GameStop drops by 40% in 25 minutes

And its back.<p>Look, I think this whole GME thing is stupid: but following the price is also stupid. I guess if its your first bubble, this is exciting stuff, but these things come crashing down eventually.<p>Hertz is a better saga to follow, since that saga is almost done. I don&#x27;t know if any news on GME has come out recently, but nothing is quite as final as bankruptcy court (in the case of Hertz).<p>If you look at the timescales at which stocks meme &#x2F; move, its on the order of years. Decades even, in the case of Enron and literal scams like Madoff. GME isn&#x27;t even a scam, its just the market doing its thing.<p>For Hertz, it entered meme status AFTER it started bankruptcy proceedings last year. Those proceedings are still not over yet. It just goes to show how long things take in the world of finance.<p>The daily ups and downs are largely noise. Try not to be distracted by them.

I am having the time of my life today.<p>Cashed out at $320 and bought back in at the dip. Wheee!<p>Hedge funds are shorting from dark pools (EDIT - the public data was late, so it now seems unlikely it was a dark pool), and I am fucking <i>excited</i> to see what happens for the rest of the day and especially just before closing (and after hours).

While technically accurate, this is as disingenuous (read: dishonest) as playing around with axes on a graph and removing units because that&#x27;s the only way to prove your point.<p>A slightly more accurate description might be &quot;GME gains 530% in a month and is still green for both day over day and on the day time scales.&quot; And <i>even more</i> accurate description might be &quot;stock goes up and down in the same day.&quot;

This is just crazy, someone doesn&#x27;t like when the retail is winning. Looking at the options flow for this, more than 100 million dollars have been spent on contracts today. Halting it all of a sudden only makes people lose money.<p>Here are the options flow stats, crazy amount being spent on options. <a href="https:&#x2F;&#x2F;i.gyazo.com&#x2F;dca500ef0f774a0019f0a42b7ac1e855.png" rel="nofollow">https:&#x2F;&#x2F;i.gyazo.com&#x2F;dca500ef0f774a0019f0a42b7ac1e855.png</a><p>Source: <a href="https:&#x2F;&#x2F;www.tradytics.com" rel="nofollow">https:&#x2F;&#x2F;www.tradytics.com</a>

I&#x27;m having a fun time tracking the madness with my sideproject: <a href="https:&#x2F;&#x2F;topstonks.com&#x2F;stocks&#x2F;GME" rel="nofollow">https:&#x2F;&#x2F;topstonks.com&#x2F;stocks&#x2F;GME</a><p>Total comment volume on &#x2F;r&#x2F;wallstreetbets is up 300% over the last 24 hours

Trading has been halted 7 times today, as of now: <a href="https:&#x2F;&#x2F;www.nyse.com&#x2F;trade-halt-current" rel="nofollow">https:&#x2F;&#x2F;www.nyse.com&#x2F;trade-halt-current</a>

80% of my portfolio is now in long-term PUTS against GME (like short-selling, but without the risk of margin calls if the price rises.) People want to treat it like a casino, fine. But that won&#x27;t last.<p>When it goes back down I&#x27;m going to make a nice profit out of this craziness.<p>Or you know, lose a lot if it somehow stays insane for an entire year.<p>I know what my money&#x27;s on.

&#x2F;r&#x2F;WallStreetBets considers - and I&#x27;m phrasing it nicely - to be unreliable and not worth considering as source of information in regards to GameStop, or actually generally.

The thing that I find interesting about the responses to the Gamestop saga on HN is the certainty everyone portrays. Everyone is convinced that the retail investors and WSB crowd are greater fools, and yet here we are again at practically the same peak as the last time and there is even greater evidence of shorts having increased their positions to an impossible level of leverage.<p>I think there is a bizarre Dunning-Kruger-like effect here, particularly when it comes to finance, where everyone is convinced they know far more than whoever is buying or selling GME.<p>Look through old comment threads and you can see everyone making such convincing arguments that the short squeeze was already over and the GME would never be priced above $300 again...

