Let’s ask the big question up front. Should Robinhood, the stock trading app the curtailed purchasing of GameStop and other stocks yesterday, be investigated? Should others be looked into as well? What does all of this mean for the future of Wall Street? Is Reddit going to be calling the shots going forward?
On the latest episode of NOQ Report, I asked cryptocurrency pioneer and blockchain venture capitalist Brock Pierce these and other questions. Yesterday’s shenanigans by Robinhood have been well documented, including a despicable decision to forcibly sell off stocks on behalf of many of their clients without consent. With all of this out in the open, it’s imperative that the government examine this very closely, according to Pierce.
Congressman Paul Gosar agrees. In fact, he’s not just calling on the SEC to look into it. He wrote a letter the Department of Justice calling for a criminal investigation into the actions of Robinhood, Citadel LLC, and Melvin Capital.
Melvin Capital was the primary loser who held a tremendous short position on GameStop, prompting the subreddit r/WallStreetBets to initiate their infamous short squeeze. It cost the hedge fund billions. Melvin is owned by Citadel. Reports indicate Citadel accounts for around 40% of Robinhood’s revenue. This is why accusations have been made that Citadel ordered Robinhood to shut down purchases of GameStop. Citadel has denied the accusations.
But Pierce didn’t stop by calling for investigations. He predicted that unlike the housing market crash of 2008 that yielded no arrests of substance, the moves yesterday will see people going to jail. He also offered advice on the future of the market as well as cryptocurrencies. We even delved into the globalization of economies and what the future holds for the dollar as the world reserve currency. It was a fascinating interview.
As long as Wall Street operates within a bubble with the common investors stuck on the outside looking in, there can be no fairness in our free market system. But as Brock Pierce noted, we need evolution, not revolution.
COVID-19 lockdowns are taking down an independent news outlet
Nobody said running a media site would be easy. We could use some help keeping this site afloat.
Colleagues have called me the worst fundraiser ever. My skills are squarely rooted on the journalistic side of running a news outlet. Paying the bills has never been my forte, but we’ve survived. We have ads on the site that help, but since the site’s inception this has been a labor of love that otherwise doesn’t bring in the level of revenue necessary to justify it.
When I left a nice, corporate career in 2017, I did so knowing I wouldn’t make nearly as much money. But what we do at NOQ Report to deliver the truth and fight the progressive mainstream media narrative that has plagued this nation is too important for me to sacrifice it for the sake of wealth. We know we’ll never make a ton of money this way, and we’re okay with that.
Things have become harder with the coronavirus lockdowns. Both ad money and donations that have kept us afloat for a while have dropped dramatically. We thought we could weather the storm, but the resurgence of lockdowns that mainstream media and Democrats are pushing has put our prospects in jeopardy. In short, we are now in desperate need of financial assistance.
The best way NOQ Report readers can help is to donate. Our Giving Fuel page makes it easy to donate one-time or monthly. Alternatively, you can donate through PayPal as well. We need approximately $17,300 to stay afloat through March when we hope the economy will be more open, but more would be wonderful and any amount that brings us closer to our goal is greatly appreciated.
The second way to help is to become a partner. We’ve strongly considered seeking angel investors in the past but because we were paying the bills, it didn’t seem necessary. Now, we’re struggling to pay the bills. This shouldn’t be the case as our traffic the last year has been going up dramatically. June, 2018, we had 11,678 visitors. A year later in June, 2019, we were up to 116,194. In June, 2020, we had 614,192. In November, 2020, we hit 1.2 million visitors.
We’re heading in the right direction and we believe we’re ready talk to patriotic investors who want to not only “get in on the action” but more importantly who want to help America hear the truth. Interested investors should contact me directly with the contact button above.
As the world spirals towards radical progressivism, the need for truthful journalism has never been greater. But in these times, we need as many conservative media voices as possible. Please help keep NOQ Report going.