> People have figured out that one of the ways to get to overnight wealth is to solve the collective action problem and they're getting better and better at fostering it and at coming up with legal ways to avoid existing regulations against pump and dump schemes.
For what it's worth, Roaring Kitty's original video streams where he analyzes GameStop's stock should still be up on YouTube and probably cross-posted on other sites. He has hours and hours of commentary on the topic so if he said anything urging collective action or pumping the stock in an illegal way, somebody should be able to find it. As far as I remember, he was just doing a fundamental business analysis of GameStop and just pointed out that the stock was drastically underpriced given the upcoming new console cycle and his opinion that the actual business of selling physical games was not yet on the way out. Should commenting on a security that you like be illegal in a free society?
As far as your commentary about the increase of "pump and dump" schemes, I think the technology is more useful than you seem to recognize and that we're in the very early stages of blockchain tech and better uses for it will be found, but that's a separate issue I'd rather not go into here.
But as far as the pumps/dumps go, I think you're more closely looking at the symptom and not the cause. What's closer to the root cause of all of these financial schemes is the mental health crisis impacting young people. Many young people are feeling hopeless about the future for many, many reasons, and feel that financially making it through extreme risk taking is the only way to have a good life. Many are just dropping out of society. You can see this being impacted in some widely popularized stats like the number of young men not having sex, suicide rates, college attendance dropping, and many more things. What's going on with the mental health of the young is much more important to the future of humanity than the fixation society is currently stuck on.
"What's closer to the root cause of all of these financial schemes is the mental health crisis impacting young people." I think this is very true. I do think that it not only applies to young people, there are a lot of middle age plus people waking up and realizing they are probably never going to be able to retire without some sort of miracle moonshot. I know an intelligent 65+ year old nurse that just torched 30k on trying on a bad crypto investment. Imagine all these people that just rode the massive bull market up in stocks nearing retirement age with just enough to retire. Stocks are likely approaching a peak and suddenly these people that had enough to retire will find themselves on much shakier ground while inflation is pumping. Odds are high many of them will make a desperate gamble as well.
For what it's worth, Roaring Kitty's original video streams where he analyzes GameStop's stock should still be up on YouTube and probably cross-posted on other sites. He has hours and hours of commentary on the topic so if he said anything urging collective action or pumping the stock in an illegal way, somebody should be able to find it. As far as I remember, he was just doing a fundamental business analysis of GameStop and just pointed out that the stock was drastically underpriced given the upcoming new console cycle and his opinion that the actual business of selling physical games was not yet on the way out. Should commenting on a security that you like be illegal in a free society?
As far as your commentary about the increase of "pump and dump" schemes, I think the technology is more useful than you seem to recognize and that we're in the very early stages of blockchain tech and better uses for it will be found, but that's a separate issue I'd rather not go into here.
But as far as the pumps/dumps go, I think you're more closely looking at the symptom and not the cause. What's closer to the root cause of all of these financial schemes is the mental health crisis impacting young people. Many young people are feeling hopeless about the future for many, many reasons, and feel that financially making it through extreme risk taking is the only way to have a good life. Many are just dropping out of society. You can see this being impacted in some widely popularized stats like the number of young men not having sex, suicide rates, college attendance dropping, and many more things. What's going on with the mental health of the young is much more important to the future of humanity than the fixation society is currently stuck on.