Send CathInfo's owner Matthew a gift from his Amazon wish list:
https://www.amazon.com/hz/wishlist/ls/25M2B8RERL1UO

« previous next »
Pages: [1] 2

Author Topic: Gamestop?  (Read 984 times)

0 Members and 1 Guest are viewing this topic.

Offline Matto

  • Hero Member
  • *****
  • Posts: 6882
  • Reputation: +3849/-406
  • Gender: Male
  • Love God and Play, Do Good Work and Pray
Gamestop?
« on: January 28, 2021, 11:55:18 AM »
  • Thanks!0
  • No Thanks!0
    • Just wondering if anyone was involved in the Gamestop affair everyone is talking about? I have been following it a bit and find it funny. If you don't know what it is about, in short, a bunch of people on reddit found out that hedge funds were selling short on the stock for the company Gamestop that is a video game store. So they decided to buy lots of Gamestop stock en masse to force the price up so the hedge funds lose money. The plebes got together and drove the price of Gamestop up in price over ten times so the hedge funds may lose billions of dollars (but a lot of the regular people will lose money too). Now some of the major stock trading companies are banning buying Gamestop stock and a few other stocks the people on reddit are also talking about, presumably to protect the hedge funds. I think this kind of thing is cool and wonder why it doesn't happen more. Expect the feds to come in and bail out the hedge funds and make what the reddit users did illegal and throw some of them in prison.
    Logged
    R.I.P.
    Please pray for the repose of my soul.

    Offline Bonaventure

    • Full Member
    • ***
    • Posts: 1238
    • Reputation: +789/-272
    • Gender: Male
    Re: Gamestop?
    « Reply #1 on: January 28, 2021, 12:08:16 PM »
  • Thanks!0
  • No Thanks!0
    • Quote from: Matto on January 28, 2021, 11:55:18 AM
    I think this kind of thing is cool and wonder why it doesn't happen more. Expect the feds to come in and bail out the hedge funds and make what the reddit users did illegal and throw some of them in prison.

    Because under our Just-Us system, lawfare in this country goes in one direction, and one direction only.

    Mass. Secretary of State Bill Galvin calls for 30-day suspension of GameStop stock trading.

    Robinhood restricts trades on GameStop, AMC stock amid volatility


    Logged

    Offline Minnesota

    • Full Member
    • ***
    • Posts: 1804
    • Reputation: +943/-462
    • Gender: Male
    Re: Gamestop?
    « Reply #2 on: January 28, 2021, 12:20:17 PM »
  • Thanks!0
  • No Thanks!0
    • They took two dying companies, Gamestop and AMC Theaters and made them suddenly viable. It's hilarious. 
    Logged
    Christ is Risen! He is risen indeed

    Offline Stubborn

    • Supporter
    • *****
    • Posts: 13823
    • Reputation: +5568/-865
    • Gender: Male
    Re: Gamestop?
    « Reply #3 on: January 28, 2021, 12:45:59 PM »
  • Thanks!0
  • No Thanks!0
    • Quote from: Minnesota on January 28, 2021, 12:20:17 PM
    They took two dying companies, Gamestop and AMC Theaters and made them suddenly viable. It's hilarious.
    Sure is ha ha!
    About a week and a half ago GME was a $20 stock, last night it hit $513 - they rammed it up good, created a lot of new millionaires and gave the big guys a much, much better price to short from.

    Logged
    "But Peter and the apostles answering, said: We ought to obey God, rather than men." - Acts 5:29

    The Highest Principle in the Church: "We are first of all under obedience to God, and only then under obedience to man" - Fr. Hesse

    Offline Matto

    • Hero Member
    • *****
    • Posts: 6882
    • Reputation: +3849/-406
    • Gender: Male
    • Love God and Play, Do Good Work and Pray
    Re: Gamestop?
    « Reply #4 on: January 28, 2021, 12:58:16 PM »
  • Thanks!0
  • No Thanks!0
    • Quote from: Stubborn on January 28, 2021, 12:45:59 PM
    About a week and a half ago GME was a $20 stock, last night it hit $513 - they rammed it up good, created a lot of new millionaires and gave the big guys a much, much better price to short from.
    I do not understand the stock market. I would guess a lot of rich people also made money off of this and a lot of poor people will lose money. But if r/wallstreetbets now understands that it has enough power to pull this off, when will that power be used next? And what will this do to Wall street? Why doesn't this happen all the time?
    Logged
    R.I.P.
    Please pray for the repose of my soul.

