The GameStop drama and what does it mean for Bitcoin - page 3.

freedomno1

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Learning the troll avoidance button :)

Quote from: Twentyonepaylots on February 02, 2021, 06:33:05 PM

Things become illegal when the rich are threatened by it. So they're doing their best to indict people behind this scheme. Which I honestly am against since the rich investors like Warren Buffet inspired us in the past to do investing ourselves if we want to be rich. Now, the question is how long will this spread out, I suspect it to carry on for a very long time, GME will be the memestock of the stock market.

Pretty much it tends to get regulated when it breaks the riches game. Oh no the plebians found a way to participate at the table this can't be approved let us teach them a lesson with the power of our controlled media. As others have said the stock market is a rigged board a gents club for the rich with a cabal-like mentality. Where winners and losers are made and the times the biggest fail they get bailed since they are too big to fail. Well from a crypto perspective we can be more objective as it gives us a perspective and window into the heart of corruption and the ways the wealthy manipulate the media and the people to get what they want. If you control the story you control the direction and can spin the Driedel ever in your favour.

HeRetiK

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Quote from: mindrust on February 03, 2021, 04:09:25 AM

Quote from: Gyfts on February 02, 2021, 08:11:08 PM

The hedge funds have tens of billions of dollars a button away from being loaded into their accounts to manipulate the market so even though they shorted, their losses were never going to be too big because they'll get bailed out. The mets owner iirc gave 3 billion to the hedge fund behind the short bets. That money went up in smoke but point being, they had plenty more to borrow.

That's the exact reason why smol people shouldn't be touching stocks or anything a hedge fund is in. It became apparent that RH -unlike its name- wasn't taking from the rich and giving to the poor. It was the opposite. They are selling the small people's positions, their data to the big boys so the Hedgies could be on the opposite side of the smol people's bets and take their money.

The casino is rigged and (hopefully) now everybody sees it.

Even when there is a small chance of a win for the avg. Joe, they still won't let that happen because the hedge funds also own the casino.

I didn't like the idea of pumping a shitstock with 0 value but for what they accomplished, I will be forever grateful to WSB.

I didn't quite expect the amount of shit hedgies managed to pull though.

Successfully spreading the story that WSB had won and that the short squeeze already happened was a master move. Introduce liquidity issues, push the lie that WSB has moved on from GameStop to silver for good measure. Nothing to see here, move along.

fillippone

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Quote from: mindrust on February 03, 2021, 04:09:25 AM

<...>

The casino is rigged and (hopefully) now everybody sees it.

Even when there is a small chance of a win for the avg. Joe, they still won't let that happen because the hedge funds also own the casino.

I didn't like the idea of pumping a shitstock with 0 value but for what they accomplished, I will be forever grateful to WSB.

This.
Also should be noted that everyone investing in stocks should already know the game is rigged.
As bitcoiners, I think we are on a privileged position: "Don't trust, verify" is a useful mindset in these situations.

mindrust

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Quote from: Gyfts on February 02, 2021, 08:11:08 PM

The hedge funds have tens of billions of dollars a button away from being loaded into their accounts to manipulate the market so even though they shorted, their losses were never going to be too big because they'll get bailed out. The mets owner iirc gave 3 billion to the hedge fund behind the short bets. That money went up in smoke but point being, they had plenty more to borrow.

That's the exact reason why smol people shouldn't be touching stocks or anything a hedge fund is in. It became apparent that RH -unlike its name- wasn't taking from the rich and giving to the poor. It was the opposite. They are selling the small people's positions, their data to the big boys so the Hedgies could be on the opposite side of the smol people's bets and take their money.

The casino is rigged and (hopefully) now everybody sees it.

Even when there is a small chance of a win for the avg. Joe, they still won't let that happen because the hedge funds also own the casino.

I didn't like the idea of pumping a shitstock with 0 value but for what they accomplished, I will be forever grateful to WSB.

Gyfts

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Quote from: HeRetiK on February 02, 2021, 08:05:52 PM

Quote from: Gyfts on February 02, 2021, 07:45:28 PM

Oh no, Gamestop down over 75 percent from its peak. Who could have predicted this? No one.

