Comment by Cryptoporticus on 27/01/2021 at 01:37 UTC

360 upvotes, 17 direct replies (showing 17)

View submission: /r/wallstreetbets is making international news for counter-investing Wall Street firms that want to see GameStop's stock collapse. The palpable excitement is off the charts.

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WSB suffers from the same "only good news" problem that /r/bitcoin does. It's impossible to tell if things are actually going well because they only upvote stories that give them the good news. Anyone expressing any doubt is going to get pushed down, making it look like things are way better than they really are.

I look on various news sites and see articles that say the big hedge funds are going to come back and win against the little guys, but they all just seem like wishful thinking. But then I look at WSB and see articles saying that they're going to win and the price is going to the moon, which seems equally like wishful thinking. Both sides are desperately doing whatever they can to push the price in their favour.

What's the real story here? I would love to see a group of dumbasses on the internet take down a hedge fund, but I've seen enough of how the USA works to know that shit is probably never going to happen.

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Comment by lilspaghettiboi at 27/01/2021 at 02:46 UTC

124 upvotes, 2 direct replies

nah, there's been plenty of loss porn up there, and you might even say WSB prefers it. Even in the last 24 hours i've seen big upvoted threads of people who bought in at 150+ who are gonna end up losing big. it's just the whole thing right now is such a spectacle and for now they're mostly benefitting from it.

Comment by crazydr13 at 27/01/2021 at 01:44 UTC

104 upvotes, 0 direct replies

That’s a really good point! WSB is definitely an echo chamber. That being said, hard to argue about the short and gamma squeezes going on. I don’t think anyone knows what’s going to happen. I don’t think Wall Street wants to put in the requisite billions of dollars to bring the price back down to near zero but I don’t think they’ll roll over and take the loss either. Regardless, it’s going to be interesting to see what happens over the next few weeks.

Comment by OwenProGolfer at 27/01/2021 at 01:41 UTC

86 upvotes, 2 direct replies

I don’t know if anyone knows or can know for sure. I’m rooting for WSB because fuck hedge funds but I legit have no idea how this will turn out.

Comment by loimprevisto at 27/01/2021 at 05:02 UTC

52 upvotes, 0 direct replies

WSB loves their loss porn! Here's a guy[1] who lost almost $100,000 betting against Game Stop and he's sitting at 7k upvotes.

1: https://ns.reddit.com/r/wallstreetbets/comments/l5lwh7/gme_short_i_am_throwing_in_the_towel_you_guys_win/

Comment by stagfury at 27/01/2021 at 02:53 UTC

36 upvotes, 2 direct replies

I look on various news sites and see articles that say the big hedge funds are going to come back and win against the little guys, but they all just seem like wishful thinking.

Want to know why those sites are pushing this narrative HARD?

The hedge fund fuckers are still so deep in the hole and have an enormous short position. like more than 100% of the floating shares on the market. If the price doesn't come down, they are so absolutely fucked that they might not even exist once the dust settles. So them and the outlets and other big fishes are kinda working hard to keep telling people that GME is gonna fall soon and someone is gonna left holding the bag and scare people into selling now.

Comment by [deleted] at 27/01/2021 at 02:19 UTC

34 upvotes, 2 direct replies

r/bitcoin straight up bans anyone that doesn't have something nice to say about their bitcorn. r/buttcoin is best crypto sub imo.

https://medium.com/@johnblocke/a-brief-and-incomplete-history-of-censorship-in-r-bitcoin-c85a290fe43

That article is a great read about the fucked up moderation team over there. It wasn't always like that, there was a time when open debate was welcomed back around 2014 and before.

Comment by [deleted] at 27/01/2021 at 05:18 UTC

8 upvotes, 0 direct replies

Absolutely not true. When Palantir dropped the page was overrun with memes. If you follow the threads in real time there were plenty of posts bugging when gme dropped to 90. Turns out 90 was a dip.....

Comment by [deleted] at 27/01/2021 at 05:06 UTC

3 upvotes, 0 direct replies

Except thing are going INSANELY well for anyone who got in under $100 a share, which was pretty much any time before Monday. Their money has at least doubled since Monday.

Comment by [deleted] at 27/01/2021 at 09:58 UTC

2 upvotes, 0 direct replies

The real story is somewhere in between.

People who entered this game early are in prime position to make a lot of money, many already have.

People entering now will lose unless they time it perfectly.

People who enter tomorrow or day after without understanding the short squeeze will almost certainly lose a lot of money. Eventually someone has to get screwed over by this, right now its looking like the hedge funds will bear most of the losses.

But there is a small possibility that the hedge funds can trigger a sell off and cut their losses. Their attempts to do that have failed so far, but it can happen nonetheless.

Comment by Milleuros at 27/01/2021 at 10:45 UTC

2 upvotes, 1 direct replies

WSB suffers from the same "only good news" problem that /r/bitcoin does. It's impossible to tell if things are actually going well because they only upvote stories that give them the good news. Anyone expressing any doubt is going to get pushed down, making it look like things are way better than they really are.

Tbf, isn't that how the market works? Rumors and psychology can considerably change stock values.

Comment by [deleted] at 27/01/2021 at 13:35 UTC

2 upvotes, 0 direct replies

Well the conditions right now are unlike anything that has ever come before. Currently WSB has like 2.5 mil subs, everyone is home all day, and it is now possible to trade from a smartphone with no commission fees. If this was 5 people in a basement hoping to outsmart a hedge fund then maybe. But citron research couldn't even figure out how to stream a fucking video last week. At this point they look like even more incompetent morons than the average WSB user(no disrespect to WSB users). 5 people wouldn't matter, but what happens when 2 million users each pitch in a few hundred bucks? You get 472% growth in a week.

Comment by NinjaRedditorAtWork at 27/01/2021 at 15:51 UTC

2 upvotes, 0 direct replies

WSB suffers from the same "only good news"

No it doesn't. Lots of people post massive losses and it is just as equally upvoted and enjoyed... some of the biggest losses are some of the biggest posts.

Comment by 72414dreams at 27/01/2021 at 05:47 UTC

4 upvotes, 1 direct replies

That’s a bullshit take. Wsb is nothing vaguely resembling a monolithic echo chamber.

Comment by Terrh at 27/01/2021 at 05:53 UTC

0 upvotes, 0 direct replies

It's pretty hard to lose money on bitcoin long term. Like, basically impossible over any 3 year period. Even if you buy at the worst possible time, it has always gone up more within a few years.