Are Memecoins the Next Evolution of Wall Street Bets? - Ep. 659

Unchained

Laura Shin

News, Tech News, Business News

4.5 • 1.3K Ratings

🗓️ 14 June 2024

⏱️ 44 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Nathaniel Popper just published his latest book, "The Trolls of Wall Street," covering the Wall Street Bets phenomenon. Funnily enough, his book comes at a time when there are striking similarities with the current memecoin mania in crypto. In this episode, Popper explores the rise of online investing communities like Wall Street Bets and their reflection of broader societal changes, particularly among young men. He also touches on the parallels between the trolling culture of these communities and the rise of figures like Donald Trump, and delves into the hidden dangers and psychological influences of memes in modern investing. Show highlights: 01:21 The rise of online money communities and the shift towards investing based on ideas rather than traditional financial fundamentals 04:06 How the changing roles of young men in society have influenced the growth of crypto and online financial communities 13:36 How Robinhood's design choices changed retail investing, sparking FOMO and controversy by making trading as easy as a swipe 18:04 The hidden dangers of memes in modern investing, and how they balance fostering community with driving speculation 22:56 Why Trump's ties to the crypto community highlight the mix of serious intent and trolling 30:07 Crypto News Recap Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! iTrustCapital Polkadot Guest Nathaniel Popper, author of The Trolls of Wall Street Links Previous coverage of Unchained on memecoins: Unchained: Why Memecoins Have Been 2024's Most Profitable Crypto Trade: Ansem and Kelxyz - Ep. 641 BRETT Becomes First Memecoin on Base to Reach $1 Billion in Market Cap DWF Labs to Invest in Memecoins, Onchain Data Reveals LADYS Transactions Celebrity Tokens Continue to Bleed With Some Memecoin Traders Losing Six-Figures The book: Blockworks: What do memecoins and meme stocks have in common?: A review of ‘The Trolls of Wall Street’ Fortune: Q&A with the author of ‘The Trolls of Wall Street’: Gambling, conspiracies, and the return of Roaring Kitty, Meme culture WSJ: Meme Stocks Are Back, but Fund Investors Moved On Meet the ‘Degen’ Traders Fueling the Latest Meme-Stock Mania CoinDesk: In Defense of Meme Coins What else could memecoins be? By Vitalik Buterin Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:14.4	you know that guy behind Janet Yellen holding up that buy Bitcoin sign right like it we wrote it on a yellow you know on a legal pad it was like a joke and yet like nothing got Bitcoin more attention than that and there's something about that in the attention economy of the internet where like the bigger the joke the more attention the more real
0:18.8	it becomes.
0:19.8	Hi everyone welcome to Unchained your no-hype resource for all things
0:26.7	crypto I'm your host Laura Shin author of the cryptopians I started covering
0:31.3	crypto nine years ago and as the senior editor of Forbes was the first
0:34.4	matrimaturate to cover a cryptocurrency full-time.
0:37.2	This is the June 14th 2024 episode of Unchained and I will just leave you all a quick note
0:42.3	which is that today is the eight-year anniversary of Unshade.
0:45.2	Thank you for listening all these years.
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1:13.4	Hey, unchained listeners, as you know, it's hard keeping up with a fast-paced world of
1:18.5	crypto, so we've got just the thing for you.
1:21.2	Subscribe to our free unchained daily newsletter at unchained crypto.substack.com.
1:26.0	You'll get the latest crypto news in original articles from our reporters as well as
1:30.1	summaries of other happenings and bullet points, plus our meme of the day, all curated and
	...

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