Reddit Day Traders Lost Wall Street Battle

yahoo.com

13 points·html5web··2 comments

Full disclosure: lost a fair bit of money on this whole debacle.

It seems like the short squeeze ended fairly early in the price escalation, and everything that followed was mainstream media advertising one of the largest pump and dump schemes of the century.

There's a large following of "bag holders" concocting conspiracy theories about stock ownership and future squeezes, and there might be, but that jumping to $450 was retail investors creating a huge ponzi scheme.

I doubt we'll ever get the full story about what happened, but a lot of people lost a lot of money in what were probably their first purchases in the stock market.

It's still going on. Just look at all the posts of "hold, I'm holding and averaging down by buying more" aka hoping to average down to a point where the "pump" part of the scheme will let them sell to enough new suckers :)

Full disclosure: I never bought GME itself but made some money on a related ticker and still holding on another. I went in late and 'all seemed lost' but I just held and put in a sell order for something that'd make me a fair profit and lo and behold about a week later it got executed while I wasn't even looking. Since I'm not doing any of this on margin or with large amounts I didn't really care. This is the "play money" part of an otherwise dividend based portfolio.

Reply on news.ycombinator.com