Game Stop...

[seer]

So a bunch of little traders took down the big hedge fund guys and they stopped the trading.

GameStop shares fall 20%, halted several times after brokers place restrictions on trades...

Shares of GameStop, the center of a trading frenzy fueled by a Reddit message board, were down sharply on Thursday after brokers restricted trading on the stock.

GameStop was down 21% from Wednesday’s closing price to $275 per share at 12:30 pm ET. Earlier in Thursday’s session, it was up over 25% and down more than 50% as trading was halted several times.

Shares were soaring at one point in premarket trading, briefly topping $500. The stock started to fall as word spread that Robinhood and Interactive Brokers were restricting trading, and it opened trading solidly in the red.

The shares recovered and rallied only to turn rapidly lower as the day went on. It was the first decline in GameStop six days and cut its gains for the week to just 200%.

https://www.cnbc.com/2021/01/28/game...continues.html

[whag]

[B]So a bunch of little traders took down the big hedge fund guys and they stopped the trading.

And now those who decried regulation want regulation.

Interestingly Michael Burry, the guy played by Christian Bale in the Big Short, started all this:

https://www.forbes.com/sites/antoine...h=5ceffe2c303b

[seer]

And now those who decried regulation want regulation.

Interestingly Michael Burry, the guy played by Christian Bale in the Big Short, started all this:

https://www.forbes.com/sites/antoine...h=5ceffe2c303b

I hear they are calling these little traders Nazis and such. And your link is behind a pay wall.

[KingsGambit]

Hedge fund managers do nothing useful for society. Incidentally, I think gambling should be illegal.

[seer]

Hedge fund managers do nothing useful for society. Incidentally, I think gambling should be illegal.

Agreed...

[Cerebrum123]

I used to buy used games cheap at various places and then sell them to GameStop for a profit. One year I made an ~$70 profit doing this.

[whag]

I hear they are calling these little traders Nazis and such. And your link is behind a pay wall.

Here's another link:

https://markets.businessinsider.com/...1-1-1030004676

[KingsGambit]

I used to buy used games cheap at various places and then sell them to GameStop for a profit. One year I made an ~$70 profit doing this.

I thought the stereotype was that Gamestop gave people next to nothing back? I saw a meme the other day joking that now they can afford to give people 25 cents for games.

[Cerebrum123]

I thought the stereotype was that Gamestop gave people next to nothing back? I saw a meme the other day joking that now they can afford to give people 25 cents for games.

Sadly a lot of games give you almost nothing, but certain more popular games can get you more than what you paid for, or around that level. Basically, if you know what games are worth something you can make a decent profit, if you are just trading in random stuff you will likely not get much.

[seer]

https://rumble.com/vdctvn-charles-pa...GLFEDHRCbwNZuM

[Mountain Man]

I thought the stereotype was that Gamestop gave people next to nothing back? I saw a meme the other day joking that now they can afford to give people 25 cents for games.

Newer, popular, and rare games will get you more trade-in credit, but for a lot of games you won't get much. Essentially, you're paying for the convenience of an immediate sale and not having to deal with something like eBay. I've never begrudged the prices I've got for trade-ins.

[Gondwanaland]

So a bunch of little traders took down the big hedge fund guys and they stopped the trading.

GameStop shares fall 20%, halted several times after brokers place restrictions on trades...

Shares of GameStop, the center of a trading frenzy fueled by a Reddit message board, were down sharply on Thursday after brokers restricted trading on the stock.

GameStop was down 21% from Wednesday’s closing price to $275 per share at 12:30 pm ET. Earlier in Thursday’s session, it was up over 25% and down more than 50% as trading was halted several times.

Shares were soaring at one point in premarket trading, briefly topping $500. The stock started to fall as word spread that Robinhood and Interactive Brokers were restricting trading, and it opened trading solidly in the red.

The shares recovered and rallied only to turn rapidly lower as the day went on. It was the first decline in GameStop six days and cut its gains for the week to just 200%.

https://www.cnbc.com/2021/01/28/game...continues.html

Interesting that Robinhoodwhoch claims in its tagline that it is "Democratizing finance for all" is blocking retail traders from buying a publicly available stock (they can settle or sell - which should make any trader wonder who is buying of they cant buy). Veryshady, I expect lawsuits on the way.

interesting to see wall street get butthurt when they're the ones getting screwed by the little guy.

I also see the decision by robinhood and some other platforms to stop allowing purchase of certain stocks has garnered bipartisan criticism https://www.google.com/amp/s/www.cnb...de-freeze.html

[Gondwanaland]

Interesting that Robinhoodwhoch claims in its tagline that it is "Democratizing finance for all" is blocking retail traders from buying a publicly available stock (they can settle or sell - which should make any trader wonder who is buying of they cant buy). Veryshady, I expect lawsuits on the way.

interesting to see wall street get butthurt when they're the ones getting screwed by the little guy.

I also see the decision by robinhood and some other platforms to stop allowing purchase of certain stocks has garnered bipartisan criticism https://www.google.com/amp/s/www.cnb...de-freeze.html

Annnnnd yep, now a class action lawsuit against Robinhood has been filed, no surprise there.
https://thehill.com/policy/healthcar...ng-trading?amp

[seanD]

Annnnnd yep, now a class action lawsuit against Robinhood has been filed, no surprise there.
https://thehill.com/policy/healthcar...ng-trading?amp

It seems real suspicious. All this is way too coordinated with other trading platforms like Ameritrade who are issuing the same restrictions on their platform, not only making everything look so obviously rigged, but essentially committing suicide. I'm wondering if they're getting pressure from the Feds. SEC said they won't get involved (because what can they do without looking like hedge-fund henchmen?), so I'm wondering if they're using these platforms as their proxies to regulate this. AOC is calling for a hearing. The twitter ditz is finally doing something right.

[rogue06]

I used to buy used games cheap at various places and then sell them to GameStop for a profit. One year I made an ~$70 profit doing this.

A former co-worker of mine bought a bunch of games in a garage sale/moving sale that were left by their kids who had moved out. IIRC, he bought them for a quarter each (they wanted a dollar each but agreed to the lower price if he got them all) and sold them to Game Stop for over a hundred dollar profit