I was onside with the retail investors during the short squeeze against wallstreet hedge funds. But I don&#x27;t think that narrative holds anymore and its beginning to look like stock manipulation

I don&#x27;t think GameStop is a case of this, but I can&#x27;t help but see the GameStop stock story unfolding with the social media drivers and think of the result of a melding of two specific technologies into a third with horrifying implications for long term financial stability.<p>First, the research over the last decade into social media persona swarms, where a single operator can program and control a large group of fake social media accounts whose details are created through methods such as Generative Adaptive Networks (GANs), a Machine Learning technique that can learn to produce something new that imitates an original. [1][2][3]<p>Next, automated algorithmic trading [4], where algorithms determine what and when to buy (increasingly using Machine Learning), which is believed to account for 70-80% of U.S. stock trading.<p>Last, the melding of the two, where automated traders use automated social media accounts to influence at opportune moments and then take advantage of the temporary dips or surges caused by that influence, possibly causing ripple effect dips or surges that the automated traders can use.<p>As far as I know, right now this is just an interesting idea for a science fiction story (am planning to write that in the near term now, too). However, the technology to do this exists right now - the problem is one of integration rather than innovation.<p>[1] <a href="https:&#x2F;&#x2F;www.dailykos.com&#x2F;stories&#x2F;2011&#x2F;2&#x2F;16&#x2F;945768&#x2F;-" rel="nofollow">https:&#x2F;&#x2F;www.dailykos.com&#x2F;stories&#x2F;2011&#x2F;2&#x2F;16&#x2F;945768&#x2F;-</a><p>[2] <a href="https:&#x2F;&#x2F;www.techdirt.com&#x2F;articles&#x2F;20110318&#x2F;02153313534&#x2F;us-military-kicks-off-plan-to-fill-social-networks-with-fake-sock-puppet-accounts.shtml" rel="nofollow">https:&#x2F;&#x2F;www.techdirt.com&#x2F;articles&#x2F;20110318&#x2F;02153313534&#x2F;us-mi...</a><p>[3] <a href="https:&#x2F;&#x2F;www.networkworld.com&#x2F;article&#x2F;2201350&#x2F;lots-of--people--you-interact-with-online-are-sockpuppets.html" rel="nofollow">https:&#x2F;&#x2F;www.networkworld.com&#x2F;article&#x2F;2201350&#x2F;lots-of--people...</a><p>[4] <a href="https:&#x2F;&#x2F;www.fool.com&#x2F;knowledge-center&#x2F;what-is-algorithmic-trading.aspx#:~:text=Algorithmic%20trading%20uses%20computer%20programs,falls%20below%20a%20specific%20price" rel="nofollow">https:&#x2F;&#x2F;www.fool.com&#x2F;knowledge-center&#x2F;what-is-algorithmic-tr...</a>.<p>[5] <a href="https:&#x2F;&#x2F;therobusttrader.com&#x2F;what-percentage-of-trading-is-algorithmic&#x2F;" rel="nofollow">https:&#x2F;&#x2F;therobusttrader.com&#x2F;what-percentage-of-trading-is-al...</a>

My friends realized there is money to be made here, but I think the thing I realized is how time consuming it is. You really have to be on the prices all day.<p>I am squarely of the belief that all of this fun and games will probably end shortly after people start going out and doing things again.

Total chaos. It&#x27;s a vol game, but you need a lot of time to do it well (and honestly need to know drivers of market volume, which is even harder to do from the outside).

Interestingly AMC had a similar shape as well. Coincidence?

What is driving the action at this point? Aren&#x27;t all of the hedge funds cashed out at this point?

Could someone explain the games stop draw? Apple has over 500 stores while gamestop has over 5500.

Chamath liquidating again.

There&#x27;s speculation this article was part of a coordinated attack. The stock then shot back up.