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The most sound piece of advice I saw on reddit was "if we're hearing about it now, it's probably already too late and a bad idea to put money in."
Generally that's good advice and nobody should invest an amount of money that they're not willing to lose. However, what makes this different is you have a massive community that's fanatically holding/buying more shares out of pure spite and they're not listening to the CNBC dipshits who are trying to scare them off to "restore order". It will undoubtably crash at some point, but I would bet that it will continue to shoot up in the short term. I bought 1 share just for fun to stick it to the hedge funders, so I could gain or lose a couple hundred. Worth it to see these serious finance people lose their shit.
Nah, I got in late dropped $100 worth of weed money when the price was $80 on monday. If GME hits $1k during the squeeze, I've now gotten half of the $2k Biden owes me. Not bad for money that would've been smoked away by now.
Hearing communists talk about stock options and when to buy in has proven to me that not even the left is safe from the canonical absurdism of late capitalism lol
Oh damn what are your theoretical developments that shifted how we interpret our society and ability to change it?
Like c'mon know, that's just being opportunistic lol
Right now is a chance to be opportunistic at the expense of a hedge fund and basically no one else. I say go for it. Normally trading stocks is a rich man's game, but if I'd felt comfortable dumping a couple hundred bucks last week (or had the capacity or knowledge to fuck with stocks) then I'd be sitting pretty right now. I'm not involved in this but I won't fault anyone who is.
My post isn't about the money, it's about the willingness people here had to just drop any any pretense of leftism and do this whole song and dance. That or worst, act like it's some grand advancement and we should do it too but from the left, like what?
Idk those whole experience just started to sour me on a lot of posters and my willingness to see a bright side in fucking stock trading, lmao.
I don't think either of those perspectives in your first sentence are correct. Doing this does not require you to drop your leftism, and it also isn't a leftist action. It's just... neither of those things. Leftists aren't required to be ascetic monks who shun money. We are largely broke, and if someone can make money at the expense of a hyper-predatory hedge fund, cool go for it. It's not as big a deal as you're making it.
To participate in the normal, every day, bit by bit stock trading is definitely predatory, but this is clearly an exceptional situation.
To participate in the normal, every day, bit by bit stock trading is definitely predatory, but this is clearly an exceptional situation.
if you're doing it to get passive income? then yes, by all means. but if you're doing it so you can retire or buy a house because the bourgeois state provides no safety net then you're literally not doing anything wrong. being a leftist is not the same as being a catholic priest lol
I don't think having a couple grand or even a hundred to throw around on stocks is broke. That and we can't forget this whole speculative system is built on imperial conquest and the subjugation of the global south. The whole reason these companies had any semblance of value is because of materials extracted from these places. That's what I don't get about this "money is fake" position like tell that to the people who are forced to engage with it via the petrodollar or else they'll get sanctioned. Money is violence everywhere outside of America.
Like this isn't about being the One True Leftist, I'd just expect us to have better prospective and understanding than "hehe big finance dude go boom", idk. I'm wrong I guess.
Linking gamestop stock manipulation directly to imperialism is tenuous. Obviously the whole of our economics system relies on imperialism, but then following your like of argument, we should all simply cease participating entirely. Nothing about this is more imperialist than buying a banana. And you fundamentally misunderstand the money is fake argument; it's not saying that money doesn't affect anything (obviously). It's saying that the value of the stock market does not correlate to the real material economy. The massive rise in Gamestop stock is unrelated to any on the ground reality. Rampant, baseless speculation is the name of the game, where the commidification of money itself reaches its most absurd and immaterial. There is plenty of Marxist analysis of the stock market that explains the position in great detail.
You can say it's not about being the one true leftist but clearly it is when you need to come in here and tut-tut over someone's gambling, going "I guess I'm the only one who gets it". What societal harm is actually being done by a leftist participating in this?
I think there's a big difference in working for a place and speculating off that place's value and how much you own of it. Those are the main dividing force between proletariat and bourgeoisie, you know, the ownership of the means of production. And yea there's a whole chain of exploitation and imperialism that goes into bringing a banana into the United States, what? Chiquita is the United Fruit Company with it's name changed.
We saw the damage this baseless speculation did last time in 2008, or any financial crisis really. My family was wrecked by that. That's been the consistent theme of all this, poor people and the global south get exploited further while the financial and middle class just duke it out because one feels it's being unfair to the other.
Idk though, this feels pointless, trying to argue against this stuff. That's why I said I guess I'm wrong lol, everyone just bought in and I'm still skeptical of it all.
The banana was an intentional example to show that every single thing you do in America relies on imperialism. Singling this out is silly.
Rampant speculation is hyper destructive exactly because money is fake. But doing it with Gamestop to ruin a hedge fund is not the same as those hedge funds doing it with housing to ruin millions of lives.