    Offline josefamenendez

    • Hero Member
    • *****
    • Posts: 4421
    • Reputation: +2946/-199
    • Gender: Female
    Re: Gamestop?
    « Reply #5 on: January 28, 2021, 01:01:58 PM »
  • Thanks!0
  • No Thanks!0
    • Yeah, the hedge fund creeps had to buy up their shorts for over 3 billion. Now the feds have locked down the 3 stocks ( Gamestop, Blackberry and AMC theatres). The Wall street investment and commercial banks and hedgefunds and  now want "regulations  on trading". Why? Because regular people were able to legally create a bubble and the ((Status Quo)) lost money. It seems the only people who are allowed to make real money on the Stock market are the corrupt insiders, not regular people. We are always supposed to lose.
    Logged

    Offline Bonaventure

    • Full Member
    • ***
    • Posts: 1238
    • Reputation: +789/-272
    • Gender: Male
    Re: Gamestop?
    « Reply #6 on: January 28, 2021, 01:21:25 PM »
  • Thanks!0
  • No Thanks!0
    • Quote from: josefamenendez on January 28, 2021, 01:01:58 PM
    It seems the only people who are allowed to make real money on the Stock market are the corrupt insiders, not regular people. We are always supposed to lose.

    Logged

    Offline Stubborn

    • Supporter
    • *****
    • Posts: 13823
    • Reputation: +5568/-865
    • Gender: Male
    Re: Gamestop?
    « Reply #7 on: January 28, 2021, 01:30:59 PM »
  • Thanks!0
  • No Thanks!0
    • Quote from: Matto on January 28, 2021, 12:58:16 PM
    I do not understand the stock market. I would guess a lot of rich people also made money off of this and a lot of poor people will lose money. But if r/wallstreetbets now understands that it has enough power to pull this off, when will that power be used next? And what will this do to Wall street? Why doesn't this happen all the time?
    I don't know who is responsible but a similar thing is happening to a number of stocks already. KOSS is one - it went from like $3.00 a week or so ago to $174 this morning pre-market, now is at about $39. There are more out there like this too. 
    Logged
    "But Peter and the apostles answering, said: We ought to obey God, rather than men." - Acts 5:29

    The Highest Principle in the Church: "We are first of all under obedience to God, and only then under obedience to man" - Fr. Hesse

    Offline Minnesota

    • Full Member
    • ***
    • Posts: 1804
    • Reputation: +943/-462
    • Gender: Male
    Re: Gamestop?
    « Reply #8 on: January 28, 2021, 01:37:29 PM »
  • Thanks!0
  • No Thanks!0
    • Quote from: Stubborn on January 28, 2021, 12:45:59 PM
    Sure is ha ha!
    About a week and a half ago GME was a $20 stock, last night it hit $513 - they rammed it up good, created a lot of new millionaires and gave the big guys a much, much better price to short from.


    Gamestop and AMC were selling for nothing per stock because people aren't doing the following two things right now: buying physical video game discs or going to movie theatres. Gamestop imploding preceded COVID and preceded AMC's own imploding by a solid five or so years.
    Logged
    Christ is Risen! He is risen indeed

    Offline Stubborn

    • Supporter
    • *****
    • Posts: 13823
    • Reputation: +5568/-865
    • Gender: Male
    Re: Gamestop?
    « Reply #9 on: January 28, 2021, 01:52:29 PM »
  • Thanks!0
  • No Thanks!0
    • True, but there are a lot of other stocks that have been sky rocketing huge %, GBR is one, it's some type of energy stock I think, it opened this morning at about $2, now at $25, no news either. There have been a lot of them, especially over the last month or so.

