Gamestop

[disneysteve]

There is a story on CNN today about a guy who makes 35K/year. He invested $4,500 in GME at the start of this and his account is now worth just over $1 million. He said he is not selling because he's confident it is going to keep going up. He didn't say when he would consider selling, but these are the folks that are going to get screwed when they could be set for life. Even after taxes, he'd walk away with 20 years worth of his salary. Greed, greed, and more greed. You can be damn sure that if I suddenly had 5K turn into 1M in a week, I'd be getting out as fast as I could.

He also said he thinks this is going to get a lot more people interested in investing in the market. He's probably right about that, except for all the wrong reasons.

[Singuy]

There is a story on CNN today about a guy who makes 35K/year. He invested $4,500 in GME at the start of this and his account is now worth just over $1 million. He said he is not selling because he's confident it is going to keep going up. He didn't say when he would consider selling, but these are the folks that are going to get screwed when they could be set for life. Even after taxes, he'd walk away with 20 years worth of his salary. Greed, greed, and more greed. You can be damn sure that if I suddenly had 5K turn into 1M in a week, I'd be getting out as fast as I could.

He also said he thinks this is going to get a lot more people interested in investing in the market. He's probably right about that, except for all the wrong reasons.

These same people are saying Webull is BSing and wants to just make an excuse for them manipulating the market. Even if there's a hint that whatever you are doing can impact trillions of dollars of security, I wouldn't play with that fire because they will crush this problem like a bug no matter how many retail investors it screws.

[cypher1]

There is a story on CNN today about a guy who makes 35K/year. He invested $4,500 in GME at the start of this and his account is now worth just over $1 million. He said he is not selling because he's confident it is going to keep going up. He didn't say when he would consider selling, but these are the folks that are going to get screwed when they could be set for life. Even after taxes, he'd walk away with 20 years worth of his salary. Greed, greed, and more greed. You can be damn sure that if I suddenly had 5K turn into 1M in a week, I'd be getting out as fast as I could.

He also said he thinks this is going to get a lot more people interested in investing in the market. He's probably right about that, except for all the wrong reasons.

Agreed! Or sell a portion like 50% so they have something to walk away with.

Reminds me a buddy (also a day trader) 4-5 years ago put 5000 into Bitcoin. Less than 12 months later was up over 200K, so he cashed out 10K, and let the rest ride. Eventually prices dropped, and he was down to 50K, which he sold over a year ago. So he still made money, but he won't talk about the subject, especially with all the traction BTC has gotten in recently. Deep down I know he's upset with not holding longer. He simply doesn't believe in the buy and hold strategy beyond a few years. Moral of the story; never be too greedy. Have a plan or reserve price, and stick with it.

[disneysteve]

they will crush this problem like a bug no matter how many retail investors it screws.

Exactly. They must fix this problem. They can't let this sort of activity continue unchecked. Yes, there will be losers in the process. There's no way around that. But that's part of why you shouldn't be greedy. If you were lucky enough to get in on the run, great. Take your chips off the table and go buy yourself a present.

[cypher1]

These same people are saying Webull is BSing and wants to just make an excuse for them manipulating the market. Even if there's a hint that whatever you are doing can impact trillions of dollars of security, I wouldn't play with that fire because they will crush this problem like a bug no matter how many retail investors it screws.

I try explaining that to friends that barely invest, who believe this is some kind of revolution against WS. Don't get me wrong, I'm no financial expert. Good for WSB playing the same rules and having an impact. But IMO this act was a drop in the bucket. I simply don't believe they can keep up this type of strategy on certain stocks in the long run against these hedge funds. I agree that this problem will be squashed in no time. But for all the people making money off these opportunities, good for them.

[disneysteve]

Agreed! Or sell a portion like 50% so they have something to walk away with.

Yep. That's what I've always done when I've traded, or even when I'm gambling in the casino. If I sit down at the blackjack table with $100 and run it up to $300, I take $200 off the table and play with the remaining $100. If I lose it, I've still doubled my money. If I win more, I take some more off the table.

[disneysteve]

But for all the people making money off these opportunities, good for them.

Except for all of the people who overlook the fact that they haven't actually made a penny until they sell. Sure, your Robin Hood balance might look great, but it's not real until it's in your bank account.

[Singuy]

Also these kids are playing with fire as it's illegal to manipulate the market. They went from "we are apes who love the stock" to "f the shorts". One of the highest rated comments right now over there is about crossing the line into market manipulation which will result in sec shutting the forum down and potentially halt the stock from trading.

The original folks who started this knew exactly what they were doing. The new 5.5 million members and climbing doesn't and is screwing it up for them.

[cypher1]

Except for all of the people who overlook the fact that they haven't actually made a penny until they sell. Sure, your Robin Hood balance might look great, but it's not real until it's in your bank account.

Correct. Actual selling is what I meant, plus considering capital gains tax for income bracket/length of term held onto.

[disneysteve]

The biggest question I have about this whole scenario is why does BlackBerry still exist and what do they do?

[kork13]

The biggest question I have about this whole scenario is why does BlackBerry still exist and what do they do?

They still make phones (not highly popular). They also provide a number of secure enterprise communications services. That's just the little I know without researching them at all. Is Blackberry involved with all this mess as well?

[Singuy]

The biggest question I have about this whole scenario is why does BlackBerry still exist and what do they do?

BB is pivoting to cybersecurity. Also a highly shorted stock like nokia. Basically any company that sounds like crap is a target. If sears and jcpenney are tradable, they will shoot to the moon.

[cypher1]

They still make phones (not highly popular).

Not gonna lie, if I could still use my BB pearl with compact qwerty keyboard, I would. I got so used to that configuration that i would text messages with the phone in my pocket. I actually miss the simpleness of phone/sms/email function only.

[disneysteve]

Apparently now the Reddit crew has moved on from stocks to silver, driving the price of that up 13% this morning.

This is ridiculous. How are there no regulations in place to prevent crap like this from happening? A bunch of random people on some internet forum shouldn't have the ability to mount an attack on the financial system so easily. The democratization of the investment market that has taken place thanks to the internet is a good thing, but it's also opened the door to abuses like this.

[Singuy]

Apparently now the Reddit crew has moved on from stocks to silver, driving the price of that up 13% this morning.

This is ridiculous. How are there no regulations in place to prevent crap like this from happening? A bunch of random people on some internet forum shouldn't have the ability to mount an attack on the financial system so easily. The democratization of the investment market that has taken place thanks to the internet is a good thing, but it's also opened the door to abuses like this.

You know what else is not regulated? Hedge funds taking a position and then release bogus reports with sprinkles of truth to tank the stock. Cramer explains how hedge funds work and it's disgusting. I am fine with WSB attacking them, get them a taste of their own medication. Love how WSB is the new regulator of hedge fund's disgusting behavior. This is overall good as short and distort tactics decreases.

Currently I am no longer scared that they can take down the financial market as there are failsafe for these things. Will they cause massive amounts of pain for hedge funds in the process however? Yes, and good for them.