Does the Gamestop run up remind you of basketball cards during the spring and summer?

[Earvin32]

The news has been reporting on the stock price of Gamestop and what has drove its price increase. This story reminded me of the run up in prices from the spring and summer in basketball cards. How much of the price increases in basketball is due to more collectors moving to basketball and simple speculation from investors looking to make $ and not build their collections. I have watched the increase in prices in my pc cards and I wonder if it will maintain or drop back down. I can't afford new pc cards at the moment.

[jzx1103]

Uhhh no lol, the Gamestop stock situation is different, they took advantage of a situation and screwed some wealthy wall street folks.

[colbycolbycolby]

This is so messed up. The big suits and the fat cats got robinhood and others to deny average Americans the right participate in the market. Only allowing people to sell the WSB and not buy- ensuring the hedge funds make their mark.

The free market will correct itself. The pendulum will always swing. But this is beyond fukced. Allowing billionaires to do things ordinary retail investors are not allowed to do is illegal, immoral and unethical. Barring people form buying stock, but allowing the sale of said stock is literally the definition of market manipulation. I can't wait to short Robinhood's IPO.

#@#@#@#@ Robinhood. #@#@#@#@ Citron. #@#@#@#@ CNBC. #@#@#@#@ the SEC. THIS IS WRONG TO THE MILLIONTH DEGREE.


Been a Robinhood account member since 2017. I sold all my positions. Pulled all my money out. Closed my account and opened one up with Webull (who is still trading WSB). Not only did Robinhood shoot themselves in the foot with its customers, future customers, and its IPO. But now there will be a slam dunk class action lawsuit. I think shorting and puts and shady calls will be outlawed.

[DajuanWagner]

Originally Posted by Earvin32

The news has been reporting on the stock price of Gamestop and what has drove its price increase. This story reminded me of the run up in prices from the spring and summer in basketball cards. How much of the price increases in basketball is due to more collectors moving to basketball and simple speculation from investors looking to make $ and not build their collections. I have watched the increase in prices in my pc cards and I wonder if it will maintain or drop back down. I can't afford new pc cards at the moment.

You mean in the spring, summer, fall, and now, winter??? #bubblewillneverburst

[Earvin32]

I agree that this situation with limiting Gamestop stock buying is not a free market. It will be very interesting to watch this situation play out.

I was trying to draw a comparison to Gary Vee and his investment picks driving up some card prices and the Reddit groups talking up the gamestop stock.

[istheskyblew]

depending on how this plays out, I could see money leaving traditional markets and moving into other markets.....physical sports cards for example, that the owner can hold and have total control over

[rasclat]

A 140% short position cant be compared to anything in sports cards.

[colbycolbycolby]

Originally Posted by istheskyblew

depending on how this plays out, I could see money leaving traditional markets and moving into other markets.....physical sports cards for example, that the owner can hold and have total control over

Ding ding! US dollar, stocks, Bitcoin, Topshot. It is all 1s and 0s. Even though bitcoin is not finite, it also isn't tangible. It is pretty clear the lengths that corporations and hedge funds are going to go to ensure they stay on top. With Bitcoin, you need hardware, software, an ISP, a webhost, etc to have it all work. Too many corporations involved in that process as well.

Real estate, gold, silver, cards, guns, ammo, watches, whatever. It needs to be tangible going forward because it is clear the powers that be will always try to #@#@#@#@ you if they can.

[Blanketcards]

This is no different than any other time. The firms can stop the ability to short, increase margin requirements, and limit trading activity. This all really reminds me of the tech bubble where investors/traders were doing and buying things they had no idea what the company even did more less the fundamentals. In terms of "hard assets" like sports cards I personally feel like they are an alternative non correlated asset much like art for the rich and can be a solid diversification tool for investors.

[rainmaker]

No it is not a comparable situation. I believe the card market exploded with the last dance and the nostalgia brought from it. The timing with all the pandemic #@#@#@#@#@#@#@#@ couldn’t have been a more perfect storm. The 90s youth is all grown up and making money and mj and nba was the biggest thing in the world during the 90s. A desire to go back to simpler times and the $ and time to do so through cards. And now it’s all going mainstream. If anything the GameStop situation will bring more $ into the collectibles markets.

[Blanketcards]

Originally Posted by rasclat

A 140% short position cant be compared to anything in sports cards.

In order for a short position to be put on outside of options or futures contracts there has to be shares to borrow so anytime you see excess over 100% there is a problem!

[Vinny1984]

Originally Posted by jzx1103

Uhhh no lol, the Gamestop stock situation is different, they took advantage of a situation and screwed some wealthy wall street folks.

Can you explain this in layman’s terms? I’m not a stock guy and never will be but the idea of screwing over wealthy wall streeters fascinates me.

[jzx1103]

Originally Posted by Vinny1984

Can you explain this in layman’s terms? I’m not a stock guy and never will be but the idea of screwing over wealthy wall streeters fascinates me.

https://www.buzzfeednews.com/article...-street-losses

[derder]

all those people for all those years trying to figure out how to launder money when all they have to do now is be given an unumbered Lebron Topps rookies that there are like 100,000 of... seriously, think of how much illegal money is pumping through this hobby right now...

