c/buttcoin · by dgerard@awful.systems · 2y

BBBY administrator to meme stock nutcases: The company is dead. It's gone. This is an ex-company. Memestockers: THIS IS A DOUBLE FEINT

https://old.reddit.com/r/BBBY/comments/18m8v0a/plan_administrator_michael_goldberg_responds_to/

11 points · 21 comments · view on lemmy.world

21 Comments

Soyweiser@awful.systems · 12 pts · 2y (2 replies)

It is in a way amazing how much more crazy the 'we are going to beat the shortsellers by using reddit' memestocks have gotten.

E: this yt vid shows just how crazy one person got from the bed bath and beyond memestock stuff. It is really sad (and scary, this guys delusion was BBBY, but there are people who get similar delusions about other things or even people).

flooppoolf@lemmy.world · 3 pts · 2y (1 reply)

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Soyweiser@awful.systems · 7 pts · 2y

Sorry I have no idea what you are talking about, but if they rant about BBBY it prob was related. After the 'succes' of the gamestock memestock thing (which I think has the only long term effect that people shorting stocks now here low wage people to monitor dumb reddit places, and at times join in) low financial knowhow people with a tendency to start believing in conspiracy theories made themselves crazy by going full filterbubble on other memestocks (which will be a success any day now!). Instead of people blasting their brains out due to reading about qanon on facebook they read about stocks on reddit. It is fascinating in a sort of watching a train accident way.

gnomicutterance@hachyderm.io · 11 pts · 2y

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bitofhope@awful.systems · 9 pts · 2y (1 reply)

No no, he's, uh, he's resting.

You know resting, like in a bed. Or a bath. Or The Beyond. Resting all peacefully too!

gnomicutterance@hachyderm.io · 4 pts · 2y

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swlabr@awful.systems · 9 pts · 2y

Weekend at BBBY’s

sc_griffith@awful.systems · 7 pts · 2y

this is killing me

AcausalRobotGod@awful.systems · 7 pts · 2y

Not even my godly simulations can revive this company. Or fathom the inanity of these apes.

not_that_guy05@lemmy.world · 5 pts · 2y (4 replies)

Bbby is dead. They were our customer, we lost hundreds of thousands, and are still in the process of fighting to get a fraction of it. But, there is still A BBBY company, but they are in Mexico. Might be a different company all together.

dgerard@awful.systems · 4 pts · 2y (3 replies)

this company is dead dead dead and cut up for parts, most of which nobody would buy at any price. the brand and IP were sold to Overstock who have no liability in the BBBY ch 7.

self@awful.systems · 5 pts · 2y (2 replies)

between business decisions like that and their weird relationship with crypto, I’m expecting Overstock to be the next meme stock that does nothing but lose money (but you need to buy in now or you’ll be left behind when shorts close, check the DD, it’ll be the biggest transfer of wealth since Tyler Durden blew up all those IBM mainframes that one time)

self@awful.systems · 4 pts · 2y

you see the name of the company, Overstock, represents their CEO’s bullishness on the fact that the stock will overperform in spite of the best efforts of the hedgies and shills. in this DD I wi

dgerard@awful.systems · 3 pts · 2y

Now that Byrne is out, Overstock is slightly less insane

self@awful.systems · 3 pts · 2y (10 replies)

my brain always tries to read BBBY as BBBlackberry because I still cannot conceptualize the mentality needed to not only get excited about ~~Buy Buy Baby~~ fucking Bed Bath & Beyond (I legitimately forgot which oversized waste of retail space these fuckers were obsessed with), but think that owning shares in it is an economy-shattering financial hack opposed only by the billionaires they claim to hate and yet cannot wait to become

Yeah called this dude out just the other day. Hes definitely a shill and his buddy wild gaselle is posting similar shit on another sub. All we can do is wait, all of the negativity is just that, negativity. If there weren’t so many ppl ready to crucify pulte and pp I might be nervous, but it’s insane how much hate they get. Very similar to DFV in his day.

this is what psychosis inflicted by capitalism sounds like, and I hope that one day we’re distant enough from the system that pushes folks into these thought patterns to prevent anyone else from being afflicted

bitofhope@awful.systems · 8 pts · 2y (6 replies)

Not far off, per Wikipedia

in 2007, [BB&B] acquired Buy Buy Baby, a chain of baby supply stores founded by Feinstein's sons

I agree though. It's not hard to imagine a crowd of mostly millennial redditor men get nostalgic for companies like Gamestop, AMC, Blockbuster or Blackberry, but I didn't exactly imagine them being a demographic big into a big box furniture and interior decoration store. Ikea, maybe.

