they are literally memeing the revolution into existence
Oh, didn't you hear? Homeless people all bought into GME with their extra money they save from not having a home, and now they're rich and there's no more homelessness.
Praxis is when you do a capitalism, and the more capitalist it is, the more praxis you do!
Not to mention that there's definitely not gonna be any poor people who got a bit too carried away with the whole thing and dumped a large amount of money a bit too late who will be left holding the bag because they were sleeping or working or whatever as this started collapsing.
What the fuck are you people talking about lol this literally happens all the time except now randos can get in on the action too. Calling it praxis is such a mind numbingly bad take. In case you haven't figured it out yet, this isn't just WSB, tons of other hedge fund ghouls are jumping in on the action too, because that's how the stock market works. I guess they're doing praxis too, and the best praxis ever was crashing everything in 2008. Enjoy your stonks but pls shut the fuck up about it being praxis. This isn't an act against financial capital in general, this is a few firms that did a fucky wucky and now it's a free for all at their expense.
This is the correct take. Wrecking individual hedge funds isn't praxis, wrecking the system is. Once you sell you are buying into the system.
This is correct. Plus many of the biggest holders of Gamestop stock are other hedge funds and wealthy individual investors, and they bought their shares at $5 a share, so they're making more money than anyone. The capitalists overall are not going to be losing money on this.
The biggest financial losers (outside a couple of hedge funds) are going to be laypeople and first-time investors who bought shares of GME at $200+ a share (or whatever), and aren't able to sell in time when the stock inevitably crashes. GME isn't really worth more than $20 a share (at most), as it is a failing company with an outdated business model, so the share price isn't going to stay overinflated forever. People started buying this share as a meme (and to fuck over the large number of hedge funds that were shorting it), and then other people started buying it because it was increasing in value quickly, prompting other people to do the same, causing the stock price to spike nonsensically (and many of the buyers are hedge funds, and they are much better at timing, such as buying on the dip, than laypeople are). Basically, this is a gold rush. Or perhaps, more accurately, a disorganized pyramid scheme.
Eventually, the price is going to be so high that people no longer want to pay the cost of a share (what price that will be is anyone's guess). At that point, people are going to start to sell, and this entire process will happen in reverse. Once a significant chunk of people sell, the price will start dropping, causing more people to sell before it crashes, ect. This process will continue until the share prices end up right around where they were before. The professionals are not going to be the ones losing money on the crash, as they trade quicker than laypeople and have no incentive to hold onto GME for memes or whatever. First-time investors and memers are going to be the ones holding the bag, as the shares they paid hundreds for are going to be worth a fraction of that.
Basically, if your a Chapo who has already made a significant amount of the Gamestop increase, I would cash out now (or soon, but the longer you wait, the greater the chance that you lose all your gains). Personally, I would definitely not be buying at the current price, as it is well beyond the level of risk I'm comfortable with (this is, essentially, gambling, though that doesn't mean the odds stay fixed). If you're doing this for a meme: BUY. If you want to keep any profit: SELL.
All this said, the whole situation is pretty funny, and does highlight the speculative nature of capitalism. We are seeing a stock market boom/bust cycle on the micro level of a single stock over a very short period of time. Rampant speculation causing a meteoric rise in value, followed by a collapse just as extreme (Gamestop's Black Tuesday is coming). However, this isn't really doing all that much to affect the capitalist class.
well yeah but the top 1% are parasites if everyone tries to be a bloodsucker too the body will die
I mean Black rock owns 13 percent of Gamestop. What evils will they unleash upon the world with their profits
The specific hedge funds that shorted game stocks are fucked, which was the original goal I guess.
bought GME at 150 a share to stick it to a hedge fund for lulz did more praxis than most of this board.
Sit down lol
Waaaahhh the big mean mod yelled at me to read a book I'm literally being held at gunpoint waaaahhh :charlie-kirk: :cissues:
Apparently Robinhood, Ameritrade, Ally, Etrade, Schwab & other brokers are crashed now due to the overwhelming user volume lul
I bought a single share at 8am for 229 and now the whole website is crashing
Reminder that RobinHood once forgot that Feb 29th existed https://twitter.com/sjosephburns/status/1234658361565532160?lang=en
GME doesn't exist when I search for it in CashApp , neither does BB (Blackberry, another one they're hyping). Lol
Also I can't get my bank working with Robin hood, guess I'm just gonna miss out on GME 😂
i saw using cash app in reference to AMC. maybe theyre just on there? Sorry I was just posting something i saw online but dont have personal knowledge of it myself.
No need to apologize, this is stuff I discovered last night and I'm just sharing so we can all see how they find little ways to keep regular folks from getting in on the action.
And yeah, AMC does still show up, for whatever reason.
They always bitch and moan when working class people get an opportunity to game the system.
keep trying to log on, if the sale doesn't go through cancel it and try again
If you're privileged enough to toss like twenty bucks on this go for it and enjoy the ride.
