Gme

[Gulo Blue]

Don't look now, but Musk wants to put chips in people's brains this year:
https://www.teslarati.com/elon-musk-neuralink-human-trials-start-date/

 

[Michchamp]

Don't look now, but Musk wants to put chips in people's brains this year:
https://www.teslarati.com/elon-musk-neuralink-human-trials-start-date/

Why? Like there aren't more pressing things going on right now? Fuck.




Oh, sorry I mean, "Elon Musk is amazing. If he's doing that, it must be something important and good, and effective allocation of capital & investment."

 

[Michchamp]

Those people should try doing something instead of just writing about doing thing. He's not Tony Stark. But calling him a charlatan given what's been built between Paypal, Tesla, SpaceX, the Gigafactory, and NeuraLink...those pundits are morons.

The people I've read who are critical of him are reporters that... report on things? What else should they do? I think they raise serious and necessary questions about his intentions and reputation, given that he's often looking for public handouts when he touts his "projects." I guess that makes sense... you don't become one of the richest people in the world by putting your own money on the line (or getting a real job).

SpaceX... basically privatizing NASA? A couple more explosions and he'll be where the Soviet Space program was in 1970. AMAZING!

His Chicago tunnel idea was dumb.

His Thailand cave rescue idea (PR Stunt?) was dumb.

His subway plan, which is basically "Mass transit is crowded. Let's replace underground train cars that can carry hundreds with a single car (like a Tesla) that can carry 4 people" is a non-starter, to put it mildly.

He openly commits securities fraud and manipulates his company's stock price.

His opinions on COVID-19, a vaccine for it, and public quarantines are dumb and bad.

 

[Gulo Blue]

The people I've read who are critical of him are reporters that... report on things? What else should they do? I think they raise serious and necessary questions about his intentions and reputation, given that he's often looking for public handouts when he touts his "projects." I guess that makes sense... you don't become one of the richest people in the world by putting your own money on the line (or getting a real job).

SpaceX... basically privatizing NASA? A couple more explosions and he'll be where the Soviet Space program was in 1970. AMAZING!

His Chicago tunnel idea was dumb.

His Thailand cave rescue idea (PR Stunt?) was dumb.

His subway plan, which is basically "Mass transit is crowded. Let's replace underground train cars that can carry hundreds with a single car (like a Tesla) that can carry 4 people" is a non-starter, to put it mildly.

He openly commits securities fraud and manipulates his company's stock price.

His opinions on COVID-19, a vaccine for it, and public quarantines are dumb and bad.

I agree on the criticisms regarding stock stuff. But I don't think he got a fair shake on the cave thing. I think self driving cars are going to take some transit in that direction, though I don't think Tesla will lead. NASA privatizing wasn't his idea. While not everyone agrees how much, NASA pushing for more privatization is intentional and the degree to which he's succeeded is impressive.

 

[Gulo Blue]

And you already know I think his take on covid is stupid.

 

[Spartanmack]

GME bouncing off yesterday's low $50s close to ~$70 this morning, but it won't last. Sorry Main St, you may have won the narrative battle with all the David vs Goliath, Main St sticking it to Wall St coverage, but the truth is you got your asses handed to you - again.

 

[Gulo Blue]

GME bouncing off yesterday's low $50s close to ~$70 this morning, but it won't last. Sorry Main St, you may have won the narrative battle with all the David vs Goliath, Main St sticking it to Wall St coverage, but the truth is you got your asses handed to you - again.

Wasn't it like $4 when this started?

 

[Spartanmack]

Wasn't it like $4 when this started?

yes, and that's an indication that there's more carnage to come. the stock started rallying off that level late summer and finished the year around $20. But billions of dollars worth of stock traded hands at much higher levels than this as these retail buyers pushed it well into the $400 range. The market cap when it was $350 was $25.5B and it traded well over 239mm shares above $300 - that's 3.3x the float. Sure some of that was short covering, but a shitload of it was retail investors piling on. The market cap is now $4B - $21B and counting has been wiped out and very likely not coming back.

If you bought it at $4, good for you but there's a shitload of people down 80% plus right now, and it's not mostly Wall St titans - those guys were frontrunning Main St buyers as a few Wall St guppies were getting taken out on stretchers.

 

[Gulo Blue]

yes, and that's an indication that there's more carnage to come. the stock started rallying off that level late summer and finished the year around $20. But billions of dollars worth of stock traded hands at much higher levels than this as these retail buyers pushed it well into the $400 range. The market cap when it was $350 was $25.5B and it traded well over 239mm shares above $300 - that's 3.3x the float. Sure some of that was short covering, but a shitload of it was retail investors piling on. The market cap is now $4B - $21B and counting has been wiped out and very likely not coming back.

