IWIB Talks & Podcast #2. The Game Stop fiasco
Time & Location
About the Event
What is the effect of the GameStop & Wall Street fiasco?
To understand it, IWIB has invited Catherine Mulligan whose comments on the Guardians article might give a different perspective of what happened then and what should happen in the future. According to Catherine, GameStop is what happens when decentralisation becomes large scale – for example;
- This is only possible because a large number of people are now able to coordinate in near real time.
- It illustrates the true economic potential of digital platforms, rather than just the ‘social media’ or ‘advertising’ business models we have seen so far.
- From a cryptocurrency perspective, we can also see the resurgence of DogeCoin thanks to Redditt – this represents people starting to experiment in the digital financial system in new ways.
- This is effectively the “crowdfunding” of hedgefunds – but without the boundaries of the firm – it is individuals working together towards a common aim.
- This is a challenge for regulators as much as it is for hedgefunds – is it legal to play hedgefunds at their own game?
For Catherine, therefore, this overall represents the emergence of a new economic structure that will start to co-exist alongside our well established one. She does not think it will replace it, but thinks they will co-exist for some time.
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