Exactly. Whatever GameStop's woes, we should reward investors who actually invest and not piranhas that seek to destroy companies when they're at their weakest. They bought this Schadenfreude with their own stupidity and greed.
Appreciate your opinion but it’s a dying company which deserves to die.
It’s like Blockbuster video.
Company literally knows and understands why it’s dying - competition with a digital store and literally refuses to create its own popular version in an attempt to stay relevant.
They had over a decade to launch a competing service, they could have even developed their own console with that kind of lead time.
Worst of all the Epic game store was launched in 2018 which just proves it was still possible to successfully launch a competing service in recent times.
There's a lot of merch there now. I feel like they try to get some revenue out of that to offset the fewer people who are going to them for actual games. That's something you can't get on Steam. You can get it on amazon though, although I kinda doubt people go looking for merch on Amazon though. I get the feeling that merch is an impulse buy.
You borrow stock worth of $100 with the agreement to return them on a specific date
You then sell that stock for $200 hoping to make a $100 profit
However, at the agreed date the stock is suddenly worth $500, and you need to return them as agreed on that specific date
Now you are not making a $100 profit, but you actually have to find the other $400 extra to buy and return the stock as previously agreed
Now imagine lots of banks, traders and investment funds doing the same. You end up with massive domino effect and a market crash. Now to make it even worse, they oversold the stock; they borrowed 10 pieces but actually sold 100 pieces assuming they could make up the difference with the profit.
wsb probably had a small role in starting this, but the system has been this way for a while and this has happened many times before, so it would be very hard to pin this down on wsb completely
Appreciate the explanation but now I’m even more confused. Which side are you describing, and are you describing long calls or long puts? I’ve traded option but never straight up shorted anything, but my understanding is that shorting has no expiration date as long as you’re within margin limits and if this is a “coordinated attack” to drive up the price to flush out the investment firms who are heavily short, resulting in margin calls. I may be missing something?
Best breakdown on the wallstreet “don’t pass“ line I’ve seen. I personally advise gambling on straight dice only. (No cards!!! Legerdemain can’t be beaten.)
You can live okay just playing craps well. Don’t drink! Takes discipline. That “win limit” thing takes superhuman willpower. Same with investing. “Pigs go to slaughter” is a cliche for a reason.
Trying to profit off of gambling is always stupid. The only strategy that works long-term is cheating. If you're not cheating, you'll always lose in the long term. Better to try it once, win and then quit, or lose and then quit.
That latter bit is why I cannot stand the stock market and would end it and the "fed" at the same time if I could. Fuck anyone that screws around with other people's savings and especially retirements. They didn't earn that money but they sure as hell think they deserve to profit off of it at our expense.
They've turned into more of a merchandise shop since they bought Thinkgeek. If you're there, you're not looking for games anymore, you're looking for game-related toys and t-shirts.
Most games are downloadable these days, so it's not like you're rushing out to preorder the next big thing.
I think (well, I hope) people know what they are doing. If just enough people just say "fuck it, I'm pitching in with 50 bucks, that's worth it to see some Wall Street sharks panic", it's just that, entertainment. Some investors will jump in and speculate, but that's their business and also their own decision. All the normal people, I don't think their intention was to get rich.
This seems like a much better use of that money in terms of entertainment value than going to whatever movie pedowood has come out with or paying for one of the many SJW games that are being shat out.
If it works out, the short sellers will be stuck holding worthless stock. With a short sell position, they've sold virtual stock already and have to buy it back later for whatever price it ends up at. Since the short sellers are on the fence for about 120% of the stock that actually exists, squeezing them by buying in is a good bet. The only way it goes wrong is if the investors lose confidence before the short sellers are forced to buy. The meme status has bolstered confidence to extreme heights, so we're witnessing something crazy now. It's a revolt against some big players and it seems to working amazing. Of course, never bet what you can't afford to lose.
So like going to a car lot, selling their car to them for $50,000 and then taking it and driving it for a couple of years then go and return it, but actually buy it at that time for $10,000?
So you've made $40,000 profit for getting to drive a car?
But if somehow the car value went up to $100,000 when you returned it, you would have to them buy it for that $100,000 when you returned it and have a loss of $50,000?
keep watching.. this is not that rare.. short squeezes are always fun and painful.. depending your side.. hint: if they didn't take profits - you could be on other side of trade in a millisecond (trust me)
They’re mad because it wasn’t just high rollers manipulating a stock (those crying now) it was plebeians who might like using the store who fought back.
So what do you do if you're gamestop in this situation. you're planning on filing for bankruptcy and all of a sudden you get this huge influx of capital?
