Category Archives: videogames

Gamestop will be the single largest wealth distribution in United States History

Late in January 2021 the short stock squeeze on hedge funds by Reddit subforum r/Wallstreetbets became a national story. The primary narrative seemed to treat the conflict as a novelty story about the insights and cheek of the uninformed masses investing on their phones. This may be a risky prediction, but I think that next week the majority of Reddit investors will hold and the eventual consequences will result in the single largest wealth distribution in United States History.

Mohammed El-Erian writes a good summary of the showdown that is happening and the stakes for the large scale financiers in Bloomberg:

I’m not strong on translating business-speak, but I think he is saying that if the Gamestop shareholders continue to want to buy the stock (not just hold it) and some short purchases still need to be fulfilled, then the value of the stock could continue to rise. And that could wreck one or more of the money making jam boys on wall street.

A casual stroll through Reddit will give you some good examples of the palpable poor-vs-rich anger. Reading r/Wallstreetbets is fascinating for the insider language, the shared sense of purpose and the dual denigration of the community and pride for it’s newly-found capabilities.

Note that the subforum is called r/Wallstreetbets. There is another forum called r/stocks and hundreds of other Reddit investing subforums. The name of this forum betrays the gambling nature of the investment stories and the big wins and losses which make this story so attractive.

Here are a couple of screenshots from the forum with some particular linguistic and representational frames that are worth note. (They are also potentially offensive).

This is insider communication telling the story of the moment to themselves. The community is self-articulated as small-time investors, angry at large hedge funds. The participants seem mostly interested in making visible the disparities of the capitalist system. They call themselves “retards” and “autists” partially to obsure the notion that they are giving financial advice. The reference to apes is shared identity with Harambe the murdered ape imprisoned in the Cincinnati zoo.

They are almost always offering palliative advice. Everyone I know has experienced so much pain and suffering because of debt. Health care and education debt, extra-long work hours and exhaustion from a combination of an economic system that asks more and more from us while offering less of a safety net. The raw anger of the “guy who lives in his truck” and u/space-peanut can be felt. Their motivation is vengence – to not only hold, but to “buy the dip” to continue to invest in the stock for the purposes of enacting revenge for the damage already done by the capitalist system.

Buying the stock is getting harder and harder to do as the trading app Robinhood froze purchases and then throttled users to a single share per day on Friday. The realization that the company was preventing the movement from access to the stock (seemingly to protect the hedge funds) created enormous anger and a quick move to use those investing tools that allowed small investors to buy Gamestop stock.

I’m not alone in thinking that there is a showdown coming this next week, and the press will continue to talk about the inevitable run that will come when some of the larger stockholders sell the stock in order to recoup their now astronomic investments. But I’m not sure that many of the die-hards are going to do that. I think they “like the stock.”

Reading R/Wallstreetbets, one of the users whose posts zoomed to the top of the page is u/Deepfuckingvalue a user named Keith Gill. u/Deepfuckingvalue posts single images of his stock portfolio daily holding gamestop stock showing a 30-40 million dollar investment portfolio. It is a persuasive representation of the enthusiastic rewards for this kind of clubhouse community of seemingly-irrational investors. Watching Gill’s youtube video explaining why he thinks you should buy Gamestop is rational, persuasive and prescient.

U/Deepfuckingvalue argues that Gamestop is likely to stick around because people will shop there and the store will make money. He defends against digital video-game purchases, articulates management changes and basically does wonky due diligence. Around 39 minutes they begin forecasting what the stock might do if people invest. Worth a watch.

Note that this video is from July. The reddit folks who were hipped into this moment have had six months to slip into a few Gamestop shares at prices from four bucks to above four hundred bucks. Quite a few users on the forum have presented their spreadsheets of gamestop changes showing hundreds of thousands of dollars of gains and a shared enthusasm to hold the stock.

I think that a few folks will sell a few shares to get some cash to pay bills or floss their new found wealth. But I bet that the majority of folks will keep the majority of their shares. Others, excited to be part of the community of Gamestop stock owners will be ready to buy the stock even at the inflated price because it comes with a lot of extra value from the moment. But I think they are thinking that they will get to own a long-standing business in their community, not stock that they’ll sell when it is convenient.

I think that that individual investors will continue to seek out nostalgic businesses that have been marked for decline by hedge funds. AMC and Bed Bath and Beyond appear to be part of this redemption story because they hit the sweet spot of businesses that people want to defend from destruction and because they have been shorted by hedge funds.

This may point to a kind of crowd-funded community development opportunities. In the past most small investors have been sway to the moves of the market. If your local grocery store went out of business you might have to drive 45 miles to shop somewhere else. The ability to quickly invest money to keep businesses afloat because we need them hasn’t been available before this. I wonder if the abiliy to save a few chain corporations from bankruptcy will make a dramatic difference, but it is an interesting change in presumed power and maybe it will prevent a few food deserts.

