Nostr Web Client

Yesterday I saw the movie Dumb Money about the history of GameStop and WallStreetBets.

WallStreetBets made all the mistakes you can make, what they did was not unlike pummping a shitcoin.

Bitcoin is very different from all that bullshit stocks, they may crash the price of Bitcoin but they can't stop people from still buying and selling 24 hours a day through decentralized and p2p exchanges and no one can steal or freeze your bitcoins if you have them under self-custody.

WallStreetBets may have ruined a couple of investment funds and made a small splash, but they didn't change anything.

Focus on what's important, #Bitcoin

Reply to this note

Please Login to reply.

Discussion

StackSats.IO 2y ago

They had the right ideas, they just didn’t understand how rigged against them the system was.

They even had a big campaign to self custody the stock with Computershare so it couldn’t be rehypothecated or used in shorting - very similar to #DrainTheExchange - which was pretty successful, they moved quite a bit, but ultimately couldn’t get a squeeze again with not just paper in the system but the market makers having the order flow to bet against them and being able to act in concert much better than exchanges are able to.

A few of them found Bitcoin at least, and it’s always nice when the fiat bastards cop some knocks, but yeah they didn’t change anything really.

notmandatory 2y ago

I enjoyed the movie, it was a compelling story, little guys against wall street fat cats. But I agree it was shitcoin adjacent, but I was still surprised that "Winklevoss Pictures" twins were exec producers. 😞