It's sorta in the name. They celebrate making bad decisions and post their wins and their losses. You'd have to be a fool to think you were getting real financial advice from WSB.
It's sorta in the name. They celebrate making bad decisions and post their wins and their losses. You'd have to be a fool to think you were getting real financial advice from WSB.
/r/personalfinance isn't a substitute though. One is for traditional, long-term, and more risk-averse investment advice; one is for high risk, high reward stock market bets representative of...
/r/personalfinance isn't a substitute though. One is for traditional, long-term, and more risk-averse investment advice; one is for high risk, high reward stock market bets representative of outright gambling plus related memes. They are very different just like talking to an investment advisor is different from striking up a conversation with someone at the blackjack table.
The level of misinformed people in WSB is approaching critical levels I've been subbed to it for a long time because it was sometimes amusing -- but generally the farce was pretty palpable and...
I've been subbed to it for a long time because it was sometimes amusing -- but generally the farce was pretty palpable and there were some tidbits of domain knowledge. I'm pretty sure we're well beyond Poe's Law here, there's no apparent irony in these comments just very misguided people.
What's far worse is the periphery of random other speculation vehicles piggybacking off of the media attention. Case in point, dogecoin, with these lovely threads appearing in /r/all yesterday You...
What's far worse is the periphery of random other speculation vehicles piggybacking off of the media attention. Case in point, dogecoin, with these lovely threads appearing in /r/all yesterday
You may notice a theme if you look at them, notably y'know the lack of any logic at all, just the promotion of these grand fantasies of wealth. "Think about how much money you'll have if doge goes to $1!"
Say what you will about WSB, at least they technically have a plan - cause a short squeeze, then sell when shorters either get margin called or close their positions willingly. Doge is nothing but a pump-and-dump. Like there is absolutely zero plan. Doge is an old meme coin that has an theoretically infinite supply and no adoption as a currency. None of these threads have one iota of an explanation for where the wealth comes from - because it comes from the new adopters for whom people with no doubt hoards of $0.0004c dogecoins are selling to.
The "fuck the establishment, WSB showed we can do it" energy is especially egregious. What? There's no institutional investors in dogecoin. No one is shorting dogecoin. If you gain wealth, it is because some other smuck fell for it.
I don't think the WSB subreddit can possibly recover from this. It's just going to be full of people trying to run pump-and-dumps on random stocks (or cryptocurrencies) forever now, because it's...
I don't think the WSB subreddit can possibly recover from this. It's just going to be full of people trying to run pump-and-dumps on random stocks (or cryptocurrencies) forever now, because it's attracted millions of new users that think that's what it's for.
It's definitely going out in a blaze of glory, but it'll never get back to anything resembling what it used to be and will probably just have to be abandoned by everyone that enjoyed what it was before.
Is anyone else a bit worried that this meme stock bubble hysteria is a sign of bad things to come? I'm in the market to buy a house right now so I already have a decent chunk of change in cash but...
Is anyone else a bit worried that this meme stock bubble hysteria is a sign of bad things to come? I'm in the market to buy a house right now so I already have a decent chunk of change in cash but I'm starting to think that maybe it might be prudent to convert some more to bonds.
Alternatively, with the low interest and coming stimulus stocks may even be undervalued. Who knows I guess.
Yea unfortunately I think the people pumping doge realize that -- they're just scammers capitalizing on the frenzy. I would hope the people buying in now are realizing that it's a pump but judging...
Yea unfortunately I think the people pumping doge realize that -- they're just scammers capitalizing on the frenzy. I would hope the people buying in now are realizing that it's a pump but judging from the information level of the commenters I'm doubtful.
Completely agree here. People are using the attention to pump worthless crap to others who don't understand why $GME is soaring. Everyone should know that a unique set of market conditions...
Say what you will about WSB, at least they technically have a plan - cause a short squeeze, then sell when shorters either get margin called or close their positions willingly. Doge is nothing but a pump-and-dump. Like there is absolutely zero plan. Doge is an old meme coin that has an theoretically infinite supply and no adoption as a currency. None of these threads have one iota of an explanation for where the wealth comes from.
Completely agree here. People are using the attention to pump worthless crap to others who don't understand why $GME is soaring. Everyone should know that a unique set of market conditions culminated into this perfect storm. One ridiculous pump and dump I've seen is BLIAQ going from 1/5th of a penny to 30 cents today - BLIAQ is the holding company that owns the liquidated remnants of BlockBuster.
This pumping up of Dogecoin started not long after it launched. At first, we thought of it as satire. The whole thing is satire, which is what attracted me to it in the first place, since I...
This pumping up of Dogecoin started not long after it launched. At first, we thought of it as satire. The whole thing is satire, which is what attracted me to it in the first place, since I thought it was a good joke. We were giving each other Dogecoin on Reddit, sort of like people throwing beads at each other in New Orleans. Who cares, it's play money. Here, have some!
