Redditors gave Wall Street traders an absolute pasting

[ReidysLeftLug]

It became main stream and people started hoying money in, hence it reaching such high prices. Find it extremely hard it was done for anything other than personal gain.


I know.

Shorting a company to the point gamestop was isn't just about personal gain though is it, it's pure greed and that's what the evil is in all of this if there even is one.

Yep. Everyone was just talking about it because they werent trying to make profit and stick it to the man though (whoever that is...)

Haway man mate

 

[Deleted member 26533]

Shorting a company to the point gamestop was isn't just about personal gain though is it, it's pure greed and that's what the evil is in all of this if there even is one.

I'm not talking about the shorts, I'm talking about those at the other end. I don't agree with shorts of such nature and agree it's pure greed, the very same thing that appeals to your average joe and inspires them to throw cash in to shit like this as it's topping out

 

[ReidysLeftLug]

I'm not talking about the shorts, I'm talking about those at the other end. I don't agree with shorts of such nature and agree it's pure greed, the very same thing that appeals to your average joe and inspires them to throw cash in to shit like this as it's topping out

Which is a market force, do you feel sorry when greedy people lose money?

 

[Deleted member 26533]

Which is a market force, do you feel sorry when greedy people lose money?

It depends how. Plenty of people lose money trading. Not many get sucked in to things like this and lose about 90% in a couple of days. The desire to make money quick is imbedded in a lot of people to some extent and this will be a painful lesson to many.

I get what you're saying but for those sticking it to the man, were they bothered about their losses? Probably not. For those who were buying a lottery ticket, do you feel sorry every time someone loses on the lottery? As for retail investors, not sure how true it is but something like 95% of retail investors lose 95% of funds. Companies like Robinhood contribute to the losses of retail investors through dodgy practises like selling order flow.

Odds of a winning lottery ticket are somewhat calculable. There's a finite amount of numbers to pick from and a finite amount of numbers drawn. Aside from that you're only effected by amount of overall tickets bought and how many people win at the same time.

Totally different to what happened.

 

[monkeytassle]

What was the split between people who were happy to lose money and people who took a little bit of profit?

As a % will do

Nobody is happy to lose money. Especially when the market is now the same as before.

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Which is a market force, do you feel sorry when greedy people lose money?

Greedy people have lost money.

 

[stapler]

Ambulance chasing at its very worst.

Really? Even the 20 year old lad who killed himself after the software incorrectly showed a $700k+ debt? (Nothing to do with the recent mania.)

Given you are not a lawyer, please explain how you can confidently dismiss the case in the basis of a news article.

 

[ReidysLeftLug]

It depends how. Plenty of people lose money trading. Not many get sucked in to things like this and lose about 90% in a couple of days. The desire to make money quick is imbedded in a lot of people to some extent and this will be a painful lesson to many.


Odds of a winning lottery ticket are somewhat calculable. There's a finite amount of numbers to pick from and a finite amount of numbers drawn. Aside from that you're only effected by amount of overall tickets bought and how many people win at the same time.

Totally different to what happened.

It comes back to emotions ultiamtely. Greed resulted in people losing money, people are sucked into things like this more often than you would think, and you would be surprised about the statistics concerning retail traders. I doubt it will be a lesson because they'll actively look for the next lottery ticket.

I'm not disputing that there were a variety of reasons behind what happened but for some it was akin to picking a lottery ticket.

Nobody is happy to lose money. Especially when the market is now the same as before.

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Greedy people have lost money.

True...

 

[Deleted member 26533]

It comes back to emotions ultiamtely. Greed resulted in people losing money, people are sucked into things like this more often than you would think, and you would be surprised about the statistics concerning retail traders. I doubt it will be a lesson because they'll actively look for the next lottery ticket.

I'm not disputing that there were a variety of reasons behind what happened but for some it was akin to picking a lottery ticket.



True...

