+GoldLeader Posted January 3, 2021 Share Posted January 3, 2021 18 hours ago, HoshiChiri said: So, something I just learned: I had a Gamestop gift card & decided to use it to buy a replacement Pacman tamagotchi. I set up a 'pickup in store' order- and it was canceled for lack of stock. That's fine, system only showed 1, inventory errors happen. I went to re-order at a different local store... and the gift card no longer worked. Apparently, if Gamestop cancels your online order & you used a gift card, they don't just reverse the charge, they mail a different card. So not only did I have to pay fully out of pocket, I have to hope the new card comes before the end of the month so I can use it on my birthday coupon game instead. What the heck kind of company can't reverse a charge on their own gift cards?! It'd make some sense if it was a proper online order, or if I'd done the cancelation... but seriously, the card can't be refunded 30 minutes later? *sigh* Your story reminded me of another, older Game Stop memory...Nothing truly similar except the way they conducted themselves I guess, but the memory was triggered. I went to Game Stop to look for the second Pinball Hall of Fame game. I can't remember if I was looking for the PS2 version or the PSP version (or both), but either way they didn't have it. My first thought, from when I worked at a music store, was if we didn't have, say, a specific (and current) Ibanez guitar for a customer, I would Instantly say, "Can we order it for you?" But at Game Stop, I was told they don't have it, but they can't order it because their computer shows that they have one in the store even though they don't. I know,...WTF? Wrap your head around that one. If I understood correctly, either the one they had got lost or stolen,... or misplaced, and now there was no way they could get in another copy... I namely remember that incident as the time I went to 4 brick and mortar stores where each one asked me if I had a computer,...As if to say I was stupid for not just ordering it online. As I watched them aim the gun, They couldn't see they were shooting themselves in the foot. Now, I could understand, in some small measure why Target or Wal Mart might not care if I bought a game from them, But I was pretty sure K-Mart and Game Stop would be wishing they hadn't driven customers like me to buy online instead... 2 Quote Link to comment Share on other sites More sharing options...
jhd Posted January 5, 2021 Share Posted January 5, 2021 This story is not about Gamestop, but about a similar retailer called HMV. (It apparently still exists in the UK, but no longer here in Canada.) The store mostly sold CDs and DVDs, but it also had a modest selection of PS 2 games -- the specific title that I wanted was sold-out. I reasonably asked the clerk when they would be obtaining more stock, and he told me that they did not order games. I then asked him where the merchandise comes from, and he just looked confused. ? And people wonder about the death of specialized retail stores... Sigh. 1 Quote Link to comment Share on other sites More sharing options...
digdugnate Posted January 6, 2021 Share Posted January 6, 2021 On 1/2/2021 at 9:37 AM, HoshiChiri said: So, something I just learned: I had a Gamestop gift card & decided to use it to buy a replacement Pacman tamagotchi. I set up a 'pickup in store' order- and it was canceled for lack of stock. That's fine, system only showed 1, inventory errors happen. I went to re-order at a different local store... and the gift card no longer worked. Apparently, if Gamestop cancels your online order & you used a gift card, they don't just reverse the charge, they mail a different card. So not only did I have to pay fully out of pocket, I have to hope the new card comes before the end of the month so I can use it on my birthday coupon game instead. What the heck kind of company can't reverse a charge on their own gift cards?! It'd make some sense if it was a proper online order, or if I'd done the cancelation... but seriously, the card can't be refunded 30 minutes later? *sigh* what the heck, that's crazy. im sorry you had to deal with that. Quote Link to comment Share on other sites More sharing options...
