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I'm glad we can finally admit that Reddit is a mob and encourages mob mentality. There is no wisdom in that crowd anymore. And maybe not party lines but the st

by fjabre 6y ago

I'm glad we can finally admit that Reddit is a mob and encourages mob mentality. There is no wisdom in that crowd anymore. And maybe not party lines but the stench of hypocrisy is overwhelming. This mob helps no one. It's just a lot of people making bets against each other and manipulating the market. Just because one side is an angry mob on Reddit does not make it right or moral what happened. I would hardly call r/WallStreetBets 'the people.' It's nothing more than an angry mob.

NoOneNew 6y ago
Technically, every revolution that took down monarchies were mobs. Yes, a mob does not automatically make them right or moral. But let's be fair about the WSB mob, they're going straight after an oligarchy that has done some fucked up shit to the general masses. As one tweet put it, they're going to force a lot of people to sell their second yacht to afford the payments for the first one. I also love how many other big CEOs of real companies that produce real things are backing the WSB folks. Dont get me wrong about short sellers too. The act of short selling is technically good. There are some good firms that pay for investigations into large public companies to expose complex crimes, then short sell to recoup and profit. Melvin isnt one of them.
- rhapsodic 6y ago
  > Dont get me wrong about short sellers too. The act of short selling is technically good. There are some good firms that pay for investigations into large public companies to expose complex crimes, then short sell to recoup and profit. Melvin isnt one of them. Why can't they recoup their costs through put options? In my view, short selling is a legalized form of fraud. A share of stock is "borrowed", but not with the actual owner's knowledge or permission. Then it is "sold", but unlike with a normal sale, the actual owner still thinks they own that share, as does the buyer. They can't both be correct. In a normal sale of some thing, when the buyer takes ownership, the former owner must relinquish ownership. And they'll both, henceforth, behave accordingly. In a short sale scenario, both "owners" think they own the same share of stock. The "demand" they collectively create for two shares of the stock is sated by one share. So the price drops. When you have the ability (i.e. the money) to do it on a large scale, you drive the price of the stock down. That's the scam. It's not hard to understand. IMO, the only reason short selling is legal is because it makes very rich and very powerful people even more rich and more powerful.
- loopz 6y ago
  Most violent revolutions ended up in weak, dysfunctional nations. Thriving robust democracies were founded with high level of principles and ethics in the Constitution.
  - 29083011397778 6y ago
    Due to the FPTP voting system in America, I'd describe it as a political duopoly more than a "Thriving, robust democracy".
Rumudiez 6y ago
What makes you think hedge funds are different? It's just a lot of people making bets against each other and manipulating the market.
- fjabre 6y ago
  It's not different. That's my point. The mob did the same thing the hedge funds did and do. This is clearly market manipulation. To say that one side is justified vs the other is what I'm pointing out. Neither side was justified. And Reddit mobs are not 'the people.' The people are starving on the streets and unemployed. Too far gone to make bets on their iPhone 11s using something like Robin Hood. This is Goliath vs a somewhat more organized and entrenched Goliath. This is not David vs Goliath.
- noxer 6y ago
  Betting against each-other is not manipulation is what the market need to not run form bubble to bubble. Manipulation is when you bet and then do other actions that makes sure you win the bet.

by fjabre 6y ago

NoOneNew 6y ago

Technically, every revolution that took down monarchies were mobs. Yes, a mob does not automatically make them right or moral. But let's be fair about the WSB mob, they're going straight after an oligarchy that has done some fucked up shit to the general masses. As one tweet put it, they're going to force a lot of people to sell their second yacht to afford the payments for the first one. I also love how many other big CEOs of real companies that produce real things are backing the WSB folks. Dont get me wrong about short sellers too. The act of short selling is technically good. There are some good firms that pay for investigations into large public companies to expose complex crimes, then short sell to recoup and profit. Melvin isnt one of them.

rhapsodic 6y ago
> Dont get me wrong about short sellers too. The act of short selling is technically good. There are some good firms that pay for investigations into large public companies to expose complex crimes, then short sell to recoup and profit. Melvin isnt one of them. Why can't they recoup their costs through put options? In my view, short selling is a legalized form of fraud. A share of stock is "borrowed", but not with the actual owner's knowledge or permission. Then it is "sold", but unlike with a normal sale, the actual owner still thinks they own that share, as does the buyer. They can't both be correct. In a normal sale of some thing, when the buyer takes ownership, the former owner must relinquish ownership. And they'll both, henceforth, behave accordingly. In a short sale scenario, both "owners" think they own the same share of stock. The "demand" they collectively create for two shares of the stock is sated by one share. So the price drops. When you have the ability (i.e. the money) to do it on a large scale, you drive the price of the stock down. That's the scam. It's not hard to understand. IMO, the only reason short selling is legal is because it makes very rich and very powerful people even more rich and more powerful.
loopz 6y ago
Most violent revolutions ended up in weak, dysfunctional nations. Thriving robust democracies were founded with high level of principles and ethics in the Constitution.
- 29083011397778 6y ago
  Due to the FPTP voting system in America, I'd describe it as a political duopoly more than a "Thriving, robust democracy".

Rumudiez 6y ago

What makes you think hedge funds are different? It's just a lot of people making bets against each other and manipulating the market.

fjabre 6y ago
It's not different. That's my point. The mob did the same thing the hedge funds did and do. This is clearly market manipulation. To say that one side is justified vs the other is what I'm pointing out. Neither side was justified. And Reddit mobs are not 'the people.' The people are starving on the streets and unemployed. Too far gone to make bets on their iPhone 11s using something like Robin Hood. This is Goliath vs a somewhat more organized and entrenched Goliath. This is not David vs Goliath.
noxer 6y ago
Betting against each-other is not manipulation is what the market need to not run form bubble to bubble. Manipulation is when you bet and then do other actions that makes sure you win the bet.