Like, maybe some failson at a hedge fund will take the fall for this and get hired in the same position somewhere else within a month, but the people who are going to get hurt the most are the poor people who come in last minute, think they're making a safe bet with their meager savings during a fucking depression, and get burned big time
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"It’s a type of operation that makes demands on one’s time, [but] it’s worthwhile running some risk in order to relieve the enemy of his money.” marx
record scratches, glass shatters, dog whimpers as it puts paws over head
But otherwise yes. It'd be nice if I could take advantage of it and not have to wait for the $1600 stimulus, but it's not a good idea, just like gambling isn't - nor does it indicate anything particularly anti-capitalist, even investors complain about the market being rigged towards more successful investors.
No I know I'm just stirring shit tbh you can't compare the London Exchange to the hellbeast before us anyway
Yeah I think people are really taking this situation personally and completely disregarding the fact that this is going to happen no matter what we as individuals do because that's how capitalism functions. "Poor people are holding the bag?" Ofc they are, someone's always holding the bag at the end. You know what would have happened if this shit didn't unfold the way it did? It would have been another fucking Tuesday. If someone can pull some money out of this situation and get their teeth checked out or their debt taken care of then good on them.
Keep in mind I'm not saying don't care about those who are going to lose their ass on this, but you cannot do anything about that other than lend support when it does. Ultimately this is just a funny thing that happened at the end of empire and another sign the system is not okay, so either use this situation to agitate people or shut up. Trying to preach to people that they should feel bad about something completely out of their control is dumb and unhelpful.
I will go off. I understand what you're saying, but what I'm saying is telling a bunch of people who largely haven't had an actual break in their lives, during a pandemic, that they should feel bad about actually getting a once in a lifetime break is unhelpful and dumb. I wish I had some cash on hand to do it too, but I spent my last bit of money keeping my lights on.
Will this be bad for some people? Yes. Can you do anything about it? No. The answer isn't to tell people they suck for it, the point is to agitate people so they understand why things are like this so we can change it.
literally who here has actually invested in gamestop in the last week, let alone "giddy about profits"?
the only posts on chapo about this are laughing at the hightening contradictions, talking about how to navigate the radicalisation of WSB, and the occasional "aww" because someone on that pedo forum managed to pay medical bills that shouldn't exist
well, those posts and now all the fucking subsequent doomerism because literally no positive can ever be derived from anything happening ever
dont preach to people that they should "feel bad about their mistake". use the opportunity to get it through their heads how fucking rigged the game is. that it's a casino, and the house always wins. unless you refuse to play by their rules, stick a gun in their fucking faces and blow the fucking safe. or declare money bullshit and do away with it; whatever.
right. this is that period of his life where I can say stalin was juts pure based no criticism yet.
If WSB and retail investors keep up the pressure, more and bigger hedge funds will get clapped.
post hog
They’re blowing up the system and WINNING!
I mean, to be clear, this is fair game within capitalism. The most catastrophic outcome of this would just be an exchange of classes between the winners and losers, not a total abolition of class itself. These aren't proletarians acting against the system, in any effort to alter the system, just a gamble, as others have pointed out.
The price is going up partially because WSB is buying shares up and partially because short sellers are covering their shorts right now. Once that's over, who's going to buy the GME shares for anything more than $20? Other WSBs. People that know the party is over will start ducking out. That may already be happening. More people will duck out. Then the panic will begin.
This is the short sellers and WSB transferring money to people that owned GME shares because they believed the shares were reasonably priced on a decent company. This is largely not a working class demographic.
You might make a bunch of money doing this, but only if someone just like you buys the shares from you for a ridiculous price right before it collapses. It may actually be you. Some simply have to lose a ton of money for this to work.
Don't throw any money you wouldn't miss at this.
its not that they're doing praxis. it's that we're seeing what this shit really is. they're believing in the system SO HARD that it can't help but show its true colors.
and now we take advantage. ive got a handful primed and ready to wake the fuck up to reality the moment the SEC (or whoever) drops their hammer and shows that YOU CANNOT WIN at their game.
the accelerationists and taking a quick swing of the pendulum, when it comes back our way; we need to fucking catch it and keep it and grind it into fucking dust.
this is literally the line of thought CNBC anchors are peddling and it's going to be the rationale behind "Wall street regulation" legislation Dems are going to pass to go "we finally regulated wall street!".
Is it really so bad for regular folks like us who are too stupid to know anything about anything to be banned from the markets? The rich are rich for a reason let them do their jobs.
TY Brooke!!! I feel like I've been practically alone out here tryna say it. ❤️
:mood:
Laugh at the absurdity. Sure.
Hell, even throw some sand in the gears. Contribute to the chaos. Go nuts.
But don't call it Communism. Don't pretend that by sticking your marshmallow in the fire you are building a new world.
"I know how we can totally own the banks! Ready? We'll drive stock prices up, making them a bunch of money!! They'll never see it coming!"
But thats not whats happening? The whole reason this short squeeze is possible is because wall street parasites got too greedy and got caught in the act. Multi-billion dollar hedge-funds are literally going to go bankrupt because of this lol.
Most gamestop stock is owned by institutional investors. As is the case with most stock, generally. Blackrock owns 13% and has made over 1.3 Billion on this so far. That hedge fund dude from the big short has made over $250 million. And so on. Even that dude on Wall Street Bets who started this was already a big time trader playing with huge sums of money. I know the narrative is that we're all sticking it to the greedy wall street people, and the media is happy to run stories with that narrative too because it's exciting and will draw clicks.
