GameStop

Last week saw a rare convergence of video games and the stock market in popular news coverage. Well, not video games directly, but rather, one of the most popular video game stores: GameStop. Unless you've been living under a rock for the past week or two, you've probably been hearing about how a group of Reddit posters got hundreds of thousands (or millions) of fellow Reddit readers to buy and hold stock in GameStop over the past few months, raising its stock price from $5 per share to a max of almost $500 per share. This was much to the dismay of many Wall Street investors and hedge funds, who had been betting that Gamestop would lose money. Those hedge funds have been losing those bets due to the actions of these Redditors, and some very rich people are suddenly losing a little bit of money.

I'm not going to talk too much about this because Jim Sterling already released a fantastic Jimquisition episode about this very topic yesterday. It's seriously one of their best work ever, despite not being directly about video games, because it strikes right at the fundamental core of why the video game industry is so corrupt and exploitative: because that's just how American corporate capitalism is: corrupt and exploitative. So check out that Jimquisition if you want to hear more ranting about how the stock market is really just a casino for rich people who like to bet on everyone else's lives, how it's unfairly rigged against small investors, and how it creates perverse incentives for businesses and investors to hurt the workforce. I am in absolute agreement with almost everything that Sterling says in this video.

Monday's Jimquisition about the GameStop stock story is one of Jim's best works.

Nevertheless, I do want to talk a little about this topic because the excesses and exploitative nature of American corporate culture is a particularly frustrating issue that I am very passionate about criticizing. Full disclosure: I (along with some of my colleagues and friends) did buy stock in GameStop (along with AMC, Blackberry, and Nokia) as a form of protest against the corrupt and rigged Wall Street system, and in the hopes of making a quick buck. Unfortunately, I bought mine at one of the peak prices and, as of the time of this writing, I've personally lost several hundred dollars on the purchase, since GameStop's price has been dropping. But I haven't sold yet. I'm in it for the long run.

The hedge fund managers who were suddenly at risk of losing millions of dollars (or more) because they bet on GameStop to fail were suddenly calling for government or regulatory intervention. They wanted stock purchases to be frozen, or for regulatory agencies to bail them out because they lost their gamble. The stock trading app, Robinhood, even conceded to these demands last Thursday or Friday, halting the purchase of any new shares of GameStop and even closing out the accounts of some users who had purchased the stock. They did this in the name of "protecting users from a volatile market", but really, it was almost certainly to protect the hedge funds who were losing money.

I'd like to remind my readers that these hedge fund managers who were crying foul are the same people who complain about government regulation, taxes, minimum wage laws, and so forth on the grounds that the market should be "free". They, after all, make shit-loads of money trading volatile stocks and using various investment strategies to manipulate the prices of certain stocks for their own personal and professional gain. But the moment that the average consumer starts to use these same systems and rules, these promoters of "free, un-regulated markets" start crying foul. It's not "market manipulation" when they gamble with other people's money; but they want to say it's illegal "market manipulation" when we, the average plebs start gambling and winning their money. Elites want "free markets" when they are exploiting those markets for personal financial gain, but when the average pleb starts exploiting it, suddenly, these same corporatists want regulation and welfare from the state to protect them from their own bad bets. Please remember that next time you hear someone criticize progressives for "just giving handouts to the poor". At least the poor need the money or benefits. These hedge fund managers can get by just fine without their precious GameStop short sells. But they don't care. They're greedy sons-of-bitches and want to squeeze the general public for every last penny they can get out of us, even if it means thousands of people will be laid off of their jobs and fall into poverty.

Worse yet, these same elites love to criticize poor and middle-class Americans for not investing our money. But when a bunch of us decide to try, they cry that we're manipulating their markets. Because that's what they think it is: "their market". They only tell us to invest (and then blame us for not following their advice) because they know that the majority of Americans don't have enough disposable income to be able to afford to invest any meaningful amount. Maybe we can put away a few hundred or thousand bucks into the stock market, but even the collective tens of millions of us are not putting the quantities of money into the market that these elites are.

[More]

PolyCast logo

Earlier today, I served as a guest host for the Civilization podcast Polycast, episode 295. I joined regular hosts DanQ, Makahlua, MadDjinn, and TheMeInTeam. The episode covered a handful of topics, ranging from the new religion mechanics introduced by the fall 2017 patch, to a proposal for athletes to be a type of great person, the new Civilization: A New Dawn board game, to the issue of micro-transactions (or "Recurrent Consumer Spending" as Take-Two Interactive CEO, Strauss Zelnick calls it), and more.

