Cryptocurrency as the next significant stage for computing technology, not just an investment

[zlemflolia]

34 minutes ago, pcock said:

he CEO of IBKR literally circumvented free market capitalism and went on the financial news and openly stated they had to cease trading ability fir retail because their losses were exceeding what they could capably handle yesterday.

dictatorship of the bourgeoisie

[iococoi]

[chronical]

6 minutes ago, iococoi said:

why is she so nervous? holy shit lol

 

edit: oh, humor, I see. good morning watmm, we should invest into rephlex

Edited January 29, 2021 by chronical

[d-a-m-o]

Expert stonks traders

[chenGOD]

4 hours ago, pcock said:

I'm reading reddit just like you, but if the wall street journal is reporting that the short elements of these squeezes are already down approx 70 billion, and the opposing side of that loss is combined GME, BB, and AMC retail holders holding shares en masse, and the theorised short squeeze all VW 2008 is still potentially going to raise GME price by over 500 percent, then is that not one of the greatest transfers of wealth? We are approaching 1 percenter money here, easy. 

 

The end game here is to sell when the price is so high that it folds the other end of the trades, the shorts. They have no defined risk ceiling and no way of exiting the trade. The CEO of IBKR literally circumvented free market capitalism and went on the financial news and openly stated they had to cease trading ability fir retail because their losses were exceeding what they could capably handle yesterday.

As explained elsewhere, a lot of GME/AMC/NOK/BB is held by mutual funds, and not retail. It's them who are making out like bandits here.

Yes I know what the end game is (buy high sell low, fucking crypto am i right?) but when they stop trading retail, what do you think is happening behind the scenes? You don't even have to guess. Price went down, those two hedge funds (Melvin and Citron) are selling at a loss to cover their shorts. https://www.cbc.ca/news/business/gamestop-wednesday-1.5889652

https://www.reuters.com/article/melvin-fund-evotec-devarta-idUSKBN29W23O

Lol "free market capitalism".  I really really really hope that they get rid of shorts altogether (synthetic longs should probably also be on the chopping block, as some consider those in their analysis as a way of getting around naked shorts - which are illegal). That and laddering. Hopes and dreams.

[Cryptowen]

the worst case scenario for all this is that it leads to the emergence of a new bourgeoisis comprised entirely of redditors & white guys with dreadlocks

they'll be able to start selling frozen chicken tenders for $100 a box at that point

Edited January 29, 2021 by Cryptowen

[dingformung]

I don't know shit about stock markets but after what happened in the stupid first world problems thread I simply can't trust @chenGOD's judgement anymore (on this or any other matter). He used a whole bunch of pseudo-linguistic explanations only to prove that he was right about the placement of a comma (which he was not) but all of it was just a mixture of half-knowledge, hot air and pure bullshit - which was obvious to anyone who knows the ropes at least a bit. This man can't be trusted.

[dingformung]

In the end he had to admit that he was wrong but it was a long process and these kind of things can only be forgiven, not forgotten.

[Sensitive Outsider]

damn, that's disappointing,, . Who want's to buy my share,s in Chengod, ' ,  the fundamentals are all wrong and see no LT future value...

(Will not accept Bitcoin unless you've lamenated it to be waterproof)

[auxien]

7 hours ago, chenGOD said:

WATMM offers a different service than either of those, where else would you be able to follow a 4 page argument on a comma and still get IDM references.

that's my point chen. GameStop was/could be/should be/is(?) selling the community/'expert' experience to help it move forward. one can buy beer at the store and go home and drink it for much (much) cheaper than one can go to a bar and buy beer, but one still enjoys going to a bar for the experience/community/recommendations...that's what the bar is selling for the most part. GS needs to be serving a similar purpose for games. 

1 hour ago, dingformung said:

I don't know shit about stock markets but after what happened in the stupid first world problems thread I simply can't trust @chenGOD's judgement anymore (on this or any other matter). He used a whole bunch of pseudo-linguistic explanations only to prove that he was right about the placement of a comma (which he was not) but all of it was just a mixture of half-knowledge, hot air and pure bullshit - which was obvious to anyone who knows the ropes at least a bit. This man can't be trusted.

lol i've not checked in on that but it sounds terrible and not surprising. poor chen. pouring one out for a lost soul

[zkom]

Dogecoin up by over 300% in 24 hours apparently due to r/satoshistreetbets.

Wonder how this crazy circus show will end.

[chenGOD]

1 hour ago, dingformung said:

In the end he had to admit that he was wrong but it was a long process and these kind of things can only be forgiven, not forgotten.

