The $GME gamestonk thread

Discussion in 'Politics & Current Events' started by mbardu, Jan 27, 2021.

  1. mbardu

    mbardu SS.org Regular

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    Yeah it's sad now. GME has been dead since last week, time to let it go back down to where it belongs.
    Even the original guy, u/DFV is stopping his posts now.
     
  2. Avedas

    Avedas SS.org Regular

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    I hope some of those people hedged with puts (they didn't).
     
  3. fantom

    fantom Misses his 6 strings

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    It was not only Robinhood. TD Ameritrade, Vanguard, E*trade, and several other major brokers blocked transactions as well. Just because your broker allowed trading doesn't mean that the situation was fine. If people using Robinhood tried to create accounts on other platforms, transfer cash, then wait for a 3 day holding period on their wire transfer, just to find out that the new platform also blocked trading GME, it would have been silly.

    And in the event people opened accounts on other platforms, you have to remember that the IRS charges taxes on a FIFO policy. So you would have to guarantee to sell the stocks across multiple brokerages in the right order or to avoid tax mess. Overriding the cost basis on stock transactions is probably a red flag for audits.

    So no, people really didn't have an option to find a brokerage allowing GME and transfer funds easily.
     
    Last edited: Feb 4, 2021
  4. mbardu

    mbardu SS.org Regular

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    Very much doubt so considering the IV and the price of those puts.
    You could have hedged by selling calls...except of course that was forbidden for retail, even covered calls.
    All allowed for institutions of course :lol:
     
  5. Avedas

    Avedas SS.org Regular

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    Puts definitely printed the last couple days. Made some lunch money on the way down. I'll see how Friday premarket goes to see if it's worth scraping some more change out of the stragglers. I think it'll blow past 40 by next week but not sure if the recent news will have the price settle at 20 or 30.
     
  6. narad

    narad Progressive metal and politics

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    So are those Toones coming to Japan or what?
     
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  7. Avedas

    Avedas SS.org Regular

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    I try not to yolo things that won't increase the numbers in my account :)
     
  8. narad

    narad Progressive metal and politics

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    But a diversified portfolio is one that includes such liquid assets, as well as social assets, like SSO likes.
     
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  9. nightflameauto

    nightflameauto SS.org Regular

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    RE: the Musk comments on GME - anybody taking anything he says about the situation seriously needs to temper themselves harshly. Dude's caused runs on Dogecoin so often that they've made him an officer of Dogecoin. And he flat out tells people he just does it for the LOLz because Dogecoin was such a silly concept. He's probably watching this GME shakeout and laughing his pot soaked brain out of his head over it.
     
  10. Xaios

    Xaios Foolish Mortal

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    Time to admit it: I bought some Doge. Not a lot, just enough to have a little fun. I bought it fully expecting to lose money, because I know essentially fuck-all about investing. I bought at $0.044 CAD. Now it's $0.1023. I feel like the Earth has fallen off its axis.
     
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  11. TedEH

    TedEH Cromulent

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    I've got some bitcoin around somewhere. Maybe $80 worth. Bought it when it was worth half of that. I'm clearly an investing pro now.
     
  12. nightflameauto

    nightflameauto SS.org Regular

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    I made ten bucks between Bitcoin and Ethereum in like a week. Clearly I'm ready to toss some coin at that Lamborghini I'd been eying.
     
  13. SpaceDock

    SpaceDock Shred till your dead

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    This all seems too much like the dot com or mortgage busts when it was seemingly too easy to make money then all the armchair investors start throwing in. Just don’t bet what ya can’t lose!
     
  14. jaxadam

    jaxadam SS.org Regular

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    I just wish I could make 3 to 5k a day like you do. I mean, taking the average of 4k a day, and losses of 10k a week, that's a net gain of 10k a week, or about half a million a year. I need to get in on your investing strategies!
     
  15. nightflameauto

    nightflameauto SS.org Regular

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    Pretty much all my "investing," over the years I've viewed the same way I've viewed going to the casino with the family. It's fun to toss twenty bucks at the slots on the off chance you hit the jackpot. Just like it's fun to toss twenty at an investment (or shitcoin as the techies call the crypto currencies) on the off chance you can sell when they peak. It's amusing to me to watch the trends, and see the chicken littles running around screaming every time it peaks and falls.

    I tried to buy twenty bucks of doge last week but couldn't get the exchange to process the request. Too bad as there was a point where they were up so high over the last few days that $20 initial would have been worth about $6k (with a $5k a day limit on sales I still would have been pretty happy with that). It's dropped again, but doge is one of the funnier ones. Buy when it's low and wait for Elon Musk or Snoop Dogg or somebody to say something silly about it, then sell before it falls again. Just don't be stupid and bet your life savings on it.

    The only investment I currently have outside of 401ks and work related investing that's "serious money" was a buy in my dad got me into in a pharma company when they IPOed. He's been an accountant his whole life and involved in several other IPOs that made money, so I figured I'm safe following his lead. Even so I only bought what I wasn't afraid of losing. If they deliver as promised, I'll be able to retire on it in ten years. If they don't, it's been fun watching them climb from nothing in the beginning and thinking I have some stake in it.

    To those dudes that play the game day in and day out? More power to ya. I wouldn't have the stomach for it. I'll check trends daily, but even when I've played imaginary games of where things could go I get queasy if I think of an initial buy-in over a grand. I'd rather gamble that grand on a guitar that may appreciate and have something useful in the meantime.
     
  16. Xaios

    Xaios Foolish Mortal

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    ...aaaaand Dogecoin has dropped like a brick in the past couple hours. :lol:
     
  17. nightflameauto

    nightflameauto SS.org Regular

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    Yup. Over the weekend they had Snoop and Musk trading memes about it and it climbed like absolutely crazy until about Monday morning. Musk plays with Doge the way a cat plays with a a ball of yarn and somehow it almost always pushes the price into the stratosphere for like a day. Then *BAM* back down it goes.
     
  18. SpaceDock

    SpaceDock Shred till your dead

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    I am really wondering when BTC is going to take a crap, I believe it got real pumped by Republicans who thought the dollar was going to crash/ market crash that Fox has been pushing for a while. I think US stocks are set to go even higher on US recovery. Thoughts?
     
  19. nightflameauto

    nightflameauto SS.org Regular

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    Tesla just bought into Bitcoin for 1.5 Billion, so I would say the crash is at least a few weeks out. The positive: more demand. The negative: more regulatory scrutiny. The regulatory scrutiny takes time to really have an adverse effect though.

    I am enjoying watching my piddly little buy-in grow by a few dollars a day at this point. I honestly figured the second I tossed twenty in it would crash so hard it would essentially disappear. That's my usual buy-in luck. Instead we see a big investment from a tech bro company. That could float it for quite a while.

    Or cause speculative selling due to fear. Either/or.
     
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  20. MrWulf

    MrWulf SS.org Regular

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    Bitcoin is going to blow up quite a bit more. It is cooling down from the Tesla announcement. But the balloon will inflate once other corps start following Tesla's footstep, for better or worst. I'm just here to enjoy the ride and get out before it pop. And dogecoin is lol. It is basically a pump and dump scam
     

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