Gamestop
Article
Gamestop is a recurring organization in the Astral Codex Ten archive, appearing 3 times across 3 issues between January 24, 2022 and April 04, 2024. The archive places it in contexts such as “Gamestop stock price”; “Gamestop short squeeze in January 2021”; “people talked about a “short squeeze” on Gamestop stock, Gamestop became a “meme stock”“. It most often appears alongside Less Wrong, Less Wrong, US.
Metadata
- Category: Organizations
- Mention count: 3
- Issue count: 3
- First seen: January 24, 2022
- Last seen: April 04, 2024
Appears In
Related Pages
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- Less Wrong (2 shared issues)
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- Less Wrong (2 shared issues)
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- US (2 shared issues)
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- wallstreetbets (1 shared issues)
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- 2013 Financial Services (Banking Reform) Act (1 shared issues)
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- 538 (1 shared issues)
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- 80,000 Hours (1 shared issues)
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- 80,000 Hours podcast (1 shared issues)
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- @eigenrobot (1 shared issues)
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- Aaron Peskin (1 shared issues)
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- ACLU (1 shared issues)
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- ACX (1 shared issues)
External Links
Source Context
Recovered passages from the original issue text. When the raw archive preserved outbound links inside the source passage, they are listed directly under the quote.
ECON/TECH 14. Gamestop stock price still above $100: 50% 15. Bitcoin above 100K: 40% 16. Ethereum above 5K: 50% 17. Ethereum above 0.05 BTC: 70% 18. Dow above 35K: 90% 19. ...above 37.5K: 70% 20. Unemployment above 5%: 40% 21. Google widely allows remote work, no questions asked: 20% 22. Starship reaches orbit: 60%
Clarence Saunders, seeing that stock in his company was trading at what he thought was an unfairly low price, executed a "short squeeze." If you were witness to the /r/wallstreetbets Gamestop short squeeze in January 2021, you understand the basic concept, though the details are different:
For one thing (unlike Gamestop), Piggly Wiggly Stores Inc. was a firm that actually seemed to have sound financials. For another, Clarence Saunders was attempting to execute this short squeeze in 1922, when stocks were traded as physical pieces of paper, making the system of "IOUs" that enable short-selling much more tangible, and the market far less liquid (and thus easier to corner or manipulate). And perhaps most significantly, Clarence Saunders was not a third-party rallying people on an internet forum; he was buying his company's shares using shares from his own personal funds, money he had borrowed (which ended up millions of dollars, a huge amount in 1922), and the company's funds.
30: Remember how a few years ago people talked about a “short squeeze” on Gamestop stock, Gamestop became a “meme stock” and went up a lot, and then later it went back down? And you know how sociologists say that after a religion’s predicted apocalypse fails to materialize, some believers become even more committed? r/superstonk (FAQ here) is the subreddit for people who believe that the true Gamestop short squeeze is still coming, that it will take down all of Wall Street, and that Gamestop will soon be worth “[from] $10,000 per share to $100 million per share - with evidence suggesting there is no theoretical ceiling on what the price could climb to.”
Inline links: r/superstonk, here