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What the GameStop Insanity Means for Crypto

By Ben Wehrman | Crypto for Creators | 8 Feb 2021

*MAY EDIT: I published this post back in Feb. when GME had just crashed down to depressing lows, so forgive me if I use language implying I was somehow finished with GME.
That couldn't be further from the truth. I never sold a single share, and keep in mind this was before r/GME and r/SuperStonk were a thing. This post is more exploring how I predict the GME situation will affect the crypto LONG-TERM, as in POST-MOASS.
Carry on.*


Hello friends!


My goodness, what a couple of weeks it's been.

I hope you've all had a relaxing and enjoyable start to your February, because I've had anything but that. Why?

As a 3-year veteran of the WallStreetBets subreddit, you can probably guess what I've been up to...

If you've been living under a rock for the last 2 weeks, here's a summary of what you've missed:









In other words, an absolute SHITSHOW which I'll try not to get too deep in the weeds on, but here's the gist:


  • A bunch of retail (small) investors caught a hedge fund (Melvin Capital) with their dicks in the cookie jar, shorting GameStop stock ($GME) at over 100% of its total share float (huge no-no)
  • Said retail investors banded together using Reddit forum r/WallStreetBets, creating a global movement to expose the hedge funds' bluff, and rightfully profit on that CORRECT call
  • Hedge funds pull every bullshit play in the book to cheat their way out of taking the L, including but not limited to:
    • Strong-arming top trading platform Robinhood into TURNING OFF THE BUY BUTTON for investors, dooming the stock to tank, and therefore allowing them to escape the curbstomp they deserved
    • Paying off the mainstream media to fabricate distractions about other assets: "[insert stock] is the next GameStop! Sell your $GME and go buy that instead!" to convince more people to sell. (If you've heard the word "SILVER" in the last week, now you know why.)
    • Buying up MILLIONS of Twitter and Reddit accounts to spread FUD from the inside, and further divert retail investors' focus away from $GME
    • Breaking miscellaneous other laws to manipulate the market in their favor, which turns out to be very cost-effective for them, since the fines for doing so are an ABSOLUTE JOKE compared to the losses they'd see if they played by the same rules that all of us are forced to.


Can you tell this shit pisses me off?


Now...what does this all mean for cryptocurrency?

In short: it's a GIANT FLASHING SIGN that the "free markets" are NOT free, but a sham that's been tilted into wall street's favor even more than we already knew.

While the r/WallStreetBets crowd has historically been against crypto in general (even mentioning it in the sub can get you banned), I predict the GME rollercoaster will be a catalyst for many of them to have the seed planted to leave the legacy stock market entirely after this story has concluded (which to be clear, it definitely has NOT ended, but JUST BEGUN). After all, nearly every participant in this GameStop fiasco just watched the world's greatest advertisement for decentralization play out in real time.

Pomp does a nice job explaining how this transition will play out in this interview:


Now that we know that the market manipulation we've seen in recent weeks will open the door to more support for decentralized alternatives, it's time to explore the question...


Which blockchain project(s) will separate themselves in the quest for decentralizing the stock market?

This event has opened the door wide open for a blockchain solution to what we've seen unfold--a decentralized platform where people can trade stocks freely without the big boys being able to turn off the Gamecube when they're getting beaten too bad at Smash Bros.

This will be a monumental task of course, but a seemingly inevitable one for anyone that's seen the tsunami of decentralization growing over the past few years.

My opinion? It'll happen within the decade. What I DON'T know however, is which project(s) will ultimately disrupt the legacy stock exchanges, and bring free and fair stock market trading to everyone.


Which projects do YOU think will capitalize on this use case?


Everyone knows the free markets are ripe for crypto disruption, so I'd love to hear which one(s) you think have the best shot! I'll be sure to look into all of your contributions in the comments as I begin my research for future comparison & analysis.


That's all for today, folks!

Hoped you've enjoyed this half-ramble fest, half-shill request of a post. Looking forward to reading your comments!


PS: Damn right I'm still holding my $GME. Haven't sold a single share and WON'T until the squeeze has squoze





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Ben Wehrman
Ben Wehrman

Crypto, and photography. Invest in the future you believe in. Twitter: @benwehrman / Instagram: @where_man / Website:

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