I dunno what's going to happen, but all the posts at WSB are sure starting to at least feel like cope.
what people don't know is that the typical mood of WSB pre-GME is "oh shit I lost a bunch of money look"
can you imagine buying a stock at 300 dollars as a joke and then selling it at a massive loss the second the line goes down. the second robinhood started restricting trades and they sent the CEO around as a whipping boy this was over.
It's over in the sense that it seems they have their strategy to take the wind out the sails of this, but it seems like a lot of the underlying market conditions are still there. The price has taken a tumble and yet brokerages are still restricting stock purchases and they are still doing the ladder attacks. I know they are saying short interest has decreased buy my understanding is that well over 80% of total shares outstanding have been shorted as of yesterday, which is easily over 100% of float. I am starting to think there is some real credence to the counterfeit shares theory, and they are going to have to slowly deflate the market for GME and get people to not care anymore so they can buy back those shares. Otherwise if they lift the restrictions on purchases, it's going to become increasingly apparrent that something is up.
wait are you saying people are buying stock that isn't even real, how is that possible? also whats a ladder attack?
Basically, when you naked short sell, you sell stock that you don't actually have. The argument has been made that this is essentially counterfeit stock and that is how they shorted more shares than there are total shares of GameStop. Only market makers are supposed to be able to short sell, but honestly the SEC is a paper tiger and likely wouldn't investigate anyways if non-market makers were doing it. The other side of it would be to argue that you can basically just keep borrowing stock from people who bought it from short sellers and thus it's not counterfeit and just part of how the market works. However, the extent of consent manufacturing and coordinated market manipulation by so many different groups has been making wonder if there is more to the counterfeit stock theory.
A ladder attack is when hedge funds sell stocks back and forth to each other to lower the price of a stock artificially.
I didnt know there was a word for that, i just assumed it would naturally happen based on my understanding of the Line. So it sounds like basically any "change" that this might bring about is just closing that particular loophole so this can't happen again, and probably killing Robinhood/ retail trading in general
No loopholes are getting closed unless this gets seriously out of the bag for Wall Street, and even then I'm skeptical.
idk but there are bad vibes over at WSB, and the whole thing functions on vibes
Yeah but this was always going to happen. No matter where this ends, when there's a huge dip, there's always going to be people getting scared. It's part of the game. That's why the paper hands vs diamond hands meme exists. People see a major dip and then run because it's over, the naysayers were right, I was stupid for doing this, it was always going to end badly, etc. There's never going to be a moment where everyone is happy in a dip. There have been people saying "I told you so" for days now.
On Jan 26 at 3pm it was $145. On Jan 27 at 10 AM it hit its all-time high at $371. The reverse can be true. It can fall from over $300 to $130 within 24 hours. Taking a victory lap today would be just as ephemeral as the other side cheering when line went up.
And just as a broader cultural thing, people want to be correct online. They base their entire thought process around being correct online. So they construct these "predictions" where they can't actually lose. If the stock hits $1000 they were right all along because poor people will gamble their winnings and be destitute. If the price never gets above $200 again, they were right because they knew it would never get that high. This is an unfalsifiable claim, where the person can never be wrong. It's easy to be right when you make such claims about the future. Where no matter what happens, you were right. But people do it and then convince themselves they're prescient, and therefore we should listen to them.
I don't know what's going to happen. For all I know I lost most of my $50. I kinda want to make outrageous claims of this shit will be $2000 by Friday just to mess with the people taking victory laps. But I really don't know. This could be the end and then oh well it was fun for a few days. But what remains true is that people always get bad vibes like the party is over when there's a dip. And people do try to hedge their claims online into always being right. There's no use in taking either one super seriously.
hmm well said. unfortunate that the only news most of us get about this shit is either from the irony poisoned redditors or guys like Michael Bloomburg.
personally i would have sold when it hit 400, anyone who bought after that... just lol. but i dont know anything about the stockmarket i just enjoy shitposting about it
Pitching a stock, like all sales, is just telling a story. The more the underlying fundamentals mesh with your story, the better the story, but ultimately, it doesn’t matter. What does matter is that you convince more people with the material power ($$$) to make your story a reality than the other guy telling a contradictory story does. Whoever wins that battle over the people with the material power invents reality.
