FYI
1) Reddit did not shut down r/wallstreetbets
2) The mods shut it down bc they were overwhelmed
3) It’s now back, for now at least:
reddit.com/r/wallstreetbe…
Source: senior Reddit administration official
1) Reddit did not shut down r/wallstreetbets
2) The mods shut it down bc they were overwhelmed
3) It’s now back, for now at least:
reddit.com/r/wallstreetbe…
Source: senior Reddit administration official
The r/wallstreetbets & #defi crossover is coming.
I expect a pseudonymous founder to set up a contract-for-difference engine in some country. Maybe legal in some places, do your own diligence!
But that would allow *uncensorable* on-chain exposure to the price of every stock.
I expect a pseudonymous founder to set up a contract-for-difference engine in some country. Maybe legal in some places, do your own diligence!
But that would allow *uncensorable* on-chain exposure to the price of every stock.
Basically, the way MakerDAO works is by putting the exchange rate of ETH/USD on chain. Through some transformations, that gets you a USD stablecoin called DAI.
But the same approach can be used to put ETH/GME, ETH/TESLA, ETH/ANYSTOCK on chain.
Which means multiple exchanges!
But the same approach can be used to put ETH/GME, ETH/TESLA, ETH/ANYSTOCK on chain.
Which means multiple exchanges!
That is, rather than the current system where GME is listed only on a centralized exchange like NYSE, through a mechanism like this anyone can set up an exchange to trade a “contract for difference”.
Lets people buy/sell exposure to GME price even without NYSE access to shares.
Lets people buy/sell exposure to GME price even without NYSE access to shares.
One major caveat: CFD is banned in the US, so don’t do this if you are an American!
However, any country that wants to set up its own NYSE or NASDAQ could legalize on-chain CFD.
They’d instantly allow their citizens exposure to any stock.
investopedia.com/terms/c/contra…
However, any country that wants to set up its own NYSE or NASDAQ could legalize on-chain CFD.
They’d instantly allow their citizens exposure to any stock.
investopedia.com/terms/c/contra…
This really takes us into unprecedented terrain. It’s sort of like Napster for stocks.
@Falkvinge & the Pirate Party in Sweden could legalize on-chain CFD and it might do to Wall Street what file-sharing did to music. Overnight decentralization from NYC.
en.m.wikipedia.org/wiki/Pirate_Pa…
@Falkvinge & the Pirate Party in Sweden could legalize on-chain CFD and it might do to Wall Street what file-sharing did to music. Overnight decentralization from NYC.
en.m.wikipedia.org/wiki/Pirate_Pa…
Of course there are OTC desks that do trades outside public NYSE/NASDAQ, and derivatives exchanges around the world, etc.
But feels different to just be able to clone the entire stock market on-chain. CFD doesn’t offer the exact properties of holding shares, but it’s similar.
But feels different to just be able to clone the entire stock market on-chain. CFD doesn’t offer the exact properties of holding shares, but it’s similar.
In many ways, centralization of trading in NYC gives power to the establishment. Fees & regulation enabled by central chokepoints.
A country that legalized on-chain CFD (& more generally derivatives for anything) could decentralize revenue from Wall Street to their jurisdiction.
A country that legalized on-chain CFD (& more generally derivatives for anything) could decentralize revenue from Wall Street to their jurisdiction.
Aha. Looks like mirror.finance is doing exactly this. Generalizing the DAI model to allow synthetic assets for anything to be represented on-chain.
A country that fully legalized this, and that was prepared for a tussle with the US, could build a parallel Wall Street.
A country that fully legalized this, and that was prepared for a tussle with the US, could build a parallel Wall Street.
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