WallStreetBets DApp, a decentralized application of the popular subreddit /r/wallstreetbets, has partnered with BSCstarter to launch the $WSB token.
WallStreetBets declares itself as the “global movement against the current financial system, financial institutions, and Wall Street”.
In their quest for a financial democracy, BSCstarter and WallStreetBets DApp will launch the official $WSB token through an Initial Dex Offering (IDO) on BSCstarter’s launchpad.
WallStreetBets and BSCstarter intend to lead the industry with products and services that reflect their core values by giving the power over to the community members.
BSCstarter is a decentralized fundraising platform that allows the community to vote prior to approving a project seeking to raise funds through their platform.
Lionel Iruk, Special Counsel at BSCstarter, commented: “We are very excited to support the initiatives of WallStreetBets and $WSB because of our shared values. We believe everyone should have the opportunity to benefit from our financial products and services while becoming better investors through learning how to do their own research and having a voice in the community.”
Powered by WallStreetBets, the USB DApp is at the heart of the $WSB ecosystem and provides financial instruments on the blockchain that resemble index funds, which can provide portfolio diversification at low costs with strong long-term returns, the firm claims.
Giles Coghlan, Chief Currency Analyst at HYCM, has recently published an op-ed on Gamestop, WalLStreetBets, and the Democratization of Trading, where he explained the phenomenon. The conclusion goes like this:
“Surely the irony is lost on no one that these young traders are the product of that much-vaunted democratisation of markets, and through some peculiar twist of fate, at one of the strangest moments in history, have actually become real-life stock market Robin Hoods. Consider the fact that their outlandish speculative shenanigans have resulted in companies that were at, or beyond, the brink of bankruptcy, being able to unload stock and raise capital at ridiculously inflated prices that their firms could never otherwise hope to justify.
“It boggles the mind. The finance industry has blithely called for the democratisation of markets for decades, never fully expecting it to happen. It’s just one of those things that is routinely said. It sounds good. But in practice, in the Internet age, it looks much more like Millennial and Zoomer shut-ins aggressively YOLO-ing in and out of markets in tandem. One-upping each another in how monumentally stupid their plays are and earning bragging rights for how catastrophic their realised losses. One could say something poetic here about it being a dark mirror through which the excesses of the traditional financial system are reflected back to us. The real worry is that this moment in history, where everyone and their aunt is talking markets and exchanging stock tips, feels strangely familiar to anyone who’s ever read about the speculative mania in the United States just before the Wall Street Crash of 1929. If you routinely trade in your hoodie, Google it!”