That and we can’t forget this whole speculative system is built on imperial conquest and the subjugation of the global south. The whole reason these companies had any semblance of value is because of materials extracted from these places.
Thats a very good point and something we should all still be mindful of. But, still, no ethical consumption. Its all blood money, etc etc.
I do think the criticisms here have been from the left though, and like I said before, communism is first an economic system. It would be very strange if none of us on this communism website were part of this
So, what you’re saying is that while these posters may criticize capitalism, they also participate in it. Curious!
Its a single hedge fund where anyone who matters in it will just move on to other hedge funds, its kinda funny but its not praxis and people who are damn near calling it revolutionary are moving outside of leftism into some bizarre fantasy world.
You can't know something without knowing its opposite.
Given that Marx never wrote of his speculating after that initial letter, and given that he remained dependent on Engels for most of the remainder of his life. I wouldn't be surprised if Marx lost everything after he "began all over again".
WSB style day trading is basically identical to sports gambling insofar as though many people begin on a hot streak, and then think they're a genius destined for riches, 95% of them don't cash out when they should and end up losing almost everything.
My only advice if you're holding GME rn is that if you bought in earlier and made a substantial profit; get out now and enjoy the money in your hands, and don't risk everything going to shit with you holding the bag.
I'm 100% certain Marx got some good initial luck, then lost his
shirt, er, pants, and stopped.It's a pretty common experience for poor people who try to be a little less poor playing the market: Do well, think it's so easy, pump in maybe a little more than they should, lose it all, stop trading, and never talk about it ever again.
Tbh Marxs statement of "relieving the enemy of his money" just sounds like a joke about the situation, or else it kinda sounds like an idealist justification to me.
Thinking of Marx asking Engels for stock advice and Engels writes back a letter saying "buy low and HODL 🚀🚀🚀🚀🚀🚀".
Engels corrupted Marxism after Marx's death to advance the capitalist agenda, which is why the average worker today can't even afford a sarcasm detector!
Honestly, the fact a subreddit is causing a few billionaires some stress is amazing.
Plus there’s been a lot of anti-system sentiment brewing on WSB, particular y directed at the heart of capitalism, the financial system.
the more this goes on, the more opportunities there are for leftist outreach. Most of these bets start with the assumption that the system is fucked, and you’ll never reach the material conditions you want doing what the system says to do.
And regardless of the outcome from these gme short squeeze, it does help to destabilize and delegitimize the stock market. Especially if they crack down on retail investors for beating hedge funds at their own game.
So yeah, don’t bet your rent today, but don’t ignore this or dismiss the participants either.
They just had a guest on CNBC that fucking dunked on the host/big money.
Ended with, I quote, "Scott, I love you. Be on the right side of history, Big Boy."While this is gonna crash fairly soon, he raised a good point in that retail investors increasingly have access to the same data that Wall Street does, and sometimes that ends with Wall Street holding the short end of the stick. They can't even really do anything about it, because the trading that the average person makes in gamestop today - literally just buying stocks - is so basic that regulating it is essentially locking individual people out of the market entirely. So they raise a big fuss on the news and make a bunch of day old accounts to spam the new section of /r/WSB about irrelevant penny stocks. Seriously, every new post is either a bot or someone complaining about them.
"Wall Street" likely isn't suffering that from this. The firms heavily invested in shorting GME are a myriad of relatively small Hedge Funds, and not bigger financial institutions . Wall Street isn't a small hedge fund with a few million, or even billion, in capital. Wall Street is Blackrock, an investment management company with $8.67 trillion in assets, and whose supercomputer, Aladdin, controls around 10% of the world's finances. And Aladdin has incomprehensibly more data than any of us do.
If Melvin Capital collapses, it would have approximately the same effect on the health of Wall Street/Global Finace, as your local Cofee chain going bankrupt would on the overall American economy.
What has the biggies worried is that retail investors are organizing and attacking the financial markets with their pooled capital. It’s systemic risk that they don’t control, and that’s extremely upsetting to these folks.
The stock will crash and burn eventuallly, but it hurt some rich folks and some hedge funds and that’s NOT supposed to happen anymore, at least not by the hand of little guys.
The response is predictable: regulate small guys out of existence, accuse them of manipulating markets (fucking lol at that), bailout the rich and scare boomers.
But this time, hopefully a lot of people are seeing the backlash and calling bullshit.
Yeah, I may be a communist but I’ll be damned if I’m not going to game the broken system to make some free money if I get the chance. I’m not exploiting anyone, it’s making rich ghouls cry, and worst case I’m out $1000.
