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You misunderstand the context here. Yes, there's the narrative and the certainty that wealthy people participated in the snowballing/astroturfing and profited f
by Bakary 6y ago
You misunderstand the context here. Yes, there's the narrative and the certainty that wealthy people participated in the snowballing/astroturfing and profited from it. But it's still the case that small investors made some money playing by the same rules as the hedge funds, and the institutions have nakedly tried to stop that through any means possible, from curtailing the actual discussion to media campaigns to directly plugging at the source with Robinhood. It has nothing to do with the actual nature of GameStop, but that's part of the message of the stock market itself and the broader economy being more and more nonsensical and divorced from production.
The nihilism is increasing more and more. This is just one instance of it, where institutions are so brazen that they don't even bother to come up with an excuse and just pull the plug after some cost benefit calculations. Eventually there will be the straw that will break the camel's back, which is what I mean by an impetus for change. If more and more people come to understand that working hard and saving is a sucker's game and that any escape from that game is rigged at the institutional level, they will stop wanting to participate in the current social contract.
- mike00632 6y agoPointing out that people are making money as the stock is currently going up completely ignores what is likely to happen next: the stock will go down. In the end this won't be a story of Robinhood traders making money but rather about how Robinhood traders lost a bunch of money because of internet hype. The narrative about a cabal of rich people "nakedly trying to stop" Robinhood traders from trading is also manipulative garbage. Every reasonable and level-headed explanation of why Robinhood halted trading was about credit limitations, that is in agreement with what Robinhood stated publicly, and now that the credit has been remedied Robinhood trading has resumed. No conspiracy theory necessary. The hype is wrong and, worse, intentionally misleading.