One thing wallstreetbets seemed to not understand is that after things subside and GME comes crashing down, the institutional investors were already out. It's normal everyday people that dabbled in the market who got bit hard. You're no longer supporting the small guys, you're just using them to keep the stock solvent, almost like a ponzi.

It's rather sad the amount of people who lost their money.

It really does seem like the attempt at a short squeeze has failed. I do wonder what would have happened hadn't Robinhood pulled the plug on Thursday though. And especially how shorts managed to reduce short interest over the weekend from ~122% on Friday to ~51% on Monday (according to S3 analysts), ie. whether (a) false numbers were reported, (b) shorts haven't been covered, just "restructured" or (c) OTC deals took place over the weekend.

I still believe WSB would have had a fighting chance if not for all the dirty punches, alas it will now likely either fizzle out or turn into a pump and dump attempt. Either way, that was over faster than I expected. I guess I'm too used to the honey badger that is Bitcoin.

GME was going higher if Robinhood didn't pull strings but still, no educated investor should invest in a hype train and WSB were being incredibly dishonest. Too much propaganda on the front page telling people to hold to fuck over the hedge funds when it was just a bunch of people that bought in early or bought in late trying to save their bottom line.

The hedge funds have tens of billions of dollars a button away from being loaded into their accounts to manipulate the market so even though they shorted, their losses were never going to be too big because they'll get bailed out. The mets owner iirc gave 3 billion to the hedge fund behind the short bets. That money went up in smoke but point being, they had plenty more to borrow.

HeRetiK

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Quote from: Gyfts on February 02, 2021, 07:45:28 PM

Oh no, Gamestop down over 75 percent from its peak. Who could have predicted this? No one.

One thing wallstreetbets seemed to not understand is that after things subside and GME comes crashing down, the institutional investors were already out. It's normal everyday people that dabbled in the market who got bit hard. You're no longer supporting the small guys, you're just using them to keep the stock solvent, almost like a ponzi.

It's rather sad the amount of people who lost their money.

It really does seem like the attempt at a short squeeze has failed. I do wonder what would have happened hadn't Robinhood pulled the plug on Thursday though. And especially how shorts managed to reduce short interest over the weekend from ~122% on Friday to ~51% on Monday (according to S3 analysts), ie. whether (a) false numbers were reported, (b) shorts haven't been covered, just "restructured" or (c) OTC deals took place over the weekend.

I still believe WSB would have had a fighting chance if not for all the dirty punches, alas it will now likely either fizzle out or turn into a pump and dump attempt. Either way, that was over faster than I expected. I guess I'm too used to the honey badger that is Bitcoin.

I'll continue keeping an eye on the affair though. Last week was quite a ride, let's see if there's still any plot twists coming up.

Gyfts

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Oh no, Gamestop down over 75 percent from its peak. Who could have predicted this? No one.

One thing wallstreetbets seemed to not understand is that after things subside and GME comes crashing down, the institutional investors were already out. It's normal everyday people that dabbled in the market who got bit hard. You're no longer supporting the small guys, you're just using them to keep the stock solvent, almost like a ponzi.

It's rather sad the amount of people who lost their money.

Twentyonepaylots

sr. member

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Things become illegal when the rich are threatened by it. So they're doing their best to indict people behind this scheme. Which I honestly am against since the rich investors like Warren Buffet inspired us in the past to do investing ourselves if we want to be rich. Now, the question is how long will this spread out, I suspect it to carry on for a very long time, GME will be the memestock of the stock market.

hatshepsut93

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Quote from: stompix on February 01, 2021, 04:40:26 PM

So...did "Wallstreet" lose money or made money with this cause the numbers are starting to tell a different story! Grin

I need to make some popcorn stocks cause when this will finally end and we draw the line we're going to see some pretty weird results.

Wallstreet is not a singular entity, unlike some people might think, like those who like to believe in conspiracy theories, so it's quite likely that other companies that can be considered "Wallstreet" are participating in this short squeeze on the side of WSB. It's even unlikely that retail investors alone have achieved such a big price pump, they simply don't have as much money. Those reddit posters who show their screenshots of tens and hundreds of thousands of dollars invested don't represent the average capability of a WSB user.

South Park

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I am terrible at Fantasy Football!!!

