<2021-11-15T11:43:45.000Z> dew_the_dew: the whole stock market is going to shit the bed but there's a pretty good case to be made for Gamestop
<2021-11-15T11:44:04.000Z> dew_the_dew: actually crypto is looking rough as well with the tether situation
<2021-11-15T11:46:43.000Z> Kevin7557: What is the predicted cause of this upcoming collapse? Same as 2008 or is it going to be the US government ending a 20 month financing scheme?
<2021-11-15T11:47:00.000Z> dew_the_dew: the same but different
<2021-11-15T11:47:03.000Z> Kevin7557: I don't do buy sell, I'm buy and hold. 
<2021-11-15T11:47:14.000Z> dew_the_dew: what are you in rightnow
<2021-11-15T11:47:14.000Z> Kevin7557: So my crypto has another decade plus to mature.
<2021-11-15T11:47:24.000Z> Kevin7557: Bitcoin and Etherium 
<2021-11-15T11:47:27.000Z> dew_the_dew: fair enough
<2021-11-15T11:47:42.000Z> Kevin7557: Got some change in biance's crypto
<2021-11-15T11:47:49.000Z> Kevin7557: Hopefully I'll be able to sell that one day.
<2021-11-15T11:47:50.000Z> dew_the_dew: i would consider taking some profits and getting into tangible goods like property/ammo/canned food
<2021-11-15T11:48:00.000Z> dew_the_dew: depending on where you're at with that
<2021-11-15T11:48:03.000Z> Kevin7557: Already got 3 months emergency food.
<2021-11-15T11:48:09.000Z> dew_the_dew: better than most
<2021-11-15T11:48:21.000Z> dew_the_dew: so right now, the evergrande situation is very bad
<2021-11-15T11:48:28.000Z> Kevin7557: Free dried. We're rural so I can go hunting for food.
<2021-11-15T11:48:34.000Z> Kevin7557: I know where all the deer are around me.
<2021-11-15T11:48:37.000Z> dew_the_dew: the markets are completely overleveraged
<2021-11-15T11:48:46.000Z> dew_the_dew: okay cool i just had to check that box
<2021-11-15T11:49:00.000Z> Kevin7557: I heard goldman sachs is trying to bail them out. How goes that?
<2021-11-15T11:49:12.000Z> dew_the_dew: lol what
<2021-11-15T11:49:23.000Z> Kevin7557: Goldman scahs is buying evergrandes debts or something.
<2021-11-15T11:49:33.000Z> Kevin7557: Didn't really care so I didn't look into it past the headline.
<2021-11-15T11:49:38.000Z> dew_the_dew: they already technically defaulted
<2021-11-15T11:49:48.000Z> Kevin7557: So did another major company.
<2021-11-15T11:49:56.000Z> dew_the_dew: there's this one kraut, i posted about him the other day
<2021-11-15T11:50:04.000Z> dew_the_dew: but he's been in finance longer than either of us have been alive
<2021-11-15T11:50:15.000Z> dew_the_dew: and he went ahead and bought a few evergrande bonds with his own cash
<2021-11-15T11:50:22.000Z> dew_the_dew: because he has access to those trading desks
<2021-11-15T11:50:47.000Z> dew_the_dew: and ofc you can't ACKTUALLY buy evergrande bonds you are buying shares in a holding company in caymans that interfaces with the chink markets
<2021-11-15T11:51:02.000Z> dew_the_dew: but he bought them and reported that they missed the payments
<2021-11-15T11:51:07.000Z> Kevin7557: So how'd it go?
<2021-11-15T11:51:15.000Z> dew_the_dew: they missed
<2021-11-15T11:51:20.000Z> dew_the_dew: they are technically in default
<2021-11-15T11:51:36.000Z> dew_the_dew: his firm is formally filing default proceedings
<2021-11-15T11:51:37.000Z> Kevin7557: Wait didn't China tell these people they can go fuck themselves while they're bailing out their own institutions and people?
<2021-11-15T11:51:46.000Z> dew_the_dew: more or less that's the chink way
<2021-11-15T11:52:06.000Z> dew_the_dew: the thing is the msm keeps reporting that 'oh they were about to default but they made the payment at the last minute'
<2021-11-15T11:52:23.000Z> dew_the_dew: but none of the big holders of their debt want to report missed payments
<2021-11-15T11:52:24.000Z> Kevin7557: I get my chinese knews from China in Focus and China Uncensored.
