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WallStreetBets Introduces Application Powered by Blockchain to Decentralize Indices

source-logo  cryptoknowmics.com 05 May 2021 17:30, UTC

A founder of WallStreetBets, the Reddit forum, which is behind the rally of GameStop stock rally, made an announcement today that he intends to use blockchain tech to root the stock market manipulation. The leaders of the Reddit forum revealed that they will be launching a DAO facilitated by a $WSB token.

WallStreetBets Launches Blockchain-Powered Application to Decentralize Exchanges

This method will be taking WallStreetBets out of the recesses of Subreddits and into the world of decentralization as the group looks to introduce a WallStreetBets Dapp and corresponding $WSB governance token.

In addition to this, it should be noted that the holders of the token will be making use of $WSB to vote on how and when to rebalance a portfolio of stock investments.

The concept mixes DAOs, the non-hierarchical groups who vote collectively on the method of running software and allocate resources.

It is all along with the collection of stocks, index funds, and bonds that represent a financial market.

In accordance with a press release, protuberant figures in WSB, including Jaime Rogozinski, the founder, and the pseudonymous BTCVIX, have been collaborating with blockchain experts. They were doing so in order to build exchange-traded portfolios (ETPs), which, dissimilar to the index funds, can be conveniently decentralized.

WallStreetBets Members Targeted in a Crypto Scam

The members of Reddit’s WallStreetBets forum were targeted in a probable crypto scam that could have left all its victims with around $2 million in losses.

WallStreetBets-Crypto Pumps, an account with this name was using the Telegram messaging service that offered the users a chance to purchase a new token which is known as WSB Finance before it was listed on various crypto exchanges. 

However, it should be known that the account is not affiliated with the infamous stock message board. The account that was running the sale asked the users to send BNB or Ether to a crypto wallet and then to contact its token bot on Telegram to receive WSB Finance coins.

cryptoknowmics.com