The price drop is because of market manipulation and the current price doesn’t represent fundamentals. We all know GME is worth more.
But the price has been gradually decreasing ever since the January 2021 sneeze and this thread over at SS suggests the line reaches 0 around 1/1/2024.
I don’t think it will actually hit 0 but I know I’m going to be buying more in November and December.
Point is don’t let this rattle you. I bought my first share at $448.30 so why wouldn’t I buy more at $1?
The finish line isn’t out of reach any more. We’re going to lock the float, and we’re going to do it fast. Buckle your seatbelts.
price has been dropping steady since the split… so much copium in this community.
Our community has and will remain strong regardless of the price of any stock.
Because it’s a cult.
Owning a fraction of a dying business is not a cheat code for more money.
if an individual believes that GME is a good investment, does this automatically mean that they are in a cult?
If the belief persists despite all evidence, to maintain ingroup cohesion, yes.
This is not about individuals. This is about your “community.” This whole place seems to exist to aggressively reject the possibility that one specific stock going up for a while was a fluke.
The belief persists BECAUSE of all the evidence. Clearly we are just more well read than you 🤷🏻♂️ that’s okay though, no hate mate.
Cite any.
Numerous sources have been cited from what I’ve seen.
Here are a few of the most pertinent:
“When you place a market order - 90-95% do not go to the ‘lit’ exchanges - do not go to NASDAQ or NYSE, they go to wholesalers and they don’t have order by order competition and part of that is because of what you just said; Payment-for-Order-Flow which is, yes, banned in the U.K., in Canada, and Australia and the European Union…” -Gary Gensler, 33rd Chair of the Securities and Exchange Commission (SEC)
“…stocks that have a high level of retail participation, the vast majority of order flow can trade off of exchanges, which is problematic. That price formation is not really reflective of what supply and demand is.” -Stacey Cunningham, President of New York Stock Exchange (NYSE)
(source)
Lucy Komisar’s expose here directly related to the entire issue/s. Ms. Komisar is a lauded and awarded financial journalist.
“We’ve seen problems which came really to the fore, particularly with Procter and Gamble’s proxy fight, which nobody really knows what the outcome was. There were enough “hanging-chads,” so-to-speak, that that was never really resolved.” (source)
Primary research related to all of the above: “The New Vote Buying: Empty Voting and Hidden (Morphable) Ownership”
Edit: if you can’t see how this relates to the larger thesis and market around not only GameStop, but countless other companies, then I’m not sure what to tell you.
‘There’s no evidence Gamestock is a good investment.’
‘Here’s a bunch of evidence about DRS!’
Brain worms.
hmm… interesting perspective.
but what you say fails to address the part where incumbent financial institutions colluded to disable any further purchasing of shares of GME (and also other stocks, it was in fact not just one specific stock) during that supposed fluke where these stocks were going up for a while. I think the situation is more complex than how you have presented it.
One website panicked to stop a flood of misinformed newbies from instantly bankrupting it. Y’all picked that site because it let people spend the website’s money. New users could immediately buy stock - without waiting to transfer money from their bank, to a broker. The trades were made with the website’s money. And thousands of proudly ignorant randos bought the exact same junk.
Half the website’s capital was suddenly tied to one struggling brick-and-mortar game store - the only stock that is in this community’s name.
You’re casting their effort to avoid losing everything in your get-rich-quick scheme as some childishly simple morality play. As if the fact they lost everything anyway proves them wrong. As if vague but menacing powers-that-be will be brought to heel if you just keep sticking together and clinging to your sliver of a dying retailer.
This is narrative addiction. It’s the same as every hype cycle that ever flopped, but with modern technology connecting people to share denialist rhetoric, so nobody ever admits they’ve been had. When it was a bunch of peasants clutching tulip-bulbs, they couldn’t help but look around and feel that something went wrong. But with communities like this - that recognition might never land. You can keep scoffing at critics that Wall Street is bad, actually, and therefore your negligible participation in it is going to show them what-for. You can build interpersonal connections on assertions that your shared actions cannot possibly have been a mistake. That so long as you keep the same rituals, you will be vindicated, no matter how thoroughly your predictions fail to align with observable reality.
We have a word for that. And it’s not “scientist.”
