Abused? I see this as an opportunity where a group of people who would normally have no chance of reaping these types of gains actually being able to cash in on a system that has up to this point been rigged.
I don't understand how that is somehow a more questionable use of your time than watching movies, getting lost in social media or watching porn. You're engaging your mind, you're using your imagination and not hurting anyone...sounds alright to me. I mean, unless it's some evil video game that is slowly warping your mind and enslaving your soul or something.
People are saying they didn't actually close their position, this is just trying to stop the run. Don't know if it's true, but if it is some people should go to jail over this.
I don't think this should necessarily be enough to cause that sort of widespread catastrophe, it's just a certain group who attempted to short a stock but then found that stock's value inflated by a bunch of "amateurs" who chose to by en masse. And most of the stocks picked by the WSB crowd, even AMC, were stocks that arguably had some promise already, especially Nokia and Blackberry. My mom knows nothing about WSB and was telling me to buy Blackberry. Motley Fool and other more traditional sources were pushing Blackberry before this. So it's not like those stocks are simply houses of cards, not even AMC. It seems to me more about what specific groups will reap the profits from the stock surge, who will be left holding the bag and how badly people who attempt to profit off of shorting will be hurt.
Well, the WSB crowd is certainly getting vilified so far. Jim Cramer appears somewhat sympathetic to them, but he didn't appear on his show yesterday, apparently. So who knows what that means. But it seems like someone employing him doesn't want to hear him acting as an advocate for WSB, just based on that
Wasn't GameStop's slogan at one point "power to the people" or something like that? Truly ironic now
