The monetary area is a juicy island dominated by just a few to serve their very own pursuits, tightly managed to remain as is. That we already know, and it is kind of generally accepted, despite the fact that we don’t see or acknowledge the mechanisms which are used to maintain it this fashion.
What the Reddit neighborhood r/wallstreetbets (WSB) achieved last week was really good. It coordinated a myriad of actions from the “little guys” to overturn the “huge guys’” funding methods. The truth that its members made cash or that hedge funds misplaced some is past the purpose. What’s exhilarating to see is the truth that coordinated motion can have big systemic results, even within the kingdom of crony capitalism, Wall Avenue.
Furthermore, their motion was so imprévisible that after that huge punch to the face of the Boardroom Cartel, the overlords of Wall Streets felt so cornered they needed to instantly react with essentially the most despicable and but usually hidden tactic: extra management, extra manipulation, extra coercion, extra corruption. However this time they acted below the highlight, in plain sight, and everybody paying consideration was a witness to the utterly unfair benefit they’ve over everybody else on this recreation: they do no matter they wish to push issues within the course that matches their wants.
As a reminder, some hedge funds determined to quick the GameStop inventory, however WSB members coordinated their motion to lengthy the value and pushed the market up as a lot as to push the hedge funds’ positions to liquidation, pushing the value even increased. Because of the market going within the “mistaken” course (i.e., hedge funds not getting cash), Robinhood was compelled (by whom?) to shut entry to buying and selling the GameStop inventory. (About half of Robinhood customers had a place on GameStop.) Now these customers can solely promote their positions to push the market again down once more. That’s how far flagrant manipulation can go to maintain the hedge funds’ “funding methods” within the inexperienced.
WSB did handle to show the systemic corruption of the monetary and financial system.
However despite the fact that WSB gained a battle, it’s nonetheless preventing an uphill warfare. As we’ve seen, Wall Avenue has sufficient versatility and ammunition to battle again and to crush this upheaval in the long term. So long as the little man makes use of the identical weapons as the large guys, and continues to battle on his masters’ battlefield, just like the heavily-regulated monetary markets, he doesn’t stand an opportunity.
This sequence of occasions have been eye-opening, each to the truth that coordinated motion can compete with highly effective cartels, and to the truth that the cash recreation all of us play is totally rigged.
For thus lengthy, the promoted motto has been to try to win the sport, however we now perceive the sport itself needs to be overthrown for it to get replaced with one other, extra truthful and open recreation.
This saga attracted the Bitcoiners’ consideration and sympathy towards the results of WSB’s coordinated actions. In addition they shared the amertume of enjoying a rigged recreation and being overtly cheated by the implications of government-imposed, unsound cash and systemic corruption.
Bitcoin is a critical contender on this rigged recreation of fiat cash and market manipulation. It proposes a brand new set of financial guidelines, this time engraved in widely-distributed code, to get again energy that has been concentrated within the fingers of governments and companies and put it again within the hand of each little man to construct a really open market.
I can already really feel the Bitcoin submarine reaching the floor to welcome the WSB neighborhood, and I hope we will all share some data on learn how to create a greater recreation collectively.
Possibly a few of them will get onboard…
This can be a visitor submit by Arkantos. Opinions expressed are totally their very own and don’t essentially mirror these of BTC Inc or Bitcoin Journal.