This post is a bit different than what is typically published from this account. Right now, the whole world is focused on what has happend with Gamestop (GME) and Wall Street Bets.
WallStreetBets is (was?) a reddit community that discussed trade ideas and various aspects of the financial world.
In case you haven't heard, WSB recently executed a short squeeze on 2 hedge funds who held a disproportionately sized short position on GME. Short squeezes happen frequently in the stock market and manipulating share prices in general is a pretty common practice amongst hedge funds.
Wall Street is supposed to be a dog eat dog world... unless the people go after the hedge funds.
We're often warned of the dangers of investing our own money. We're warned that the "little guy" is incapable of playing in the dangerous waters of finance because the "big guys" (hedge funds) have far more resources, talent and experience in the industry. Thus, the big guys will eat your lunch if you try and play in their arena.
Instead, we're taught to hand over our money to people who "know what they're doing". WSB just proved that the people (the little guy) can outmaneuver hedge funds and turn a massive profit in the process. WSB's coordinated effort on GME proved that the little guy is not some baby crying in the corner helpless.
Why Does Any of This Matter to Us?
As a crypto and finance platform, just the news about short squeezes and the GME rally is news enough to talk about.
Things got really interesting when WSB was banned from Reddit, many of their members censored on Twitter, their Discord server banned and now today with Robinhood removing the ability to trade GME and AMC altogether.
In early January, we saw a massive round of censorship occur accross social media platforms. It's currently the end of January and we're seeing a massive round of censorship happening not just on social platforms, but on financial platforms.
Censorship is happening all around us in various forms. The blockchain industry aims to solve all of these issues. In this post, we'll show how LeoFinance and DeFi are solving both issues of censorship in social media and finance.
We recently launched a campaign on Twitter urging people to "Join Web3". This is a campaign that we'll continually push through various means (even paid advertising).
WallStBets was banned on their major forms of social media. Most of their content has been scrubbed from various corners of the internet and their user data is lost for the most part.
LeoFinance.io is built on blockchain technology. LeoFinance itself is an interface that operates much like Web2 platforms on the frontend. With our recent introduction of the Lightning project, LeoFinance is now faster than ever and with every passive development release, our UI feels more and more like Web2.
On the backend, however, a very different story is being told. ALL user data and content is being pushed to a public, decentralized blockchain called Hive.
Open Invitation to the WSBs of the World
This is our open invitation to communities like WSB. If you join Web3 via a platform like https://leofinance.io, your content and user data will all be published to a public, decentralized blockchain.
This idea of "decentralized" often gets a bad rap because it is talked about so frequently and shilled from every corner of the universe.
The basic premise is that your content and user data will be published to a place where nobody can censor it. Our application interacts with that database and allows you to easily utilize the features of web3 without the hassles of launching your own database(s), creating websites, etc.
You simply login with an easy form of verification (i.e. Twitter, Phone #, Metamask Wallet) and then you're on Web3. It's truly that easy to start storing your content and user data immutably on a blockchain.
Reddit, Twitter, Discord. These are all Centralized platforms. They can remove you and your users at will.
Short Wall Street, Long DeFi
Social media censorship is just one aspect of this latest debacle. Now we're seeing major censorship on the financial front.
Censorship in finance has been happening for a long time. Just think about all of the venture firms that invest in early-stage startups. Most average people are excluded from this entire industry of investing.
Because regulators are "protecting" us from ourselves. In some cases, this makes sense but in most cases it allows the rich to plunder all of the highest leverage financial markets and keep massive wealth generation for themselves.
Bitcoin solves many of these issues. Allowing more widespread access to a budding economy that is radically reshaping financial markets. Bitcoin doesn't censor. Bitcoin doesn't discriminate.
The "big guys" on Wall Street and Capitol Hill think that you and I are too stupid to manage our own capital. They think our financial access needs to be cut short so that we can't hurt ourselves.
They don't realize that the world has changed in a dramatic way. WSB has shown the power of communication and co-operation on the internet. The future is now and average people have more knowledge about finance than they ever did before.
DeFi is playing a central role in bringing financial access to the entire world.
Protocols like Uniswap have shown all of us that anyone can launch a token and build a project on an exchange. No more gatekeepers.
The centralized platforms and exchanges of the world have numbered days. It's up to us to spread the word and get people and communities like WSB onto Web3 and these decentralized financial applications.
The world simply doesn't know that these alternatives exist. WSB has no idea that they could build their community on https://leofinance.io and leverage the power of a decentralized blockchain to ensure that their content and community can't be censored.
The world is changing and we don't just have a front row seat. We're center stage and convincing people to jump ship and move to Web3 is up to each of us.
LeoFinance is a blockchain-based social media platform for Crypto & Finance content creators. Our tokenized app allows users and creators to engage and share content on the blockchain while earning cryptocurrency rewards.
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