If you missed the live broadcast, then the edited archive version will be released on PolyCast's website next Saturday (December 2). I'll update this post with a link once the archive is updated.

"Recurrent Consumer Spending"

"Recurrent Consumer Spending" was one of the primary topics of the previous episode (PolyCast #294), and so we discussed it again as part of a discussion on feedback from last week's episode. Micro-transactions (and loot boxes in particular) are a hot topic in gaming of late, especially after the fiasco that was EA's launch of Star Wars: Battlefront II. Games pundit Jim Sterling has made micro-transactions an almost weekly issue in his Youtube podcast The Jimquisition. Sterling has been comparing loot boxes to gambling for months, and recently, some European regulatory agencies have started to evaluate whether loot boxes should legally be classified as a type of gambling. As someone who has previously worked for a gambling company, I am aware of how compulsive impulses are used to keep gamblers addicted to a particular game, and I definitely believe that the current implementation of loot boxes in games like Shadow of War, Call of Duty, and Star Wars: Battlefront does try to capitalize on those same addictive impulses, and so should probably be regulated similarly to gambling. I don't want micro-transactions in my games at all, but I don't necessarily think that such things should be illegal per se. But they should be regulated, and I do think that the game boxes should clearly indicate to parents that the game includes "gambling-like elements" (or some other warning).

Jim Sterling has been making a fuss about micro-transactions and loot boxes for months.
WARNING: May not be appropriate for younger or more sensitive viewers.

More importantly (for me), however, is the concerns for what micro-transactions do to the actual game. Just last night, I spent something like 4 hours in Shadow of War grinding my character and orc captains up to a point that I could siege the castle in Act II. I played every side mission available in the chapter, and then still had to do some Nemesis missions, in order to get Talion up to level 20 and unlock the ability to assign a third uruk captain to my siege assault. That third captain was essential to get my siege level up above the level of the defenders. I'm not sure if that was necessary, but I didn't want to risk having my captains killed during the attack. I actually happen to really like Brûz The Chopper, so I didn't want him dying because my siege was under-leveled. This is just Act II! I can't imagine how grindy the game might become during the later acts! And all this extra grind in the campaign is a direct result of the inclusion of the game's War Chest (i.e. loot boxes). You can spend real-life money to buy random orc captains to use in your sieges or to defend your captured forts. So the whole game is balanced such that it's just enough of a grind to encourage people to spend money to speed things along by buying the War Chest.

Well, Take-Two CEO Strauss Zelnick has said that he wants every game in 2K's library to include "recurrent consumer spending". That would include my beloved Civilization...

[More]
Grid Clock Widget
12      60
11      55
10      50
09      45
08      40
07      35
06      30
05      25
04      20
03      15
02      10
01      05
Grid Clock provided by trowaSoft.

A gamer's thoughts

Welcome to Mega Bears Fan's blog, and thanks for visiting! This blog is mostly dedicated to game reviews, strategies, and analysis of my favorite games. I also talk about my other interests, like football, science and technology, movies, and so on. Feel free to read more about the blog.

Follow me on Twitter at: twitter.com/MegaBearsFan

Patreon

If you enjoy my content, please consider Supporting me on Patreon:
Patreon.com/MegaBearsFan

FTC guidelines require me to disclose that as an Amazon Associate, I earn a small commission from qualifying purchases made by clicking on Amazon product links on this site. All Amazon Associate links are for products relevant to the given blog post, and are usually posted because I recommend the product.

Without Gravity

And check out my colleague, David Pax's novel Without Gravity on his website!

Featured Post

Star Wars Squadrons shows why publishers should embrace middle-market gamesStar Wars Squadrons shows why publishers should embrace middle-market games10/30/2020 I don't think it will be controversial to say that the best part of EA's 2017 Star Wars Battlefront II was the multiplayer space dogfighting. It made me yearn for a good Star Wars flight sim in the vein of the old X-Wing and TIE Fighter PC classics. But in this age of big-budget, micro-transaction-fueled, multiplayer-focused,...

Random Post

More tips for Bloodborne: Know your weaponMore tips for Bloodborne: Know your weapon04/14/2015 A couple weeks ago, I published some basic tips for playing Bloodborne. That post focuses mostly on the major mechanical differences between Dark Souls and Bloodborne, and how your strategies and tactics should be adjusted to compensate. In this post, I'm going to go a little bit more in-depth into some of the game's features...

Tag Cloud

Month List

RecentComments

Comment RSS