It's very effective and we should have anticipated that it would be used to move markets. I expect people on HN to recognize it. The question is, what will we do about it? It's tearing society apart and now it looks to damage our economy too.
It is well documented that authoritarian governments, including Russia and China, have invested heavily in these techniques. I don't know the source of the GameStop bubble, but if Russia/China didn't see the potential to attack U.S. society and financial markets before, they see it now and will use it.
The question is, what will we do? How do we maintain an open society, which is essential, and protect against this manipulation?
I think an essential part of the solution is the power of critical thinking and reason, the very foundations of the Enlightenment, and that the well-educated (not only them, but definitely them) have to take the lead in applying those skills, and start a social media movement in that direction. The people reading this should be leaders; unfortunately, I see them again and again allowing themselves to participate in mob psychology. The response to these events is particularly chilling. Where is the forum of intellect, knowledge and facts? Almost everything I see is misinformation and conspiracy theories.