I think it goes without saying that "This will not end well" but the big question to me is whether the loss is distributed among gambling addicts or whether it hits an institution which prioritizes growth over market stability.
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That's not a new failure mode in the public markets but one would be surprised by the degree of it and the... I would say shamelessness, except it wraps shamelessness around itself as a badge of honor with the same winking millennial sensibility that r/WSB uses self-pejoratives.
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It reminds me of r/Dogecoin where a bunch of redditors created a shibu inu-themed cryptocurrency and bid it up amongst themselves. IIRC, at one point Dogecoin had a 'market cap' of ~US$200 million.
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Doge got to a billion (or striking distance) a few times, I think.
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I think I heard of them when one of their members took advantage of an error in Robinhood to get huge leverage (he ended up owing a lot of money but came to some sort of settlement). Surprised the article doesn't mention their biggest media moment.https://www.vice.com/en_in/article/gyz9kj/a-robinhood-exploit-let-redditors-bet-infinite-money-on-the-stock-market …
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Their responses (and refusal) to provide robinhood access was also hilarious (and had some high quality gifs). Infinite leverage ftw
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@oghowie looks like you have some folks on Reddit to thank for your new pool
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Crazy stuff, but I ain't complaining.
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