Sunday December 04, 2022

TikTok feels emotional damage from the market crash

My TikTok For You page contains soothing cooking videos, lesbian carpentry, and dieticians laughing at fitness scams. My FYP will sometimes land me in FinanceTok or CryptoTok. But, buddy, not everyone is OK. I’ve never turned down a chance at the TikTok rabbithole, and it is truly tragic to look through the #cryptocrash2022 tag. This baby is experiencing a rollercoaster ride as stocks go up and fall. Then there’s the adult man, who is doing the exact same thing to the Emotional damage vs. Pompeii sound by William Li. It seems that many grown men are pleading with their investment portfolios and cryptocurrency losses.
These are just a few of the many. FinanceTok is a collection of self-proclaimed money experts who will tell you which stocks to purchase and sell. They all seem to have read Rich Dad Poor Dad and How to Be Rich, but they come up with very different conclusions about the lessons to be learned.
New types of videos can be created only after a crash happens. Some creators are satisfied with calling the crash months ago and using that as leverage to “hit plus for even more.” There are also the self-satisfied creators who rant about why they don’t worry about the crash because historically markets always rise after a crash. A ridiculous number of people are obsessed with Warren Buffet’s quote, “Be afraid when others are greedy and greedy when other are fearful.” It is used to justify either HODLing (that’s, holding on to your crypto) or buying crypto when the market is down.
Over a million people follow a TikTok astrologer, who has shifted to cryptocurrency. Her latest YouTube video, a 22-minute clip on how Pluto returns to the US’s second House of Finance hints at economic malaise and a good time for crypto investments, has over 36,000 views.
Even the TikTokkers of real estate are joining the fray, sighing at the discussion about whether this is anything like 2008. Others are eager to explain why or not a housing crisis is coming because the Fed will raise interest rates. All of this sounds plausible when you look at it on TikTok. Housing markets cool down when interest rates rise — and the Fed intends to raise them this year — but there are many other factors that can cause housing busts.
If you want to know who is in these videos, I recommend closing the TikTok application and getting some fresh air. Finance is a maze. It’s easy to digest entertaining snippets from TikTok or other social media. Sometimes, you’ll find something that you didn’t know before you scroll away. As confusing as investing can be, it might not be a good idea to rely on the “advice” you read on TikTok or r/wallstreetbets. This is how GameStop chaos came about.
While it’s great fun, some people are actually using these platforms to get investment advice. It’s possible that social media and influencers can help steer the market in the opposite direction. Many influencers encourage us to HODL and see the opportunity in slumping prices. It takes just a few panic-stricken people in an echo chamber to start panic selling. This is how memes are stored in people’s heads as they make real-life choices.
Stocks can fluctuate in price, but FinanceTok just discovered that markets moving up and down can provide content material.

Back to Top
%d bloggers like this: