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GME is likely to drop below $10 before 2024
(lemmy.whynotdrs.org)
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this post was submitted on 16 Oct 2023
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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.
The kind where a bunch of self-described idiot primates flood in and buy junk. You killed some brokerages that didn't expect whatever the fuck happened. It was a bizarre response to an unusual upswing - a fluke. And if you think that means the global economy hinged on the price of Gamestop shares, then adding 'and other stocks!' doesn't make it less ridiculous.
There's a guy in this very thread who's been evicted, and still clings to this plummeting stock. Whatever you want to say is happening there - it's not rational economic decision-making. It sure looks like escalating commitment, to maintain ingroup cohesion, for the promise of some grand payoff that's plainly never going to happen.
But if I don't describe your hyperfixation in exactly the same terms you obsess over - well that means it can't be a cult. Yeah? OP proudly admits losing a metric shitload of money on this, as the one stock that's central to all this nonsense cratered by an order of magnitude, and looks set to lose even more. By all means, keep scrabbling for those precious shares when they're $1 apiece, $0.10 apiece, $0.01 apiece. At least then it can't ruin your budget.
But if you tell people you're doing it because it'll swing back up to five hundred thousand billion, any day now, you are lying to them.
And if you tell people you're doing it because the injustices of capital will be undone by amateurs arriving late and throwing their money away, you are lying to yourself.
everyone makes their own financial decisions, i cannot comment on any one person's individual circumstances.
I just believe in GME as a great long term investment but everywhere I go people like you try to mischaracterize the entire idea by insinuating that we are all deranged by saying that we're in a cult, but when pressed for an explanation you come up with a story built on plainly false information while pretending that you are a financial expert who understands the situation better than everyone else.
if believing that GME is a great long term investment has somehow enrolled me in a cult, then call me a cultist. it has zero bearing on the facts surrounding GME and the reasons why I think it is a great long term investment.
This dying company is objectively a terrible investment. It's lost 95% of its value since OP bought in, and they're proud of that.
Your description of what happened is nearly identical to what you dismiss as "plainly false." You openly mention several companies killed or nearly killed by your collective actions - as if that disproves the accusation that a company flipped out when your collective actions nearly killed it. Because crashing more of them is better, somehow.
You flit between rugged individualism and the sheer force of your collective action as it suits your narrative. How could you bear any responsibility for endorsing the stock, just because you say it's an incredible investment that's deffo going to explode any minute now, in a forum exclusively about promising it'll go up up up? People have to make their own rational decisions, based on your hand-wavy insistence that being delisted for shite performance is great news, and the undercurrent of David versus Goliath delusions to justify inevitable losses.
You all bought a stock that went down and it ruined at least one brokerage. There's more detail behind it, but no differences that matter. None that justify this generic heroism about threatening "the system." Over Gamestop. With your several thousands of dollars. You are never going to impact global banking beyond the changes already made - specifically to prevent that bizarre event from happening again.
great man, thanks. you're clearly a financial expert and your opinion is very valuable to me. i look forward to hearing more of your crafty storytelling that derides the delusion of GME investors while completely dismissing every relevant detail that you don't like.
OP losing a shitload of money and looking forward to losing more is a relevant detail. You're ignoring it by claiming you're not responsible for anyone following your ecstatic endorsement of this one particular stock, which you sometimes insist isn't the only thing this is about, even though the sub is named for it.
But sure dude. I'm the one with a warped view of reality, suggesting 'we'll stick together no matter how much money we lose' is an insular denialist behavior pattern.
I couldn't convince you the sky is blue, and that is the problem in full. But it's not a problem with me.
👍
Read the title of the post that you are commenting on: "GME is likely to drop below $10 before 2024." This is the opposite of promising that the price will explode upwards any minute now.
People spend money in lots of ways that are not "rational economic decision-making." Like casinos, drug addiction, timeshares... And yet, you are not in a casino arguing with the customers at the slot machines –- you are on our forum. Perhaps you want to hear our perspective... because we might be right?
Casinos are heavily regulated or outright illegal.
None of you have proposed a perspective.
I will repeat that. None of you have proposed a perspective. Not a single person piling on has offered a positive account of how this isn't a cult following for a dwindling stock. Y'all have variously insisted it's not just for one stock, or that your collective action is totes mcgoats a threat to the global financial system, or everyone's free to make their own decisions about a stock you promise is going to explode in value.
The closest anyone's come is empty insistence that you believe in this dying retailer. Even after being told: belief is the accusation. I am saying you all believe something, in spite of all evidence to the contrary, in a way that is harmful to yourselves and others. I am saying you do this to maintain interpersonal connections versus an outgroup you feel superior to. This is what it means to be a cult. Nothing that fails to contradict those accusations could be an argument against the comparison to a cult.
i'd offer you reasons why I believe that GME is a good investment but you're clearly a financial expert that knows better than everyone else here, there is nothing that you are able to learn because you already know everything. any points I make to you would immediately be ignored or dismissed and you'll continue ranting about how we're a deranged cult.
If you are truly genuinely curious and care to learn a new perspective, my recommendation to you is to start by watching the 90 second video on the DRSGME.org main page.
'Please say anything relevant.'
'No, and it's your fault.'
Troll harder.
look at that. you complained that nobody gave any perspective, i gave you an opportunity to engage in learning about our perspective and you did exactly what i expected. you ignored the opportunity and turned it around and attacked again, expressing no genuine interest in learning anything new. but yea, i'm the one trolling
You did not.
You explicitly said you were not doing that.
You sneered that I'd blindly dismiss anything you said, if you said anything of value. So you refused to say anything of value.
You then linked a video about the importance of super-duper-owning the stock, without saying a damn thing about why this particular stock is worth owning, in any sense.
Lie better.
great conversation. 👍
'I refuse to defend my claims.'
'Okay.'
'Wow, hypocrite.'
'Okay.'
'Great conversation!'
Okay.
Okay. 👍