GameStop and DogeCoin

GameStop+and+DogeCoin

Kaden Fields, Chief Photographer / Multimedia Editor

When you think of stocks you typically think of Wall Street brokers talking about numbers, graphs, and a whole slew of other things that seem overly complicated. Something that is secure and directed towards adults looking to invest a share in certain business markets. With the recent GameStop stock spike from anonymous Reddit users under the subreddit “r/WallStreetBets” on January 11th, the security and structure of the stock market is in question of its reliability. 

Reddit, a social news aggregation and discussion platform houses users under different subreddits or discussion threads, in which one of them being “r/WallStreetBets.” The motivation behind this according to an article titled, “The Psychology of the GameStop Phenomenon” by CNBC can be best simplified that Reddit users were “playing the metagame.” This is a term used in role-playing video games when players strategize outside the rules of the game. To put it even simpler, Reddit users wanted to not only troll Wall Street millionaires by creating a few hedge funds— limited partnership of investors that uses high-risk methods, such as investing with borrowed money, in hopes of realizing large capital gains (millionaires losing a lot of money) but also see if messing with the stock market is feasible. This is not the first time that strange things have happened within the world of stock markets as cryptocurrencies such as dogecoin have gained a cult-like popularity.

Dogecoin is a cryptocurrency invented by software engineers Billy Markus and Jackson Palmer who decided to make a payment that is instant, fun, and free from traditional banking fees. It’s referred to as Dogecoin because its namesake and logo is the infamous 2010 doge meme. According to the Dogecoin website, Dogecoin is, “a decentralized, peer-to-peer digital currency that enables you to easily send money online.” Also known as Internet Currency the growing trend of Dogecoin has had around 113 billion dogecoins mined out of 127 billion (the amount of Dogecoins that exist). But does Dogecoin have any real value yet? It’s hard to say as other cryptocurrencies such as bitcoin are now one of the most popular forms of currency to invest in and are seeing an exponential climb in price value. Though this all may not seem important, it is actually significant because it poses the question if we truly live in a free market society and the fate of future currencies as some businesses accept payments such as the likes of bitcoin. 

Overall, both Gamestop and cryptocurrencies unveil transparency and flexibility that the economic status in this country can distort towards. With this, the 1% of wealthy citizens in this country fear what they could lose due to the general public’s advantage of entrepreneurship and internet accessibility to infiltrate and manipulate something that once seemed secure and predictable.