We are the original mods of r/wallstreetbets and we believe in capitalism. We believe money is made when progress is made, and WallStreetBets has always been about making money. Now it’s time to make progress. It’s time to build WallStreetBets 2.0 and we absolutely do want to make a lot of money in the process, for all of us – but not in the way you might think.
Not in the way that the media or the mods that remain on Reddit have claimed. We don’t want to monetize the community – we want the community to monetize itself. We don’t want to control the community – we want to decentralize it.
Over the past few weeks, WallStreetBets has shown the world that a group of individuals, all acting in their own self-interest, can coordinate in a decentralized way and compete with large institutions. However, the tools that were used to do this are rudimentary, centralized, and prone to failure. Robinhood, Discord, Reddit – each one of these centralized tools played an important role but ultimately showed their weaknesses.
It’s time to build a new version of WSB. A decentralized version powered by smart contracts, where no one – not the mods, not Reddit – owns the platform. A place where you are financially incentivized to share your ideas and your memes. A place where you don’t need to trust anyone because you can view the public, audited, and immutable code. A place where millions of individuals can pool their money together to have more power and influence in the market than the largest hedge funds.
You may be thinking: sir, this is a casino...
Yes, but it’s time to stop betting against the house and become the new house. It’s time to stop using centralized platforms that can shut us down without warning. It’s time to stop using a broken financial system that is archaic and inefficient. It’s time to decentralize.
Many people have recognized the potential here. Mark Cuban has talked about a WallStreetBets DAO.
Balaji Srinivasan has described how smart contracts could enable an orderly exit from a short squeeze so no one is left bag holding.
Many of you reading this will see the potential too. But many others will be too short-sighted to understand. The remaining mods of the sub don’t understand. They falsely claimed we were trying to monetize the community through movie deals because they were afraid of WallStreetBets becoming something more than just a subreddit. Nothing against movie deals, but we want to build something much bigger. If they have a problem with that, I just have one question – when did WallStreetBets stop believing in capitalism?
If you also don’t understand, that’s fine. You should remain on Reddit. The memes are good there. But the question you should ask yourself is: would you rather have memes or would you rather make money? Would you rather Reddit profit off the community or would you rather the community profit together? Even if you are in it just for the memes, if creators could get paid for their content instead of earning worthless Reddit gold, would the memes be even better?
If you see what we see, if you see the potential of a decentralized WSB powered by smart contracts – a decentralized community, a decentralized hedge fund – then join us. Sign below up for updates and to claim a username. It’s possible there could be some airdrops in the future. If you’re a developer and you can contribute please let us know, and let’s decentralize WallStreetBets together.