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Comment by ghaff | Hacker News Reader

So you're saying they're even dumber than they appear at first glance? Sorry, but pissing money away (or actually likely giving it to some Wall Street institution) to send some ill-defined "message" really can't be called anything but dumb.

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Even as an econometrician, I would never call it dumb. It's a virtual incarnation of Occupy Wall Street. These guys are probably spending less than those who protested several years ago did. Heck, you can buy a stock and still go to work. No need to forego weeks of labor.

I guess I find it really weird and unfocused and so mixed in with people who are greedy/stupid that the whole thing just seems absurd.

I think the absurdity is why it's grown as big as it has: a bizarre combination of conditions achieved critical mass and has exploded into this unplanned, unprecedented paroxysm of pure absurdity that nobody would have predicted because it's so irrational, so stupid, yet it's happening.

You just said anyone who has ever contributed to a presidential campaign in their life is a moron. I don't see how this can be interpreted any other way, no one pisses away $100 to the Libertarian candidate expecting he's really going to save over $100 in income tax or reduced regulations the next year...

I would say that giving money to a libertarian (or other) candidate is a very clear message that you favor their policies compared to the alternatives. Yes, $100 isn't going to move the needle but neither is your individual vote in the vast majority of cases.

I can see all the pressure being applied to me to sell. Clearly some very rich and influential people want me to sell. This alone is enough to convince me not to. I don't care if it's dumb or it will go down to $0. I'm not budging.

Yeah, before today I'd have likely dismissed such comments as "conspiracy theory" but, RobinHood literally disabled the ability to buy, or even search for these stocks on their platform.

Do you know how this whole thing started? It seems you're just coming in and dismissing the whole thing, when the person who started it with $50k is now sitting on gains of $50m and even people who bought in yesterday are up almost 2x.

And some people who can't really afford to buy Powerball tickets every week. And a few of them hit it big. Doesn't make it a rational choice from a purely economic perspective.

The biggest flaw of conventional economic theory is that "people are rational".

Do you see all trading on the stock market as speculative and basically gambling?

Seeing it that way makes budgeting for it a lot easier (for me): I fully expect the loss of any and all money I'd bring into a casino, treating it as an admittance fee paid in exchange for the thrill of the tiny possibility of winning big, whose occurrence would probably influence me to double down and inevitably lose everything.

I hope thinking this way about retail investing reduces the risk of YOLOing one's life savings on individual stocks.

even people who bought in yesterday are up almost 2x.

Not anymore, they're not. Such are equities when the price becomes detached from reality. Any moorings one wishes to try and tie the price to, those are gone now.

As they say, past performance is not an indicator of future gains.

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