Everyone who’s even remotely interested in investing and trading is definitely aware of the GameStop saga. It was an event that shook the financial community to an extent that we hadn’t seen before.
It all started on a subreddit called WallStreetBets, which went on to become one of the most popular subreddits out there, harboring over 10 million users.
CryptoPotato had the pleasure of talking to its Founder – Jaime Rogozinski. In this interview, we talk about WSB’s past, present, future, as well as what we can expect going forward.
What Kind of Person Does it Take to Create WallStreetBets?
While booming in popularity earlier in January, WallStreetBets was actually created over 10 years ago. As easy as it is to take the community for granted as it is right now, there was a time when it wasn’t so easy to find people to talk about trading and investments to.
We were interested in the kind of person it takes to create a community of this kind. He told us that he is an entrepreneur at hand with a background in computer science. He said that he founded a few successful companies, as well as a few unsuccessful ones, much like the path of other self-propelling entrepreneurs.
However, his curiosity pushed him to figure out how to put his “disposable income” to work and to grow it.
As I started learning about the stock market and, specifically, ETFs, I’m talking about the synthetic, leveraged, exotic variety – the really fancy things that sort of blew my mind, I wanted to know how these things exist, and how are they even legal?
He said they give traders big opportunities, providing an example of shorting a stock – if you want to do it conventionally, you’d have to meet margin requirements. However, you could also buy shares of an inverse ETP, which would offload the risks to someone else.
In essence, it was his passion for understanding how these things work that pushed him into starting a community where they could discuss it.
I wanted to start a community where we can discuss how these things work and point out some of the absurdities that exist in the market and start an interesting dialogue.
Being completely honest, he also said that he never anticipated the growth that WSB saw. He also revealed that at the beginning, it was just him who started as a hobby. Later on, as it started growing, he got more moderators to get involved.
The GameStop Saga Through the Eyes of Rogozinski
While it might have seemed like a random pick off the get-go to the eyes of those who hadn’t been following WSB before that, Rogozinski told us that:
“Throughout the years of WSB, there’s been these meme stocks going to fashion. Years ago there were a lot of people that were into AMD, Tesla, and Apple, and Google – it just kind of keeps morphing – this was 5 years ago and people kept selecting different ones. There is…