{"id":242949,"date":"2021-05-05T23:15:00","date_gmt":"2021-05-05T20:15:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/wallstreetbets-combats-market-manipulation-using-blockchain\/"},"modified":"2021-05-05T23:15:00","modified_gmt":"2021-05-05T20:15:00","slug":"wallstreetbets-combats-market-manipulation-using-blockchain","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/wallstreetbets-combats-market-manipulation-using-blockchain\/","title":{"rendered":"# WallStreetBets combats market manipulation using blockchain"},"content":{"rendered":"

“# WallStreetBets combats market manipulation using blockchain <\/strong>”
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WallStreetBets, the Reddit<\/a>-based grassroots movement that achieved notoriety for short-squeezing hyper-leveraged financial firms, has launched a new blockchain-based app<\/a>lication aimed at combating market manipulation in traditional finance.\u00a0<\/p>\n

The group announced the creation of WallStreetBets Exchange Traded Portfolios, or ETPs, that can provide investors with broad exposure to various assets in a completely decentralized manner. The group explained<\/a>:<\/p>\n

\u201cWallStreetBets ETPs may serve as an alternative to kind of the market manipulation by opaque and politically connected banks and hedge funds.\u201d<\/p><\/blockquote>\n

The product is powered by a decentralized autonomous organization, or DAO, which means portfolio rebalancing is the sole domain of community members who exercise their rights through the forthcoming WSB token. Although the group didn’t specify when the new product will launch, it has reportedly engaged experts from the fields of blockchain and fintech to design the new offering.<\/p>\n

Jaime Rogozinski, the founder of the r\/Wallstreetbets subreddit, called the merger between blockchain and financial markets the \u201cnext logical step for finance,\u201d adding that \u201cIt will result in stronger, more democratized markets and will empower individuals around the world.” <\/p>\n

The r\/Wallstreetbets subreddit currently has<\/a> 10 million members, having more than doubled since<\/a>\u00a0late January when the Game<\/a>Stop drama first unfolded. WallStreetBets burst into the spotlight after its community collectively gobbled up shares of heavily shorted GameStop and AMC stocks, sending their price soaring \u2014 and torching short-selling hedge funds in the process. Wall Street\u2019s best and brightest betting against these so-called \u201cmeme stocks\u201d lost<\/a> over $5 billion on the ordeal. <\/p>\n

Despite building its latest product on the blockchain, r\/Wallstreetbets recently moved to ban all cryptocurrency-related discussions after Bloomberg decried the group\u2019s alleged infatuation with the digital asset market. Subreddit moderator u\/Bawse1 explained:<\/p>\n

\u201cDue to the article that was written [by] Bloomberg who somehow felt that \u2018WallStreetBets Bows to Crypto.\u2019 Crypto discussion is banned indefinitely. I\u2019ve read a lot of dumb articles written about wsb. This one takes the cake. P.S. Like always. Please be respectful.\u201d<\/p><\/blockquote>\n