Netflix is reportedly in negotiations with writer Mark Boal for a script regarding one of the biggest stories of the year, where a group of Redittors trolled Wall Street by pumping Gamestop's stock, which was one of the stocks the Wall Street sharks have been betting heavily against for years.
Wall Street sharks were insisting that the video game retailer would fail for a number of reasons, and the ongoing lockdowns unfortunately seemed to act as a catalyst, but a group of Reddit users decided to take matters into their own hands and started buying up shares.
Long story short, GameStop value went through the roof and Wall Street's bets started to cost investors billions of dollars. It is worth noting that the Reddit users managed to pump the stock by more than 1700% since December, sending shock waves through Wall Street and literally breaking the internet.
Ever since the people in the Reddit community r/WallStreetBets began pumping Gamestop's share price, the price of the stock has been demonstrating wild fluctuations, ranging from the $17 mark at the start of the year to the $483 mark during last week, and then back around the $53 mark as we speak.
It's become political
What makes this story even more interesting is the fact that some of the Reddit users have been buying up because they like the idea that this is causing Wall Street to lose billions, and not because they suddenly fell in love with GameStop or see true potential. For some of them this is absolutely political, and it's 100% drama.
The fight against Wall Street is always a good thing, because these guys have been bailed out multiple times during financial crises and at times when the average Joe had to pay huge taxes, and given the fact that they have been able to take massive profits during the ongoing lockdowns while the people are suffering, many are happy to see them take a proper beating. And I am one of them.
Netflix working on it
Evidently this is material for an interesting Hollywood movie, and Netflix decided to step up to the challenge and get down to business. That's why Zero Dark Thirty writer Mark Boal will most likely pen a script, and Noah Centineo has already been appointed to one of the main roles of the movie.
It will be very interesting to see how this plays out; most of us enjoyed seeing those greedy sharks who manipulate the stock market take such a bad beating in spectacular fashion, and now we are going to have the pleasure of watching a Netflix movie about it. Not bad.
Moral of the story
My takeaway from this is that online forums have shown they can be a true force in the market, and the best part is that they are now beginning to recognize their power. I believe we are going to see more of the same in the weeks/months/years to come, and am now more than happy to be part of the best investment-oriented cryptocurrency community on the web.
Decentralized platforms like Hive and LeoFinance give us a voice, the means to monetize our content and generate income, and all the weapons necessary to fight against greed, misinformation and corruption. The story with WallStreetBets and GameStop will certainly bring attention to online trading forums, and even though it's not directly related with the crypto space, it will eventually bring in more new users.
And that's because some of the best investment-oriented forums are related to the cryptocurrency industry and packed with technical people who share valuable insights. There's a lot of investment knowledge waiting to be consumed, and the WallStreetBets story highlights the power of online communities that share information and work together.
My guess is we have a very powerful one here, don't you agree?
Thank you for your attention
Alright guys, that's it for now. I sincerely hope you learned something new today. Thank you for taking the time to read those lines.
Just my two cents. This is by no means financial advice. Just sharing my personal views and experiences. Please do not take my word for your investment choices, and always do your own research.
Stay safe and have a good one,
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