First and foremost, if you have lost a lot please don't do anything rash. It might be a good idea to cash out and salvage what you can. Take some time off from this stuff to recoup.
Resources to stop gambling on stocks: 1 , 2 , 3 , 4 , 5 . Thanks to /u/read_freire for providing these.
This will be the last one of these for a while. I assume a lot of people are burnt out or bored. I just wanted a debrief thread before going back to AOC struggle sessions and talking about student loans.
I don't have a technical analysis of what happened or what will happen. Reddit is quickly becoming more useless due to infighting. I expect a lot of them to sell tomorrow. More and more the "diamond hands" threads are being overtaken by criticism. By next week, this will just be another quirky thing that happened in hell world 2021.
I bought in around $240 with $50. That's now worth $15. For my own personal situation I'm better off waiting until it hits $100 again and then pulling out. I suggest everyone think about their own needs and pull out when you need to. No shame here. Paper hands is just a meme.
As far as lessons go, I think the one people said at the beginning is good. If you're just hearing about it on social media, it's probably over. By the time it got hyped enough on reddit to break on r/all and twitter, the time to get in was gone.
Companies had to cover shorts but they actually didn't. Or they had enough tools to hold off until the price plummeted. Or they did cover and nobody (on reddit) noticed. Either way, you can't rely on "but they have to do this thing by this date or else" because they don't.
If you make assumptions about the market, you have to be able to test those assumptions and have a plan for when you're wrong. Here the plan should have been to pull out at $400 and then reinvest if necessary. It's just that when the price was $400 a lot of people were locked into selling only and locked out of buying.
Another thing is to not trust your brokerage app. If there's ever a situation where the plebs are making money, it will be restricted. Just like social media, these apps are only going to end up serving higher interests rather than be actual democratic platforms.
All this passive income stuff is going to go away because the people at the top can't let people sit at home and collect money. Not even when it's capitalism doing it. When they say 'side hustle' they mean driving for uber or making some other SV prick rich. With covid killing so many, all those jobs need to be replaced. That means you. They need bodies not home investors. They have investors that are worth more to them than you will ever be.
So I guess that's it. Final thoughts before we pretend we never did this?
I was seeing alot of upvotes for the 'shift of wealth' argument, and upvotes for the 'keep the wave going' sentiment last week.
There was also a couple of upvoted comments saying 'what is the point of leftist theory if we can't support things like this.' which just baffles me. If we don't have a method to make them stick to the rules, they will always change the rules to benefit those in power. It is a hallmark of liberal ideology to think anything else.
Idk. I hope you're correct and it was just a few individuals.
Yeah, because this was a meme sub last week. People were shitposting. Pretty much anyone who came in and seriously asked if this was praxis got told "no, it's not."
This shit didn't scan as shit-posting to me as it was basically indistinguishable from what was on r/wsb. Idk maybe my sensors need to be recalibrated.
WSB is first and foremost a shitposting sub.
Damn, that explains my confusion then. Holy shit then, lol at the news hysteria. What the fuck was that all about.
I mean, they are still investing money and they did stumble onto a real market situation, but yeah it's basically chapotraphouse for petite bourgeois redditors.
And yet they haven't been banned? Clearly their power levels are not nearly as based as ours were.
The magnitude of their power isn't relevant when it is pointed in a direction that the decision-makers consider favorable.
True facts, but it doesn't fit with the bit I was doing. (See how difficult this shit is to parse?)
Well, they are currently undergoing a mod coup that is probably backed by wall street so lol
That is weak shit, you know how many mod coups the old sub went through? At least like... two while I was there.
There was only one done by mugrimm because the sub was hurting his chances of being a famous twitter account. Also, he never modded 1 day old accounts with no posting activity.
Yeah that sounds about right. Given his own damn podcast lost him the Superbowl commercial, you'd think he wouldn't care about the sub.
True, true. But hey, I think reddit is basically run by former nat-sec (cia?can't remember the actual agency they used to work for) people, so that scans.
I think you are talking about Nick Mullen. Mugrimm was just a mod (and now twitter user) to my knowledge.
And yeah, a former Atlantic Council person runs their "anti-evil" operations now.
All this time I thought mugrimm was nick mullen. Wtf. Where did I get that from...
Nick Mullen the reddit mod is a great bit though so just keep going with that
Nick Mullen was actually a cth mod for a bit (as a bit). So was Virgil.
Nick Mullen was modded for a while so maybe that's how.
Yeah people are straight up lying now. There were people here taking this VERY seriously a week ago and now we're all going to pretend like it didn't happen. When RamtheManparts did that big post about "what the fuck is wrong with all of you?" he was treated like he was crashing everyone's party and being an absolute killjoy interrupting the new revolution.
People who spent the beginning of last week scolding everyone over a meme were taken more seriously than they needed to be. All the people who tried to say this comm would cause r/wsb to take over the site and created a moral panic out of a meme that barely lasted a week need to do some reflection as well. Because that's something that has happened before and will keep happening every time there's some big internet cultural event.
We don't have any political power. The next best thing is to do this. We just argue over what everyone else should be doing, how they should be feeling, and how those two affect being a good leftist. We make loaded predictions that work out in our favor because everything that happens is bad no matter what. We went through this exact conversation after Bernie. We had it under the Floyd protests. We tried to have it after the Capitol Hill raid but the scolds couldn't get good enough footing on the site. They were drowned out by the people telling them to lighten up.
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