Supposing that r/WSB is actually responsible (in part) for spiking $GME (do they really make up enough volume?), I find it fascinating how they’re resolving coordination problems and creating common knowledge.
One post last night was titled something like “upvote if you aren’t selling before ($1000/$5000/some number I forget)!”. At first this seemed like classic Reddit karma-whoring / circle-jerking, but then I realized that this actually creates some degree of common knowledge: by upvoting, you weakly signal support to others—and to yourself via consistency pressure—that you won’t defect by selling early. And they know you know …, because you’ve all seen and upvoted the same post. You know this is true for many people, because there are so many upvotes.
There’s the diamond / paper hands dichotomy, honoring cooperators and looking down on defectors. There’s the “IF HE’S IN I’M IN” meme going on with one of the original traders, u/DeepFuckingValue, expressing the sentiment that given u/DFV’s (apparent) multi-million ongoing stake in $GME, the other users will follow their lead by not selling.
I’m sure there’s other things I’ve missed. But this was one of my first thoughts when I learned about this hilarious situation.
Supposing that r/WSB is actually responsible (in part) for spiking $GME (do they really make up enough volume?), I find it fascinating how they’re resolving coordination problems and creating common knowledge.
One post last night was titled something like “upvote if you aren’t selling before ($1000/$5000/some number I forget)!”. At first this seemed like classic Reddit karma-whoring / circle-jerking, but then I realized that this actually creates some degree of common knowledge: by upvoting, you weakly signal support to others—and to yourself via consistency pressure—that you won’t defect by selling early. And they know you know …, because you’ve all seen and upvoted the same post. You know this is true for many people, because there are so many upvotes.
There’s the diamond / paper hands dichotomy, honoring cooperators and looking down on defectors. There’s the “IF HE’S IN I’M IN” meme going on with one of the original traders, u/DeepFuckingValue, expressing the sentiment that given u/DFV’s (apparent) multi-million ongoing stake in $GME, the other users will follow their lead by not selling.
I’m sure there’s other things I’ve missed. But this was one of my first thoughts when I learned about this hilarious situation.