I admitted no such thing, and that's all I'll say about it in this thread.

 

31 minutes ago, auxien said:

GameStop was/could be/should be/is(?) selling the community/'expert' experience to help it move forward

They should be but they're not. Look at what they're actually doing to try and weather the storm, and compare it to other similar models (Blockbuster).

[auxien]

48 minutes ago, chenGOD said:

I admitted no such thing, and that's all I'll say about it in this thread.

lol good, there's a reason i stay out of those threads. 

48 minutes ago, chenGOD said:

They should be but they're not. Look at what they're actually doing to try and weather the storm, and compare it to other similar models (Blockbuster).

perhaps.  i'm also not running that or any company, so my view doesn't matter, does it? and whoever is just had more 'worth' and advertisement (which will matter despite any stock numbers long term) created for themselves than they ever could've dreamed, and it may end up being a huge asset far beyond the stocks.

unnecessary indirect babble spoilered:

Spoiler

 

but all those basic business practices are secondary to the actual conversation, which is about stocks. stock prices are not necessarily tied to the worth of the company and has been the case in many cases for many, many years. Doge/BTC/GME/USD are all interchangeable in that the piece your trading doesn't fucking matter....because money is generally no longer tied to real worth, and the last couple decades have seen that expanding in less and less realistic ways. the only thing that matters is how much is that worth in relation to something else right now, and can i capitalize on that relation in some way? can we twist it to create an entirely smoke and mirrors currency (crypto) and push that to benefit us? yes, is obviously the answer....because stock traders have been doing that to varying (re: increasing) degrees for decades. Apple and Amazon and Bezos and Cook and all their shareholders aren't worth literally trillions of dollars, because if they all tried to cash out tomorrow they'd collapse their 'wealth'. the whole system is a sham held up by its own shadow. Wall Street is worried because this sort of shit with crypto/GME pumping exposes the shadow pretty clearly that even fucking doofuses can see it for the bullshit it is. (hence a large part of their trying to downplay/destroy crypto and now trying to 'legitimize' it so they can manipulate it by their own systems)

the whole gaming the system thing is a logical continuation/result of these policies and if i was any smarter/less concerned with reality i would've bought a few hundred BTC when i first hear about them way back when (or started dabbling in stocks/WSB-type shit years ago). 

 

 

[Alcofribas]

auxien, you're trying to tell me money isn't based on anything? then how do you explain tesla stock going up 700% in 2020? you trying to tell me that's made up dude? take a look around, you're not seeing all the good elon is doing? look how much he helped out during the pandemic with his posting online.

[auxien]

yes i am very smart as any one can see, much like my mai n man elon musks

he used the word vestigial there which lol wow that is a real word! had to look it up in a dictinoary its real hard to spell and means like old but still around for no good reason lmao like Plaid or somefin lol 

anyway buty stocks their good for you

[chenGOD]

15 minutes ago, auxien said:

all those basic business practices are secondary to the actual conversation, which is about stocks. stock prices are not necessarily tied to the worth of the company and has been the case in many cases for many, many years. Doge/BTC/GME/USD are all interchangeable in that the piece your trading doesn't fucking matter....because money is generally no longer tied to real worth,

Spoiler

 

USD is tied to the solvency of the US government (and yes the trust in the institutions, which the previous administration did their best to erode), but DOGE/BTC/ETH whatever crypto definitely yes. GME and other business though, they have actual physical assets and employees vs revenue from services that kind of determines their real worth. So it's easy to see that the writing is literally on the wall. Again, blockbuster is the most relevant example, and note the key there - filing for chapter 11 bankruptcy, negates all of the potential gains.

51 minutes ago, auxien said:

Apple and Amazon and Bezos and Cook and all their shareholders aren't worth literally trillions of dollars, because if they all tried to cash out tomorrow they'd collapse their 'wealth'. the whole system is a sham held up by its own shadow.

data:image/gif;base64,R0lGODlhAQABAPABAP///wAAACH5BAEKAAAALAAAAAABAAEAAAICRAEAOw==

Which is exactly why the whole "just take the money from the uber-rich" call doesn't really work the way people think it would. 2 things - 1 ) if they started selling off shares to get the liquid cash, that would signal a massive sell-off, further decreasing the stock price and reducing the amount they could contribute under this "forced redistribution". 2) Once they run out of wealth, if their revenue is negative even for a quarter, they're fucked, and so are all their employees.

