Has anyone been keeping up with the gamestop stuff?

buwaytress

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Quote from: jackg on April 04, 2021, 12:32:11 PM

Yeah there were letters sent between Congress and the sec to investigate in what occurred with the gamestop stuff. There was thought Melvin capital (I think) had too much control over whether people's orders got cleared or whether they could trade a certain stock or not - not sure if anything came of it, it's likely still ongoing regardless.

They'll be expected to respond as it halted trading of certain US stocks across Europe and Asia for about 4 hours (until non US based clearers obtained enough stocks otc that they could start providing traders again).

All I could remember then was a commitment to shorten settlement times -- noting that they're out actually outlawing the practice itself, merely making it harder for them to do. So not removing the loophole, just narrowing it. I suppose when the furore dies down, it'll all be normal again.

They'll definitely be more careful about how they make their doings less visible to the public now though. I'm sure them Redditors will be up for the challenge.

All in all, can't be bad for Bitcoin.

Kong Hey Pakboy

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I think that the fiasco has already died down but reading the replies, it seems that the tug-o-war isn't over yet. I think that the people/retail investor is still waiting for another pump in this stock and other shorted stocks but this time it will be more difficult and unfair since the hedge fund POS knows what is up and they are notorious to playing unfairly.

Fortify

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It was a very interesting development and much like Bitcoin - the right timing was everything to make the mega bucks. At present it looks like a massive bubble propped up by people who cannot value a firm correctly. Unless the short sellers are still trapped, it is grossly overvalued at the current share price but who knows how long it can stay that high before it bursts - weeks, months, years? There is a lot of cheap money flowing around at the moment, you can see by the US government handing everyone checks with free money recently and lots of people who are spending. Anyone who is sensible should get their money out and invest it in a company that has a future, because Gamestop simply looks like the next Blockbuster. The whole business model has shifted from under them and moved online already.

jackg

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Quote from: buwaytress on March 16, 2021, 02:38:31 PM

Wasn't really keeping up with the retail side of things or with reddit and WallStreetBets and bots... but what about the Big Bad Boys of Wall Street side of things? I mean, wasn't there even a Robinhood Congress hearing and an investigation into the role of clearinghouses and something about shortening settlement times with retail orders on stocks?

Or am I not even talking about the same thing here?

Yeah there were letters sent between Congress and the sec to investigate in what occurred with the gamestop stuff. There was thought Melvin capital (I think) had too much control over whether people's orders got cleared or whether they could trade a certain stock or not - not sure if anything came of it, it's likely still ongoing regardless.

They'll be expected to respond as it halted trading of certain US stocks across Europe and Asia for about 4 hours (until non US based clearers obtained enough stocks otc that they could start providing traders again).

Quote from: mindrust on March 16, 2021, 02:47:57 PM

Weren't the regulators supposed to stop the trading for that particular stock when they see an obvious manipulation going on? I am kind of stranger to the stocks market. I don't know if something like that is possible.

"obvious market manipulation" would be a pump and dump and is only limited to a pump and dump (or sometimes insider trading), neither of those occurred in this case so nothing blatantly illegal happened - for it to be illegal a dump would have had to occur and the user would probably have had to do more than upload a screenshot to reddit of them holding $900k+ in gamestop.

dudusix9

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Quote from: TheNineClub on March 16, 2021, 12:30:34 AM

I'd be careful about investing in stuff like that.
Sure as a first wave thing it might not be a bad idea but I can imagine centralised corporations taking a hit as the space moves to become more decentralised.

In a week where a user reported attacks on binance's own defi platforms being subject to attack because (surprise, surprise) they weren't decentralised and had a single-point-of-failure...

I'd just be holding btc atm though and maybe a few alts - you might also do well looking at projects people haven't heard of yet though but only if they can actually produce what they promise.

