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To be fair, the GME squeeze happened, it's just that everyone was playing telephone and thinking that it had to go up to $1000 because VW went up $1000 during its squeeze. By the time it was clear the squeeze happened, pretty much anyone who bought in above $100 was holding the bag. People had to come up with a reason why the $1000 never came, so they invented conspiracies. When it was really that there was a ton of bad info presented as insightful DD, such as the way these firms have to cover shorts. Clearly whatever amount of shorts existed or how far beyond profit they were, it didn't matter. Instead of accepting being wrong, the entire financial industry is trying to short gamestop for some reason. It's a classic failed prophecy. Every day someone posts DD about how today's the day and it never comes and people just keep doubling down. There's some new actor involved that prevented it and some new reason why it's going to be tomorrow for sure. r/wsb got tired of this shit and kicked it off their sub for the most part. Now you have all these spin-off subs like r/superstonk that's just Seventh Day Adventists but with redditors and various moonshot stocks that are about to take off any day now.
It's really interesting from a social standpoint because you get to see how these kinds of things are born and grow. Conspiracies are made to cope with unexpected results, like they always have been. Whatever contradictions in capitalism it exposes, and whatever popular rage comes out of it gets absorbed into just repeating the same thing over and over. You have to pay more money to buy more stock because that'll show them. Instead of people radicalizing into political action, it's just slacktivism and consumption and culture like with everything else. The GME and crypto shit is a pretty good microcosm that represents exactly the same issues we have in society as a whole. It's almost like if you can resolve the GME thing you have the formula to solve radicalizing people as a whole.
But I don't think the crypto moonshot scams would be as big right now if it weren't for GME. It's all compounding and becoming common. Very scary but also kinda interesting in a car wreck kind of way.
Even doge is pretty much the example of a good pump and dump coin. It got big enough to actually return something and now people keep trying to replicate it. I saw another thing on reddit this morning for a weed game that generates NFTs and various cryptos. You use the coins to create NFTs and then the NFTs grow and you sell them for coin, I guess. It's like a farmville type game. So you have the intersection of a lot of recent get-rich-quick things. The lazy facebook/mobile game market. Crypto, NFTs. Crazy times.
Similarly, the reading of David Graeber's "Debt : The first 5000 Years" gave me massive amounts of insights into th e problems with bitcoin and problems that ultimately doom it to failure: The mainstream economic acceptence of the false presumption that physical currency was created as a way to assign aribtrary value to something in order to barter more efficently. That's why bitcoin's "coin mining" solution seems so messy and a fabrication with no parallel in how real world econimics and is prone to implosion. Its based on a false premise of what money actually is. A proper implemtation of something like bitcoin would have btc 'created' when you sell something, created by the buyer, as a marker of the debt that they now owe you. There would ideally be such a wealth of this sort of debt in the universe, that liquidity would allow you to "make good" on your own debt by forgiving that debt, since there'd be probably be someone else (Lets say Alice, or A for short) you are in debt to that has in turn is in debt to the buyer, so you'd essentially be saying "Hey, A, I know I owe you a bitcoin, but I also know that you owe B (the Buyer from earlier) a bitcoin. If you forgive my debt, I'll tell B to forgive your debt, because they owe it to me".
I keep being confused about when MLM means Marxist-Leninist-Maoist, when it means men loving men and when it means multi-level marketing. I wonder in how much trouble this will get me in the future.
here this isn't an MLM as an MLM involves a product and is a workaround to pyramid scheme regulation. This is just a pyramid scheme.
are regulations to your financial practices negatively impacting your life
insert testimonial.sad
add simple blockchain to instantly remove inconvenient regulations.
insert testimonial.happy
Hold the fuck up did you say Big Chungus Coin?
Fuck, I know what I need to invest my life savings into now
Its like that number-picking game where everyone picks a number between 1 and 100, and the person who gets closest to the 2/3rds of the average wins. So if people pick 25, 30, and 35, the average is 30, and 2/3 of that is 20, so since 25 is closest to 20, the person that picked that wins. So the naive person picks what they think the average of people picking numbers between 1 and 100 is, and then picks 2/3rds of that. The woke person picks what they think think a person estimating 2/3rds of what they think the average person picking a number will be, and then picks 2/3rds of that. And so on. https://en.wikipedia.org/wiki/Guess_2/3_of_the_average