If you bought it at $4, good for you but there's a shitload of people down 80% plus right now, and it's not mostly Wall St titans - those guys were frontrunning Main St buyers as a few Wall St guppies were getting taken out on stretchers.

Will they figure out who lost what? There were some stories about hedges losing up front, but I figure they got a lot of it back as latecomers kept buying.

 

[Spartanmack]

Will they figure out who lost what? There were some stories about hedges losing up front, but I figure they got a lot of it back as latecomers kept buying.

Doubt we'll get a reliable number that breaks down the carnage by investor type - who knows. We do know Steve Cohen had to put $1.6B and another had to pony up a like amount to bail out Melvin. I would guess that was not a total loss but maybe. Unless he was somehow contractually obligated to, I don’t see him spending $1.6B to quadruple his losses for no reason. He’s a scumbag but he’s not an idiot. If it was a total loss, it’s hard to think of a more deserving guy for that to happen to - maybe Warren Buffet, but it's close. The bad news is, if it was a total loss, between that and his original investment in Melvin, his fund is only down 15% this year so even if his fund represents his entire net worth, he's not going to have to sell any Picassos to sign more players for the Mets.

edit: in post 88 above I only counted volume on days since it closed over $300. There were a few days before that where it traded well into the $150 range but closed under $100 where it traded another 3x the float. that's over 6x the float trading above $100, well into the $300 level where the short interest only dropped from 140% to 120%. To me that means a shitload of retail investors are absorbing massive losses.

 

[Gulo Blue]

It's still up 50% over where it was 3 weeks ago. 4x over where it was in Dec. I hope there's a good post mortem at some point.

 

[Gulo Blue]

Also, I disapprove of the Tesla/Musk move into bitcoin. Bitcoin is garbage. I don't hate the idea of it, but as it is, it is garbage. A little surprising that all this electrification technology, which is probably the infrastructure we need to embrace greener energy, comes form someone who is no environmentalist.

 

[Spartanmack]

It's still up 50% over where it was 3 weeks ago. 4x over where it was in Dec. I hope there's a good post mortem at some point.

short interest updated as of end of Jan showed it only dropped to 122%, was ~140. It would be interesting to see more granular data to see how its moved daily or at least weekly - Nasdaq updates SI mid month and month end but other exchanges only report SI monthly.

 

[Michchamp]

Also, I disapprove of the Tesla/Musk move into bitcoin. Bitcoin is garbage. I don't hate the idea of it, but as it is, it is garbage. A little surprising that all this electrification technology, which is probably the infrastructure we need to embrace greener energy, comes form someone who is no environmentalist.

Have you seen those articles estimating that all the server farms around the world mining bitcoin use as much energy as Denmark? This one is from 2017; I assume it hasn't gotten better since then.

Edit: It's amusing (in a dark, dark way) that the new technologies humanity spends its energy on are only hastening the demise of our society.

This (link) could (should) probably be it's own thread, but have you also seen the recent bump of news articles reporting that the rate of ice melt has us on the "Worst Case Scenario" projections for climate change?

 

[Gulo Blue]

Have you seen those articles estimating that all the server farms around the world mining bitcoin use as much energy as Denmark? This one is from 2017; I assume it hasn't gotten better since then.

That's my primary issue with it.

 

[Michchamp]

That's my primary issue with it.

Let's invent a new method of gambling and speculation - totally useless and unnecessary for our survival - that uses EVEN MORE energy...

 

[Gulo Blue]

Let's invent a new method of gambling and speculation - totally useless and unnecessary for our survival - that uses EVEN MORE energy...

If it was proving to be useful for something other than crime and speculation, it could theoretically be worth the $50 or $80 of electricity consumed per trade, but it is very costly and has enabled little productive good.

 

[tigermud]

Even the two bit fly by night pinko stinko trip zero scam stocks are running up 100%+ percent lately. that is ALWAYS the sign of TOP. Market about to start rolling tankathon no later than end March. IMO

 

[Spartanmack]

If it was proving to be useful for something other than crime and speculation, it could theoretically be worth the $50 or $80 of electricity consumed per trade, but it is very costly and has enabled little productive good.

it's starting to be accepted more widely as a medium of exchange by legitimate businesses.

 

[tigermud]

Digital currency will ultimately be used to enslave the world