This is hilarious.
This is also a great opportunity to talk to people you know to make the point "stocks aren't the actual economy, a bunch of redditors can drive up a stock price like this off gamestop doing nothing differently. This is essentially what the financial sector does to make money at this point."
Multiple investment newspapers have said the same thing straight up "this is an example of a stock that is detached from reality"
To me its akin to how the financial times can be more forthwith with news as their goal is to inform the ruling class rather than manage the working class
Yeah really strange how this one isolated thing can be "detached from reality" in our otherwise perfect and rational system
“this is an example of
ahow stocksthat isare detached from reality”it's not detached from reality at all, it's the fundamentals of how shorting a stock works.
a TON of people shorted gstop. When the price increased, they were forced to cover by their broker, which drove the price up further, which forced others to cover, etc. This happened to Volkswagen back in 2008.
https://static.seekingalpha.com/uploads/2011/9/1/761622-131486118267016-Nicu-Mihalache_origin.png
now the whole system itself is detached from the physical reality of our planet, sure. But nothing about gamestop is detached from the reality of how the stock market works.
Waiting on Robinhood to verify my account
:bernie-pout:
If you upgrade to a gold account you can get up to $5k in instant transfers, you just have to initiate a deposit. Regular accounts are limited to $1k.
Wow...should have dumped into this when it was at 60. I thought that was as high as it went. Oops
At what point does it get too risky though. It's double what it was Sunday. Is it going to double again by Friday? Or will something happen to shut the whole shit down and I get stuck with a bunch of worthless gamestop shares
No one knows if we’re being honest. Just gotta keep reading and follow on web. I’m not doing anything else with my time.
This is all a meme, and it's all gambling. In my mind it's completely detached from the concept of "investing". The primary value of the gamestop situation is less the potential gains, and more the entertainment value.
I was just saying it’s def going up until Friday. Friday if you get cold feet you can back out
That’s the day there options are due. There’s at least 2 million Redditors willing to hold on.
As I understand it, on Friday the hedge funds run out of time , and as long as the price is above $115 the banks have to step in to buy the shares back no matter what the price is at.
If you want to do it, I think you should approach it like a form of entertainment. Would you buy a movie ticket to see a movie? Will this give you entertainment similar to a movie? Then spend that much on it and have your fun.
But don't gamble. It's very easy to get into a highly destructive mindset towards these things.
Tried to get in on Thursday when it was sub 40 but had to wait until this morning for my account to be verified :angry-hex:
Don't bet what you're not willing to lose. This is basically gambling.
that said I put in 1.5k from my unemployment
The Robinhood app gave me a free stock worth 5 bucks for signing up, you could literally just play with that if you want to (you do need to give a lot of personal info for tax purposes though)
Sp like when do you people shower me with praise and make me the second lenin i didnt have to come back to tip everyone off to this just saying
I literally have no idea what I'm doing and my $5k is now $14k and I'm doing it by bankrupting a bunch of billionaire boomers lmaoooo. These mother fuckers are paying for a down payment on my house.
Holy shit ya'll, I know it's a bubble, that's the fuckin' point. All the fucking hedge funds that short sold this stock are going to have to move off their shorts and the price will spike and everyone is going to dump their shares when that happens. I'm not long term investing for fuckin' retirement, this is to fuck over hedge funds and make some money. It's the most shorted stock on the market, and the big firms doubled down on the shorts on Monday. This happened to Volvo in 2008 and that spiked to $1k a share. This has barely anything to do with the actual company GameStop, it's about a bunch of reddit nerds betting against billionaires and actually winning lmaoooo
Seriously tho it's a bubble and it's going to collapse soon. Yes you might lose out on some profit but it's gonna be worse if the price collapses
Yes it's a bubble, that's the actual point. We are holding shares until the hedge funds have to buy their shorts back and I will sell them my game stop for an insane amount per share because they will have to buy so much volume they will buy it at basically any price.
because chances are your $14k worth of Gamestop is actually worth $2k and any minute now it's going to go back to that
at the very least sell $5k now so you don't lose anything
And there's no circuit breakers after hours :sicko-yes:
I must say as a GME investor I think all gamestop employees deserve a liveable wage. Extra long paid lunch breaks. Paid vacation. Free health insurance. And so on
If you guys aren't up in those threads actively trying to radicalize people then you might as well give up on shitposting. I've been watching class consciousness develop in thousands of reddit nerds right before my eyes.
i don't understand what this is about and why we're talking about it here?
is it weird because gamestop sucks oooor?
It used to be like $5. The reason this is interesting is that this is happening because r/wallstreetbets found a way to basically swindle a bunch of Wall Street ghouls for money.
There is this thing called "shorting". It's a "trick" some wall street stonk firm full of ghouls pulls when it is expecting the line of a company to go down. They borrow shares for that company, they sell them to randos, they wait for line to go down, and then they buy back the stonks (at a lower price) and they give them back to the people whom they borrowed it from (with interest). If line has gone down enough, this can be very profitable for them, because if say it went from $5 when they borrowed them down to $2 when they bought them again, then they basically made $3 of profit per share (well, you'd have to subtract the interest they pay but whatever). So that's all well and good, BUT it is very risky because who knows how high the line can go up, and if it goes up by a lot you're fucked because you still have to buy back the stocks and return them, except now you have to buy them at a much higher price.
Gamestop stocks were shorted to an incredible extent. WSB decided to exploit this by buying a whole bunch of shares of Gamestop, and then refuse to sell them. The funds went to panic mode because WSB bought so many shares, they couldn't find any shares to buy any more, so they have nothing to return to the brokers they borrowed them from. So they're willing to pay more and more and more money to buy them because otherwise they're fucked. This has prompted the stock price to go up by an incredible amount. This has made the people at WSB richer, and has resulted in the Wall Street ghouls losing billions, because if you borrowed like a thousand Gamestop stocks during the summer, that would have cost you $5000, but to buy the same number of stocks now it would cost you like $190000, and they have to do that in order to pay back the lenders, PLUS the interest.
This of course is hilarious because it shows how dumb the stock market is and also Wall Street ghouls are losing tons of money.
I think this is the funniest thing I have seen this week lmao
Several big hedge funds were short on gamestop, some guys on Wallstreetbets saw it and bought stocks and thanks to the increasing price hedge funds suddenly saw their shorts no longer covered and losing some money then that spiraled and now several hedgefunds like Citadel lost 3.5bn$ and Citron lost 2.4bn$, WSB guys basically fucked them and it's pretty hilarious. Some of the CEOs of those companies tried to "call out" the disruptive traders.
More that the fund managers who bet against gamestop suck and a bunch of reddit nerds are causing them to literally lose billions just cause
Basically r/wsb we’re doing their thing and short selling causing stocks to fluctuate and now it’s just a meme because stock markets and speculation lead to world wars
