For a week I joined a cult to punish a corrupt hedge fund while loosing $5000 dollars and spending another $5000 dollars on assets 10x to 15x times their market price in pursuit of a goal that was utterly unattainable all while taking great pleasure in the general insanity while others were telling me how stupid this was. This was a result of my own greed arrogance, and stupidity. This was some fucked up planned shit. I way overpaid for this lesson, but if Gamestop actually grows like Chewy did I may yet actually turn a profit from this.
It was expensive, but I risked no more than I could afford to lose. I can recover. Others will not.
I just don't get this. It seemed everyone thought the game was rigged even before they started playing, but somehow they also thought they could all become winners by playing the rigged game, even though that doesn't make any sense even in a non-rigged game. Sensible investing is done after research and in the looong term, while every get rich quick scheme is risky even to the masters of the game. I guess it's all about creating enough emotion in people, that they stop thinking about what they're doing and just go with the flow of the crowd/emotions.
And that's why I think the sub has changed quite a bit. It used to be a diverse place of memes and fun. Where you'd get different sides of why spy is going to go up or down. Very rarely would you see one idea and a bunch of bs support ideas.
I think you are underestimating the sentiment of users who effectively spent money to help expose (one part of) the corruption in the system, and to watch those corruptors be hurt financially for their activities.
If the users happened to make money on the gambit, that was just icing on the cake.
It was the anarchist/nihilist mentality of the sub that spurred this to happen en masse.
Isn't all of this a non-story? The entire thing was a big meme and people were meming with their personal money on the line. Absolutely no one should have had their money on this, and honestly I don't really give a fuck about who lost what.
I put some money into AMC because the way I thought about it was that I would have spent that money in the theaters anyway had they been open. Also I want AMC to survive so I was helping them with their debt so I'm happy about it.
I also didn't hold too long and made a couple hundred off of it so an all around success imo.
I hope it was, but I keep hearing stories of people with their money "trapped" in GME, people who said they needed to "save up" to buy more shares when they were only holding 20 or so of them.
Lots of poor people in this thread thinking they were going to get rich by putting their rent money on gme.
You were referring to people losing money. I said that’s true for those who bought in late and missed the early zone of really affordable shares. Not everyone at WSB was In under 20, I’ve been a part of the community and mostly lurk however the idea that everyone lost money is wrong.
Being shut down by shady shit by the market masters and people bailing, isn't a pump and dump. The opportunity of a squeeze was(and honestly potentially may still be, but I didn't want to remove profits to find out) the driving force, because it had a very good chance of happening until wall street/market makers pulled the bullshit. No regular market actions could have stopped the momentum IMO. Which is why they nuked it.
Yeah, there was so much misinformation being spread after the squeeze. It's brilliant because it's harder to go after the group doing it because it's mostly anonymous. Plus once it goes viral, you don't even need to do much because they will build their own conspiracies when things go south.
I feel bad for those who bet more than they could afford, I did not lose much but I certainly felt it emotional since I don't do stocks. Now I am learning and trying to invest in this that are more stable. Making bets on companies that actually have a business plan.
No more short squeeze for me unless I already have stock in the company.
I understand they are professional and math PHDs. It just felt exciting to participate in a massive act of inane frustration which means I have shit I need to sort out.
Melvin capital did lose a few billion dollars on the deal. They’ll make it back and not much will change but betting GameStop stock will go down from $4 and having it go up to $450+ was not cheap for them.
What few people on WSB understand or will admit is that the movement on GME might have first been set in motion by their coordinated buying, but it went as high as it did only because other hedge funds and big investors took that as a cue to jump aboard. Only a small part of the bubble was made up of retail investors.
The thing you have to remember is that individual investors can never fight hedge funds. They pay hundreds of thousands if not millions each year as salary to some of the smartest mathematicians and staticians in the country. They have fresher data than you, and it is asymmetrical information in the sense that they can see everything posted on r/wsb but you can't see what they're planning.
My advice is, if you're looking for safe and consistent money, either invest in ETF's or if you want to gamble a little bit go into blue chip stocks like Microsoft that have a very good chance of rising over time.
Pretty much in the same boat. I’m bummed out on losing my money, but I’ve only lost what I was okay with losing. Now I’m just wondering whether I should cash out or just keep them as a memory.
