How Lulz Took Down Wall Street
by Douglas Rushkoff
Posted February 6, 2021
WallStreetBets delivered cybernetic karma to those who deserve it. As the hedge fund billionaires suffering catastrophic losses in the r/WallStreetBets activist campaign now realize, we reap what we sow. Even more so in a digital age.
For a while, it seemed that the traditional players would maintain their stranglehold over the economy, crushing businesses at will, with no regard for employees, small investors, or the rest of the on the ground economy. The bailout of the most nefarious actors in the manufactured 2008 recession seemed to confirm our helplessness — our supposed digital empowerment notwithstanding.
But all this sharing of technology and information with ground-level consumers eventually came back to haunt the big firms feeding off our human ignorance and the latency of our inferior internet connections. The gamers analyzed the whole situation from their own perspective, and found a way to play. More…