#reddit gamestop

[gwgaccountant]

Dan Olson's newest documentary, "This Is Financial Advice," has really gotten into my head.

I should mention this first: I'm going to call the memestock redditors believing the MOASS conspiracy theory "apes" because that's one of their most common names for themselves. Like most of their other self-descriptors, it implies a lack of intelligence. There's a weird self-deprecating streak in the memestock community, which you'd think would be incompatible with a typical conspiracy theorist's overconfidence. You'd be wrong. That's part of what's interesting.

Part of me wants to break down all the places where the self-proclaimed apes' financial theories break down. Like, if we accept that Ken Griffin needs to buy back more Gamestop shares than are in existence, and that the Reddit apes already own most real shares of Gamestop, and that all of them will hodl as the stock prices rise to plausibly high stock prices, the hedge funds wouldn't be forcibly liquidated to pay arbitrarily high prices demanded by the apes. The short sale contract is a contract between the short-seller and the lender; nobody involved has an obligation to the shareholders. If stock prices rose too high, the short-seller would either cut a deal with the lender or break contract and deal with the legal consequences. But this kind of thing is pointless; the people who believe that stuff aren't available to be persuaded, and the exercise requires accepting so many absurd premises that its educational value is limited.

Another part of me is fascinated by how the whole memestock community is basically playing the world's slowest game of chicken. They seem to conceptualize their conflict with hedge funds as—well, first of as a conflict that both sides are participating in, where both sides are fighting by the same rules. But those rules are, themselves, kinda silly. The apes ascribe their inevitable, ultimate victory to the fact that they're willing to grind video games for little practical reward; their actions involve stubbornly refusing to sell the stocks they buy, even as the company they represent goes bankrupt and warns investors that those shares are likely to become worthless soon. As far as I can tell, they conceptualize the conflict as basically a contest of will—the diamond-handed apes holding onto their stocks versus the greedy hedge funds...doing...something. Spreading FUD, I guess. It's such a weird conflict and bears so little relationship to how actual finance works.

It also overlaps in some key ways with other topics Dan Olsen has covered, which isn't surprising. Everyone needs a niche, and Olsen's is increasingly online conspiracy theories and grifts. Also, /r/Superstonk users are swimming in the same waters as a lot of conspiracy theorists and crypto-bros, and the sort of person who buys GME because Reddit says it'll make them all gorrilionaires and then swallows conspiracies like tic-tacs to explain why the price is still falling is probably vulnerable to blockchain scams and flat-earth theories and such.

But there are also interesting differences! To start with, despite being a financial conspiracy theory, MOASS is remarkably non-antisemitic. There is still antisemitism, don't get me wrong, but since the villains of their conspiracy are international financial institutions, I expected more. I expected the antisemitism to be front and center, even more prominent than in most conspiracy theories. But it's not! It's probably less antisemitic than the average conspiracy theory!

There's also the fact that apes are basically trying to organize a counter-conspiracy. It's an ineffective one, considering how its plans are based on a bunch of lies they keep telling each other, but they're still organizing an effort to create a new world order with themselves at the top, by accumulating financial capital and forcing the US government to pay obligations owed to them. It sounds like the kind of thing a conspiracy theory with the average amount of antisemitism would say Jews are doing. You don't see that kind of counter-conspiracy "we're gonna take over the world" thing often, outside Christian Dominionist circles and imperialist war hawks, and their "we" is a lot broader than the apes'.

On a completely unrelated note, one of MOASS's core figureheads, DFV, is an ordinary securities broker who wanted to be a finance Influencer. He said that GameStop was probably undervalued by about 50%; it would probably see a bump in 2020 from the ninth console generation (which wouldn't be delayed by any unexpected global events that also hurt brick-and-mortar retail in general), which would give it the capital needed to potentially pivot to a business model that's more sustainable in our digital world. By saying GME was undervalued, defending his theory despite the global pandemic ruining the assumptions it was based on, and celebrating GME's obviously unsustainable prices as evidence of his theory being correct despite being caused by completely different factors, DFV became a bit of a thought leader. The apes started reading anything he said in public as a coded message to them, which lead DFV to withdraw from the memestock community and social media overall, which lead to the apes simply recasting him as the sort of shadowy cabal leader that would be a conspiracy theory villain if he wasn't supposedly supporting and leading the apes from the shadows. DFV is not perfect. He committed to his pet theory even when the basis for it collapsed, even though COVID gave him a perfect ego-preserving exit ("I was wrong, but who could have predicted the pandemic?") He then took an equally unpredictable freak event as confirmation of that theory, even though it was unrelated to the theory's premise. But he saw a bunch of increasingly conspiratorial cranks who wanted to make him a figurehead in their movement, potentially giving a huge boost to his finance Influencer dreams, and said "no, bye". I can respect that.