<2021-11-15T11:52:29.000Z> Kevin7557: reliable news.
<2021-11-15T11:52:38.000Z> dew_the_dew: because they are using those bonds as collateral for other leveraged plays
<2021-11-15T11:52:48.000Z> dew_the_dew: because they were supposed to be AAA rated
<2021-11-15T11:52:55.000Z> Kevin7557: Ah so we're looking at a cascade event?
<2021-11-15T11:52:59.000Z> dew_the_dew: much like the mortgage backed securities that fucked everything up in 2008
<2021-11-15T11:53:07.000Z> dew_the_dew: yeah idk if you watched the big short
<2021-11-15T11:53:16.000Z> Kevin7557: Is it on youtube?
<2021-11-15T11:53:19.000Z> dew_the_dew: but there's that period right before the shit hits the fan
<2021-11-15T11:53:28.000Z> dew_the_dew: idk just torrent it
<2021-11-15T11:53:30.000Z> Kevin7557: Its been so long since any of this financial stuff has come up I'm rusty.
<2021-11-15T11:53:46.000Z> Kevin7557: WHat pirate site would you recommend
<2021-11-15T11:53:53.000Z> dew_the_dew: just tpb with a vpn
<2021-11-15T11:54:01.000Z> dew_the_dew: or not with a vpn
<2021-11-15T11:54:14.000Z> dew_the_dew: you aren't likely to get slapped for one pirate download and even if you do it's just a tersely worded letter
<2021-11-15T11:54:17.000Z> dew_the_dew: if you are in USA
<2021-11-15T11:54:30.000Z> Kevin7557: I'm broke as hell. What are teh going to take, the nothing I own.
<2021-11-15T11:54:45.000Z> dew_the_dew: so anyway the heroes of the story have figured out that these mortgage backed securities are full of crap
<2021-11-15T11:54:47.000Z> Kevin7557: I can drop my crypto into a wallet and hide it if I have to.
<2021-11-15T11:55:09.000Z> dew_the_dew: and that they mortgage industry have been writing mortgages irresponsibly in such a way that people are not going to be able to pay them
<2021-11-15T11:55:17.000Z> dew_the_dew: making these mortgage bonds worthless
<2021-11-15T11:55:33.000Z> dew_the_dew: and there's this interval where it's obvious the real estate market is failing
<2021-11-15T11:55:45.000Z> dew_the_dew: but goldman and other big holders of these bonds haven't marked them down
<2021-11-15T11:55:53.000Z> dew_the_dew: like they keep trading at about the same level
<2021-11-15T11:56:10.000Z> dew_the_dew: and it's a couple of months of WTF for the buys who had taken out bets on those bonds defaulting (credit default swaps)
<2021-11-15T11:56:29.000Z> Kevin7557: Essentionall they began treating housing as an investment class object endlessly inflating the price as well. Till the inflated bubble price couldn't sustain itself any longer and it popped revaluing the market crashing these mortgages 
<2021-11-15T11:57:01.000Z> Kevin7557: Triggering the cascade event
<2021-11-15T11:57:25.000Z> dew_the_dew: yeah but the point i'm trying to make is that they big players were treating these bonds as if everything as normal
<2021-11-15T11:57:28.000Z> Kevin7557: So what do they do? Double down on the same practice and reinflate the bubble.
<2021-11-15T11:57:35.000Z> dew_the_dew: for months after it was obvious that they were worthless
<2021-11-15T11:57:47.000Z> dew_the_dew: and as long as they hold the bonds and they are worth money on their books
<2021-11-15T11:57:57.000Z> dew_the_dew: they can use them as collateral for their other margin plays
<2021-11-15T11:58:11.000Z> Kevin7557: Weren't they also outright cooking their books? Adding assets they did not have.
<2021-11-15T11:58:12.000Z> dew_the_dew: anyway now it's Commercial Mortgage Backed Securities
<2021-11-15T11:58:37.000Z> dew_the_dew: well if you know your asset is worthless and you're still listing it as an asset that's book cooking i guess
<2021-11-15T11:58:50.000Z> dew_the_dew: the CMBSs are why they want everyone to get back to the office
<2021-11-15T11:59:01.000Z> dew_the_dew: consider a law firm that leases a posh space in a skyscraper in the city
<2021-11-15T11:59:09.000Z> dew_the_dew: the pandemic happens, they all go remote work
<2021-11-15T11:59:17.000Z> dew_the_dew: holy shit everything keeps functioning basically as normal
<2021-11-15T11:59:23.000Z> Kevin7557: No I mean after the big stuff came out some of them were busted for outright lying on their books. As in they claimed they had money that they did not ever have.
