Gamestop stock situation

[Lyubov]

Anyone following this? What the hell is going on?

[abrakamowse]

I read something on the news, but I have no idea what the hell happened.

It seems that there's a trend in reddit to buy the stock to make the prices rise. Not sure how much is going to go up, but that's what they are doing.

Here there's an article about what's happening.

https://www.cnet.com/news/reddit-and-elon-musks-gamestop-stock-rocket-this-insane-ponzi-scheme-cant-last/

[GroovyGuru]

Just gotta wonder if large online communities band together like this they could probably constantly fuck over Wall Street. I wonder if they are going to try to regulate these communities manipulation, even though these hedge funds and institutions always manipulate themselves. 

[Lyubov]

1 hour ago, louhad said:

Awesome video by kyle kulinski:

TL;DR:

1. Hedge funds bet that company is going to tank and tried to manipulate market to ensure it did.
2. Redditors found out and decided to troll them. massively inflated stock
3. Hedge fund billionaires get fucked to oblivion. 

 

lol, watch how fast the gov is going to bail these dudes out and regulate the peasant's ability to manipulate the market after this. 

 

 

wow I really hope the succeed lmao 

this is amazing 

[Blackbeat]

Interesting.

[Erick]

Also, we did not hack anything to find out that the hedge funds are abusing the Gamestop stock, we all just used the good old public forums to inform each other so that everyone knew that it has being manipulated for more than 2 years to the detriment of the company and its employees (someone saw a pattern in Gamestop's stock and they started researching it until they discovered what was really going on) so it's all still out there on Reddit:
Here's a great analysis of the current situation: 

This could be a golden opportunity for someone looking to make easy money, I'm not a financial advisor and this is not financial advice, but my opinion is if anyone has money and doesn't mind potentially losing it then this risk is worth taking. Hell, I made 300$ in just one day from buying 100$ of the GME stock, imagine if I had a lot more money to spare. Also, this squeeze is not over, I'm still holding my positions and there's a potential boom on Friday cause some of the hedge funds' contracts will expire on that day and they'll have to buy shares to pay their "debt" which will make the stock price fly high, so I'm waiting for that. 
This is a pretty significant moment in our modern history cause this has never happened before, so I too don't know how all of this will play out, what I do know is that this will have a huge impact on the stock market and even on our societies as a whole cause this new movement might stick around for a long time and so there may be a sort of redistribution of wealth going on. This might be beneficial to us non billionnaires.

Edited January 28, 2021 by Erick
Grammar

[Erick]

9 minutes ago, DefinitelyNotARobot said:

This must be some kind of cosmic joke. Sadly they might get their money back.

The whole situation feels so freaking unreal. At this point it's almost impossible to predict what's gonna happen next so let's just wait and see.

[abrakamowse]

[abrakamowse]

Right now the subreddit is unavailable. They can’t moderate so many people.... ?

 

Edited January 28, 2021 by abrakamowse

[Hansu]

10 minutes ago, abrakamowse said:

Right now the subreddit is unavailable. They can’t moderate so many people.... ?

 

To me, I can't even access the subreddit. It's like it never existed at all.

Apparently their discord servers has also disappeared.

Praise censorship!

[Leo Gura]

2 hours ago, louhad said:

watch how fast the gov is going to bail these dudes out and regulate the peasant's ability to manipulate the market after this. 

Of course manipulation of markets is going to be regulated. It always has been because markets cannot survive otherwise.

The desire to see markets go unregulated so that they can be manipulated by peasant buffoons as vengeance against Wall Street capitalists is not wise. It will backfire on society. Those same mechanisms will get hijacked by Wall Street execs very shortly.

As tempting as it is, treating Wall Street as some evil or devil will not solve our problems. It's just more of the same culture war stuff that has us chasing our tails.

Don't forget, your grandma has her retirement savings on Wall Street. And the ones who will end up fucked in this game are not the execs but the peasants.

All forms of market manipulation must be cracked down on, be it peasant or elite.

[abrakamowse]

This article is super interesting 

 

https://www.wsj.com/articles/gamestop-mania-reveals-power-shift-on-wall-streetand-the-pros-are-reeling-11611774663

[Preety_India]

This whole thing is so tricky and such a waste of time and money. 

 

[abrakamowse]

@Leo Gura But that sort of manipulation is already done by Wall Street executives. What’s the difference? That now is being done by the people?

They broke the market in 2000 with the mortgages. And nothing happened, the people suffered. 
 
How is this going to affect peasants? 
 

I’m asking because I really don’t know. Not trying to confront or anything. 
I’m genuinely curious.

[aurum]

8 minutes ago, abrakamowse said:

How is this going to affect peasants? 

Because when things aren't regulated, wall street execs will end up fucking up things even worse.

Look what happened when they repealed Glass-Steagall.

That's not to say it's right what is happening on wall street. It's not. It's super shitty that a bunch of people make billions of dollars largely just gambling and rigging the government. And it needs to stop.

But a peasant revolt of people doing the same thing is not going to stop it. Although it's obviously drawing attention to the issue, which is good.

Really you need to change the paradigms and systems that allow for something like wall street in the first place.

All that said, I have to admit I find it kind of hilarious. A bunch of reddit nerds bankrupting a wall street hedge fund? We are in an alternate universe right now.

[abrakamowse]

Subreddit is back ?

[Leo Gura]

31 minutes ago, abrakamowse said:

But that sort of manipulation is already done by Wall Street executives. What’s the difference? That now is being done by the people?

One crime does not justify another.

Vigilante mob justice by buffoons quickly backfires and becomes injustice.

Indeed, let's shut down hedge fund manipulations.

[Hansu]

17 minutes ago, aurum said:

Although it's obviously drawing attention to the issue, which is good.

Really you need to change the paradigms and systems that allow for something like wall street in the first place.

Yeah, hopefully they do do something with those greedy manipulators. Either they do something about them, or stop normal people from interfering their manipulation. Either way is good publicity on the subject

Edited January 28, 2021 by Hansu

[Jennjenn]

It’s class warfare. 
 

We can’t expect the working class to be “wise” when they are the ones who are constantly been taken advantage of. Not given the proper education and always kept in the dark. 
The ones who should “wised up” are the elites and the government and people with money and power. Stop taking advantage of the masses and maybe they won’t act in destructive ways. Let’s not blame the victim now. It was just a matter of time. Just like BLM burnt down police stations, this “occupy Wall Street 2.0” might as well do the same. And I for once don’t blame them. Stop treating people like idiots and maybe they will stop acting like one. 
 

[Preety_India]

4 minutes ago, Jennjenn said:

It’s class warfare. 
 

We can’t expect the working class to be “wise” when they are the ones who are constantly been taken advantage of. Not given the proper education and always kept in the dark. 
The ones who should “wised up” are the elites and the government and people with money and power. Stop taking advantage of the masses and maybe they won’t act in destructive ways. Let’s not blame the victim now. It was just a matter of time. Just like BLM burnt down police stations, this “occupy Wall Street 2.0” might as well do the same. And I for once don’t blame them. Stop treating people like idiots and maybe they will stop acting like one. 
 

On point. Blame the exploiters not the exploited. So true. 

I never got the whole idea of blaming the ones who are conned.