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Hello everyone, I'm Cherry. Today I want to talk about the recent news headlines and the GME incident in the financial market and my own views.
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Let's talk about the past. We all know that the US stock market has been controlled by the Wall Street. As a shareholder, we can never play the gambler. These people who have been playing the US economy as a gambling market have always been very powerful. Their existence or their decisions can easily make a company fall or directly affect the world economy. In January this year, many people on Reddit and Discord found these stocks that were heavily sold out by hedge funds. They plan to target these stocks.
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to pay back the money of the rich people in Wall Street. The method is very simple. They call on the Internet to smash all the money into the GME stock, the GameStop stock, and instantly raise the price of the stock. The goal is to make these hedge funds, the hedge funds that sell out, lose a lot of money and lose their money.
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GameStop is a company that has been running for a long time. Their main business is in the US, big malls and subways. They have physical stores and sell game consoles and mobile game consoles. It's a bit like the Blockbuster back then. Why do they have to do this? First, GameStop is the childhood of many Americans. When they were young, they went shopping with their parents. They would be excited to go to the game store and want to go in.
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Buy light sticks, buy games. It's like when I was a kid, I went to the toy market. Seeing companies that accompanied their peers being severely manipulated and sold out by these Wall Street fat cats until they were about to collapse, they were very upset and intended to retaliate. By the crowd, they tried to make these hedge funds taste what is called "fraud." In fact, this is not the main point I want to talk about today. The point is the progress after this incident.
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After HM successfully pulled the stock up to 10-20 times, these hedge funds finally couldn't do it because their losses were too big. So on January 28th, they used a trick to seal off the rights of these stocks such as Robinhood. Why did Robinhood become the focus? Robinhood is actually a very popular online stock trading platform for young people.
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The biggest feature of it is that the buyers and sellers don't charge any fees. But Robinhood's fund, Citadel, has a huge stake in the sale of GMEs. So they directly block these stocks so that their users can't order and buy. And they can only sell or buy. Their operation will definitely cause a big stock crash. These followers will feel the panic and throw their stocks crazily. So they can have a chance to unbind or even have a chance to get out of it.
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So these stocks actually fell pretty badly on Thursday, but this is also a relatively more intense anger of the people because they made this move too simply. Let's not talk about Robinhood and other trading platforms. Is it because of their own interests or threatened by holiday? The lock on buying stocks for their users is a problem that is clearly reflected. This kind of centralized management will have this kind of drawback. Sometimes they will sacrifice the rights of users for their own interests.
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Robinhood's actions directly affected the people in the country. They used their power to wash the app's rating on Google Play Store. But not long after, these ratings were removed by Google. This once again proves that the central control system cannot accept all comments fairly. It may remove the comments at any time because of some reasons.
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On Wednesday night, Discord removed the channel called "WallStreetBets" So Xiaomi can't continue to discuss these things on Discord From these events, you can see that the technology industry, economy, and politics have a very big connection In this central control system, the big and rich can always easily block those who are not good to them
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Just like if you have 500,000 followers on Instagram, this is the result of years of hard work. Maybe because you said something or did something that is not good for Facebook, they can block you anytime, and you have nothing. Think about it, there is a person named Trump, he is actually one of the victims of this system.
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This is the last day of the US president's presidency. Facebook, Twitter, Instagram, Shopify, Snapchat, AWS, all of them are locked down. All social media platforms are locked down because they think they are doing the right thing. Maybe Trump is not a good president. Maybe locking him down is the right thing to do. Maybe after locking him down, society will become more peaceful. But do they have the right to do these things?
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In our eyes, this may be a harm to society, but what right do you have to publicly protest? Trump has had more than 80 million followers on Twitter. Is the motive behind this really that simple? These companies are not doing these things for their own benefit. I will stop here.
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The key point today is that after all these things happen, I think the need for this decentralized blockchain is more obvious. I think this is a very difficult trend. The decentralized thinking of blockchain can satisfy users who do not want to be centralized. Its technology is based on this consensus concept. If you don't understand, you can think of it this way. Blockchain is like a system that everyone is maintaining together.
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No one is the boss, no one is the manager, no one can make a decision to block the other person. It's the opposite of the big system of banks and Facebook. This is why cryptocurrency has become very popular in recent years. This is because people and the way the whole society thinks is slowly evolving. Of course, blockchain may not become mainstream in a few years.
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Because it has a lot of things to overcome, including technical and legal issues. In addition, I think there are still a lot of things that need to be managed by the centralization to a certain extent. Not everything is applied to this system. I think it is more likely that the central and non-central management system will reach a new balance point. Maybe we now see the bigwigs of the technology industry and the engineers of the technology industry. There will be more and more people fighting with them. And then because of the rise of blockchain, they will become more and more weak.
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Alright, to sum up today's content, maybe we are now in an era of technological revolution. I think the historical evidence of decentralized is very important. It is responsible for balancing the future of technology and thinking. Maybe Twitter and Facebook will slowly fall in the next few years, and replace these new blockchain systems.
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As for investment, I bought a little bit of crypto long ago and recently bought more. Actually, I don't really look forward to virtual currency, but because I believe that blockchain is the trend of the future, so I treat it as a support for the future. As for GME and AMC stocks, I actually bought a little bit myself, thinking about supporting the online business. Just for fun, I don't really look forward to long-term stocks. These are all the money that I don't really care about if I lose all of them. I think it's more about participation.
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Please leave a comment below and tell me what you think. If you like my video, please like and subscribe. See you next time.
