I understand the uproar, but I do understand the other side.
There is no real doubt the stock was manipulated. Thus, at some point the stock is going to go back to it's unmanipulated level, leaving a lot of people holding the empty bag.
How many of the people who started the drive of price upwards have already dumped the stock?
Think about Game Stop for a moment. They made their money buying and selling games and game equipment...mostly used equipment based on the 1 or 2 times I have been in one of their stores.
Today, games are headed for download directly through your game system. You won't be buying a disc from a store anymore. Your store will be XBox or Playstation.
Game Stop is on the same unsustainable path that Blockbuster was 15 years ago. People stopped renting videos and started having them delivered through their cable provider....now streaming services.
I don't know all that much about game stop. Were they on the verge of entering the streaming market? Are they currently doing so?
I myself am not a big gamer, though I do have a playstation my son game to replace the Xbox he gave me about 10 years ago.
I get his left overs. Works for me. I play golf. That's about it. I did have a hockey disc and boxing disc for the Xbox. Now just a golf for the playstation.
I like having the system. It's a good way to kill a few hours on a rainy day. It's fun to play. It also doubles for my blu ray player, so I was able to get rid of the one I had when I got a new TV a few months back.
Heck, I may go play a few rounds right now!
If everybody had like minds, we would never learn.
I don’t think you understand what’s happening or how this works. When the price was driven up by private investors the big guys (hedge fund co’s) where left holding they bag. They actually had to start buying more of these stocks to cover the billions they lost, driving up the price of these stocks even more. Then they cut off the buying to thwart off further losses. It’s BS. It’s the big money against lil money and when big money loses they bite the little money in the ass and say this game isn’t for you kids. Go away.
By the way Gamestop is a great company and doing fine. Much better now:) They are the the old KB Toy Stores. I buy used tablets and phones from them all the time at discount prices, They sell gaming equipment and their online store rocks. They also buy used equipment and games. They have closed many of their store fronts but that’s expected these days with online purchases going through the roof during covid.
"The tree of liberty must be refreshed from time to time with the blood of patriots and tyrants." Thomas Jefferson.
Hedge funds manipulate stocks all the time. You see, they don't have a problem with stocks being manipulated as long as it's them doing the manipulating and it's their pockets getting lined.
Everything else is nothing but excuses.
Intoducing for The Cleveland Browns, Quarterback Deshawn "The Predator" Watson. He will also be the one to choose your next head coach.
Most of the gamers I know have a pretty strong dislike for Gamestop. It's funny that this company is at the front of this battle of Good vs Evil. Gamestop, like many companies that were struggling to stay relevant amid a shifting market, is going to go bankrupt... it's just a matter of how long it takes and the pandemic merely pushed up that timeframe. Amazon is actually a better outlet to get new games, and eBay is better for used games.
You'll never see me shed a tear for these hedge fund managers and the like. I hope they lose their shirts and have to explain themselves to their bosses and investors. I'm skeptical that this whole episode will have any real, lasting impact... but I'm rooting for the redditors nonetheless. I'm even going to throw some money behind it... doing my part and all.
There is no level of sucking we haven't seen; in fact, I'm pretty sure we hold the patents on a few levels of sucking NOBODY had seen until the past few years.
Yeah, to me it's as simple as "if stocks can be manipulated from one side, then they can be manipulated from the other side. Everyone can do it, or nobody can."
What we saw recently from the brokers and the hedge funds was:
"It's so much fun to get rich by manipulating stocks!"
"Retail investors are doing it now."
"That's not right, and it's amoral. Shut 'em down!"
Blue ostriches on crack float on milkshakes between the sidewalk titans of gurglefitz. --YTown
STILLWATER, Minn. (WCCO) - A college student from Minnesota cashed in on his GameStop investment, but instead of keeping the money, he used it to help children in the hospital.
Hunter Kahn, 20, was one of the many people on Reddit who recently helped propel GameStop stock to new heights. He used the money to donate six Nintendo Switch consoles and games to Children’s Minnesota Hospital in Minneapolis.
