The Gamestop Stock Market Boogaloo

[Albrenia]

I'm very pleased to hear some of our very own NSGers have had a good time from this Reddit meme event. Nice to see the little guy win for once in the money sphere.

[Valentine Z]

I'm very pleased to hear some of our very own NSGers have had a good time from this Reddit meme event. Nice to see the little guy win for once in the money sphere.

2021: It's not so bad, but oh man, I hope I didn't jinx it.

Certainly a very interesting start for a new year. 11 months to go.

[Dresderstan]

I’m sensing some underlying hostility.

I have this feeling people on wall street will take this and think he used hacks or something.

[Cannot think of a name]

I keep thinking "Ah man, if I had been in on this I could be shopping for a house right now..."

But...

1. No, dipshit, you were broke at the beginning of the week, you'd still be broke now.
2. You weren't going to suddenly learn how to invest because you read some shit stirring on the internet, there's no world where you would have a)believed what they were saying was going to pan out and b)thought, "oooo, now's my chance!"

It really helps stamp out the regret knowing that even if I knew I would still have gone 'pass...'

I mean, I absolutely had the chance to get into bitcoin when they were worth pennies and I went, "nah..."

If I'm going to own my own place I'm going to have to go the long way round.

I'm never going to own a house.

[Nevertopia]

I’m sensing some underlying hostility.

I have this feeling people on wall street will take this and think he used hacks or something.

boohoo the elites have to experience not being elites. UwU

[Nevertopia]

I keep thinking "Ah man, if I had been in on this I could be shopping for a house right now..."

But...

1. No, dipshit, you were broke at the beginning of the week, you'd still be broke now.
2. You weren't going to suddenly learn how to invest because you read some shit stirring on the internet, there's no world where you would have a)believed what they were saying was going to pan out and b)thought, "oooo, now's my chance!"

It really helps stamp out the regret knowing that even if I knew I would still have gone 'pass...'

I mean, I absolutely had the chance to get into bitcoin when they were worth pennies and I went, "nah..."

If I'm going to own my own place I'm going to have to go the long way round.

I'm never going to own a house.

I keep thinking if I knew how to trade stocks I would be a multimillionaire by now.

[Albrenia]

It's kind of nice for people to be talking about the 'elite' and actually be talking about the enormously privileged wealthy class.

[Cannot think of a name]

I keep thinking "Ah man, if I had been in on this I could be shopping for a house right now..."

But...

1. No, dipshit, you were broke at the beginning of the week, you'd still be broke now.
2. You weren't going to suddenly learn how to invest because you read some shit stirring on the internet, there's no world where you would have a)believed what they were saying was going to pan out and b)thought, "oooo, now's my chance!"

It really helps stamp out the regret knowing that even if I knew I would still have gone 'pass...'

I mean, I absolutely had the chance to get into bitcoin when they were worth pennies and I went, "nah..."

If I'm going to own my own place I'm going to have to go the long way round.

I'm never going to own a house.

I keep thinking if I knew how to trade stocks I would be a multimillionaire by now.

I probably would be worse off than I am now.

Only two instances make me go "Goddammit". Because ultimately I'd just own a little bit of companies I have some connection to.

One of those would have been Marvel, which when they got bought by Disney would have been a payday. The other is Volkswagen which thanks to an arcane law in Germany during the financial crisis suddenly shot waaaaaaay the fuck up.

But my ability to pick winners etc, I have deep deep doubts. In hindsight I'm a genius, but I have my doubts about my ability in the moment.

[The Marlborough]

That this meme could actually be real and pay off is something I wasn't expecting. I now have the very real prospect of securing my family much sooner than I expected. This is actually...I don't have words to be honest. I'm both ecstatic and also humbled. It's confusing as fuck but in 2020 my family had an incredibly shit year. I lost my father in law. A cousin of mine was murdered. I got fired for being sick. My mom was diagnosed with cancer (she's beat it now though but still). And now this enters my life as a bright shining light.

As a stranger from across the internet, I am so sorry to hear that. I know it's easier said than done, but I do hope things are looking up for you.

All the best, and I hope you really get that money you need.

Thank you.

We've been okay for money and we're smart with it. But we've only ever just been smart but not smart and secure. That's what we were aiming for 10-15 years in the future with our normal investments based off of what we saved up each year. Then this happens. From here it could just be further growth and the security just getting more firm. I'm not a greedy man, or at least I'd like to think I'm not, I just want to set my family up to be okay. Now my family can be taken care of if this all goes right and if anything were to ever happen to me, I know they at least would have something I've built up for them to live by.