But it seems some people were at least sort of serious, and that contingent grew over time. That's the problem with using a fully-working cryptocurrency as play money, it is too real and attracts real grifters. The joke got stale fast.
These days I get my financial humor from reading Matt Levine columns.
You'd be surprised at how under-resourced automoderator is. The whole of reddit crashed temporarily for around 2 hours when /r/politics called the election for Biden. Automoderator was wonky for...
You'd be surprised at how under-resourced automoderator is. The whole of reddit crashed temporarily for around 2 hours when /r/politics called the election for Biden. Automoderator was wonky for more than 12 hours across the whole site due to the volume of submissions/comments.
Then there are the other types of functionalities that require own tools. I see there's a /u/WallStreetBot on the modlist. Their bot almost certainly couldn't keep up if it does any sort of thing that uses slightly more resources than your most basic functions.
Unless I'm misremembering, it seems the subreddit has about doubled in number of subscribers from around two to over four million in less than a week.
This is the usual trend, and people love it because it allows for deniability. But there's never really too much work, just too few mods. Mod are unpaid, all they have to do is be lightly vetted....
We are unable to ensure Reddit's content policy and the WSB rules are enforceable without a technology platform that can support automation of this enforcement.
This is the usual trend, and people love it because it allows for deniability. But there's never really too much work, just too few mods. Mod are unpaid, all they have to do is be lightly vetted. If there's a system to report bad mods you don't have to worry too much, so there's no real cap on making them. Reddit also passes all new comments for a subreddit through one feed.
Unfortunately, they're echoing a trend that paid companies use. This is based on deniability with regards to bias. Lots of companies prefer to use algorithms for things like resume selection, because people falsely ascribe agency to the algorithms rather than the people who made them, allowing companies to be like, "we didn't ban you, the algorithms did" or even "ee weren't racist, we just used algorithms."
Imagine my surprise. :P This has some legs in the press, so there is a halfway decent chance reddit corporate might address it. Seems inevitable that won't be a good thing when they do, though.
admins haven't given us special access despite asking for it
Imagine my surprise. :P
This has some legs in the press, so there is a halfway decent chance reddit corporate might address it. Seems inevitable that won't be a good thing when they do, though.
I think they deliberately pretend to be ignorant of the general content on their site. But then again this has reached news levels, so you're right, that's when they are forced to comment.
I think they deliberately pretend to be ignorant of the general content on their site. But then again this has reached news levels, so you're right, that's when they are forced to comment.
I'm wondering if there is some way for Reddit mods of a popular subreddit to resist growth to this scale, while still remaining semi-public? Or do they not have the tools for that either?
I'm wondering if there is some way for Reddit mods of a popular subreddit to resist growth to this scale, while still remaining semi-public? Or do they not have the tools for that either?
There's no quick and simple way to deal with a massive growth spike. They are past 500k subscribers and also buried in active users, regular posts topping /r/all. About 250k users is critical mass...
There's no quick and simple way to deal with a massive growth spike. They are past 500k subscribers and also buried in active users, regular posts topping /r/all. About 250k users is critical mass for stupidity in my experience, absent stern and draconian moderation or a narrow topic focus. Their current level easily outpaces reddit's mod tools. If automod can't keep up with the new queue there's really fuck-all you can do at that point within reddit's framework.
They could vet their users but switching over to approved submitters only is a time consuming task. Bots could automate it a bit by trawling posts over pre-explosion time periods in searches and user post histories, get many of the most active folks from before this happened. I think automod can just remove comments from people who aren't approved submitters as well, so it would work for comments and submissions to turn back the clock. This is acres of tedious mod work and reddit simply does not help you with this stuff, never has, probably never will.
There's also the question of if the approved submitter system can scale that high, as it was never meant to be used like this. There have been problems before, though I hear in mod chats that it's up into the 50k plus range now without issues.
Edit: Today's sticky thread has 50K comments at less than an hour old. Reddit can't even display comments properly on threads that go over 5K. This phenomenon is simply beyond reddit's technology. I'm sure they are enjoying the ad revenue, though.
It seems a bit disingenuous to require a mod team to enforce community guidelines on arbitrarily many posts per second, and only tell them about posts at a lower rate than that. If Reddit wants...
It seems a bit disingenuous to require a mod team to enforce community guidelines on arbitrarily many posts per second, and only tell them about posts at a lower rate than that.
If Reddit wants mods to mod, they need a way for the mods to rate-limit posting to what they can actually mod.
The simple truth is that vBulletin had better modding tools in 1997 than reddit (or any other major platform) has today. Improving their mod tools is simply not a part of their business plans on...
