The price drop is because of market manipulation and the current price doesn’t represent fundamentals. We all know GME is worth more.
But the price has been gradually decreasing ever since the January 2021 sneeze and this thread over at SS suggests the line reaches 0 around 1/1/2024.
I don’t think it will actually hit 0 but I know I’m going to be buying more in November and December.
Point is don’t let this rattle you. I bought my first share at $448.30 so why wouldn’t I buy more at $1?
The finish line isn’t out of reach any more. We’re going to lock the float, and we’re going to do it fast. Buckle your seatbelts.
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.”
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
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.
I’m so glad you wanna save me from my cult investment. I should just go sell right now 😭 /s
You know, every cent I invested was money I could afford to lose. Not one person in this “cult” has told me to invest more than I could lose. Nobody is demanding my first born here. No mandatory meetings where we ritually sacrifice a goat on a dimly candle-lit pentagram. I suppose your local comedy club is a “cult” because they like Rodney Dangerfield over George Carlin. Choosing loaded words like “cult” shows your bias and disinterest in having constructive conversation. But keep up the white knight crusade against GME 👏 Hope you’re at least getting paid to spread FUD.
There is a guy in this thread who got evicted.
Reaching a conclusion is not bias.
I’m not against this company. I don’t care about this company. I’m only talking about this insular community’s bizarre devotion to it - and bluntly describing what that looks like, to someone who’s not literally invested in a particular outcome.
Whether or not you all get rich, somehow, all of this will have been textbook cult-like behavior: contrarian explanations of obvious problems, obsession with private vocabulary, grand claims of fighting evil (world-endingly strong and all-encompassing, yet defeatable with this one weird trick), etc., etc., etc. This is all kind of dumb. That’s the long and short of the problem. It’s not a threat to anyone but people who absofuckinglutely invested more than they could afford, on your glowing advice and grand claims, and it’s almost certainly going to end with a bunch of folks clutching certificates for five percent of nothing.
That you think anyone gives enough of a shit to pay people to make fun of you is itself a clue. No nation-state or megacorporation cares about your death-grip on a slice of a Radio Shack also-ran. It says a lot about the mindset of this group, that you suggest persecution fantasies whenever bystanders ask ‘what the fuck are you doing’ and are unimpressed by the answer.
you sure do have a lot of opinions
Why did you write this except to be annoying?
What do you think trolling is, if not that?