The way people gamble with GME, dogecoin, etc really disturbs me. I see people putting entire paychecks into <hype vehicle du jour> who really can't afford to do so. And the language I see around dogecoin atm really disgusts me. There was a reddit thread recently... this one:
https://www.reddit.com/r/dogecoin/comments/n2lp6w/im_crying_...
I find it really appropriate that he's thanking everyone because in essence he's thanking all the people who funded his gofundme, just in a very roundabout way.
Furthermore, you have posts to the effect of "Please please don't sell at $1.00" that get super close to being self-aware. Some of these people know the only people who are buying doge are those who plan to sell it later, and the only people they will be able to sell to are people who then plan to sell it later too... and so on. It's a massive game of chicken.
I don't know. I consider myself to be somewhat financially literate and watching people throw away what little they have hurts to watch, since I've worked in equities long enough to see people lose more than they thought they could possibly lose.
Like here: https://www.cnbc.com/2018/02/05/xiv-exchange-traded-security...
when the whole inverse-volatility trade blew up and bankrupted several inverse-vol ETFs. Our trade floor was like death that morning as a large % of the people there had just lost huge chunks of their personal portfolios.
Maybe some people are buying responsibly small amounts of doge, as a joke. But I'm just really worried.