M

Ryan Cohen is such a character. He's a perfect example of a capitalist failson. He's an activist investor, a concept which I've been meaning to ramble about ever since I learned of the term in one of my accounting classes. But he likes attention and is willing to give apes the kind of crumbs they like for it. And maybe manipulate them for his own profit. Despite this, the apes still treat Cohen as a trustworthy savior, so much that Carl Icahn got drafted into the pantheon through flimsy association with Cohen. They think he has this master plan to create a megacorporation out of failing retailers that he has already stopped meddling with, which will somehow make the apes into billionaire cyberpunk villains.

Speaking of which: For all that the memestock apes like to position themselves against Wall Street's real-life cyberpunk villains, their predictable bad decisions are making a tidy profit for those same villains. (Aside from the one company that went out of business because it was making short sales that were considered reckless before Reddit started memestocking.) I don't have a point here, it's just ironic.

And, of course: Is the headband guy the same as the "I'm within 400 feet of an elementary school to prove the haters wrong and tell you about an unmissable business opportunity" guy from the Contrepreneurs video?

#dan olson #folding ideas #reddit #memestocks #moass #gamestop

[giveamadeuschohisownmovie]

“Dumb Money”, the upcoming movie about the Reddit GameStop event, is so surreal to me because I was literally following this on Reddit when it was happening. It’s a biopic for something that’s only two years old.

#dumb money #Reddit #gamestop #gamestop short squeeze #Wall Street #wallstreetbets #Reddit movies #reddit moment #paul dano #pete davidson #vincent d'onofrio #america ferrera #nick offerman #movies #2023 movies #2023 films #upcoming movies

[crazyassmomentsinreddithistory]

Reddit user u/DeepFuckingValue posts his first stock update for GME eventually leading to the GameStop Short Squeeze incident (2020)

#196 #reddit #reddit moment #gme #gamestop #r196 #r/196

[nullbutler]

Alois would have tiktok

oh my god he would

#ciel is the kind of person to use reddit but like the way those people almost made GameStop go bankrupt #that or AITA posts so he can feel better about himself #'aita for having a panic attack and accidentally committing arson' #'aita for posing at my dead brother for 3 years'

[biglisbonnews]

The founder of WallStreetBets is suing Reddit for banning him from the forum he created The founder of Reddit forum WallStreetBets, which is a major force behind the so-called meme stocks frenzy, is going after the website for blocking his access to the online community back in 2020.Read more... https://qz.com/reddit-wallstreetbets-founder-jaime-rogozinski-lawsuit-1850121580

#wallstreetbets #reddit #crowdsourcing #websites #amcentertainment #bed2cbath26beyond #internetmeme #r2fiama #jaimerogozinski #digitalmedia #jamie #place #2fr2f #amazon #worldwideweb #subreddits #wikis #gamestop #internetculture #twitter #Ananya Bhattacharya #Quartz

[egnaroo]

The Wall Street crash is coming. Will it be another start of the 1929 great depression?

The Wall Street crash is coming. Will it be another start of the 1929 great depression?

With the fear of economic downfall, wall street is in panic mode. With the New administration’s tax policies, domestic and foreign policies and inflation investors are making investors and trades careful about their money. Higher interest rates make it harder to browse, as many speculate FED will go full-on in their interest rate hikes. Reuters New York report that even if Federal Reserve hiked…

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#amc stock #dow jones #ftse 100 #gamestop stock #gme stock #gordon gekko #nio stock #one up on wall street #reddit wall street bets #reddit wallstreetbets #sensex #sensex today #stock #tata motors share price #tesla stock #the wolf of wall street #tsla #wall street #wall street bets #wall street journal #wallstreet journal #wallstreetbets #wsj

[smithleonardo]

GameStop se lance dans les NFT juste au moment où le marché de la cryptographie s'effondre

