Hedge fund tries to short Gamestop, now gets short squeezed by R/wallstreetbets

[Fudotei]

I mean, is there any difference between investing in this and investing in Bitcoin?

Yes, Gamestop is a company whose stock price is being inflated because of exposed financial speculation. Bitcoin is internet money that goes up because it takes the electrical grid of a small Central American nation to generate more

Both are good investments compared to the absolute state of interest-bearing savings accounts and bonds

[Santander]

I mean, is there any difference between investing in this and investing in Bitcoin?

Yes, Gamestop is a company whose stock price is being inflated because of exposed financial speculation. Bitcoin is internet money that goes up because it takes the electrical grid of a small Central American nation to generate more

Both are good investments compared to the absolute state of interest-bearing savings accounts and bonds

lol

[lfromnj]

I mean, is there any difference between investing in this and investing in Bitcoin?

I mean this isn't a pure Pump and Dump as there is a basis for this demand to be caused by the shorting, however it will eventually crash.

[GP270watch]

Both are good investments compared to the absolute state of interest-bearing savings accounts and bonds

 This is not true. Any stock or security can go to zero. While the American dollar loses purchasing power due to inflation, there is very little danger of The United States dollar being worthless in your lifetime.

 The past performance of Bitcoin or recent returns of GME means nothing, they are still highly speculative and when many people are chasing big returns and quick gains these are usually signs of a bubble and really poor regulation in a financial market.

[Fmr. Gov. NickG]

I mean, is there any difference between investing in this and investing in Bitcoin?

Yes, Gamestop is a company whose stock price is being inflated because of exposed financial speculation. Bitcoin is internet money that goes up because it takes the electrical grid of a small Central American nation to generate more

Both are good investments compared to the absolute state of interest-bearing savings accounts and bonds

Actually you're right, Bitcoin is much worse.  Generating bitcoins expends monstrous amounts of energy to produce absolutely nothing useful that could not be produced for free.  It is entirely wasteful destruction of the environment.  At least Gamestop still serves a narrow social function.

[1978 New Wave skinny trousers]

Literally free money boys yahoo

"Socialist." Everyone involved in this story is bad, including the Redditors who talk and act like total douches on their subreddit. Martin Shkreli was a moderator on WSB, in case you're not aware.

Also, the idea that the stock market should be "for everyone" is a perverse and dystopian vision of the future. America has enough greed and deification of wealth and power as is; imagine a country where everybody is their own little "stock manager" only looking out for the next buck to make on trading markets.

[Hindsight was 2020]

Only down side is trolls on Twitter saying the Mets will go broke from this 🙄

[ultraviolet]

Literally free money boys yahoo

"Socialist." Everyone involved in this story is bad, including the Redditors who talk and act like total douches on their subreddit. Martin Shkreli was a moderator on WSB, in case you're not aware.

Also, the idea that the stock market should be "for everyone" is a perverse and dystopian vision of the future. America has enough greed and deification of wealth and power as is; imagine a country where everybody is their own little "stock manager" only looking out for the next buck to make on trading markets.

What? Seems like you’re just jealous

[GP270watch]

Literally free money boys yahoo

"Socialist." Everyone involved in this story is bad, including the Redditors who talk and act like total douches on their subreddit. Martin Shkreli was a moderator on WSB, in case you're not aware.

Also, the idea that the stock market should be "for everyone" is a perverse and dystopian vision of the future. America has enough greed and deification of wealth and power as is; imagine a country where everybody is their own little "stock manager" only looking out for the next buck to make on trading markets.

 These are good points. Investing and financial markets were basically solved for the average person by Jack Bogle. Buy a 3 fund portfolio and keep dollar cost averaging into it during your working lifetime and you will never have to worry about much related to financial markets.

[GALeftist]

Literally free money boys yahoo

"Socialist." Everyone involved in this story is bad, including the Redditors who talk and act like total douches on their subreddit. Martin Shkreli was a moderator on WSB, in case you're not aware.

Also, the idea that the stock market should be "for everyone" is a perverse and dystopian vision of the future. America has enough greed and deification of wealth and power as is; imagine a country where everybody is their own little "stock manager" only looking out for the next buck to make on trading markets.

To be honest with you, I don't particularly like that subreddit. They have a tendency to stan people like Shkreli and Elon Musk and it is also obviously chock full of ableism. I also agree with you that the stock market is ultimately pretty much inherently bad for the working class.

However, given that we live in a world where there is a stock market, I think it is funny for it to bankrupt a bloodsucking hedge fund, even if the lion's share of the spoils are going to bozo redditors.

[Skunk]

Redditors really managed to s**tpost their way into bankrupting several hedge funds. What a timeline.

[GoTfan]

Literally free money boys yahoo

"Socialist." Everyone involved in this story is bad, including the Redditors who talk and act like total douches on their subreddit. Martin Shkreli was a moderator on WSB, in case you're not aware.

Also, the idea that the stock market should be "for everyone" is a perverse and dystopian vision of the future. America has enough greed and deification of wealth and power as is; imagine a country where everybody is their own little "stock manager" only looking out for the next buck to make on trading markets.

I just think it's absolutely f***ing hilarious because this is making our argument stronger.

