Bookstrapping: Of money, male loneliness and more

I read two books this week on the subject of making money; ‘The Trolls of Wall Street’ by Nathaniel Popper and ‘The Book of Wealth’ by Mark Möbius. The former is a fast paced, narrative on how online discussion platforms contribute to ‘actionable opinion’ on Wall Street. The latter is a part introductory, part philosophical book about key terms and key actors who have shaped the stock market.

Mark Mobius sticks to definitions, fundamentals and doesn’t really get into specific tips. ‘The Trolls of Wall Street’ however is a genre-breaking book. I went on Reddit - the host of WallStreetBets - and checked out the community ‘r/WallStreetBets’. I was shocked to discover that the community had 16 million members. Founded by Jaime Rogozinski, with pre-defined but ever evolving rules of engagement, ‘WallStreetBets’ had been around since 2012.

Why would such a strong online community need offline representation via a book? A part of me felt that this was great news for the publishing industry. There’s easily a large population of people who will encounter the sub-Reddit WallStreetBets for the first time, thanks to this book.

Here are our five Bookstrapping insights:

1. WallStreetBets seems to have come up as a ‘home for angry young men unhappy about their diminished place in the world', at an individual level. However, it grew to become a community that eventually helped these men discover their potency as a collective. The idea of ‘male bonding’ between people who might never meet, but focus exclusively on ‘making money,’ while keeping the unfocussed folks out of the community was spot on! The other thing was the need for young men to express themselves in an environment where they didn’t necessarily have to watch their language and behaviour for the presence of women. Tough but thin line.

2. The idea that people start their blogging journey online, talking about everything under the sun and then refine it over time, basis what they really want to talk about is exactly how we understand the offline world as well. The same traits, curiosity, originality and honesty are valued in both places. And common interests shape why people come together and stay together.

3. There is a certain generation born before the 1980s to whom the idea of online communities creating ‘make or break calls’ on new products and services may seem ridiculous. But the discussion on WallStreetBets was extremely critical to the fortunes of RobinHood, GameStop etc; Also the idea that a generation that grew up playing video games takes bitcoins and making money off their mobile phone seriously, are truths the book presents in a matter of fact way.

4. The book offers a window into the ‘power struggles’ within online communities - does the founder of a community remain in charge? Can an outsider become the prime mover in a community they didn’t begin? Can a community thrive on the ethos that ‘people who are easily offended will not be tolerated?’

5. The very idea of moderators in online forums and their importance comes alive in the book. A community has a purpose, a language and a vibe. A major shift from these cannot come in without the buy in of the key moderators.

Is all of online, just offline 2.0? Only that you can do it from your basement, or even type while you’re drunk and not have to dress up and behave properly?

Summing up, author and journalist Nathaniel Popper talks about ‘people, connections and wealth’ in the online world in The Trolls of Wall Street. Mark Mobius is also talking about ‘people, connections and wealth’ in the offline world in ‘The Book Of Wealth.’ The bottomline is that larger the number of people buying into your story, the more your influence. Online offline, potatoh potahto! Reeta Ramamurthy Gupta is a columnist and bestselling biographer. She is credited with the internationally acclaimed Red Dot Experiment, a decadal six-nation study on how ‘culture impacts communication.’ Asia's first reading coach, you can find her on Instagram @OfficialReetaGupta