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We require regulation, just as we require the police, because education doesn't matter to people willing to disregard ethics and harm others for their own gains

We require regulation, just as we require the police, because education doesn't matter to people willing to disregard ethics and harm others for their own gains.

Person5478 6y ago
Perhaps I'm misunderstanding you, are you implying that what wsb is doing is unethical?
- snowwrestler 6y ago
  There are two kinds of people involved: those trying to make a point and those trying to make a buck. Some people trying to make a point are going to make a lot of bucks as well. And some people trying to make a buck are going to lose a lot of money. Not everyone can get out of an inflated stock with gains, pretty much by definition. And those least likely to understand the point are also probably the ones buying into the stock late (and at an inflated price). The mix of who makes and loses money is going to affect how society sees this. It will look somewhere between an egalitarian social movement, or a few now-wealthy loudmouths who took everyone else for a ride. Making money in a bubble is all about timing... and it gets ethically complicated when some traders have control of the timing (in this case by declaring whether the vendetta against Melvin is over or not). Note that I have made no ethical considerations for Melvin; they knew what game they were playing and are not victims here IMO.
- webmobdev 6y ago
  No, I was broadly commenting on why education cannot trump regulation. For the sake of argument, one can say that actions of forums like WSB should also be regulated to protect them, just like laws for compulsory wearing of helmet (while riding two-wheelers) or putting seatbelts (while riding cars) exist, even though one would think that education and common sense would make them do this automatically out of self-preservation instincts. But since I am not an expert in finance or stock markets, I really am not in any sound position to comment on the specifics here. My broader general argument (not at all related to WSB or the financial industry) is just that education alone is insufficient, and regulation is often required too for maximum efficacy.
jessaustin 6y ago
We require... This seems too authoritarian.
- webmobdev 6y ago
  Not in a functioning democracy. :)
  - jessaustin 6y ago
    Have you seen one of those?
    - webmobdev 6y ago
      We can't let pessimism or apathy depress us into not striving for the ideal. If we give in, it would be even worse than what it is now.
      - jessaustin 6y ago
        Pessimism and apathy are the primary things holding decent Americans in thrall to the racist war state called USA. If our votes meant something, that state could change though it has been around for 231 years. Since they don't, it must instead be replaced. In the meantime, let's be less totalitarian, not more.
        webmobdev 6y ago
        See that's the thing here - people have dumbed down democracy to voting. That's just one aspect of it. The other is the right to speak, advocate and protest freely. I've heard many people advocate for compulsory military service for a few years for every citizen to "instil discipline and patriotism and understand brotherhood, hardship and sacrifice etc. etc.". I have a different take on it - I say youngsters should be encouraged to join political parties instead to really understand and appreciate democracy. (Note that I used the word "encouraged" and not "compulsory" - democracy means more choice and less compulsions).

We require regulation, just as we require the police, because education doesn't matter to people willing to disregard ethics and harm others for their own gains.

Person5478 6y ago

Perhaps I'm misunderstanding you, are you implying that what wsb is doing is unethical?

snowwrestler 6y ago
There are two kinds of people involved: those trying to make a point and those trying to make a buck. Some people trying to make a point are going to make a lot of bucks as well. And some people trying to make a buck are going to lose a lot of money. Not everyone can get out of an inflated stock with gains, pretty much by definition. And those least likely to understand the point are also probably the ones buying into the stock late (and at an inflated price). The mix of who makes and loses money is going to affect how society sees this. It will look somewhere between an egalitarian social movement, or a few now-wealthy loudmouths who took everyone else for a ride. Making money in a bubble is all about timing... and it gets ethically complicated when some traders have control of the timing (in this case by declaring whether the vendetta against Melvin is over or not). Note that I have made no ethical considerations for Melvin; they knew what game they were playing and are not victims here IMO.
webmobdev 6y ago
No, I was broadly commenting on why education cannot trump regulation. For the sake of argument, one can say that actions of forums like WSB should also be regulated to protect them, just like laws for compulsory wearing of helmet (while riding two-wheelers) or putting seatbelts (while riding cars) exist, even though one would think that education and common sense would make them do this automatically out of self-preservation instincts. But since I am not an expert in finance or stock markets, I really am not in any sound position to comment on the specifics here. My broader general argument (not at all related to WSB or the financial industry) is just that education alone is insufficient, and regulation is often required too for maximum efficacy.

jessaustin 6y ago

We require... This seems too authoritarian.

webmobdev 6y ago
Not in a functioning democracy. :)
- jessaustin 6y ago
  Have you seen one of those?
  - webmobdev 6y ago
    We can't let pessimism or apathy depress us into not striving for the ideal. If we give in, it would be even worse than what it is now.
    - jessaustin 6y ago
      Pessimism and apathy are the primary things holding decent Americans in thrall to the racist war state called USA. If our votes meant something, that state could change though it has been around for 231 years. Since they don't, it must instead be replaced. In the meantime, let's be less totalitarian, not more.
      - webmobdev 6y ago
        See that's the thing here - people have dumbed down democracy to voting. That's just one aspect of it. The other is the right to speak, advocate and protest freely. I've heard many people advocate for compulsory military service for a few years for every citizen to "instil discipline and patriotism and understand brotherhood, hardship and sacrifice etc. etc.". I have a different take on it - I say youngsters should be encouraged to join political parties instead to really understand and appreciate democracy. (Note that I used the word "encouraged" and not "compulsory" - democracy means more choice and less compulsions).