The GameStop Stock Wars

[Moonface]

So if you haven't heard, there's been a wonderful battle between Wall Street and a sub-reddit called WallStreetBets over GameStop stocks, with the latter causing the price of the stocks to go to insane heights at the expense of investors who were trying to short the stocks. It's managed to get enough attention that even the White House is monitoring it, and frankly I think it's hugely entertaining. The whole thing is rather complicated because you know, stock markets and intricate things, so here's a good rundown I found on it: https://arstechnica.com/gaming/2021/01/t...r-coaster/

Anyway, I love seeing people trying to act like that sub-reddit is in the wrong here. They're doing nothing wrong and the rich pricks at Wall Street are just pissed because the common folk learned how to play the game at their expense. I hope everyone in WSB gets as much bank out of the entire thing as possible.

[ShiraNoMai]

Tomorrow's gonna be such a shitshow, and I'm here for it.

I know I'd never have had the foresight to see such an outcome occurring, but I'm sad I never got stock on GameStop. If I had ever gotten some, I'd have bailed on them AGES ago. My stock portfolio (yes I have one, inquire in private if you care to learn how) is pretty safe for the most part since it's a long-term growth account (meant for retirement, essentially), so having these riskier shares wouldn't quite be within my best interest (even if my financial advisor would ask for my opinions on markets relative to me, I'd be honest with these takes).

So get the popcorn y'all, let's see how these stocks hold out.

[Moonface]

I like that Reddit and GameStop are both acknowledging this event now on their respective Twitter accounts. I didn't think GameStop would address it, and I definitely didn't expect them to make their first tweet on it to be them ripping on Robin Hood for blocking people from buying more shares under the weak excuse of "the market is volatile". So what? Isn't that the point of the stock market, for it to be volatile and risky at times? If there weren't any hedge funds crying about losing money to the common folk I doubt they'd have bothered to intervene.

[Moonface]

It's not even been two weeks of this being in the news and already Hollywood wants to make a movie about it: https://www.ign.com/articles/the-gamesto...37313671=1

[Mr EliteL]

Surprised it's happening to GameSpot of all things, thought they were crashing and burning or I was waiting for the news on it. Then this palaver happens. All this goes over my head anyway as I'm too stupid to understand stocks and what they're about, and I'm just too tired to care right now. But damn Hollywood really do try and make a movie on anything. Wonder if they've already got the finale planned out ahead of time.

[Moonface]

@Mr EliteL: Basically some rich people were going to take advantage of GameStop's poor state to make money by driving the share prices down, and a group on Reddit noticed and bought a ton of stocks while they were low to drive the price back up and fuck over the rich people while also making a ton of bank at the same time.

The rich people were borrowing stocks and then driving the price down so they could then claim that what they borrowed cost more than the stocks are worth when they have to pay back, which means the rich people are then owed money or don't owe as much as they should or something. Basically they get 100% of the value for something they purposely drove down to say 50%.

[Dragon Lord]

In the end this won't hurt the rich at all. The people on Reddit thinking they are playing Robin Hood don't realize that in the end they won't effect anything and the status quo will continue of the rich getting richer.

Even if there was any danger of this hurting the rich, they'd find out real quick that Joe Biden and his Administration would step in and do something to stop their rich benefactors from being negatively impacted by this (most of his Administration seems to have already frowned upon the actions of the Reddit group).

Basically the reaction of the billionaires to this is the "Oh no! ...Anyway." meme.

[Moonface]

I feel like they must be doing some damage, considering all the news outlets are trying to act like Reddit is encouraging people to buy silver now which is not the case at all. The damage might get undone by some bullshit bailout (fuck anyone who actually agrees to passing anything of the sort for this incident) but there's definitely going to be a negative impact up front. Frankly I hope that this causes Wall Street to get regulated properly so they can't go around screwing with companies and jobs by shorting stocks to line their own pockets, but I won't hold my breath.

[Dragon Lord]

The media tends to blow everything out of proportion, so I normally take what they say with many grains of salt. Especially online media outlets who are mainly baiting for clicks, so they're going to put out articles/headlines that make it sound like some kind of massive revolution when in reality it's not going to change a whole lot and in the end the rich will still be rich and the poor will still be poor.