Wednesday, 27 January 2021

The GameStop Fiasco Proves We’re in a ‘Meme Stock’ Bubble

quote [ What the new dynamic between Redditors and Wall Street reveals about the stock market in 2021 ]

I got control of this shit like GameStop
[SFW] [games] [+3 Funny]
[by ScoobySnacks@6:22amGMT]


spaceloaf said @ 12:53am GMT on 28th Jan [Score:4 Good]
For me, this is the best thing to happen this year so far. The article is severely underselling what is happening here.

It's not just that Gamestop stock was "heavily shorted." Wallstreet hedge funds were actively trying to tank the stock (i.e. market manipulation) by repeatedly shorting it long past where it was sensible.

Wallstreetbets noticed that the stock was shorted beyond reason and counter-manipulated the price back up. Now Wallstreet is all butt-hurt that they got beat at their own game. Somehow, when they make crazy bets its "institutional" but when normal people do it it's "reckless speculation."

This kind of Wallstreet behavior is exactly how the financial crisis of 2008 happened, but in this case it's actually normal people that are taking Wallstreet to the cleaners. It's a rare case of justice in this world.
XregnaR said @ 6:26pm GMT on 27th Jan [Score:1 Underrated]
I've been slightly watching this unfold over at Reddit.

It is a great "out in the light" example of why I don't fuck with the stock market.

I hope Melvin and Citron go tits up and hedge fund fuckers in general die slow deaths.

Allegedly Melvin was down 13.1 BILLION dollars yesterday. Fuck 'em.
rylex said @ 9:21am GMT on 27th Jan
wall street bubble? 🤯
steele said @ 1:21pm GMT on 27th Jan
The folks at WallStreetBets tend to be some reactionary assholes, but I gotta admit this has been pretty funny.

damnit said @ 3:57pm GMT on 27th Jan
Twitter shadow-banned their Twitter account yesterday.
steele said @ 4:40pm GMT on 27th Jan [Score:1 Underrated]
That doesn't surprise me in the slightest. I'm sure the irony that twitter has been manipulating trends for quite some time, which we know has consequences for the stock market, is totally lost on them.
steele said @ 6:55pm GMT on 27th Jan
conception said @ 8:28pm GMT on 27th Jan

This is a pretty interesting interview on the situation.
steele said @ 2:06am GMT on 28th Jan
hellboy said @ 3:28am GMT on 28th Jan

Gotta admit it’s really something to see Wall Streeters with a long history of treating our economy as a casino complain about a message board of posters also treating the market as a casino
steele said @ 5:13pm GMT on 28th Jan
The apps WSB peeps are using are now refusing them access to buying shares of certain stocks. They're only allowed to close out their positions. New updates will simply replace stock symbol searches with a questionnaire asking if you're poor before allowing you further access to the market.
TimmoW said @ 5:06pm GMT on 2nd Feb
Real interesting to see media suddenly pushing the idea that WSB is pumping silver, when it's clear that the hedgies are trying to pump silver because they're holding a LOT of it and a silver spike price would help pay for what they lost here.

Reddit's WSB is all about stocks - commodities get laughed at there; it's definitely not them colluding.
steele said @ 5:59pm GMT on 2nd Feb
Can I interest you in a post on Manufacturing Consent on this fine day?

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