GameStop se lance dans les NFT juste au moment où le marché de la cryptographie s’effondre

Cette image est à peu près la seule chose que vous pouvez trouver sur le site Web de la place de marché, à part un bouton pour connecter votre portefeuille cryptoCapture d’écran: GameStop Le marché NFT et d’autres arnaques associées à la blockchain comme la crypto-monnaie, connaissent un très mauvais mois, car leur “valeur” perçue s’évapore et la valeur monétaire réelle qu’ils avaient…

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#Affaires #Amazone #Art numérique #Chaîne de blocs #Décentralisation #Des articles #GameStop #Jeton non fongible #Kotaku #L&039;art de la blockchain #L&039;informatique #la finance #Reddit #Robin des Bois #Stock de mèmes #Technologie

[elgringo300]

Guys Reddit won

#gamestop #gme #reddit

[gwgaccountant]

"They're not anti-Wall-Street. They're tsundere for Wall Street."

#dan olson #video essay #finance #reddit #memestocks #moass #gamestop #Youtube

[tamapalace]

Little Buddy Tamagotchi Plushies Spotted at Dollar General

Remember these Little Buddy Tamagotchi plushies that have been around for quite a few years now? They were originally available at Hot Topic and GameStop back in the day, and it appears that they have made their way to a new retailer, Dollar General in the United States!

Reddit user Business_Meaning2713 found both a Mametchi and Mimitchi Little Buddy plush at their local Dollar General for $3.00 USD! This is a great deal considering these were originally selling for $10.00 USD each when they were originally released back in 2018.

#tamapalace #tamagotchi #tmgc #tamatag #virtualpet #bandai #plush #plushies #retailers #dollargeneral #dollar general #littlebuddy #little buddy

[scatterbugged]

huge loser nine-to-fiver porn watcher dean who sits at home drinking beer posting on Reddit goes to trivia night at the bars with his bros drives fifty minutes out of the way to go to Dave and busters cannot hold down a relationship to save his life thinks he would be open to trying sounding for soem fucking reason. weird offputting freak Castiel who reads any book you put in front of him memorized the numbers of pi as a conversation starter eats whole lemons for snacks drinks vodka alone in his basement listens exclusively to Hungarian folk music willing to be the sounder just needs a soundee . these two meet at the local GameStop wher Castiel is looking for a cool rockstar game for teens for his niece Claire for her birthday and Dean is looking for guitar hero on Xbox. they fall in love here. They try sounding. Everybody hates it. They wed. The end ~<3

#destiel fanfiction #fanfic #ao3 author #deancas #spn #supernatural #dean Winchester #Castiel #this is my destiel sounding au fic

[phoenixyfriend]

Ko-Fi prompt from @kayasurin:

Just rant about the stock market, whatever you want to say about it!

'just rant' is such a prompt for uhhhh my distaste.

LEGALLY NECESSARY DISCLAIMER: I am not a licensed financial advisor, and it is illegal for me to advise anyone on investment in securities like stocks. My commentary here is merely opinion, not financial advice, and I urge you to not make any decisions with regards to securities investments based on my opinions, or without consulting a licensed advisor.

So here are a few things:

1. Stocks are unreliable.

For the layperson, there is nothing that can be done about the direction a stock takes. Unless you are a majority shareholder, or one of several who can work in concert, you cannot affect the direction a company takes, which means you cannot affect the decisions that might cause a stock to increase or decrease in value. This is a rich man's game. The average investor is just along for the ride, god help them.

Between Random Walk Theory, the dart-throwing monkeys study, and the fact that mutual funds do not beat the market, there is just... it's a crapshoot. Anyone who tells you to invest to make a lot of money is drinking the Kool-Aid. You can invest to make a small return, to keep your money in a lot of places in case your bank gets digitally robbed or whatever your worries might be, diversification is good for safety nets, but for pity's sake, don't expect to become a millionaire, and be aware you can lose a lot, even listening to experts.

2. Stocks can be manipulated, and it's ridiculous and stupid and fucks over perfectly normal companies

Do you remember the GameStop reddit thing? I do. If you don't, please take a quick look at this record of the GameStop stock price.

See that spike in 2021? That was Reddit.

This post did a great job explaining it, but you told me to rant, and so I shall.

