Robinhood And GameStop Show We Need A New Financial System By Cointelegraph


Robinhood and GameStop proved that we need a new financial system

King Midas is most remembered through the fable we tell our children that the king could turn everything he touched into gold. At first, it was a great idea for his greed to turn even food to gold, leaving him rich but unable to live. The Robinhood CEO and his board had King Midas’ impossible dilemma this week: deciding whether to side with their clients and allow them to make more than $ 15 billion in profit or stop trading and allow only the sale of GameStop (NYSE: ) to allow the money hungry. short to hedge your position at lower prices and avoid massive losses. Robinhood showed everyone that his favorite color is money, and his friends are the same people who make sure you hardly ever win on Wall Street.

Alex Mashinsky is one of the inventors of Voice Over Internet Protocol with a fundamental patent dating back to 1994 and is now working on the Money Over Internet Protocol technology. More than 35 patents have been granted to Alex related to exchanges, VOIP protocols, messaging and communication. As a serial entrepreneur and founder of seven New York City-based startups, Alex has raised more than $ 1 billion and has come out of more than $ 3 billion. Alex is the CEO and founder of The Celsius Network, a crypto-lending platform founded in 2017 that provides members with select services not available through traditional institutions.

Continue reading on Coin Telegraph

Disclaimer: Fusion Media wishes to remind you that the data contained on this website is not necessarily accurate or in real time. All CFDs (stocks, indices, futures) and Forex prices are not provided by exchanges but by market makers, so the prices may not be accurate and may differ from the actual market price, which means that prices are indicative and not appropriate for commercial purposes. Therefore, Fusion Media assumes no responsibility for any business losses you may incur as a result of the use of this data. Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on information, including data, quotes, charts, and buy / sell signals contained on this website. Be fully informed about the risks and costs associated with trading the financial markets, it is one of the riskiest forms of investment possible.