But the reality is that a few redditors will get very rich. A few more will make some money. And the banks will make lots of money, as they always do when stocks get traded.
It's fine to participate in capitalism because that's the system we live in. I'm not trying to say you can't be a communist and make money. But we can't delude ourselves into thinking that we can somehow use capitalism to defeat capitalism. Line go up has always been silly; it's not somehow better when a bunch of ableist, douchy techbros on Wall Street Bets say it.
Agreed. Fundamentally if the strategy the WSB people are describing ends up working, the stock price would shoot up for a few moments and then immediately crash back down as everybody is trying to sell. Somebody is going to make a lot of money off of that, but it probably won't be you and you'll be left with a comparatively worthless asset. Who's going to be the one making that money? Probably some fucker with currently many millions of dollars of shares right now who starts the crash.
This is not guaranteed "free money" as much as the speculators want you to believe. Get out now. Even better if you manage to make any kind of money off of this, but if you stay in you WILL mistime this and lose it all.
For a more in depth discussion of owning stocks as a leftist in general, see this thread I posted a while back: https://hexbear.net/post/65821
That's why you ignore their advice and put in your limits and stop losses and take profit early
Counterpoint: These stock moves are actually countering the work of vulture traders who have engineered methods to deny struggling firms access to low-interest credit in order to restructure during a downturn.
By flipping the script on short sellers, online idiot savants are undermining a mechanic used to gut and fleece the service sector in the same way they'd historically gutted and fleeced the industrial sector.
THE ONLY PEOPLE WHO LOSE UNDER THIS SHIT IS DESK WORKERS AND OTHER INCONSEQUENTIAL PEOPLE, YOU CANT FUCKING START POINTING OUT "smug nerd self-satisfied attitudes" AND THEN FUCKING CALL PEOPLE CLUELESS FOR RECOGNINZING THE REALITY OF HOW THE PROBLEM PEOPLE ARE FAILING UPWARDS CONSTANTLY, GOD SHUT THE FUCK UP.
The house is the whole bourgeoise, you get one firm and another takes its place, staffed with the same finance ghouls because literally no one faces consequences for this shit, it literally is nothing but a symbolic victory.
Edit: Like the closest the house came to "losing" is during any of the massive crashes but even then the house always lives, its just that some individual inhabitants who work regular desk jobs moving stocks for these firms might lose.
The 'house' here is the capitalist system itself. This is an opportunity for other firms to buy out the ones that lost in this event as part of the ever-increasing trend towards monopoly. Sure certain ghouls are losing some money and status (not enough to actually have to worry materially though) and will cry about a lot sure. But this isn't really bringing us any closer to liberation, and while we should point out the contradictions sure, we shouldn't be engaging in stock speculation.
The house is not individual capitalists. It is the system as a whole that is able to adapt and continually perpetuate itself.
I mean there doesn't have to be a morally good or bad side involved here. All of us here know the cartoonish insanity of capitalism, but rarely does it result in something so bizarre and publicly. If anything this is a perfect example to radicalize people off of. How can anyone defend the stock market as a reasonable tool to organize our economy and lives around? But yeah, I mean I'm certainly enjoying watching as the high finance community embarrasses themselves in front of the whole world. Obviously there will be victims of this bubble, and not to excuse it (or take too much of an accelerationist take) but this shit happens all the time, just rarely so publicized. Save some articles and use it as a talking point.
I think it's def important as a talking point for highlighting contradictions, but the way a lot of people have been hyping it up and speaking about it being basically guaranteed money is really fucked up and shouldn't be encouraged or tolerated on this site imo
I also feel like there needs to just be a lot more conscious skepticism of like, market/stock-based schemes since they rely on confidence? Like, all of the posts about people being able to pay off debts is essentially advertising/viral marketing to get in on the rollercoaster, which then makes it climb higher obv. So like, not that all of those sort of posts are false, but they fit into a narrative that in the end will probably just benefit capital.
And like Brooke said, the people who get in later to this will be the ones most hurt, which will be all of the people hearing about a "sure-fire way to make a bunch of money" while hurting only 'Wallstreet tycoons.' The reason that this is so dangerous is because of the potential losses that will be incurred by those who really need help.
Y'all realize who's going to get hurt by literally any and all activities within the capitalist framework right?
There is a change that the hedge funds actually are the ones that get hurt. It looks like they did some naked short selling, since over 130% of the stock is shorted. And they might just buy out the short squeeze, buying the stocks that the retail investors hold.
I dont think I have it in me to feel any sort of special pity on anyone jumping on GME and doesnt know about the WSB v Investment Firm knife fight that’s going on.
That sort of loss happens when a stock jumps on unexpectedly, but this time we see a bunch of doomerass redditors squeezing an investment company after taking a peek at their homework notes.
While i think the only way to win is to not play, I’m watching these kids dump their unspent lunch money as a blow against a hedge fund making money for the worst people in society as a form of entertainment. They might do it. They might not. But I’ll be watching
I'm not sure what you mean
are you worried that some of the WSB-ers will get burned for acting too late? because from the posts I've seen there, the consensus seemed to be that this is in no way a sure thing and that any money you throw into it should be money you're prepared to lose
That sucks for them. At least we're here actively telling people not to do that. Its really the best any of us can do.
