2 ms·
Was there an active schemer who kick started all this GME stuff? I don't know, and we'll probably never know. But then, does it matter (for your decisions on p
by nikitaga 6y ago
Was there an active schemer who kick started all this GME stuff? I don't know, and we'll probably never know.
But then, does it matter (for your decisions on participating) whether the source of the hype is purely organic, or if it was helped along by some person? Does it matter how many people helped it along? All those HODL posts, billboards, journalists, etc.
It doesn't really matter if there's an OG evil schemer in there somewhere or if a bunch of people organically / accidentally filled in the role. MLMs perpetuate first and foremost by the actions of regular participants, not the OG schemer, and so do meme stocks. MLMs are / were distributed under the pretense of running your own business and selling products for e.g. skin care. Meme stocks are driven by, well, memes, jokes, politics in this case. It's just a cover story, it doesn't matter.
Up until the crash I've seen zero jokes / memes about selling it all. Every single post I've seen was about holding and buying more. That's not an accident. People who bought into the hype with their money upvote these jokes and not others to bring more people in because they need it to make a profit (or to minimize their loss).
But there were people who legitimately treated this as a joke, right? Of course, just like there were people who legitimately believed in the quality and usefulness of MLM products they sell. Can you tell such people from those who deliberately pump and dump? No. Then, the only role of those people is to add legitimacy to the cover story of the bubble.
My point here is not to blame redditors for this fiasco, it's to hopefully prevent people from jumping into such schemes because they seem organic or funny or whatever. It doesn't matter. The bubble works the same regardless.