Absolutely do not invest serious money. Capital always protects capital. For every heartwarming story you're about to see about people paying off student loans there will be hundreds destitute. The system is rigged and the rich always win. The SEC could step in at any time and shut down trading. Do NOT fomo your life savings on this. Seriously.
Yeah, actually. Depending on the brokerage they'll let you buy fractional shares.
I just use robinhood on my phone and it supports either share or dollar purchases
Quite a few do, you can find lists online pretty easy. I know for a fact Robinhood does but I think I had to be on a waiting list for that one. Be careful - most brokerages will limit the kinds of stocks you can buy fractional shares of, so if there's a particular stock you're eyeing make sure it's on the broker's fractional share list.
we should start c/wallstreetbets on here for when reddit inevitably shuts them down.
if you look at their posts a lot of them are pissed about crony capitalism and call the hedge fund owners pigs. i’m sure there are reactionaries in the bunch but we have some common ground with them and they are potential converts to the left.
A rule they'll be pathologically unable to follow. If they get banned I'm sure they'll set up their own federated alternative anyway.
Oh well. If they can't follow that then we don't want them here anyway.
fuck them. let them start a lemmy instance. many of them are too poor to invest in real estate, but of those who have a few hundred thousand to gamble on derivatives many of them make their living through rent seeking. they're literally either petty-bourgeois or aspiring to be. I don't want americans with middle class sensibilities up in here...plus think about the new transphobe bans.
if we do this and they actually come i think we'd lose control of the site tbh
c/gambling
beating this to death until it becomes reality
you won't catch me dead on wsb and the sports forums I post agitprop in don't have holistic gambling discussion
there's a post in c/comm request
fair enough, and unlike other things we already have that do the same there's no revolutionary potential in it it's just about blowing off steam
holy shit this is literally a life changing amount of money. and I'm still holding.
Sell, man. Bird in the hand is worth way more than a meme in the bush.
Yeah but what about 20,000 birds and they're all tied to me with strings and carrying me to Alpha Centauri?
if that were my mindset I would have sold at $60 and been ecstatic about a 50% profit.
I've done my homework that's led to me holding on until now, I'm confident it's not nearly done yet.
Remember when the price was $269.69 an hour ago?
Well it's up at $348.46 already and climbing. I think they're running out of stocks. :elmofire:
Glad I bought at $269 today. And yes, I know this is all a gamble.
This is amazing: CNBC screaming like banshees to manipulate the market this morning, and BofA predicts stock to go down to 10$ WHILE THE TICKER READS +134% lmaoooo
Hold onto it, the worst thing you can do now is sell low. Wait until Friday.
This is Chapo's daily reminder that I'm new at this and may not know what the hell I'm doing.
apparently shit hits the fan Friday?
it's swung between 280 & 380 after opening at 350, just hold on to it and sell it tomorrow
I don't understand any of this shit and I don't know if that's a good thing or not.
Unless you personally want to get into investing, there's little that is worth understanding. All you need to know is that some redditors turned a meme into a really bad quarter for some wall street ghouls. This likely has no further ramifications but it's really fucking funny to watch
It's a rare example of a capitalist pyramid scheme where Wall Street hedge funds are the losers at the bottom of the pyramid getting screwed over
Correction, a few specific hedge funds are getting screwed over, the rest are doing what everyone else is doing.
Can't buy the dip because Robinhood doesn't use money for servers.
https://twitter.com/despoondent/status/1354458159721689098
Wow yeah such revolution
BlackRock bought into GameStop a long ass time ago as a part of their ETFs, so this isn't anything new.
There are plenty of rich people that stand to benefit from the plundering of Melvin Capital (like BlackRock), so it's not fitting to call it a "revolution" but the unprecedented thing is how small-time investors are in the picture and benefiting from this.
(and, yes, Melvin is still shorting GME, they would have to publicly disclose things due to SEC regulations if they covered last night, the news articles about that are based on a phone call with some unnamed associate in Melvin.)
Melvin did not exit. Anonymous people claimed that Melvin exited during after hours with very low trade volume, which is 1) impossible and 2) nothing has been published about it per SEC requirements.
Melvin Capital won't live long enough to see any litigation. They'll play every trick they can to get a better shake on things.
I thought it was a bubble yesterday and didn't go in. Now I get that for however normie I am, there are 100 idiots who are even dumber than my normie self. FUCK
bro I didnt go in when it was at 30 because I was thinking it had reached its peak. How the fuck was I supposed to know it would go up 10x since then? ive been waiting for it to fall.
If any of these new r/wsb millionaires start making tv appearances talking about how capitalism allows you to create your own path or whatever the fuck, dont fall for their shit. this is a joke of a system.
Ever since bitcoin I've realized that none of this is rational or supposed to make sense , so you should just follow the crowd because once a couple million people decide that something is going to happen it tends to happen
ive never owned a cent of bitcoin. just out of principle. cant stand how people say its the 'future' but one follow up question throws them off.
Yeah, I never owned any either because I also thought it was a stupid scam, that's what taught me to stop thinking that any of this makes sense and just put the money down
I caught the dip at 267 to throw my measly couple dollars in! I don't know how this stuff works, I just want to be included