Me, a couple days ago. Sadly, Wall Street, though market and media manipulation, has a lot more power to sell their story and invent reality than WSB does, even if the underlying fundamentals in the market do indicate there should be a squeeze.
This is what I don't understand about the stock market. I guess you just have to buy into capitalism being efficient for it to make sense. While stocks are fairly liquid, they're just a representation of the value of the company, which is only really materially useful if the company is being bought any time soon. So if you're doing fundamental research, and you go, holy shit this company is amazingly undervalued, like deepfuckingvalue did, where is the guarantee that the market will ever realize that? He kept losing money for about a year until it turned out he was right, surely there are stories of people where it takes much longer and just bleeds you dry. You can look through all his post history, it seems like a ton of his calls expired with him losing thousands each time, before he finally turned a profit.
Even investopedia agrees
However, the fact that fundamental analysis shows that a stock is undervalued does not guarantee it will trade at its intrinsic value any time soon. Things are not so simple. In reality, real share price behavior relentlessly calls into question almost every stock holding, and even the most independently minded investor can start doubting the merits of fundamental analysis. There is no magic formula for figuring out intrinsic value.
If I'm wrong, hopefully someone can explain
my stop-loss triggered once it dipped below $100. but I haven't had as much fun gambling as I did over the last week in years
Fuck I should have pulled out yesterday :angery: :sicko-wistful:
Eh, volume is only at 19% of its average, so I think this is still short ladder attacks. It’s wild how low the price is going, though.
yeah exactly, it can't go up if no one can buy it, and it's coming down drastically enough that a lot of people will cut their losses and move on. glad i sold 1 of my 2 shares on friday to cover my costs.
The funniest thing is when people at wsb complain about buying restrictions because of mah free market
Good rule of thumb - if you look at your gains and think "that's a lot of money", it's time to cash out.
DFV got 13 million, but he also left an additional 40+ million on the table on Thursday/Friday. Should have taken that and ran.
RIP to the kid on r/WSB who invested all 25k of his college tuition fund into gamestop at the peak.
Also fuck r/WSB for encouraging that sort of behavior
That behavior was necessary for the earlier WSBers to cash out. That's the whole point of the sub.
I wouldn’t say it’s the whole point; but definitely some crowd sources pump and dump. You know what it’s the whole point in the last year or two
Yeah, I really hope some of that is just being ironic online and faked or they have more money than that and just open a second account for the screenshot...
Wow, I might be able to afford buying one whole GME stonk if prices continue to sink.
Also I think the downward spiral is due to them short laddering again. Super illegal, but the rich can get away with them.
Could be hitting a wall where there's not enough people buying because all the buyers have bought their fill. So the only thing happening is people selling and whatever the big boys are doing. We'll see.
I find it kind of goofy that people get a screenshot of somebody's losses saying "I'm still holding so you should too!" and they just take these people at their word. Maybe they're being honest but it doesn't matter. At the end of the day, people are on a stock betting subreddit for one reason and it ain't to collapse the market and stick it to hedge funds. They're there to make money. If convincing people to stay in a shitty position helps them do that why wouldn't they?
I don't know if this post will get through in time, but I'm from the future and the best time to sell GME is Friday, January 28th around 10AM.
OK, bye. Gotta fight off the Amazon Androids now. (That was another bad idea, btw.)
r/WSB has gone into full delusion mode. It's clear people were caught holding the bag and now they are trying to cope. Sad.
Resources to stop gambling on stocks
fuck yeah thanks OP I came here to spam today's megathread with them
o7
Do you have anymore good resources that I can post in tomorrow's megathread? We need more stuff as the situation is getting more desperate
Not off the top of my head. As with all addiction intervention, there's only so much a PSA can do.
Maybe more encouragement of a culture of comment interventions (i.e. on those posting about addictive behavior)? Idk that's all I've got.