[It’s so Joever]

So I assume this is what caused the market to fall.
Funny enough the Dow now has been falling every day since Biden took office.

[Red Velvet]

I love it. The fact they blocked wallstreetbets from Reddit and discord for “hate speech” just after this shows how political correctness and identity politics will always be used as a weapon to favor the elites, not the oppressed.

Wall Street is scared as sh**t and it’s beautiful. Capitalism being used against capitalists makes a bunch of rich people complain it was all rigged against them and demand regulations, how sad. I guess capitalism is great but only if the “correct” people participate in manipulating it.

[lfromnj]

I love it. The fact they blocked wallstreetbets from Reddit and discord for “hate speech” just after this shows how political correctness and identity politics will always be used as a weapon to favor the elites, not the oppressed.

Wall Street is scared as sh**t and it’s beautiful. Capitalism being used against capitalists makes a bunch of rich people complain it was all rigged against them and demand regulations, how sad. I guess capitalism is great but only if the “correct” people participate in manipulating it.

The sub went private, they aren't banned from reddit.

Also on another note

https://twitter.com/jeneps/status/1354495049397055494?3Dfalse

[Bootes Void]

I love it. The fact they blocked wallstreetbets from Reddit and discord for “hate speech” just after this shows how political correctness and identity politics will always be used as a weapon to favor the elites, not the oppressed.

Wall Street is scared as sh**t and it’s beautiful. Capitalism being used against capitalists makes a bunch of rich people complain it was all rigged against them and demand regulations, how sad. I guess capitalism is great but only if the “correct” people participate in manipulating it.

The sub went private, they aren't banned from reddit.

Also on another note

https://twitter.com/jeneps/status/1354495049397055494?3Dfalse

they are de facto banned as it is harder to access it. of course you can ask the mods for permission but subreddits usally dont do that to join

[lfromnj]

I love it. The fact they blocked wallstreetbets from Reddit and discord for “hate speech” just after this shows how political correctness and identity politics will always be used as a weapon to favor the elites, not the oppressed.

Wall Street is scared as sh**t and it’s beautiful. Capitalism being used against capitalists makes a bunch of rich people complain it was all rigged against them and demand regulations, how sad. I guess capitalism is great but only if the “correct” people participate in manipulating it.

The sub went private, they aren't banned from reddit.

Also on another note

https://twitter.com/jeneps/status/1354495049397055494?3Dfalse

they are de facto banned as it is harder to access it. of course you can ask the mods for permission but subreddits usally dont do that to join

Thats quarantine, this is a self voluntary private or atleast partially voluntary. Remember this subreddit just got nationwide attention.

[Crumpets]

Maybe Gab will welcome them.

[Sestak]

The subreddit's own mods on twitter are reporting that they're working to get it back up after increase in traffic.

Also supposedly this does happen once every so often with r/wsb when they do a lot of trading activity.

So we'll see. Hopefully back up soon.

[🐒Gods of Prosperity🔱🐲💸]

Discord banned their r/wallstreetbets channel


.... over "hate speech"

https://mashable.com/article/discord-bans-wallstreetbets-subreddit/

[Yoda]

I almost wish GameStop wasn't doing well though. It is a notoriously Bad Company to work for, and would love to see it fall prey to smaller chains.

It won't. It's falling prey to online distribution.

I don't understand how they still exist. I probably haven't bought a physical game in 6 years? And if I did, or when I did, I either got it from Costco or Best Buy. I download everything directly from the xbox store now.

[Absentee Voting Ghost of Ruin]

Oops. Looks like the wrong people made money.

Why regulators may scrutinize GameStop's Reddit-driven retail stock surge

Jacob Frenkel, Securities Enforcement Practice chair for law firm Dickinson Wright, said the SEC would likely look at whether the messaging by investors holding the stock long-term and activists betting against it was manipulative.

“With federal prosecutors having become much more sophisticated in their cases over the years on securities trading ... it is reasonable to believe that any SEC investigation could well have a parallel criminal investigation,” he added.

Wild swings in GameStop’s shares led the New York Stock Exchange (NYSE) to halt trading in the company several times this week. But lawyers said there was sufficient marketplace confusion to warrant a longer suspension.

On Wednesday, the Massachusetts state regulator, William Galvin, called on NYSE to suspend GameStop for 30 days to allow a cooling-off period. “This isn’t investing, this is gambling,” he told Reuters in an interview. “This is obviously contrived.”

Good thing the feds are making sure that billion-dollar hedge funds who conduct high frequency trading at substantial fractions of the speed of light aren't coming out short because someone gamed the system.

[PSOL]

This is the most riveting episode of class conflict since Tiger King.

[Illiniwek]

STONK!!!!!

[PSOL]

Huh, this sort of thing has been common for some time now

I have, which will surprise you not a little, been speculating — partly in American funds, but more especially in English stocks, which are springing up like mushrooms this year (in furtherance of every imaginable and unimaginable joint stock enterprise), are forced up to quite an unreasonable level and then, for the most part, collapse. In this way, I have made over £400 and, now that the complexity of the political situation affords greater scope, I shall begin all over again. It’s a type of operation that makes demands on one’s time, and it’s worth while running some risk in order to relieve the enemy of his money.