Most discussion around $GME takes place on r/Superstonk these days anyways. Can't remember why it was banned from WSB. Something to do with the new mods I believe.
GameStop was never banned from WSB. It is the 3rd most discussed ticker in the past 30 days. (After SPY and TSLA) [0]
GME had it's own daily thread well into April, at which point it was still completely dominating with significantly lower quality discussion that extended outside the GME specific daily thread.
Once we ended the daily thread and asked people to move to r/GME or r/SuperStonk, people incorrectly assumed it was banned, and continued to repeat this narrative, despite our repeated mentions that it was not banned.
Also, the WSB mod team is more or less the same as it was in 2019 or earlier. The majority of the team has been around for 6+ years.
/r/superstonk used to show up in my feed on Reddit a lot, and it seemed like most of the highly-upvoted posts were elaborate explanations of how, any day now, there was going to be some sort of massive short squeeze that was going to cause $GME to hit a price of ten or twenty million dollars a share (at which point the outstanding shares of $GME would be worth more than everything else on earth combined), and everybody who bought in was going to be billionaires.
I was never clear if this was some sort of in-joke/meme, or some fringe idea that kept getting upvoted because it was hilarious, or if the people in there actually knew so little about stocks and economics that they thought something like that was possible.
Superstonk has pretty much been a qanon-esque community since day 1. I still hold 10 shares of GME (bought at $220 oof) _just in case_. With that said, every now and then they come up with something that makes me do a double take. Right now they're obsessed with direct registering their shares. I'm guessing they think that if they can lock up the whole float they can force a short squeeze. Also if ryan cohen issues an NFT dividend.
But I can assure you that the members are 100% serious.
Lets just assume the theories are right and that hedge funds have sold far more stock than is in existence, lets assume retail diamond hand HODLers buy every share there is and refuse to sell, for $10k or for $10M.
I can't find it now, but I'm sure there was an example of someone attempting the "buy the float" situation (not just Piggly Wiggly but another one more recent), and despite owning every share they were still being traded on the market. If I remember right it just carried on. Superstonk treat that as proof their theories are correct, I'd treat it as proof that even if they are right they won't get what they think they want.
Nor do they don't seem to account for the government stepping in and doing something like eminent domain and declaring the shares are worth a "more than fair price" and force-buying the shares at a fixed price of say $100/share, or even $500/share, or lets be crazy and call it $1000 per share - over twice as much as a share has ever traded for, and ending the situation.
I suspect a lot of people were waiting for 12 months before selling, as I believe that's preferable for tax purposes in the US, and that explains the high price until Christmas and then the more recent fall.
I also have 10 shares (bought at about $45). I have no idea about NFTs, but I feel like the potential risk is worth not selling for profit now. I don't think I'd buy any more at $100 though. If I could offset capital losses against income (which I believe you can in the US) I'd certainly buy more shares (although probably not in GME), but in the UK you can't, and I can't help but think the tap is going to be turned off on the US markets very soon so putting money into normal stocks isn't a great move either.
> But I can assure you that the members are 100% serious.
< We are, to an extent.
> Direct registering shares
< If the outstanding float of a stock is il-liquid and unable to be lent out, that'll force a short squeeze if the rest of the conditions are met. Lots of due diligence is readily available over there to show that those conditions are only getting more dire for the funds that never actually hedged their bets with authentic shares.
> Issues an NFT dividend
< This forces the hedge funds to also buy those NFT's to pair with the shares, which they'll be forced to buy too = short squeeze.
That "DD" has been debunked numerous times, and I won't waste my time rehashing it. Suffice it to say that Carl Icahn is no stranger to burning short sellers by putting money in, loudly announcing it, and helping his investment through the legal system; and his absence from GME shows just how believable he thinks that DD is.
$220 was a steal compared to what I got mine at. But I was never under the impression that the what /r/wsb was saying was going to come true. I was just rolling the dice on being able to find a greater fool. I knew the price was very high, but I expected the hype to go on for longer than it did.
I followed WSB for a couple of years before the GME thing kicked off. When it did, it was great fun for about a week, then I unsubscribed. It got very repetitive and boring.
I used to visit WSB 5 or 6 years back, whenever I visit it now it all seems to be millionaires pumping their positions in separate trading account as "YOLO" trade trying to get dumb people to pump the stock.
All WSB does now is magnify the winners/pumpers while leaving trail of poor people without their money.
> All WSB does now is magnify the winners/pumpers while leaving trail of poor people without their money.
That's all it ever was from my observation from around the same time; they shill the most absurd stock with emojis and brag about taking losses with diamond hands, but somehow discussing Bitcoin as an actual way to counter-act the ills of the 'hedgies' or central banks was banned so I lost interest.
I occasionally drop back in for certain things.
Like the ape statue at Wallstreet in front of the bull and buying kids those switches was cool, though.
But those incidents were always the exception, not the rule.
Honestly it didnt just take over the sub it ruined the whole sub and community. Im not going to say WSB was civilized pre-pandemic but it was much smaller with a range of interesting takes on things plus funny memes. And also degenerate gamblers who at least knew what they were fucking with.
WSB mods alleged the sub was suffocating with the GME and subsequent squeeze stock posts and shitty memes. I made couple memes myself but after the weeks to come WSB was inundated with all the memes centered around this one topic. WSB is a general investment subreddit that took a turn towards GME everything.
Another problem was GME's foundational investment theory, that it had high short interest. But if you look at DFV's way of investing he preached low valuation high potential stock. Just the mere short interest as a determinant wasn't true but an after thought. From that point on, many people who thought they were late in the GME game started to pile on other high short interest stock like Bed Bath and Beyond, WKHS etc. At that point WSB was becoming less of a shitty DD based stock to shitty meme based stock site. Mods clutched up modding but you can never know the difference between one pile of shit vs another pile of shit when it comes to a post. So post removal felt arbitrary.
Superstonk Side
The GME centered group left WSB because there was a new mod who didn't fit the WSB philosophy. There were some personal hypothesis about her(?). They even alleged I believe that mod made their adolescent child a mod of WSB who were also removing content left and right.
My post about cautioning people about GME which reached some magnitudes of thousand upvotes and plenty of agreeable comments was removed without notice.
There were several highly upvoted and good value posts removed which led to people believing that the real wall street might have infiltrated the WSB. So, in this cloud of distrust groups left and they started their own spinoff version of WSB.
> The GME centered group left WSB because there was a new mod who didn't fit the WSB philosophy. There were some personal hypothesis about her(?). They even alleged I believe that mod made their adolescent child a mod of WSB who were also removing content left and right.
You are confused. This has nothing to do with WSB.
What you are describing happened solely on r/SuperStonk or the other GME subreddits.
