America & World IV: Trump's Taxing Day

[Dogg Thang]

I don't know if I'd class the dregs of reddit 'normal people'.

The markets are basically one big scam, manipulating made-up systems and people making lots of money doing precisely nothing but selling products of the imagination. The idea that people can make money on a business crashing is horrendous. It shouldn't happen. But there is nothing good about this. I'm with Fuse on it.

[speedlolita]

I'm loving this, it's all so dumb. Bunch of friends bought a stock or two for the meme. To the moon etc.

[Asura]

The markets are basically one big scam, manipulating made-up systems and people making lots of money doing precisely nothing but selling products of the imagination. The idea that people can make money on a business crashing is horrendous.

But if rich people have done it for decades, don't you find some irony in not-rich people doing it causing such a fuss?

I probably need to read more about the situation. Someone's going to tell me in a moment that the people doing this are TERF-Nazis and it may change my perspective.

[fuse]

But if rich people have done it for decades, don't you find some irony in not-rich people doing it causing such a fuss?

We all love an underdog story, but by your own definition these are not-rich people being bought into a gamble on a business we all know is floundering, all egged on by some anonymous guys on Reddit.

[Neon Ignition]

Hell, it'll probably turn out the Reddit peeps are Wall Street guys manipulating the market


Today's news:

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[Asura]

We all love an underdog story, but by your own definition these are not-rich people being bought into a gamble on a business we all know is floundering, all egged on by some anonymous guys on Reddit.

Y'see that makes more sense to me. I'll make some time to actually read what's going on; all my info is third-hand.

[Dogg Thang]

Yeah, some people who got in on it and then got out quickly will actually make money but the reality is that the shares were never worth that much - it's manipulation. So what will follow is a huge crash in those share prices and some people who got in on this for fun along the way will lose their money.

[Lebowski]

I've been following it and its not about making money as the stock will most likely nose dive once the sell off starts which means some people will loose money. it was about stopping hedgefunds destroying companys by setting them up to fail they tied to do this by shorting 100% of gamestops stock to try and push the company into a downward spiral to make a quick bit of cash. that's pretty ****ty and shouldn't be a thing.

Whats happened here though is the opposite buying and holding the stock has pushed the value of the stock up instead of down as its an in demand stock, the shorters are desperate to get back in to cash out they expected it to drop so are currently making massive potentially unlimited losses. No matter what the outcome i think its bloody fantastic that its upset wallstreet so badly.

[charlesr]

Stock market nuts. When Musk tweeted "Use Signal" (messenger app), Wall Street bought shares in a company with Signal in the name and price rocketed 1000s %. Even though it had NOTHING to do with Signal app....

[Dogg Thang]

The sooner Musk sends himself to space the better.

[Neon Ignition]

https://www.theguardian.com/business/2021/jan/27/gamestop-three-largest-shareholders-earn-over-2bn-amid-stock-surge

GameStop's three biggest shareholders have earnt over $2bn from the share surge. Despite the immense gains GameStop is going to continue with its plan to shut 450 stores by the end of the year.

https://www.theguardian.com/business/live/2021/jan/28/gamestop-share-surge-sparks-concerns-stock-markets-slide-again-business-live

This morning shares have surged another 40%, the White House has announced it is monitoring the situation now.

The GameStop scheme is spreading too, AMC saw huge gains yesterday and also with only one store left in the world...

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[MartyG]

I think it only goes to show how ridiculous the stock market it is tbh.

[Dogg Thang]

https://www.theguardian.com/business...id-stock-surge
GameStop's three biggest shareholders have earnt over $2bn from the share surge.

Really sticking it to the man there.

[fishbowlhead]

Such a ridiculous scam that has somehow kept going, the stock market i mean.

[Neon Ignition]

https://m.imgur.com/44eSqxp

The Robinhood app used for the GameStop share drive has restricted users from buying shares in GameStop, AMC, Blockbuster and others causing the start of a huge ruckus.