NooneOfConsequence wrote on Jan 28
th, 2021 at 8:12am:
I agree with Morphy. It’s a one hit wonder. Also... it IS artificial manipulation on both sides. Even though the Reddit move is being hailed as a victory for the little guy against big, mean Wall Street corporations, I don’t think that’s the right way to view this.
Presumably the people shorting Game Stop were actually betting on Game Stop, but really everyone is betting on what everyone else is going to do when a short is involved. The shorts may have been greedy, but there was some sort of association between their actions and the success or failure of the company they were trading. The Reddit mob traded with the express purpose of damaging those traders and profiting from it. That’s not justice for little guys. That’s just another destructive group of greedy people. There are no heroes here. Only villains.
From what we see there is value in the gme stock and that's all that matters not where that value comes from, its value may not be based on profit or growth but on perception of value same as gold, money or other stocks it's not something new.
Those who took the risk of selling something borrowed would make profit but a risk is a risk and didn't go as they planned and now they have to pay for it, they dont have the money they weren't prudent enough.
Why do you put common people and corporations in the same box and call them villains?
Curious Aardvark wrote on Jan 28
th, 2021 at 8:06am:
is reddit anything like github ?
I dont know what github is. I use reddit for world news, mainstream media world news are week old or not existent.
Curious Aardvark wrote on Jan 28
th, 2021 at 8:06am:
The thing about bringing down multinational corporations is that - we all suffer.
Any investments you might have are devalued - any pensions you have are devalued.
It seems that the inverse happened here, the corporations want to devalue the gme stock so they can buy it and return it to those they owe. Investors want to keep their stocks, so price goes up. In contrast when there is a collapse investors want to sell and they all lose because they sell lower than they bought.