The majority of retail investors lose money, that's not a secret. I know people are sucked in to the premise of making money quickly with minimal effort, it's why I feel sorry for them because it's an emotion that is within most people. The better investors typically just have other sirens going off in their head that counter balance that urge.

 

[FishburnMackem]

Just whacked a wedge on my Binance account split 50/50 on Eth and Doge to buy once they reach a certain amount (relatively low). Not fussed if I lose it as its spare change atm, once they buy I'll decide whether to play the long game or sell at a certain amount.

 

[ReidysLeftLug]

The majority of retail investors lose money, that's not a secret. I know people are sucked in to the premise of making money quickly with minimal effort, it's why I feel sorry for them because it's an emotion that is within most people. The better investors typically just have other sirens going off in their head that counter balance that urge.

Like I said earlier, it's not just as simple as saying I feel sorry for x, y or z. Much more to it than that. Maybe I'm just a free market extremist

 

[The Albanian]

It became main stream and people started hoying money in, hence it reaching such high prices. Find it extremely hard it was done for anything other than personal gain.


I know.


Yep. Everyone was just talking about it because they werent trying to make profit and stick it to the man though (whoever that is...)

Yeah I’m not disputing that. My thoughts were that the majority of money came in pre-mainstream hence it reaching the point it did to make the news. These were people who’d bought in consistently over a long period of time.

Just wasn’t sure if I’d missed something that you’d seen

Nobody is happy to lose money. Especially when the market is now the same as before.

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Greedy people have lost money.

This entire situation shows people are happy to lose money

 

[Deleted member 26533]

Like I said earlier, it's not just as simple as saying I feel sorry for x, y or z. Much more to it than that. Maybe I'm just a free market extremist

You're entitled to feel sorry for whomever you like, which is fine. I hold a degree of sympathy towards those who were sucked in to an artifically inflated price that lost most of it's value in a few days. I'm not saying they shouldn't have been free to make that decision, simply that I feel sorry for them

Yeah I’m not disputing that. My thoughts were that the majority of money came in pre-mainstream hence it reaching the point it did to make the news. These were people who’d bought in consistently over a long period of time.

Just wasn’t sure if I’d missed something that you’d seen

Nope, pretty much how I see it. But like I've also mentioned, it's very easy to talk about your motives when you've first bought, but easier to change them when 10x the value . I think plenty who started out as not arsed and supposedly being willing to hold to the end, would've felt the same emotions investors have for decades when looking at massive paper profits and perhaps had a change of heart.

 

[beverly macca]

I feel sorry for anyone who just reading page one of this thread.

 

[ReidysLeftLug]

You're entitled to feel sorry for whomever you like, which is fine. I hold a degree of sympathy towards those who were sucked in to an artifically inflated price that lost most of it's value in a few days. I'm not saying they shouldn't have been free to make that decision, simply that I feel sorry for them

I'm not saying people aren't entitled to feel sorry, I just felt it was a loaded question at the time as it's much more complex than that.

You're entitled to feel sorry for whomever you like, which is fine. I hold a degree of sympathy towards those who were sucked in to an artifically inflated price that lost most of it's value in a few days. I'm not saying they shouldn't have been free to make that decision, simply that I feel sorry for them



Nope, pretty much how I see it. But like I've also mentioned, it's very easy to talk about your motives when you've first bought, but easier to change them when 10x the value . I think plenty who started out as not arsed and supposedly being willing to hold to the end, would've felt the same emotions investors have for decades when looking at massive paper profits and perhaps had a change of heart.

Some did, some didn't the gain/loss porn is available to view on the subreddit

Let's not forget this was something months in the making, some profited before the rocket began it's launch sequence

 

[Deleted member 26533]

I'm not saying people aren't entitled to feel sorry, I just felt it was a loaded question at the time as it's much more complex than that.


