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posted by Fnord666 on Sunday March 14 2021, @02:49PM   Printer-friendly
from the who-will-be-holding-shares-when-the-game-stops? dept.

GameStop shares rise, fall and rise again in roller-coaster day of trading:

GameStop shares spiked Wednesday, reaching $348 apiece, only to come crashing down to $172 each early in the afternoon, causing multiple halts in trading of the stock due to volatility. Stocks then moved back up and ended the day at $265[*], a 7% increase for the day.

The past two days were a buying frenzy for the video game retailer's stock since Monday, when it was $136. That surge coincided with a lift to the entire stock market after Saturday's passage of the COVID relief bill in the Senate, as well as with an announcement that the video game retailer is developing a new e-commerce strategy, with Chewy.com founder Ryan Cohen heading that effort.

Cohen, who made a large investment in GameStop last year, will lead a committee seeking to transform GameStop a "technology business," the company said in a press release Monday.

GameStop shares skyrocketed from less than $20 in early January to more than $480 at the end of January thanks to a massive push by traders on the Reddit forum r/WallStreetBets. The stock price has dropped dramatically since then.

Price quote on Yahoo!

Also at BBC

Previously:
The Complete Moron's Guide to GameStop's Stock Roller Coaster
Console Options Without Disc Drives Could be GameStop's Final Death Knell
Web Site thinkgeek.com Moving in with Parent Company GameStop
GameStop Heading Towards Possible Doom
GameStop Posts Massive Loss as Pre-Owned Game Sales Plummet
GameStop's Future in Question after Failing to Secure Buyout


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  • (Score: 4, Interesting) by Rich on Sunday March 14 2021, @02:56PM (18 children)

    by Rich (945) on Sunday March 14 2021, @02:56PM (#1124018) Journal

    I have to ask myself in what way GameStop shares would differ from Bitcoin or the US dollar, if enough people kept believing in its worth...

    • (Score: 2, Interesting) by khallow on Sunday March 14 2021, @03:08PM (7 children)

      by khallow (3766) Subscriber Badge on Sunday March 14 2021, @03:08PM (#1124020) Journal
      What would the point of the exercise be? The answer is that it would then depend on the power of whoever controls the ability to issue new shares (which might not be shareholders in this case, I don't know the power structure of the business). For it is feasible to issue far more shares than there is belief in the value of those shares.
      • (Score: 2, Troll) by Rich on Sunday March 14 2021, @03:39PM (6 children)

        by Rich (945) on Sunday March 14 2021, @03:39PM (#1124036) Journal

        So it would not be different to what central banks do? As opposed to Bitcoin, where the issuing is limited by available computing power. (Or a hypothetical eco-currency where the issuing is controlled by available eco-energy futures). The share controllers would probably milk the golden cow for what it's worth, but attempt to not slaughter it.

        • (Score: 0) by Anonymous Coward on Sunday March 14 2021, @04:02PM

          by Anonymous Coward on Sunday March 14 2021, @04:02PM (#1124049)

          >> (Or a hypothetical eco-currency where the issuing is controlled by available eco-energy futures).

          Stop giving St Greta ideas.

        • (Score: 1, Insightful) by Anonymous Coward on Sunday March 14 2021, @05:01PM

          by Anonymous Coward on Sunday March 14 2021, @05:01PM (#1124086)

          Bitcoin is already energy credits as seen in star trek. The value is determined by the energy devoted to securing the network.

          If less energy is available then the value drops, thus decreasing consumption. If more becomes available the value of the currency rises and people spend more on goods and services. This is perfectly in tune with nature.

        • (Score: 2) by leon_the_cat on Sunday March 14 2021, @09:29PM (3 children)

          by leon_the_cat (10052) on Sunday March 14 2021, @09:29PM (#1124164) Journal

          Bitcoin is limited to 21 million.

          • (Score: 0) by Anonymous Coward on Sunday March 14 2021, @11:56PM (2 children)

            by Anonymous Coward on Sunday March 14 2021, @11:56PM (#1124200)

            Bitcoin is limited to 21 million.

            For now. When that "limit" starts to be reached, are all those miners who have all that massive investment in hardware with which to mine, simply going to shrug their shoulders and say, "Well, that's it, we've mined them all." Or are they likely to force an update to the limit in the code and a quick recompile?