“I love video games. I know it would be terrible being a kid in the hospital with no joy helping them through,” Kahn said.
His post on Reddit about his donation has received more than 180,000 upvotes, or likes.
Many amateur investors like Kahn on the Reddit forum “Wall Street Bets” purchased GameStop stock to beat wealthy hedge funds at their own game.
“A lot of people are saying that this is somewhat like a transfer of power. But if the money is going from here just to the other side, there is no difference, if we just are acting the same way as the people that we’re criticizing. So, I think it’s important that we don’t become men in suits ourselves and use our money for good,” Kahn said.
Despite his success, Kahn has no plans to work in finance. He’s an engineering student who says he wants to build spaceships for Elon Musk.
This is the crap that’s starting to really tick me off.
In a broad sense, I do have sympathy for the little guys because yes; the elite proved that the stock market is rigged in their favor.
Here’s the freaking problem: the stocks these losers on Reddit decide to put money into have to be the most uneducated decisions they could possibly make, and they did it AGAIN.
The problem with the result clowns and GameStop was the FACT that GameStop was going down the tubes prior to this whole crap show. They were closing retail locations left and right. GameStop was at its appropriate value prior to the Reddit clowns dumping money in there.
The main issue was the hedge fund managers playing games and illegally telling robinhood and others to stop people from trading those securities. They should’ve taken the 1-2 day L and call it a day, because GameStop shares dropped like crazy right on back to their original valuation.
But now those losers decided they wanted to mess with the pot stocks now. Shares dealing with marijuana companies and investing were doing just fine until they up and decided to jump in. The individual shares and ETFs shot through the roof the last couple days, and now they’re already down close to 30%.
I get that these clowns are now trying to make a point, but they’re starting to cost other people money simply because they want to play games. Should they be stopped from doing this?
No.
Can I call them a bunch of freaking morons for what they’re doing?
Yes.
“To announce that there must be no criticism of the President, or that we are to stand by the President, right or wrong, is not only unpatriotic and servile, but is morally treasonable to the American public.”
I hold my securities long term. Not only do I keep commissions from eating up my profits, I save in taxes as well.
The stock market isn’t a get rich quick scheme.
“To announce that there must be no criticism of the President, or that we are to stand by the President, right or wrong, is not only unpatriotic and servile, but is morally treasonable to the American public.”
I understand your sentiments there, but the people on reddit are just trying to play the rigged game the way the uber rich do, bilking profits as fast as possible with 'legal' manipulation. So even though I feel for anyone caught in the middle, I'm not going to hate on them for trying or stirring the pot.
I just hope they tax forms filled out properly.....it’s all fun and games til the IRS introduces themselves.
“To announce that there must be no criticism of the President, or that we are to stand by the President, right or wrong, is not only unpatriotic and servile, but is morally treasonable to the American public.”
For those holding crypto it’s been a good week. I’ve been rolling my big gains on BTC and ETH into some smaller, growing coin. Algo pays 6% plus it’s natural gains. I’m in on a nice haul under $1 per coin. It’s trading around $1.29 and been on a slow steady climb. To the moon!!! HODL
I understand your sentiments there, but the people on reddit are just trying to play the rigged game the way the uber rich do, bilking profits as fast as possible with 'legal' manipulation. So even though I feel for anyone caught in the middle, I'm not going to hate on them for trying or stirring the pot.
Explain to me how shorting a stock is manipulating a stock?
If it was, the SEC would be involved.
If everybody had like minds, we would never learn.
Bro could imagine those guys who had bitcoin back when they were like 70 cents a pop? Good god.
“To announce that there must be no criticism of the President, or that we are to stand by the President, right or wrong, is not only unpatriotic and servile, but is morally treasonable to the American public.”
A few months after bitcoin mining became a thing, my partner and I used our PCs to mine during off hours. We only did it for a while but managed to mine a little over 2 and a half coins. They were basically worthless, almost impossible to use for anything, and we soon stopped. Try as I might, I have never been able to find that wallet we used and out there in the blockchain somewhere is a lot of unclaimed money... We can't be the only ones.
