Investment people.. Have you been following the GME kerfuffle?

[Nesikep]

Sorry if this has already been said:

Gamestop is a "Brick and Mortar Store" that was one of the first to only sell video games and accessories. They were really big back in the 2000's- 2010's. With the advent of faster internet being more widely available, most video games are now downloaded directly to the machine rather than buying a physical game. So, there is less need for the brick and mortar storefront.

Gamestop is near and dear to the hearts of many that are now in their 30's and 40's because that is what they remember from their childhood.

As to the Apps stopping the purchase of certain stocks, I understand why they did it. They are trying to protect the people that want to get in at the top of the bubble. I am not saying it is right, but I understand the rationale.

Edit: I just came from r/wallstreetbets (yes I am old and also a Redditor I am more popular there than I am here though ). Nesi was right, those people see this as a moral cause and they do not mind losing. Today is the expiration day on a lot of GME options and they are dead set to hold their line and not take profits.

I also learned that one reason they are so angry is that GME could not open its doors due to the Pandemic and that the Hedge guys were taking full advantage to drive the stock into nothing. The folks on Reddit keep talking about saving 15k jobs that GME provides.

Actually, a lot of people also hated Gamestop for some of their policies.. a joke on one of them I heard recently was "Your GME stocks must be returned in their original packaging" as a take on their policy that games had to be returned in original packaging to be worth anything.

The reason you can't BUY stock is actually much more nuanced and goes way up the chain in the stock trade ladder.. I can't explain it very well but small brokers deal with big brokers that deal with a company called DTC which essentially guarantees the money used from the brokers is actually there. Depending on who your broker was you still could buy stock if they traded directly with DTC, but the requirements to buy had changed, previously 1%, then 5, then 10%, and finally 100% of the money had to be paid in order to buy and they couldn't guarantee that much.
This goes into it more

 

[Silver]

I'm still confused. If you can sell, who are they allowing to buy?

 

[Nesikep]

I'm still confused. If you can sell, who are they allowing to buy?

People using other brokerages that can guarantee the money, from my understanding

 

[KAstocker]

The big hedge funds got what was coming to them. Before this is over though, there will be a lot of fools (mostly little guys) who bought at $50-$400, only to have it go back down to under $20.

 

[Nesikep]

The big hedge funds got what was coming to them. Before this is over though, there will be a lot of fools (mostly little guys) who bought at $50-$400, only to have it go back down to under $20.

the thing is, there are a lot of people who don't care, they just want to send a big middle finger to Melvin capital and cohorts.. I don't think anyone who is holding right now is doing so to make money

 

[sstterry]

The big hedge funds got what was coming to them. Before this is over though, there will be a lot of fools (mostly little guys) who bought at $50-$400, only to have it go back down to under $20.

That will most likely happen but the big Hedge Funds have already lost billions. I read this afternoon that there is still 12 billion of puts on the table and the price is still well above $300 at the close. The little guys may lose, but they are sure sticking it to the big "players" who do the same thing every day. They deserve it.

I saw this morning that an Asian billionaire was making a one million dollar purchase to support the cause and keep the price up.

 

[Buck Randall]

the thing is, there are a lot of people who don't care, they just want to send a big middle finger to Melvin capital and cohorts.. I don't think anyone who is holding right now is doing so to make money

The big hedge funds depend on the retail traders to act in their own short-term best interests. Now that they're organized and buying for reasons other than making a profit, the game is broken.

 

[1982vett]

Blue Horseshoe loves Anacot Steel....

 

[haase]

Gamestop is a video game store. It's a failing business because video games have gone to a mostly online download model, and nobody needs to go to a store to buy a physical copy any more. They've closed a lot of stores recently and bankruptcy seems like an eventual certainty. Brokers were trying to short it because it seemed like the stock could only go down.

Some little guys noticed that the big brokers were overleveraged and used the power of social media to get enough small buyers on their side to tip the balance in their favor. It's a perfectly legal form of market manipulation, because there's nothing secretive about it. For now.

70 billion dollars in one day, you are the expert.

 

[Brute 23]

Guess people need to be more careful with the millenial jokes.

 

[Nesikep]

The big hedge funds depend on the retail traders to act in their own short-term best interests. Now that they're organized and buying for reasons other than making a profit, the game is broken

I think they found a way to drain the swamp really fast!

 

[HDRider]

Guess people need to be more careful with the millennial jokes.

You struck a chord there. Right now, we are witnessing the death throes of the old guard.

I cannot figure out what the new powers will do. Their motivations seem so cross purposed. I cannot understand what they truly believe or appear to believe, and if is one in the same.

I will make a judgement call. I include myself in this, at least the first one. We have not experienced hard times. We do not have respect for hard times. We do no fear hard times.

 

[Brute 23]

You struck a chord there. Right now, we are witnessing the death throes of the old guard.

I cannot figure out what the new powers will do. Their motivations seem so cross purposed. I cannot understand what they truly believe or appear to believe, and if is one in the same.

I will make a judgement call. I include myself in this, at least the first one. We have not experienced hard times. We do not have respect for hard times. We do no fear hard times.

Quality of life and social justice

 

[HDRider]

Quality of life and social justice

Are you saying the foundation of millennial philosophy are "quality of life" and "social justice"?

Can you define what those two terms mean?

 

[Mrcopier]

Here's the ultra-dumbed-down version that helped me figure it out:

View attachment 1919

Now that's funny!!!!!

 

[Brute 23]

 

[Nesikep]

70 billion dollars in one day, you are the expert.

Well do share your expertise then

 

[sstterry]

70 billion dollars in one day, you are the expert.

https://www.sportskeeda.com/esports...imated-loss-70-billion-redditors-push-lawsuit

https://www.ladbible.com/news/lates...llion-following-gamestop-stock-spike-20210128

https://geopolitic.org/2021/01/29/m...-shorted-firms-see-stock-surge-data-analysts/

https://generaldispatch.whatfinger....op-rebellion-winning-and-nuking-manipulators/

http://newsreadonline.com/gamestop-hype-us-shortsellers-lose-70-billion/

 

[Brute 23]

I thought this was a pretty easy explanation to follow.

 

[ismith]

Buying GME is laying pipe to the Hedge funds!