            Bitcoin is software. Software can be changed. Given enough people wanting more money, it will be changed.

            • (Score: 3, Insightful) by leon_the_cat on Monday March 15 2021, @12:18AM (1 child)

              by leon_the_cat (10052) on Monday March 15 2021, @12:18AM (#1124210) Journal

              Firstly I point it out because it was a philosophical choice not some arbitrary code choice. Secondly it not as easy to do as you seem to think you would have to break the current network of nodes to do so which could be chaotic or even terminal for bitcoin.

              • (Score: 0) by Anonymous Coward on Monday March 15 2021, @09:28AM

                by Anonymous Coward on Monday March 15 2021, @09:28AM (#1124357)

                No, changing the limit wouldn't be that easy. But they've forked it and modified things before, so changing the limit can't be considered impossible. With the miners being a group with a large influence over bitcoin, and knowing that as a group they'll have a strong incentive to change the limit once the current limit is approached, it's not a huge leap to think it more likely than not that the limit will be changed.

                I don't think it would be terminal for bitcoin, though, now that people have since invented NFTs which are crazier than bitcoin could ever hope to be.

    • (Score: 0, Interesting) by Anonymous Coward on Sunday March 14 2021, @04:57PM (3 children)

      by Anonymous Coward on Sunday March 14 2021, @04:57PM (#1124084)

      Bit COIN is a fraudulant never existed so-called digital currency except for a few sample coins years ago.

      There are no coins, only COIN.

      I cry on the right shoulder of g-d for anyone who ever had this COIN.

      • (Score: 0) by Anonymous Coward on Sunday March 14 2021, @06:14PM (2 children)

        by Anonymous Coward on Sunday March 14 2021, @06:14PM (#1124114)

        Hey, take it east, mods. Someone triggered by pointing out facts about bit COIN?

        • (Score: 0) by Anonymous Coward on Sunday March 14 2021, @09:08PM

          by Anonymous Coward on Sunday March 14 2021, @09:08PM (#1124160)

          Hey, take it Yeast, mods. Someone triggered by pointing out facts about bit COIN?

          You made a typo. FTFY.

        • (Score: 1) by khallow on Monday March 15 2021, @01:57PM

          by khallow (3766) Subscriber Badge on Monday March 15 2021, @01:57PM (#1124412) Journal
          I imagine they're more likely to be triggered by people making stupid statements. That it happens to be about Bitcoin is by your choice.
    • (Score: 4, Insightful) by leon_the_cat on Sunday March 14 2021, @09:43PM (5 children)

      by leon_the_cat (10052) on Sunday March 14 2021, @09:43PM (#1124169) Journal

      "Value is thus nothing inherent in goods, no property of them, nor an independent thing existing by itself. It is a judgment economizing men make about the importance of the goods at their disposal for the maintenance of their lives and well‐​being. Hence value does not exist outside the consciousness of men." Carl Menger

      • (Score: 2, Troll) by c0lo on Sunday March 14 2021, @10:22PM (4 children)

        by c0lo (156) Subscriber Badge on Sunday March 14 2021, @10:22PM (#1124173) Journal

        Fallacy detected. Equating value with money.

        --
        https://www.youtube.com/watch?v=aoFiw2jMy-0 https://soylentnews.org/~MichaelDavidCrawford
        • (Score: 2, Touché) by khallow on Monday March 15 2021, @01:58PM (3 children)

          by khallow (3766) Subscriber Badge on Monday March 15 2021, @01:58PM (#1124413) Journal

          Fallacy detected. Equating value with money.

          I notice the complete absence of the word, "money" in the grandparent post.

          • (Score: 2) by c0lo on Monday March 15 2021, @02:16PM (2 children)

            by c0lo (156) Subscriber Badge on Monday March 15 2021, @02:16PM (#1124424) Journal

            Not explicit, granted.

            It is a judgment economizing men

            Provide a list of other type of values an "economizing men" judges.

            --
            https://www.youtube.com/watch?v=aoFiw2jMy-0 https://soylentnews.org/~MichaelDavidCrawford
            • (Score: 1) by khallow on Monday March 15 2021, @02:32PM

              by khallow (3766) Subscriber Badge on Monday March 15 2021, @02:32PM (#1124433) Journal

              Not explicit, granted.

              It is a judgment economizing men

              Provide a list of other type of values an "economizing men" judges.

