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.
If they drop it too low gamestop can simply buy the float themselves with cash on hand. Short sellers are screwed no matter what they do.
at $1 per share, the market cap would be about $300 million, far less than the amount of cash on hand that GameStop currently has, not to even speak of RC’s personal warchest and the ~ 200,000 DRS’d investors that would be scooping them up at that price.
Personally I don’t see how it would be possible for the price to go that low, but if it did I would be buying as many as I could.
We would lock the float very quickly.
I think Q3 is going to be profitable but I don’t think the price will rise after the earnings call. Instead I expect more BS from the MSM and the price will plummet in an attempt to break the ape’s hold on the stock.
They’re just digging their own grave. This trajectory isn’t sustainable. The rate of DRS is just going to skyrocket.
Why GameStop won’t buy back shares anywhere near these prices.
tldr: a share buyback is not needed and if the price of shares is inevitably going down then let the price get as low as possible, and only then a buyback would be a good move
I’m 100% DRS’d. Had some very pressing financial stuff - landlord evicted me after I had the audacity to request basic maintenance, and agreeing an egregious rent hike, but guess he realised he could just not renew and get more with a new tenant. I can’t afford to live where I’ve been for ~20 years on my own anymore unless I move into a bedsit somewhere grim. So, I also have all the expenses of a move across country; and am in the final stages of (hopefully) buying a house, with a mortgage of course.
My rambling point (I am getting there, promise) is, I’d probably have sold some of my shares by now if it weren’t for the fact the short & distort team has managed to drag the price down to what I feel is a massively-undervalued area. Money is going to be very tight for me moving forward, I’ve not bought more shares for a while, but damn I will be loading up as much as possible if they drop the price anywhere near 0.
They cannot beat us. They cannot cellarbox us. All they can do are pathetic misleading stories in their controlled outlets and the whole ‘buys to dark pool, sells to market’ game. If the price drops to $10 or below, there will be an absolute surge of buying.
Evicted but still hodling. 💎🖐️
I have somewhere to go, fortunately… some aren’t so lucky. Investing is never risk-free but I believe in the fundamentals of GME as a business, and prepared to hodl for as long as it takes.
I think the short-sellers greatly underestimated our collective resolve!
Some great engagement on this post. And it seems to have pulled in some outsiders. And spurred uncensored debate. I’m bullish on Lemmy.
If it drops below a certain level will it be removed from the Russell 100 ?
This is really beyond frustrating. If Q3 posts a profit then what do shorts do?
continues to drop , getting close to 10$
I bought my first share at $448.30 so why wouldn’t I buy more at $1?
Right? Why stop and realize that you buying in at the top is what made the price so high? Why consider people selling stock and taking their profit from idiots buying in and the company not showing the profit is making you the barely stable piece holding up this quickly dissolving Jenga tower? Why bother with complex reasoning and understanding of your role in this practically a pyramid scheme, of a stock support for a dying company?
Yeah the line is Def going to the moon and if stock markets implode there will definitely be your holy reward beyond the pearly mountain dew Gates in the form of money that will totally be given to you guys and worth epic lols amounts. It’s a shame we just can’t see it and us normies are false in our “rational” pleads to sanity.
Oh well I hope you space chimps have a great time up there and end up much better than Bonnie
What’s often misunderstood is that this isn’t about money for a lot of people. It’s about exposing widespread fraud, corruption, deception, manipulation, and the destruction of the livelihoods of countless people & families.
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. I waste $20 on all sorts of bullshit and stuff - this may be another “waste,” but not necessarily for naught.
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 more people who understand that, the better chance there is we see a more equitable future for everyone and everything on the planet.
Oh my God what?
So yeah obviously you guys are all flower power and bragging about how this is for the merits and not the money while also your community brags about how much money they are super gonna make when this over. So I’m done believing the altruism on one hand and greedy on the other you guys have going.
But also wow if you really think this is gonna do something for the fraud inherent in the system. Thats not what is gonna happen and I’m sorry if I am the one that has to tell you that. This is a pyramid scheme where the only people winning are the ones that sell when the price goes up and GameStop which has a group of sycophants to help provide padding for their stock.
Maybe just maybe they use this to pivot and turn back into a profitable company and your stock purchases at least creep back up in value but that’s pretty much best case scenario.