I got my partial coin around $5000. Let’s say my few hundred in back then is reaping it’s rewards. I had thought about pulling the trigger on a full coin around $6000 but just couldn’t get my finger to hit send.... I should chop that finger off now. Stupid finger.
I understand your sentiments there, but the people on reddit are just trying to play the rigged game the way the uber rich do, bilking profits as fast as possible with 'legal' manipulation. So even though I feel for anyone caught in the middle, I'm not going to hate on them for trying or stirring the pot.
Explain to me how shorting a stock is manipulating a stock?
If it was, the SEC would be involved.
The line tends to be a lot thicker than some people realize.
Again, the only thing that was done illegally was hedge fund managers trying to get online platforms to halt trading on a specific stock.
As far as manipulation goes, there really wasn’t any. The guys on Reddit really displayed a lot of ignorance, which isn’t a crime.
They’re whole belief revolved around the idea that GameStop was worth more than what it actually was. They didn’t take into account the value of the shares were consistently going down. They didn’t take into account that retail stores were not only consistently closing across the country, but couldn’t properly develop a web based store either. So they thought they were gonna invest into the stock and it would hold its value.
Very few of them thought about inflating the value then selling it. So what ended up happening was that a ton of people bought into the stock, held the stock, then MORE people bought into the stock when it was already inflated, and then happy birthday to good old correction time. So a ton of people lost money, including the same clowns on Reddit that started the BS to begin with.
Again, the hedge fund managers were correct will within legal bounds in betting against it. They were wrong in trying to stop the buy in when they started losing money, and that’s why they’re currently in the crap they’re in now. And rightfully so.
The biggest problem I have now is that these clowns don’t know when to stop. If they want to lose all their money fighting the man, go right ahead. But it won’t stop me for calling them morons who clearly don’t understand the fundamentals of the stock market.
And I also have the right to be ticked off when they start costing me money as well. My marijuana ETFs stock doing just fine until those clown decided to hop in.
But as you said, if real manipulation happened, there would definitely be the big dogs involved.
“To announce that there must be no criticism of the President, or that we are to stand by the President, right or wrong, is not only unpatriotic and servile, but is morally treasonable to the American public.”
Oh yea for anybody paying attention, there’s a massive global shortage of semiconductors happening right now.
It would be a good time to start looking into companies or ETFs that center around producing semiconductors and such. We all know governments around the world will be forced to have to throw money at closing the shortage gap so start doing your research.
“To announce that there must be no criticism of the President, or that we are to stand by the President, right or wrong, is not only unpatriotic and servile, but is morally treasonable to the American public.”
There’s a lot of wallets out there lost for good. If I were in big when it was only $1 or so... at $47,000 a coin today I’d be in a fetal position after turning my house upside down trying to find my access information. I had a similar thing recently. I had purchased XRP and a couple other altcoin a few years back on Binance. I couldn’t find my log in info for some time. I kinda forgot about it all together. After scouring the house I found it. I then moved all my coin from there to my Coinbase. Now it’s one stop shopping... except for my Tron holdings. Coinbase doesn’t support Tron. It’s only $10 so I’m not too concerned. I now know how to get back to it if it ever booms, or if Coinbase supports it. Currently XRP trading has been suspended on Coinbase, but I can cash it out if nothing else. I’m hoping they resolve their lawsuits and get it reposted.
Before we started mining, somebody behind bitcoin was giving new miners 10 bitcoin just for downloading and activating the mining software. We just missed out on that... that's how long ago this was. Imagine having that today.
I understand your sentiments there, but the people on reddit are just trying to play the rigged game the way the uber rich do, bilking profits as fast as possible with 'legal' manipulation. So even though I feel for anyone caught in the middle, I'm not going to hate on them for trying or stirring the pot.
Explain to me how shorting a stock is manipulating a stock?
