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.
While I do certainly agree there’s something to be said for your perspective on terms of “cult,” if we’re being intellectually honest, the same could be said about some aspects of your life.
As well, “regular” and “normal” investors within the larger Wall Street network and regime and associated power & propaganda are undeniably deluded and within a “cult.”
“Greed is good!” … “Trickle-down economics, m’boy!” … “Pull yourself up by your bootstraps!!!”
Not a priori bad, per se, but never before in the history of humankind has there been more power and money and influence concentrated in one place as there is now within what we call “Wall Street.”
Forget GameStop!!1!
The sheer fact of the matter is if you or someone you know has stock with a broker (e.g. TD Ameritrade, Fidelity, Robinhood, etc …) you do not actually own that stock (see #1 from the TL;DR here for multiple citations, including from the SEC, NASDAQ, and FINRA).
Such lack of knowledge - widespread and unknown to the vast majority of people in the planet, though being fundamentally important to (fair, free market) ownership and investing - speaks volumes about the larger issue and issues the people on this Lemmy instance are interested in.
I’d definitely encourage a more open mind, for what that’s worth, respectfully speaking.
Politely stated nonsense.
“My life” does not involve stocks.
Greed and lying are not the same problem as delusion.
Normal stock-market greed works, unfortunately. However many asterisks you want to put on stocks being traded: real people make real money.
That’s not what’s happening here. This stock is going down, has gone done, and will continue to go down, to the surprise of absolutely nobody looking in from the outside. But you’re all convinced that’s not the case. You have staked some part of your psyche and your identity on denying a very explicable downward slope. There was a hot minute where things went sideways for some jerkoff millionaires - two entire years ago - and then, it stopped. What’s happened since then is mostly a precipitous decline with no bottom in sight.
The actual business you proudly own a tiny sliver of is not doing much actual business. Their industry is kind of fucked. Like, the general concept of buying video games at a physical location, might end. I don’t want that to happen - but what I want doesn’t decide what’s real. Not even if I poured umpteen hojillion dollars into a store that desperately relies on a particular outcome. Y’all did that for this company, and with all your money and attention, they’re still going to wind up bankrupt and delisted in the foreseeable future. At which point your genuine notarized fraction of a real company will be worth literally nothing, instead of what it’s worth right now, which is damn near nothing.
There is no reason to expect the next rise will be higher than the last. There is no reason to expect the next dip will be temporary. None of you have even tried to argue otherwise. You insist on your conviction - but the accusation is, you are acting in blind faith. Conviction is not a counterargument.
sounds like you’ve got it all figured out
Troll harder please.
…says the troll 🤣
I don’t think you know what that word means.
Goading people with smug nothing is an attempt to provoke a harsh response. I’ve been detailed and consistent, and I keep asking for literally any example of one specific thing you reeeally ought to have in abundance, and y’all just posture for one another.
You didn’t note andor address the salient aspects from the comment.
The fact of the matter is your life most certainly does “involve stocks” whether you like it or know it or understand it or not.
You are ensconced and wedded to stocks “involved in your life” - as a matter of fact. The entirety of the United States and world finds gargantuan foundation “involved in stocks.”
As such, you not addressing or understanding that the vast, vast, vast, vaaaaaast majority of stocks not being truly owned by the people who think they own them (being held in brokerages andor 401ks; see: here, here, and here) equates to a “system” that is ripe and rife in fraud, deception, and manipulation.
The decimation of the middle and lower classes in the United States and even much of the world is directly related to extreme wealth and power - more concentrated than any other time in the history of humankind - on Wall Street and the associated dynamics in terms of propaganda, soft & hard power, financial manipulation, government influence & control, and more.
– Me, addressing how the vaaaaaaaaaaaaaaaaaaaaast majority of stocks being sorta-kinda owned does not matter. It makes no difference. That’s not why people trade stocks or “trade” “stocks.”
This obsession with pieces of paper is magical thinking. Congratulations on really really owning a tiny slice of a company that’s losing value. It’s still losing value. It’s going to continue losing value. Not one soul in this thread has any defensible expectations to the contrary, as evidenced by most of them mumbling that they don’t expect it and the other half staunchly insisting that nuh-uh.
You’re not going to impact the evils of late capitalism by chasing after finance-bro meme stocks.
I should not have to say that in as many words. But here we are.
Your stated goals are admirable. They don’t justify this nonsense.
It does matter. What? It most certainly does matter and you pounding the table doesn’t make it “not matter.”
I’ve seen people reply in this thread the related financials of the company.
There are more directly registered shares of Gamestop (GME) than any other company in the entire history of the stock market - more than Amazon, Apple, and Microsoft combined.
That equates to more than $2 Billion / ~1/3 of the company safely locked away in investors’ own names, out of brokerage, market-maker, & hedge fund collaboration, safe from potential brokerage bankruptcy, while disrupting off-exchange & dark pool abuse, mitigating Failure-to-Deliver abuse, and other similar confidence tricks, deception, derivative-based backstabbing, and basic short selling.
As such, it’s created a once-in-market-history dynamic around the phantom-counterfeit-shares-hedge-fund-abuse-household-investor ecosystem.
We’re talking about a company that is cash flow positive (Free Cash Flow; FCF), no long term debt, ~$1B in cash/treasuries and another ~$1B inventory, moving into the “digital property rights” space, which has been missing from the internet since it was invented – all lead by a team assembled via a 30-something billionaire entrepreneur who took Amazon to the cleaners with Chewy. A company trading at less than 2X assets alone, while currently undervalued by Morningstar where insiders are buying far, far, far more than selling.
Yeah, because only you think it’s important. It’s so central to this cult belief system, it’s in the fucking instance name. Congratulations on making a big deal out of it - now please spend literally any effort explaining why I’d give a shit.
None of the money “safely locked away” exists, if the company goes under. You hold in your hands a tiny sliver of a retail chain in a market that might entirely cease to exist, and your expectation of wild growth is rooted in something that sounds like NFT garbage. Or at best, trying to bring back their classic skeezy revenue stream, buying used games for a pittance and selling them for near retail price. Which is one of those things that obviously will not go well for a centralized middleman service… if words like “decentralized” are anything but empty marketing lies.
[you can ignore this “mindbleach@sh.itjust.works”]
To all other readers: in interest of other viewers/readers and posterity and clarity, see a response to this line of table pounding here.