Some did, some didn't the gain/loss porn is available to view on the subreddit

It is complex. Like your gambling examples. If somebody buys a lottery ticket because they deem the odds worth it and they don't win, I wouldn't feel sorry for them. If somebody went and stuck a horse on or a few spins on roulette and lost, I probably wouldn't. Now if they had a mate constantly telling them to hold the line and they're a few spins away from the profit coming back, I'd have a degree of sympathy.

Yeah, I know. I'm not saying all of them. It's the same place I seen some of them admitting profit taking ("Just gonna do a lil bit of profit taking Stan"). That's not something I've got issue with, like I say it's human emotion and that subreddit has had all sorts of massive losses being posted for ages, so I don't doubt some people's motives are as they say on there.

 

[monkeytassle]

Really? Even the 20 year old lad who killed himself after the software incorrectly showed a $700k+ debt? (Nothing to do with the recent mania.)

Given you are not a lawyer, please explain how you can confidently dismiss the case in the basis of a news article.

Am I dismissing the case? Or am I criticising ambulance chasers? They filed the lawsuit on Monday when this happened last year.

 

[ReidysLeftLug]

It is complex. Like your gambling examples. If somebody buys a lottery ticket because they deem the odds worth it and they don't win, I wouldn't feel sorry for them. If somebody went and stuck a horse on or a few spins on roulette and lost, I probably wouldn't. Now if they had a mate constantly telling them to hold the line and they're a few spins away from the profit coming back, I'd have a degree of sympathy.

Yeah, I know. I'm not saying all of them. It's the same place I seen some of them admitting profit taking ("Just gonna do a lil bit of profit taking Stan"). That's not something I've got issue with, like I say it's human emotion and that subreddit has had all sorts of massive losses being posted for ages, so I don't doubt some people's motives are as they say on there.

I don't begrudge people taking money and I don't really have sympathy for those who lost money. This was an anomaly and shouldn't be used as a deterrent, a lesson yes but not a deterrent and I feel like that's what institutions want to do - which is where this whole sympathy angle comes from imo. Why the sympathy for the small guy now when they've been getting robbed for decades? Technology just made it more efficient, high frequency traders and payment for order flow is daylight robbery

 

[Deleted member 26533]

I don't begrudge people taking money and I don't really have sympathy for those who lost money. This was an anomaly and shouldn't be used as a deterrent, a lesson yes but not a deterrent and I feel like that's what institutions want to do - which is where this whole sympathy angle comes from imo. Why the sympathy for the small guy now when they've been getting robbed for decades? Technology just made it more efficient, high frequency traders and payment for order flow is daylight robbery

Sympathy 'angle' due to institutions? Not at all. Knew people were going to lose money, said as much at the time that I felt sorry for those who would be jumping in at the peak of the discussion and news about it. I feel sorry for those people but I hope it's the opposite of a deterrent to them, more a lesson to establish an area of competence and work within it whilst slowly expanding what you know and subsequently the investments they make.

I understand why you don't really have any sympathy too. At the end of the day people made the decision themselves.

 

[ReidysLeftLug]

Sympathy 'angle' due to institutions? Not at all. Knew people were going to lose money, said as much at the time that I felt sorry for those who would be jumping in at the peak of the discussion and news about it. I feel sorry for those people but I hope it's the opposite of a deterrent to them, more a lesson to establish an area of competence and work within it whilst slowly expanding what you know and subsequently the investments they make.

I understand why you don't really have any sympathy too. At the end of the day people made the decision themselves.

That wasn't personally aimed at you but more broadly. That's where I feel this sympathy angle is coming from. Obviously people were going to lose money, people lose money every day and some of the practices employed at the top which cause those people to lose money are worse than the gamestop saga imo.

Gamestop wasn't an investment by the time it became mainstream, if you were piling in last year then perhaps it was an investment but even then I would just say it was a play against the shorts.

 

[beverly macca]

No different to people rolling their losing accumulators out after Liverpool got beat off Burnley. Well documented and speculated that they would win.