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GameStop shares soar 110% and are halted as trader 'Roaring Kitty' resurfaces
- paulpauper 2y agoSo what was the point of all those hearings and SEC investigations in 2021 if nothing changed? I don't get it. All just Kabuki theater at taxpayer expense.
- ProllyInfamous 2y agoConsidering that the majority of the interviewees lied under oath, I would suspect the "investigations" were meant primarily to convince average retail apes that institutional investors had been bad, but wouldn't be bad again — WE PROMISE. Disclosure: I own a small amount of GME. Meows and moons.
- bishbosh 2y agoIs there a calendar date at which you will concede to the claim that the base idea is simply false?
- ProllyInfamous 2y agoI will accept "the base idea is simply false" when Gamestop files for corporation-ending bankruptcy. To date, I am net-positive on this investment.
- bishbosh 2y agoHow much of that net-positivity is a result of a 110% jump because a man posted a meme of a guy leaning forward?
- ProllyInfamous 2y agoNot all of it =D
- deleted 2y ago[deleted]
- HackerHustler 2y agoYou know he posted that after days of double digit gains and and excessive call volume, right?
- ProllyInfamous 2y agoI'm still "up" — almost always have been. >>Time in the market beats (attempts at) timing the market. It's been a few years, and will be a few more.
- tptacek 2y agoWill you accept bankruptcy declared by the company, or do all DRS-registered shares need to turn in paper ballots?
- ProllyInfamous 2y agoWhatever a US Court would accept, but if it's your latter proposal you can pry mine from my cold dead fingers.
- tptacek 2y agoDid you literally DRS your shares?
- kasey_junk 2y agoOn a risk adjusted basis? What is your exit thesis for this trade and what will the return and timeframe be if that thesis is met? Do you have a deadline or price level for closing the trade if your thesis is not met?
- voisin 2y agoWhat’s the base idea in your mind? Shorting more than 100% of a share’s float seems to put hedge funds at extreme risk of a squeeze, no?
- e63f67dd-065b 2y agoWhat did they lie about under oath? From what I recall the whole saga was pretty much reddit gamblers blowing through a bunch of liquidity of the major brokers, and triggering a bunch of big margin calls. There were no naked shorts or whatever other conspiracy theory reddit was spinning up, this is the kind of thing the SEC actually gets very angry about regardless of who's on the other side of the trade.
- alex_lav 2y ago> All just Kabuki theater at taxpayer expense. America in 2024 is this, but for everything.
- chowells 2y agoThe point of the investigations was to determine if any rules were broken, and potentially to propose new rules if something bad happened that didn't break the rules. It turned out no rules were broken, and while things got weird for a short time, ultimately the underlying cause was a confluence of self-delusion and a couple traders being in truly irresponsible positions (and paying for it). No further action was deemed necessary.
- cs702 2y agoMarket cap is now close to ~$11B, for a company that over the last 12 months burned ~$240M in cash. Revenues declined by ~11%. Net cash on hand is ~$600M. It's hard to justify purchasing the shares at the current price based on the company's recent results. Its future prospects don't seem particularly promising either. A stock's price is set by the marginal buyer and seller. For example, a single share that trades at 50% less than the last price instantly brings market cap down by 50%. Once all the retail investors loading up on the stock have purchased as much as they can hold, very little marginal trading volume can bring the stock price back down.
- paulpauper 2y agoRetail volume is easily outmatched by hedge fund volume. GME has always fallen on heavy volume as hedge funds dump, like in 2021.
- cs702 2y agoIf the price starts dropping, the fearful start dumping, and volume jumps. Sellers pushing the price down beget more sellers pushing the price down. Hedge funds will try to ride it up and down.
- walrus01 2y agothis is completely anecdotal but I recently went into an average sized mall based gamestop looking to browse for some used xbox games, and the selection was maybe 1/4 as large as it was 5 years ago. The PS4/PS5 selection was similarly bad. What there was an abundance of was funko pops and other random plastic objects and toys. Or things like $95 "gaming headsets" that looked equal in quality to what I could probably buy as a $40 full ear headset from some random brand name on Amazon . I understand that gamestop doesn't have any power to control microsoft and/or sony moving to an all-digital, one-purchaser, no-resale direct game sales model of downloading everything from a game app store, but I was left distinctly unimpressed.
- maicro 2y agoSo GameStop bought ThinkGeek, killed ThinkGeek, and is now trying to become a worse ThinkGeek. That's...upsetting.
- hanniabu 2y agoAnd Robinhood deactivated the BUY button https://www.reddit.com/r/Superstonk/comments/1cqq713/robinhood_turning_off_the_buy_button_again/ https://www.reddit.com/r/Superstonk/comments/1cqq713/robinho... For everyone still saying crypto is pointless, this is the point
- bishbosh 2y agoHow would crypto help this? Robinhood could accept crypto as payment and still turn off the buy button.
- king-geedorah 2y agoI believe OP means that a decentralized trading network (not sure how that would be implemented with lowish latency) would circumvent this, not that the transaction needs to be done in a cryptocurrency
- throwup238 2y ago[flagged]
- segasaturn 2y agoWhat OP means it that crypto's peer to peer nature means we wouldn't have to go through gatekeepers that can turn off the "Buy" button.
- SpicyLemonZest 2y agoBut stock ownership, as a relationship between the stockholder and the company, is fundamentally not peer to peer. There's no way for you and I to settle a trade of Gamestop stock ourselves; we have to either contact Gamestop to transfer the registration or go through a trusted third party broker who holds the registration on our behalf.
- hanniabu 2y agoThe stocks themselves should be tokenized. Tradfi is an antiquated system. Thankfully Larry fink understands this.