GME spiked over $290 and is pretty solid at the $270 mark with minimal volume. This shit is going to be really interesting. The Annual General Meeting is going to be interesting, to say the least. There is talk about GME issuing an NFT dividend to force the shorts to settle. Unlike cash that they can borrow or fork over themselves to cover synthetic shares, like a normal naked short, the NFT is only able to be issued once per registered share... it's a very interesting tactic that has a lot of smart people working through the possibilities. https://nft.gamestop.com/ Considering that they are looking at embracing NFT like tech in order to re-sell digital copies of games and in-game assets, it kind of makes sense.
Yep. NFT's are digital proof of ownerships, which were THE biggest hurdle blocking Gamestop from re-selling digital games... that's why they only dealt with physical copies. They now have a whole NFT team spun up to create a system that will show proof of ownership for digital items, like games. With this, I'm guessing they will replace Steam in a few years as the leader in online gaming platforms.
Derailing the thread here, but wasn't that ownership already established by the account the game was bound to? You're talking about transferring ownership, and that's up to the console makers, no?
The vast majority of games are made by non AAA studios, by a small handful of devs, that are self-published. They don't need the big publishers to be on board to make a solid profit. But what makes you think there's not a solid business case to get them on board? You might be interested in reading this: https://www.theverge.com/2020/8/24/...real-competitor-epic-app-store-revenue-profit It's not all about the big games. Infrastructure is being built to support the indies, like Steam has done... there's a shit ton of money in that.
Ride the AMC meme train to $70 but what is that, AMC is issuing more shares? Bye bye $70, hello $40 my old friend?
Yeah, sounds like there's some fuckery, as they issued more shares to a subsidiary of Citadel directly... probably to help them cover up their short position for way cheaper.
Remember how I said that it was looking like the various oversight entities were getting ready for a huge naked short implosion? Some major changes hit today: https://www.federalregister.gov/doc...poration-order-approving-proposed-rule-change
Never mind that the co-founder of Ortex, https://public.ortex.com/ has confirmed that the majority of short sellers have not exited their positions in short stocks. https://www.bloomberg.com/news/arti...ock-short-sellers-stare-down-4-5-billion-loss "Although we have seen some exiting of positions throughout the year, the majority of short-sellers have been happy to sit on significant paper losses in the hope that retail investors will blink first and the losses won't be realized," said Peter Hillerberg, co-founder of financial analytics firm Ortex. "This now looks like a flawed strategy." Ha!
It looks like they know shit is coming and are trying to remove any scape goats, and hold people personally responsible. This is probably to stop the same shit that happened with Toys-R-Us, etc, where they paid out huge exec bonuses and then bankrupted the company. It also seems to mean that if one member of the OCC goes tits up, the rest are liable for it. I'm just not sure if that refers to just the deposits on hand for the OCC group, or if it extends beyond that. Also Jeffries has now suspended short trading on GME.
I honestly think so. I just have no idea how that looks once the big players start cashing out... there's no guarantee here, and there's no infinite ceiling... but I think we could see some SERIOUS cash be lost by the shorts over the next month.