I’m so glad you wanna save me from my cult investment. I should just go sell right now 😭 /s
You know, every cent I invested was money I could afford to lose. Not one person in this “cult” has told me to invest more than I could lose. Nobody is demanding my first born here. No mandatory meetings where we ritually sacrifice a goat on a dimly candle-lit pentagram. I suppose your local comedy club is a “cult” because they like Rodney Dangerfield over George Carlin. Choosing loaded words like “cult” shows your bias and disinterest in having constructive conversation. But keep up the white knight crusade against GME 👏 Hope you’re at least getting paid to spread FUD.
There is a guy in this thread who got evicted.
Reaching a conclusion is not bias.
I’m not against this company. I don’t care about this company. I’m only talking about this insular community’s bizarre devotion to it - and bluntly describing what that looks like, to someone who’s not literally invested in a particular outcome.
Whether or not you all get rich, somehow, all of this will have been textbook cult-like behavior: contrarian explanations of obvious problems, obsession with private vocabulary, grand claims of fighting evil (world-endingly strong and all-encompassing, yet defeatable with this one weird trick), etc., etc., etc. This is all kind of dumb. That’s the long and short of the problem. It’s not a threat to anyone but people who absofuckinglutely invested more than they could afford, on your glowing advice and grand claims, and it’s almost certainly going to end with a bunch of folks clutching certificates for five percent of nothing.
That you think anyone gives enough of a shit to pay people to make fun of you is itself a clue. No nation-state or megacorporation cares about your death-grip on a slice of a Radio Shack also-ran. It says a lot about the mindset of this group, that you suggest persecution fantasies whenever bystanders ask ‘what the fuck are you doing’ and are unimpressed by the answer.
Incorrect, multiple brokerages restricted trading: Robinhood, Interactive Brokers, Charles Schwab, Webull, Trading212, and eToro. And not just brokerages: “Other brokerages including Ally Financial Inc. and Public Holdings Inc., which runs social investing network Public.com, also said Apex Clearing halted all opening transactions on GameStop, AMC and Koss.” So it appears that you are misinformed. The GameStop short squeeze revealed a systemic risk –– not just a fluke on a single panicked website.
‘Our craze actually threatened multiple brokers!’ is worse. You know that’s worse, right? This runaway feedback loop over a meme stock flooded every trusting and newbie-friendly site you could find, that’d let you take a risky position on a dying retailer with their money, and you’re appalled they weren’t prepared to go out of business for you.
Some did anyway.
You have some basic facts wrong and you’ve also badly mischaracterized the view held by GME investors.
It was not “one website” that disabled the buy button, and it was not just GME that was disabled. Multiple brokers and their clearing houses colluded to disable any further purchasing of GME and other stocks. The incumbent financial institutions colluded to pull this maneuver for a reason, and the reason is that if they didn’t do it, for many of them it would meant the end of their existence.
For example, Thomas Peterffy, founder and chairman of Interactive Brokers (one of the brokerages that disabled buying of GME and other stocks) said on Feb 17 that “we have come dangerously close to the collapse of the entire system”. What kind of system was it in the first place anyways if the price of a particular stock goes so high that it would cause the system to break?
I think the significance of this entire episode is missed on you, but it might help your understanding if you at least had the basic facts right.
The kind where a bunch of self-described idiot primates flood in and buy junk. You killed some brokerages that didn’t expect whatever the fuck happened. It was a bizarre response to an unusual upswing - a fluke. And if you think that means the global economy hinged on the price of Gamestop shares, then adding ‘and other stocks!’ doesn’t make it less ridiculous.
There’s a guy in this very thread who’s been evicted, and still clings to this plummeting stock. Whatever you want to say is happening there - it’s not rational economic decision-making. It sure looks like escalating commitment, to maintain ingroup cohesion, for the promise of some grand payoff that’s plainly never going to happen.
But if I don’t describe your hyperfixation in exactly the same terms you obsess over - well that means it can’t be a cult. Yeah? OP proudly admits losing a metric shitload of money on this, as the one stock that’s central to all this nonsense cratered by an order of magnitude, and looks set to lose even more. By all means, keep scrabbling for those precious shares when they’re $1 apiece, $0.10 apiece, $0.01 apiece. At least then it can’t ruin your budget.
But if you tell people you’re doing it because it’ll swing back up to five hundred thousand billion, any day now, you are lying to them.
