[2/4 @ $88 per share] GME - Gamestop stock - anyone following this absolute MEME-HILARITY (now with Elon tweet)

Page 30 - Seeking answers? Join the AnandTech community: where nearly half-a-million members share solutions and discuss the latest tech.
Toggle sidebar Toggle sidebar
ponyo

ponyo

Lifer
Feb 14, 2002
19,689
2,811
126
It's basically flash crash. I can't see how they can justify the price crashing down like that in an instant with no news during middle of the trading day. Of course they will blame Reddit and WSB. CNBC is such a joke.
 
Svnla

Svnla

Lifer
Nov 10, 2003
17,999
1,396
126
ABC News Nightline did a story about GME/wsb Reddit/RH/other players tonight and there were a lot of gullible
people.

The stock is closed about $220, down about 16% but still about 4x of the lows of $50's a few weeks ago.
 
Last edited:
njdevilsfan87

njdevilsfan87

Platinum Member
Apr 19, 2007
2,330
251
126
Icecold said:
I'm somewhat surprised nobody is talking about this - https://nft.gamestop.com/
Click to expand...

Ethereum...

I mean come on, I love Ethereum but NFTs don't work on Ethereum right now. It's too congested. That is unless you're willing to pay $100 to bid or transact... it's a dead end. Hopefully they take a look at some other blockchains that are far better suited for NFTs (like Tezos). People are getting stuck on Ethereum like they did on Bitcoin years back.
 
ultimatebob

ultimatebob

Lifer
Jul 1, 2001
25,135
2,445
126
Looks like those folks with the diamond hands are getting rewarded!

You gotta love it... it seems like GME and Dogecoin are the top "investments" of 2021 so far.
 
R

Roger Wilco

Diamond Member
Mar 20, 2017
3,874
5,725
136
Does Doge have any functionality besides being a speculative joke? So many people seem to be genuinely bullish about it and I don't really understand. It seems like retail capriciousness is the only thing moving the price...institutions aren't buying are they?
 
ultimatebob

ultimatebob

Lifer
Jul 1, 2001
25,135
2,445
126
Roger Wilco said:
Does Doge have any functionality besides being a speculative joke? So many people seem to be genuinely bullish about it and I don't really understand. It seems like retail capriciousness is the only thing moving the price...institutions aren't buying are they?
Click to expand...

You can use it as a cryptocurrency, just like Bitcoin or Ethereum. You can buy stuff from Newegg with it, anyway.
 
otho11

otho11

Member
Feb 16, 2011
117
22
81
So I bought AMC a few months ago just to jump on the bandwagon. Never owned a stock outside of ESPP.

What is a reasonable selling point for these meme stocks?
 
nakedfrog

nakedfrog

No Lifer
Apr 3, 2001
58,151
12,319
136
Depends on whether you're a paperhanded little bitch, I guess.


:D
I mean, not that I haven't wondered the same thing.
I'd be perfectly fine if the money I have in AMC disappeared, so I'm HODLing.
 
otho11

otho11

Member
Feb 16, 2011
117
22
81
nakedfrog said:
Depends on whether you're a paperhanded little bitch, I guess.


:D
I mean, not that I haven't wondered the same thing.
I'd be perfectly fine if the money I have in AMC disappeared, so I'm HODLing.
Click to expand...

Guilty.

I was thinking of setting a limit order for 10x to be somewhat responsible but it's taking the fun out of it
 
JEDI

JEDI

Lifer
Sep 25, 2001
30,160
3,300
126
www.nytimes.com

Melvin Capital, hedge fund torpedoed by the GameStop frenzy, is shutting down. (Published 2022)

The firm lost billions of dollars as it scrambled to cover its bets against the video game retailer that became a darling of retail traders.
www.nytimes.com www.nytimes.com

Melvin Capital, hedge fund torpedoed by the GameStop frenzy, is shutting down.
The firm lost billions of dollars as it scrambled to cover its bets against the video game retailer that became a darling of retail traders.

Mr. Plotkin, a protégé of the hedge fund billionaire and New York Mets owner Steven A. Cohen, had wagered that shares GameStop, AMC Entertainment and other mall mainstays from the 1990s would fall as their businesses shrank.

Instead, the stocks skyrocketed when amateur investors, coordinating via Reddit, Twitter and other social media sites and determined to outsmart big Wall Street funds, kept buying up shares and propping up their price.
That caused Melvin, which started 2021 with more than $12 billion, to lose 53 percent in January, forcing it to scramble to cover its so-called short positions. It was propped up by a $2.75 billion bailout from the hedge funds Point72, run by Mr. Cohen, and Citadel, as well as fresh capital from new investors.


Diamond hands caused him to lose $6B :eek:
 
  • Haha
Reactions: Red Squirrel
VirtualLarry

VirtualLarry

No Lifer
Aug 25, 2001
56,340
10,044
126
It wasn't that they were just shorting the stock, but actually, IIRC, the number of shorted shares was like 120% of all outstanding shares. Which is, I believe, illegal somehow.
 
JEDI

JEDI

Lifer
Sep 25, 2001
30,160
3,300
126
Red Squirrel said:
That's awesome. They should also be forced to pay back the bailout money. Shouldn't have been bailed out from the start really.
Click to expand...
i think they paid back all the bailout $ to the 2 hedge funds, thus the little investors got bent over
 
Last edited:
Brainonska511

Brainonska511

Lifer
Dec 10, 2005
24,075
6,883
136
JEDI said:
sorry.. investorS
ie: individuals
Click to expand...
Not really feeling bad too bad for people that can afford to invest in hedge funds that lost money, or for people that lost out because they decided to follow memes for investing advice.
 
You must log in or register to reply here.

TRENDING THREADS

COMPANY
RESOURCES
FOLLOW
Top Bottom