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GME is likely to drop below $10 before 2024
(lemmy.whynotdrs.org)
ΔΡΣ Central
Community to discuss the DRSGME.org project and resources, and how to spread DRS advocacy and information to GameStop investors around the world.
Have a great idea to spread the word? There are some resources here to get started!
https://www.drsgme.org/free-resources
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."
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.
'Our craze actually threatened multiple brokers!' is worse. You know that's worse, right? This runaway feedback loop over a meme stock flooded every trusting and newbie-friendly site you could find, that'd let you take a risky position on a dying retailer with their money, and you're appalled they weren't prepared to go out of business for you.
Some did anyway.
You're victim blaming in large part here.
The larger Wall Street complex is abusive and has been backstabbing the American and World public for decades upon decades. Your family is almost 100% financially less well-off and in worse health than they "should" be (given you've middle to lower class, statistically, and not some rich/wealthy person here for who knows what reason).
The fact of the matter is that the Wall Street incumbents have been with GameStop and others abusing loopholes and outright breaking the law when it comes to trading of securities and got caught with their hands in the cookie jar.
They've now been caught and called out and are covering it up through, in large part, regulatory capture and other means related to stock market complexity. Why is that so hard to understand?
As @jersan said, you've got the wrong facts. In this thread, I corrected one of them –– with citations. Others have also replied.
None of them justify your assertions. Picking nits about how many companies got roped into this nonsense cannot change that it was nonsense. Nor was their inability to predict this flash mob any sort of threat to "the system" for any definition of "the system" that would be followed by ", man."
And for what?
Not a single god-dang one of you has anything to say in your own favor.
You, personally, have grasped for the relevance of famous dead people, which is cheap rhetoric with no place in a discussion about struggling video-game retailers. The other guy, the complete schmuck, feigned offense like I'd ignored an answer, immediately after smugly declaring they would not provide an answer.
I'm not convinced anyone replying to me even knows what an argument would look like. You've managed tiny corrections that don't make things better. You've got the format of an emotional appeal. But when pressed on why this stock isn't a waste of money: nothing. Or worse than nothing, lies; as if OP's 'lol it's fucked' headline isn't followed by OP's 'but I'm still in because mooooon!' body text. And when pressed on how that hot mess isn't cult-like devotion in the face of all evidence, that's when the emotional appeals come out. That is the wrong time for emotional appeals. Using emotional appeals in place of rational argument, is the exact opposite of what you should do, when someone says you're using emotional appeals in place of rational argument.