The simple truth is that vBulletin had better modding tools in 1997 than reddit (or any other major platform) has today. Improving their mod tools is simply not a part of their business plans on any level, and even if they were, I am pretty skeptical that they could get those tools right. It's not a code problem, it's just that they are not equipped to think about this problem intelligently, too risk averse to make big moves, and their profit motive runs contrary to a proper solution.
Tildes here is the only forum on the entire internet where the commitment to proper community tooling has been a fundamental goal since the beginning. That's why this place is the one to bet on.
Okay, but suppose that they were thinking ahead and decided they were headed for trouble at 50k users. What could they do to prevent more growth? Or is that already too late?
Okay, but suppose that they were thinking ahead and decided they were headed for trouble at 50k users. What could they do to prevent more growth? Or is that already too late?
Banning memes (or restricting them to megathreads, or certain days) seems the easiest/quickest way for subreddits to slow or even completely halt growth, and give the mods time to take control...
What could they do to prevent more growth? Or is that already too late?
Banning memes (or restricting them to megathreads, or certain days) seems the easiest/quickest way for subreddits to slow or even completely halt growth, and give the mods time to take control back. /r/lowsodiumcyberpunk recently did that, I haven't seen them on /r/all since, and it appears to have worked well for them based on the higher quality content being posted there now.
It's sorta in the name. They celebrate making bad decisions and post their wins and their losses. You'd have to be a fool to think you were getting real financial advice from WSB.
/r/personalfinance isn't a substitute though. One is for traditional, long-term, and more risk-averse investment advice; one is for high risk, high reward stock market bets representative of outright gambling plus related memes. They are very different just like talking to an investment advisor is different from striking up a conversation with someone at the blackjack table.
@suspended
There’s also r/smallstreetbets, which is similar in the advice of wsb, but at a smaller scale with less money.
The bogleheads wiki is also a good resource: https://www.bogleheads.org/wiki/Main_Page
The level of misinformed people in WSB is approaching critical levels
I've been subbed to it for a long time because it was sometimes amusing -- but generally the farce was pretty palpable and there were some tidbits of domain knowledge. I'm pretty sure we're well beyond Poe's Law here, there's no apparent irony in these comments just very misguided people.
Edit: Looks the moderators are trying to restore some sanity.
What's far worse is the periphery of random other speculation vehicles piggybacking off of the media attention. Case in point, dogecoin, with these lovely threads appearing in /r/all yesterday
You may notice a theme if you look at them, notably y'know the lack of any logic at all, just the promotion of these grand fantasies of wealth. "Think about how much money you'll have if doge goes to $1!"
Say what you will about WSB, at least they technically have a plan - cause a short squeeze, then sell when shorters either get margin called or close their positions willingly. Doge is nothing but a pump-and-dump. Like there is absolutely zero plan. Doge is an old meme coin that has an theoretically infinite supply and no adoption as a currency. None of these threads have one iota of an explanation for where the wealth comes from - because it comes from the new adopters for whom people with no doubt hoards of $0.0004c dogecoins are selling to.
The "fuck the establishment, WSB showed we can do it" energy is especially egregious. What? There's no institutional investors in dogecoin. No one is shorting dogecoin. If you gain wealth, it is because some other smuck fell for it.
I don't think the WSB subreddit can possibly recover from this. It's just going to be full of people trying to run pump-and-dumps on random stocks (or cryptocurrencies) forever now, because it's attracted millions of new users that think that's what it's for.
It's definitely going out in a blaze of glory, but it'll never get back to anything resembling what it used to be and will probably just have to be abandoned by everyone that enjoyed what it was before.
Eternal september gets so many forums, I'll give kudos to any that go out with a meteorite impact like this.
Is anyone else a bit worried that this meme stock bubble hysteria is a sign of bad things to come? I'm in the market to buy a house right now so I already have a decent chunk of change in cash but I'm starting to think that maybe it might be prudent to convert some more to bonds.
Alternatively, with the low interest and coming stimulus stocks may even be undervalued. Who knows I guess.
Yea unfortunately I think the people pumping doge realize that -- they're just scammers capitalizing on the frenzy. I would hope the people buying in now are realizing that it's a pump but judging from the information level of the commenters I'm doubtful.
Completely agree here. People are using the attention to pump worthless crap to others who don't understand why $GME is soaring. Everyone should know that a unique set of market conditions culminated into this perfect storm. One ridiculous pump and dump I've seen is BLIAQ going from 1/5th of a penny to 30 cents today - BLIAQ is the holding company that owns the liquidated remnants of BlockBuster.
This pumping up of Dogecoin started not long after it launched. At first, we thought of it as satire. The whole thing is satire, which is what attracted me to it in the first place, since I thought it was a good joke. We were giving each other Dogecoin on Reddit, sort of like people throwing beads at each other in New Orleans. Who cares, it's play money. Here, have some!
