- Joined
- Jul 10, 2019
Daddy Elon tweeted wallstreetbets and now the stock is at $200 god damn.
GameStop Deathwatch
- Thread starter Marissa Moira
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- Joined
- Dec 9, 2020
Here are some of the reasons I think caused game stops downfall.
- Random pop culture shit clogging 1/4 of the shelves in the back of the store, nobody buys it.
- Pushing shit like their rewards members programs and the whole "game stop in store credit" meme.
- Nobody really wants to go out and buy physical copies of games because of the inconvenience of having to leave the house when you could just go online and buy a code, especially in 2020-2021.
- Nobody wants to go inside a store that smells like WOR'S armpit and get in a full on conversation about some game series you couldn't give two shits about but the guy behind the counter does (i.e. Final Fantasy). There are some who do but I just want to get out of the store as quickly as possible.
- The Internet is always changing and has made a environment that game stop cannot thrive in.
Personally, I don't see gamestop surviving another 5 years. The Internet has made it so you can buy things online without having to leave your own home. Gamestop would probably never survive in any other time if the internet was a thing. I have some fond memories there, like getting the LEGO Batman wii game.
- Random pop culture shit clogging 1/4 of the shelves in the back of the store, nobody buys it.
- Pushing shit like their rewards members programs and the whole "game stop in store credit" meme.
- Nobody really wants to go out and buy physical copies of games because of the inconvenience of having to leave the house when you could just go online and buy a code, especially in 2020-2021.
- Nobody wants to go inside a store that smells like WOR'S armpit and get in a full on conversation about some game series you couldn't give two shits about but the guy behind the counter does (i.e. Final Fantasy). There are some who do but I just want to get out of the store as quickly as possible.
- The Internet is always changing and has made a environment that game stop cannot thrive in.
Personally, I don't see gamestop surviving another 5 years. The Internet has made it so you can buy things online without having to leave your own home. Gamestop would probably never survive in any other time if the internet was a thing. I have some fond memories there, like getting the LEGO Batman wii game.
- Joined
- Feb 28, 2019
Here, have a badly formatted Twitter thread.
If you're out of the loop - this is the (hilarious) story of a subreddit (wall street bets) taking down a multi-billion dollar hedge fund... get your popcorn ready
the hero of our story: a user named DeepFuckingValue bought $50k of call options in Gamestop ($GME) that has turned into a $13M+ win in ~3 months. he's a part of the subreddit r/WallStreetBets, a group of degenerate gamblers that I love.
So here's the situation. Gamestop (GME) = a dying biz. circling the drain. Who goes to a store to buy games? It's basically a pokemon card dealership at this point. Plus with covid, malls are dead. So some Hedge Funds are shorting the stock, betting it would go down.
One fund in particular, Melvin Capital Managment - a multi-billion dollar hedge fund...had been accruing a big short position in gamestop. Usually you don't have to disclose your shorts - but these were 'listed put options' so some clever redditors discovered the position
Melvin had a $55M+ short against GME.. If you're not familiar with shorting - read this simple explanation using apes and snakes and bananas from the subreddit. Teachers, take note:
except in this case - redditors saw the overloaded short position and started buying the stock, as a "short squeeze" against melvin. Now the "borrowed" shares were due, but redditors refused to sell, demanding higher and higher prices.
to be clear. This has nothing to do with gamestop as a business. They are just a piece of rope being used in a tug of war between internet nerds and wall st suits. the rally cry on r/wallstreet bets: "we can remain retarded for longer than they can stay solvent!"
Melvin lost $2B+ in like 2 weeks, and just had to get bailed out by 2 other funds just to cover it's losses from the shorts. It's not quite George Soros "Breaking the Bank of England" - but it's close. The yolo traders of reddit just broke a multi-billion dollar hedge fund
"Why can't Melvin capital just uninstall robinhood and reinstall it to restore their save game to get their money back????" - u/dopexile
short squeezes (and day trading) are stressful and super volatile. But... I'm here for the petty fight between internet trolls and wall st. And in that fight, i'm going with the neckbeard cat guy rather than goldman sachs suit. $50k on $GME and $BB at market open baby
This has it's own thread over here: https://kiwifarms.net/threads/the-strange-but-true-reason-why-gamestops-stock-keeps-surging.83909/
But yeah, basically 4chan and Reddit noticed that a bunch of funds like Melvin Capital had completely fucked themselves, and jumped in to twist the knife. And due to the spider-web nature of all the funds guaranteeing each other, this means that all of them are in deep shit if 4chan and Reddit keep holding onto that stock that they were betting against, and, well:
- Joined
- Jan 22, 2018
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- Joined
- Feb 28, 2019
You know in those old cartoons from the 30s, you'd have wall street bankers jumping out of buildings?
Expect that next week sometime. We're watching the Stock Market preparing for a massive, great depression tier, implosion.
Remember, the fed doubled the amount of currency in the market last year. Our economy was already fucked. This happening at the same time is the worst possible thing that could have happened.
- Joined
- Aug 22, 2020
Nah man, the inevitable market comedown from ~6 trillion in United States gubbmint meth over the last 10 months has been prevented by Gamestop, soon to be bestriding the global economy like a colossus thanks to shitposters and Elon Musk. But I repeat myself.
I wasn't aware that BTFOing a hedge fund jackass was manipulating the market illegally.