<2021-11-15T11:59:26.000Z> dew_the_dew: why the fuck do they keep that lease any longer than they have to
<2021-11-15T11:59:39.000Z> dew_the_dew: that probably happened too
<2021-11-15T11:59:52.000Z> dew_the_dew: the 'fractional reserve banking' mentality pervades the entire system
<2021-11-15T12:00:10.000Z> Kevin7557: Funny part is the dems leveraged riots and defunding the police to buy up that real estate on the cheap.
<2021-11-15T12:00:26.000Z> dew_the_dew: yup the 'opportunity zones'
<2021-11-15T12:00:57.000Z> Kevin7557: With remote work that real estate will be worth less nothing. Already they're complaining they don't have enough tenants to keep up with maintenance in NYC.
<2021-11-15T12:01:10.000Z> dew_the_dew: anyway the whole market is begging for blockchain
<2021-11-15T12:01:16.000Z> dew_the_dew: the naked shorting is also out of control
<2021-11-15T12:01:38.000Z> Kevin7557: Where do you get your economic news from? I want to broaden my horizon?
<2021-11-15T12:01:39.000Z> dew_the_dew: patrick byrne of overstock.com and 2020 Q-tard posting covered this back in 2006
<2021-11-15T12:01:50.000Z> dew_the_dew: honestly /biz mostly
<2021-11-15T12:01:57.000Z> Kevin7557: 4chan?
<2021-11-15T12:02:05.000Z> dew_the_dew: yeye
<2021-11-15T12:02:18.000Z> Kevin7557: thanks. I'm always last to find out about where all the boards went and all the sub chans.
<2021-11-15T12:02:25.000Z> dew_the_dew: youtube.com/watch?v=qtkaMx12otQ
<2021-11-15T12:02:26.000Z> Kevin7557: same with slang words.
<2021-11-15T12:02:35.000Z> dew_the_dew: this video is from 2006
<2021-11-15T12:02:44.000Z> dew_the_dew: this is how the market works
<2021-11-15T12:02:51.000Z> dew_the_dew: it's total horseshit
<2021-11-15T12:03:02.000Z> Kevin7557: Max Keiser covered a lot of this back in the day.
<2021-11-15T12:03:16.000Z> dew_the_dew: was that "The Wall Street Conspiracy' ?
<2021-11-15T12:03:20.000Z> Kevin7557: He's talking about them attempting to bail out the international bankers who are 100 trillion in debt.
<2021-11-15T12:03:24.000Z> Kevin7557: Here I'll link you
<2021-11-15T12:03:52.000Z> Kevin7557: youtube.com/watch?v=qn0_Wd11Xjo&t=569s
<2021-11-15T12:04:12.000Z> Kevin7557: He's been on RT for years. I think he went off and did his own thing for a couple years then came back. Not super appraised on that.
<2021-11-15T12:04:45.000Z> Kevin7557: RT is pretty solid. They've covered a lot of what the western media has covered up. Press TV used to be good before they got Trump Derangement syndrom.
<2021-11-15T12:05:08.000Z> dew_the_dew: it's all propaganda paid for by somebody
<2021-11-15T12:05:30.000Z> dew_the_dew: 4chan has a lot of noise but it also has a small army of autists who are questioning everything
<2021-11-15T12:05:35.000Z> dew_the_dew: lol it was never good
<2021-11-15T12:05:44.000Z> dew_the_dew: and now parts of reddit are on this shit
<2021-11-15T12:05:56.000Z> dew_the_dew: r/wallstreetbets was a lowkey /biz outpost there
<2021-11-15T12:06:09.000Z> Kevin7557: Exactly. I know RT only tells me the truth the west doesn't want me to hear. That's why they're useful. It is in their best interest to tell me the truth or at least a slightly warped version of it.
<2021-11-15T12:06:44.000Z> dew_the_dew: oh god the climate change hustle in this video
<2021-11-15T12:06:57.000Z> dew_the_dew: this is all about bankrupting white people
<2021-11-15T12:07:20.000Z> Kevin7557: The Great Reset. Which is an economically illiterate idea that will fuck them over.