If it was, the SEC would be involved.
It can be used to manipulate a stock, but it is legal. I am personally of the opinion that we should have laws preventing the lending and shorting of stocks because it poses unnecessary systemic risk to the market. Many investors agree with this stance, Warren Buffet being one of them. That is what is so crazy about CNBC and other accusing Redditers of introducing systemic risk, the problem comes from allowing short selling, not from allowing people to bet against short selling.
Market prices are driven by short term supply and demand for the security. By allowing short sellers to borrow shares and sell them into the market, they are artificially inflating the supply of the security.
The thing I most dislike about the whole practice is where the lended shares come from. They come from the brokerages. Somewhere buried in your agreement with them, you probably agreed to allow them to lend out shares of things that you own. So in an extreme scenario, what could happen is many stocks get short squeezed simultaneously and the short's cannot cover. They go under and cannot afford to buy back the shares to give back to the brokerages, the brokerages are then in trouble and cannot replace the lended stock.
In theory, they have controls and reserves in place to ensure that this type of thing should not happen, but we have seen that story before.
I understand it is a complicated process. I also understand there is nothing with wrong with speculating a stock will lose value.
They aren't ruining people by doing so except for maybe the people investing in their fund, but then those people know it is a high risk investment. They aren't doing anything to help drive down the price of the stock. They are just looking at the indicators that make them think the stock is over valued and going to drop.
I feel sorry for those who bought in to this price manipulation scheme and are going to lose their ass on gamestop.
It would be interesting to see how many of the people who started this charade sold out a large portion of the stock early after the price started to go through the roof. They probably got their profit. Anything they now hold so they can keep telling people to "hold the line" doesn't matter to them, they got their profit, they don't care if it drops to nothing.
Hell, they are probably investing in a hedge, hoping it drops.
If everybody had like minds, we would never learn.
From a certain point of view, you are speculating even if you are putting your money into typical buy and hold funds because you are participating in the short selling transaction, most likely without knowing. You are lending out your shares to your brokerage (for free) and they are lending out your shares in exchange for interest from the short sellers. So you are speculating that everything is going to be fine and your shares will always be there. You are assuming that the financial wizards at the brokerages and on Wall Street got their models correct and that they can never get over leveraged when borrowing your stock.
The fact that they had to shutdown buy orders on stocks and started talking about systemic risk should scare the heck out of you, because it means that they are taking on more risk with this share lending racket than any of us realized.
We went through the same thing when the housing bubble collapsed and that ended up hurting more than just the people involved in bad mortgages.
I am for any regulation that prevents brokerages from lending out peoples assets and any regulation that curtails short selling.
I hold my securities long term. Not only do I keep commissions from eating up my profits, I save in taxes as well.
The stock market isn’t a get rich quick scheme.
You get it.
Don't listen to all the money experts on the board. They don't know what they are talking about.
I certainly don't know much about money, not much at all for sure.
The stocks, the Dow Jones, whatever can be UP or Down, it's been about 28,000 (they say), to maybe 32,000, and once it fell to around 20,000 back when, but that doesn't matter.
Right, (last time I looked) the Dow was UP, I think, but what if it went up too much. (Sure I think it can't go up too much, that's what UP means right?, but)
What if you wake up tomorrow and the Dow is 40,000, it's not immediately apparent as a problem, maybe. But, What if I woke up tomorrow and the Dow was suddenly 400,000, Oh my frickin LORD! Oh the humanity, say it ain't so, would anyone understand what that would mean.
It would be the inhuman, immediate, catastrophic crash of the dollar as a currency, and I don't know what you get paid in.
But I certainly don't know much about money, not much at all for sure.
The stock market is an indicator of the economy. Not the economy itself.
If we woke up and it was 400k, then there would be a massive sell and that # would come crashing down to normal (and then a little further) before lunchtime.
There is no level of sucking we haven't seen; in fact, I'm pretty sure we hold the patents on a few levels of sucking NOBODY had seen until the past few years.
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