Will I be part of the elite if this goes amazingly well? Yeah. But I have no stake in the status quo and I know what it's like to be near the bottom. I have no love for our current elites and I sure as shit wont back them up. Maybe I'll be able to have my voice heard a bit more clearly and loudly, who knows.

[United Chinese Communes]

I keep thinking "Ah man, if I had been in on this I could be shopping for a house right now..."

But...

1. No, dipshit, you were broke at the beginning of the week, you'd still be broke now.
2. You weren't going to suddenly learn how to invest because you read some shit stirring on the internet, there's no world where you would have a)believed what they were saying was going to pan out and b)thought, "oooo, now's my chance!"

It really helps stamp out the regret knowing that even if I knew I would still have gone 'pass...'

I mean, I absolutely had the chance to get into bitcoin when they were worth pennies and I went, "nah..."

If I'm going to own my own place I'm going to have to go the long way round.

I'm never going to own a house.

I keep thinking if I knew how to trade stocks I would be a multimillionaire by now.

The systems to be pretty baroque, almost certainly by design. They don't want just anyone to be able to play the magic money game, so they make it intentionally complex to keep most ordinary people out.

[Cannot think of a name]

What's killing me is that they 'lost' $14.3 billion, but they lost $14.3 billion that didn't exist on Monday. It's not like they bought $14.3 billion worth of widgets that no one wanted, or they invested $14.3 billion in an action movie staring every expensive star ever reading a computer repair manual while throwing hypercars over a cliff and de aging them all.

$14.3 billion dollars that didn't exist on Monday they now have to pull out of their ass to pay off a bunch of redditors who generated a value on a fucking whim to punish Melvin for essentially trying to do the same thing by crushing Gamestop stock.

Like they had a giant genie that tried to blink money into existence but someone else showed up with a patchwork genie with a reverse card and after a couple of blinks a giant $14.3 billion hole exists somewhere.

The rest of us have to make or sell an actual thing to make enough money to buy a pizza.

[United Chinese Communes]

What's killing me is that they 'lost' $14.3 billion, but they lost $14.3 billion that didn't exist on Monday. It's not like they bought $14.3 billion worth of widgets that no one wanted, or they invested $14.3 billion in an action movie staring every expensive star ever reading a computer repair manual while throwing hypercars over a cliff and de aging them all.

$14.3 billion dollars that didn't exist on Monday they now have to pull out of their ass to pay off a bunch of redditors who generated a value on a fucking whim to punish Melvin for essentially trying to do the same thing by crushing Gamestop stock.

Like they had a giant genie that tried to blink money into existence but someone else showed up with a patchwork genie with a reverse card and after a couple of blinks a giant $14.3 billion hole exists somewhere.

The rest of us have to make or sell an actual thing to make enough money to buy a pizza.

Yep. That's the modern economy.

[UniversalCommons]

Money is not an actual thing. It is an abstraction based on a shared illusion giving value to pretty much nothing.

[Cannot think of a name]

I keep thinking if I knew how to trade stocks I would be a multimillionaire by now.

The systems to be pretty baroque, almost certainly by design. They don't want just anyone to be able to play the magic money game, so they make it intentionally complex to keep most ordinary people out.

Which I think is the whole thing losing its way.

Zoomed all the way out, if I have to live in this system, in principle I get it. Give working people, who are presumably earning a living wage doing actual fucking work a chance to invest. For companies, it's a way to raise money, for the so-called 'Joe lunch pail' they can get in on the investment game with spread out risk and the opportunity to get in on that profit, spread it around. And then this fucked off protestant work ethic myth kind of works. You work hard and get paid for it, you put some aside and invest it and you get a piece of that growth that you contributed to and you can either retire with your needs met or have something to pass down to your children.

But it doesn't really work that way in practice. I mean, yes, working people do have investment portfolios that they build their retirement on, but the hive that built around moving that money around really fuckers the whole thing.

[Cannot think of a name]

Money is not an actual thing. It is an abstraction based on a shared illusion giving value to pretty much nothing.

I get that, but it's never more of a freak show than when something like this happens.

[Cordel One]

I’m being told that people are apparently tweeting “learn to code” at hedge fund managers.

Oh, that is too great

[Nevertopia]

It's kind of nice for people to be talking about the 'elite' and actually be talking about the enormously privileged wealthy class.

Ya, its weird how people think making 50g a year is "rich" and dont realize theyre fighting for not taxing literal billionaires who neither care or acknowledge them.