<2021-11-15T12:07:35.000Z> Kevin7557: I swear the elite don't have a clue anymore. They jabbed their own useful idiots.
<2021-11-15T12:07:46.000Z> Kevin7557: Their enemies are the one's who didn't get jabbed.
<2021-11-15T12:07:57.000Z> Kevin7557: In twenty years there will be more of us than of their useful idiots.
<2021-11-15T12:08:19.000Z> dew_the_dew: yeah if we have to revolt against the vaxxers we only have to fight against people who are having heart troubles and literally afraid to leave their house
<2021-11-15T12:09:36.000Z> Kevin7557: Don't forget those people are likely to side with us if we just promise them food.
<2021-11-15T12:10:07.000Z> Kevin7557: See they're new poor, I'm old poor.
<2021-11-15T12:10:34.000Z> dew_the_dew: all these dumb fucks overextended on credit
<2021-11-15T12:10:38.000Z> dew_the_dew: living large
<2021-11-15T12:11:15.000Z> dew_the_dew: anyway
<2021-11-15T12:11:19.000Z> dew_the_dew: with regard to gamestop
<2021-11-15T12:11:21.000Z> Kevin7557: Credit is useful but only if you pay it off each month. I rather enjoy my 2% interest on spending.
<2021-11-15T12:11:30.000Z> Kevin7557: Ah yes I saw them talking about that the other day. What's going on with that?
<2021-11-15T12:11:36.000Z> Kevin7557: Are they about to do another run?
<2021-11-15T12:11:42.000Z> dew_the_dew: i believe so
<2021-11-15T12:11:49.000Z> dew_the_dew: it's still massively overshorted
<2021-11-15T12:12:04.000Z> dew_the_dew: the shorts did not close their positions in january they just muscled brokers to turn off the buy button
<2021-11-15T12:12:20.000Z> dew_the_dew: there wasn't the volume that would have happened if the shorts closed their positions
<2021-11-15T12:12:35.000Z> dew_the_dew: and shutting out retail would not have stopped the price from rising if there was forced buying
<2021-11-15T12:12:37.000Z> dew_the_dew: that said
<2021-11-15T12:12:38.000Z> Kevin7557: Which might get some people put in prison.
<2021-11-15T12:12:52.000Z> dew_the_dew: for these fucks being broke would be worse than prison
<2021-11-15T12:13:02.000Z> dew_the_dew: but anyway
<2021-11-15T12:13:12.000Z> dew_the_dew: nft.gamestop.com appeared back in like april i think?
<2021-11-15T12:13:28.000Z> dew_the_dew: and there is ample evidence that they are partnering with loopring
<2021-11-15T12:13:50.000Z> dew_the_dew: which is a lvl 2 etherium solution for offchain transactions to save massively on gas fees
<2021-11-15T12:14:09.000Z> dew_the_dew: which brings me to the NFT dividend
<2021-11-15T12:14:13.000Z> Kevin7557: So they're going to make an Etherium application?
<2021-11-15T12:14:28.000Z> dew_the_dew: it looks like some sort of gaming-related NFT marketplace
<2021-11-15T12:14:39.000Z> dew_the_dew: and honestly games are one of the best applications for NFTs
<2021-11-15T12:14:51.000Z> dew_the_dew: because they need a walled garden to actually be useful
<2021-11-15T12:15:34.000Z> dew_the_dew: you can right-click save a jpg NFT but even if you make a perfect 3d model of whatever game item you want to counterfeit having the NFT would still be necessary for it to function in the game world
<2021-11-15T12:15:47.000Z> dew_the_dew: also allows for creating/reselling
<2021-11-15T12:16:03.000Z> dew_the_dew: anyway
<2021-11-15T12:16:28.000Z> dew_the_dew: back in first half of 2020 overstock got sick of the naked shorting activity going on with their stock
<2021-11-15T12:16:33.000Z> dew_the_dew: and issued a crypto dividend
<2021-11-15T12:16:43.000Z> Kevin7557: Yeah I get it. The blockchain records the existence of the item and who owns it.
<2021-11-15T12:16:53.000Z> Kevin7557: Tie it to crypto and it can be exchanged.