Thanks for your reply. I'm just going through this a little cautious so up until now, I haven't decided to go through it just yet.

rdbase

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Here is what I got from all this GME stuff someone embodied it in a short animated gif. Cheesy

https://gifyu.com/image/aBHC

Also how all the wolves of #wallstreetbets are looking as of now:

I could be wrong because it is wall street after all and nothing are as they seem on the betting floor. Wink

mindrust

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It is a rollercoaster now. Went up, went down, went up again now it looks like its going down again.

Looks like the perfect pump and dump shitstock... till it is not.

Tbh I didn't expect it to go near its ATH again after the first drop but somehow it managed to reach nearly $350 few days ago.

Weren't the regulators supposed to stop the trading for that particular stock when they see an obvious manipulation going on? I am kind of stranger to the stocks market. I don't know if something like that is possible.

buwaytress

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Wasn't really keeping up with the retail side of things or with reddit and WallStreetBets and bots... but what about the Big Bad Boys of Wall Street side of things? I mean, wasn't there even a Robinhood Congress hearing and an investigation into the role of clearinghouses and something about shortening settlement times with retail orders on stocks?

Or am I not even talking about the same thing here?

jackg

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Quote from: The Sceptical Chymist on March 16, 2021, 01:19:00 PM

Quote from: bitmover on March 16, 2021, 11:10:11 AM

GME has been having some troubles with profits/revenue since a few years. As most people now buy their stuff online, their revenue is going down...

Um, yeah. The only reason the stock is as high as it is is because it's being heavily manipulated, i.e., pumped. The only way the company is going to survive is if it seriously revamps its business model, because as far as I can see, gaming is moving away from physical games and everything is moving toward the intangible and what will Game Stop be left with?

From what was being said at the time gamestop had a new chairman who was notable to eccomerce and bought quite a few stocks themselves (I don't know how accurate that is though)..
I put some trading profits into it (because it was a gamble). So the most I lose is half of the profit I made on one position last year.

Quote from: el kaka22 on March 16, 2021, 01:29:07 PM

I think it wasn't declared if they provided anything like a loss or a profit, but they did their best to make a profit from it but failed. The reality is that they started shorting since 3 dollars, which means even on the lowest point during this period they made a loss, so it is 100% guaranteed that they made a loss, however we do not know how much, it must be a lot of money considering how much they needed and how much they would have spent to pay those shorts.

I think it kinda shows how irrational and infantile one of the main traders of the markets are since they just kept shorting as it was going higher to recoup losses rather than moving on (although I don't know how accurate some of those reports were but I imagine it's something they'd do - hedge funds as a whole) .

el kaka22

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I think it wasn't declared if they provided anything like a loss or a profit, but they did their best to make a profit from it but failed. The reality is that they started shorting since 3 dollars, which means even on the lowest point during this period they made a loss, so it is 100% guaranteed that they made a loss, however we do not know how much, it must be a lot of money considering how much they needed and how much they would have spent to pay those shorts.

There is no guarantee that we can keep this up, which is why there is a chance from the last crash they may have shorted again and made a profit to cover the difference and go back to profit as well, we know for sure that the early shorts were a loss, but we do not know what the current situation for those companies are. At least robinhood is allowing people to do whatever they want to, that is understandable.

The Sceptical Chymist

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Quote from: bitmover on March 16, 2021, 11:10:11 AM

GME has been having some troubles with profits/revenue since a few years. As most people now buy their stuff online, their revenue is going down...

Um, yeah. The only reason the stock is as high as it is is because it's being heavily manipulated, i.e., pumped. The only way the company is going to survive is if it seriously revamps its business model, because as far as I can see, gaming is moving away from physical games and everything is moving toward the intangible and what will Game Stop be left with?

And no, I haven't been closely following the drama surrounding GME stock--at least not since it first made the news. I'd say if you made a profit already, now would be a good time to sell because a company on the decline like Game Stop is can't maintain a high share price for very long. There might still be some money to be made once people start getting their stimulus checks, because I'm pretty sure some of them will be buying GME, but it's going to be a short-lived rally.

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Quote from: jackg on March 15, 2021, 08:14:45 PM

I opened up my brokerage account a few days ago to find out my gme stocks had gone up by quite a bit again so I'm wondering if anyone had any info on whether the hedge funds declared anything loss/gain related since the original short squeeze (caused by the guy who bought $980k of a low liquidity stock and the reporting on reddit)?