But we also are going to see a huge series of changes from this moment because a couple of billion dollars is moving from hedge funds to a lot of previously-small scale investors in Gamestop. These Gamestop millionaires are going to going to make a big impact in the financial and cultural moment of 2021.

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Axe and misogyny: They view it as a war to defend white supremacy

On January 6, supporters of the sitting president of the United States attacked the United States capitol and rioted inside the building. The stories, images and fallout are all visible and well documented. Here is how I understand that we got here:

In the 80s, republican operatives, mapping demographic changes and voting assumptions began to see rising numbers of people of color as a threat to the electoral power that they had held. Billionare conservatives started funding very specific media sources (Breitbart, Fox News, Daily Caller) to make money from a new market – white people who could be made angry about changes for justice in order to create an enthusastic white supremacist voting block to keep republicans in power.

In their mind, there were just a few short decades to go until the showdown, so they strategized in a couple of very focused ways to ensure that conservative business leaders could resist.

  1. They funded, fostered, nurtured white anger against people of color at every opportunity. Using the axis of race, right wing journalists could re-articulate crushing poverty as the fault of the gains of people of color. It was the Southern Strategy on steroids.
  2. They invested heavily in controlling the courts. Federalist society, nurturing young conservatives, scholarships, mentorship, and guidance to create targeted young right wing ideologues ready to carry the white supremacist mission long after they are dead.
  3. They worked hard to win state legislatures, and use gerrymandering to minimize the power of voters that didn’t vote republican.
  4. They succeeded in establishing a relationships to politicize videogame players and an emerging online troll culture to embrace the symbols of white supremacy with ease and comfort.
  5. They absorbed / hijacked the Republican party in the 2010s and reassured the traditional elements of that coalition that the gains in power would be worth the harm to the nation. Corporate donors, philanthropists, government agencies, and many others became complicit in a full-fledged white supremacist government structure working under the Trump administration to do active harm to people of color at almost every turn.

Here is where we often get it twisted. The justifications and explanations for each of these activist strategies are fairly well documented. The key question is how do a small number of very privileged republican organizers spin this strategy? What do they specifically say and to who – these questions can be part of the educational work to innoculate future fascist moments. In this case, the narrative of white supremacy was the only communiciation strong enough to push working class white people to harm people of color and it was buoyed by hatred of women and an anger at lack of white solidarity.

There are a lot of issues of accountability that will be navigated in the next few weeks. Criminal charges for those who killed a cop, resignations from those leaders who are identifed as responsible (or those who are scapegoated). And this rupture will open the space for new policies that will often have profoundly negative implications for people of color, poor people, women and disadvantaged folks (increased surveillance, new anti-terrorism laws, policing in communities of color etc). To rush into policy-making without reflection is a terrible path forward.

We should take stock of the recuperation efforts. Examine those who played a role, or had been connected to the violence and some-how are attempting to detatch themselves. We should be asking how the invitation was framed such that it made sense to so many people. But finding access points is important.

My first off note about this was Strava – the bike riding app told me that it didn’t support the insurrection against the US government and weren’t cop killers in an announcement at the top of the app. Well yeah . . . you are supposed to be an app that tracks my cycling miles, I hadn’t honestly assumed that you were in favor of a violent overthrow of the government by Nazis and their allies.

“What we saw in the US Capitol this week was the antithesis of what Strava stands for,” the letter read. “It was internal terrorism and we denounced it. Whatever the limits or flaws our democracy may have, we believe that we must protect it. ”

“This is not about politics. These are fundamental principles in which we deeply believe: treat ALL people with decency, respect and fairness ”. says the letter. “When you joined Strava, you joined a global community of athletes who are in line with our community standards: respect each other, respect the rules, and be inclusive and anti-racist.” (Sidenote: it looks like Strava disappeared this note almost as soon as it was made. The only reference I can find to this quote is from a weird fitness webpage that is giving me fascist vibes . . .)

We can probably distinguish those corporations who took a serious loss from their de-platforming of Donald Trump from those who chose the moment to try to forward their brand. In this case, we are talking about a corporation that commented on the attacks either for their own gain or to protect themselves from public relations losses.

Axe Body Spray for instance.

Axe Body spray is the worst. Not only in aroma, but in the toxic sexist rape culture advertising that has been marked, mocked and mapped. I’m not surprised that Axe body spray had to respond – they must know that the bogus entitlement to sex because you sprayed yourself down with duck urine is tied to the entitlement of those who tried to murder Nancy Pelosi.

“We’d rather be lonely” is the most minimizing and trivializing read on the events of January 6. To understand that Axe would go without their body spray rather than be affiliated with the murderous nazis and that they still have time to indicate that it would make them lonely is grotesque. They still want you to know that if you don’t wear Axe Body Spray you won’t get laid . . . Axe sells entitlement and in this case, a multinational corporation’s PR team put it clearly that this one was too far (but all the other normal entitled crap will continue).

I think that whoever run’s Axe’s twitter handle might not get the depth of this moment. But then again neither did the men who came to DC to murder uppity women. For instance Cleveland Grover Meredith Jr. The investigating report indicates that he voluntarily showed Federal agents text messages planning to kill Speaker Pelosi.

