GameStop, Reddit and Wallstreet

Bran

The wolf dead.
Joined
Oct 13, 2008
Location
Chicago, Thrillinois
I'm kinda surprised there isn't a thread on this already because it's the majority of what I've seen on Facebook yesterday and today. Anyone following this or know what I'm talking about? I only vaguely understand it, but it appears to be pissing off a lot of white collar rich folks.
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Kevo

SMOKE BOMB!
Joined
Feb 1, 2010
Location
Evanston
I was going to get in on some of that AMC but Robinhood pulled the plug on that and about a dozen other stocks.

One of those being Nokia which my wife inexplicably owns, so hoping that gets pumped up lol
 

Anchorpunch

Well-Known Member
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Nov 29, 2014
One of the billionaires that's been swindled or one of the billionaires cashing in?
I only work for billionaires who don't get swindled ;). Basically, the guys "bailing out" the short sellers are going to make a nice profit for helping a friend.
 

Anchorpunch

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Nov 29, 2014
My take as of now, before hearing my billionaire overlord's perspective, is that there was nothing wrong with this. This kind of betting is the reasonable extension of the kind of things that happen when 20% of your economy is professional gambling. Everything that happened was done in public without private collusion. Fuck the gubmint if they shut this down.
 

Palma

I am chaos
Joined
Aug 25, 2008
Location
Sacramento, CA
I'm kinda surprised there isn't a thread on this already because it's the majority of what I've seen on Facebook yesterday and today. Anyone following this or know what I'm talking about? I only vaguely understand it, but it appears to be pissing off a lot of white collar rich folks.
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I was too lazy to post it, but I love it. I was able to buy a share of Black Berry before they stopped allowing people to buy it.
It’s pretty fucked up what brokerages are doing to stop it.
 

strife

I
Joined
Aug 28, 2008
Location
Richmond, VA
ngl, I ALMOST made one this morning. "Free market" being regulated by those losing, imagine that. Thinking of putting $500 into AMC :p
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I was going to get in on some of that AMC but Robinhood pulled the plug on that and about a dozen other stocks.

One of those being Nokia which my wife inexplicably owns, so hoping that gets pumped up lol
Plenty of other apps still allowing trades. Cash App is good to go on AMC last I checked
 
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m1ckey kn0x

Well-Known Member
Site Donor
Joined
Feb 2, 2011
I’m loving it. I scooped up some GameStop yesterday. I was going to get more of it today but then robinhood pulled their shit. What a disgrace to the Robin Hood name. I wouldn’t waste my time with AMC or any of the other stocks. Those were all being used as a distraction to take action away from GME. GME is what you want. This is not financial advice.

Basically, these hedgefunds shorted 140% of the GameStop stock. 40% more than what actually existed. Naked shorts which is illegal. Wall Street has gotten away with shit like this for decades and shits all over the little guy while laughing their way to the bank. Well this is the one time the little guy was able to band together (like a hedgefund) and source enough buying power to actually make a real move. And boy, has it been a legendary event. There is loads and loads more to this that I can’t possibly type out but if you go and spend some time on Wallstreetbets, you’ll learn plenty.

Because they shorted 40% more shares than exist, making promises to their investors, they now need to buy 100% of the shares back and that still won’t even get them out of the hole with all the money that they are losing of which they don’t even have. This is why people are convinced they will make money because the longer we hold, the higher the price goes up, and what everyone is waiting for is called the SQUEEZE. The short ratio is estimated to take them 5-6 days from the point that they realize their loss and start the process to cover all their shorts. That means during a 5-6 day period, the price will skyrocket and the hedgefunds will be the ones left holding the bag unless you are ultra stupid greedy. However if they choose not to cover their shorts and continue to hold out, as long as retail investors continue to HOLD, they can’t buy the shares back that they need to save their ass, so the price will also rise from that alone, and could do so theoretically infinitely.

sorry for the wall of text, but yeah, there’s a lot more to this. This isn’t just about the money, it’s about a message people believe in about classism. Fuck the ultra rich that hold us down basically.

If you want to be a part of the story, or feel like gambling some money, go buy some GME stock and join the party. Because this is a worldwide party right now. But be warned as this is uncharted territory and no one has a fucking clue what’s really going to happen.

Best believe all the strings are being pulled by the hedgefunds and their financial/political ties.

The brokers and big banks would have to bail them out the higher then price goes. There is speculation that this could crash the entire market or almost did already. Serious shit going on and all revolving around GAMESTOP stock. Clown world. Very interesting though, “Game Stop.” Weird.

There are many high profile billionaire heads and political figures cheering the retailers on and are siding against Wall Street here.

WallstreetBets are being painted as the villains and the wallstreet hedgefunds as the victims by CNBC. What a crock of shit.

All hail to the king, DeepFuckingValue!
 
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Kevo

SMOKE BOMB!
Joined
Feb 1, 2010
Location
Evanston
I’m loving it. I scooped up some GameStop yesterday. I was going to get more of it today but then robinhood pulled their shit. What a disgrace to the Robin Hood name. I wouldn’t waste my time with AMC or any of the other stocks. Those were all being used as a distraction to take action away from GME. GME is what you want. This is not financial advice.

Basically, these hedgefunds shorted 140% of the GameStop stock. 40% more than what actually existed. Naked shorts which is illegal. Wall Street has gotten away with shit like this for decades and shits all over the little guy while laughing their way to the bank. Well this is the one time the little guy was able to band together (like a hedgefund) and source enough buying power to actually make a real move. And boy, has it been a legendary event. There is loads and loads more to this that I can’t possibly type out but if you go and spend some time on Wallstreetbets, you’ll learn plenty.

