Two weeks ago, I blogged about how I found these really cool album cover-pokémon cards on Reddit and that I was planning on using Reddit not just for finding blog topics and porn, but to grow DOL to help me obtain my dream job/life's mission of becoming a Barstool Blogger.
Hand up, I totally forgot about posting blogs on Reddit until I looked at my monthly blog list last night and saw that post again.
In my defense, I have a legit excuse for not following through (yet) as teaching myself Adobe leapfrogged "post your blogs on Reddit" in my brain. Plus that skill is much more valuable IMO.
Had I started posting on Reddit, maaaaybe I would've seen this sub r/wallstreetbets? Sure, I know as much about stocks and the market as Beethoven knows about Metallica, but who's to say I wouldn't have stumbled across this one of 2.2 million subreddits, then learned how to play the market and made buckets of cash?
Basically r/wallstreetbets is/was (we'll see why I'm not sure what tense to use shortly) an online community for younger traders, memers...you know, millennials to throw caution to the wind when it comes to investments; treating it like gambling...hence the name. Just having fun trying to make a buck.
According to people who get paid to write about this type of stuff this is what r/wallstreetbets is all about:
For the unfamiliar, the r/wallstreetbets subreddit describes itself as "Like 4chan found a Bloomberg Terminal." In other words, it's a bunch of internet shitposters interested in making money on the stock market. It can often be hard to decipher what is real and what is a joke on the board, making the whole subreddit an entertaining mess.
Admittedly I don't know much about the market and felt like 2009 John Mulaney during this whole ordeal.
And since we all know I'm Captain Typo, it only took me until 4:27 PM to notice.
What I do know is that the stock market ≠ the economy. It's like saying only the spotify accounts of Grammy winners dictate what music is popular.
Essentially, this subreddit figured out what the Hedge funds and big banks have done for years; finding a way to short some stocks to their advantage. This caused companies like Gamestop and AMC Movie Theaters stock price to skyrocket.
However, since regular people and not the 1% are profiting, the entire financial sector is up in arms; looking for ways to block this. It's hypocrisy at it's finest. You got Ameritrade fucking moving goal posts.
It's exactly why the whole notion of "you just have to work hard to be successful" is a crock of shit. Is it partly true? Of course. There's millions of examples across the world, but there's also millions of examples where the deck is stacked against you and if you do find a way to work around it the deck is just shuffled again. Will the 1% do everything they can to hold onto power and fuck over Johnny Average? You bet. This reddit community has done nothing illegal. If anything they've followed a playbook that's been around for decades. God, it's so perfect they're using the app Robinhood.
I don't know how any decent person could be against the redditers. It's like rooting for the Yankees against a little league team.
As of now r/wallstreetbets has been made private, but many people are wondering if reddit actually was the one behind the move.
Who else would step in for the little guy, but the man of the people himself, Dave "El Pres" Portnoy?
The best part of all this is the people profiting off of r/wallstreetbets are doing something the 1% never does; give back to the little guy (even though Chamath Palihapitiya is a billionaire lol, but he's far from the only one who's donated to Barstool Fund).
I 100% found inspiration from this cat. #HireDozo