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Robinhood and GameStop proved we need a new financial system

Published 02/07/2021, 12:33 PM
Updated 02/07/2021, 02:20 PM
Robinhood and GameStop proved we need a new financial system

King Midas is most famously remembered through the fable we tell our kids that the king could turn everything he touched into gold. At first, it was a great idea that his greed turned even food into gold, leaving him wealthy but unable to live.

Robinhood’s CEO and its board had the impossible King Midas dilemma this week: deciding whether to side with their customers and let them make over $15 billion in profits or halting trading and allow only the sale of GameStop (NYSE:GME) to enable the money-hungry shorts to cover their position at lower prices and avoid massive losses. Robinhood showed everyone that its favorite color is money, and its friends are the same people who make sure you almost never win trading on Wall Street.

Alex Mashinsky is one of the inventors of Voice Over Internet Protocol with a foundational patent dating back to 1994 and is now working on Money Over Internet Protocol technology. Over 35 patents have been issued to Alex relating 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 exited over $3 billion. Alex is the CEO and founder of The Celsius Network, a crypto lending platform founded in 2017 that provides members with curated services unavailable through traditional institutions.

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