David Versus Goliath

in LeoFinance8 months ago

The mainstream witnessed a truly historic event, probably for the first time. By now, most are aware of the WallStreetBets story. However, there is a lot more to it than just a bunch of individuals taking on Wall Street hedge funds.

Basically what they saw is the power of technology. We live in an age where power can be distributed. Of course, also evidenced this week is the fact that the establishment still have a lot of ways to slam things shut. When Reddit went after the WallStreetBets community, it was a telltale sign of how things still operate.

Nevertheless, we saw a group of people using technology to take on some of the richest institutions in the world. Not only did they use it to assemble, they actually took them head on in their game.

It truly was a David versus Goliath moment.


This, of course, is what crypto is all about. Anyone in this industry is involved in something bigger than him or herself. We are taking on the established system in many ways, erecting something completely different. This is what we must remain focused upon.

There are many who write articles about crypto saying it is time for the industry to grow up and embrace regulation. Sadly, they miss the entire point of this endeavor. Cryptocurrency is not about assimilating with the existing mechanisms but, rather, disrupting them to the point where they have to alter there manner of operation to assimilate with us. This is key.

Did the Internet adapt to meet the requirements of the newspaper industry? Was it up to IT managers to establish their Internet phone service to meet the needs of long distance carriers? Of course not.

That is not how disruption works.

wall Street. Governments. Big Tech. They are all in our crosshairs. Web 3.0 is much bigger than any of them. At this point in time, the only thing they have going for them is their size and age. Naturally, as we saw with WallStreetBets, this was used against them.

Make no mistake about it. A few million people are not going to take on Wall Street institutions who have trillions of dollars. The situation was really Goliath versus Goliath since it was truly other hedge funds that were involved in pumping the prices so high. The money that Wall Street has would have crushed WSB in an instant.

Nevertheless, it made for interesting theater while also awakening people to the corruption that is Wall Street. It also showed how collective action can have an impact. Even if WSB did have other hedge funds jumping on board, those that were shorting got take to the cleaners. That was the goal.


It also shows how, when moving in a particular direction, other entities could sign on to assist. Certainly they could be operating out of their own self interest yet the goal was reached.

The key starts with an open communication system. Facebook, Twitter, and now Reddit show how they will not allow that. This means it is up to us to provide that. Here is the starting point for the industry. When people ask what problem does cryptocurrency/blockchain solve, we will have an answer. We are likely to see a host of decentralized social media applications hitting the market in the next few months. This will open the door for massive onboarding.

Our ability to freely express ideas without censorship is vitally important and the first major societal problem this industry can address.

Of course, from there we will build out the networks to take on other issues that decentralization can solve. Nevertheless, having our "own" social applications, out of the hands of Big Tech, will assist greatly in the endeavor. Users that join can be exposed to other applications that the industry presents. This is crucial. It is our way of spreading the totality of what is here among the userbase as it grows and expands.

Firmly in our minds it must be implanted that we are creating an entirely new system. What is presently out there including government, finance, data management (control), and opportunity simply is not working for most. Thus, something entirely new is required.


Cryptonomics is the solution according to many of us. This does not align in any manner with the present system. That is why the idea of incorporating crypto into it is absurd. One is constructed around scarcity while the other abundance. This is something that the mainstream does not realize.

A scarcity model helps to pump prices up. That is true. However, due to the scarcity, the number of people who can share in the benefits are reduced. Couple this with the fact the foundation is based upon debt, which then sees more debt built upon it, and we can see how the servicing costs will only keep rising, further killing any chance at productivity.

Social media is a great starting point because, in a data driven world, individuals are continually providing what is needed. Each day, billions engage with each other, creating an enormous pool of information, data, and activity. Unfortunately, here again we see the scarcity model which allows only a few people to reap the major benefits of what is taking place.

The WallStreeBets Reddit group has 6.5 million members registered. While they got attention for their venture into Wall Street, imagine the impact they could have if 6.5 million join a decentralized social media application. That would garner a ton of attention that would automatically create another frenzy.

Once word starts to spread, it will go like wild fire.

We only need to get that first true application that can handle things.

If you found this article informative, please give an upvote and rehive.

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I like the chaos. It brings everything to light and with more focus on it, the system will be forced to change. With this, people are motivated to build their own applications and find new homes. As blockchain technology becomes more part of mainstream, I hope to see them continue to be decentralized. I don't want a single power or entity controlling all the major blockchains.

