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YouTube ‘Influencers’ During WSB Saga

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  • Feb 19th, 2021 11:06 pm
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Sr. Member
Dec 20, 2010
778 posts
1143 upvotes
Toronto

YouTube ‘Influencers’ During WSB Saga

I think this is a topic that should be discussed. Many people place the blame of the GME/AMC fiasco on the HFs/market manipulators and WSB pump and dumpers. But anyone else annoyed/infuriated at the bandwagon YouTube pumpers who profiteered from the situation with increased clicks and subscribers? Those Youtubers that promised exuberant $50-100 PTs on AMC and $1000+ PTs on GME (many shown with rockets right on their video title cards) from guaranteed short squeezes. Many of these people hyped up followers by parroting misinformation, using emotional backstories, and telling them to keep holding no matter what. Then, when things headed south, they changed their tune, saying that they never promised a SS and that people should sell if they really needed the money. It’s doubtful these Youtubers took any sizeable position but played a part in recklessly leaving many people holding a bag or new investors leaving the stock market altogether. These ‘influencers’ should have been more socially responsible.
20 replies
Deal Addict
Jan 6, 2015
1418 posts
613 upvotes
I suppose that managing your money is your responsibility, if you trust wrong one and go without thinking, that is your fault.
Deal Addict
Apr 5, 2017
1133 posts
952 upvotes
Edmonton, AB
I have little trust for Youtube/social media influencers.

IG for example. Everyone shows the most fake, superficial crap. They make it out to be like their lives are all glam. Some benchmark that can never be reached or not attainable for the average soul. But people can't stop clicking, can't stop watching.

It's always been there in the form of paparazzi, now its just a modern globalized paparazzi movement, and people picking up the tabloid - one that anyone who can dress up a social media account can influence.

Intelligence circles have struggled with the power of information & influence since way before the Cold War. Individuals need to take responsibility and not take everything at face value. Its also can be chalked up to the process of learning. Nothing like this GME / WSB fiasco has ever happened before, not nearly on that sort of scale.
Sr. Member
Dec 17, 2009
503 posts
208 upvotes
A lot of people are committing sec violations and it would take just a few people going down hard for everyone to remember not to put their hand on that hot stove.

Though, if some 20 year old idiots 10 minute sponsor filled monologue about GameStop and hedge funds is all it took for people to throw thousands of dollars at it then did they really deserve their money? Some swindler was bound to take it some day from them anyways.
Deal Guru
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Sep 21, 2007
10801 posts
8837 upvotes
Winnipeg
We need more of those sagas.. when all that was happening I was throwing my money into blue chips dipping because of the craziness of all this. Easiest 3% return in a week.
"An essential aspect of creativity is not being afraid to fail." -- Edward Land
Sr. Member
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May 31, 2018
954 posts
2449 upvotes
Saskatchewan
If anyone is foolish enough to follow a youtube whatever and loses money because of it, they really need to take a look at why their critical thinking ability is too low and their gullibility factor is so high.

And if they try to blame said youtuber (or anyone else for that matter) for Decisions They Themselves Made, that’s just pure idiocy. People need to take responsibility for and own the choices they make. Period.

As for the youtubers that profited? They’re providing entertainment and getting paid for it, nothing wrong with that at all. No different than many of the “experts” on BNN or MSN.
Deal Fanatic
Apr 5, 2016
5808 posts
4223 upvotes
Calgary/Vancouver
I find it funny too that a lot of YouTubers that wasn't part of the investment realm starting to chime in. Biggest surprise was Louis Rossmann haha.
Deal Expert
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Dec 12, 2009
23974 posts
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bomber17 wrote: I find it funny too that a lot of YouTubers that wasn't part of the investment realm starting to chime in. Biggest surprise was Louis Rossmann haha.
This is just as scummy as all the product reviewers who are paid to give good reviews. Personally, I pretty much use youtube for how to videos and even then I want to see a few to be sure it is not fake.
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Penalty Box
Dec 26, 2013
520 posts
167 upvotes
Ottawa
Text book big pyramid scheme that only benefits those that get in early.
Deal Addict
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May 6, 2010
3110 posts
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Markham
I'm no pyschic but I'm 100% certain that the answer is more taxes.