Liberalism failed to end history after all, so anticapitalism is popular again. You don't have to be a leftist or even have a coherent political worldview at all to resent the billionare caste. "It should have been me" is more than good enough for many.

self@awful.systems · 5 pts · 2y (4 replies)

right! like gamestop almost makes sense (til you get into the meme stock psychosis bits) — a bunch of gamers with zero experience with stocks buy GME because they want to save the company (somehow forgetting how consistently godawful gamestop was as a chain of sleazy gaming pawn shops) and end up in over their heads. but the waste of space retail stores you enter once when you first buy a house and/or buy a baby and never again?

“I’ll be the only good billionaire” is such a seductive fantasy for a certain personality type, and it’s impossible by definition — the only way you keep the billions is by being a lying, cheating leech on society. doing the right thing with the money implies giving up the vast majority of it, but somehow that never factors into the power fantasy for these types of folks

JohnBierce@awful.systems · 5 pts · 2y (3 replies)

I absolutely get the "I'd be a good billionaire" fantasy, it's something I've indulged in every now and then- but for me, it's really more a personal agency fantasy, just one of many ways I like to imagine having the power to single-handedly make the world better. But... in the end, they ARE fantasies, are just cathartic games for me to play when I'm feeling particularly overwhelmed by the world's bullshit. (And they usually involve giving the money away, hah.) No one should actually have that much individual power. Definitely not me, lol.

It's the people who defend the exploitative systems that make billionaires possible, for the sake of that fantasy, who really irk me. They've genuinely convinced themselves, on some level, that it's possible to, as you said, keep the billions without being a leech on society. That there's somehow a chance they could really be that billionaire personally, or even that they're actually temporarily embarrassed billionaires.

gnomicutterance@hachyderm.io · 6 pts · 2y (2 replies)

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bitofhope@awful.systems · 7 pts · 2y (1 reply)

Reminds me of this game, where you try to spend billions https://direkris.itch.io/you-are-jeff-bezos

gnomicutterance@hachyderm.io · 5 pts · 2y

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jonhendry@awful.systems · 3 pts · 2y

I didn’t exactly imagine them being a demographic big into a big box furniture and interior decoration store. Ikea, maybe.

Not even furniture, really. It's more like sheet sets, comforters, bed skirts, faddish kitchen utensils, small cheap appliances, towels, toothbrush racks, etc.

I expect a lot of BBBY nuts are the "mattress on the floor with no fitted sheet" type, but they probably spend money on desk/chair and living room media furniture.

self@awful.systems · 7 pts · 2y (1 reply)

I know it sounds like copium, but I wonder if this language of "the BBBY shares are worthless and cancelled and not coming back" is a roundabout way of saying "the original securities you bought are not coming back and are worth nothing; however, new securities can be awarded in their place, the value of which is to be determined".

He's being factually correct, which corresponds to the mountains of DD that have been done. Bed Bath and Beyond is no longer a company in the sense that it's branding belongs to Beyond/Overstock and any assets worth carrying over were turned into DK Butterfly, which is effectively just a core accounting department so far as we currently know. Of course, what isn't said is often the most important part of a conversation. While it's true BBBYQ shares were canceled, that's a different conversation than the issuance of new securities.

oh for fuck’s sake, these are both sitting at 33 points

dgerard@awful.systems · 7 pts · 2y

I realised that meme stocks were on-topic here, but we hadn't posted any. The trouble is that the meme stock alternate universe is on so many layers of self-delusion that the lols are very high effort. This one is pretty straightforward though.

jonhendry@awful.systems · 5 pts · 2y

It's kind of a shame that Linens 'n Things wasn't still around for contrarians to "support". It could have been a meme stock lunatic battle royale.

invertedspear@lemm.ee · 3 pts · 2y

I just got a 15% off coupon for them the other day. Someone is operating their website and keeping the name and spirit alive. It’s just a web retailer now, and I doubt it has any connection besides the name to the original company, but the way the coupon reads it’s like a “not dead yet” situation. This could be part of what’s giving some idiots hope.