WallStreetBets dApp Project Interview with BSCTimes
This afternoon @BTCVIX from the WallStreetBets dApp stopped by to talk to Sergeant Pepper, Exile and I about the new WallStreetBets dApp project, as well as to discuss their plans for the future. To celebrate the BSCTimes and WallStreetBets AMA, five members from the community who participated in the question and answer segment at the end will be selected to win a prize. Stay tuned for announcement of the winners!
Sergeant Pepper (BSC TIMES): Alrightttt! Thanks for joining everyone! I’m gonna go ahead and add @BTCVIX as an admin and put everyone on mute!
Sergeant Pepper (BSC TIMES): Today we will be sitting down with @BTCVIX from the WallStreetBets dApp, before we begin I’d like to provide some relevant information to prepare for your questions, and to better acquaint you with their platform.
- Website: https://www.wsbdapp.com/
- Litepaper: https://assets.website-files.com/607fc95ee715351da7304b6b/6083f10c9520fac300b6b310_Wallstreetbets_Litepaper.pdf
- dApp: https://farm.wsbdapp.com/
- Twitter: https://twitter.com/WSBDApp
- Telegram: https://t.me/wallstreetbets
- YouTube: https://www.youtube.com/channel/UCUvxcGE0XCWVPmflZiUXK-g
Sergeant Pepper (BSC TIMES): We’re going to ask questions for 40 minutes or so, and then unmute the public to allow for questions from them
BTCVIX: sounds good
Sergeant Pepper (BSC TIMES): Now that we got our introductions out of the way, @BTCVIX, could you please start us off with a general rundown of what WallStreetBets dApp is, and what it’s trying to accomplish?
BTCVIX: sure, so let’s begin…
so the WSBDApp looks to bridge old finance with new DeFI — let’s unpack a little about the why and why now which will make things clearer — so rewind to 2008 financial crisis, people lost houses, jobs, livelihoods and all those bankers went to jail right? yeah, no bankers did and that disdain for the banks and financial system lead to the Occupy Wall Street movement. When it comes to political change there are basically two avenues : VOICE or EXIT… protest is obviously an attempt to use VOICE to impact change at the political and systemic area
So that didn’t work, nothing changed, then bring in the rise of the retail trader that manifested itself on r/wallstreetbets and climaxed earlier this year with the big short squeeze. I call this an attempt to bankrupt Wall Street… it was still an act of VOICE though because it was using money to enact change or attempt to, but the retail traders were playing on “their” turf and that got shut down by the powers that be
so that brings us to EXIT….
BTCVIX: this is where no longer do we think the current system is savable so we exit to crypto and DeFi — and of all times we are seeing FTX with 30+ tokenized stocks, Binance just launched TSLA so the worlds are colliding where we might see big companies start turning down NASDAQ listings and instead be birthed on a 24/7 crypto market instead. Things are changing
Sergeant Pepper (BSC TIMES): I love it. This sounds like more than a project. It sounds a MOVEMENT. Can you tell us all about your team, and what your backgrounds are?
BTCVIX: I think it is a movement definitely
Sergeant Pepper (BSC TIMES):
Can you tell us all about your team, and what your backgrounds are?
sure, BTCVIX been in crypto since 2013 and my admin team has over 436 groups on Telegram dating back to 2015. Some of the largest properties include @bitcoin @litecoin @monero @ripple to name a few. We have behind some of the earliest moderation tools and bots when TG was first starting out and our hal9000 bot is in many of the largest rooms combatting spam and bot armies like in Binance’s large group. So the community building side is basically admin that built the early crypto communities
BTCVIX: myself been a trader and community leader for years and have appeared on one of the largest trading podcasts Chat With Traders as their first crypto trading guest in 2015
BTCVIX: regarding the dev team the front end side/UIUX has worked on Shapeshift prior and the back end ETP side specializes in indexing type products including the most popular Bitcoin index on TradeingView in the BLX, so they have a lot of experience in benchmarking which the basis of the ETP products
BTCVIX: Strategically we have partnered with Jaime Rogozinski, original founder of r/wallstreetbets and owns the trademark and IP associated with WallStreetBets — (google wallstreetbets founder he will appear and has been on CNN and Fox Business)
also he is @wallstreetbets on twitter — it is important that us as a project brought him onboard the project as any business or project that has money involved will quickly be sued off the planet if they don’t have the trademark and IP surrounding a business — private investors definitely became much more interested once Jaime was on board for this very reason
TheDevil100x – BSCTimes.com: Wow, thats a very impressive team.
eXile 🔶: It sure is.
eXile 🔶: Can you tell us a bit about the basket of stocks available right now. Of course there’s GME, but how do you pick the ones you want to run with ? And will investors be able to vote on that later on ?
