[CommieBobDole]

/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.

[Dma54rhs]

At least in some point it became so w Q-anon level conspiracy level that I had to stop following the subreddit. It was fun in the beginning.

[zinclozenge]

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.

[iso1210]

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.

[conorcleary]

> 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.

[lern_too_spel]

It looks like they are serious. They really believe their "DD" about "authentic shares" and "NFT dividends."

[conorcleary]

Well yeah, find something that disproves it.

[lern_too_spel]

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.

[ziml77]

$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.