News for hackers. Stuff that matters.

A comment on Chamath Palihapitiya on Wallstreetbets [audio]. Parent comment

Re:Chamath Palihapitiya on Wallstreetbets [audio] by tpmx on Wednesday January 27, 2021 @06:52PM (#25935865)
It's just as ridiculous as the fact that r/wsb insiders are obviously abusing their positions to get rich at the cost of newcomers, basically constructing a public pyramid scheme, while everyone there keep repeating it's a way for the average person to avenge wall street, because that shit really works with the average young reddit person.

https://i.pinimg.com/originals/f3/f9/6c/f3f96c06ddc73aa35cfa...

[ Parent | on HN ]
Re:Chamath Palihapitiya on Wallstreetbets [audio] by tedfernau on Wednesday January 27, 2021 @08:21PM (#25936848)
I find this, similar to the arguments against robinhood and extremists on social media, basically boils down to treating people as sheep and wanting to protect them from themselves.

I think it is a stretch to say r/wsb insiders are obviously taking advantage of newcomers. You can’t spend much time with WSB without developing some financial literacy, and there are compelling ideas. It is not just flexing and hype. Also, I don’t think there is a precedent (such as the pyramid scheme) for what they are doing in the market.

I think there is some truth to your mention of young Reddit person being vulnerable, but I think it is risky trying to protect them with regulation.

[ Parent | on HN ]
Re:Chamath Palihapitiya on Wallstreetbets [audio] by vagrantJin on Thursday January 28, 2021 @04:52AM (#25940053)
You have a very nice view from the outside. The sub is misunderstood. Self deprecation and arrogance of being both ignorant and reckless are, at least for me, defining characteristics of the members. They don't take themselves seriously at all.

Most times WSB talk about normal stocks and positions and the gains or losses thereof. A few like TSLA, PLNTR and now GME hit the mainstream airways are meme stocks. Losing money and bragging about is about as big a kudos as gaining as much.

The level of organisation and criminality you might think exists isn't there at all.

[ Parent | on HN ]