A large investment company had decided to make a lot of money for their clients by destroying GameStop. They did this by selling more shares than they actually owned (more than actually existed), force the market to absolutely tank the price, with plans to "buy back" the stock once it was dirt cheap, thereby making a profit for their company. This is a common form of stock manipulation called shortstelling, and investors had been doing it to GameStop for years, without the general public noticing.

Except Reddit did notice. And they decided to Fuck It Up, buying up stock at higher and higher prices, forcing the stock price to skyrocket, and the mutual/hedge funds still had to buy them back, but now it was at a massive loss, and it made headlines across the country because of how incredibly ridiculous it was.

The things to note here is that the market can be manipulated without any regard to the actual profits or health of the company, and that attempts to do so can backfire spectacularly.

3. Returns are minimal

There are two ways to earn money on stocks. The first is returns on capital investment; you buy the share at $10, sell it for $20, and you've thus received $10 profit. This is part of the incredibly unreliable bit I mentioned, because you cannot control the direction the stock takes, and generally can't predict it.

The other way is dividends, which like... profits made over the previous quarter (after paying employees, bank loans, rents, etc.) can be either reinvested to grow the company, or paid out to shareholders. But if you invest $150 in a single share of Walmart stock, your quarterly dividend is $2.25, which is $11/yr.

So unless you're investing hundreds of thousands of dollars, or get really lucky with what you choose to invest in, dividends aren't going to get you much of anything.

And when your stocks do give you healthy dividends, it's because there's money left for shareholders! Which, if you remember a few lines back, is left over after paying employees.

If an investor wants a return on their investment, and they can vote to change policy, and policy that pays employees dictates that they get a smaller dividend, do you think that the investors are going to vote to pay their employees fairly?

Yeah, didn't think so.

4. Rapid, Consumptive Growth

There was a really good post recently that described how and why the Chicago School of Economics, colloquially Reaganomics, has completely fucked over the entire US economy by encouraging the absolute worst state for the market to be in, which is seeking eternal parasitic growth. I urge you to read that one if you can, because the bloggers did a good job. Basically, screw Reagan and screw the Chicago school. The economy still would have been a capitalist hellscape without them, but they sure did hasten it!

(Prompt me on ko-fi!)

#economics #stock market #stocks #phoenix posts #ko fi prompts #ko fi #economics prompts

[antimony-medusa]

That's The Thing, It Lingers

“Oh, thank fuck,” someone breathed. The person who’d been picking her lock straightened up, caught sight of the shapeshifter standing inside the entrance, and froze in place. Tumblr tilted her head to the side, looking at her adversary. Reddit looked awful. She was drenched to the skin from the storm that Tumblr had heard beating at the upstairs windows. The bruises and blood on her face implied she’d been in a fight, and that she’d lost. The hero wasn’t even standing properly—the way she moved indicated definite rib damage. The technopath wasn’t normally one for front line fights, and Tumblr hadn’t seen her look this bad before outside of battles that her team had had to flee from. And to add to the mystery, Reddit wasn’t in costume. The Web 2.0 hero was wearing a set of torn street clothes. A Gamestop t-shirt and leggings was her outfit of choice, it looked like. “Uh,” Reddit started, smiling anxiously. “I didn’t think that you were gonna be here.” OR: Reddit turns up, bloody and beaten, at Tumblr's door.

Status: 1/1 chapters, updated 25 December, 4,362 words

Fandom: Internet & Social Media (Anthropomorphic)

Rating: Teen & Up Audiences

Characters: Tumblr (Anthropomorphic), Reddit (Anthropomorphic)

Relationships: Reddit/Tumblr (Anthropomorphic)

Tags: Alternate Universe - Superheroes/Superpowers, First Aid, So I assume there's, Medical Inaccuracies, Kissing Enemies to Lovers, Yuletide 2023, Reddit API Controversy 2023, tumblr porn ban, Also other references but I just wanted to tag those because it made the tags really funny

Hey guys you know how I said I was going to do Yuletide? Well I got a REALLY fun assignement. Enemies to lovers Reddit/Tumblr. I had fun with it.

#my writing #original work #yuletide #yuletide exchange

[rainbowkisses31]

First look at Sebastian Stan as Vlad Tenev in Dumb Money.

#sebastian stan #dumb money

[savernake]

#sebastian stan #Dumb Money #Vlad Tenev #sebstan