In 2021, the subreddit forum r/wallstreetbets, also known as Wallstreetbets (WSB) became an extremely popular forum after the members played a major role in the Gamestop short squeeze escapade. Jaime Rogozinski, founder of WSB has recently been involved in a new decentralized finance project, Wallstreetbets Dapp.com Rogozinski spoke to Bitcoin.com News last week about the Wallstreetbets Dapp, and how traditional and cryptocurrency finance are merging.

Wallstreetbets Collides With Decentralized Finance

Just recently, Bitcoin.com News chatted with Jaime Rogozinski, the founder of the infamous Wallstreetbets forum. These days, Rogozinski is very focused on defi and the WSB founder is now behind a new defi project called the Wallstreetbets Dapp (wsbdapp.com). Rogozinski discussed the project with Bitcoin.com News in great detail, in order to give our readers some perspective of the decentralized app, exchange-traded portfolios (ETPs), non-fungible token (NFT) assets, and his thoughts about defi regulation.

Bitcoin.com News (BCN): Can you tell our readers about the Wallsteetbets Dapp and how you got involved with the idea?

Jaime Rogozinski, JR: After the original idea to create a decentralized financial (defi), ecosystem was well-developed, I was invited to join. When they invited me, I wanted to add my own twist to the idea of combining crypto and regular equities. To attract people who are not only trading equities but are also realizing the many tools available via defi or blockchain technology.

The decentralized app (wsbdapp.com), what it does is create a trading ecosystem on a blockchain with defi. There are several components available now, and we’re always looking for ways to improve our product offerings. Socially-built exchange-traded portfolios are available. Community members can use the dapp to purchase tokens, and vote on the ETPs that they would like to create. They can decide what weight they would like to add to the ETP and how to rebalance it.

Members of the @WSBDapp community should use your powers to make and vote on an ETP that includes the latest stock picks by members of congress.

Can’t beat ’em, join ’em

— WallStreetBets.nft (@wallstreetbets) October 2, 2021

These ETPs can have a combination of regular equities, not only the U.S. stock exchange but really any stock exchange, as well as crypto-assets like bitcoin (BTC). The ETPs are minted and can be purchased by anyone, regardless of whether they are using the dapp or not.

Another product that we offer are single stocks. These are tokenized synthetic assets. You can purchase stocks such as Apple, Microsoft, and any other stock you desire. Individual stocks that trade 24/7 and they are available all over the world. Tokenized stocks are also available that aren’t synthetic. Someone buys the underlying share and passes on the voting rights, dividend rights and other rights to the user. That one will be trading 20 hours a day and seven days a week.

I’m going to drop 0.2 ETH tomorrow at 6pm ET to a random wallet holding a Diamond Hands raffle ticket.

Go to https://t.co/iBhZQfviys if you don’t already have one.

— WallStreetBets.nft (@wallstreetbets) October 1, 2021

We’ve launched a few ETPs, and we launched one this Week. It’s not meant to be an investment or an index fund. Instead, it’s intended to act as a hedge against macro-level factors like inflation.

BCN – Why do you think that there is a large influx of retail investors entering the traditional stock market and many others flocking to the crypto markets?

JR These trends have been around for a while. They’ve been pointing out the rapid growth in retail participation in the stock market and crypto for a long time. There were two catalysts that I believe accelerated this pre-existing trend. Coronavirus helped us get there faster than we expected.

They put everyone in quarantine, turned off any entertainment, sports, or whatever else, and people start looking for other things to do. They turned to the stock exchange, which was one of few options that they had.

The second catalyst, similar to what we saw earlier this year with Gamestop, placed the spotlight on Wallstreetbets, giving people the impression Wallstreetbets was where retail people can become involved in the stock market without any formal training.

I think that was a very inviting moment where it lifted the veil of sophistication and it showed, in a digestible entertaining manner, what it is like to participate in the stock market.

BCN – Some say that the stock market has burst. What do you think about this description?

JR We’ve been in an uptrend for like We’ve been in an uptrend for like 10-15 years, so I guess at some point stocks are going to go back down. It’s not a bubble, but there are a lot of people who are coming in with different amounts of money. At this point, I believe the market share has increased.

People have been claiming for years that the Fed is printing money, and that this is why stocks rise. It could be true, but the Fed is still printing money, and stocks continue to rise. It will continue to happen until it stops.

The same thing happens in crypto, I believe. It happens in cycles. We’ve had some bullish years followed by bearish years. Now, it seems like we are on a bull run. It’s hard to predict when exactly the cycle will switch. Although it’s difficult to predict when the cycle will switch, we do know it will. And it will rebound again.

WSB founder: “It’s Inevitable that Traditional Finance and Crypto Finance Merge ‘

BCN – Recently, the WSBdapp group released NFTs. Tell our readers more about the WSB NFTs

JR I was a traditional finance graduate so it was a natural decision to want to enter the NFTs. These things should be akin to membership tokens. These tokens can be purchased and given to people who want to access all the benefits of our ecosystem. Increased yield or liquidity, access and special rooms, additional airdrops, which were gonna go out with additional NFTs.

I heard someone planning to use the Diamond Hands NFT to propose, in lieu of a boomer engagement ring. Absolute boss move. pic.twitter.com/HaPrY4e4v2

— WallStreetBets.nft (@wallstreetbets) October 2, 2021

This is my personal vision. However, the team I work with has their view on NFTs. They say that while we will put all that stuff there, they like the photos, profiles and artwork. We also want it to have artwork. It’s possible to buy it now, which is basically a raffle to lower gas prices for the Diamond Hands NFT. After they have purchased that, they will receive an airdrop with additional maps that we’ve created.

BCN – Are you familiar with crypto-assets such as bitcoin and blockchain before the massive growth of WSB?

JR I was aware that bitcoin existed when it first began. Later, I started to mine some coins and play with it. I found it difficult to get involved, so I decided to become more of an observer and hope that bitcoin would be accepted and mainstream. It did and the price began to rise. It becomes a regular asset, with supply and demand and the price being spit out in response.

I stopped paying attention to cryptocurrency for a while. I noticed that new coins were coming out, and I read some information about them. Then I realized this was a completely different protocol. They found ways to get around certain inefficiencies, and I didn’t realize how powerful the defi world was.

Even still when I tell people I’m doing things with defi, a non crypto person’s initial reaction is are you bullish bitcoin. These protocols can be used for more than just coins. My imagination is bursting with possibilities. It is also inevitable that traditional finance will merge with crypto finance. Already, we are seeing the two merge.

BCN – In recent years, regulators have been keen to promote decentralized finance. Are you positive that the U.S. regulators will be more supportive of defi?

JR It’s not clear. I would not use the phrase come down. It feels antagonistic and incongruous right now. I hope regulators are aware of defi, as it legitimizes it. It’s very difficult right now without a framework. Anyone who is involved in this endeavor takes a chance it might disappear or change.

I believe that the regulators are in the best interests of the public. We are well-equipped to regulate Wallstreetbets. We do everything we can to ensure compliance.

What do you think about the Wallstreetbets Dapp and our discussion with the WSB founder Jaime Rogozinski? Please comment below to let us know your thoughts on this topic.

Image Credits: Shutterstock, Pixabay, Wiki Commons, Twitter, WSBdapp, Jaime Rogozinski

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