Because they shorted 40% more shares than exist, making promises to their investors, they now need to buy 100% of the shares back and that still won’t even get them out of the hole with all the money that they are losing of which they don’t even have. This is why people are convinced they will make money because the longer we hold, the higher the price goes up, and what everyone is waiting for is called the SQUEEZE. The short ratio is estimated to take them 5-6 days from the point that they realize their loss and start the process to cover all their shorts. That means during a 5-6 day period, the price will skyrocket and the hedgefunds will be the ones left holding the bag unless you are ultra stupid greedy. However if they choose not to cover their shorts and continue to hold out, as long as retail investors continue to HOLD, they can’t buy the shares back that they need to save their ass, so the price will also rise from that alone, and could do so theoretically infinitely.

sorry for the wall of text, but yeah, there’s a lot more to this. This isn’t just about the money, it’s about a message people believe in about classism. Fuck the ultra rich that hold us down basically.

If you want to be a part of the story, or feel like gambling some money, go buy some GME stock and join the party. Because this is a worldwide party right now. But be warned as this is uncharted territory and no one has a fucking clue what’s really going to happen.

Best believe all the strings are being pulled by the hedgefunds and their financial/political ties.

The brokers and big banks would have to bail them out the higher then price goes. There is speculation that this could crash the entire market or almost did already. Serious shit going on and all revolving around GAMESTOP stock. Clown world. Very interesting though, “Game Stop.” Weird.

There are many high profile billionaire heads and political figures cheering the retailers on and are siding against Wall Street here.

WallstreetBets are being painted as the villains and the wallstreet hedgefunds as the victims by CNBC. What a crock of shit.

All hail to the king, DeepFuckingValue!
I was thinking about getting some AMC tomorrow, GME is out of my league at this point.
 

ILJO

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Aug 27, 2008
Location
The Streets!
This isn’t just about the money, it’s about a message people believe in about classism. Fuck the ultra rich that hold us down basically.
I would bet that most people are just trying to make a buck. They are going to sell soon.

It's the same exact shit these hedgefunds do. Artificially driving up or down prices for a short term gain.

People just saw an opportunity. Sticking it to the man is kind of secondary, me thinks.
 

m1ckey kn0x

Well-Known Member
Site Donor
Joined
Feb 2, 2011
I was thinking about getting some AMC tomorrow, GME is out of my league at this point.
I was late to make any serious returns like all these new multimillionaires but I look at it as hey, if I can double or triple my investment no matter what it is, that’s great for me. And I don’t really understand exactly what’s going on here but it seems like millions of people think the price can keep going up because of this unique situation. It’s as if the stock holders have the institution by the balls so long as we collectively hold a large portion of the shares. Again, I don’t really know what’s really happening here besides that it is insane.

But as I said, the big squeeze is what everyone is waiting for to get started and it will be unmistakeable when it begins. It could start tomorrow or next week, or longer if the institutions keep trying to fight it out. That’s the time to sell at your own discretion.

I would bet that most people are just trying to make a buck. They are going to sell soon.

It's the same exact shit these hedgefunds do. Artificially driving up or down prices for a short term gain.

People just saw an opportunity. Sticking it to the man is kind of secondary, me thinks.
Yes for sure, the money is the motive. There’s some people who are purely driven by the money and some that are actually for the message first. It’s a mix of both together.

I have a buddy down in south Florida who has a friend that was able to buy $20k worth fairly early. He sold 95% today and made a million dollars. My friend said he was on his way down to Miami to buy a yellow aventador lambo and planned on putting the GameStop emblem on it. I don’t make this shit up.

edit: good lord I had to edit the shit out of this post, idk how I butchered it the way I did
 
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FrankieButNotEdgar

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Site Donor
Joined
Aug 27, 2008
You shouldn’t be able to “borrow” stock. You should either buy stock or sell stock but the notion of borrowing it to buy it later seems asinine to me.

What happens when GameStop stock value returns to normal? This won’t go on forever, GameStop will continue to struggle to keep their doors open. It’s a false balloon in value.
 

Ct_L33T

Well-Known Member
Joined
Feb 27, 2012
Location
Atlanta, Ga
You shouldn’t be able to “borrow” stock. You should either buy stock or sell stock but the notion of borrowing it to buy it later seems asinine to me.

What happens when GameStop stock value returns to normal? This won’t go on forever, GameStop will continue to struggle to keep their doors open. It’s a false balloon in value.
You don't think that stock options should be a thing?
 

FrankieButNotEdgar

Well-Known Member
Site Donor
Joined
Aug 27, 2008
You don't think that stock options should be a thing?
I don’t understand the stock market so I’ll preface what I said with that. But the notion you can borrow stock but not pay for it shouldn’t be a thing. Either buy it or don’t buy it but borrowing it and paying later is crazy to me.
 

Anchorpunch

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Site Donor
Joined
Nov 29, 2014
I don’t understand the stock market so I’ll preface what I said with that. But the notion you can borrow stock but not pay for it shouldn’t be a thing. Either buy it or don’t buy it but borrowing it and paying later is crazy to me.
Is borrowing money crazy? What about a DVD? As long as you own it, it's yours to lend as you see fit.
 

Ninjastix

The Fat Mamba
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Location
Raleigh
Is borrowing money crazy? What about a DVD? As long as you own it, it's yours to lend as you see fit.
I don't know if that's 100% analogous only because DvDs and cash are somewhat more material, actionable, and accessible items concerning their ability to be traded. But I don't decry stock holders who lend shares. Shorting is risk and I see new reason to absolve risk because a previously unthought of method increased it. Or restored it.
 

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