              You are an economizing man, for example. So any reason you make a choice with economic impact is a value even if it doesn't have any monetary value by your perception.

            • (Score: 1) by khallow on Monday March 15 2021, @04:25PM

              by khallow (3766) Subscriber Badge on Monday March 15 2021, @04:25PM (#1124474) Journal
              Let's also consider some examples. For example, religion is a classic driver of non-monetary economic decisions. Some behaviors and choices have very little economic impact - for example, short prayers at certain times of the day or before meals. Others do, such as a pilgrimage to a distant location or building a place of worship. It doesn't matter if these things are paid for with money or not. Some resources are limited and the economizing man makes the choices as to how best express their religious beliefs given those limitations.

              A particularly blatant economic example is the sacrifice. It's not considered a sacrifice, if it's not of value to the person making the sacrifice. Modern examples include most plastic and paper recycling in the US (which is notorious for that stuff ending up in a landfill instead).

              Another example is scientific research. Basic or "blue sky" research is often used as a classic example of how scientific research supposedly can't be valued in human terms. Like throwing a probe at Mars once a decade at tremendous cost in resources and human effort because it'll have tremendous value to someone in 300 years. But when I modestly suggest someone throw enormous resources and effort at me to do science, the economic considerations creep in. Like maybe putting all your eggs in one basket and betting on a rando on the internets might not be as good an idea as investing in millions of scientists with a relatively decent track record? Who knew?
  • (Score: 4, Interesting) by Anonymous Coward on Sunday March 14 2021, @03:28PM (2 children)

    by Anonymous Coward on Sunday March 14 2021, @03:28PM (#1124031)

    There are still a ton of short sold shares. The short squeeze hasn't happened yet.

    • (Score: 0) by Anonymous Coward on Sunday March 14 2021, @03:47PM

      by Anonymous Coward on Sunday March 14 2021, @03:47PM (#1124044)

      Diamond hands, my brothers.

    • (Score: 3, Interesting) by istartedi on Sunday March 14 2021, @06:39PM

      by istartedi (123) on Sunday March 14 2021, @06:39PM (#1124132) Journal

      It depends on where you're getting your data. Most short interest data is stale because it's not posted frequently enough. S3 has access to more timely data. The entities involved can be tight-fisted with data, because... well... they own the data so why not charge for it? It's one of the many ways that small investors can be disadvantaged, because the cost of data feeds would be a big percentage of a small acount vs. being negligible for a large account. S3 has been freely publishing daily short interest for GME and a few other stocks lately, but they are under no obligation to do so.

      --
      Appended to the end of comments you post. Max: 120 chars.
  • (Score: 1, Insightful) by Anonymous Coward on Sunday March 14 2021, @04:09PM (1 child)

    by Anonymous Coward on Sunday March 14 2021, @04:09PM (#1124058)

    Probably by Microsoft. They already have a deal for selling gaming consoles and games with them.

    Be a good way to push Surface computers to existing customers.

    • (Score: 2) by Freeman on Monday March 15 2021, @03:11PM

      by Freeman (732) on Monday March 15 2021, @03:11PM (#1124444) Journal

      The EEE of Microsoft's business plan don't apply here, as they aren't directly competing with Microsoft.

      --
      Joshua 1:9 "Be strong and of a good courage; be not afraid, neither be thou dismayed: for the Lord thy God is with thee"
  • (Score: 2, Interesting) by Anonymous Coward on Sunday March 14 2021, @05:19PM

    by Anonymous Coward on Sunday March 14 2021, @05:19PM (#1124087)

    Lot of brains throwing cycles at the wall. But some are sticking.

    Would be remiss to not leave these here:

    https://old.reddit.com/r/wallstreetbets/comments/m3zh49/gme_dd_friday_opex_312_post_mortem_warning_gamma/ [reddit.com]
    https://wherearetheshares.com/ [wherearetheshares.com]

    For those of you in infosec: there's some fascinating soft power moves in r/wallstreetbets/ where all kinds of current psycraft is on display. Way more per-capita paid posters than here on SN. Interesting what the 'spread' of quality of craft is there too; once real users and deeper shills started being very good about busting zombie accounts, those tapered off, but there's still a ton of junk flooding the field, some midlevel psycraft that's more insidious FUD instilling, and some high level false information / bought mod accts / tier-1 badposters.

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