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Re: Bitcoins and Other Crypto-currencies
Posted: Tue Jan 26, 2021 2:45 pm
by Tomous
Rocsteady wrote:Anyone following Reddit messing up the stock market through GME?
I tried to read up on this and I'm not sure I understand what they did but they seem to have made a lot of money and strawberry floated things up for some big players
Re: Bitcoins and Other Crypto-currencies
Posted: Tue Jan 26, 2021 3:34 pm
by Rocsteady
Tomous wrote:Rocsteady wrote:Anyone following Reddit messing up the stock market through GME?
I tried to read up on this and I'm not sure I understand what they did but they seem to have made a lot of money and strawberry floated things up for some big players
I'm not fully sure either - sounds as though hedge funds all went short on Gamestop stock, reddit noticed and decided to chuck all their money into it.
Some folk are six figures up and claiming they're going to hold, I'd be strawberry floating right off at this point.
Re: Bitcoins and Other Crypto-currencies
Posted: Tue Jan 26, 2021 3:39 pm
by Grumpy David
Rocsteady wrote:Anyone following Reddit messing up the stock market through GME?
It's strawberry floating hilarious.
Was going to post about it in the money thread.
The hedge funds shorted more GME stock than actually exists so /r/wallstreetbets bought Gamestop shares in huge numbers to short squeeze them.
1 user on reddit has turned 50 thousand dollars into 11 million.
https://www.reddit.com/r/investing/comments/l3otq5/all_right_wtf_is_going_on_with_gme/
Re: Bitcoins and Other Crypto-currencies
Posted: Tue Jan 26, 2021 3:51 pm
by Tomous
Is that 11 million real? Like can he cash that out?
Re: Bitcoins and Other Crypto-currencies
Posted: Tue Jan 26, 2021 3:59 pm
by Grumpy David
Tomous wrote:Is that 11 million real? Like can he cash that out?
https://i.reddit.com/user/DeepFuckingValueDeepFuckingValue went long on GME in late 2019. He regularly posts his current Long position.
The mods have a sticky post on it:
https://www.reddit.com/r/wallstreetbets/comments/l4xje1/gme_yolo_update_jan_25_2021/.compactLong story short, u/DeepFuckingValue (DFV) posted his GME YOLO here back in September of 2019.
He took an $50K long position and has been long ever since. That's right, he turned $50K into $13MM+, and was at almost $25MM at today's peak. (He realized some gains along the way and bought into new positions, hence the $770K cost basis)
It's not fake. Look at this submission history.
Welcome to WSB, enjoy your stay.
Re: Bitcoins and Other Crypto-currencies
Posted: Tue Jan 26, 2021 4:25 pm
by Cuttooth
So what's the catch to this get rich quick scheme, other than the obvious potential loss of money if things don't go to plan?
Re: Bitcoins and Other Crypto-currencies
Posted: Tue Jan 26, 2021 4:31 pm
by Jenuall
Well having the 50k to invest in the first place is a bit of a hurdle!
Re: Bitcoins and Other Crypto-currencies
Posted: Tue Jan 26, 2021 6:26 pm
by That
Cuttooth wrote:So what's the catch to this get rich quick scheme, other than the obvious potential loss of money if things don't go to plan?
I am certainly no "trader" but my vague understanding based on its reputation in other subreddits is that r/WallStreetBets is always trying to pull off some kind of hare-brained scheme, and it's full of people who lose their entire life savings going along with them.
I don't know (and don't particularly care about) the details of this particular story, but I don't think the subreddit as a whole is a very reliable source of get rich quick schemes!
Re: Bitcoins and Other Crypto-currencies
Posted: Tue Jan 26, 2021 6:48 pm
by Igor
I have $6000 in GME, average low 50s. Got in Friday afternoon. I absolutely do not see capitulation on the buy side, not with how much attention this is getting. Shorts are, quite rightfully, strawberry floated.
Re: Bitcoins and Other Crypto-currencies
Posted: Tue Jan 26, 2021 6:58 pm
by Grumpy David
Igor wrote:I have $6000 in GME, average low 50s. Got in Friday afternoon. I absolutely do not see capitulation on the buy side, not with how much attention this is getting. Shorts are, quite rightfully, strawberry floated.
Nice! 6k USD bought on Friday so it's over double that atm!
Eventually people will crystallise their gains, just hope you lock in at the top!
Re: Bitcoins and Other Crypto-currencies
Posted: Tue Jan 26, 2021 7:16 pm
by Cuttooth
Karl_ wrote:Cuttooth wrote:So what's the catch to this get rich quick scheme, other than the obvious potential loss of money if things don't go to plan?
I am certainly no "trader" but my vague understanding based on its reputation in other subreddits is that r/WallStreetBets is always trying to pull off some kind of hare-brained scheme, and it's full of people who lose their entire life savings going along with them.
I don't know (and don't particularly care about) the details of this particular story, but I don't think the subreddit as a whole is a very reliable source of get rich quick schemes!
It’s just an extreme form of gambling then! By "catch" I suppose I mean are there any laws/dodgy elements that puts anyone making a million dollars off a fiver in the crosshairs of someone you wouldn’t want to be in the crosshairs of.
Re: Bitcoins and Other Crypto-currencies
Posted: Tue Jan 26, 2021 7:29 pm
by Albert
Grumpy David wrote:
Eventually people will crystallise their gains, just hope you lock in at the top!
Re: Bitcoins and Other Crypto-currencies
Posted: Tue Jan 26, 2021 7:36 pm
by Kezzer
I was lucky, managed to get a lineup consisting of Hydrocoptic Marzelvanes.
Basically the only principle involved was getting in at the right time, just when the value for Ambifacient Spurving was in a hole.
Re: Bitcoins and Other Crypto-currencies
Posted: Tue Jan 26, 2021 10:41 pm
by Igor
strawberry float me, it's $214 in post-market.. Not that I can sell right now, but that's $18.5k unrealised, in four days. I've had a good 12 months in crypto but nothing like this.
Re: Bitcoins and Other Crypto-currencies
Posted: Tue Jan 26, 2021 11:56 pm
by Kezzer
I am glad that a few of you have good fortune, but strawberry float me is it depressing.
Re: Bitcoins and Other Crypto-currencies
Posted: Wed Jan 27, 2021 8:16 am
by Rocsteady
Igor wrote:strawberry float me, it's $214 in post-market.. Not that I can sell right now, but that's $18.5k unrealised, in four days. I've had a good 12 months in crypto but nothing like this.
I wondered about putting a little money in at 70 but didn't, the regret.
When are you planning to cash out?
Re: Bitcoins and Other Crypto-currencies
Posted: Wed Jan 27, 2021 9:28 am
by Tomous
Is it too late to get in on this Gamespot stuff?
Re: Bitcoins and Other Crypto-currencies
Posted: Wed Jan 27, 2021 9:36 am
by Grumpy David
Tomous wrote:Is it too late to get in on this Gamespot stuff?
It's going to the moon!
Insert multiple rocket ship emojis. Stonks only go up!
Re: Bitcoins and Other Crypto-currencies
Posted: Wed Jan 27, 2021 9:37 am
by Rocsteady
Tomous wrote:Is it too late to get in on this Gamespot stuff?
Personally I wouldn't risk it at this point.
It may still shoot way up though, I'm far from an expert on this.
Re: Bitcoins and Other Crypto-currencies
Posted: Wed Jan 27, 2021 9:49 am
by Moggy
Tomous wrote:Is it too late to get in on this Gamespot stuff?
If you buy bitcoin with Gamespot stock then how can you lose?