The founders of WallStreetBets (WSB) in the latest announcement want to use blockchain technology to combat stock market manipulation.
Several leading figures in the WSB community are reported to have partnered with blockchain and fintech technology experts to develop exchange-traded portfolios (ETPs).
The ETP will emerge as an alternative to market manipulation by politically -linked hedge funds and banks.
This effort has the potential to become a reality with decentralized autonomous organization (DAO). This means, it rests in the hands of community members with the right to vote, rather than relying on influential individuals and institutions.
In fact, retail investors also have the opportunity to vote using mobile apps, including receiving ETP -related disclosures.
“We are trying to fight back through protests after the global financial collapse in 2009-2009. Then, we tried to subdue the big guys on Wall Street in their own game by squeezing shorts until they almost went bankrupt.
With the upcoming ETP, we hope to get out of this system to be more fair and depend on the community, ”explained WallStreetBets DApp CEO, @BTCVIX.
Simply put; If the token owner (WSB) believes Tesla shares should consist of 90%, not 10% of a particular ETP portfolio, then they are allowed to vote by signing a simple transaction using their WSB token during the voting cycle.
