Has anyone been following all the GameStop stuff? I almost want to invest just to bring all those idiots down.
I read a bunch of books after 2008 about financial "instruments" LOL
Just a bunch of made up fuckery to rape all of the working class.
So glad some auspies on reddit figured out how to [BEEP] them back.
LOL
Not very well up on it. So using the App, you can invest without any fee / charge at all. Before the App, there was always a fee if you wanted to invest in stocks and play the market. So in a sense it could be used to invest by anybody, without paying any fees. In comes reddit. Seems like its users made a choice that they would all push Gamestop's stock value up. not sure if Gamestop made any deals with anybody to make this happen. or does it work like Twitter? You get something trending. They all went for Gamestop. Which jumped big time. I would need lessons in what really happened. Just seems like a bunch of oridnary people all decided they were going to push the stock of Gamestop up big time. They could have picked anybody at all. But Gaestop was their choice. Maybe you can explain if there was a reason for Gamestop been picked.
The Lovable Irish Rogue
Yes that’s right but the reason everyone chose GameStop is because of something called shorting. I’m a finance newb too but I think it’s like where hedge funds borrowed a bunch of stock to sell but promise to buy back at a certain date. Well now that Reddit figured out their buying contracts are due on specific dates everyone bought the stock and held it to make it very expensive for hedgefunds to buy them again and cost them billions of dollars. IDKCuchculan
From what I gather, although I'm not an expert in shares -
Wall Street bet that businesses such as Gamestop would go bust/shares would decrease in price -something called short selling. Doing it will drive the share prices right down. Reddit noticed it, came in and bought shares using Robinhood. Share prices rose above 1000% of what they were before because they were being bought, Wall Street lost a lot of money. Robinhood limited how many shares people could buy.
Good for reddit, Wall Street deserved it. The London version of Wall Street does the exact same thing. Short selling ended up driving a lot of companies into the ground during 2008 that otherwise could have survived. They're doing the same thing during the pandemic. Drive share prices down to the point a company goes bust, a few people become even more richer than they were before, and someone watches there business go bust with all the job losses that follow.
I'M GONNA FIGHT 'EM ALL
A SEVEN NATION ARMY COULDN'T HOLD ME BACK.......
This sort of stuff has been going on for years, has it not? Maybe not seen in a while. Like creating an illusion. Buy so much and put it out there that it is the thing to invest in. As others buy, your stock value goes up. You might have expected Reddit to sell at a certain point. Once the stock reached a certain price. That's if I am reading this the right way. I am sure there is a very thin line between legal and illegal were all this is concerned? I do recall in the UK all the insider trading many years back. Same went on in Ireland too. Friends buying things up they knew would do well. Because they were told so in advance. When they should not have been told at all. Over here we have the brown envelopes handed over for favours. Prior knowledge of new ventures. So you could invest ahead of time. The new venture happens and suddenly what you paid so little for is worth millions. Not stocks. But similar in many ways. So much land bought up with the knowledge the government planned to build on it in the future. Pay a person a few thousand for the information. Get the land cheap. Sell it back to the government for 100 times what you paid for it. The UK also had the cash for questions stuff going on. More politics. Confusing. Brown envelopes to have certain issues raised that might lead to something bigger. Not stocks again. People gaining in ways they should not have been gaining from. The question of what legal and what is illegal.
The Lovable Irish Rogue
of course it has been going on for years. Decades probably !! But as soon as people used their own rigged system against them they shut down the ability to buy more shares and engineered a price drop!! Unbelievable the amount of outright corruption this country has shown in the open this past year. Rigged news, rigged election, rigged market!!
I saw an interview with the guy who was the inspiration of "The Wolf of Wall Street" and he said the same thing. He said, like you, this happens all of the time. Whoever blocked the trading is actually in trouble. You can't really do that. Something illegal happened in the midst of this.
Little revolts from the people!
It's like the people are having to dig out the corruption. People are learning already that President Trump was right the entire time! The left is bat**** rabid now.
JOEjanHorse just signed an executive order to pay for overseas abortions. Even if I was pro-choice, to use our tax money pay for abortions that aren't even in our country....
That money could be used to help get the vaccine out to countries that need it.
I think some people need to be voted out ASAP. Gov. Gruesome in California is being recalled, Gov. Witchmer in Michigan has been impeached for four charges and they'll end up getting her out, too.
Admittedly, my knowledge of US finanical law isn't so great. But seems to me if all they were doing was buying shares then they were doing nothing wrong.
I'M GONNA FIGHT 'EM ALL
A SEVEN NATION ARMY COULDN'T HOLD ME BACK.......
Not just buying shares. Making others buy shares too. Creating a false illusion. They buy so many shares. Make it look like the shares of Gamestop are going up big time. This is then braodcast on Reddit. Others begin to buy and then they sell. When it was them who pushed the price up to begin with. That is what I am getting from this. Push the price up. Tell everybody how well the shares are doing and to invest in them. By this stage the shares have reached a high price. Which was what they wanted. So they can sell and made a quick profit. Is really a scam. Might have it wrong though.
The Lovable Irish Rogue
I think there was somebody blocking the sales, which could be depending on the reason. I thought I had heard that the app was shut down to prevent sales.
The bubble will burst I think, eventually. Quite a few people who bought Gamestop shares and didn't get out are going to lose money. When lots of people start selling the price will go down again.
It's definatley very suspicious that Robinhood went down at that moment. Someone needs to ask what happened there.I think there was somebody blocking the sales, which could be depending on the reason. I thought I had heard that the app was shut down to prevent sales.
I'M GONNA FIGHT 'EM ALL
A SEVEN NATION ARMY COULDN'T HOLD ME BACK.......
There have been scams like that but this is different. This is people trying to force hedge funds into a ‘short squeeze’ from what I’ve read
https://www.investopedia.com/terms/s/shortsqueeze.asp
I am with you. So borrowing shares you think will fall in price. Forcing people to sell. Like Gamestop. Just reading it makes it sounds like a gamble for some. You either win or you lose. I can see a way both stand to lose. A way were the seller comes off even, having had the price of what they sold handed back to them and the buyer taken the extra profit. Is all new to me. But interesting to read. May look up you tube tomorrow for a video about it all.
The Lovable Irish Rogue
You've got this bassackwards and seriously need to change your news source. The GOP have a decades long track record of wanting to give Wall Street increasingly free reign. But what this whole incident revealed is how Wall St needs way more regulation. Trump has only done anything and everything he could to enrich corporations and wealthy individuals including himself. This only made the news because peasants dared to play their game. They only like it when insiders manipulate the market.
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