But…but…moass?
What the GameStop bros fail to realize is that while they are essentially correct about the crookedness of the market, they have still backed a losing horse.
GameStop just doesn’t offer most gamers good value so they don’t spend their dollars there. This is on top of bad treatment of low-level employees, which is quickly becoming a death sentence for companies whose main demographics work retail jobs and know exactly how bad retail work like GameStop can be. Finally investing in shit like NFTs that no real gamer wanted or asked for. (On top of NFTs being a joke of a scam)
MOASS would be a beautiful thing but GameStop will not be the gust of wind that blows down this house of cards.
There is actually a fantastic video essay about Gamestop bros by Folding Ideas (the guy who made Line Goes Up) called “This is financial advise”. I highly recommend listening to it, the whole thing turned out to be way more complicated than it seemed.
Here’s the vid in question, I second, it’s very good.
Here is an alternative Piped link(s):
https://piped.video/5pYeoZaoWrA
Piped is a privacy-respecting open-source alternative frontend to YouTube.
I’m open-source; check me out at GitHub.
Thanks for the suggestion! It was a good video. Also reinforces my belief that the rational, boring narrative is almost always the right one.
I second this recommendation.
The market is crooked, but not at the level of crazy conspiracies the Superstonk bros think / thought. A company took a big gamble on Gamestop tanking, and they were caught. They paid a huge price, and it’s over. There’s still market manipulation going on, there’s still trading in dark pools, and the regulators are not able to keep up. But, it’s not a crazy conspiracy with everyone trying to screw the little guy. It’s big guys all trying to screw each-other, and screwing the little guy if they have a chance, and the regulators are trying and failing to keep up.
(On top of NFTs being a joke of a scam)
They really are the platonic ideal of a scam. There’s just so much nothing there. No facade, no structure, no foundation. It’s the wire mother of wire fraud.
Only sorta. I’m not sure how much they are right about the crookedness of the market - it’s just that retail investors are at a severe disadvantage to institutional ones.
What they did do was create a short squeeze for a bunch of folks (rightly) betting that GameStop is overvalued because it’s a shit company with no real path to an increasingly digital market.
The problem, basically, is that the people saying “buy Gamestop” originally were people who figured “Hey, this stock is probably slightly undervalued.” As in, this is $2 but it could probably climb to more like $2.50 or $3 over the next five years.
Then WSB started to meme the thing like crazy, because WSB are a bunch of degenerate gamblers who don’t give a fuck about actual sensible investment strategies, which created the conditions for a short squeeze, which pulled in a bunch of newbie retail investors who drove the squeeze even higher, but were given absolutely no realistic expectations about what that would look like.
I was one of those newbie retail investors, and I actually tripled my money on GME, because I saw the price spike, went “Yep, that’s the squeeze, I’m out” and got my tendies, or whatever the fuck these idiots call it.
But for a lot of these people, the expectations of what this short squeeze would look like had basically snowballed into “Remake the global economy with us at the top” so they bought in hard, and kept buying in, way past the point where the squeeze was done, past the point of having any reasonable expectation of cashing out at anything other than a huge loss.
So now they’re stuck basically praying for a miracle, because they’ve got nothing else left.
Here is an alternative Piped link(s):
Piped is a privacy-respecting open-source alternative frontend to YouTube.
I’m open-source; check me out at GitHub.
Yeah, there are way too many folks who let the hype about an interesting technical trading opportunity go their head, got emotionally invested, and now are confusing it with fundamental analysis.
I disagree with many of your ideas…you are ignoring many positive facts about gamestop.
Employees were treated badly in the past, but go to a store now, it was full like literally full. The guy at the counter was having an a Animated discussion about pokemon with a kid and her mom having a blast.
Nft images are the dumbest use case of a new technology I’ve ever seen, that being said dismissing nfts as a new technology shows how ignorant you really are to the whole situation this technology will take over many things but it will probably be transparent to you.
