[elihu]

> And so we see Gamestop story fall out of that. In a nutshell a bunch of retail investors (possibly with help from institutional insiders) decided to pump a small cap stock far beyond what the valuation of the company should be. The whole setup requires a significant number of people to buy and hold the asset at a price that makes no sense economically. And in doing so they have locked each other in a game of musical chairs in which they collectively have to pour more and more money into this unsustainable scheme in order to maintain the bubble.

I think this completely misses the point. This isn't just a plain pump-and-dump scheme. Before /r/wallstreetbets got involved, the price of GameStop was being artificially held low by over-zealous shorts. So some investors figured out the shorts were in an untenable position and called their bluff. The extreme high prices are as far as I can tell just part of the process of the stock price returning to a regular equilibrium, whatever that is. Blaming WSB for a valuation that wasn't based in reality is a bit silly when it wasn't based in reality to begin with. Without the shorts, the stock couldn't have spiked as high as it did.

And in the end, GameStop will survive a bit longer (or even thrive, if it can figure out a successful model), and the people it employs will continue to have jobs.

I stopped reading the article when it turned into a rant against Bitcoin. I mean fine, you can criticize Bitcoin if you want but there's more to it than just people investing in currency speculation. If you don't think Bitcoin has any legitimate uses you're just not paying attention.