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Its funny how people don't see the $100,000+ portfolio losses (and much less often, gains) all over that subreddit and don't immediately realize that a ton of t
by 015a 6y ago
Its funny how people don't see the $100,000+ portfolio losses (and much less often, gains) all over that subreddit and don't immediately realize that a ton of the people who visit it are Wall Street finance people. That's seriously the meme among the people only secondarily connected with WSB; its not "autists" or "the vox populi", its wall street bros (WSB?) who have to spend all day being super serious at their job, and WSB is their way of letting off steam.
And if you think that these firms weren't already feeding every single post and comment on reddit into their HFT algorithms, you better at least believe that after this whole thing, they're gonna be doing that, and adding some extra weight to `if subreddit === "wallstreetbets"`.
From that point of view, WSB is rather icky; its people who know what they're doing (most of the time) subtly and anonymously impersonating an idiot to influence the actual idiots.
- dclusin 6y agoWhereas Hacker News is just a bunch of people who don't know what they're doing pretending to be experts to influence the actual idiots. You can find charlatans pretty much anywhere money or people with money congregate.
- dcolkitt 6y agoThe difference is the HN hype train might cause you some headaches from picking an immature tech stack. Whereas the WSB echo chamber has literally ruined thousands of people's lives and retirements.
- sokoloff 6y agoIf someone is going to ruin their life or retirement based proximately to posts in a Reddit forum, it’s very hard for me to assign root cause to the Reddit forum. At most that’s the first or second “Why?” but there is surely a deeper issue.
- quxpar 6y agoMany people were prudent blue-chip investors whose retirement was ruined by the housing crisis. There doesn't seem to be any 'smart money', just 'big money'.
- sokoloff 6y agoBlue chips were down around 40% in 2008. If you left your money in, you were back even by 2012. Even if you were slowly withdrawing some starting in December 2008 (the worst of it), you were even by 2013. I have no doubt there exists someone who was ruined by 2008, but most prudent blue chip investors were not.
- 015a 6y agoWho in here ever said they were trying to assign a root cause or place blame? I just said that they're icky.
- dgfitz 6y agoThere seems to be the narrative that WSB ruined the retirement accounts of thousands of people. Why do we not hold the person responsible for their actions? Why is it never the fault of the person, but instead "the ephemeral entity" who is to blame?
- notJim 6y agoDo you have any proof of this? From what I've seen people are mostly aware they're gambling (it's in the name after all.)
- dcolkitt 6y agoI think you see that pattern in a lot of subcultures that glorify destructive and reckless behavior. Look at hard drug subreddits, like /r/stims, or binge drinking fraternity culture, or that Facebook group where everyone points loaded guns at their crotch. Participants will willingly acknowledge that the behavior is destructive or reckless. But they do so in a way that glorifies it. "Woah, I totally blacked out again last night. So crazy. High Five". When the most self-destructive member receives the most attention that acts as a pretty powerful incentive. Humans are social animals. And the way most of us avoid bad decisions day-to-day is to look at our peer group and think "would this be something that a normal, respectable person would do". When you create a subculture filled with self-destructive people, it normalizes and encourages self-destructive behavior, even when people rationally know they shouldn't be engaging in it.
- deleted 6y ago[deleted]