Page 3 • Gamestop stock shenanigans • Non-Gaming • Eurogamer.net

ResidentKnievel 28 Jan 2021 09:28:15 7,679 posts
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Dogecoin's spiking up, too.

Things are going to get a whole lot crazier when Americans get their $1400 stimulus cheques.

smoothpete 28 Jan 2021 09:30:20 37,743 posts
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And my meagre little managed funds have taken a hit today probably as a result of the markets being confused on how a bunch of internet spastics have turned the tables on The Man

nickthegun 28 Jan 2021 09:34:03 87,711 posts
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I mean, it was going to happen sooner or later. At some point an internet investor group's hive mind was going to have as big an impact as some hedge fund dick swinger announcing IVE SHORTED GAMESTOP.

Its the weird thing about money and the markets. Its all built on belief that its true and these numbskulls are just wishing on fairies a bit harder.

Nazo 28 Jan 2021 09:39:46 1,951 posts
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How are Reedpop looking? Do we need to start an EG version of this?

simpleexplodingmaybe 28 Jan 2021 09:40:07 19,992 posts
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Maybe I’m being thick here but surely all this artificial inflating of a crap business will just blow up in the investors faces.

Unless the first wave pull out and sell on in time, in which case are they not just doing what regular traders do to an extent?

Its all Go-Johnny Go Go Go Go to me.

captbirdseye 28 Jan 2021 09:44:07 11,190 posts
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Quite a few will get royal fucked by it. Just looking on something like Resetera where people have no clue what they are doing and just pumping thousands of dollar into it.

nickthegun 28 Jan 2021 09:44:38 87,711 posts
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As far as I understand it, they just need to hold until tomorrow to ruin the investors and then get out before the market eats itself.

Realistically, it could have been a company that makes rubber dog shit, it doesnt matter how it performs long term as thats not what they are in for.

Pump and dump, baybee.

Nanocrystal 28 Jan 2021 09:46:30 2,575 posts
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#webistics

TheSaint 28 Jan 2021 09:50:52 20,950 posts
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simpleexplodingmaybe wrote:
Maybe I’m being thick here but surely all this artificial inflating of a crap business will just blow up in the investors faces.

Unless the first wave pull out and sell on in time, in which case are they not just doing what regular traders do to an extent?

Its all Go-Johnny Go Go Go Go to me.

They seem to be willing to take a hit to stick it to the hedge funds and short-sellers.

Deleted user 28 January 2021 09:52:23

Back when I studied the relevant paper as part of my accountancy qualification (failed it twice in a row, it was basterd hard, especially when you add FX to the mix) I felt kind of dirty - the futures trade should really be made illegal globally, it's basically gambling based on people's livelihoods. You want to engage in that sort of activity, stick to visiting a casino.

Edited by KnuttinAtoll at 09:53:24 28-01-2021

Rogueywon 28 Jan 2021 09:54:04 12,387 posts
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simpleexplodingmaybe wrote:
Maybe I’m being thick here but surely all this artificial inflating of a crap business will just blow up in the investors faces.

Unless the first wave pull out and sell on in time, in which case are they not just doing what regular traders do to an extent?

Its all Go-Johnny Go Go Go Go to me.

This is spot on. This is a classic bubble and it will pop sooner or later. The small number of people who manage to buy and sell at the right moment will do very well, everybody else will lose money.

If the people investing here are doing so in full knowledge of that and only putting in funds they can afford to lose, then fine. Fucking with the short-selling funds is quite funny and makes for an amusing news story in a bleak January.

Anybody pumping in money that they haven't already mentally written off needs to stop and reconsider, though.

hedben2013 28 Jan 2021 09:58:36 2,262 posts
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Rogueywon wrote:
If the people investing here are doing so in full knowledge of that and only putting in funds they can afford to lose, then fine...
Anybody pumping in money that they haven't already mentally written off needs to stop and reconsider, though.

This is exactly what people say about gambling. It's gambling on a different scale

Tonka 28 Jan 2021 09:58:45 31,979 posts
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nickthegun wrote:
I mean, it was going to happen sooner or later. At some point an internet investor group's hive mind was going to have as big an impact as some hedge fund dick swinger announcing IVE SHORTED GAMESTOP.

Its the weird thing about money and the markets. Its all built on belief that its true and these numbskulls are just wishing on fairies a bit harder.

Exactly this. I'm just pissed that I didn't see it coming. I've long been thinking that this kind of thing is what the different algotraders are up to.

Fascinating to see some Hobbyist Trader Joes shake things up, but I fear the inevitable crack down will end up costing either side a lot of money. All things being equal I think it's good that the fantasy that is underpinning stock markets gets dragged out into the light.

fontgeeksogood 28 Jan 2021 10:04:50 12,913 posts
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I bought some Dogecoin a few years ago when slightly pissed. I wonder if I can buy a yacht

fontgeeksogood 28 Jan 2021 10:06:46 12,913 posts
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More pertinently, I wonder if I can find the wallet

captbirdseye 28 Jan 2021 10:07:48 11,190 posts
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It's quite crazy how people are just willing to chuck whatever money they have at something they no little about. The majority of discussions around this are people asking 'Guys, I have $xxxx ready to go and I have no idea how I do it. What's the best way?'

