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The Battle of GameStop

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Re: The Battle of GameStop

#131

Post by viraptor »

pmorici wrote: post #118
viraptor wrote: post #47

Earlier quoted context omitted.

It's still a lottery. They didn't know if there would be enough real following or if most people were just trolling. Even if they estimated that well, they still had no idea where the peak was.

A typical lottery in the USA has odds of like 1 in 300 million. The fact alone that more than 100% of float was shorted put the odds of this happening way above any chance you have of winning the lottery. Suggesting that just because there was an aspect of chance involved that it is on par with a lottery is ridiculous.

With 1/300M you're likely thinking of a jackpot. Winning anything is much lower. Powerball is 1/38 for the lowest payout. And in the same way, there will be a lot of people around breakeven point in the GameStop lottery, some small winners and some people who are now set for life.

Re: The Battle of GameStop

#132

Post by 8note »

in3d wrote: post #71
shouldiquitamzn wrote: post #17

I’ve made millions on WSB options plays. I can finally quit my job and stop being a cubicle slave. The visceral reaction from the media on this is disgusting. Major hedge funds got caught on the wrong side of this, and have been making a huge stink about it. CNBC to the rescue, demonizing young middle class Reddit investors. This whole thing has opened my eyes to how even my FAANG compensation is peasant money, it’s…

You’re a lottery winner, congrats. People made money during the tulip mania also. You’ve given money to the Wall Street, not taken it away. The biggest winners are companies like Robin Hood and hedge funds who buy their order flow data and hedge funds that take advantage of the bubble to play this, while the losers will be small investors who were late to the game and believed the bullshit about how it’s anything mor…

What money did they give to wall street? How is wall street in the plus here?

Re: The Battle of GameStop

#133

Post by pyrrhotech »

nceqs3 wrote: post #116
pyrrhotech wrote: post #96

Earlier quoted context omitted.

Damn, here I was thinking /u/DeepFuckingValue was winning by turning 53k into 13M, more than any of the jealous fucks here will make in their lifetime working their miserable engineering jobs and afraid to take any risks in life https://www.reddit.com/user/DeepFuckingValue

Ken Griffin made $6 billion during the pandemic. https://www.bloomberg.com/billionaires/profiles/kenneth-c-gr...

Yea and Elon Musk made 170B. Meanwhile, the average HN user probably made somewhere around 200k. I made 1.3 million last year. I know it's not a lot because I know people several orders of magnitude richer than myself, but I also know that there are risks worth taking in life, and no one becomes Elon Musk, Ken Griffin, DeepFuckingValue or even myself by calmly working a desk job. You have to have balls to really succeed in life.

There's an argument to be made that it's not worth it, that you are happy enough with your low 6 figure existence, but the sentiment here clearly shows that's not the case. The sentiment here shows that people are not happy in their FANG and other engineering jobs, and they are in fact incredibly jealous of Musk, Griffin and the newly rich WSBers, and instead of admit that jealousy, they make up lies claiming that the WSBers aren't winning, when it's clear as day they are in this moment and big hedge funds are the losers.

I'm not saying WSB will continue to win, I think hedge funds will get their shit together and not get themselves into a GME-like position again in the near future. However, let's call a spade a spade while it lasts. DeepFuckingValue and his WSB brigade have scored a HUGE win, many becoming overnight multi-multi millionaires, and instead of bash them, why not celebrate them for a day.

Re: The Battle of GameStop

#135

Post by 8note »

bitcoinmoney wrote: post #84
shouldiquitamzn wrote: post #74

Earlier quoted context omitted.

No I made this money myself. In any time in basically the last decade, if you leveraged up on the SPY or QQQ, you are now retired. People are too risk averse, they will be stuck in a job forever

How do we replicate your success?

Memes. The answer is memes.

People are willing to spend money on their memes like they are for their genes

Re: The Battle of GameStop

#136

Post by jeffbee »

tempsy wrote: post #103

I can make $200k selling covered calls every month with a few million in capital. Options prices are crazy right now. It makes you think about how silly money is.

OK but this is not exactly risk-free. You are on the hook for the downside risk of whatever you own behind those calls. Selling covered calls comes with a lot of exposure.

Re: The Battle of GameStop

#137

Post by jameshart »

shouldiquitamzn wrote: post #17

I’ve made millions on WSB options plays. I can finally quit my job and stop being a cubicle slave. The visceral reaction from the media on this is disgusting. Major hedge funds got caught on the wrong side of this, and have been making a huge stink about it. CNBC to the rescue, demonizing young middle class Reddit investors. This whole thing has opened my eyes to how even my FAANG compensation is peasant money, it’s…

You played a game, you played it well, and you won. Well done.

But don't pretend that that means everyone can do it, because patently they can't: you won your bets, a bunch of other people lost theirs. No value that wouldn't otherwise have been created got made, you just shifted the balance of how the rewards are distributed in your favor, and away from someone else.

As a system for distributing the benefits of economic production, allocating it to the winners of a complex iterated social game seems suboptimal. Like if we used 'Among Us' tournaments to distribute food.

But hey, glad it's working out for you.

Re: The Battle of GameStop

#139

Post by 8note »

leowoo91 wrote: post #67
shouldiquitamzn wrote: post #17

I’ve made millions on WSB options plays. I can finally quit my job and stop being a cubicle slave. The visceral reaction from the media on this is disgusting. Major hedge funds got caught on the wrong side of this, and have been making a huge stink about it. CNBC to the rescue, demonizing young middle class Reddit investors. This whole thing has opened my eyes to how even my FAANG compensation is peasant money, it’s…

You might got lucky or not, but your comment is very dangerous for the people who have no idea and haven't been in the field. FAANG compensation is not peasant to billions of people, so please don't do that.

It's just as dangerous as people who work for options that will never best in their favour.

Par for the course, really. Wait better because their main source of income might not be related to a gamble

Re: The Battle of GameStop

#140

Post by ffggvv »

Spivak wrote: post #69
ffggvv wrote: post #46

Earlier quoted context omitted.

no it’s not. the squeeze is what makes the price rise, but once the wsb people start taking their profits, there will no longer be a shortage of shares and it’ll work in reverse, cascading down. it doesn’t just magically stay high forever after the shorts are covered. same cascading down effect can happen if gamestop simply issues new shares even now there’s people on reddit who said they FOMOd in at 150 price point

I mean of course it doesn’t stay high once the shorts are covered. But everyone who sells to people with short positions will absolutely come out on top which is the point.

what about the wsb folks who were tricked into buying in at 150 today?
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