    NAKD, a food company was another one a week or so ago it was a penny stock at .30 / share, this morning it hit $3.63 pre market, an 1100% gain in just a few days. I'm sure there's a website out there somewhere that lists these types of stocks, there are a lot of them.

    Logged
    "But Peter and the apostles answering, said: We ought to obey God, rather than men." - Acts 5:29

    The Highest Principle in the Church: "We are first of all under obedience to God, and only then under obedience to man" - Fr. Hesse

    Offline Cera

    • Hero Member
    • *****
    • Posts: 5210
    • Reputation: +2290/-1012
    • Gender: Female
    • Pray for the consecration of Russia to Mary's I H
    Re: Gamestop?
    « Reply #10 on: January 28, 2021, 05:18:53 PM »
  • Thanks!1
  • No Thanks!0
    • Great explanation by Glenn Greenwald --

    Logged
    Pray for the consecration of Russia to the Immaculate Heart of Mary

    Offline josefamenendez

    • Hero Member
    • *****
    • Posts: 4421
    • Reputation: +2946/-199
    • Gender: Female
    Re: Gamestop?
    « Reply #11 on: January 28, 2021, 06:13:59 PM »
  • Thanks!0
  • No Thanks!0
    • Thanks Cera, that was a great video
    Logged

    Offline SimpleMan

    • Hero Member
    • *****
    • Posts: 4383
    • Reputation: +1628/-194
    • Gender: Male
    Re: Gamestop?
    « Reply #12 on: January 28, 2021, 06:27:56 PM »
  • Thanks!0
  • No Thanks!0
    • I do a little investing to bring in some extra cash.  I can only tell you that when a stock is doing things as crazy as that, run from it like the plague!

    I didn't know about Robinhood, but I have downloaded it to my iPhone, and may use it for more mundane scenarios.  I don't understand short options, and even if none of us are crazy about Warren Buffett, I always follow one of his maxims --- do not invest in something you do not understand.  Money is too hard to come by.
    Logged

    Offline Matthew

    • Mod
    • *****
    • Posts: 31182
    • Reputation: +27098/-494
    • Gender: Male
    Re: Gamestop?
    « Reply #13 on: January 29, 2021, 07:15:51 AM »
  • Thanks!0
  • No Thanks!0
    • Quote from: josefamenendez on January 28, 2021, 01:01:58 PM
    Yeah, the hedge fund creeps had to buy up their shorts for over 3 billion. Now the feds have locked down the 3 stocks ( Gamestop, Blackberry and AMC theatres). The Wall street investment and commercial banks and hedgefunds and  now want "regulations  on trading". Why? Because regular people were able to legally create a bubble and the ((Status Quo)) lost money. It seems the only people who are allowed to make real money on the Stock market are the corrupt insiders, not regular people. We are always supposed to lose.
    Indeed. Only insiders know WHEN to buy and sell, to ride the roller coaster profitably.
    Everyone else risks losing their shirt, and many do.
    Best to avoid such gambles.
    Logged
    Want to say "thank you"? 
    You can send me a gift from my Amazon wishlist!
    https://www.amazon.com/hz/wishlist/ls/25M2B8RERL1UO

    Paypal donations: matthew@chantcd.com

    Online Yeti

    • Supporter
    • ****
    • Posts: 3477
    • Reputation: +2005/-447
    • Gender: Male
    Re: Gamestop?
    « Reply #14 on: January 29, 2021, 08:49:51 PM »
  • Thanks!0
  • No Thanks!0
    • The price fluctuations of GameStop's stock are a matter of public record, but the reasons for those fluctuations are a matter of conjecture. The media is asserting that the price quintupled in a few days because someone made some sort of post on Reddit. I am not an expert on the stock market, but this strikes me as ridiculous. It would take thousands of people shelling out millions of dollars on GameStop stock for it to jump that much. People don't do that over a Reddit thread.
    .
    The whole thing looks to me like a slow news day piece of fake news.
    Logged
    Pages: [1] 2
    « previous next »