This is too dangerous imo.

GME has been having some troubles with profits/revenue since a few years. As most people now buy their stuff online, their revenue is going down...

I found this chart with revenue data from 2006:

Quote

GameStop revenue for the quarter ending October 31, 2020 was $1.005B, a 30.16% decline year-over-year.
GameStop revenue for the twelve months ending October 31, 2020 was $5.162B, a 29.63% decline year-over-year.
GameStop annual revenue for 2020 was $6.466B, a 21.96% decline from 2019.
GameStop annual revenue for 2019 was $8.285B, a 3.06% decline from 2018.
GameStop annual revenue for 2018 was $8.547B, a 7.31% increase from 2017.

https://www.macrotrends.net/stocks/charts/GME/gamestop/revenue

There are some pump & dumps going now, but the stock price is clearly above what it should worth. You may end up holding big bags.... and it is not worth holding, unless the companhy can really shift over their situation and reinvent itself.

jackg

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Quote from: TheNineClub on March 16, 2021, 12:30:34 AM

Interestingly, there was a report going around that some investigation found out that bots were found and used on the main subreddit that contributed to the whole hysteria. Not sure what to believe anymore. Legislators were really vocal about everything when the initial surge happened, but now everyone is really quiet about it for some odd reason.

There were claims of bots as hedge funds trying to push people to open positions on precious metals (it was a none event).

Many of the original moderators of the board seemed to be banned for about a week also but then got reinstated.

u/deapfuckingvalue was one of the original investors but it does kinda look like it's no longer being reported on by the press (so maybe something happened there internally)...

Quote from: dudusix9 on March 16, 2021, 05:01:09 AM

Not exactly related to GME but was wondering what you guys think of Publicly traded companies that are crypto-related like BTCS? I posted a thread about them but no one really answered so I'll ask somewhere else regarding your opinion on this. If you think about it, they should be a good investment as long as the crypto market is hot. I think we can compare it to Coinbase? These stocks have potential if we really look into them.

I'd be careful about investing in stuff like that.
Sure as a first wave thing it might not be a bad idea but I can imagine centralised corporations taking a hit as the space moves to become more decentralised.

In a week where a user reported attacks on binance's own defi platforms being subject to attack because (surprise, surprise) they weren't decentralised and had a single-point-of-failure...

I'd just be holding btc atm though and maybe a few alts - you might also do well looking at projects people haven't heard of yet though but only if they can actually produce what they promise.

dudusix9

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Not exactly related to GME but was wondering what you guys think of Publicly traded companies that are crypto-related like BTCS? I posted a thread about them but no one really answered so I'll ask somewhere else regarding your opinion on this. If you think about it, they should be a good investment as long as the crypto market is hot. I think we can compare it to Coinbase? These stocks have potential if we really look into them.

TheNineClub

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It seems to be on the upwards trajectory again as of around February 22. It's still quite volatile and seems to continue the trend of sudden spikes and because of that volatility it was again paused by brokerages, it dropped to half in just a couple of minutes. From what I can tell it seems there is some activity on Reddit again, specifically on the subreddits dedicated to monthly activities of the stock (one month one subreddit).

Interestingly, there was a report going around that some investigation found out that bots were found and used on the main subreddit that contributed to the whole hysteria. Not sure what to believe anymore. Legislators were really vocal about everything when the initial surge happened, but now everyone is really quiet about it for some odd reason.

jackg

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Tldr: do we have any info on the hedge funds reporting information?

I opened up my brokerage account a few days ago to find out my gme stocks had gone up by quite a bit again so I'm wondering if anyone had any info on whether the hedge funds declared anything loss/gain related since the original short squeeze (caused by the guy who bought $980k of a low liquidity stock and the reporting on reddit)?

Before now I thought they were trying to keep quiet and just pay a fine for late reporting.

Topic: Has anyone been keeping up with the gamestop stuff? (Read 177 times)