There are two striking ironies involved in the whole r/wallstreetbets, GME, and Melvin Capital love triangle: that the enthusiastic retail traders gave Wall Street a taste of their own poison on a platform that’s called Robinhood, and that the same Robinhood which seemed to serve as an instrument of financial justice ended up siding with the hedge fund by restricting the purchase of Gamestop shares.
Welcome to the world of permissioned finance: a place where you can only trade as long as a regulating authority allows you to. And this time around, the men in suits, with all of their control over mainstream media and narratives, have completely failed to disguise their intervention as something which protects the small investors. When they actively act against a crowd of well-coordinated lower and middle class people who put their life savings into a stock whose valuation they want to increase, it’s very hard to look benevolent or fair.
The most interesting part about this contemporary David vs Goliath story is that the people seem to have very little interest in the money and care much more about taking revenge on institutions that robbed them of a better living. It was big banks and hedge funds that created the housing market bubble which wrecked the global economy in 2008 – and instead of getting investigated and receiving fair punishments for the destruction of the middle class, they got bailed out by the government.
Furthermore, the bankers and hedge fund managers received the political clemency of being allowed to continue their work as if nothing happened. In the meantime, millions of lives were destroyed and many people are still paying for inflated debts.
Robinhood is no friend of this r/wallstreetbets revolution
As explained by redditor Darxe, Citadel (the hedge fund which bailed out Melvin Capital to help them recover the losses) makes about 40% of its revenue from Robinhood trading. So when the exchange decided to halt trading on assets that were heavily discussed by redditors, it was business as usual. Robinhood acted against its traders to protect its institutional investors, and may have even committed crimes that are yet to investigated.
This is market manipulation at its finest. Only allowing one side of the trade to act is yet another proof that we’re no longer dealing with a free market. This was never about allowing all participants to be equal – the institutions preserve their own interests and change the rules of the game when they realize that they’re losing under the framework that they created for themselves.
So what we are seeing is a preservation of modern serfdom. Small investors who coordinate to purchase a certain stock become the enemy in the instant when the institutions lose money. And the same institutions are the ones that finance the campaigns of politicians and are very likely to get favorable political decisions from elected officials.
In the unfortunate event of bankruptcy, it’s very likely that the executive brach is going to issue an order to bail them out with federal funds – which means that the average taxpayer’s debt gets increased so a financial institution and its employees can conduct their business as if nothing ever happened. This was the case in 2008 and there is nothing to suggest that the situation would look any different under the Biden-Harris administration. Just look at the list of top donors of the Biden campaign and draw the conclusions yourself.
Buying Bitcoin = Shorting Wall Street
Uncle Sam loves his children, but always puts Wall Street smart guys first. You can win some battles, but you won’t be able to claim your victory at the end of the war. The game is rigged against you, so you need more sophisticated weapons that make you more sovereign and free from their political influence.
Yes, you may find another way to buy GameSpot stocks. You can even switch to AMC, BlackBerry, gold (XAU), silver (XAG), or any other ticker on Wall Street. In the end, you will encounter the same old problems and deal with the same institutional bullies who hold elected officials in their pockets.
Bitcoin, on the other hand, was invented as a response to the bank bailouts and is a political statement in itself. It’s a decentralized and permissionless asset which allows anyone to run the code, participate in mining (the process which secures the network and offers random rewards), install a wallet, and send and receive coins. Here’s a brief FAQ that I wrote, so you better understand why this revolution is about individual freedom and financial sovereignty.
Bitcoin is something that Wall Street can’t control. It’s not their invention, it’s not secured by them, and they can’t arbitrarily shut it down. Politicians can’t decide to stop transactions from taking place, and the most they can do is restrict exchanges from operating. This is why you shouldn’t buy your bitcoins on Robinhood, as the service WON’T LET YOU WITHDRAW TO YOUR OWN WALLET!
In the Bitcoin world, this is a capital sin. It means that you don’t actually own the coins, but pay for someone to hold them for you. And in the event that politicians intervene, they can run away with your bitcoins or restrict you from trading. The same can happen with every other altcoin, from Dogecoin to Ethereum.
So the first step in your Bitcoin journey is to leave Robinhood and join some ethical exchange which helps you withdraw. I recommend River Financial, Kraken, and Swan – they have a good record and encourage you to be truly sovereign by enabling withdrawals to your own wallet. And if you feel like making an investment to secure your funds, I recommend Trezor hardware wallets because they are as transparent and open source in their approach to security as Bitcoin itself.
You don’t have to buy a whole BTC. Also, stay away from shitcoins
Bitcoins are scarce – there will only ever be 21 million units, while the US dollars are admittedly unlimited. For this reason, we already have some corporations which amass BTC to escape taxation and inflation. They plan to HODL for years to preserve the value of their reserves, and then basically eat popcorn while the US dollar collapses.
But bitcoins are also divisible. So don’t feel intimidated by the high price of 1 BTC and don’t fall in the trap of purchasing “cheap” and lesser secure altcoins: you can buy fractions up to the 100.000.000th part. Just like dollars have 100 cents, bitcoins have 100 million satoshis.
With only 1 US dollar, today you can buy over 3000 satoshis (or 0.00003 BTC). For more information about how many fractions of a bitcoin you can buy with one dollar, check websites such as usdsat.
While Dogecoin is fun, its underlying network is no longer supported by many developers and the system may be vulnerable to attacks (both governmental and private). So it’s a lot easier for Uncle Sam to shut down Dogecoin: currently, the network has only 433 nodes – out of which 2/3 are in the USA, Canada, France, the UK, and Germany (allies of the USA). In comparison, Bitcoin is much more decentralized and can withstand coordinated attacks.
Bitcoin is our revolution
If your plan is to really hurt Wall Street, you can start by refusing to use the US dollar. And the best alternative we have is Bitcoin. We must make sure that they are the last ones who get in and beg to buy our bags so they can escape the tyranny of the dollar system.
The plan is to accumulate until the amount of bitcoins available on the market becomes scarce, create a parallel economy where goods and services are priced in bitcoins, drive up demand through constant education and FOMO creation, and then finally watch the Wall Street suits beg us to buy our bags so they get a share of the sweet escape plan. That’s when we say no and let them burn in hell with all the problems that they created.
So what do you say, annon? Are you ready to join a real financial revolution?
Donate to Bitcoin Takeover
If you found this article useful and would like to reward me for the time I spent writing it, then please consider making a donation.
I only accept bitcoins and you can send them to this address: 3CUzG3kGVXFND2WZQhEJBUST4nnTiLxLpG