Many of the people jumping on the nfts are bad bandwagon sound exactly like dumb internet haters from the 80s and 90s, keep your negativity.
https://www.theatlantic.com/ideas/archive/2021/04/nfts-werent-supposed-end-like/618488/
But the NFT prototype we created in a one-night hackathon had some shortcomings. You couldn’t store the actual digital artwork in a blockchain; because of technical limits, records in most blockchains are too small to hold an entire image. Many people suggested that rather than trying to shoehorn the whole artwork into the blockchain, one could just include the web address of an image, or perhaps a mathematical compression of the work, and use it to reference the artwork elsewhere.
We took that shortcut because we were running out of time. Seven years later, all of today’s popular NFT platforms still use the same shortcut. This means that when someone buys an NFT, they’re not buying the actual digital artwork; they’re buying a link to it. And worse, they’re buying a link that, in many cases, lives on the website of a new start-up that’s likely to fail within a few years. Decades from now, how will anyone verify whether the linked artwork is the original?
Anil Dash helped create the first NFT spec in a coding jam, and it had serious limitations. The bit-limitation is huge. NFT’s still only contain a URL. What happens if the website hosting that URL goes down? Well now your NFT points to nothing because it’s actually just a fucking link, not an actual image.
But sure, this somehow has actual utility in a world where data can be copied infinitely at no cost and that’s a good thing. We should be fighting to remove paywalls to access information, not adding fucking digital ones.
Because I just can’t wait for every college textbook to be an NFT to try to stop textbook piracy. What a joke. That shit just makes me want to pirate things and break digital locks more. Yarr Harr Fiddle Dee Dee!
While I agree there is room for actually useful use cases in the NFT technical design the fact is unequivocally that GameStop built a market place for the dumb pictures. And that was a collosal waste of money and good will. They went Hero to Zero in my eyes with that move.
Not your keys? Not your crypto.
Don’t worry. The meme stock bros will come up with a new stupid narrative about how this was always part of the plan and how no one actually believed the NFT marketplace was the catalyst for moass. Just trust the plan and keep holding.
Lmao no kidding, after reading your comment I went to google and typed in “reddit crypto gamestop nfts” and the second result was literally a 100% serious post from Superstonks 2 days ago titled “Why Gamestop’s NFT Marketplace Closure Is A Great Sign”. Forget bitcoin, if you want to get rich just invest in copium instead
GameStop could go completely out of business and they would still manage to find a way to continue the copium.
There’s even an example of that with a related cult, the Bed Bath and Beyond guys. Said company went under, but the memestock holders still continued the copium.
Stonks are at 1 cent, buy and hodl! Diamondhands!
That’s literally the new hyped plan and the reason the stock got a bump a few weeks ago.
The new idea is GameStop will become a holding company like Berkshire Hathaway as if Ryan Cohen is the next Warren Buffett.
A lot of people who were into Gamestop didn’t want them to get into NFTs like that anyway in the first place.
Are they still at it? I thought this would have collapsed by now.
Its below 15 dollars atm and is continuing to fall.
Nature is healing
Lmao, that’s what they spent the meme stonks money on?
They also bought back a lot of their debt. The company did everything right, except selling anything people want!
Disclosure:I bought and DRSed one share near the height for fun.
deleted by creator
I’m surprised that they found yet another new way of making the Superstonk folk look like a delusional cult
Who could have seen this coming?? Who???
I mean they were coerced into it by people doing pump and dump. They had to.
The only reason you would want an NFT is to make a profit. That’s it. That’s all the value and perks it had.
Bloody good marketing if you ask me. Right next to the pet rock.
Everyone knew it was essentially a ponzy scheme. Even the defenders of NFT.
Less ponzi scheme and more shitty hot potato.
Don’t let any company which chose to get involved in this blatant scam get exonerated just because they dumped it later. They still tried to pull the scam in the first place, and they only dropped it because they didn’t make any money on it, not because it was a scam.
Always remember this.
Dumped it WAY too late too.
That weird WhyNotDRS instance is presumably having a normal one.
I thought GameStop was gone
