The GameStop drama and what does it mean for Bitcoin

[el kaka22]

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.

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.

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[mindrust]

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.

[Gyfts]

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.

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.

[mindrust]

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.

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.

[Obito]

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.

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.

[lixer]

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.

[mindrust]

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.

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.

[Gyfts]

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.

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.

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.

[tyz]

Elon is an eccentric billionaire, very very eccentric.

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.

[SirLancelot]

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.

[rdbase]

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.

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.

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.

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?

[iv4n]

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.

"Suck my nuts Robinhood" is the spice of this drama, and maybe the most important part. Everything you said is correct, it's like that, and here in crypto we saw that game many times, with many coins! But in the "real" world, things are different!
"Robinhood Halts GameStop Trading, Angering Lawmakers And Investors"  Source: https://www.forbes.com/advisor/investing/robinhood-gamestop-trading/#:~:text=Robinhood%20Freezes%20Buying%20of%20GameStop,in%20light%20of%20market%20volatility.

So what I explain to my friends is the difference between centralized and decentralized markets on this example! At least I know there are outstanding players in crypto and they earn with any capital, it's a free market and we all play, when we fuck up some whale who wanted to short he can't freeze exchanges! But in the "real" world, when Wall Street is losing money, they halt trading! Centralized markets are rigged, and you can't get a better example than this one! And this is a good thing, when people realize what happened they will have every right to choose decentralized market! Where you and everyone else depend on skills!

[RealMalatesta]

Elon is an eccentric billionaire, very very eccentric.

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.

Honestly, many of them aren't. He is the only one I can think of when we are talking about who is more eccentric. Look at Jeff Bezos, have you seen him do crazy shit like this? Dude is quite and all to himself kind of guy, look at Warren Buffet, sure he says some wacky stuff but he is a regular guy on his life, Bill Gates? Keeps trying to help the whole world. Honestly I think it is quite obvious that the only rich guy in the world that would joke around about some meme coin, that is not normal.

I am not saying other billionaires have zero weird things, I am sure they all do, but none of them do it this publicly and none of them are doing it this weirdly, their weird things are less known and less weird. Hence Elon Musk is the most eccentric billionaire I know of and that will probably not change until some other crazy person becomes very rich as well.

[mindrust]

Elon is an eccentric billionaire, very very eccentric.

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.

Honestly, many of them aren't. He is the only one I can think of when we are talking about who is more eccentric. Look at Jeff Bezos, have you seen him do crazy shit like this? Dude is quite and all to himself kind of guy, look at Warren Buffet, sure he says some wacky stuff but he is a regular guy on his life, Bill Gates? Keeps trying to help the whole world. Honestly I think it is quite obvious that the only rich guy in the world that would joke around about some meme coin, that is not normal.

Among all the names you mentioned, I truly believe Warren is not role playing.

On the other hand I am almost certainly sure that Bill Gates and Bezos are larping huge. Especially Gates. I don't think he is someone you think he is.

[Smartprofit]

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?

In my opinion, centralization and decentralization are two interrelated trends in the modern world. 

The internet is now very centralized.  People don't use the Internet - they use Facebook, Google, Amazon, YouTube, Instagram, Tik-Tok.  Almost the entire Internet audience is controlled by no more than 5 transcontinental companies. 

There are also decentralized projects (Bitcoin, Ethereum, Monero and others).  I wish there were more such projects and they would be popular. 

Independent traders have won the battle against investment companies.  But I don't think this is the final victory of decentralization.  In my opinion, this is a local victory.

[ven7net]

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 believe that the situation with GameStop stocks showed how bad the stock trading system is and that this is where major manipulations have been taking place for a long time. With regard to the SEC's response, how can such an organization watch when a big deception is happening in front of our eyes and its eyes? Apparently this event also shows that the SEC itself is involved in these manipulations on stock trading. Whatever it was, but there is a high probability that this event will affect some of the players in the stock market and force them to switch to the crypto market. Of course, this would be very good as the crypto market would attract even more money.

[HeRetiK]

It looks like GameStop is taking a second run. With the largest price moves having happened in the after hours of the market, to which most retailers don't have access, it seems like institutional investors and whales are the main drivers right now (forced to cover their positions due to the spike in the regular trading hours, maybe). Premarket in Europe looks steady, let's see if the opening of the NYSE either causes a dump due to people cutting their losses / trying to break even or another spike due to FOMO.

[Gyfts]

It looks like GameStop is taking a second run. With the largest price moves having happened in the after hours of the market, to which most retailers don't have access, it seems like institutional investors and whales are the main drivers right now (forced to cover their positions due to the spike in the regular trading hours, maybe). Premarket in Europe looks steady, let's see if the opening of the NYSE either causes a dump due to people cutting their losses / trying to break even or another spike due to FOMO.

I saw a Reddit post that where they alleged some short sellers shorting GME, which of course caused a +100% increase, +300% increase after hours, but that post got deleted. AMC is up around 25% too. I am expecting this ride to be shorter than last because there's no way those that got burned at 300/400 per share of GME and sold are going to dabble in the market again.

[vaultman]

I don't think anything very important or unusual happened. There was just another pump, after which the initiator of this whole idea to buy up GME shares sold them and remained in a huge plus. Perhaps for beginners this will serve as a lesson and they will draw some conclusions for themselves.

[fillippone]

Still, WSB is still alive and kicking. That wasn’t a one time story pump, despite the bloodbath many of the subscriber got recently.

My only fear is big money is going to infiltrate them only to use them for their own purposes.