The Wallstreetbets collective has denied its involvement in the Wallstreetbets cryptocurrency. A post on Reddit from u / OPINION_IS_UNPOPULAR claims that an old mod is behind the scam, which he describes as a “crypto-pyramid scheme”.
In February, at the height of the Wallstreetbets mania, it emerged that the mods had parted ways over a possible movie deal. A power struggle ensued, leading to the start of the group that opposed the deal. Following a message calling for the reinstatement of the ousted group that had over 9,000 upvotes, Reddit stepped in to remove moderators and restore normalcy. But with so much complexity in the story, who can we trust?
Wallstreetbets refuses the creation of a cryptocurrency
Commenting on the Wallstreetbets cryptocurrency, u / OPINION_IS_UNPOPULAR distanced his group from the project, saying it had nothing to do with the real Wallstreetbets crowd.
He said it was another attempt by the disgraced founder of the group to capitalize on the popularity of the movement. Additionally, other attempts include phishing users, a paid mentoring group, advertising, turning options trading into an esport, as well as the aforementioned film deal.
“We are strongly anti-monetization. This scam has nothing to do with us. “
Wallstreetbets rose to fame as a result of his influence on the stock prices of GameStop and AMC Cinema, and then Dogecoin. Several Wall Street hedge funds have been battered by the short sale of these stocks.
The movement has become a symbol of the power of the people over large faceless corporations that seek to profit from misery. Political philosopher Slavoj Žižek pointed to the irony of the consequences in which Wall Street called for state intervention.
“We are in a situation where Wall Street, the model of corrupt speculation and internal trading, always by definition resistant to state intervention and regulation, now opposes unfair competition and calls for state intervention.
What does he offer?
The Wallstreetbets cryptocurrency project describes itself as a decentralized app version owned and operated by the r / wallstreetbets community.
“WSB DAO was created to openly encourage the free flow of information and public opinion into actionable results. So that anyone, everywhere, can YOLO together as one.
Although he describes himself as a social media cat, confusion arises when the white paper reveals a trading platform. It appears to offer tokenized wallets containing GameStop (GME), AMC Entertainment (AMC), Nokia (NOK), Blackberry (BB), iShares Silver Trust (SLV), Tesla (TSLA), Apple (AAPL) and Virgin Galactic (SPCE) ) stocks.
$ WSB token holders vote to decide on the rebalancing and exposure of each of these instruments within the “Exchange Traded Portfolios”.
Users are prompted to log in with MetaMask, select an “exchange traded wallet”, of which there are three, DeFi, Stonks 1 and Stonks 2. Then send USDC to the relevant smart contract and receive ETP tokens back. . These represent a portion of the underlying FTE assets.
The WSB dapp completed its initial DEX (IDO) offering on the Binance Smart Chain dashboard on April 20.