HoshiChiri Posted January 8, 2021 Share Posted January 8, 2021 Quick update: since I hadn't received any updates on my gift card situation, I decided to double-check the balance on the old card... they did reload it. It just took several days. Despite the email specifically saying they'd have to mail a new card. *sigh* it's fine though- since literally none of the games I wanted were available locally secondhand, I did an online order: 1 pre-owned AC New Leaf for my niece's birthday (since she will not care if it's cart only), 1 new copy for me (so we can play together), a pack of AC amiibo cards & a mario ornament to pad out for shipping. Between the birthday coupon, the CAG coupon, the pro certificate & the gift card, cost me $26. Don't often get to feel like I did good at Gamestop these days. We'll see if that lasts once the order comes in. Quote Link to comment Share on other sites More sharing options...
+x=usr(1536) Posted January 8, 2021 Share Posted January 8, 2021 On 1/5/2021 at 11:53 AM, jhd said: This story is not about Gamestop, but about a similar retailer called HMV. (It apparently still exists in the UK, but no longer here in Canada.) The store mostly sold CDs and DVDs, but it also had a modest selection of PS 2 games -- the specific title that I wanted was sold-out. I reasonably asked the clerk when they would be obtaining more stock, and he told me that they did not order games. I then asked him where the merchandise comes from, and he just looked confused. ? And people wonder about the death of specialized retail stores... Sigh. Hah, this reminds me of a similar incident at the HMV store on Grafton Street in Dublin back in the late '80s or early '90s. The majority of what they sold was music and videos, but they did have a small software selection. Can't remember what the specific title was that I wanted, but it was something for the ST. Couldn't find it on the shelves, so asked for it at the counter. Was informed that they were out. Asked if I could order it. Was told by the clerk that they didn't carry it. Asked how they could be out of it if they didn't carry it, and was met with a blank stare. Spoke with the manager; got the same line. Pointed out to him that the title was available in the UK stores, which meant that it had a SKU assigned and should therefore be able to be ordered in an Irish store. Went back and forth for a bit until he finally broke down and admitted that his management would only allow him to order titles that they kept in stock, even if they were part of HMV's current catalogue. My response was something along the lines of, "and they wonder why everyone in this country pirates everything; I'll take a 10-pack of blank disks instead, please." That did not go over well. 3 Quote Link to comment Share on other sites More sharing options...
RARusk Posted January 28, 2021 Share Posted January 28, 2021 So.....what do you guys think about what's going on with their stocks? Pretty wild. Quote Link to comment Share on other sites More sharing options...
cybercylon Posted January 28, 2021 Share Posted January 28, 2021 Well, once people on Reddit are tired of the fun and games by propping up the stocks of shambling corpse of a company, the value will go way back down. If I had any, I'd sell it. Use to be several Gamestops near us, including 2 within a 10 min drive on the opposite ends of town. Now the nearest one can be >45 min away depending on traffic. Quote Link to comment Share on other sites More sharing options...
cimerians Posted January 28, 2021 Share Posted January 28, 2021 lol It's hilarious. Made my day. (For those not understanding what they did just google GameStop short selling). ? 1 Quote Link to comment Share on other sites More sharing options...
CPUWIZ Posted January 28, 2021 Share Posted January 28, 2021 2 hours ago, cybercylon said: Well, once people on Reddit are tired of the fun and games by propping up the stocks of shambling corpse of a company, the value will go way back down. And the reddit experts will be the ones left, holding the bag. Quote Link to comment Share on other sites More sharing options...
digdugnate Posted January 28, 2021 Share Posted January 28, 2021 8 hours ago, CPUWIZ said: And the reddit experts will be the ones left, holding the bag. can't Dub that to not be true! 1 Quote Link to comment Share on other sites More sharing options...
zzip Posted January 28, 2021 Share Posted January 28, 2021 11 hours ago, RARusk said: So.....what do you guys think about what's going on with their stocks? Pretty wild. I don't understand how a bunch of people on reddit could affect the price so much, they would be mostly small time investors buying/selling relatively small quantities of stock I would think 1 Quote Link to comment Share on other sites More sharing options...
