3 ms·

> I feel we as a civilization have uncorked a financial poison pill in the innovations of Robinhood. We will just have to ingest and process it to move forward,

> I feel we as a civilization have uncorked a financial poison pill in the innovations of Robinhood. We will just have to ingest and process it to move forward, there is no way to go back. There will be a price to way in lost savings and lives. Just look at the toxicity of /r/wallstreetbets if you're looking for the cracks in the wall. Also: https://www.forbes.com/sites/sergeiklebnikov/2020/06/17/20-year-old-robinhood-customer-dies-by-suicide-after-seeing-a-730000-negative-balance/?sh=15c8ecb51638 https://www.forbes.com/sites/sergeiklebnikov/2020/06/17/20-y...

_iyig 6y ago
How is r/wallstreetbets toxic? As someone who doesn’t day-trade, I still subscribe for the memes and self-aware jokes. It’s one of the few remaining large subreddits with tons of creative energy and no drama or politics. And as someone who doesn’t day-trade, the “loss porn” regularly posted to r/wallstreetbets has firmly convinced me to stick with index funds.
- jdhn 6y ago
  >the “loss porn” regularly posted to r/wallstreetbets has firmly convinced me to stick with index funds Same here. I know that I'm neither smart enough nor willing to dedicate time to micromanaging my portfolio. Index funds/ETFs are the way to go, and I only invest in individual stocks (no options/puts for me) if they catch my eye and the research of others has a positive outlook.
cbozeman 6y ago
You've got this all ass-backwards, like most posters in this thread. WSB didn't cause these problems, it exposed them. The financial industry is rife with corruption, but because its been legalized, we don't call it that. Same shit as "lobbying". Its bribery, period. Its lipstick on a pig. Another person wanted to call WSB toxic because people don't know what causes a stock to go up or down in price... well goddamn, neither do they. I remember when analysts were squawking about AMD a little over five years ago, downgrading it to a sell. Only a feeeeeewwww analysts had it marked as hold and maybe 1 or 2 as a buy. However, if you knew jack shit about the semiconductor industry, and you saw they hired Jim Keller and Lisa Su, you would have dumped a ton in there. I know I did... I bought 100,000 shares when I heard Jim went back, for the bargain price of $2. I was elated when they hit $16. I was floored when they hit $50. Now that they're thoroughly dominating Intel, I intend to hold until 2022/23, when Intel should start to be competitive again. Most people have no fucking clue why a stock goes up or down... and the years it takes to learn an industry well enough to know not just the companies in play, but the technologies in play, and the people in play...? Most analysts don't have the wherewithal. I'll buy a stock recommended from a 30 year veteran of an industry that knows the players over any Ivy League big shop analyst any day of the week.
- jessaustin 6y ago
  WSB didn't cause these problems, it exposed them. This kill-the-messenger foolishness is everywhere! People seem to think that if the words they don't like are removed from their favorite social media, those words will just disappear. In reality we should want those words out in the open so we can pay attention to them, respond to them, and if necessary react in a real (i.e., not attempted censorship) way.

_iyig 6y ago

How is r/wallstreetbets toxic? As someone who doesn’t day-trade, I still subscribe for the memes and self-aware jokes. It’s one of the few remaining large subreddits with tons of creative energy and no drama or politics. And as someone who doesn’t day-trade, the “loss porn” regularly posted to r/wallstreetbets has firmly convinced me to stick with index funds.

jdhn 6y ago
>the “loss porn” regularly posted to r/wallstreetbets has firmly convinced me to stick with index funds Same here. I know that I'm neither smart enough nor willing to dedicate time to micromanaging my portfolio. Index funds/ETFs are the way to go, and I only invest in individual stocks (no options/puts for me) if they catch my eye and the research of others has a positive outlook.

cbozeman 6y ago

You've got this all ass-backwards, like most posters in this thread. WSB didn't cause these problems, it exposed them. The financial industry is rife with corruption, but because its been legalized, we don't call it that. Same shit as "lobbying". Its bribery, period. Its lipstick on a pig. Another person wanted to call WSB toxic because people don't know what causes a stock to go up or down in price... well goddamn, neither do they. I remember when analysts were squawking about AMD a little over five years ago, downgrading it to a sell. Only a feeeeeewwww analysts had it marked as hold and maybe 1 or 2 as a buy. However, if you knew jack shit about the semiconductor industry, and you saw they hired Jim Keller and Lisa Su, you would have dumped a ton in there. I know I did... I bought 100,000 shares when I heard Jim went back, for the bargain price of $2. I was elated when they hit $16. I was floored when they hit $50. Now that they're thoroughly dominating Intel, I intend to hold until 2022/23, when Intel should start to be competitive again. Most people have no fucking clue why a stock goes up or down... and the years it takes to learn an industry well enough to know not just the companies in play, but the technologies in play, and the people in play...? Most analysts don't have the wherewithal. I'll buy a stock recommended from a 30 year veteran of an industry that knows the players over any Ivy League big shop analyst any day of the week.

jessaustin 6y ago
WSB didn't cause these problems, it exposed them. This kill-the-messenger foolishness is everywhere! People seem to think that if the words they don't like are removed from their favorite social media, those words will just disappear. In reality we should want those words out in the open so we can pay attention to them, respond to them, and if necessary react in a real (i.e., not attempted censorship) way.