$GME (GameStop) Halted NINE TIMES During Recent Rally (OOC)

May 13, 2024 00:05:01
$GME (GameStop) Halted NINE TIMES During Recent Rally (OOC)
Crypto Talk Radio: Basic Cryptonomics
$GME (GameStop) Halted NINE TIMES During Recent Rally (OOC)

May 13 2024 | 00:05:01

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Leicester

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 #Crypto #Cryptocurrency #podcast #BasicCryptonomics #Bitcoin

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Episode Transcript

[00:00:00] Out of cycle update. What's this damn halting going on here? Cryptotalk FM. My name is Leister, I'm your host. GameStop has people pissed off, frustrated, disgusted, disappointed, and in some cases confused. This is what Lyster is gonna help with, because apparently some people didn't know that this was a thing over on the stock side. I don't know how. Maybe it's just all the young kids that say the word jeep and say the word keck. But what happened on the stock side? First, if you don't know, I'll tell you. [00:00:31] GameStop very recently started going on a run. I wouldn't even call it an amazing run. It's a decent run. It got close to doubling, you know. But for GameStop, that's a significant amount of money because it doesn't normally go that fast, that high. Usually you might get a gain of like a dollar, two per share here. It went from a low of just, I want to say like $18 or $17 or whatever shot up to very close to $40 all in the span of the same day. This all happened earlier today, as I record this. And then what happened. What happened is described as halting. Halting is a form of circuit breaking that was built into the system for stock trades. It was long time ago that somebody had the brilliant idea that volatility is actually a bad thing, and so they built it into the system itself that it's going to essentially short circuit when it sees there's just too much damn volatility. Now, there are two different schools of thought about this. Number one is it stymies your ability to get significant amounts of profit because you can't take advantage of it going to the boon do do do. But it also helps protect you from major dump crash events going too far down. It works both directions. Some people are pissed off about the GameStop because again, it traditionally has only gone like a dollar two, nowhere close to what we saw here. And if somebody had put in, let's say they, you know, tossed $1,000 or better said 1000 shares worth, a thousand shares worth of this business, 17. So you have 17 ish thousand dollars and it doubles. I mean, that's not chump change for sure. Now you're going to get nailed on capital gains taxes, which of course don't apply on the cryptocurrency side. But the point is that a lot of people are pissed off because they could have made a major amount of money if it were not halted. And who, who knows how high it would have gone if not for the halting. Apparently it got halted a total of nine times as I record this. So nine times the halting. This is again designed to keep these things from going on unrealistic, uncontrolled, unrestrained runs. Some people are actually happy that that happens. Now, the net effect, even with the halting that took place, roughly $2 billion of liquidations occurred because there were a bunch of people that were essentially bearish gambling on GME, rolled the dice, hoping that it was either going to go down because it did have a somewhat slight downtrend just over the weekend. And then this came out of nowhere. So those people got wrecked, as the term says. And so that's got some people pissed off of where the hell did this spike up come? And the truth is, we've got so much. I said on a past podcast episode, Cryptotalk FM, that it's possible that money was flowing out of cryptocurrency and into the stock side and other investment instruments in this may be indicative of proving what I said to be the truth, as people just simply tossed a bunch of money in here to see what was going to happen. Now, is this the end of the world? Absolutely not. Do I think it's going to last? Absolutely not. Because GameStop, of all the different organizations from this meme craze, Wall street bets, fiasco, GameStops the worst of these organizations because they're doing everything polar wrong, I say, but best by getting rid of physical games. They're certainly fuck ups themselves, but GameStop has been screwing themselves for years, since they bought out babbages and bought out all their competition. And now that they don't have any strong competition in the video game space, they're just walking around like their s doesn't stink. But they're screwing up. And I do think they're not willing to change and fix what they've done wrong. GameStop has the opportunity to change the game if it truly wanted to, and it's going the wrong direction. If you've ever been in a GameStop store recently, it's terrible. It's dark, dingy, the carpet looks like crap. The games are disorganized. It's hard to find what you're looking for. It's nowhere near like it used to be, and I don't know what contributed to that decline. My point is, I was not going to give them any money knowing that they're incompetent. Same with AMC. Anyway, if you're sitting on GME stock, you got a little bit of a bump. And I would recommend that you take your profits, because who knows if this is going to go down. I don't think it will. I think what's going to happen is there's going to be some more uptrend, but it's going to be somewhat slow, probably a staving off, like it's going to calm down and then go on another major run until the next halt is my suspicion on this one. Or you can be like the garbage of dog with hat and some of the other ones that are taking a victory lap about what happened, saying that we don't get halted. Yeah, that's true. Instead, you just wreck a bunch of people when your stuff craps out, as we saw with side of chain. Anyway, that's my update here. I'll check in with you guys tomorrow.

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