The stimulus checks next week are going to be blood bath.

sport 28 Jan 2021 10:09:47 17,064 posts
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Probably millions hiding in the Toronto landfill.

Armoured_Bear 28 Jan 2021 10:21:12 31,233 posts
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captbirdseye wrote:
It's quite crazy how people are just willing to chuck whatever money they have at something they no little about. The majority of discussions around this are people asking 'Guys, I have $xxxx ready to go and I have no idea how I do it. What's the best way?'

The stimulus checks next week are going to be blood bath.

FOMO is a hell of a drug.

Trowel 28 Jan 2021 10:25:04 24,512 posts
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If nothing else, this - and cryptocurrency - highlights the frightening lack of financial education amongst the public at large.

fontgeeksogood 28 Jan 2021 10:26:00 12,913 posts
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Trowel wrote:
If nothing else, this - and cryptocurrency - highlights the frightening lack of financial education amongst the public at large.

That's an integral part of the con

captbirdseye 28 Jan 2021 10:26:14 11,190 posts
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Bros, bros everywhere.

askew 28 Jan 2021 10:27:08 24,121 posts
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Fucking alpha, bro

Rogueywon 28 Jan 2021 10:28:02 12,387 posts
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Armoured_Bear wrote:

captbirdseye wrote:
It's quite crazy how people are just willing to chuck whatever money they have at something they no little about. The majority of discussions around this are people asking 'Guys, I have $xxxx ready to go and I have no idea how I do it. What's the best way?'

The stimulus checks next week are going to be blood bath.
FOMO is a hell of a drug.

A general rule of thumb in the stock market is that if you're buying or selling on the basis of FOMO, you're already too late.

Edited by Rogueywon at 10:28:12 28-01-2021

muddyyfunster 28 Jan 2021 10:34:36 1,371 posts
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There's a similarity between Gamestop and Tesla. Tesla is an older 'meme' stock in so far as it's pure hype rather than material assets or underlying profitability that is driving its market value.

Experienced investors have been predicting for ages that Tesla's value would crash and many have been burnt after attempts to short it. Tesla's price makes no logical sense and the past 100 years of market forces suggest a correction is inevitable.

However the market previously never had millions of bored blokes with no financial education sat in their pants in their bedrooms able to instantly invest whatever they can spare at the push of a button.

And I say this as one of the blokes in pants who almost hit buy on Tesla as my first trade ten months ago (fortunately I've read a few decent books since then and have avoided meme stocks). It seems inevitable that reality will bite at some point as most people can't afford to have their money tied up in a company that offers no real return unless you sell.

In the meantime, it's annoying that this is spooking the markets to the degree that all my (small-time) investments are down today. I suppose it also brings opportunities though.

chopsen 28 Jan 2021 10:38:59 21,958 posts
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fontgeeksogood wrote:
Yet AMC have said that it has raised $1bn and means they don't have to file / seek emergency investment.

I'm being fanciful, but I think this actually has potential to save a few companies which would be a loss if they didn't survive the pandemic. I can get behind that even if it means a few yachts get unsold

Add it to the pile of several other billions they're burning through at the moment.

Without a massive reversal of the covid pandemic and cinema going habits, they're fucked. It's not as if a stay of execution allows them to do anything else.

Load_2.0 28 Jan 2021 10:39:52 33,582 posts
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Trading and the share market is deliberately opaque with an entire lexicon of finance speak but the core mechanics are relatively straightforward.

If you make it confusing it's far easier for brokers to take people's money and to dump on investors when the gamble went wrong.

It's the same with cryptos the technobabble and graphs that people producr are absurd.

Hedge funds and billionaires with diverse portfolio's make huge amounts as they can afford to take hits. Individuals no matter how "educated" they are on a subject are too susceptible to big drops.

smoothpete 28 Jan 2021 10:51:37 37,743 posts
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fontgeeksogood wrote:
More pertinently, I wonder if I can find the wallet

Thanks for this, it reminded me to check an old bitcoin wallet I had. £60 I didn't realise was sat there

DJCopa 28 Jan 2021 11:01:45 2,577 posts
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Reading up on this past few days, I had to Google STONKS and I wasn't disappointed.

edit - I'm aware I'm behind the curve

Edited by DJCopa at 11:02:35 28-01-2021

smoothpete 28 Jan 2021 11:10:08 37,743 posts
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Good article here from Vice, explaining everything:\

https://www.vice.com/en/article/pkdvgy/send-this-to-anyone-who-wants-to-know-wtf-is-up-with-gamestop-stock?utm_source=vicenewsfacebook&fbclid=IwAR2-xH8qm9aSvITD3EZEc8SR3lNfu6a32rYHeUjIPaO0P54f9Q8jmHaFy6Q

deez 28 Jan 2021 11:11:19 381 posts
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I bought 40 quids worth which is now quite a bit more just for the fun of being involved.

The shorters somehow managed to short more than all the shares that exist I believe, which is why they are screwed if it doesn't collapse before they need to pay back (which is tomorrow for many)

Gamestop stock shenanigans • Page 3