digdugnate Posted January 28, 2021 Share Posted January 28, 2021 (edited) 1 hour ago, zzip said: I don't understand how a bunch of people on reddit could affect the price so much, they would be mostly small time investors buying/selling relatively small quantities of stock I would think it's speculation- general summary below: GameStop’s stock price increased dramatically due to the actions of users on the WallStreetBets subreddit. The Reddit users pushed the stock up from $20 on 11 January to a staggering high of $146.97. The general reason for this is because the stock market is subject to wild speculation. The more specific reason is that the company found itself as the central catalyst in a battle between short-sellers and online traders." Edited January 28, 2021 by digdugnate Quote Link to comment Share on other sites More sharing options...
zzip Posted January 28, 2021 Share Posted January 28, 2021 11 minutes ago, digdugnate said: GameStop’s stock price increased dramatically due to the actions of users on the WallStreetBets subreddit. The Reddit users pushed the stock up from $20 on 11 January to a staggering high of $146.97. The general reason for this is because the stock market is subject to wild speculation. The more specific reason is that the company found itself as the central catalyst in a battle between short-sellers and online traders." These kinds of games are often played on penny stocks that have a low trading volume, and the price can be manipulated by rallying a message board to buy. But for a mainstream stock like Gamestop, there should be enough daily volume that the actions of message boards would only have small impact on the price. Of course I don't know how many people are involved in this at WallStreetBets nor how much money they are willing to throw at such an operation. It's also possible that they nudged the stock just enough to cross the threshold to start triggering automatic buybacks by the short-sellers, and that in turn caused an avalanche of buying. But they should still need to make a significant impact on the stock price to trigger that. 1 Quote Link to comment Share on other sites More sharing options...
cimerians Posted January 28, 2021 Share Posted January 28, 2021 Here's what is for those interested in short selling, this game happens all the time its just they don't like it when groups of normal people like you or me do it. 2 Quote Link to comment Share on other sites More sharing options...
zzip Posted January 28, 2021 Share Posted January 28, 2021 41 minutes ago, cimerians said: Here's what is for those interested in short selling, this game happens all the time its just they don't like it when groups of normal people like you or me do it. Conspiring to manipulate securities prices like that is probably a crime. Not saying the big boys don't do it, but they are smart enough to not leave a trail. People conspiring openly on reddit like that opening themselves up to trouble. Quote Link to comment Share on other sites More sharing options...
cimerians Posted January 28, 2021 Share Posted January 28, 2021 (edited) 8 minutes ago, zzip said: Conspiring to manipulate securities prices like that is probably a crime. Not saying the big boys don't do it, but they are smart enough to not leave a trail. People conspiring openly on reddit like that opening themselves up to trouble. They dont have to cover it up and they aren't that smart. And I quote--> think GameStop is wild? Wait 'til you see what the financial industry did to retirement accounts for teachers, nurses, police, firefighters and factory workers in 2008. Their punishment? 0 jail time, big bailout, and a huge new revenue stream: cheap houses to buy and rent out. This is getting political so I'm stopping right here. Pull up popcorn on your local news channel and enjoy! Edited January 28, 2021 by cimerians 3 Quote Link to comment Share on other sites More sharing options...
jhd Posted January 28, 2021 Share Posted January 28, 2021 1 hour ago, zzip said: Conspiring to manipulate securities prices like that is probably a crime. Not saying the big boys don't do it, but they are smart enough to not leave a trail. People conspiring openly on reddit like that opening themselves up to trouble. Slightly related question, but in the United States is securities trading regulated at the State or Federal level (or both)? Quote Link to comment Share on other sites More sharing options...
zzip Posted January 28, 2021 Share Posted January 28, 2021 21 minutes ago, jhd said: Slightly related question, but in the United States is securities trading regulated at the State or Federal level (or both)? Federally by the Securities and Exchange Commission (SEC). There may be additional regulators in the States. 1 Quote Link to comment Share on other sites More sharing options...
