix
Nov 27, 2016

money making game posted:

I'd imagine quite a few form 4's will be coming out from the insiders in the next week or so, but to answer your question, yes, this influx will allow them the runway to re-pivot to the online marketplace they've been wanting to capture just like steam and epic have been successful on and, eventually, additionally turn their retail spots into e-sports arenas.

How does the money actually reach the company though? Aren't the shares just exchanging hands between parties that are completely separate from the company?

WhyteRyce
Dec 30, 2001

Chinatown posted:

all the bitchmade financial professionals screaming THIS ISNT A GAME ITS NOT A CASINO is the funniest part

because its in reality exactly those things

https://twitter.com/MarketWatch/status/1354468038452637699

money making game
Feb 14, 2003

Some larger percentage holders attend shareholder meetings and have a number of votes tied in to what the company does because they, uh, own a portion of the company.

Flannelette
Jan 17, 2010


"The peasants have finally figured out captilism is a giant joke game and are doing the stockmaket equivalent of flying your base around the map for 30 minutes in starcraft until the opponent quits" is a good addition to 2021. Having people wake up to the choices being more than "do nothing and carry on with how it is" and "communist revolution" might kick some things in motion.

Flannelette fucked around with this message at 06:11 on Jan 28, 2021

Meme Poker Party
Sep 1, 2006

by Azathoth

Katamari Democracy posted:

If this fucks over some hedge people I am all for it.

well why not
Feb 10, 2009




yeah this rocks, i hope everyone jumps into the stock market and it gets cancelled or dies, or whatever is bad for the fat cats who run the place.

maniacripper
May 3, 2009
STANNIS BURNS SHIREEN
HIZDAR IS THE HARPY
JON GETS STABBED TO DEATH
DANY FLIES OFF ON DROGON
I bought 1500 bucks worth at $152 two days ago after missing out on every other major WSB play the last 2 years and before I got home from work I had already lost $700 bucks. I considered it spent money when I bought the shares so I left it in and I'm riding until jupiter or bust!

I'd love to 10 or 20 bag but seriously at this point it's not about the money for me it's a carry over of what we couldn't finish with occupy wall street, just see them bleed and suffer consequences just loving one time pleeeeeease god.

maniacripper fucked around with this message at 06:14 on Jan 28, 2021

Meme Poker Party
Sep 1, 2006

by Azathoth

Opinion: suck my stonk, you hedgeman.

feelix
Nov 27, 2016

money making game posted:

Some larger percentage holders attend shareholder meetings and have a number of votes tied in to what the company does because they, uh, own a portion of the company.

I looked up shareholder meetings and it doesn't seem like there's any actual voting, just non-binding complaining. Even if there was voting, how would the logistics of it work regarding a large number of redditors holding a small stake each?

WhyteRyce
Dec 30, 2001

feelix posted:

I looked up shareholder meetings and it doesn't seem like there's any actual voting, just non-binding complaining. Even if there was voting, how would the logistics of it work regarding a large number of redditors holding a small stake each?

Theyll just upvote the policies they like

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Weka
May 5, 2019

That child totally had it coming. Nobody should be able to be out at dusk except cars.
How long until musk takes credit for this?

Edit: apparently this tactic is a thing. Wiki:
"In November 2015, Martin Shkreli orchestrated a violent short squeeze on failed biotech KaloBios that caused its share price to rise by a staggering 10,000% in just five trading days. KBIO had been perceived by short sellers as a “no brainer near term zero"

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