Buttcoin

I'll be one of the resident communists.

I think it's important to not forget the positive facts (pardon the pun!) in the GameStop situation. The event really did contain a short squeeze, and one Manhattan hedge fund really did take it in the shorts (pardon me again!), nearly becoming insolvent in front of their friends and eventually closing up shop. (One London hedge fund also was taken to the cleaners. Robinhood was embarrassed in front of Congress, and worse, in front of their clearinghouse.) Additionally, GameStop has continued to restructure its management and operations, and the local GameStop (in the local dying mall) is doing about as well as the Claire's next door in terms of customers.

This was a victory, but only in a specific sense: Wall Street was wrong about GameStop's failure, and collective action forced specific firms to admit their wrongness and even fail as ongoing concerns. The meme-stock cult can't understand this, because they imagine that there must be more. More wrongness, more collective action, more FAFO. They can't be proud enough to have destroyed two hedge funds and caused a Congressional inquiry; it's gotta involve literally melting the bull and throwing traders out of skyscrapers. (Not that I'll stop anybody from melting the bull!)