And if you tell people you’re doing it because the injustices of capital will be undone by amateurs arriving late and throwing their money away, you are lying to yourself.
I’m not sure that’s an accurate characterization.
Do you believe “Wall Street” is - overarching-ly - honest and integrity-laden?
Why would that be relevant to anything I said.
What? Because at the end of the day this is about exposing corruption and injustice for a huge amount of people.
I think you’re entirely dismissing (actually I don’t think that, I can see that and know that) the huge contingency of people across the world invested solely to expose corruption, fraud, and deception - and bring those who perpetuate it to justice. Anything related to a possible monetary gain is completely ancillary.
If my investment of $20 in one share of the stock that is DRSed equates to being one drop in the ocean that turns the tide, then that’s well-worth it to me, my progeny, and species - not to mention all other species on the planet. Even if the odds are against me/us, the odds/benefits far outweigh the drawbacks.
Yes, I am absolutely dismissing the people throwing their money at this as a heroic yadda yadda against vague evils. Because that’s fucking nonsense. You’re wasting your money on a dying retail chain. That did manage to fuck up some brokers, doing the less-egregious version of vulture capitalism - but that’s over, now. And the end result was, other vulture capitalists sucked up all the money from those dead brokers.
The same event cannot happen again, because you don’t have anywhere near the amount of people and money involved, and the specific underlying mechanisms were fixed. “Fixed” meaning, from the perspective of those greedy assholes. They’re quite good at that. It’s how they got all of the fucking money. Including, now, yours.
Won’t.
There are no odds involved. That is simply not a thing that can happen. It is a comforting lie.
Having ink-on-paper proof! that you own some sliver of a dead retailer will accomplish literally nothing in terms of the global financial system.
Then do me a huge favor and explain that to the people saying this stock is absodefinitively going to skyrocket back up to eleventeen Brazilian dollars. Their commitment is somehow more cult-like than the crusaders against etc., to the point all they can do when asked why is insist on their unshakable belief and offer performative smiles. If they’re only with you because they expect money you know is not coming, you owe them a wake-up call.
While I do certainly agree there’s something to be said for your perspective on terms of “cult,” if we’re being intellectually honest, the same could be said about some aspects of your life.
As well, “regular” and “normal” investors within the larger Wall Street network and regime and associated power & propaganda are undeniably deluded and within a “cult.”
“Greed is good!” … “Trickle-down economics, m’boy!” … “Pull yourself up by your bootstraps!!!”
Not a priori bad, per se, but never before in the history of humankind has there been more power and money and influence concentrated in one place as there is now within what we call “Wall Street.”
Forget GameStop!!1!
The sheer fact of the matter is if you or someone you know has stock with a broker (e.g. TD Ameritrade, Fidelity, Robinhood, etc …) you do not actually own that stock (see #1 from the TL;DR here for multiple citations, including from the SEC, NASDAQ, and FINRA).
Such lack of knowledge - widespread and unknown to the vast majority of people in the planet, though being fundamentally important to (fair, free market) ownership and investing - speaks volumes about the larger issue and issues the people on this Lemmy instance are interested in.
I’d definitely encourage a more open mind, for what that’s worth, respectfully speaking.
Politely stated nonsense.
“My life” does not involve stocks.
Greed and lying are not the same problem as delusion.
Normal stock-market greed works, unfortunately. However many asterisks you want to put on stocks being traded: real people make real money.
That’s not what’s happening here. This stock is going down, has gone done, and will continue to go down, to the surprise of absolutely nobody looking in from the outside. But you’re all convinced that’s not the case. You have staked some part of your psyche and your identity on denying a very explicable downward slope. There was a hot minute where things went sideways for some jerkoff millionaires - two entire years ago - and then, it stopped. What’s happened since then is mostly a precipitous decline with no bottom in sight.
The actual business you proudly own a tiny sliver of is not doing much actual business. Their industry is kind of fucked. Like, the general concept of buying video games at a physical location, might end. I don’t want that to happen - but what I want doesn’t decide what’s real. Not even if I poured umpteen hojillion dollars into a store that desperately relies on a particular outcome. Y’all did that for this company, and with all your money and attention, they’re still going to wind up bankrupt and delisted in the foreseeable future. At which point your genuine notarized fraction of a real company will be worth literally nothing, instead of what it’s worth right now, which is damn near nothing.