Even if you manage to break the system and show the fraud and lay it bare… which You won’t… You won’t win this in a way that helps anyone. In fact you guys are just huffing on so much copium for any dopamine in a broken world. I can’t even be mad that you guys are hopeful because the world is a depressing place, but this will not be what solves that. And it won’t be for naught but help those you are upset at.
I wish you luck in realizing that and hope that no one else here is wasting more than they should.
Wow. Really laid bare here your know-it-all, future soothsaying, crystal ball, emotional, egotistical - biased and conditioned - nonsense.
clap Well done.
Edit: for anyone who’s been watching, the entire debacle has already brought about some major reform, while there is more on the table and being discussed now. Furthermore, more people than every are educated on some of the inner-workings and deception within the larger “stock market.” Additionally, there is a DoJ investigation into many of the associated hedge funds and organizations related to the issues.
And apparently I struck a nerve because now you aren’t bragging about all the good you are doing but getting defensive and just using insults. So, whatever. It doesn’t matter. And I hate that I care even at all what happens to other people.
If someone else is reading this and haven’t yet fully committed to this cult please understand that the system is a mess, and likely there is no simple way out of it, least of all buying a retailer store stock. It’s ok to be aware and it’s hard to optimistic after you are. But hiding away from reality and only accepting what is confirming to your idea of reality is not be brave and not going to be beneficial to anyone other than people that can take advantage of you.
Huh? You’re the only one here ranting and raving about what the future holds.
For anyone else reading who’s intellectually honest:
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.
Ook Ook!
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.
Hehehe. What is this community’s opinion of the Folding Ideas video?
It’s been posted and there’s been discussion around it.
You can see/read more:
https://lemmy.whynotdrs.org/post/266502
https://lemmy.whynotdrs.org/post/307966?scrollToComments=true
Because it’s a cult.
Owning a fraction of a dying business is not a cheat code for more money.
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.
i for one believe in the GME turnaround
Thanks for illustrating the empty loyalty I called irrational at the end.
Steve Jobs […] thought […] PHP would replace Flash.
Just a small correction, the thinking was always that HTML5 (not PHP) would replace Flash. Which turned out to be very accurate.
Rather than use Flash, Apple has adopted HTML5, CSS and JavaScript –– all open standards. […] HTML5, the new web standard that has been adopted by Apple, Google and many others, lets web developers create advanced graphics, typography, animations and transitions without relying on third party browser plug-ins (like Flash). […] If developers need to rewrite their Flash websites, why not use modern technologies like HTML5, CSS and JavaScript?
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. 🫂
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.
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.”
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.
One website panicked to stop a flood of misinformed newbies from instantly bankrupting it.
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.
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.
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.
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:
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“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)
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“…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)
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In a little-known quirk of Wall Street bookkeeping, when brokerages loan out a customer’s stock to short sellers and those traders sell the stock to someone else, both investors are often able to vote in corporate elections. With the growth of short sales, which involve the resale of borrowed securities, stocks can be lent repeatedly, allowing three or four owners [or more] to cast votes based on holdings of the same shares. The Hazlet, New Jersey–based Securities Transfer Association, a trade group for stock transfer agents, reviewed 341 shareholder votes in corporate contests in 2005. It found evidence of overvoting—the submission of too many ballots—in all 341 cases.
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Lucy Komisar’s expose here directly related to the entire issue/s. Ms. Komisar is a lauded and awarded financial journalist.
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“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)
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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.
-
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.”
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.
sounds like you’ve got it all figured out
Troll harder please.
…says the troll 🤣
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.
However many asterisks you want to put on stocks being traded: real people make real money.
– 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.
– 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.”
It does matter. What? It most certainly does matter and you pounding the table doesn’t make it “not matter.”
as evidenced by most of them mumbling that they don’t expect it and the other half staunchly insisting that nuh-uh.
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.
for a shit company no less. a really shitty company.
Honestly, I can’t even get excited about them, negatively. They were always sort of mediocre. I preferred Electronics Boutique. But they weren’t doing great, they’re not getting better, and OP’s straight-up eager to throw in good money after bad.
This is what successful scams look like… except there’d be someone taking the money. Instead, it’s a craze that refuses to end. Most crazes peter out as it becomes clear the initial high price was irrational, the peak was caused entirely by runaway speculation, and everything’s returning to the mean. People with a pile of tulip bulbs or comic books or commemorative plates just have to sigh and figure out where to put 'em. But our modern hellscape lets people make the Earth being flat their entire personality and social group, so surprise surprise, cargo cults emerge over wiggly lines.