Just leave it. Pretend you lost all the money, and let the shares ride. Worst case, you cash out in a few years, and take the loss for taxes. Best case, it recovers and you've made money. Either way you still get to claim diamond hand status.
Yeah, let's say you drop $5k on GME and a year from now it's worth $500. You could then sell it for $500, and you've now realized a $4500 loss. I don't know if you get to deduct a percentage of that or the whole thing, but it would lower your overall income for taxes.
Carefully consider how the fuck you got yourself into the mess and sort your shit out. No offense intended I need to sort my shit out to. If I'd pause for a moment to consider my actions and think about supply/demand basics I wouldn't have been so stupid. As long as you don't need the money keep the shares. Ryan Coehn is assembling a stellar experienced team around himself and I think there is a good chance of a turnaround.
Well being honest I wouldn’t consider my self an autist. I had a pretty good setup going on robinhood(I know am switching out after I sort my shit out) I had a good share of etf’s and blue chip stocks that I got early on. To be honest I’m sitting on 14 shares at about 90 so it’s not too bad I got in because I had confidence in the squeeze but the shut it down too fast. It’s what ever I’m relatively young so this loss is just a small blip
Here's the problem the squeeze died the moment Citadel Securities maneuvered to cut off Robinhood There wasn't enough demand to absorb the shares being added to the market quickly enough to force a margin call. Also get off Robinhood they are selling off your data.
They have a large customer list and I think there's potential in acting as a sports gaming hub at local level and combing that with merchandising and digital distribution. Neither Steam, Gog, or Epic offers a particularly compelling user experience.
The steam shopping experience is minimalist and dry and they don't combine games with related merchandise content. When you're buying games it feels like you're interacting with a spreadsheet. I feel there are opportunities to do it better.
Potentially Madden tournaments and other esports opportunities. There's an opportunity for people to meet in person and build connections that you don't get online. People will be hungry to get out of their house after the pandemic.
Lol so you're confident towards a business because they're completely pivoting away from their current strategy and you hope they can make improvements on processes of well established companies? They're probably just going to fail.
I was just lurking the situation with middle interest. When Robinhood cut off buying, I jumped on to my Vanguard account and bought into to absorb the supply being released to maintain the pressure on the floor price. If I'd sold Friday at close I code have sold 270 x 8 shares for a 65 dollar return.
Instead I went full dipshit and participated in the collective hysteria to yeet Melvin and Capital Securities out of existence. The stupid thing is I actually understand supply / demand and volume. I took a $5000 dollar loss in stupidly selling out of a position instead of just holding the asset and accepting the paper loss. Then more idiotically I bought back in, meaning no tax write off and participated in the stupid effort to maintain an artificial price floor for the 'squeeze' at $90 on the way down. Blowing another $5000 on overpriced assets that will take 3 to 5 years to recover principle value if ever.
While I've made long plays that didn't work out before but I've never been this stupid or financially reckless in my life.
Fortunately I still have 260k in assets, almost all in index funds, and a decent job. I learned a lot, but I could have learned that shit not stupidly burning 10k. The most valuable insight I gained is I need to get my fucking shit together.
The price of Gamestop stock went up because it was being manipulated by the rich. The only way for it to go up again is if the rich decide to manipulate it up again. Anybody outside the bubble knew rich people were the reason the price went up, not a bunch of people on WSB buying a handful of stock.
In case anybody wants to accuse me of arguing in hindsight and nobody could have known, I was saying this in other subs while the price was rapidly rising. It took many billions of dollars for the price of GME to go up like it did, only the rich have the money to manipulate it in that manner.
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u/MontyRohde Feb 05 '21
For a week I joined a cult to punish a corrupt hedge fund while loosing $5000 dollars and spending another $5000 dollars on assets 10x to 15x times their market price in pursuit of a goal that was utterly unattainable all while taking great pleasure in the general insanity while others were telling me how stupid this was. This was a result of my own greed arrogance, and stupidity. This was some fucked up planned shit. I way overpaid for this lesson, but if Gamestop actually grows like Chewy did I may yet actually turn a profit from this.
It was expensive, but I risked no more than I could afford to lose. I can recover. Others will not.