Now, before anyone gets any ideas, I'm not saying that these corporations and individuals should enjoy so much wealth. Rather, there are no simple solutions here. However, a strong corporate tax rate, updated estate and inheritance tax laws (the exemption is like $11 million per household or something ridiculous like that), reduction of tax loopholes, removal of off-shore tax havens, etc.  are all things that need to happen. The problem of course is that none of these are sexy or get much media play, and the multi-millionaires/billionaires will fight them like hell (revoke Citizens United, cap political donor limits for individuals).

 

Spoilered because way off topic even if interesting.

Also, who knew that Marx dabbled in the day trading: https://seekingalpha.com/article/196857-karl-marx-day-trader

[Alcofribas]

6 minutes ago, auxien said:

yes i am very smart as any one can see, much like my mai n man elon musks

he used the word vestigial there which lol wow that is a real word! had to look it up in a dictinoary its real hard to spell and means like old but still around for no good reason lmao like Plaid or somefin lol 

anyway buty stocks their good for you

people who revere musk have no respect for the Posting Arts, he's a disgrace to Online

[zlemflolia]

even marx lived in a society

[brian trageskin]

[auxien]

1 hour ago, chenGOD said:

Which is exactly why the whole "just take the money from the uber-rich" call doesn't really work the way people think it would. 2 things - 1 ) if they started selling off shares to get the liquid cash, that would signal a massive sell-off, further decreasing the stock price and reducing the amount they could contribute under this "forced redistribution". 2) Once they run out of wealth, if their revenue is negative even for a quarter, they're fucked, and so are all their employees.

Now, before anyone gets any ideas, I'm not saying that these corporations and individuals should enjoy so much wealth. Rather, there are no simple solutions here. However, a strong corporate tax rate, updated estate and inheritance tax laws (the exemption is like $11 million per household or something ridiculous like that), reduction of tax loopholes, removal of off-shore tax havens, etc.  are all things that need to happen. The problem of course is that none of these are sexy or get much media play, and the multi-millionaires/billionaires will fight them like hell (revoke Citizens United, cap political donor limits for individuals).

chen, in the year 2021: 'making ludicrously rich people not be so ludicrously rich is difficult and they'll probably cry a lot so we should really just not try too hard, they'll probably fight it a lot and difficult things shouldn't take up too much attention or effort! their employees might lose their jobs, which is a bad thing and obviously not drenched in bullshit trickle-down economics ideals so don't think that, anyway just maybe try and kinda start maybe putting in a few small tiny regulations here and there a little if we can please mister thank you for letting us Jeff Bezos we appreciate you very much.'

[zlemflolia]

1 hour ago, auxien said:

i hate him for many reasons but his posting language syntax is one of the main reasons.  i think its his variant of autism which is bad because i am also an autistico

[chenGOD]

25 minutes ago, auxien said:

they'll probably cry a lot so we should really just not try too hard, they'll probably fight it a lot and difficult things shouldn't take up too much attention or effort! their employees might lose their jobs, which is a bad thing and obviously not drenched in bullshit trickle-down economics ideals so don't think that, anyway just maybe try and kinda start maybe putting in a few small tiny regulations here and there a little if we can please mister thank you for letting us Jeff Bezos we appreciate you very much.'

Imagine reading what I wrote and getting that out of it. Fuck outta here with that BS.

It's the fact that they're complex problems that dictate they should in fact actually take up a lot of time and thought, and not following along with the "meme economy". Fucking ridiculous take.

[dingformung]

1 hour ago, cyanobacteria said:

i hate him for many reasons but [Elon Musk's] posting language syntax is one of the main reasons.  i think its his variant of autism which is bad because i am also an autistico

autism had got good press over the last years, made it into pop culture etc, and now some people think of it as some sort of special gift and like to identify with it. it's an entirely inaccurate idea of autism and helps real autists only in that their diagnosis is suddenly cool or at least not seen as some variation of retardation. in certain circles it might be a prestige diagnosis but in reality autism is - apart to some minor advantages it might bring in certain cases - a handicap that depending on its severity can keep people from living a normal life. i'm not sure why you assume that elon musk is an autist. the insensitive usage of the word autist is widespread here on this message board and it sometimes makes me feel ashamed of WATMM.

1 hour ago, cyanobacteria said:

even marx lived in a society

how do you know, hm? do u know him personally?

 

[Cryptowen]

in the communist utopia that marx envisioned, it would require a capitalist society nearby so that (if need be) a person could go there & pawn their extra pairs of trousers in order to buy food

also

 

[chim]

AMC held gloriously through a rocky day. A lot of panic sellers. Short interest went up to 78%, a bunch of $9 options were supposed to go off but will now accrue interest and race Wall Street to the squeeze. Next week will be a ride to remember.