Re:GameStop missed out on capitalizing on the Reddit rally
by mschuster91 on Thursday February 11, 2021 @10:33AM
(#26102559)
> But even if retail on net made money, it probably wasn't a benefit to society.
It is, because the open corruption of the stock market, the absolutely disgusting behavior of major players and especially the arcane rules (like T+2 settlement, made necessary by the US's fossilized banking infrastructure) became dragged into the spotlight.
Wall Street claimed to have learned their lesson after 2008ff? GME proved that they all haven't learned a single damn thing.
> 20 people losing their life savings so that /u/deepfuckingvalue can become a multimillionaire isn't exactly a heartwarming story.
It's called wallstreetbets for a reason. I'm sorry but people dumping their life savings into the stock markets on a crazy bet by anonymous Redditors, that's just... dumb. (On a side note, such cases are why basic financial education should be mandatory at schools!)
(Disclosure: sunk a couple hundred into AMC and NOK, planning on holding all of it until at least the pandemic ends)
It is, because the open corruption of the stock market, the absolutely disgusting behavior of major players and especially the arcane rules (like T+2 settlement, made necessary by the US's fossilized banking infrastructure) became dragged into the spotlight.
Wall Street claimed to have learned their lesson after 2008ff? GME proved that they all haven't learned a single damn thing.
> 20 people losing their life savings so that /u/deepfuckingvalue can become a multimillionaire isn't exactly a heartwarming story.
It's called wallstreetbets for a reason. I'm sorry but people dumping their life savings into the stock markets on a crazy bet by anonymous Redditors, that's just... dumb. (On a side note, such cases are why basic financial education should be mandatory at schools!)
(Disclosure: sunk a couple hundred into AMC and NOK, planning on holding all of it until at least the pandemic ends)