Reddit users are starting to find out that “fake news” isn’t just some right-wing conspiracy promoted by Trump supporters.
A week after hedge funds were given the shaft by low-level private investors banding together to promote GameStop’s stock price, mainstream media articles are circulating claiming that the “movement” has already died out. CNBC went as far to claim that silver is the new “short squeeze target” for Reddit users.
On Tuesday morning, all you had to do was log on to the platform to see that absolutely no one on the forum r/wallstreetbets was bullish on silver. In fact, the top posts are from users telling others not to invest in the precious metal. It’s all a sham.
Last week a group of small-time investors collaborated on Wall Street Bets to make a great deal of money on the stock market. The move was sparked by a tweet from Elon Musk which said only “Gamestonk!!” That tweet triggered a huge rise in the value of GameStop stock prices. For three days in a row, the value of these stocks continued to shoot through the roof in what has been called a “melt-up.”
Somehow, the Redditors knew to sell their newly acquired stocks just before they tanked and they made an enormous amount of money. It was a rare case of the small guy beating the big guy. The major investors lost tremendous amounts of money, and they aren’t taking it well.
Representatives of Wall Street and their media acolytes have compared the winners of the GameStop trade to the “insurrectionists” in Washington, DC who had the audacity to put their feet up on Nanci Pelosi’s desk. One Wall Street spokesperson even suggested to CNBC investment guru Jim Cramer that he thought the event might be a foreign-born attack on America.
The popular stock trading platform Robinhood quickly shut down trading on both Game Stop and cryptocurrency in order to stop the flood of winning investment moves by small-time actors. The end result of all this is that millions more Americans are even more certain that the system is rigged against the little guy.
Popular news commenter Tim Pool compared it to the dice that we all knew were loaded.
“We’ve always known the dice were loaded, and that it made it even more unlikely that you could win. But what the Game Stop shutdown has shown us is that not only are the dice loaded, but the house will throw you out when you do win,” Pool said.
This sentiment is having a strong reverberation with the many more millions of Americans who are certain that the 2020 Presidential election was stolen.
One prominent member of the Reddit group, Louis Rossmann, told Yahoo News that this was inevitable. He commented on the fact that millions of people are out of work, have the free time to learn how to trade stocks, and then started winning at the markets. It’s a very smart point that he makes. The immediate response from the mainstream media was to slander these Mainstreet winners, and brokerages placed a lockdown on the stock to stop their wealthy clients from bleeding money.
There is now a lawsuit against Robinhood claiming that their arbitrary shutdown of the GameStop stock was illegal market manipulation. Louis Rossmann says what they did was, “[…] at best immoral, at worst illegal.”
What we are left with is the sure knowledge that not only is the system rigged, it is weaponized. But more importantly, we have an existence proof that we can beat them at their own game. This is far from over.