One time they saw a guy in a tower talk into a box, and a whole goddamn airplane appeared out of the sky, so they’re up in a tree talking to boxes all day every day. Your face is gonna be so red when their airplane comes.
Your talk about cargo cults and scientists got me thinking about Richard Feynman, the physicist who coined the term cargo cult science. Imagine that Feynman was invested in GameStop during the short squeeze. What would he do? Fenyman wouldn’t just listen when the press said, “Forget GameStop.” He wouldn’t just shrug his shoulders and dismiss this as some bizarre fluke. He had an insatiable curiosity. And he took nothing on authority. Feynman would take this thread and tug and tug on it until he got to the truth.
Dead-guy fanfiction is also not an argument.
‘Ignore the media, pull this thread and get to the truth!’ is what all conspiracy wank sounds like. On very rare occasions it has some basis in reality. But most of the time it’s just people who aren’t very good at evaluating information making a hobby out of confusing one another.
What happened here is complex and weird and involves rich assholes, but there’s no version of it where you will make money on this dying company. The root is and will always be that Gamestop is a mediocre business in a market that might cease to exist. It briefly had quite a lot of money, because people saw it gaining money and threw in more money, like that proved it was making money - and it still bombed. No amount of chin-stroking and back-patting will ever amount to making this a sensible or worthwhile investment. You need actual reasons, and what you keep posting instead are narratives. Excuses to escalate commitment, dig in your heels, and confirm existing bias.
Without namedropping someone smart: why do you care?
Honestly, I can’t even get excited about them, negatively.
Yes, I can see that, very clearly.
“Your obsession over this thing is bad” does not mean “this thing is bad.”
Ur a fucking cult. Boom, gottem.
ya i know all about apes stronk, i just like the stonk. what can i say im a paper handed regard
You’ve got to make your own choices.
I think at this point it doesn’t need to be proven that price discovery is broken. You know it in your heart. The shit is rigged.
So knowing that, I chose not to let price action tell me how to judge whether anyone was right about their choices. The only people who get to find out if their strategies were correct or not are the insiders who influence the outcome.
I don’t hold a grudge against anyone who walked away. It takes a sort of hellish wildness to hold this long against such ceaseless bullshit. Society would collapse if everyone was as unreasonable as me.
But I think the world needs the crazy people it creates, also.
For me the continued approach to profitability is a huge sign the investment will be a success. The company can exceed estimates by a landslide and the price dips, so I just ignore the price and look at what’s happening. Ryan taking over tells me things weren’t going in a direction he approves of long term. The NFT marketplace is, as of now, an obvious flop (don’t know if it was/is profitable but it certainly is not panning out as planned) and I think it was a key disagreement between Ryan and Matt which lead to Matt being replaced by Ryan as CEO.
I don’t know. I still have a lot of thoughts about the failings of custodial ownership in games, and I think it’s a good idea whose rise has been hamstrung by bad press about the technology. People are complaining about corporations being bad custodians while still laughing about crypto scams using NFTs. Most people I see talking about it flatly assert that no possible good use for the tech exists, but it’s staring them in the face.
I think they haven’t given up but are looking for another ‘in’, via their partnership with Telos to make Playr. Time will tell.
The main benefit I would see to NFT mediated game ownership is restoration of ownership rights (reselling or sharing, owning without permission) and a broader change in the carrots and sticks for developers via the royalty. A game developer with access to the secondary market has much more incentive to invest in a slower development cycle that emphasizes quality and stability over what we see now in AAA games, which I see as mostly chasing industry trends and making bankable but creatively shallow games.
I think NFT has potential, don’t get me wrong. But the waters have been poisoned because the people invested in it put the cart before the horse. NFTs were sold because they were NFTs, not because the product was great. What would really be needed is either of these two:
- a good game which is sold as an NFT itself, no crypto transactions withing the game, just ownership.
- a set of games with overlapping tools which can be traded and shared via a crypto wallet. This is, imo, a lot harder to pull off and more something to do once the concept of NFTs as legitimate ownership structures has been established
Firmly agree. Point one is foundational, and the second can only come when that foundation is built.
You may be interested in a game called Hytopia, fwiw, when it comes to “web3” and gaming.
@Swim We’re holding for a financial system that is fair to everyone –– including you! 🫂
These hands were made to hold bags.