<2021-11-15T12:17:01.000Z> dew_the_dew: if a firm has borrowed a stock for shorting and a dividend is issued, the borrower is responsible for delivering the dividend to the owner
<2021-11-15T12:17:32.000Z> dew_the_dew: you can check the overstock chart to see what happened when they did that
<2021-11-15T12:17:42.000Z> dew_the_dew: if it's a cash divvy the shorter can just pay the cash
<2021-11-15T12:18:01.000Z> dew_the_dew: but if it's a non-cash dividend (which there is precedent for) they can't do that
<2021-11-15T12:18:05.000Z> dew_the_dew: and they have to close their position
<2021-11-15T12:18:15.000Z> dew_the_dew: i.e. buy back the stock on the market and return it
<2021-11-15T12:18:44.000Z> Kevin7557: Taking out a loan with the promise of the collateral later. Insanity.
<2021-11-15T12:19:02.000Z> dew_the_dew: and the hedgies took overstock to court for this (twice i think) and the last time it was dismissed with prejudice which means a court isn't even going to hear it again
<2021-11-15T12:19:14.000Z> dew_the_dew: the judge basically said 'you hedgie fucks made your bed'
<2021-11-15T12:19:34.000Z> dew_the_dew: it gets even worse witih naked shorting which is selling a stock that you haven't even borrowed
<2021-11-15T12:19:41.000Z> dew_the_dew: which amounts to basically counterfeiting
<2021-11-15T12:19:46.000Z> dew_the_dew: so anyway
<2021-11-15T12:20:23.000Z> dew_the_dew: hypothetically gamestop gets this NFT marketplace up and running and issued 70,XXX,XXX NFTs, one for each actual stock that was issued for the company
<2021-11-15T12:20:37.000Z> dew_the_dew: shorts are ded
<2021-11-15T12:21:12.000Z> dew_the_dew: loopring is the key for making this work economically
<2021-11-15T12:21:40.000Z> dew_the_dew: so when a hedgie does this naked shorting attack on a company the goal is for them to go bankrupt
<2021-11-15T12:22:04.000Z> dew_the_dew: the stock price goes to zero and they buy back the shares they sold for 0 dollars and return them to the holder
<2021-11-15T12:22:18.000Z> dew_the_dew: they also pay zero capital gains tax on this because they were playing with debt
<2021-11-15T12:22:41.000Z> dew_the_dew: it's like, i'm living in and working on a rental property rehab right now
<2021-11-15T12:22:49.000Z> dew_the_dew: that i bought with cash
<2021-11-15T12:23:31.000Z> dew_the_dew: once i finish it and rent it and do a cash-out refi with the newly appraised value, that refi cash isn't subject to capital gains taxes because it's debt
<2021-11-15T12:23:40.000Z> Kevin7557: Let me know if I got this straight. Gamestop issues an NFT for every stock. They demand ownership of the NFT to have a recognized share. So any short will be a loan with the intention of buying the NFT later.
<2021-11-15T12:24:12.000Z> dew_the_dew: no they shorts will be required to deliver the NFT to the lenders
<2021-11-15T12:24:23.000Z> dew_the_dew: relatively immediately
<2021-11-15T12:24:46.000Z> Kevin7557: Ah so they'll be forced to basic buying and selling. No manipulation like shorting.
<2021-11-15T12:24:53.000Z> dew_the_dew: yes
<2021-11-15T12:25:13.000Z> dew_the_dew: and all currently open short positions are now forced to buy those shares back on the open market
<2021-11-15T12:25:19.000Z> Kevin7557: Then the stock goes to zero they buy back all the stocks and issue NFTs instead of standard stocks.
<2021-11-15T12:25:20.000Z> dew_the_dew: in order to return them to the lenders
<2021-11-15T12:25:26.000Z> dew_the_dew: uh
<2021-11-15T12:25:29.000Z> dew_the_dew: you lost me there
<2021-11-15T12:25:49.000Z> Kevin7557: I'm new to NFTs so I apologize if I'm a bit slow on this topic.
<2021-11-15T12:26:11.000Z> Kevin7557: You were saying something about shares going to zero and being purchased up by Gamestop
<2021-11-15T12:26:15.000Z> dew_the_dew: there is some language in the GME shareholder report from june that suggests that they could pull their shares out of the DTCC
<2021-11-15T12:26:18.000Z> dew_the_dew: nononononono
<2021-11-15T12:26:23.000Z> dew_the_dew: nononononononnonnono
<2021-11-15T12:26:33.000Z> dew_the_dew: i'm talking about how the short attack usually plays out
<2021-11-15T12:26:37.000Z> dew_the_dew: how hedgies hope it works out
<2021-11-15T12:26:42.000Z> dew_the_dew: and what they have done in the past
<2021-11-15T12:26:52.000Z> dew_the_dew: their goal
<2021-11-15T12:27:03.000Z> Kevin7557: Owe okay. So GMC may delist their old stock and reissue NFTs in their place.
