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Post by mervinswerved on Jan 28, 2021 9:59:39 GMT -5
$460
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Post by cindra on Jan 28, 2021 10:04:50 GMT -5
Spoke too soon. Back to 400 |
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Post by mervinswerved on Jan 28, 2021 10:05:50 GMT -5
Sell stocks and buy BTC for the stability.
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Post by jayj79 on Jan 28, 2021 10:23:27 GMT -5
The fact that the market can be manipulated like this just shows how ridiculous the whole system is.
Not that the concept is anything new. See the Eddie Murphy/Dan Aykroyd film "Trading Places" that came out in 1983
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bluepenquin
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Post by bluepenquin on Jan 28, 2021 10:23:28 GMT -5
I thought this was a fascinating story and found it kind of hilarious. A Bunch of rich hedge fund stock guys just got outdone by reddit followers and lost their shirt in the process. I have no sympathy - it is part of the risk associated with short term stock plays.
Hedge fund provides a very important service in the market - but it has risk by its very nature.
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bluepenquin
Hall of Fame
4-Time VolleyTalk Poster of the Year (2019, 2018, 2017, 2016), All-VolleyTalk 1st Team (2021, 2020, 2019, 2018, 2017, 2016)
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Post by bluepenquin on Jan 28, 2021 10:26:03 GMT -5
The fact that the market can be manipulated like this just shows how ridiculous the whole system is. Not that the concept is anything new. See the Eddie Murphy/Dan Aykroyd film "Trading Places" that came out in 1983 I would say that it is being 'manipulated' in the light of day - which is much better than people making deals and $'s in the darkness of public view. And the 'manipulation' was caused by MANY people that didn't give a rip about potentially losing just $1K - causing a few very rich people to lose a LOT of money. |
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Post by cindra on Jan 28, 2021 11:32:10 GMT -5
My fractional share of GME that should have been worth like 60 dollars sold for 500 dollars because someone put in a $2500 buy order right when i hit sell. sucker.
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Post by mikegarrison on Jan 28, 2021 11:37:29 GMT -5
Two words: Tulip madness
That did not end well for people who did not get off the ride soon enough.
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Post by mikegarrison on Jan 28, 2021 11:41:05 GMT -5
I thought this was a fascinating story and found it kind of hilarious. A Bunch of rich hedge fund stock guys just got outdone by reddit followers and lost their shirt in the process. I have no sympathy - it is part of the risk associated with short term stock plays. As has been pointed out, the risks were unequal. The "big hedge fund guys" had sources of bail-out money. The little guys did (do) not. At some point here someone is going to be left having put their entire life savings into buying a few shares of this and then the price is going to crash. |
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Post by cindra on Jan 28, 2021 11:44:30 GMT -5
I thought this was a fascinating story and found it kind of hilarious. A Bunch of rich hedge fund stock guys just got outdone by reddit followers and lost their shirt in the process. I have no sympathy - it is part of the risk associated with short term stock plays. As has been pointed out, the risks were unequal. The "big hedge fund guys" had sources of bail-out money. The little guys did (do) not. At some point here someone is going to be left having put their entire life savings into buying a few shares of this and then the price is going to crash. Going to? It's under 250 at was at 130 at one point |
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Post by mervinswerved on Jan 28, 2021 11:48:07 GMT -5
Is it, though? I don't think the Dutch were doing it for the lulz. |
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Post by mikegarrison on Jan 28, 2021 11:58:59 GMT -5
As has been pointed out, the risks were unequal. The "big hedge fund guys" had sources of bail-out money. The little guys did (do) not. At some point here someone is going to be left having put their entire life savings into buying a few shares of this and then the price is going to crash. Going to? It's under 250 at was at 130 at one point I wrote that without checking what the latest price was. Anyway, that's still 10x as much as it was last week, right? If it drops back to that baseline, there's still a lot of potential to lose money here. Of course, that may tempt people to short it.... |
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Post by mikegarrison on Jan 28, 2021 12:02:47 GMT -5
Is it, though? I don't think the Dutch were doing it for the lulz. How do you know? What's the difference, anyway? Most sane gamblers gamble for the lulz, while "investors" expect their strategy to make them a profit. But there is a huge crossover between the two activities. If you are hoping to beat the odds, you're doing it for the lulz (or maybe are addicted). If you believe the odds are in your favor, you're investing. But that doesn't mean that some of those Dutch folks weren't just having some fun with it -- at least at first. |
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Post by mervinswerved on Jan 28, 2021 12:09:29 GMT -5
Is it, though? I don't think the Dutch were doing it for the lulz. How do you know? What's the difference, anyway? Most sane gamblers gamble for the lulz, while "investors" expect their strategy to make them a profit. But there is a huge crossover between the two activities. If you are hoping to beat the odds, you're doing it for the lulz (or maybe are addicted). If you believe the odds are in your favor, you're investing. But that doesn't mean that some of those Dutch folks weren't just having some fun with it -- at least at first. I guess we don't! But we *do* know a lot of this is being driven by a good dose of irony. Of course, some poor schmucks are getting taken right now. I'm a gambler by nature (though in the market I'm pretty much just "buy index funds and wait 30 years") so I've seen a lot of people get money in bad and lose. I have a little sympathy but not much. A couple hedge funds getting hosed on all this is objectively hilarious, though. |
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Post by mikegarrison on Jan 28, 2021 12:22:30 GMT -5
A couple hedge funds getting hosed on all this is objectively hilarious, though. Well, that goes without saying. |
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