BTCVIX: sure so I should start by breaking down a bit into the specifics of the project maybe my high level overview — the utility of the token is to vote to decide on the composition of ETP (exchange traded portfolio) think a basket of stocks or in this case can be stocks, crypto, NFTs, gold, frozen concentrated orange juice etc. The key here is the proposal(s) for an ETP need to be two parts value orientated and have solid DD behind them but also need a marketing angle so that different proposals can lobby to get their ETP created
BTCVIX: as you alluded to GME and for example we starting with the WSB YOLO Stonks index — it is meant to be kind of a what’s popular with retail traders type ETP and WSB holders can vote on the composition of it… maybe they want TSLA to be 90% of the ETP that still needs to have enough votes to pass to start a new ETP so there has to be value appeal and marketing appeal to get an ETP across the finish line per se
BTCVIX: I think there can be a lot of fun with these as well — I am proposing “My Wife’s Boyfriend’s Crypto” ETP…. will probably have XRP, BSV, BCH, XVG etc but you get the idea what can be done with these… I can unpack the technicals of ETP generation as well but this is the conceptual level here coming to life
TheDevil100x – BSCTimes.com: So if I am understanding this correctly, WSB dApp’s ETP’s are in essence re-creating ETF’s on the blockchain, only much improved due to the fact that they are decentralized and democratized. $WSB holders will be able to vote on each ETP’s contents, and because the title or the ownership of the tokens stays with the investor, this wouldn’t be considered a fund, am I correct?
BTCVIX: Correct, it is very important that this product is NOT an ETF as that would run a foul of many security laws, the way Balancer v2 smart pools work is their are 100% wholly collateralized and segregated, there is no pooling of funds. Say $100 of USDT comes in then ETP tokens are generated based on the composition of the underlying constituents ie GME TSLA crypto whatever and away you go
Sergeant Pepper (BSC TIMES): That’s some pretty complex sounding stuff 😂😅
Sergeant Pepper (BSC TIMES): So, before the chat started, I posted a link to your lite-paper. In it are some very lofty goals that your team seems to be very capable of achieving.
In it you talked about how you plan to decentralize Wall Street, something that I think we can all agree needs to happen, could you touch on how you plan on doing this, and accomplishing everything you set out in your lite-paper/roadmap?
BTCVIX: Well I think much of what we are doing has actually been dreamed about however it is just now really going from hypothetical to reality — we are seeing tokenized stocks and instruments on both ERC20 via Balancer and Synthetix as well as on BSC using Mirror — I expect those options to continue to expand and develop and it is why the technical aspect is less of challenge then what we originally thought.
We will still need to provide substantial liquidity for the ETPs and any exotic constituent and of incentives must be aligned so that people care to vote
TheDevil100x – BSCTimes.com: Your dApp is now live, at least the farm is, but soon you will launch your ETP’s,. When do you anticipate we will be able to take advantage of them? Do you have a timeframe for when you expect the platform to be fully launched?
it’s my understanding that the ETP’s will charge a fee, what could be done with the 2% management fee each ETP will collect?