[thenwhatjk]

Yes, absolutely. Have said as such to non-card friends the past couple days

[rifleman69]

Originally Posted by rasclat

A 140% short position cant be compared to anything in sports cards.

This is exactly it. Once you're over 100% short, it doesn't take much to really screw those shorters. I'm all for that.

[rifleman69]

Originally Posted by Blanketcards

In order for a short position to be put on outside of options or futures contracts there has to be shares to borrow so anytime you see excess over 100% there is a problem!

That's on the SEC and the actual stock exchanges to fix. It's a loophole that can be castrophic.

[byronscott4ever]

No one is stalking stockbrokers though....

[GeechQuest]

Originally Posted by Vinny1984

Can you explain this in layman’s terms? I’m not a stock guy and never will be but the idea of screwing over wealthy wall streeters fascinates me.

If you could short cards it would look like this.

Luka Prizm PSA 10s are $2K a pop. There are 15,000 of them.

I can short the card, and I'm essentially "borrowing" copies I don't have with a promise to give the card back later. I do this because if the card drops down to $1000, I can give my "borrowed" copy back for $2000 and pocket the difference.

If the price goes to $3000, I have borrowed the card (with interest) with a promise to give it back (buy it back) at current market. I lose $1,000 (plus interest) doing this.

Now imagine there were 25,000 borrowed copies of the Luka Prizm PSA 10 but only 15,000 copies exist.

Those who had the physical copies know that the borrowers have to buy them back, so the refuse to sell. Each day the borrowers pay interest on their loan. If I own a copy I can ask whatever price I want and the borrowers can pay it and leave their loan, or pay the interest.

Not everybody who borrowed can buy the card though, and the second I sell one for $3000, the next guy is $3100, and so on. This creates a frenzy and drives the price sky high as the guys who borrowed can take the loss buying back the card or take the loss on the interest. If someone owned 100% of the pop they could demand $100,000 a copy and those who shorted can pay up or lose $100K to interest AND STILL have to buy the copy back.

Obviously more at play, but that's the gist.

[Blanketcards]

There has been numerous topics about bitcoin traders using bitcoin to buy high end cards to avoid cap gain taxes on sales. Low interest rate and Fed flooding the system with cash makes for easy money.

[Vinny1984]

Originally Posted by GeechQuest

If you could short cards it would look like this.

Luka Prizm PSA 10s are $2K a pop. There are 15,000 of them.

I can short the card, and I'm essentially "borrowing" copies I don't have with a promise to give the card back later. I do this because if the card drops down to $1000, I can give my "borrowed" copy back for $2000 and pocket the difference.

If the price goes to $3000, I have borrowed the card (with interest) with a promise to give it back (buy it back) at current market. I lose $1,000 (plus interest) doing this.

Now imagine there were 25,000 borrowed copies of the Luka Prizm PSA 10 but only 15,000 copies exist.

Those who had the physical copies know that the borrowers have to buy them back, so the refuse to sell. Each day the borrowers pay interest on their loan. If I own a copy I can ask whatever price I want and the borrowers can pay it and leave their loan, or pay the interest.

Not everybody who borrowed can buy the card though, and the second I sell one for $3000, the next guy is $3100, and so on. This creates a frenzy and drives the price sky high as the guys who borrowed can take the loss buying back the card or take the loss on the interest. If someone owned 100% of the pop they could demand $100,000 a copy and those who shorted can pay up or lose $100K to interest AND STILL have to buy the copy back.

Obviously more at play, but that's the gist.

Damn. That’s some wild stuff. Sounds like a lot of shenanigans are in play. This is the reason I don’t dabble in the day/swing trading.

[cardsin47]

Originally Posted by jzx1103

Uhhh no lol, the Gamestop stock situation is different, they took advantage of a situation and screwed some wealthy wall street folks.

This ^

[grade]

Originally Posted by Vinny1984

Can you explain this in layman’s terms? I’m not a stock guy and never will be but the idea of screwing over wealthy wall streeters fascinates me.

most simplified , it is very difficult to explain.


Selling something (card,moment) before you have bought the item.

Sell a card for $100 that you do not have that is $80 today and have till next monday to send them the card. BUT that player card (item) has a 100 point game and cost $500 Now or more by next monday when you need to deliver the item. YOU HAVE TO FULFILL, buy the card for $500 and lose $400.


What you want to happen is . Sell for $100 now without buying. The player gets injured and price goes down to $5 by monday. Now you make $95 cause you can fulfill your sale with a $5 card.

[ballhawkdawk]

Originally Posted by jzx1103

Uhhh no lol, the Gamestop stock situation is different, they took advantage of a situation and screwed some wealthy wall street folks.

Uhhhh what?

[PrinceVegeta]

Dump stocks buy moar cards.

Seriously though this is beyond f'ed up