There is no reason to expect the next rise will be higher than the last. There is no reason to expect the next dip will be temporary. None of you have even tried to argue otherwise. You insist on your conviction - but the accusation is, you are acting in blind faith. Conviction is not a counterargument.
You didn’t note andor address the salient aspects from the comment.
The fact of the matter is your life most certainly does “involve stocks” whether you like it or know it or understand it or not.
You are ensconced and wedded to stocks “involved in your life” - as a matter of fact. The entirety of the United States and world finds gargantuan foundation “involved in stocks.”
As such, you not addressing or understanding that the vast, vast, vast, vaaaaaast majority of stocks not being truly owned by the people who think they own them (being held in brokerages andor 401ks; see: here, here, and here) equates to a “system” that is ripe and rife in fraud, deception, and manipulation.
The decimation of the middle and lower classes in the United States and even much of the world is directly related to extreme wealth and power - more concentrated than any other time in the history of humankind - on Wall Street and the associated dynamics in terms of propaganda, soft & hard power, financial manipulation, government influence & control, and more.
– Me, addressing how the vaaaaaaaaaaaaaaaaaaaaast majority of stocks being sorta-kinda owned does not matter. It makes no difference. That’s not why people trade stocks or “trade” “stocks.”
This obsession with pieces of paper is magical thinking. Congratulations on really really owning a tiny slice of a company that’s losing value. It’s still losing value. It’s going to continue losing value. Not one soul in this thread has any defensible expectations to the contrary, as evidenced by most of them mumbling that they don’t expect it and the other half staunchly insisting that nuh-uh.
You’re not going to impact the evils of late capitalism by chasing after finance-bro meme stocks.
I should not have to say that in as many words. But here we are.
Your stated goals are admirable. They don’t justify this nonsense.
It does matter. What? It most certainly does matter and you pounding the table doesn’t make it “not matter.”
I’ve seen people reply in this thread the related financials of the company.
There are more directly registered shares of Gamestop (GME) than any other company in the entire history of the stock market - more than Amazon, Apple, and Microsoft combined.
That equates to more than $2 Billion / ~1/3 of the company safely locked away in investors’ own names, out of brokerage, market-maker, & hedge fund collaboration, safe from potential brokerage bankruptcy, while disrupting off-exchange & dark pool abuse, mitigating Failure-to-Deliver abuse, and other similar confidence tricks, deception, derivative-based backstabbing, and basic short selling.
As such, it’s created a once-in-market-history dynamic around the phantom-counterfeit-shares-hedge-fund-abuse-household-investor ecosystem.
We’re talking about a company that is cash flow positive (Free Cash Flow; FCF), no long term debt, ~$1B in cash/treasuries and another ~$1B inventory, moving into the “digital property rights” space, which has been missing from the internet since it was invented – all lead by a team assembled via a 30-something billionaire entrepreneur who took Amazon to the cleaners with Chewy. A company trading at less than 2X assets alone, while currently undervalued by Morningstar where insiders are buying far, far, far more than selling.
Yeah, because only you think it’s important. It’s so central to this cult belief system, it’s in the fucking instance name. Congratulations on making a big deal out of it - now please spend literally any effort explaining why I’d give a shit.
None of the money “safely locked away” exists, if the company goes under. You hold in your hands a tiny sliver of a retail chain in a market that might entirely cease to exist, and your expectation of wild growth is rooted in something that sounds like NFT garbage. Or at best, trying to bring back their classic skeezy revenue stream, buying used games for a pittance and selling them for near retail price. Which is one of those things that obviously will not go well for a centralized middleman service… if words like “decentralized” are anything but empty marketing lies.
sounds like you’ve got it all figured out
Troll harder please.
…says the troll 🤣
I don’t think you know what that word means.
Goading people with smug nothing is an attempt to provoke a harsh response. I’ve been detailed and consistent, and I keep asking for literally any example of one specific thing you reeeally ought to have in abundance, and y’all just posture for one another.
When I was a kid, Apple was a dying business. Microsoft eating their lunch. Less than five percent market share. Lots of short selling. Negative press. Beleaguered, they said. But it had a cult following. My family had a Mac. I loved it! So I bought some stock. Steve Jobs took over as CEO. Jony Ive designed the iMac, iPod, etc. Stock went up. Stock split. Up again. Split again. Apple became the biggest company in the world.
