Flagged post from HN shows some more info from yesterday:<p><a href="https://news.ycombinator.com/item?id=25868680" rel="nofollow">https://news.ycombinator.com/item?id=25868680</a><p>Going through HN "new" and looking at flagged posts is the only reason I was able to buy GME stock.<p>You can read the deleted "conspiracy" here:<p><a href="https://web.archive.org/web/20210122054438if_/https://www.reddit.com/r/SubredditDrama/comments/l2guoc/wallstreetbets_full_story_my_post_blew_up_and/" rel="nofollow">https://web.archive.org/web/20210122054438if_/https://www.re...</a>
It's interesting to see how this is being framed as a consequence of retail investors on r/WSB when the reality is that the price has been short squeezed up mostly due institutional investors having to buy back stock in order to cover their shorts on GME. Anyone who has spent more than a few hours on r/WSB sees that it's not exactly a cohesive unit. " Just today, CNBC reported that GameStop is “the single most shorted name in the U.S. stock market.” "<p>I currently am not holding any positions.
For some reason this makes me think of EVE online and how a group called goonsquad basically took over a large chunk of the game by overwhelming established player empires with sheer numbers of disposable units. The Zerg approach to stock market gambling.
The irrationality of the mob is multiplied 10x with the power of technology and automation.<p>These past two years makes me feel like we’re living in a black mirror episode.<p>“Plato argued that democracies inevitably degenerate into anarchy, as the poor plunder the rich and profligacy produces bankruptcy.”<p>Tech has only sped the slide of western democracy. 100 years from now, the West will be ruled by mobs or will have adopted something close to China’s modern communism just to ensure “order.”