Melvin Capital, hedge fund torpedoed by the GameStop frenzy, is shutting down | Hacker News Reader

Melvin Capital, hedge fund torpedoed by the GameStop frenzy, is shutting down

nytimes.com

47 pointsmarban27 comments

So, the apes did win in the end. Even if they didn't get rich.

GameStop hasn't even launched their NFT marketplace for consumers yet, still in beta.

What do you think happens when they also replace, or meaningfully compete with, NYSE?

We all have to buy better umbrellas to contend with flying pigs.

It's only as strong as the blockchain it's hosted on though. Despite GameStop's best efforts, they may find the rug pulled from under them.

Are you expecting the Ethereum Merge to fail?

Some other failure mode?

Why would someone mine a crypto with less dollar value when they could mine a crypto with a higher dollar value, bearing in mind they're going to sell it immediately?

Blockchains are like Highlander. There can only be one. The more people mine one, the less miners are available for others. Satoshi already proved this.

..huh?

Meh, seeing the reaction to NFTs makes me feel like it will be a big failure.

They are going to replace or compete with NYSE? With what? I am so confused.

The case for it seems strong, but it's pretty strewn about.

Skim this for starting terms and links, wouldn't say it's the most authoritative post though: https://www.reddit.com/r/TheGloryHodl/comments/uhhebp/gamest...

Yeah no, I'm not even reading that. If you want to provide some of your own points I would gladly read them here.

I don't think case is strong for it at all. Many game companies failed selling NFTs. I don't see why game studios would want to allow rental of digital games, as it would hurt their sales.

For me they are dead retailer and have been for many years.

> Many game companies failed selling NFTs.

They rushed — Microsoft x GameStop implementation, whenever they decide the ecosystem is mature enough to launch it, will not be a joke like Ubisoft's or whoever else's was.

> Gamestop's / GMERICA's Decentralized Blockchain Exchange for Stocks, Crypto, NFTs, etc. Will Annihilate Its Competitors: Head-to-Head Comparison Between It and DTCC's and Citadel's (BSTX) Blockchain Stock Exchanges! X VS

Yeah no shit this isn’t authoritative

Edit: Christ, having read the thing this is insane. The commenters are insane too. This is very cult-y. Random paragraph:

> On the other hand, Gamestop / GMERICA will have a decentralized system that will eliminate the middleman or broker. In fact, the very idea of banks themselves may be revolutionized or replaced! Perhaps Gamestop / GMERICA will have you, the individual, be your own bank instead of trusting these malicious parasites that exploit the poor, are "too big to fail," are literally in bed with the DTC, etc. As mentioned by numerous posts in r/Superstonk and other GME-related subreddits, the DTCC is a dark and mysterious cancer upon the American financial system that was brought to light to apes via u/atobitt using Queen Kong's wisdom, and the House of Cards was the initial chemotherapy and radiation.

I am interested to see what they tackle with NFTs. I have heard a lot of suggestions, and there might be a place where blockchain technologies could service the world with them but I am quite bear-ish on NFTs.

Running a game rental service/resell service could be a good use of that technology if they needed ultimate transparency/auditing of records.

> What do you think happens when they also replace, or meaningfully compete with, NYSE?

A videogame retailer is going to start competing against a stock exchange?

Amazon was once simply an online bookstore — have you seen the hirings & partnerships GS has been making recently to this end?

Does becoming finance QAnon really count as winning?

I was going to respond meaningfully to your other comment, but seeing your full perspective on the topic, it's not actually good-faith enough for engaging with.

Probably a good choice. You don't want to feed the trolling qanon

Have you actually lurked around places like r/superstonk?

Finance q anon is honestly a pretty accurate description. That crowd has gone WAY off the deep end

And to be clear, for anyone seeing this comment who isn't familiar, /r/superstonk is a huge subreddit that has at least a couple posts on the front page of /r/all most days. It's the same stuff as /r/the_donald back in the day - a bunch of unhappy losers mindfucked into a fantasy land for the benefit of someone who doesn't give a shit about them.

> a bunch of unhappy losers mindfucked

Ahh, the soothing voice of reasoned tolerance, never stigmatizing our diversity but instead magnifying our commonality of purpose and experience.

I distinctly remember being firmly assured that GME short-sellers covered their positions c. Feb 2021 and only fools believed they still had major losses yet to realize.

These losses were not due to GME.

Bankruptcy is hardly a win.

Gabe will hide out in a buyside firm for a couple of years before making a grand come back and raise another fund.

They will burn everything so the SEC has nothing to stand on.

and still gamestop remains in the $100/share territory.

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