BTCVIX: well how many times have us non-dev types been told by devs 2 weeks ™️ right ? lol but actually things have progressed faster than we had anticipated we are looking at least a prototype of an ETP with in the next 30days or so as Balancer v2 smart pools have rolled out that make our project possible. We need to add the proposal and voting component so I am being conservative on the wiring of that but we could see this product up and running by end of June even if not sooner
TheDevil100x – BSCTimes.com:
it’s my understanding that the ETP’s will charge a fee, what could be done with the 2% management fee each ETP will collect?
this is also correct — we are still deciding on this and ultimately the community will decide based on whatever proposal gets passed…. it could be used to burn tokens, go back to the treasury to supply liquidity to new ETP, could be used for contests and games and still stuff we haven’t even though of yet
eXile 🔶: Asset security in any kind of investment platform is extremely important, to that end, what have you guys done, or will you guys do, to make sure that your dApp is as safe as possible for potential investors? Have there been any professional smart contract auditors that have taken a look at your contracts, or do you plan to?
BTCVIX: sure of course in the funds are SAFU era
We have employed security professionals to test and try to break it – which they have been unable to – we also had smart contract audit to look carefully at each function before we deployed it, and we also have a seasoned team of blockchain security and web security people on staff at Blockchain NZ and IBN
our audit was done by RD Auditors you can find that in the ABOUT section into both the token contract and the farming contract
Sergeant Pepper (BSC TIMES): Heads up to everyone: @BTCVIX has a hard stop in 23 minutes. We’ll unmute everyone and allow 2 minutes for questions from the community! We’ll then mute again and let VIX answer some until he runs out of time.
Get your questions ready! He will only answer questions that begin with “WSBAMA” to prevent bots from taking over.
Sergeant Pepper (BSC TIMES): Let’s get into the community questions!
Community Question #1
Tonny Martin: For crypto education, Do you have YouTube channel or articles for guide us how to use your platform? Especially to guide staking or farming on your platform
BTCVIX: yes, Meow Meow had done several YT videos and there is a tutorial as well on farming that you can find in the pinned messages in WSB (https://wsbdapp.medium.com/apes-together-farm-b8180fd5d616)
Community Question #2
Rian Praja Mardiana: Most of the new projects made a good impression at first but were suddenly abandoned. How will you manage WSB token to gain a place in the market and become a best token in near future?
BTCVIX: we want the ETPs and the indexing/brand to become something like the Dow Jones where it is a standard benchmark you see rotating on the screen at all times, that is the idea of gaining relevance and establishing a brand in our new DeFi universe that will include all kinds of instruments now in tokenized forms
Community Question #3
Callum Hogg: How are you intending on advertising as most searches are returniing negativity atm due to the false telegram group
BTCVIX: are the scams getting on Coindesk TV ? Bloomberg terminals ? MSN Money ? Big podcasts like Wolf of Wall Street and Wolf of All Streets ? — it is just going to take time for the dust to settle and for us to still be there, right now it is just a confusing time
Community Question #4
J. Marin: The business vision that WSBDapp has is interesting. How could a normal person get involved in the development of your project and how important is the community at large to you?
BTCVIX: well we are always looking for more mods/admins that are dedicated to the project and or if they have other skills
Sergeant Pepper (BSC TIMES): Wow. Thank you for the very thorough answers, and thank you all for the questions!
BTCVIX: thanks for having me
Sergeant Pepper (BSC TIMES): Before we let you go and have some final words- I must bring one thing to everyone’s attention: $WSB is up 69% today. Well done.
TheDevil100x – BSCTimes.com: Wow, this is really cool stuff, every time I learn more about WSB dApp I get more FOMO, I am currently farming WSB and I can’t wait for the ETP’s to launch so I can do my part to help accelerate the decentralization of Wall Street. Also, $WSB up huge today! Congrats on the growth, and with a market cap still very small, $WSB seems like a no brainer.
@BTCVIX thank you for stopping by today, and chatting with our audience about your project. Before you leave, could you leave us with some information that our audience can use to find your project, and keep up with the developments?
BTCVIX: thanks again for letting me join your community on Cinco De Mayo or as we say Cinco De Drinko, props on the graphics btw — loved them
eXile 🔶: Well done to the Team and thanks for the thorough run down of the project.
eXile 🔶: Feliz Cinco de Mayo !
TheDevil100x – BSCTimes.com: Glad to hear that! It’s been a pleasure to chat with you, and secretly I really loved the “Ex Wife’s Boyfriend Fund” idea 😂
Sergeant Pepper (BSC TIMES): Thank you @BTCVIX! Adios mi amigo 🍻