“How much u give me to go trench the Capital lawn with ma big truk?” The other participant wrote, “Don’t do it.” MEREDITH replied, “I’m gonna run that CUNT Pelosi over while she chews on her gums.” Later in the conversation, MEREDITH wrote, “Dead Bitch Walking. I predict that within 12 days, many in our country will die.” (https://extremism.gwu.edu/sites/g/files/zaxdzs2191/f/Cleveland%20Grover%20Meredith%20Statement%20of%20Facts.pdf)

Misogynistic slurs have been uncovered and amplified in the quotes of those who drove to the capital heavily armed with a desire to do harm. The centrality of violence against women is really tied to the logic of the transgression of violating the capitol. The goal was similar to the early 1900s strategies of faux-assasination communications attentat – to illustrate the potential for somene to be harmed. To illustrate that a president or a king can be reached and to strike fear.

We could also examine this from the perspective of the domestic violence literature. Understanding the power and control wheel and the transgression of safe spaces to induce terror. Abusers will communicate in many small ways that the abused is not safe – including by invading previously safe space to communicate disempowerment.

There was no way to understand the photos of the dude with his feet up on the desk outside Speaker Pelosi’s office and his initial encounters with the press documenting his take on the event. Barnett is his name and we can match the entitlement and joy in transgressing with is deep hatred of a powerful woman.

BARNETT states “I did not steal it. I bled on it because they were macing me and I couldn’t fucking see so I figured I am in her office. I got blood on her office. I put a quarter on her desk even though she ain’t fucking worth it. And I left her a note on her deskthat says “Nancy, Bigo was here, you Bitch.” (https://extremism.gwu.edu/sites/g/files/zaxdzs2191/f/Richard%20Barnett%20Statement%20of%20Facts_0.pdf)

Donald Trump has articulated the hurt done to white men in several divisive ways, but the deeply sexist and racist framings he has presented seem to have tracked well with the people who showed up to do harm on January 6.

Challenging white supremacy means contesting the common-sense nature of the dialogue. Fragmented social media (where people can bury themselves in media which affirms their point of view) has reached a point of insulation – where it can protect harmful ideas from critique. This means that unpacking white supremacist (ill)logic means navigating the ways that sexism and racism co-create this moment of deep entitlement and violence.

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cannibal capitalism and video game streaming

Cannibal capitalism is the mediated consumption of other people’s suffering. Usually someone gets paid for this. In the NFL players and owners get money while viewers watch men exchange ritualized interpersonal violence. Traditional televised sports are ripe with injury moments and the moral judgement that soothes and justifies the suffering.

Slightly less visible is the suffering that happens in order to bring us the entertainment. The New Yorker has a nice essay on video game streamers who broadcast their games to gigantic audiences of semi-interactive fans. Taylor Clark describes the harm that many streamers face from the occupation.

“At this summer’s PAX West–a yearly convention that inundates downtown Seattle with gaming fans–virtually every streamer I spoke with voiced concerns about the health risks of overwork. “My doctor told me I was going to die if I kept doing it like this,” a young broadcaster who goes by Bria Leigh said. ‘You spend ten hours a day in the chair. And you don’t even want to get up to use the bathroom, because you’re afraid you’ll lose viewers.'”(43) – Taylor Clark, “Revenue Streaming.” The New Yorker. November 20, 2017. P. 38-44

Clark’s article contains reference to a gamer who died during a 24-hour charity stream (Brian Vigneault) and a opens with the description of Roberto Garcia AKA Towelliee, a popular streamer.  Clark describes the impact on Garcia from his years of grinding out gaming for fans.

“Game streaming, Garcia discovered, required non-stop work.  The only way to attract viewers, and to prevent the ones you had from straying to other broadcaster, was to be online constantly, so he routinely streamed for eighteen hours a day.  “That’s what I had to do to grown the viewership,” he said.  His ankles swelled from sitting at this computer.  his weight grew to four hundred and twenty pounds.” (38) – Taylor Clark, “Revenue Streaming.” The New Yorker. November 20, 2017. P. 38-44

There is a lot to unpack in the representations of video gaming and new media.  My interest is to note that this new genre of entertainment has consequences for the producers.  Streamed live, viewers get to watch and comment on (consume) the streamers with a kind of interactivity that has seldom been seen before.  The invitation is there for viewers to chat directly with the producers and create community.

But the expectation is that the streamer is there for the viewer and in some ways is entitled to the viewing.  In this relationship where the streamer depends on the views to make a living there is a certain incentive to grind through moments of suffering in order to keep viewers.

This relationship is cannibal capitalism where viewers consume the suffering of someone else through the media.  It is visible through the twitch comments and the representations of streaming participants.  It is also in the bodily cost that is above-and-beyond other lines of employment.  (No doubt that people who cut down trees for a living have swelling feet and high blood pressure from their job, but few arborists have 10,000 people watching their successes and failures live).

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