"You can't even like joke around or make a rationalization that that's not gambling. And that's big because it's 100% gambling," he says. "Having a contract that is tradable, I'm not sure if you or your audience understands the impact of that ... You can sell for profit if you're like, team is winning, right? And give somebody else that contract."
Jaime Rogozinski founded the WallStreetBets sub-Reddit in 2012 during the height of the #OccupyWallStreet movement as a response to how banks use the stock market like a casino. The community provides low-capital investors opportunities and information on how to leverage huge returns in opposition to 'traditional' investing which takes years to generate wealth via compound interest. During the pandemic, the forum exploded in notoriety when the group invested heavily in GameStop, AMC, and other 'meme stocks'. Today, Jaime dives into the history of the group he founded and divulges information on the new 'gamified investing' platform he's looking to launch in 2023!
Additional topics include:
- The difference between WallStreetBets members and "traditional" Investors (00:04:13)
- The history and ethos of WallStreetBets (00:19:49)
- "Three traders walk into a chat room..." (00:22:17)
- The 2021 Gamestop and AMC stock explosion (00:33:28)
- What WallStreetBets experiments has Jaime run? (00:49:33)
- Jaime's concepts for the gamification of trading (00:52:21)
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