He sometimes loses money, sometimes makes money - but the short version is that he makes a small profit, and amuses himself greatly in the process. Yes, there is a subReddit dedicated to Ukrainian ping pong. What is interesting is that younger son (age 20) does reasonably well betting on Ukrainian ping pong, with information that he captures on Reddit. You may think this is a joke - but it is not. But the most interesting one (by far) for someone like myself is that they regularly bet on Ukrainian ping pong. They bet on various parleys of basketball games. One of the things they do is bet for fun - on all sorts of sports. My younger son does some small-scale trading, and older son, since he is in the blockchain business, trades cryptocurrency online.
GAMESTOP POWER TO THE PEOPLE HOW TO
They live together, and regularly chide me on my relative backwardness as far as any larger global trends, relying on me to tell them things like how to get their car fixed.īoth young men populate the Reddit ecosystem. The 20 year old is a computer science student at University of Nevada-Reno. The 22 year old is the nominal CTO of the decentralized web concern.
Both are ahead of the curve in any kind of generational aspect. So… restarting the conversation here - “nothing they’ve ever seen.”īack up. Wall Street commentators have called it a “phenomenon”, “insane”, and like “nothing ever seen”. The one thing I want to cover is this quote, from this piece from the BBC: That game is still afoot, as various federal agencies are involved, and there are better people to cover what is obvious elite fuckery in the whole shebang. There’s a whole loop in the story about the micro-stock facilitation company called Robin Hood, where many small traders buy stocks, was then called on to stop trading in stocks that the large Wall Street funds had shorted, thus protecting those brokerages from a similar kind of price run-up.
This drove the price far higher than when the hedge funds, who were originally shorting the stock, bought their initial position. In the case of Gamestop, a group on one of the most popular social media sites on the web - Reddit - called WallStreetBets, started tracking the hedge fund raid on Gamestop, and encouraged its members to buy Gamestop and drive its price higher, fully aware of the fact that the stock was severely shorted. So, if the price of the stock goes up in between when you sold the shares you bought (or said you bought) and when you need to deliver them, you’ve got to go out and buy those shares and deliver them. But when actually shorting a stock, you have to show up with the stock itself.
The big difference between this and a futures options contract is that when buying and selling options, your “exposure” - the cost of the risk for the futures deal going sour is limited to the price of your options. In a month, or whatever the term for the contract is, they have to show up with the promised shares (which they already sold) and return the actual shares to the people they promised they would deliver them to. Wall Street firms called “hedge funds” buy shares of companies whose stock price they think will decline, then sell these shares in futures contracts, “shorting” the stock - saying they will present sometime in the future, with the amount of shares necessary to fulfill the contract. There are lots of renditions, with increasingly accurate detail, but in brief, this is it. Our journalistic/academic classes are so embedded in their own social structure frameworks, they simply don’t have the models for all but the most intuitive observers (I’m personally partial to Matt Taibbi.) And our understanding of it is so poor, it’s likely to continue without any hope of remediation or fixes, with uncertain consequence, for a while. Memetic war has been coming fast and hard these last couple of years.
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