Gamestop stock market conundrum proves the power of internet forums

[jordeezy river red]

     

     I am sure that you have heard something about Gamestop's stock going up in the past few days - well here is the legend of what some people are calling "Gamer-Gate's Occupy Wallstreet". This is a story of every day people using modern-day tech to influence finance. 

     Legend has it that the controversial stock purchases began as a conversation on Reddit where people were discussing using their $600 stimulus money to buy stocks. They allegedly discussed companies that needed financial help and Gamestop was one that they were willing to assist. They then used stock trading apps, such as Robinhood, to purchase Gamestop stocks. The stock rose and it made investors in other stocks upset. Allegedly, and it is being reported by many sources, stock purchases for Gamestop became limited on certain apps to slow down the affect of the purchasing.

     Now, I am no stock market guru IN THE LEAST but disabling people from purchasing stocks seems rather radical, right? This leads me to MY MAIN TAKEAWAY from the ordeal - internet forums have POWER now! Freedom of expression is more important than ever. 

     Below are some sources for what is going on with the stocks - what do you think? Should buyers be cut off from purchasing? Was that an overstep? Do you feel powerful as a member of an online forum?

https://www.investors.com/news/stock-market-rally-falls-apple-facebook-amd-tesla-earnings-gme-stock-amc-skyrocket-novavax-vaccine/

https://www.cnet.com/news/amc-gamestop-stock-jumps-reddits-insane-battle-with-wall-street-a-train-wreck/

[Invitation]

[jordeezy river red]

12 minutes ago, Invitation said:

Its an interesting story! 

[DougFrmBrazil]

Slow music news today huh?

[Invitation]

8 minutes ago, jordeezy said:

Its an interesting story! 

It is. I love gaming, so I'm glad Redditors did something nice.

I hope small businesses can be rescued through this route too.

[thebritmaster]

Alright Breatheheavy what we buyin 

[PokemonSpears]

I did read about it

[jordeezy river red]

12 minutes ago, thebritmaster said:

Alright Breatheheavy what we buyin 

Haha I saw a meme where Blockbuster was implying that they want people to do the same for them 

[Mr. Cavill]

31 minutes ago, thebritmaster said:

Alright Breatheheavy what we buyin 

Britney's Freedom 

[LeglessJamie]

39 minutes ago, thebritmaster said:

Alright Breatheheavy what we buyin 

Can we buy FreeBritney stocks and make it top the stocks?

[RadicalOptimism]

I made $600 before I chickened out and said I’ll stick with my retirement accounts 

[Jordan Miller]

Love this topic! I hadn't thought about it like that. I've been following this story too. 

Exhale let's GOOOOOO 

[Jordan Miller]

9 minutes ago, CrazyButItFeelsAllright said:

I made $600 before I chickened out and said I’ll stick with my retirement accounts 

That's so cool tho 

[RadicalOptimism]

7 minutes ago, Jordan Miller said:

That's so cool tho 

Trust me it gave me more anxiety than it was worth. Was also quite thrilling 

[jordeezy river red]

1 minute ago, CrazyButItFeelsAllright said:

Trust me it gave me more anxiety than it was worth. Was also quite thrilling 

Do you use an app for stocks? 

[RadicalOptimism]

1 minute ago, jordeezy said:

Do you use an app for stocks? 

Yeah I was using RobinHood, but since I’m currently contributing a lot to my retirement account I decided I’d rather have my money liquid. Well the money I plan to use for my living expenses. I can deal with my 401K being volatile, but still haven’t stomached my savings potentially going away. 

[jordeezy river red]

Just now, CrazyButItFeelsAllright said:

Yeah I was using RobinHood, but since I’m currently contributing a lot to my retirement account I decided I’d rather have my money liquid. Well the money I plan to use for my living expenses. I can deal with my 401K being volatile, but still haven’t stomached my savings potentially going away. 

I totally understand. I am not a gambler so I don't have my savings on the stock market - only my retirement plan, 401k. My boyfriend uses Acorns, it's an app that rounds up purchases on your card to the higher dollar and invests it in stocks. 

[RadicalOptimism]

1 minute ago, jordeezy said:

I totally understand. I am not a gambler so I don't have my savings on the stock market - only my retirement plan, 401k. My boyfriend uses Acorns, it's an app that rounds up purchases on your card to the higher dollar and invests it in stocks. 

Yeah I’ve made some great gains in my 401K and I am comfortable being very risky with my investments there. Maybe if I dedicated more time into investing my personal funds then I would feel differently. I’ve heard about acorns, but I honestly rarely use my debit cards to make it worth it. I use credit cards solely for the cash back and because I need it to build credit. Those that are able to pay their statement balance in full each month would benefit the most from using credit cards for that. If I used my debit card more then I would definitely consider using acorns. Has it been successful for him? 

[jordeezy river red]

Just now, CrazyButItFeelsAllright said:

Yeah I’ve made some great gains in my 401K and I am comfortable being very risky with my investments there. Maybe if I dedicated more time into investing my personal funds then I would feel differently. I’ve heard about acorns, but I honestly rarely use my debit cards to make it worth it. I use credit cards solely for the cash back and because I need it to build credit. Those that are able to pay their statement balance in full each month would benefit the most from using credit cards for that. If I used my debit card more then I would definitely consider using acorns. Has it been successful for him? 

He has made some money from it. I will ask him when he gets home. I know he makes money on the Wal-Mart app by scanning receipts. Lol

[RadicalOptimism]

6 minutes ago, jordeezy said:

He has made some money from it. I will ask him when he gets home. I know he makes money on the Wal-Mart app by scanning receipts. Lol

I’ve heard of that, but haven’t looked into how it works