Roaring Kitty was briefly accused of deceiving his meme stock army.
  • yesman@lemmy.world
    163·
    5 months ago

    To me, all this stonks nonsense is just investors with a new scam trying to supplant the investors running the old scam.

    Anyway it’s a good thing in that it exposes the grade-school explanation that the “stock market is a meritocracy where the best businesses/ products rise to the top” as total bullshit.

    An alien looking at the stock market would assume that Tesla makes the best cars; MacDonald’s the best food; and Microsoft the best software.

  • STUPIDVIPGUY@lemmy.worldEnglish
    1110·
    5 months ago

    It’s just so sad that some people are still hanging on to the GME bullshit after so long. Their ego doesn’t allow them to acknowledge that they made a bad choice, and got fucked.

    So instead of just walking away, they dive deeper and deeper into this echo chamber, insisting you’ll make millions off some shitty retail stock just because a few people got lucky almost 4 years ago.

    • forty2@lemmy.worldEnglish
      1610·
      5 months ago

      Just because a few people got lucky…? My dude, instead of parroting media talking points do the reading so you know what’s actually keeping folks holding the stock.

      • STUPIDVIPGUY@lemmy.worldEnglish
        129·
        5 months ago

        What media? What talking points? I was there when it went down, I bought the stock, my opinion is my own. They hold the stock due to a sunk cost fallacy. There’s bound to be a little bit more nuance for some people but in my opinion it is a waste of time.

        • forty2@lemmy.worldEnglish
          94·
          5 months ago

          Talking points: That bunch of retail traders made a bad choice and ego won’t allow them to bail out. That it was ‘luck’ for a few people a few years ago.

          It may have been a bad choice for you and that’s why I wonder why you posted what you did instead of your own opinion baked through your own experience. More powerful words generally come from personal experience.

          I’m not here arguing with you about the stock, it being a good/bad investment isn’t what I’m on about. I guess I’m more hung up on why you said what you did.

          Like, what was it that compelled you to post such a banal response to this post? It’s so sad that people are holding stock in a company with a ton of cash, a motivated and aligned management team, and very little debt?

          Sounds like you’re painting a brush and saying that any person holding Gamestop makes you sad. It’s a pretty broad assertion that, honestly, feels like it has a story behind it.

          • STUPIDVIPGUY@lemmy.worldEnglish
            113·
            5 months ago

            It makes me sad because they act like a god damn cult with their memes and rhetoric. They keep huffing copium and saying the stock will definitely go to the moon this time. It’s illogical. It’s just gambling at this point among hardcore GME redditors. I haven’t looked at the reddit in at least a year, so idk what it’s like now.

            Makes me sad to see people fixating on some financial event from the Covid era, and deluding themselves into thinking this retail stock is gonna make them rich with no effort.

            Why does it make me sad? It’s the same feeling as when I see old people spending their retirement in a casino, feeding a slot machine.

            • forty2@lemmy.worldEnglish
              3·
              5 months ago

              Thanks for following up and sharing this; sincerely. There’s not enough of this kind of emotive sharing with Gamestop. I agree that a lot of the ‘movement’ borders on being cult like in the blindly following kind of way.

              I touch base on reddit monthly or so to keep tabs because the same thing you find sad, I find absolutely fascinating. All the dynamics at play…from shifts in sentiment, conspiracy-style interlopers, systemic corruption to the highest levels of bureaucracy, and sometimes actual information about the mechanics lubricating the movement of stocks and money.

              I’ve been told I’m an emotionless rock though, so it might account for our differing perspectives on how people spend money.

          • sneakyEnglish
            12·
            5 months ago

            Not really agreeing or disagreeing with any of this, but I feel compelled to say I was interested in GME this time around based on what Mr. Gill stated about them now having a pile of cash on hand. Sounds like a good place to be with some potential. So I figured that was the case last time too right? I didn’t really follow GME the last time this stuff went down. Makes sense they would have ended up sitting on a pile of cash then. Went back and saw how they ended up using THAT cash and waaasss not impressed. To each their own but I think that two billion is going in the toilet.