RevEng Posted January 28, 2021 Share Posted January 28, 2021 6 hours ago, zzip said: I don't understand how a bunch of people on reddit could affect the price so much, they would be mostly small time investors buying/selling relatively small quantities of stock I would think The explanation I've seen, which sounds plausible to me, is that the auto-trading algorithms saw upward movement in the stock and got in on the buying action, which greatly amplified the upward swing. Apparently most of the reddit buyers were using Robinhood for the trades, and Robinhood later blocked all retail users from buying GameStop, but not selling. Buying was, of course, still open to larger non-retail customers who needed to cover their shorts. Now Robinhood is looking at a class action suit, and some congressional reps are calling for an investigation. 2 Quote Link to comment Share on other sites More sharing options...
zzip Posted January 28, 2021 Share Posted January 28, 2021 4 minutes ago, RevEng said: The explanation I've seen, which sounds plausible to me, is that the auto-trading algorithms saw upward movement in the stock and got in on the buying action, which greatly amplified the upward swing. That seems plausible. It creates a short-squeeze which triggers automated buying, which sends the price higher, triggering more short-squeezes 6 minutes ago, RevEng said: Apparently most of the reddit buyers were using Robinhood for the trades, and Robinhood later blocked all retail users from buying GameStop, but not selling. Buying was, of course, still open to larger non-retail customers who needed to cover their shorts. Now Robinhood is looking at a class action suit, and some congressional reps are calling for an investigation. Is that a bad thing though? Everyone knows the stock isn't worth these prices, so it would seem the retail customers should want to sell the stock and realize a sweet profit. 1 Quote Link to comment Share on other sites More sharing options...
Shawn Posted January 28, 2021 Share Posted January 28, 2021 Ya it's all fine and dandy when hedge funds and millionaires\billionaires do it but the same people call foul when a bunch of small fries get in on the exact same action. Corrupt motherfuckers deserve to sink. No bailout. Take your lumps are realize you don't always win. 8 Quote Link to comment Share on other sites More sharing options...
BDW Posted January 28, 2021 Share Posted January 28, 2021 17 minutes ago, zzip said: Is that a bad thing though? Everyone knows the stock isn't worth these prices, so it would seem the retail customers should want to sell the stock and realize a sweet profit. It is a bad thing considering Robinhood receives a huge portion of its revenue from Citadel LLC. Citadel LLC, if you recall, invested in Melvin Capital to bail it out after getting squeezed from the Gamestop short. Robinhood knows what side its bread is buttered on. Robinhood isn't looking to protect retail customers, it's looking to protect its own bottom line. 2 Quote Link to comment Share on other sites More sharing options...
cimerians Posted January 28, 2021 Share Posted January 28, 2021 21 minutes ago, Shawn said: Ya it's all fine and dandy when hedge funds and millionaires\billionaires do it but the same people call foul when a bunch of small fries get in on the exact same action. Corrupt motherfuckers deserve to sink. No bailout. Take your lumps are realize you don't always win. Exactly. Wall Streeters treat our economy as a casino and then complain about a message board of posters who are doing the same. I'm buying some Blockbuster stock. ? ? 2 Quote Link to comment Share on other sites More sharing options...
Shawn Posted January 29, 2021 Share Posted January 29, 2021 (edited) 3 hours ago, cimerians said: Exactly. Wall Streeters treat our economy as a casino and then complain about a message board of posters who are doing the same. I'm buying some Blockbuster stock. ? ? It was up to 14 cents the other day. Was trading below 1 cent previously. I think AMC would be the better bet as it's seeing a lot more play and pay right now. It's a sinking ship so play carefully if you do. EDIT: Imagine if something like this happened with Atari and ol' Pdubs ended up rich as fuck? Edited January 29, 2021 by Shawn 1 1 Quote Link to comment Share on other sites More sharing options...
+Allan Posted January 29, 2021 Share Posted January 29, 2021 Buy your Blockbuster stocks soon so you can hang them next to your Atari Corp. stocks. 2 Quote Link to comment Share on other sites More sharing options...
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