Topic: The GameStop drama and what does it mean for Bitcoin - page 2. (Read 1461 times)

It just goes to show wallstreet where the REAL smart money is and it aint them.
After the GME show-off of what many, many investors of a failing stock can do when they work in unison against the opressers and towards a worthy cause.
Of course in the end there was money involved so those who got out in time reaped the benefits of their good deeds.
Good on them.
And towards musk, I am not certain if he is you typical eccentric billionaire because would he not a capitalist then?

I was laughing at the market when I first saw what's going on and later I tried to read the situation and what happened was quite amazing and something we must know.

I will try and explain what exactly happened for those who aren't sure what happened and why it happened. Its called as "Short Squeeze" and basically what it means is that you over sell an asset as you might know we can borrow an asset and sell it, expecting the value to drop in the coming time and repay.

Example: You borrow BTC at 40k expecting it to drop in coming days so you sold BTC at 40k now and buy again later when price is lets say 35k and earned 5k for free.

Now what happened is that some guys realized that the market has sold too many shares of the GameStop and they decided to just hold the share. Now since the people who borrowed and sold the gamestop token had to repay the borrowed amount which is where the story gets spicy. There was a sudden demand of the shares in the market and guys holding decided not to sell it. This pumped the value of the shares beyond expectations.

What I learned from this is that, keep an eye on the market and such things can occur in the crypto market too and all we need to do is keep an eye what's happening.

The question is, which billionaire isn't eccentric today? I can't think of many. His eccentric nature has also brought him the success he has.

But what I don't like is that he sparked the whole short action. He had to know that a lot of people are taking part who have no idea at all and are now faced with huge mountains of debt. I doubt that the stocks of the broke companies will recover again so that they can make up at least some of their losses. It's sad actually.

Elon is an eccentric billionaire, very very eccentric.

The guy single handedly caused Bitcoin to skyrocket today because he announced Tesla will be including BTC in their financial portfolio and will start accepting BTC. I mean, good for Bitcoin I guess?

Elon isn't your typical liberal billionaire that will tout the line for dem's, I don't mind him.

Getting rich by working used to be possible. Now the only way to get rich is by gambling. It doesn't matter what kind of game it is. Crypto, Stocks, Dice, Poker, Sports all of them are gambling. That's where the hate is really coming from.

You work your shit off for one year and get what? $20-30k? People that live in poorer countries make below $10k. Some other guy on the other hand buys $1000 of doge and Elon tweets to pump it and done, That $1000 becomes $10k in a matter of days. Why would anybody work in this environment? Why would anybody have a job? Everybody should become gamblers.

Gambling is a zero sum game and this is exactly how empires get destroyed.

The biggest thing about this is the fact that people have been showing the hatred towards the rich people, back in the day rich people were people that everyone looked up to, there was a thing about having a wall street job and becoming rich and having a good house and a decent income, those were dreams of the American public, now? Now everyone dreams of a world everyone lives a decent life that doesn't end up with dying because you couldn't fucking pay for an insulin shot that you needed.

I live in a third world nation that is probably 100x times poorer than all of USA, hell California is 10 times richer than my nation all by itself, and we all get our insulin for free, and yes FREE because taxes are already taken with or without it, Americans pay insurance anyway and that is more than the taxes you would pay, you would actually SAVE MONEY and also save lifes at the same time. I moved to healthcare I am sorry but basically people are fed up with insurance, financial, economy related companies and that is only good for bitcoin.

Well, now that the people know how to tick the nerves of those greedy bastards on Wall Street, I think that this will be a big precedent on to what will happen next, maybe another massive amount of individual investors will unify again to make another move to tick those same nerves. The greedy bastards can't accept it because they know that if those people get money, they wouldn't be any special. The only way to break the system of comparing hedge fund managers market manipulation being just a way to protect the people is to completely destroy them at their own game, find more of these shorted stocks and bet against this people, they can't stop everyone that does it.

Now you mentioned Elon, what the fuck he is doing lately pumping random stuff? I don't buy it that he really likes bitcoin, doge or GME. Bitcoin has been around for more than 10 years. He knew it in 2013 even before. Suddenly he found god?

The game is bigger than that he acts like he is trying to make a point. Like, I don't know the whole financial markets are straight out bullshit? I don't know. He looks like he definitely has a problem with somebody. Could be a hedge fund, could be the SEC or the central banks or maybe the whole Wall Street.

Whatever it is, I hope he doesn't become another McAfee.

GME, AMC, Nokia, BB, all would have kept going up, but there is always someone left holding the bag and the gamblers on WSB were all talking about cashing out at 1k/share. I think you probably would have seen the stock tank long before it got any where near 1k. Once Elon Musk tweeted out WSB, you had a bunch of new comers into the stock marketed that bought in at 300-400 who would have probably sold the moment they doubled their money.

If Robin Hood and other criminals didn't remove the buys orders, the price would see $1000+ imo. It was going parabolic. It would eventually go down again probably but not from $400-500. Whoever was buying GME was already ready to accept their loss, coming up with an excuse like "We wanted to protect the retail invetors" is straight up bullshit.

