It is just wealth re-allocation. A lot of the investors did not even touch them. I did not. Not even a single share.
During the dot.com bubble #1, Yahoo bulletin boards were very famous. All the dot.com hot stock had its own stock board. The same at that time. So I did not see anything different this time.
But the SEC and CFTC are even worse now than they were 1999/2000. They did not even attempt to do anything. All the congressional hearings did not go anywhere.
So if someone wants to join the game, better equipped.