Its still all gambling, and you should just see any money you put in as a loss until you get it back. ie dont bank on it
nah you should be taking as much money as you can from the stock market. it's really the only way to have any kind of wealth redistribution right now.
only put in what you can handle losing, and if you start to make money, take out enough to cover what you put in ASAP.
i mean yeah, it's nothing until its actually in your bank account. a lot of people are incredibly desperate now more than ever and it's unlikely you'll get them to reconsider trying so all you can do is give them some advice
This gamestop thing isn't a purely speculative bubble.
As it is, right now, short-sellers have a contractual obligation to buy back essentially every share on the market. Therefore, whatever price there is isn't speculation, because there are guaranteed buyers.
As soon as the shorts start to close, then yes that's the danger zone, and it does start to get speculative.
That said, don't get greedy.
From what I've read, shorts don't have an expiry date. As a complete noob to this, my understanding is that they need to pay a ton of interest for holding onto their short positions and they also run the risk of getting forced by their broker to return the shares they borrowed.
Yeah, that's the huge difference here, there's a guaranteed buyer on Friday.
Personally I'm just deciding what price I want to sell it at and have a limit sell in place. Whether it actually reaches that price is a gamble, but the assumption is that once they start buying the price will go up.
I pumped a grand into it at around the 200$ mark and if i loose it all to see some billionaire gets fucked im ok with that.
First of all if you’re market speculating
Gonna grease this one up and NOPE it away. Is the whole Reddit thing is a ridiculous spectacle? Sure, but it's still good. Heightening the contradictions is good. Putting hedge funds on their heels is good. The person minding the counter at my local Shell station is not somehow personally culpable in genocide. I mean, I'm sympathetic to the argument that maybe they somehow are, in a very remote and disembodied academic sense, but there's absolutely no way to tell them that to their face across the counter without being an enormous taint. The stock market is just a giant casino. Should it be destroyed? Absolutely. Is there any shame in using it in the meanwhile to keep from having to work for Amazon or whatever? Absolutely not.
Your general idea is valid, but I think OP had a more nuanced point: caveat emptor, don't get carried away, this is literally a gamble and will crash eventually.
Is their any shame in using it
There's some. Participation in capitalism is involuntary, but participation in the stock market is. You're giving it some validity by using it/getting excited about it publicly. It's not much worse than owning a smartphone or eating a hamburger, but boycotting can still be an ethical choice.
but participation in the stock market is
Not really. If any melinial wants to retire you have to set up a 401k/IRA which is mostly going into the stock market.
The american financial system tries it's hardest to get people investing the very little bit they have into it so they become stakeholders.
Sure, but there's a difference between "this is the only way they'll give you your retirement money" and "let me invest my savings in it". You can avoid deeper involvement.
Nobody (here at least, that I've seen) is saying invest life savings.
You have a few spare bucks that you don't mind losing? Fine. Give it a shot. Nobody should be dipping into savings or becoming a day trader for this.
Spare bucks are savings. I'm unaware of any difference between them. And I think OP is highlighting the same point - don't actually risk anything. My point is that any additional participation or non-participation is a minor ethical choice.
Spare bucks are savings.
Not really? Maybe for people good with money, but like "I have $2k in savings in case I lose my job" and "I have $20 left to spare cus beans were on sale" are different. Sure that $20 can go into savings, but it's pedantic at best to say all spare money is savings.
any additional participation or non-participation is a minor ethical choice.
Then so is buying a computer when you could build one, renting a movie when you could pirate, or buying fruit when you could pick a lemon tree. It just feels very lifestyle-leftist-y.
We live under a global capitalist system and hand wringing about some people trying to get a bit of extra breathing room feels like an incredible waste of time.
We live under a global capitalist system and hand wringing about some people trying to get a bit of extra breathing room feels like an incredible waste of time.
Which is why I compared it to owning a smartphone at the start. I'm not saying anyone getting involved should feel bad. But there's also nothing wrong with someone saying "this isn't for me, because I want to avoid the stockmarket as much as possible".
Lifestyle leftism is when your only anticapitalism is trying to do ethical consumption. But that doesn't mean trying to do ethical consumption is bad in and of itself.
Nobody should be investing what they can't afford to lose. I think it's something that needs to be repeated ad nauseum.
I just bought a house thanks to gamestop. Don't call me a fucking lib.
lol this guy joined literally today and is only posting about WSB, you people are being suckered by basically the same shit as people saying they bought a car from winning the lottery or getting the big jackpot.
This is a brand new account.
Call me NKVD-brained, but I'm beginning to think some of this drive-to-buy posting is an op to inflate the bubble further by people who already bought in earlier.
i'm 99% sure it's bruv, who started the gme-trolling here on Fridayish and in a shocking turn of events was banned today for transphobia
Look I'm just tryna g*me a broken system and make money. Idk what I'm doing and I got a little expendable income right now that if I lose it I'm not pressed. But if I can turn $50 into like $300 then I see it as a win and I'll take that extra day off work.