Moral: A cult following can be good. And a dying business can make a turnaround.
Oh goodie, here come the ‘people laughed at the internet’ survivorship-bias defenses, citing exceptions like their thing’s gotta be one.
Steve Jobs fell ass-backwards into a billion dollars, several times over. He thought the Apple II would be an appliance and PHP would replace Flash. There is no such reality-distorting messianic figure for Gamestop. It’s a brick-and-mortar video game store, in an era where consoles may not even support physical media, and the PC market is almost entirely digital. They were never special. They were already the merger of several other generic consumer-electronics chains, and the ones that weren’t absorbed have all died off.
Y’all managed to throw them an obscene amount of money, for deeply questionable reasons, and they still hit this death spiral. You already did the most you could possibly do, to help them, and it did not work. It is not going to get better. Their entire business model is kinda fucked. Several obvious directions they could go are similarly fucked. Best Buy’s not even selling movies, any more.
Honestly, at the height of their relevance, Gamestop’s reputation was a sleazy pawn shop for used titles. They got rich buying bare-disc games for $3, total, and selling them for $3 less than a new copy. As digital distribution made that irrelevant slash impossible, they got into toys and collectables, putting them in direct competition with music stores and novelty shops.
Apple survived because Microsoft needed a competitor to avoid getting shattered as a monopoly. Apple took off because Jobs was a marketing-centric bastard who could sell the worst mouse ever designed by making it translucent. Apple exploded because they were the first company stubborn enough to strongarm AT&T into supporting a smartphone without carrier-dictated software. And oh yeah, because their fancy new smartphone didn’t fucking do anything, for an entire year, until they announced a proudly-censored monopoly software store that demanded 30% of all money spent on or in any iPhone application.
Gamestop survived because of whatever the hell you’d like to say happened in 2020. They have not taken off. They’ve cratered. Their prospects are miserable. I cannot even guess what you expect they’ll do. I genuinely hope you have a more substantial expectation than ‘they’ll turn around! :)’ because by itself that means literally nothing. But I’m not optimistic about that hope panning out. Concrete predictions would mean the possibility of being dead wrong, at some point in the near future, and it seems evident nobody got here through realistic expectations and reassuring milestones.
Just a small correction, the thinking was always that HTML5 (not PHP) would replace Flash. Which turned out to be very accurate.
https://en.wikipedia.org/wiki/Thoughts_on_Flash https://web.archive.org/web/20100501010616/http://www.apple.com/hotnews/thoughts-on-flash/
I’m thoroughly familiar, but hoped to avoid any misinformed eye-rolling based on modern HTML and JS being good. In 2007 - they sucked. We were barely out of the DHTML era. JS was interpreted. Chrome didn’t exist yet. Canvas would remain bizarrely slow for another decade. The video tag was barely a proposal. (And Lemmy still fucks up by erasing anything between angle brackets.)
When the iPhone launched, Flash was the only way cool shit happened, inside a browser. Java sucked and nobody used Silverlight. Android phones offering janky Flash support was a genuinely important feature that I routinely relied on for years to come. But all anyone remembers is ‘iPhones killed Flash!’ as if he didn’t completely fail to make “web apps” work, launch the iron-grip App Store, and cushion his reputation with all the money that took.
Same shit happened with the iMac - it could not move data. All anyone remembers is ‘iMacs killed floppies!,’ but literally every candy-colored iMac I ever saw had a candy-colored USB floppy drive attached. How else were you supposed to get stuff off it? None of them had CD-R drives. USB thumb drives did not meaningfully exist. E-mail attachments had comically tight file-size limits. But that fucker in the turtleneck sold people the moral superiority of being beyond floppy disks, and got fawning press coverage for the radical new… absence of an important feature. Not for the first time and not for the last time.
The lesson you should take from Apple is that people are predictably irrational. They can make good decisions - but under certain conditions, they simply won’t. And it’s so much easier to fool someone than to convince them they’ve been fooled. Even as they buy a color-matched floppy drive for their fancy new floppy-less computer.
No Flash on iPhone. No floppy drive on iMac. You don’t like Apple. Nevertheless, these products turned around a dying business. So keep an open mind. 🫂
I wish you cared how reasons work.
ya i know all about apes stronk, i just like the stonk. what can i say im a paper handed regard
@Swim We’re holding for a financial system that is fair to everyone –– including you! 🫂