Feb 3, 2021
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SotN32: Does DeFi Fix This? Cameron & Tyler Winklevoss ($GME
Gamestop Short-Squeeze, Robinhood, Melvin Capital)
We bring Tyler & Cameron Winklevoss, founders of the Gemini Exchange and crypto-visionaries, to the Bankless State of the Nation. We do a deep dive into the market craze of the Gamestop ($GME) Short-Squeeze, r/Wallstreetbets, and what it means for the DeFi space.
Topics Covered:
-r/WallStreetBets
-Robinhood Retail vs. Institutional Elite
-Media & The Establishment
-Is Traditional Finance Broken?
-DeFi's Big Moment
-Gemini Updates
Cameron & Tyler Winklevoss had a heated appearance on CNBC last week to discuss the events of the Gamestop Short-Squeeze in the context of populism, the inequity of the current financial establishment, and cryptocurrency.
Their argument centers on the relationship between censorship and centralization –problems that don't exist in the crypto landscape. The $GME craze has been the epicenter of a growing protest against the institutional elite – this protest inherently calls for decentralization and distributed power. DeFi fixes this.
Brokerages like Robinhood having the power to limit trading based on a phone call is a war cry to adopt permissionless transacting. Cameron describes how this is an example of the people becoming disillusioned to the monopoly of modern money. The media establishment has vastly underestimated and vilified these "internet amateurs."
The Winklevi discuss how a money-making opportunity turned into
a movement demanding institutional change, flaming the fires of
broken trust after events like the '08 collapse. Public forums like
Twitter and Reddit have become powerful tools to organize the
masses, and the sentiments seen here reflect cryptocurrency's value
propositions.
The big question remaining is how these events and arguments can
serve as a rallying point for DeFi adoption. Cameron & Tyler are
optimistic about DeFi's solutions to increasingly relevant and
urgent problems in our current system.
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Relevant Links:
Tyler Winklevoss on Twitter
https://twitter.com/tyler
Cameron Winklevoss on Twitter
https://twitter.com/cameron
Gemini Exchange
https://bankless.cc/go-gemini
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Not financial or tax advice. This channel is strictly educational
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