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The Magic Cafe Forum Index » » Not very magical, still... » » Gamestop/Reddit? (4 Likes) Printer Friendly Version

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Jonathan Townsend
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Eternal Order
Ossining, NY
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Https://99bitcoins.com/short-sell-bitcoin/

Notice the further alienation of a thing from its means of production.

* can we argue/agree that a market is a device for causing bubbles?
...to all the coins I've dropped here
landmark
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Yes, That was another thing I wanted to ask you.

Hypothetically, or actually, when a company like GameStop gets heavily shorted, it can lead to a self-fufilling negative spiral (sometimes helped along with some propaganda from the shorters?) Assume the company then goes bankrupt, folks would lose their jobs and the result is the economy loses some productive capacity.

If a cryptocurrency takes a similar plunge, of course investors may lose out, but is there any actual productive capacity lost?
Jonathan Townsend
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Quote:
On Jan 30, 2021, magicfish wrote:
Dorsey and Zuckerberg will ban them


Silenced... the news said deplatformed. The virtual disappeared become unpersons?
...to all the coins I've dropped here
landmark
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Quote:
* can we argue/agree that a market is a device for causing bubbles?


I don't know about markets inherently causing bubbles. The most noticeable characteristics of markets to me are that they amplify and reward differences (wealth, information, power) while providing a rake to the house.
Jonathan Townsend
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I suspect the thing, being in this case GameStop as seen by retail customers and perhaps by employees, is not effected by very short term market fluctuations of its stock. Now if on the other hand one were to have billions of dollars available to short a car company or a currency...

Computation is work. I'm not sure we can equate jobs with market productive capacity.

Future values, call them expectations, are presumed valid for supply (making one more widget because) to meet demand (well I heard they are made by children in bad factories so we want to use sprockets now...) to establish a fair market price (*if indeed there can be such a thing*). Smile
...to all the coins I've dropped here
Tom Cutts
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Northern CA
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Quote:
On Jan 30, 2021, Jonathan Townsend wrote:
Saw one recently advertised that did not take dollars or paypal though - offering prices in bitcoin.


Not sure if it is still true, but when I got into crypto the only thing you could buy with cash was bitcoin. Then you bought other coins with your bitC.

Shorting a crypto would be an interesting play. Never heard of it, but might be possible. Certainly coins have come and gone.
Slim King
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So you guys are saying that the guys in the Stock market are playing dirty????????
THE MAN THE SKEPTICS REFUSE TO TEST FOR ONE MILLION DOLLARS.. The Worlds Foremost Authority on Houdini's Life after Death.....
Jonathan Townsend
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Quote:
On Jan 31, 2021, Slim King wrote:
So you guys are saying that the guys in the Stock market are playing dirty????????

Is it a public trade in a free market or a private bet one party wants covered by public policy and funds? Look at the name-calling.
...to all the coins I've dropped here
ringmaster
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Larry Kudlow, former Trump advisor has come out ageist stimulus checks.
His reasoning is that recipients don't have stock market expertise, and would just waste the money buying on GameStop stock.
You can't argue with that kind of logic.
Bally Hoo and Hullabaloo
one for me and none for you.
ringmaster
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Bally Hoo and Hullabaloo
one for me and none for you.
tommy
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If you have been betting against high street shops doing well then think you are a good judge.

Virtually anything virtual looks a good bet.

Except when it goes wrong and you cannot log in and nobody real, will answer the phone.
If there is a single truth about Magic, it is that nothing on earth so efficiently evades it.

Tommy
1KJ
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I think it is important for people to realize that things like crypto and gamestop are NOT investments. They are speculations. I immigrated to the US at age 18 on a bus with $200 in my pocket and retired in my thirties, and I never gambled in anything like crypto or gamestop. Go for it if you like, just realize that virtually none of the wealthiest people derived their wealth that way.
KJ
Jonathan Townsend
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Think of it as being there and buying the tee shirt.
Some news from that market. <- it's Twitter and some folks use crude language.

True but scary joke for today: I typed "black internet" into google it came back with links to articles about the dark web. Smile
...to all the coins I've dropped here
Dannydoyle
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Quote:
On Feb 23, 2021, 1KJ wrote:
I think it is important for people to realize that things like crypto and gamestop are NOT investments. They are speculations. I immigrated to the US at age 18 on a bus with $200 in my pocket and retired in my thirties, and I never gambled in anything like crypto or gamestop. Go for it if you like, just realize that virtually none of the wealthiest people derived their wealth that way.
KJ


Sure they have. It might not be the norm, but many have.
Danny Doyle
<BR>Semper Occultus
<BR>In a time of universal deceit, telling the truth is a revolutionary act....George Orwell
1KJ
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Quote:
On Feb 25, 2021, Dannydoyle wrote:
Quote:
On Feb 23, 2021, 1KJ wrote:
I think it is important for people to realize that things like crypto and gamestop are NOT investments. They are speculations. I immigrated to the US at age 18 on a bus with $200 in my pocket and retired in my thirties, and I never gambled in anything like crypto or gamestop. Go for it if you like, just realize that virtually none of the wealthiest people derived their wealth that way.
KJ


Sure they have. It might not be the norm, but many have.


That is why I used the words "virtually none". The problem with trying to build wealth on speculations is that there isn't a reliable asset to back it. I own rental properties where I profit from the rents, and I own stocks and mutual funds that also generate an income and grow. When I invested in Amazon stock, it wasn't speculation that it went up, it was their solid execution of a great business plan. Also, while I invested in the company relatively early, they had already proven their current and potential worth.

KJ
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