[Cordel One]

What's killing me is that they 'lost' $14.3 billion, but they lost $14.3 billion that didn't exist on Monday. It's not like they bought $14.3 billion worth of widgets that no one wanted, or they invested $14.3 billion in an action movie staring every expensive star ever reading a computer repair manual while throwing hypercars over a cliff and de aging them all.

$14.3 billion dollars that didn't exist on Monday they now have to pull out of their ass to pay off a bunch of redditors who generated a value on a fucking whim to punish Melvin for essentially trying to do the same thing by crushing Gamestop stock.

Like they had a giant genie that tried to blink money into existence but someone else showed up with a patchwork genie with a reverse card and after a couple of blinks a giant $14.3 billion hole exists somewhere.

The rest of us have to make or sell an actual thing to make enough money to buy a pizza.

Thaaaat's modern capitalism for ya

[Nevertopia]

Oh, that is too great

Im so happy for this flanett person. Theyve participated in the capitalist model and profited. Thats how it should be for everyone, not the morbidly rich.

[Saiwania]

I don't see or can't think of any trading laws that were broken if people are collectively just doing the same thing as hedge funds do all the time.

I'm inclined to believe however that derivatives are too complicated and it is perhaps for the best to prohibit it altogether. It might introduce more stability to the stock market to only allow for buying/selling and that's it. It appeals to me because if a stock goes down, at worst you only lose the amount you put in. As opposed to shorts where your losses can be far more than what you paid in. If shorts aren't allowed, you can't allow calls either because its essentially the opposite action. Also, no buying on margin. We don't need people borrowing to get in, when it means they'll lose their shirt unsustainably if the stock they chose goes down too much.

The stock market in my view, really shouldn't be for gambling on stocks in terms of the share price. But to allow for companies to raise money from investors and for those investors to profit if their company does well, or to lose money if it doesn't do well in business or earnings.

[Cordel One]

Oh, that is too great

Im so happy for this flanett person. Theyve participated in the capitalist model and profited. Thats how it should be for everyone, not the morbidly rich.

Unfortunately capitalism is too tied to parasitism for that to be the case, but what happened today is really cool. Congrats to that guy for winning capitalism

[UniversalCommons]

Why would you want to do that. People invest based on flashing lights a lot of the time. Stocks are advertised like roadside motels. The stock market is a giant pool of all kinds of companies from terrible to wonderful. The flashing lights are kind of like the lights on the one armed bandit. The pool is massive and you have an almost infinite amount of time to make a choice, but most people go for the biggest machine with the most lights on it. The dealer makes their money on getting you to buy. They are in the market for the long run and take their percentage off of commissions a lot of the time. A lot of the game is staying away from the dealer and making rational decisions.

[Smolcasm]

While before we believed Wall Street a monster with an impenetrable hide, we now know that it's perfectly vulnerable to its own claws. I wonder how else we can coax the super-rich into self-destructing...

[New haven america]

I keep thinking "Ah man, if I had been in on this I could be shopping for a house right now..."

But...

1. No, dipshit, you were broke at the beginning of the week, you'd still be broke now.
2. You weren't going to suddenly learn how to invest because you read some shit stirring on the internet, there's no world where you would have a)believed what they were saying was going to pan out and b)thought, "oooo, now's my chance!"

It really helps stamp out the regret knowing that even if I knew I would still have gone 'pass...'

I mean, I absolutely had the chance to get into bitcoin when they were worth pennies and I went, "nah..."

If I'm going to own my own place I'm going to have to go the long way round.

I'm never going to own a house.

Well they're not doing it to make money though.

They're doing it to fuck with abusive and criminal stock brokers and hedge fund managers (For example, just today said brokers and hedgies lost $14.3 bil). Money is 2nd to them. (Until Daddy Musk takes them to Mars)

They bought so many shares in Block Buster they raised its price 700% just because they could.

[Imperium Anglorum]

What's killing me is that they 'lost' $14.3 billion, but they lost $14.3 billion that didn't exist on Monday. It's not like they bought $14.3 billion worth of widgets that no one wanted, or they invested $14.3 billion in an action movie staring every expensive star ever reading a computer repair manual while throwing hypercars over a cliff and de aging them all.

They lost 14.3 billion dollars which they had sitting around in some capital account to pay for stock whose price rose. This misunderstands how short sellers have to repurchase stock to honour their contracts. If you want gloat, at least gloat about what actually happened, which was that the wealthy people investing in these hedge funds – the people who capitalise the hedge fund – lost 14.3 billion because Redditors screwed with them.