The Gamestop Market Crash Was A Revolution (And Revenge): Opinion

Wall Street is in panic mode. The stock market was entangled in quite a fiasco this week, as trading of GameStop and AMC Theatres stock was forcibly halted as Reddit users took a nuke to the elite’s hedge funds – you know the conglomerate trading groups that decide what businesses and its plebeian retail investors should be sacrificed on the altar of crony capitalism…in other words, hedge funds are an important mechanism by with the rich get richer and the poor stay poor AF.

The move by r/WallStreetBets could totally destroy billion dollar hedge funds – and it almost did. It took Democrats and Republicans months to negotiate a stimulus package, and now the government is being hoisted by its own petard. Many people are dumping bits of their stimulus into stocks that will “short squeeze” wealthy elites and their hedge investing (betting), and trigger a massive wealth transfer from the wealthy to the working class. Basically, they handed everyone a check as a consolation prize, hoping that they’d spend the money at Walmart on products they don’t need. Instead, the people wised up and decided to take that check and use it to crash their private party. But Wall Street is clever, and special interests put a halt on trading of the stocks that would severely damage the billionaires pocketbooks. Several trading apps froze trading privately today, triggering calls for boycotts. 

But the damage was done. The plebs have found the system’s weakness and the power of online forums. This is a game changer of maximum potential.

It began on a Reddit forum called r/WallStreetBets, when a rally cry gained momentum after it became public that a few major hedge funds were betting against Gamestop and AMC shares. Now that an entire generation of tech nerds are hip to the game, the game being that the hedge funds would buy and then sell off these stocks, leaving smaller retail investors and day traders holding worthless shares after the hedge funds make off like bandits. Except the Reddit rally gained a following, many of whom invested their $600 stimulus check to keep driving up the price of these stocks. The hedge funds were going to lose big. So they stopped the game…

All good. The point was made. The little guy finds ways. It’s Wall Street against the rest of us…this could be the thing that unifies the country – and the beginning of more people taking decentralized banking seriously.