Hopefully they reinvent themselves. They can partner with steam and wizards of the coast and become a LAN party beer nerd hang out retailer destination w sick internet speeds and a live line to elons new internet. All this free pr and they should be able to turn it around
https://www.reddit.com/r/wallstreetbets/new/
short sellers are getting scrubbed by the plebs. its.a good thing. maybe help them out. beat them at their own game. checkmate.
Never thought I’d see Reddit links as top comments here...
What they’re doing is awesome
Exactly. Whatever GameStop's woes, we should reward investors who actually invest and not piranhas that seek to destroy companies when they're at their weakest. They bought this Schadenfreude with their own stupidity and greed.
Turns out we can do two things at once.
I mean, maybe not you, but the rest of us.
Large percentage? They shorted 140%!
wasnt gme at some point 70 percent short holds
thats effing insane
What other stocks can we squeeze??? Just to mess with these wallstreet ivory tower fucks
Appreciate your opinion but it’s a dying company which deserves to die.
It’s like Blockbuster video.
Company literally knows and understands why it’s dying - competition with a digital store and literally refuses to create its own popular version in an attempt to stay relevant.
The writing has been on the wall for a decade.
Blockbuster died because they refused to adapt
Exactly. How is that any different than GameStop?
Steam store was launched in what 2004?!?
Xbox had online game buying in 2007?
The App Store was what? 2008?
They had over a decade to launch a competing service, they could have even developed their own console with that kind of lead time.
Worst of all the Epic game store was launched in 2018 which just proves it was still possible to successfully launch a competing service in recent times.
Pathetic.
There's a lot of merch there now. I feel like they try to get some revenue out of that to offset the fewer people who are going to them for actual games. That's something you can't get on Steam. You can get it on amazon though, although I kinda doubt people go looking for merch on Amazon though. I get the feeling that merch is an impulse buy.
Netflix actually approached Blockbuster during their early days, long before their IPO.... the rest is history
We love to see it. Get fucked Wall Street and fuck Kelly Loeffler
You borrow stock worth of $100 with the agreement to return them on a specific date
You then sell that stock for $200 hoping to make a $100 profit
However, at the agreed date the stock is suddenly worth $500, and you need to return them as agreed on that specific date
Now you are not making a $100 profit, but you actually have to find the other $400 extra to buy and return the stock as previously agreed
Now imagine lots of banks, traders and investment funds doing the same. You end up with massive domino effect and a market crash. Now to make it even worse, they oversold the stock; they borrowed 10 pieces but actually sold 100 pieces assuming they could make up the difference with the profit.
Hope I made this a bit more understandable.
Thank you so much for that explanation. It helped so much.
So the guys on the subreddit just all agreed to buy gamestop stock and had this major of an effect on the price?
That's insane.
wsb probably had a small role in starting this, but the system has been this way for a while and this has happened many times before, so it would be very hard to pin this down on wsb completely
Appreciate the explanation but now I’m even more confused. Which side are you describing, and are you describing long calls or long puts? I’ve traded option but never straight up shorted anything, but my understanding is that shorting has no expiration date as long as you’re within margin limits and if this is a “coordinated attack” to drive up the price to flush out the investment firms who are heavily short, resulting in margin calls. I may be missing something?
I'm kinda lost on it too, this article does some to explain what's going on:
https://www.zerohedge.com/markets/next-big-hedge-fund-blow-and-what-happens-next-0
And this is a broader overview: https://www.breitbart.com/tech/2021/01/26/bloomberg-online-investing-forums-are-driving-stocks-like-gamestop-to-the-moon/
Who is doing this?
Melvin Capital with help from Citrone
Best breakdown on the wallstreet “don’t pass“ line I’ve seen. I personally advise gambling on straight dice only. (No cards!!! Legerdemain can’t be beaten.) You can live okay just playing craps well. Don’t drink! Takes discipline. That “win limit” thing takes superhuman willpower. Same with investing. “Pigs go to slaughter” is a cliche for a reason.
Trying to profit off of gambling is always stupid. The only strategy that works long-term is cheating. If you're not cheating, you'll always lose in the long term. Better to try it once, win and then quit, or lose and then quit.
I'm wondering what's going on too! been seeing this all day, I wish i was more invested in the market so I understood
Same game being played with another dying company AMC.
https://finance.yahoo.com/quote/AMC
Trade volume for AMC is currently 13 times the average! Insane.
it doesn't matter if its dying -- there is no correlation of stock to companies anyway
THIS.
The stock market is a game where a bunch of people take advantage of marks.
If you're not taking advantage of people's life savings you are the mark.
That latter bit is why I cannot stand the stock market and would end it and the "fed" at the same time if I could. Fuck anyone that screws around with other people's savings and especially retirements. They didn't earn that money but they sure as hell think they deserve to profit off of it at our expense.
Dude your retirement likely is the stock market.
