this post was submitted on 20 Mar 2024
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This line especially is funny, because the majority of the people who bought into the GameStop thing ended up losing their money because they didn't sell when it was up, or bought in too late. The loss denial from that is what led to the whole Bed, Bath & Beyond stock BS which led to many more people losing money. I think the people who "don't want to be left out" if Reddit goes that direction have a very rose-tinted view of what happened there.
I was sent an invite to participate, I assume just because the age of my account, but there's no way I'd jump into that unless I already knew how to actively play the market. I'm guessing there could be an initial surge from people investing who recognize the name but haven't been paying attention to the site in the past year, and then everyone is going to start jumping ship when they realize the stock isn't going anywhere or is going to lose money.
I got that invite, too, despite having not used my Reddit account for over a year, and having relatively little total karma and no non-deleted posts, so it probably is just an account age thing. Or they tried all of their preferred targets, didn't get enough takers, and started lowering their standards. I sure didn't bite.
you should sell your account. you can edit, overwrite, delete each post & comment with a script
The thing I saw a while back showed It was tiered, I think 5 tiers, based on karma, with the last wave of people getting the offer being those with like 5k or some ridiculously low number basically meaning they offered it to nearly everyone.
If they had sold the shares with the first few waves it wouldn’t have gotten to the low karma users, which probably means it wasn’t well received.
I'm curious to see what actually happens, but considering the shit-show from the past year (and even before then) I have zero interest in risking my money. Shorting the stock sounds like the way to go, but stocks are way outside my knowledge so I'll just grab the popcorn.