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How is this any different than meme stocks on WallStreetBets?
by wil421 3y ago
How is this any different than meme stocks on WallStreetBets?
- heartbl33d 3y agoOnly difference is he was doing this in the 90's. Today you will find telegrams pumping/dumping and manipulating the price of small stocks, crypto, etc.
- ghaff 3y agoI was doing some market research for a penny stock company in 2000 and made my way over to a stock discussion board devoted to the company at one point. The amount of scaminess, cheerleading, and ignorance (feigned or otherwise) was unreal.
- hyperhello 3y agoHe makes the case that this is no different from anything anyone does at all. The SEC is essentially a spam filter.
- williamDafoe 3y agoNo, Lewis argues that SEC is a protection racket! They make a bunch of rules and regulations with the input of Wall Street so that Wall Street can pump and dump legally!! Congress will not touch this radioactive protection racket because they are doing insider trading on legal changes which should also be illegal...
- ghaff 3y agoThis was a long time ago in a galaxy far far away. Also the article mentions these were thinly-traded stocks. I assume the argument would be that today this sort of thing is happening because it's Tuesday. i.e. it's normalized and if you get burned, it's almost someone's civic responsibility to part you from your money.
- gmd63 3y agoScammers who think it's their "civic responsibility" to dupe their fellow man with intentional fraud should think two or three times before committing to that logic. If they want to value someone's worth to the human team based on their gullibility to professional liars, it's not reaching very far for other like-minded logicians to value the scammers' worth based on their ability to navigate any other man-made stressor, like their ability to dodge a bullet.
- ghaff 3y agoMy last crack should probably have had a /s. I don't actually believe that.
- gmd63 3y agoI didn't take you as believing it, just as framing what others might think. I've seen the sentiment too and it frustrates me.
- fmajid 3y agoIt's known as Canada Bill Jones' Motto: "It is morally wrong to allow suckers to keep their money."
- pc86 3y agoAlmost as frustrating as people who posit the penalty for lying/fraud/hucksterism should be death.
- deleted 3y ago[deleted]
- gmd63 3y agoI didn't suggest that. Just illustrating how the incredibly moronic logic of "weeding out people who don't meet my standards of fitness is a civic duty" can be easily extended to non-financial areas of life.
- lebean 3y agoThe difference is merely the essential part of meme stocks that make them meme stocks and not just a pump-and-dump scheme executed by some guy. Other than that, though, totally the same thing.
- gmd63 3y agoI'm betting that large players manipulate the market through "meme stocks" just like advertisers astroturf reddit.
- seadan83 3y agoI'm on a phone, apology for lack of citation. I ran across an article that found it was mostly memers bidding the price up against each other. The short squeeze aspect did come un, but not as often and not to the extent that is commonly claimed.
- hiddencost 3y agoBoth are morally outrageous and are or should be criminal?
- bink 3y agoNot defending the sub but don't they have a market cap minimum for posts?
- wil421 3y agoSpeaking more about pump and dump not so much about penny stocks or near worthless stocks. The larger users certainly pumped up GME, one guy was even on the news channels when he made like $11 million. 100s of people would buy based on these types of super users suggestions.