Nah, mind is buried under a stump in my backyard.
Usury is evil.
Go ahead and invest your own money, but borrowing should be extraordinarily difficult. No usury!
in a nutshell
Dow down 300. Nothing to see here folks. Yeah, who goes to game stop anymore?! Maybe the shorts want their money back. Hmmm
I dont know anyone who has bought anything from gamestop in over 5 years.
They've turned into more of a merchandise shop since they bought Thinkgeek. If you're there, you're not looking for games anymore, you're looking for game-related toys and t-shirts.
Most games are downloadable these days, so it's not like you're rushing out to preorder the next big thing.
and in the end people will be stuck with worthelss stock they bought for 500 dollars a share
I think (well, I hope) people know what they are doing. If just enough people just say "fuck it, I'm pitching in with 50 bucks, that's worth it to see some Wall Street sharks panic", it's just that, entertainment. Some investors will jump in and speculate, but that's their business and also their own decision. All the normal people, I don't think their intention was to get rich.
This seems like a much better use of that money in terms of entertainment value than going to whatever movie pedowood has come out with or paying for one of the many SJW games that are being shat out.
This. People will spend money purely for the entertainment.
yeah i said fuck it after i posted it and 30 minutes later i bought 1 share at 312!
if i lose i lose only 300 bucks is a lease on a nice indian motorcycle
when it rises 100% i shell have a share so i have my 312 bucks back and ride it out! till the meme status of 5000
If it works out, the short sellers will be stuck holding worthless stock. With a short sell position, they've sold virtual stock already and have to buy it back later for whatever price it ends up at. Since the short sellers are on the fence for about 120% of the stock that actually exists, squeezing them by buying in is a good bet. The only way it goes wrong is if the investors lose confidence before the short sellers are forced to buy. The meme status has bolstered confidence to extreme heights, so we're witnessing something crazy now. It's a revolt against some big players and it seems to working amazing. Of course, never bet what you can't afford to lose.
So short selling is selling it before you buy it?
So like going to a car lot, selling their car to them for $50,000 and then taking it and driving it for a couple of years then go and return it, but actually buy it at that time for $10,000?
So you've made $40,000 profit for getting to drive a car?
But if somehow the car value went up to $100,000 when you returned it, you would have to them buy it for that $100,000 when you returned it and have a loss of $50,000?
Am I understanding short selling correctly?
Yep.
but lets say the real vallue of gamestock is 1 dollar a share right!
so now i go in i buy 300 dollar a share! and this short squeeze ends! i go to bed wake up tommorow and my 1 share is 1 dollar now i lost 299
some people will buy it at the top! 300 so far doesnt seem like the top! but the top might come at 1000 at 1500
who knows top might come at 500
that is what i am saying
and now sec talking about 30 day cool down!
i understand this is a big F U to the big hedgefunds who might go bankrupt
Citron and Melvin Capital closed out positions and took huge losses.
https://www.msn.com/en-us/money/topstocks/gamestop-short-sellers-melvin-capital-and-citron-surrender-bearish-bets-after-700-25-rally-drives-huge-losses/ar-BB1d8Vrx
Might be fake news until there's an SEC filing
fake and gay, God gave you diamonds hands for a reason
🚀 🚀 🚀 To the moon. 💎 🖐 🤚
Honestly, IMO, short selling is a pretty nasty thing to do to a company. Even if they are dying.
Whether or not you have any love for Gamestop, this practice needs to die.
keep watching.. this is not that rare.. short squeezes are always fun and painful.. depending your side.. hint: if they didn't take profits - you could be on other side of trade in a millisecond (trust me)
Gamers gonna game
butterfly war style
chomps on more popcorn, smiling away
If I know my games, anyone caught taking advantage of this will be in for “account deletion.”
ALL - THIS ISN'T SOME EPIC THING - THIS IS RARE PUT HAPPENS ON REGULAR RARE BASIS... GOOGLE IT
and just as many hedge funds profited as went BK here... bet on that
They’re mad because it wasn’t just high rollers manipulating a stock (those crying now) it was plebeians who might like using the store who fought back.
I just took a position on AMC, I didn't see the upside for GME at today's price, I could be wrong.
It's personal...
https://youtu.be/nyB6asQPsPY
What IS going on with the Gamestop stuff? I've been at work all day (i.e. a normal pede), so I've missed the start of all this.
So what do you do if you're gamestop in this situation. you're planning on filing for bankruptcy and all of a sudden you get this huge influx of capital?
Hopefully they reinvent themselves. They can partner with steam and wizards of the coast and become a LAN party beer nerd hang out retailer destination w sick internet speeds and a live line to elons new internet. All this free pr and they should be able to turn it around
lmao love it
🤣🤣🤣🤣