r/wallstreetbets had illuminated something: everyone was now playing the same game, mediated by the same interface. COVID rendered us all crouched, behind screens, contending to steer the same pools of capital in different directions. I think institutional Wall Street is afraid for a reason that’s even more intrinsic than the idea of being liquidated or margin-called. The game that we’d spent decades perfecting and protecting for a select group of insiders was now open to anyone. A great incursion on the social network was unfolding for everyone to witness. The funhouse culmination of Metcalfe’s law.

From “Is this Public? (or…Why I’m leaving TradFi for Crypto)” by Elena Burger via Substack 📚