- Joined
- Feb 28, 2019
It's the same story we've heard over and over again:
They think they're better than the rest of us.
- Joined
- Sep 18, 2017
My fondest Gamestop memory was buying a second Gamecube just to get the Ocarina of Time Master Quest limited edition disc, opening the console there at the counter to acquire to remove the game and immediately reselling the console back to Gamestop as used, and using the store credit to buy the first Disgaea on PS2. Both games were great, and I later sold them on the used market many years later for a big profit.
If folks can cash out now they ought to. If my choice was to either collect $13mil or piss away my $50K just to give a middle finger to Wall Street, I think the former is clearly the more practical while still in the spirit of the latter.
- Joined
- Nov 14, 2019
It's way too fitting
- Joined
- Dec 16, 2019
When I got Persona 4 from there back in 2010 or 2011, the guy working there said the copy I bought was, in fact, not used. It was a new copy that got opened. Not sure why he admitted that.
- Joined
- Apr 19, 2019
>people sell games to gamestop once economy gets bad
>gamestop literally generates infinite money then and it's stock price keeps going up because of used game sales
>Gamestop then starts buying up all failing former mega giants like walmart, amazon, Disney, and apple
>Gamestop now has become the Taco Bell in Demolition man
- Joined
- Nov 14, 2019
Next week? Got a source on that, mister?
- Joined
- Mar 25, 2020
I think some of the calls expire on the end of January this year. so basically, since 29 is Friday, the last business day for the month, that's the expiring day for the shorted stocks and Melvin Capital has to buy them back.
- Joined
- Sep 7, 2016
A chinaman ate a bat so you're not allowed to go outside, then nerds on the internet bought rotten Gamestop stocks...
- Joined
- Sep 22, 2019
Imagine if reddit bought enough Gamestop stocks to gain a controlling share.
That'd be too funny to watch when they install some neckbeard as the new CEO.
That'd be too funny to watch when they install some neckbeard as the new CEO.
- Joined
- Jan 27, 2014
GameStop's rise in stocks is sort of like Tweeter's magic rise several years ago, but not nearly with high stakes. Tweeter (not to be confused with Twitter, a fact that is pertinent to this story) was a retail store that sold high-end audio/video equipment before it closed its stores in 2008. However, the company that it had been sold to in 2007 (a last-ditch effort to save it) kept the company alive as a publicly traded shell company, so when Twitter announced it would trade as TWTR, people rushed to what was called at the time TWTR Inc. trading as TWTRQ. TWTRQ was worthless (no assets), its stock traded for less than a penny, but the confusion with Twitter raised it to 15 cents briefly (a 1500% increase) just on the belief that it was actually a different company.
- Joined
- Feb 28, 2019
I once walked through Gamestop while bored at the mall, saw the Disgaea box out of the blue, and preordered it immediately cause I was like "oh this is like Final Fantasy Tactics, that's cool." This was before anyone had heard of the series in the US, before the 1st game came out.
I came in to pick it up a few days after release and the store manager DEMANDED to know how the hell I had heard about it, what the game was, and why they only got two copies (my preorder and a store copy) to meet the demand of like 50 people wanting it.
- Joined
- Apr 19, 2019
Wow a similar thing happened to me. I've got the OG Black Label Disgaea published by Atlus, and the store was out of the way in a small building in a parking lot of a strip mall. I got questioned about it as well when I purchased it.
I also got Nocturne with the bonus disc from the same store.
- Joined
- Dec 15, 2018
Here, have a badly formatted Twitter thread.
If you're out of the loop - this is the (hilarious) story of a subreddit (wall street bets) taking down a multi-billion dollar hedge fund... get your popcorn ready
the hero of our story: a user named DeepFuckingValue bought $50k of call options in Gamestop ($GME) that has turned into a $13M+ win in ~3 months. he's a part of the subreddit r/WallStreetBets, a group of degenerate gamblers that I love.
So here's the situation. Gamestop (GME) = a dying biz. circling the drain. Who goes to a store to buy games? It's basically a pokemon card dealership at this point. Plus with covid, malls are dead. So some Hedge Funds are shorting the stock, betting it would go down.
One fund in particular, Melvin Capital Managment - a multi-billion dollar hedge fund...had been accruing a big short position in gamestop. Usually you don't have to disclose your shorts - but these were 'listed put options' so some clever redditors discovered the position
Melvin had a $55M+ short against GME.. If you're not familiar with shorting - read this simple explanation using apes and snakes and bananas from the subreddit. Teachers, take note:
except in this case - redditors saw the overloaded short position and started buying the stock, as a "short squeeze" against melvin. Now the "borrowed" shares were due, but redditors refused to sell, demanding higher and higher prices.
to be clear. This has nothing to do with gamestop as a business. They are just a piece of rope being used in a tug of war between internet nerds and wall st suits. the rally cry on r/wallstreet bets: "we can remain retarded for longer than they can stay solvent!"
Melvin lost $2B+ in like 2 weeks, and just had to get bailed out by 2 other funds just to cover it's losses from the shorts. It's not quite George Soros "Breaking the Bank of England" - but it's close. The yolo traders of reddit just broke a multi-billion dollar hedge fund
"Why can't Melvin capital just uninstall robinhood and reinstall it to restore their save game to get their money back????" - u/dopexile
Thanks. So, TL;DR -