What if somebody knew the others don't about the company and front-buying the share? When the hedge funds do that it is all legal, when the retail does it, suddenly it breaks the system.

I think the main thing we can take out from this is that a company with 70+ billion dollar loss and incredible amount of money in their friendly companies backing it, could lose to bunch of people on some subreddit.

I get that they may have gotten a bit lucky as well but we are in a situation where people bought hundreds of millions of dollars worth of stock just to screw with one company and made them lose all their positions in the short squeeze, that is very important.

It showed us that humanity when get together could actually change something, it showed that in the war poor vs rich, poor outnumber rich by million to one and that means if that million gets together they can destroy that one easily without a trouble. Hence I think it is quite important that we focus on getting together and organizing, it would allow us to make a lot more money while losing rich their money.

Do not forget that this "fall" was mainly for two reasons, one of them is the fact that people with billions, tens of billions of dollars were all acting together to drop the price and wall street put all their effort into this, secondly the price was already much lower and made a 50x return even at 92 dollars a share.

Certainly having 300+ even 400+ dollars was a shocking sight to see and lost wall street a ton of money as well, that was a good period however 92 dollars is nothing, we were at under 5 bucks for a very long time and this increase is still quite stronger than anything else we have seen so far from gamestop. This just makes it much more clearer that if we want to, humans could get together and build a community of movement financially to make it work and beat wall street if we want to. Look at crypto for biggest example, people who were fed up with fiat came in here and created something huge.

This has shown that united we are stronger than institutions. And they have shown that what they call free market is not as they have blocked the possibility of withdrawing GameStop shares. This pump showed also how are delicate some balances!

I think this is positive for crypto not just because of the "revot" position but more because the last 2 weeks of the gme/amc etc markets they have been playing with mimic crypto markets.  Its a lot more palatable dealing with those gme spikes and drops like we see in crypto.  They might not be so scared now to dip their toes in.

HeRetiK, you have a point there but the GME fiasco could have been much more than some fun. This whole series of events showed how rigged the financial world is: we've always said it was rigged but this time there is also evidence of how rigged it was. I found Musk's Clubhouse session on the topic quite revealing
https://www.youtube.com/watch?v=8-tqDt_TKtI

I think this will be remembered as a failed opportunity to expose the truth behind WS.

It's still pretty damn impressive to see a blatant misinformation machine go into action that heavily. Globally. Propagating that "the shorts have been covered" is one thing, but successfully selling that "Reddit is now going after silver", a claim that could have been disproven by just taking 5 minutes to actually look up the sub, is a wholly different beast. Now the media I follow in Europe has luckily been a bit more critical about the silver thing (ie. pointing out that Reddit users themselves are actually warning people to not go into non-physical silver) but it still seems to have been a global news story. No wonder no one is trusting the news these days anymore.



WSB entered GME at as low as USD 5,- in 2019 / 2020, USD 20,- was the short sell target propagated by Citron Research, escalation than happened somewhere around the USD 40,- mark. The problem I see now is that Robin Hood and other "trading platforms" pulling the plug on Thursday not only took out a lot of the momentum, it also gave hedge funds more than enough time to reposition themselves. I truly believe this could have been something great, but as it stands the situation is pretty dire and more likely to turn into a pump and dump rather than into a short squeeze. And while GameStop has announced some interesting new hires today, holders don't really have a halving supply shock to look forward to like Bitcoiners.

Let's see what happens next. Would be kind of a lame story if it really ended that way, but at least it was fun while it lasted.

Wasn't the price of GME at $20 or smth when this whole thing started? Right now it is ~$90 I think that's enough to bash their skulls if WSB manages to keep it at these levels. The higher the better ofc.

They own literally every channel regarding finance you can imagine. From cnbc to bloomberg to tv channels to websites there are combined millions of viewers and readers they can reach because they own it themselves and that is why they were capable of changing the narrative however they want to.

The price cannot fall if the short squeeze was done, basically the only way we can be certain that short squeeze is done would be price going over 1000+ dollars because the shorters would need soooooo much money that they would have to buy the stock, sell it to show they are out, and buy again and sell again to say they are once again out because if they bought 100% of all available stocks (which is nearly impossible) they still wouldn't be fully out, they are that deep in. So, 1000+ dollars are nothing for wsb.

Perhaps this drama will be filmed, so according to information available to Deadline, Netflix will shoot a film about the confrontation between users of the r/WallStreetBets subreddit from Wall Street.  Netflix uses the GameStop pump story to showcase the impact of social media on society.  The company is in talks with screenwriter Mark Boal, who has worked on The Hurt Locker and Number One Target, the sources said.
The publication claims that the main role will be played by actor Noah Centineo, the interlocutors named the founders of the Gemini crypto exchange, brothers Cameron and Tyler Winklevoss as executive producers of the picture.


 

Imo, I still think that there would be no relation of the current situation to the Crypto Industry since most of the traders are just focused on pumping the value of GameStop. However, its also good to see some actions from SEC to further study Cryptocurrencies and how would they use it for the benefit of someone who has knowledge about it. We are still seeing some famous people promoting Cryptocurrencies and its not just Elon Musk so we will surely see a different news that would revolve around Cryptocurrencies and not just Stock trading.