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We need to keep pushing things in that direction. Having power in the hands of a few has shown that it serves nobody well. Yet we keep going back to the same things.

Hopefully we will see things changing over the next couple of years as blockchain spreads out more and becomes more popular.

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the subreddit didn't get closed at any point as far as I can tell, right?

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I think not, but their discord server surely did get closed.

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yeah I read about that, juts trying to get the facts straight so my memes won't suck

subreddit was closed for a day beginning of last week, if I remember it right...

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It did but was reopened like 24 hours later.

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I'm all for taking down big giants that just cash grab from themselves and try to do shady crap to make a buck. However the call to buy doge I think just screwed a lot of people over. You're talking about a coin that had billions of coins sitting around in wallets that people honestly just cashed out on. I guess that is up to each investor though to know what they are doing. It's unfortunate not many people are smart with their money.

Many people said the same thing about Bitcoin when it was at a dollar. Those same people are now buying. The network effect is very real.

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Yeah I am not into the DOGE game. There is a bandwagon forming but I can see that not working out well.

Also, I agree, I think few are crying for Wall Street.

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Cryptocurrency is not about assimilating with the existing mechanisms but, rather, disrupting them to the point where they have to alter there manner of operation to assimilate with us.

Well said! I totally agree.

Even though I'm a lawyer and recognise the importance of rule of law, laws which are for economic regulation must reflect economic reality and technological change.

Laws that are written to protect corrupt entities and a system that does not provide equal protection under the law is no law.

Thus it is completely useless.

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Now that it's Goliath against Goliath. David(Micro-blog) is busy building for the revolution to come.

The microblog will defeat the Goliath sooner than later.

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That is true. David is busy working on his slingshot.

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It's just a gradual process that will definitely manifest fully with time whether those giants likes it or not.

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Gradual in an exponential arena can really take on interesting meanings.

We can see things grow faster than we expect.

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Yeah that's true😊

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Basically the big techs are all about oligarchy and enriching a small group of people, the bigger the population I guess, smaller the pool gets. But imagine having awidwr range of people having access to a pool of wealth enriched by the value they've added.

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I wonder have you seen the video by Benzinga where they interviewed CEO from Webull. When the Robinhood platform stopped allowing buys on Gamestop and only allowing sells I instantly thought they were screwing their clients in favour of the users but the guy form Webull lays out another possibility to why they did it, because of the clearing houses worrying about being able to cover the orders. I know the whole system of Web2 is dodgy and fixed in the favour of the elites but maybe it is just a limitation of the current system which also helps stake the game against the little guy.
At the end of the day, decentralising all these tools seems to be the way to go.

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I didnt see that but there is a plausibility that Robinhood was covering its ass especially if there was a lot of margin buying.

By now, we are into the speculation phase with everyone having a theory about what took place.

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Very true. I wouldn't trust Robinhood as far as I could throw them. I learned later that they do their own clearing and I am only speculating here, but I wouldn't be surprised if they are using their crypto holdings from their users as liquidity.

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6.5 Million members is a huge community that would set up any block chain instantly. Would be great if we could offer them a home even if it took a while to sort out. Just wish we had micro blogging already as that could be a game changer.

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It is easy to feel we are missing the boat but this is a long journey. The first part, I agree, we will not be able to handle that many accounts instantly.

The new app might bog the onboarding system down for a while.

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Yep. We can't look at this as an opportunity missed but rather highlighting what is out there and what could happen. Mass adoption is not having 1 million accounts but more like 30 or 40 million happening over a short period of time. A bogged down onboarding system would in fact be good as that would highlight areas of improvement and one to over come.

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30 or 40 million users would certainly put Hive on a different level.

That might force the token price up a bit.

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Bang, I did it again... I just rehived your post!
Week 42 of my contest just started...you can now check the winners of the previous week!

Hive should take this opportunity and ride as the leading platform in the world of decentralized social media. All marketing efforts from now on should be focused on the disruption of old social media. 👏 😎

Social media is a great starting point because, in a data driven world, individuals are continually providing what is needed. Each day, billions engage with each other, creating an enormous pool of information, data, and activity. Unfortunately, here again we see the scarcity model which allows only a few people to reap the major benefits of what is taking place.

Quite very true. Taking advantage of the socializing space is the best option for any crypto project. I keep wondering why some people are very adamant despite the much buzz we're making on SOcialmedia communtiies about Hive and LEO.

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