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A lot of Redditors hate the Reddit IPO | Reddit warned us that its users were a risk factor, and boy do they sound excited about shorting its stock. (www.theverge.com)

submitted 9 months ago by L4s@lemmy.world to c/technology@lemmy.world

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A lot of Redditors hate the Reddit IPO | Reddit warned us that its users were a risk factor, and boy do they sound excited about shorting its stock.::Reddit seems like a likely candidate for a meme stock. But the actual reaction suggests that r/WallStreetBets isn’t going to send the stock to the moon.

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[–] JDubbleu@programming.dev 21 points 9 months ago (2 children)

This is a gross over simplification. Yes, rich people can have higher risk tolerance, but that doesn't mean people shouldn't be going long on index funds and otherwise safe, low risk investments for retirement with what they can afford to.

[–] merc@sh.itjust.works 14 points 9 months ago (1 children)

Yes, rich people can have higher risk tolerance

It's not just risk tolerance. The very rich can manipulate the market in ways that the poor can't.

[–] JDubbleu@programming.dev 9 points 9 months ago (1 children)

You don't need to manipulate markets to dollar cost average the S&P500 for 40 years and retire. This is a get rich slow scheme that's worked since the inception of index funds.

[–] merc@sh.itjust.works 2 points 9 months ago (1 children)

Yeah, and some rich people may do that. But, other rich people aren't satisfied with the returns of an index fund, so they'll manipulate the markets to get higher returns.

[–] JDubbleu@programming.dev 2 points 9 months ago

I don't know what you're trying to get at. The original comment stated the stock market is a rich man's game that poor men are designed to lose. I pointed out that anyone with extra income can take advantage of the stock market and not lose. Just because rich people can take advantage of market manipulation doesn't mean poor people have to lose.

[–] msage@programming.dev 11 points 9 months ago

And then listen to every asshole yell 'but think of their retirements!!1!' when the stock market shits itself.

Fuck this system. It's original intent is way long gone, and we should stop pretending it's helping anyone but the rich.