I've been hearing about this for a while, and I've never come close to caring about the real-world stock market. And since, as far as I can tell, there is no .win equivalent of r/Superstonk, I figured I may as well ask you guys.
Here's what I do know, from what I've gathered:
Apparently, GameStop, the chain of video game stores, is one of the very, very few organizations NOT owned in some form or fashion by BlackRock, Vanguard, Rockefeller, or anything else of that nature.
Also apparently, Swamp hedge funds are all betting against GameStop, placing "shorts" and/or "puts" on the company so that they'll make money if GME goes down in price or outright fails altogether. I may have some terminology wrong on this point, so please forgive me if I have--again, this is NOT my forte.
I am told that when the Great Awakening happens and companies start to fail left and right because of the chaos, this will somehow make GameStop's stock skyrocket to astronomical levels; as they say, TO THE MOON! And to Hold On for Dear Life (that is, do not sell) until that happens, possibly even AFTER it happens, because owning so much of that stock will make tons of corrupt hedge funds fail in doing so...somehow.
I didn't buy it for a second. As much uncomfortable truths as I've realized since joining GAW back when it was on Reddit and I went by another name, that just seemed like a bridge too far--that moment where the implausibility of the events in a book or movie shatters your suspension of disbelief and you're just taken completely out of the work.
But again, I didn't know anything about how the real-world stock market. This is all completely over my head. It's one reason I made this topic.
And then, earlier this year, I saw a comment here, comparing it to buying a lottery ticket. If it doesn't go TO THE MOON!, then worst-case scenario, you're out a few bucks. But if it does...your family could be so much better off.
Not the best analogy for someone who doesn't like to gamble, since "the house always wins." And yet, it stuck in my head.
So, a few months ago, I decided to take a chance.
Via Computershare, I bought and DRS'd one share of GME. One. After fees, it ran me just over $20. Feels really weird knowing I'm a minority-owner of a large corporation...
But my family is in serious debt. Even after signing on for a debt-relief agency (and thank you all SO much for the advice, guys, seriously), I still felt like I had to do something to help them.
At the time of this writing, GME's price has dropped about 40% since the time I bought it.
Yet I hold on. I mean...what if you're RIGHT?
I'll probably buy some more soon. I've got some personal matters to take care of in a couple of weeks and I've been saving money for that, but once that's complete, I guess it couldn't hurt to "buy the dip."
But it continues to baffle me how this is even supposed to work. How does this screw our enemies over?
That's what this topic is for. Please, explain it to me.
Make sure you DRS your shares in your name. The most important thing to do after purchasing shares through your broker. Drsgme.org
When the squeeze happens those not DRS'd will be left with IOUs.
Everyone is waiting for a trigger to force margin calls to the big banks. It will probably cause or be triggered by a giant financial market collapse. Think of a giant house of cards full of debt and derivatives.
Computershare automatically does the DRS for you.
Yes good point, but they charge a few bucks per buy order.
Better than dealing with Fidelity, who wanted a photo of my Social Security card, which I couldn't find.