But it seems some people were at least sort of serious, and that contingent grew over time. That's the problem with using a fully-working cryptocurrency as play money, it is too real and attracts real grifters. The joke got stale fast.
These days I get my financial humor from reading Matt Levine columns.
And /r/wallstreetbets just went private.
What wild timing. From what I heard, they were being brigaded so fast that AutoModerator started skipping over posts.
You'd be surprised at how under-resourced automoderator is. The whole of reddit crashed temporarily for around 2 hours when /r/politics called the election for Biden. Automoderator was wonky for more than 12 hours across the whole site due to the volume of submissions/comments.
Then there are the other types of functionalities that require own tools. I see there's a /u/WallStreetBot on the modlist. Their bot almost certainly couldn't keep up if it does any sort of thing that uses slightly more resources than your most basic functions.
Unless I'm misremembering, it seems the subreddit has about doubled in number of subscribers from around two to over four million in less than a week.
This is the usual trend, and people love it because it allows for deniability. But there's never really too much work, just too few mods. Mod are unpaid, all they have to do is be lightly vetted. If there's a system to report bad mods you don't have to worry too much, so there's no real cap on making them. Reddit also passes all new comments for a subreddit through one feed.
Unfortunately, they're echoing a trend that paid companies use. This is based on deniability with regards to bias. Lots of companies prefer to use algorithms for things like resume selection, because people falsely ascribe agency to the algorithms rather than the people who made them, allowing companies to be like, "we didn't ban you, the algorithms did" or even "ee weren't racist, we just used algorithms."
Imagine my surprise. :P
This has some legs in the press, so there is a halfway decent chance reddit corporate might address it. Seems inevitable that won't be a good thing when they do, though.
I think they deliberately pretend to be ignorant of the general content on their site. But then again this has reached news levels, so you're right, that's when they are forced to comment.
I'm wondering if there is some way for Reddit mods of a popular subreddit to resist growth to this scale, while still remaining semi-public? Or do they not have the tools for that either?
There's no quick and simple way to deal with a massive growth spike. They are past 500k subscribers and also buried in active users, regular posts topping /r/all. About 250k users is critical mass for stupidity in my experience, absent stern and draconian moderation or a narrow topic focus. Their current level easily outpaces reddit's mod tools. If automod can't keep up with the new queue there's really fuck-all you can do at that point within reddit's framework.
They could vet their users but switching over to approved submitters only is a time consuming task. Bots could automate it a bit by trawling posts over pre-explosion time periods in searches and user post histories, get many of the most active folks from before this happened. I think automod can just remove comments from people who aren't approved submitters as well, so it would work for comments and submissions to turn back the clock. This is acres of tedious mod work and reddit simply does not help you with this stuff, never has, probably never will.
There's also the question of if the approved submitter system can scale that high, as it was never meant to be used like this. There have been problems before, though I hear in mod chats that it's up into the 50k plus range now without issues.
Edit: Today's sticky thread has 50K comments at less than an hour old. Reddit can't even display comments properly on threads that go over 5K. This phenomenon is simply beyond reddit's technology. I'm sure they are enjoying the ad revenue, though.
It seems a bit disingenuous to require a mod team to enforce community guidelines on arbitrarily many posts per second, and only tell them about posts at a lower rate than that.
If Reddit wants mods to mod, they need a way for the mods to rate-limit posting to what they can actually mod.
The simple truth is that vBulletin had better modding tools in 1997 than reddit (or any other major platform) has today. Improving their mod tools is simply not a part of their business plans on any level, and even if they were, I am pretty skeptical that they could get those tools right. It's not a code problem, it's just that they are not equipped to think about this problem intelligently, too risk averse to make big moves, and their profit motive runs contrary to a proper solution.
Tildes here is the only forum on the entire internet where the commitment to proper community tooling has been a fundamental goal since the beginning. That's why this place is the one to bet on.
Okay, but suppose that they were thinking ahead and decided they were headed for trouble at 50k users. What could they do to prevent more growth? Or is that already too late?
Banning memes (or restricting them to megathreads, or certain days) seems the easiest/quickest way for subreddits to slow or even completely halt growth, and give the mods time to take control back. /r/lowsodiumcyberpunk recently did that, I haven't seen them on /r/all since, and it appears to have worked well for them based on the higher quality content being posted there now.
Best they can do is flag to not be on r/all, like r/Games does. But it doesn't prevent growth otherwise.
They can restrict submissions. Making it so that everybody can view and comment, but only select people are allowed to submit new posts.
This thread's finally convinced me -- I have uBlock'd Reddit and deleted the app. It's garbage anyway. Bahhhh