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tech linked missed the forest for the trees on gamestop stock story

fredrichnietze
By fredrichnietze
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Summary

the "entrenched hierarchy" as you put it shorted more then 100% of available stock. they HAD to buy that stock back at any price and shorting 120%+ of the available stock artificially caused the stock to drop in the first place. wallstreet bets figured out the existing market manipulation and just bought stock to take advantage of it. all they did was buy in.

 

Quotes

Quote

" GameStop was a cash register for bearish traders, who borrowed and sold more shares than the company issued. Hedge funds had been winning so long that they overlooked the tinderbox they were creating should sentiment turn."

Quote

"before his decision to go mute on GameStop, Left issued a plea to would-be buyers: “look at valuations,” which are by some measures stretched. Ironically, in tracing the history of WallStreetBets’ fascination with the stock, that’s exactly what the chat-room faithful said they were doing"

My thoughts

contrary to popular opinion GameStop is doing well with no debt making profit and money in the bank. it has been shorted and manipulated for a long time and shorters were the manipulators not the wallstreet bets people. while not out stating the redditors were the manipulators and in the wrong that was the butt of the jokes. love what you guys do, keep being awesome. 

 

Sources

your old buddy rossmann

Bloomberg somewhat ironically got it right 

https://www.bloomberg.com/news/articles/2021-01-25/how-wallstreetbets-pushed-gamestop-shares-to-the-moon?sref=M8H6LjUF

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-> Moved to Off Topic

 

While this is news, its financial thing, not tech. Only thing tech here are that GameStop sells gaming stuff, and that Reddit played key part in the story. Rest of it is how stock markets work. In good and in bad.

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5 hours ago, LogicalDrm said:

-> Moved to Off Topic

 

While this is news, its financial thing, not tech. Only thing tech here are that GameStop sells gaming stuff, and that Reddit played key part in the story. Rest of it is how stock markets work. In good and in bad.

is techlinked tech news? 

 

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2 minutes ago, fredrichnietze said:

is techlinked tech news? 

 

Not always. In their own words, they cover "stem" and that isn't always tech

Either @piratemonkey or quote me when responding to me. I won't see otherwise

Put a reaction on my post if I helped

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What I say is from experience and the internet, and may not be 100% correct

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3 minutes ago, fredrichnietze said:

is techlinked tech news? 

 

Techlinked is LMG news channel which reports on various topics. If you want to talk about that, then General Discussion seems the place. But for me seems like you are only talking about financial thing. Note that on forums and especially on Tech News subforum we have very strict set of guidelines that don't allow all the same stuff which LMG might cover on their channels. Like politics for example.

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5 hours ago, LogicalDrm said:

Techlinked is LMG news channel which reports on various topics. If you want to talk about that, then General Discussion seems the place. But for me seems like you are only talking about financial thing. Note that on forums and especially on Tech News subforum we have very strict set of guidelines that don't allow all the same stuff which LMG might cover on their channels. Like politics for example.

my focus is on what riley missed and why it matters. i figure the odds of him seeing it in offtopic is zero which kills the point of corrections.

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Just now, fredrichnietze said:

my focus is on what riley missed and why it matters. i figure the odds of him seeing it in offtopic is zero which kills the point of corrections.

LMG rarely browse LTT forum

 

you have more luck on tweet book, though i don't think they're interested anyways

-sigh- feeling like I'm being too negative lately

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Just now, fredrichnietze said:

my focus is on what riley missed and why it matters. i figure the odds of him seeing it in offtopic is zero which kills the point of corrections.

If it was to counter Riley's point, then it certainly shouldn't have been posted in the Tech News section, if it was done to 'get more views', then that's straight up 'thread dumping' and is against the spam rules of the forum.

If you need help with your forum account, please use the Forum Support form !

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5 hours ago, wkdpaul said:

If it was to counter Riley's point, then it certainly shouldn't have been posted in the Tech News section, if it was done to 'get more views', then that's straight up 'thread dumping' and is against the spam rules of the forum.

in my mind at least tech news got it wrong is also tech news, and the only view that matters is riley. what he does or doesnt do at that point is his problem. 

 

5 hours ago, Moonzy said:

LMG rarely browse LTT forum

 

you have more luck on tweet book, though i don't think they're interested anyways

im aware but not a big fan of twitters privacy policy or social media in general. and occasionally storys will get sourced form the forums.

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6 minutes ago, fredrichnietze said:

my focus is on what riley missed and why it matters. i figure the odds of him seeing it in offtopic is zero which kills the point of corrections.

You can always tag them here. Tech News is wrong place for commentary of any LMG video. Those aren't credible news sources as they don't do first-party reporting.

 

I haven't watched TL, and really don't plan to. I did already hear this from 2 news sources, one being Philip DeFranco Show. And it was glossed over at our own national news talking about Nokia being one of the targets. So based on that, and what you wrote, this is 100% about finance and some with legislation on stock trading practices. Not tech.

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2 minutes ago, fredrichnietze said:

tech news got it wrong is also tech news

as mentioned by LogicalDrm earlier

but this specific topic wasn't considered technews 

 

23 minutes ago, LogicalDrm said:

While this is news, its financial thing, not tech

 

Anything i've written between the * and * is not meant to be taken seriously.

keep in mind that helping with problems is hard if you aren't specific and detailed.

i'm also not a professional, (yet) so make sure to personally verify important information as i could be wrong.

 

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5 hours ago, LogicalDrm said:

You can always tag them here. Tech News is wrong place for commentary of any LMG video. Those aren't credible news sources as they don't do first-party reporting.

 

I haven't watched TL, and really don't plan to. I did already hear this from 2 news sources, one being Philip DeFranco Show. And it was glossed over at our own national news talking about Nokia being one of the targets. So based on that, and what you wrote, this is 100% about finance and some with legislation on stock trading practices. Not tech.

fine delete the whole thread idc

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Just now, fredrichnietze said:

fine delete the whole thread idc

Locked by request.

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image.png

Oh wow. I feel so powerful. 

On 1/28/2021 at 6:03 AM, fredrichnietze said:

my focus is on what riley missed and why it matters. i figure the odds of him seeing it in offtopic is zero which kills the point of corrections.

I completely agree with everything you said - the only explanation I can think of here is that you misunderstood the sarcasm at the end of the stonks story!

 

Script said "it's also caused more traditional wall street traders and federal regulators to PANIC, because THEY'RE supposed to be the ones artificially manipulating the stock market, not REDDIT! Do you people have no respect for entrenched hierarchies!?"

 

I understand that you're saying that reddit didn't "artificially manipulate" the stock market, but.... they kind of did. It wasn't illegal, and I don't have any problem with what they did personally - I'm cheering this whole thing on - but organizing a massive group of people to buy a single stock in order to achieve a certain end would definitely qualify as "artificially manipulating" in my book. 

The irony is that they're doing exactly what the establishment does all the time, but when the little guy does it, suddenly trades get restricted and hedge funds get bailed out. 

 

Anyways love ya thanks for watching!!

Also I will almost certainly see something posted as a topic in Tech News on the forum, it's the first place I visit when looking for stories! 🙂 

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