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Thursday

13 May 2021

WallStreetBets Founder Wants to Make Stocks More Like Crypto - Decrypt

WallStreetBets Founder Wants to Make Stocks More Like Crypto - Decrypt


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A founder of WallStreetBets (WSB), the Reddit forum behind this year’s GameStop stock rally, announced today he wants to use blockchain tech to root out stock market manipulation.

The concept mixes decentralized autonomous organizations (DAOs)—non-hierarchical groups who vote collectively on how to run software and allocate resources—with index funds, collections of stock and bonds that represent a financial market.

“By harnessing the transparency and community consensus mechanisms provided by blockchain and smart contract technology, WallStreetBets ETPs may serve as an alternative to the kind of market manipulation perpetuated by opaque and politically connected banks and hedge funds,” it wrote. .

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