Some smart person explain the GME (gamestop) thing

[Bunion 2020]

^^^ That was shot about 40 days before the 2008 Market crash.

The 2008 stock market crash took place on Sept. 29, 2008, when the Dow Jones Industrial Average fell 777.68 percent. This was the largest single-day loss in Dow Jones history up to this point. It came on the heels of Congress’ rejection of the bank bailout bill.

https://www.wealthsimple.com/en-us/l...k_market_crash

[MontuckyFried]

[4matic]

Short squeeze in silver. Redditers buying coins. Awesome! Silver up 8% this evening.

[JimmyCarter]

Short squeeze in silver. Redditers buying coins. Awesome! Silver up 8% this evening.

Not sure if Reddit is really to blame there, I think it’s just the legacy PM crowd seizing an opportunity to get people involved in the squeeze they’ve been trying to pull off for decades now.

[LeeLau]

For @Lawless

[Benny Profane]

^^^ That was shot about 40 days before the 2008 Market crash.



https://www.wealthsimple.com/en-us/l...k_market_crash

And the equity markets have nearly quadrupled in value from the bottom of March, '09.

[stuckathuntermtn]

Nah, silver might just be a psy op to keep people out of GME plays.
Also, SEC filings show something like 122% ownership of available stock, so is that a naked short or and error because of shorts on shorts? Because 1 of those things is illegal.

[pureantigravity]

The Gamestonk idea might have actually been from some hedge fund underling who put a little chit in the company suggestion box. Something along the lines of 'Why don't we bandwagon on a rebel narrative using a few sock puppet accounts and wind-up stocks that still offer good shorting - and might be made even more profitable if the perceived narrative makes the price even more irrational?"'

The rest is history.

[billyk]

^^^ That was shot about 40 days before the 2008 Market crash.



https://www.wealthsimple.com/en-us/l...k_market_crash

You gotta question any information you get from a website that called that a “777.68 percent” loss. It was a 777.68 point loss, not percent. It was about a 7% drop.

[Cono Este]

This, in my opinion, is very bad. Market manipulation, testing the solvency of clearing firms and brokerages, could lead to bigger losses accross other acts.

Never open a margin acct with your primary savings. When you do, it can become collateral against the firms losses. See john corzine


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[MTT]

A maggot has been posting some articles on another forum. Here's one of them
https://www.wsj.com/articles/melvin-...share_facebook

[huckbucket]

A maggette has been posting some articles on another forum. Here's one of them
https://www.wsj.com/articles/melvin-...share_facebook

That NMC?

[Skidog]

Not sure if Reddit is really to blame there, I think it’s just the legacy PM crowd seizing an opportunity to get people involved in the squeeze they’ve been trying to pull off for decades now.

They were pushing MUX last week, so who knows.

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[JimmyCarter]

They were pushing MUX last week, so who knows.

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WSB has gone from 1.5mm to 7+ mm members in the last month. The number of pump and dumps that are now being pushed into the group are skyrocketing, but none of them are legacy WSB calls and alot seem to be coming from people who just joined. I think it's more opportunism than anything else but who knows.

[paulster2626]

The Gamestonk idea might have actually been from some hedge fund underling who put a little chit in the company suggestion box. Something along the lines of 'Why don't we bandwagon on a rebel narrative using a few sock puppet accounts and wind-up stocks that still offer good shorting - and might be made even more profitable if the perceived narrative makes the price even more irrational?"'

The rest is history.

WTF is this? A suggestion box? A company listening to an underling? It's really not that complicated to learn how we got here. Despite the narrative being pumped by every single media outlet that r/WSB is just a bunch of stupid gambling teenagers, the fact is that there are actually some very knowledgeable and helpful people there. Some of them have a lot of money.

It was legitimate research done a year ago by a user who also happens to know what the fuck he's doing and dumped 50k of his own money in to it. Later in the year, company hires new CEO who's some sort of ecommerce rockstar. Stonk goes up. User posts screenshot of account, has made money. Also discovers ~140% of stonk is shorted, so, yeah like what the fuck. Other people (myself included) take a deeper look at this user's work and the underlying problem of the short position and decide to join in too, BECAUSE IT ACTUALLY MAKES SENSE.

Dumbass hedge fund forgot to hedge. Whoops. Now they're fucking up the whole market. Market corrections usually have some sort of big event catalyst to kickstart it - pandemic would've been a good candidate but not enough rich people lost their jobs. This might be it instead, especially if there are counterfeit shares involved which may now be the case but who knows. Stock is falling this morning as more attacks get pushed. Holding the rest of my shares until they hit the ground.

[MontuckyFried]

[Bunion 2020]

You gotta question any information you get from a website that called that a “777.68 percent” loss. It was a 777.68 point loss, not percent. It was about a 7% drop.

I don't have to question whether or not the 2008 stock market crash occurred anymore than I have to question who won the most recent Presidential election.

https://www.investopedia.com/article...arket-2008.asp

People are fucking around with the stability of a market in which millions of people have money invested.

[BmillsSkier]

Because I don’t care to look any deeper into it than posting this comment, but can someone please confirm that “stonks” is just stupid meme speak related to all this and not something completely separate and apart from anything based in reality.

Thanks.

Also, Paramount passed on our pitch over the weekend. Apple is still considering. Fingers crossed.

[MontuckyFried]

Because I don’t care to look any deeper into it than posting this comment, but can someone please confirm that “stonks” is just stupid meme speak related to all this and not something completely separate and apart from anything based in reality.

Stonks has been around for years. Kind of a jab at making stupid financial "investments." People on Reddit have been using to even make fun of themselves whenever they really bomb something. Gonna bet it all on Pets.com? "They're going places, ya know! Aww, crap. Doh!" STONKS! Or, getting all excited because you "won" $2 on a $5 scratch-off? STONKS!

So, yeah. Basically silly Reddit meme speak. Don't think too hard about it. Still kinda funny, though.

[LeeLau]

People are fucking around with the stability of a market in which millions of people have money invested.

Look to hedge funds with 100 to 1 margin leverage all crowding into one trade on one company and now getting annihilated.

That's the people who are "fucking around with market stability"

[Timberridge]

The Gamestonk idea might have actually been from some hedge fund underling who put a little chit in the company suggestion box. Something along the lines of 'Why don't we bandwagon on a rebel narrative using a few sock puppet accounts and wind-up stocks that still offer good shorting - and might be made even more profitable if the perceived narrative makes the price even more irrational?"'

The rest is history.

Welcome. Good to see someone here gets it.

[pureantigravity]

Don't think O'Leary destroyed anything. I like his argument that a fair market is speculative at its core. But will GME raise capital from all this and pivot?

[billyk]

I don't have to question whether or not the 2008 stock market crash occurred anymore than I have to question who won the most recent Presidential election.

https://www.investopedia.com/article...arket-2008.asp

People are fucking around with the stability of a market in which millions of people have money invested.

Yes, of course there was a crash in 2008.

But, the DOW didn’t drop “777.68 percent” in one day. That’s an idiotic statement, probably by a journalism student who had a hard time in math classes.

[paulster2626]

Look to hedge funds with 100 to 1 margin leverage all crowding into one trade on one company and now getting annihilated.

That's the people who are "fucking around with market stability"

Funny how this narrative is being formed eh? That somehow Steve in CT buying 0.2 shares of GME on his phone is going to be responsible for ruining people's lives.

Hedge fund didn't hedge. Hopefully they fired the guy who had that idea.

[simple]

The rally on silver seems to be a lot of bullshit. Media is saying reddit is doing it but they claim they aren't. Seems that wall street is playing games so they can make some $$ back from their losses.