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Comment by HenryKissinger | Hacker News Reader

> check out ... r/wallstreetbets

Don't. At least not for anything other than the memes.

Serious question: does anyone know when/why that subreddit became what is is today? I used to follow it in the early 2010s and it actually provided some reasonable insights.

I can tell you for sure that Robinhood hasn't contributed positively the quality of content.

I have to beg to differ. The Robinhood "infinite money cheat code" was WSB's finest hour.

“It literally can’t go tits up”

What was that, for those of us out of the loop?

I don't remember (and maybe never read) the exact details, but as I recall it wasn't so much "infinite money" as "infinite leverage". You could somehow buy assets leveraged, then make the system "forget" that those assets were already leveraged, so it lets you leverage them again to buy something else.

Decent article here: https://banyanhill.com/robinhood-infinite-leverage-money-che...

Amusing video here: https://www.youtube.com/watch?v=qKXrVriacUM

If I had to guess, Robingood and the burst of the cryptocurrency bubble

Idk, it's basically been the same thing for as long as I've been following it, and I started around 2017. The only thing that's really changed is the number of subscribers has exploded.

Here's the front page of WSB from 2016: https://web.archive.org/web/20160706011305/reddit.com/r/wall...

Honestly I think the average IQ on WSB is pretty high, you just have to learn to sift through the junk. There are plenty of gold nuggets to be found.

Also the memes are great. What's the point in life if you aren't having fun?

That sub is for the lulz; it’s not a serious analysis of the market. The best description I’ve heard of it was “a jackass for finance, made all the funnier because you realize that people actually got hurt”

4chan with a Bloomberg terminal.

IQ has inherently racist origins...I think as a society we'd do better to remove it from our lexicon, as it's simply racialist pseudoscience meant to preserve the status quo.

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