GameStop saga reveals legacy finance is rigged, and DeFi is the answer
Traditional finance is a relic, and the GameStop saga is nothing but a prelude for what's to come: the real decentralization of money. Earlier this week, Elon Musk made history when he placed his full support behind Bitcoin (BTC) during a Clubhouse stream. When discussing Bitcoin and the GameStop debacle with Robinhood CEO Vlad Tenev, Musk said: “I am late to the party, but I am a supporter of Bitcoin.” This came a few days after Musk changed his Twitter profile, adding “Bitcoin” to his bio.Interestingly enough, Musk's public endorsement of Bitcoin comes at a time when legacy financial....
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It’s time to shine for DeFi, as the old financial system has rotted and degenerated and has been the main villain amid the GameStop saga. King Midas is most famously remembered through the fable we tell our kids that the king could turn everything he touched into gold. At first, it was a great idea that his greed turned even food into gold, leaving him wealthy but unable to live. Robinhood’s CEO and its board had the impossible King Midas dilemma this week: deciding whether to side with their customers and let them make over $15 billion in profits or halting trading and allow only the sale....
With Web 3.0, users will not only own their data, but they will also be able to own and govern the platform their data is generated from. GameStop and Twitter are both a mirage and an iceberg — but don’t try tweeting that. Not because you won’t own the tweet (because you won’t), but because the only completely true expression that Twitter is capable of delivering as a platform is unlocking the ugly truth about the internet itself. Or as Elon Musk recently tweeted:In retrospect, it was inevitable— Elon Musk (@elonmusk) January 29, 2021 Let me explain.In the midst of Robinhood halting....
The GameStop saga may indicate a paradigm shift in the financial system or even the creation of an entirely new one. Every significant transformation comes with a new toolset, one that is always surprising at the time and obvious in hindsight. Bitcoin (BTC), climate change and GameStop are all examples of ways in which mass action is pushing for dramatic, not evolutionary, action. We can also see that these are individual vectors of the same movement, highlighting the inefficient parts of the legacy system and the solutions driven by an aggregation of individuals with a collective....
At the end of May, crypto advocates discovered a website created by the video game retailer Gamestop. The web portal disclosed that Gamestop was entering the world of blockchain tech and non-fungible token (NFT) assets. Gamestop’s NFT web portal has recently been updated and is requesting creators to sign up for the platform. Gamestop NFT Website Hints at Upcoming Marketplace Launch Gamestop (Nasdaq: GME) has had an interesting year, to say the least. It all started at the start of the year in January, when the Reddit forum r/wallstreetbets sparked a Gamestop shares trading war....
Digital-market traders found amusement in the GameStop saga. They also saw an opportunity for self-reflection. Here's what Niall Ferguson, Caitlin Long, Mati Greenspan and Jonathan Mohan said.