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Reddit has become a guide to personal finance

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Re: Reddit has become a guide to personal finance

#91

Reddit is truly amazing, such that I've mostly replaced my usage of hackernews with it. I have serious issues with anxiety, and the inability for me to filter out content related to "current news" aka "clickbait fear mongering" means when I surf hackernews for too long I'll be upset for hours afterwards as I'm riled up with current events rewritten as FUD. Reddit can be filtered by subreddit, so I've got a view with…

I've just asked question in kindle subreddit about reader differences, no links/promoting/etc, next day my post was disappear. And it's common practice on reddit. So yeah, fantastic micro culture!

You are aware that moderation varies wildly between subtedddits, right? With that in mind, what you are saying actually has no bearing on the GPs comment at all.

Re: Reddit has become a guide to personal finance

#92
post #79

reddit appears to me to have a lot of crap with the few nuggets in the rough. subs like personalfinance seems to be on net helpful for people, but "cousin" subs like investing are cesspits of grifters and ill informed maniacs

Reddit also suffers from the dreaded circlejerk effect which simply reinforces an idea regardless of if its correct or not.

Using your example of /r/investing, if you propose anything which isn't a broad market index your post just doesn't get seen, it just buried under 10 other comments which blindly followed the subs meta.

I believe a sub is best when its small and focused, 5-10k subs max. Beyond that the ideas and culture get diluted by the mass mob. God help you if your little sub ever ends up on the front page, may as well just shut it down at that point.

Re: Reddit has become a guide to personal finance

#94

Earlier quoted context omitted.

What? This is absolutely the opposite of the consensus advice you'll get somewhere like r/personalfinance. It sounds like you're completely ignorant of the subs in question, and just spouting off whatever comes to mind.

It's basically the word for word consensus advice of decades past. At least two generations grew up in a world where "take out the biggest mortgage you can" was considered good advice by default. As history has proven that is not a consistently successful approach for individuals and has some pretty severe trade-offs at the societal level. I'm not sure if it was the point he was trying to make but in any case it shou…

But we're discussing the group consensus of a self-selected group of people interested in finance, who are nerding out about it on the internet, not the group consensus of the general population.

Re: Reddit has become a guide to personal finance

#95
post #87

Earlier quoted context omitted.

You get quickly muted on SO if most of your answers aren't upvoted. Make it actually kinda frustrating to start helping over there. You basically can't answer a beginner question, because they probably have a new account and can't vote yet, so your (possibly good) answer gets 0 likes... Do that a few times and you get banned from answering.

The issue is that these bad answers are frequently upvoted.

Are you sure? I was talking about new users having very specific questions that nobody else is likely to have. They can't upvote, and nobody else will probably ever search for that specific thing. So it stays at 0 which harms your "score".

Re: Reddit has become a guide to personal finance

#96
post #22

People incentivised by karma systems seem to create better information sources than when they’re incentivised by money. Think about how often you turn to Stack Overflow, Reddit, forums (Whirlpool in Australia) over AdSense/affiliate blogs. The latter are almost always biased and essentially misleading.

Many people post answers on StackOverflow in hope they'll get noticed by HR. Usually quality of such answers is very low. Many times they are entirely wrong.

Re: Reddit has become a guide to personal finance

#97

/r/wallstreetbets is to finance as Gwyneth Paltrow and Goop are to professional, rigorously scientific medical advice.

80% of the stuff on /r/securityanalysis is actually top notch. Reddit is a combination of dumpster fires and brilliance.

It's remarkable how true that is of almost all forums that have been around a while. There are dead serious experts on every subject to be found on 4chan for example. Reddit is no different, but each subreddit is basically a tiny little kingdom and not all of them are run well (the LoL subreddit, for example, is a nightmare due to corporate moderation from Riot).

Re: Reddit has become a guide to personal finance

#98
post #23

I think a much bigger point can be summarized with this sentence from the article: > Seven of the top ten results are trying to sell you something, which really makes you question the objectivity of the advice. This is true when searching for pretty much everything in Google nowadays, that's why if you're looking for any info, searching on reddit usually yields much more objective and generally better results.

> that's why if you're looking for any info, searching on reddit usually yields much more objective and generally better results. Agreed, I often default to Reddit or HN for a lot of stuff although there are an increasing number of obvious adverts disguised as genuine posts (see r/hailcorporate for some examples). More difficult to spot are marketing firms who curate a bunch of fake accounts, make them seem like "rea…

I dated a woman that had this job, but using Facebook (this was some years ago too).

It was not just marketing, but PR too, for example she bragged about when Whirlpool had a serious problem with one of their washing machines in my country, and it was going viral, so Whirlpool paid the marketing agency to make all fake profiles (even ones not belonging to their campaigns) make other viral posts to drown out the washing machine one. She bragged about two things: 1. It worked, the "counter-viral" campaign successfully made people ignore the washing machine issue. 2. They got paid ludicrous amounts of money (she hinted that each account with 5000 followers, that was Facebook limit, was worth some thousands USD, and that they had many, many accounts, precisely to go around that 5000 follower limit, for example if a company ordered 50.000 followers from them, they would setup 10 fake accounts and try to attract 5000 real people in each, each account with different hobbies to try to attract different people).

EDIT: some other interesting info:

* They had a huge cache of personal photos, to make it look like the person was real, there are even stock photo agencies that create these photos, for example take a female and a male actor to tourist destinations and take pictures to make them look like a couple doing romantic things, then they would release the photos slowly, so people wouldn't notice it was fake, and to stretch their money for photo purchases.

* They would get sometimes employees with real hobbies, and have them take care of fake accounts with same hobbies, so a surfer for example would have some 8 accounts under her care, each for a different company, and write some surfing content that is real, but tweak and then repost on all 8, with differences, and adjusting to fit each profile.

* Another technique at the time was the sale of "instantaneous company profile", you made a fake profile, and made it get genuinely popular with a target demographic, then you sold it to someone, after the sale you could edit the account to turn it from a person to a fan-page, with the category correct for the company that bought it, so a company could buy a fan-page for them with 5000 real followers that actually are about the subject. I never asked how often people would realize what happened and unfollow... but I guessed most people wouldn't bother with unfollowing anyway.

Re: Reddit has become a guide to personal finance

#99

UK folk should head to https://www.reddit.com/r/UKPersonalFinance/ I've always been interested in personal finance, but this community has helped me learn new things and everyone is very supportive.

Europe in general https://reddit.com/r/eupersonalfinance/

Or if your goal is retiring early: https://www.reddit.com/r/EuropeFIRE/

Seems like a more familiar community to me.

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