Quote from: hatshepsut93 on January 27, 2021, 08:16:24 PM

If you are living under the rock, the GameStop (GME) stock trading has been making quite the news recently, because retail investors organized on reddit managed to pump this stock and made some hedge funds suffer tremendous losses on their short positions, to a point when trading had to be halted, and similar events occured with other stocks.

Some people from crypto industry are already making comments how this can be good for crypto, because it's a revolt against old-school centralized finance.

I personally wouldn't hurry with conclusions, as this drama isn't over and we're yet to see any actions from SEC, who already said that they are monitoring the situation.

What do you think?

I think those people are playing with fire, buying a stock in that way with the specific purpose to pump its price is illegal and it has been illegal for a long time, those that were the organizers of all of this should prepare themselves as the governments and those that are powerful are not going to let this slide as it was a clear case of people trying to challenge their power, pump and dumps are possible here because of the anonymity brought by the Internet but in the stock market this is impossible and I think the leaders of all of this could be arrested during the next months.

fullhdpixel

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Quote from: mindrust on February 01, 2021, 04:49:18 PM

Are you telling me Melvin's friend loaned Melvin 70+ billion? And all this time I thought friends are assholes. Must be nice to have that kind of friends. So you are telling me that the game is now WSB against the daddy of Melvin which is impossible to win. Holy Crap. That's big if true.

Btw that Silver pump stuff was a distraction from the Fake News Network it looks like. WSB on their sub says that let alone pumping silver, they actually hate it Grin

Well both yes and no. Yes, Melvin is a hedge fund which means it is built by rich people and funded by rich people there is no shock in there, you can go check melvin and their investors and you will realize that most of them are even bigger hedge funds and some of the mare just rich folks, that is how wall street works, people who are rich help keep each other rich basically, and having multiple companies who do what you want them to do would allow you to avoid a lot of SEC regulations as well.

However it is not scary, because 70+ billion dollars or 700+ billion dollars nothing matters in this situation, obviously in any normal time it would matter but right now more than 100% of the stock was shorted, which means melvin promised 120 items but there was only 100 items, so he needs to buy those 100 items, pay it back, than after he paid it back he need to go to market and find 20 more on top of it on the price he helped increasing and get 20 more and pay it. So, it is "technically" impossible for rich to win, because we hold it.

Broly46

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0xe25ce19226C3CE65204570dB8D6c6DB1E9Df74AC

This debacle just further reinforce the need of isolated market place, bitcoin stand on the sweet spot between retail vs big fund in the money market which is very fraudulent and damaging you can see the price of GameStop whether it’s going up or going down, both retail and big fund is getting screwed financially, there is nothing good come out of this debacle, this stupidity has been going on to the point fed has to print so much money to rescue the money market from this debacle QE would not stop since it interception, and printing money is non stop sending out cash everyday, how game stop just sum up everything in a big picture.

HeRetiK

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Quote from: stompix on February 02, 2021, 06:36:49 AM

Quote from: HeRetiK on February 01, 2021, 06:14:34 PM

The one is realized losses, the other unrealized gains. Big difference as anyone who is in crypto should know Wink

And you have the data on all those share movements up to date? Or.....

I'm only referring to the quote you posted:

Quote from: stompix on February 02, 2021, 06:36:49 AM

Quote from: HeRetiK on February 01, 2021, 06:14:34 PM

It's really funny though how this whole situation has escalated into a "stick it to the man" kinda thing.

Wonder how it started...oh wait!

Quote

What we are seeing is payback for 2008.

Who said that? Cheesy

I did, at the point where it escalated into a "stick it to the man" kinda thing Wink

As I posted above, it all started as value investing, with one guy getting invested mid 2019 in what he believed to be an undervalued company. He was mostly dismissed by the community until Ryan Cohen entered in 2020. It then grew further when Ryan Cohen became a board member early January. It escalated when GameStop got even more targeted by hedge funds and the short squeeze became -- arguably -- more than just a meme.

It's all part of the public record. You probably could even correlate GME's stock price with WSB posts and the events described above.

Princejebs

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Quote from: Prettyjing3 on February 01, 2021, 10:23:09 PM

Yes, so far, GME’s stock has fallen by more than 30%, which is almost devastating for a company, compared with Dogecoin, which has soared 10 times the day before yesterday, this round of confrontation in the crypto market. It has the upper hand.

Some doge crypto Lord are so happy that they have turn blind to see what bitcoin will do in the long run.
I was having a heated argument with a friend who made almost %1500 in doge within a year ( from last year to this year). This dude told me he sold at peak and bought back again and hoping for more gains and always watching Elon Musk twitter handle.
It a pity how Wall Street now play with cryptocurrency. Xrp just did same thing.

stompix

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Blackjack.fun

Quote from: HeRetiK on February 01, 2021, 06:14:34 PM

The one is realized losses, the other unrealized gains. Big difference as anyone who is in crypto should know Wink

And you have the data on all those share movements up to date? Or.....

But at this point I know how this discussion will never end, you simply love the idea behind this, even if thousands of little guys that stood up to the evil Wallstreet will lose all their money in this scheme it will still be a good thing.
Just how BTC was supposed to put banks in their place on all fours and begging for mercy, people are cheering for every bit of news when a guy sends BTC to a different country without the banks while forgetting the millions they make every day with people wiring money to buy and sell coins. But on the surface, it's pretty comforting to know you have an anti tiger rock at your disposal.

Quote from: HeRetiK on February 01, 2021, 06:14:34 PM

It's really funny though how this whole situation has escalated into a "stick it to the man" kinda thing.

Wonder how it started...oh wait!

Quote from: fillippone on February 02, 2021, 05:11:42 AM

Actually, if I were in Citadel, I would buy some AI writing algorithm, and I would swarm r/WallStreetBets with bots trying to convince others to squeeze one of the assets I am long in.

And from how the movement on /r would affect bitcoin and crypto we end up how the tactics used for ages in the altcoin board are going to ruin every damn Reddit sub. Grin

The irony....
Rather than thinking of bots I would be more concerned with the real users, you never know on whose payroll they are, just like the guys doing "honest" reviews on yt. What I've learned and served me pretty good till now is to stay away from crowds, when the herd starts moving if you're not in the front row you might end up in a ravine with all of them.

fillippone

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Quote from: fillippone on February 01, 2021, 06:16:56 PM

<...>
Actually some one suggested the resistors suggesting the silver squeeze were a little bit, “odd” to the group not to think they were actually Citadel minions undercover.

Actually, if I were in Citadel, I would buy some AI writing algorithm, and I would swarm r/WallStreetBets with bots trying to convince others to squeeze one of the assets I am long in.

Future fantasy?
I guess not so much:
AI writing messages on Bitcointalk.org

charlesmichel1

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I don't think there is any correlation between Gamestop case and the future of Bitcoin. The first crypto is like the protest against the centralized financial system too, but it doesn't need to be pumped this way.

vapourminer

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what is this "brake pedal" you speak of?

Quote from: magneto on February 01, 2021, 06:20:24 PM

It's going to add some short term volatility to BTC trading, that's for sure.

But other than that, what people in WSB are doing has nothing to do with one asset in particular. The influencers are all trying to push their own agendas and using Wall St. vs Main St. as a front to orchestrate pump and dumps one way or another.

It's just that cryptos and bitcoin are going to be very easy targets as they are so accessible to retail investors. Again, for long term holders, this news means absolutely nothing.

and just like some noobs to r/wallstreetbets that listen to the bots and shills (short $SLV!!!) and will likely get rekt many noobs to the crypto world will be led astray to alts instead of btc.

Prettyjing3

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Yes, so far, GME’s stock has fallen by more than 30%, which is almost devastating for a company, compared with Dogecoin, which has soared 10 times the day before yesterday, this round of confrontation in the crypto market. It has the upper hand.

magneto

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It's going to add some short term volatility to BTC trading, that's for sure.

But other than that, what people in WSB are doing has nothing to do with one asset in particular. The influencers are all trying to push their own agendas and using Wall St. vs Main St. as a front to orchestrate pump and dumps one way or another.

It's just that cryptos and bitcoin are going to be very easy targets as they are so accessible to retail investors. Again, for long term holders, this news means absolutely nothing.

Topic: The GameStop drama and what does it mean for Bitcoin - page 3. (Read 1435 times)