General Investing and Economics Discussion - No Politics

Deleted member 2897

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Techster said:
What Gamestop is laying bare is that Wall Street is just legalized collusion and racketeering.
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To continue on this extremely valid perspective, trading platforms and the SEC can halt trading for severe trading imbalances. The End. "The End" meaning based on what numbers or level of imbalance? How is that defined? I don't think I've ever read or heard the justification defined. When far more shares were shorted than were outstanding (200% of the float in GME was shorted), I would think that's a time where trading could be halted if the they are having trouble making a market. But wouldn't you halt it from being shorted beyond a certain point in the first place?

What I find funny is its covid and so legions of people are at home playing video games 20 hours a day. And the hedge funds decide to manipulate the share price of a video game company. LOL. Wrong audience choice.
 
dtm1997

dtm1997

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There were some jokes a few weeks ago about Dogecoin being a mover because it would be funny. Welp. Missed out on 200% today because it's not easy to access purchases.

www.coindesk.com

WallStreetBets Fever Hits Dogecoin, Price Soars 142%

A Twitter account not officially affiliated with WallStreetBets prompted DOGE's latest social media-based price boost.
www.coindesk.com www.coindesk.com
 
Lotta Booze

Lotta Booze

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Lotta Juice said:
$47.9M today

Not bad. Man's got balls of steel
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Down $14M in one day.

But still holding

1611870542590.png
 

Deleted member 2897

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Part of our company has some really young folks (like first job out of college under 28 years old still kind of folks). On a team call today, GameStop came up. I guess that age group is into all this kind of thing (Reddit/social media/crowd sourcing movements) - there were a lot of sad looks and comments about today's action. 😬
 

yellajacket20

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bwelbo said:
Part of our company has some really young folks (like first job out of college under 28 years old still kind of folks). On a team call today, GameStop came up. I guess that age group is into all this kind of thing (Reddit/social media/crowd sourcing movements) - there were a lot of sad looks and comments about today's action. 😬
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If GME keeps going up, your company may have some job openings :ROFLMAO:
 

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My 18 year old daughter apparently has a Robinhood account. She tried to buy Nokia today and couldn’t. I didn’t even know Nokia was still in business. She doesn’t know anything about investing. She had no idea you have to pay taxes on all these transactions. LOL. These people are going to lose their ***.
 
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RonJohn

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Many people who shorted GameStop lost lots of money. Many people who are purchasing/purchased GameStop late in the run are going to lose lots of money. The people who purchased early and stoked the fires on Reddit made lots of money. There are ways to make large immediate gains. Those ways are very speculative, hence the shorters losing lots of money and the people late to the GameStop surge losing lots of money. It isn't guaranteed, but there is a lot more history of people who stay in good stocks for the long run making better than decent returns over the long run. i.e. Not making instant money, but slowly building good wealth over 20-30 years.
 

Deleted member 2897

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RonJohn said:
Many people who shorted GameStop lost lots of money. Many people who are purchasing/purchased GameStop late in the run are going to lose lots of money. The people who purchased early and stoked the fires on Reddit made lots of money. There are ways to make large immediate gains. Those ways are very speculative, hence the shorters losing lots of money and the people late to the GameStop surge losing lots of money. It isn't guaranteed, but there is a lot more history of people who stay in good stocks for the long run making better than decent returns over the long run. i.e. Not making instant money, but slowly building good wealth over 20-30 years.
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Im pretty well convinced this is the same sort of scam we’ve seen before. People got in early and used social media to pump the stock up. Good old pyramid scheme type of pump and dump...but in the 2021 version. My 18 year old said it’s all over TikTok and all her college friends were putting in $20, $50, and $100 without any idea what they’re doing “because everyone was getting rich”.
 
RonJohn

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bwelbo said:
Im pretty well convinced this is the same sort of scam we’ve seen before. People got in early and used social media to pump the stock up. Good old pyramid scheme type of pump and dump...but in the 2021 version. My 18 year old said it’s all over TikTok and all her college friends were putting in $20, $50, and $100 without any idea what they’re doing “because everyone was getting rich”.
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I won't be surprised if there isn't an SEC(not the sports conference) investigation, and arrests.
 
dtm1997

dtm1997

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bwelbo said:
Im pretty well convinced this is the same sort of scam we’ve seen before. People got in early and used social media to pump the stock up. Good old pyramid scheme type of pump and dump...but in the 2021 version. My 18 year old said it’s all over TikTok and all her college friends were putting in $20, $50, and $100 without any idea what they’re doing “because everyone was getting rich”.
Click to expand...
 
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