I don't see the difference between the "influencers" pumping and dumping in their circles vs "analysts" pumping and dumping on CNBC. I was buying shares that Shitron bashed a few weeks later because these shares would tank and bounce back. Now, I can't do that any more.

I don't see the GME saga as a pump and dump. It was more like who's right, DFV or the shorts.
Sr. Member
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Nov 13, 2014
856 posts
964 upvotes
Westmount, QC
EddySaver wrote: Many of these people hyped up followers by parroting misinformation, using emotional backstories, and telling them to keep holding no matter what. Then, when things headed south, they changed their tune, saying that they never promised a SS and that people should sell if they really needed the money.

What I'm gonna say apply to youtubers and bloggers (and everything else) in general, not just regarding GME, but as a whole. These people more often then not jump on the bandwagon and they get the clicks. They repeat the same thing that everyone else is saying, but when you have a platform it makes you look you know what the actual f*** you are talking about.

I was watching Crime Scene: The Vanishing at the Cecil Hotel and that pretty much sums up my opinion of the people making videos like that. They just want the attention, the clicks, the views.

At the end of the day, it's your money and you are managing it, you can follow the advice someone gives, it can be a good friend or a total stranger, but you can't blame them if you lose your money.
Deal Expert
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Dec 12, 2009
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theXshape wrote: What I'm gonna say apply to youtubers and bloggers (and everything else) in general, not just regarding GME, but as a whole. These people more often then not jump on the bandwagon and they get the clicks. They repeat the same thing that everyone else is saying, but when you have a platform it makes you look you know what the actual f*** you are talking about.

I was watching Crime Scene: The Vanishing at the Cecil Hotel and that pretty much sums up my opinion of the people making videos like that. They just want the attention, the clicks, the views.

At the end of the day, it's your money and you are managing it, you can follow the advice someone gives, it can be a good friend or a total stranger, but you can't blame them if you lose your money.
Humans are social animals. When a popular blogger offers the next big tip, the social animals will run with the suggestion to at least generate the sense of belonging in the group. We see it here in this forum to some degree even with generally well informed investors.
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Nov 13, 2014
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will888 wrote: Humans are social animals. When a popular blogger offers the next big tip, the social animals will run with the suggestion to at least generate the sense of belonging in the group. We see it here in this forum to some degree even with generally well informed investors.
And it is normal behavior. The problem is when people won't take responsibilities for their actions. ''I've lost 20k on GME because reddit users told me to hold''.
Deal Expert
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Dec 12, 2009
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theXshape wrote: And it is normal behavior. The problem is when people won't take responsibilities for their actions. ''I've lost 20k on GME because reddit users told me to hold''.
It is so much easier to blame someone else, lol.
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Deal Addict
Jul 3, 2007
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twitter and youtube are full of pumpers claiming they just made $500k trading a stock...... its a gigantic shit show now....

even worse is Elon Musk pumping DogECoin and Bitcoin...... its a joke
Deal Addict
Nov 6, 2015
1056 posts
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I don't have sympathy for people who make financial decisions based on YouTube influencers, any more than someone who bought stock from advice from a fortune teller.
Deal Addict
Jan 31, 2016
1979 posts
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Pump 2021. No different than going to your local bank and the financial advisor giving you reasons to put all your hard earned money into the abc fund or xyz fund that the bank operates for maximum growth.

**** But of course, past performance is not an indication of future growth.
Member
Sep 8, 2002
297 posts
121 upvotes
Toronto
bomber17 wrote: I find it funny too that a lot of YouTubers that wasn't part of the investment realm starting to chime in. Biggest surprise was Louis Rossmann haha.
I had no idea, thanks for sharing. Louis seemed like a nice guy as I watched a few of his videos on his crusade to help the average consumer repair macbooks and not get ripped off. I just checked out his channel, and for 2 weeks, he streamed nothing but GME. I guess when everybody is talking about how to get rich quick, that's the time to get out.
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iambored wrote: I had no idea, thanks for sharing. Louis seemed like a nice guy as I watched a few of his videos on his crusade to help the average consumer repair macbooks and not get ripped off. I just checked out his channel, and for 2 weeks, he streamed nothing but GME. I guess when everybody is talking about how to get rich quick, that's the time to get out.
Warren Buffet has some famous quote about this.
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