<2021-11-15T12:27:03.000Z> dew_the_dew: when they naked short a company into the dirt
<2021-11-15T12:27:20.000Z> dew_the_dew: is for the company to go bankrupt
<2021-11-15T12:27:37.000Z> dew_the_dew: gamestop didn't go bankrupt and they took advantage of their stock action earlier this year to raise a couple billion
<2021-11-15T12:27:46.000Z> dew_the_dew: they issued like 8m more shares
<2021-11-15T12:28:04.000Z> dew_the_dew: which was like a 10% dilution
<2021-11-15T12:28:24.000Z> dew_the_dew: they also got out from under a revolving line of credit contract that prevented them from issuing a dividend
<2021-11-15T12:28:34.000Z> dew_the_dew: IF THEY ISSUE A DIVIDEND AS AN NFT
<2021-11-15T12:28:47.000Z> dew_the_dew: THERE IS A HARD LIMIT 1 NFT PER SHARE
<2021-11-15T12:29:06.000Z> dew_the_dew: THERE ARE MORE IOUS FOR GAMESTOP STOCK SITTING IN BROKERAGE ACCOUNTS THAN SHARES ISSUED
<2021-11-15T12:29:15.000Z> dew_the_dew: got it?
<2021-11-15T12:29:23.000Z> Kevin7557: Yeah I got that part.
<2021-11-15T12:29:33.000Z> dew_the_dew: shorts have to deliver the dividend
<2021-11-15T12:29:35.000Z> Kevin7557: I forget the term, but major banks are allowed to short more shares than exist.
<2021-11-15T12:30:08.000Z> dew_the_dew: market makers are allowed to sell a stock that they can 'reasonably locate in a reasonable amount of time' but obviously this is rife with abuse
<2021-11-15T12:30:28.000Z> dew_the_dew: NFT divvy = shorters have to close
<2021-11-15T12:30:46.000Z> Kevin7557: Why does the NFT divvy force them to close?
<2021-11-15T12:30:59.000Z> dew_the_dew: they have to get the NFT to the actual owner of the share
<2021-11-15T12:31:02.000Z> dew_the_dew: they can't buy it
<2021-11-15T12:31:19.000Z> dew_the_dew: there are fewer NFTs than shares sold short
<2021-11-15T12:31:39.000Z> Kevin7557: Okay, so the NFTs are tied to the shares so payment will only go to the holder of said share.
<2021-11-15T12:31:41.000Z> dew_the_dew: this basically throws a wrench into the entire crooked system
<2021-11-15T12:31:59.000Z> Kevin7557: The NFT being a verification mechanism for who gets what payout.
<2021-11-15T12:32:14.000Z> dew_the_dew: i don't think you get it
<2021-11-15T12:32:22.000Z> Kevin7557: Like I said I'm new to the whole NFT thing.
<2021-11-15T12:32:25.000Z> dew_the_dew: they have to buy back the shares they sold
<2021-11-15T12:32:32.000Z> Kevin7557: I get that
<2021-11-15T12:32:41.000Z> dew_the_dew: every single one
<2021-11-15T12:32:57.000Z> Kevin7557: is they the shorters or is they Gamestop
<2021-11-15T12:33:03.000Z> dew_the_dew: the shorters
<2021-11-15T12:33:08.000Z> Kevin7557: okay that's what I thought.
<2021-11-15T12:33:23.000Z> Kevin7557: How do NFT's tie to stocks and what is their relevance to each share?
<2021-11-15T12:33:27.000Z> dew_the_dew: you need to watch the dark side of the looking glass vid
<2021-11-15T12:33:54.000Z> Kevin7557: I get how shorting works. I'm just confused on the NFT introduction to the equation.
<2021-11-15T12:34:04.000Z> dew_the_dew: the only thing that matters is that the NFTs exist in a 1:1 ratio to issued shares, and only gamestop has the private keys that can issue more NFTs if they were to issue more shares
<2021-11-15T12:34:22.000Z> Kevin7557: Okay I get that.
<2021-11-15T12:34:30.000Z> dew_the_dew: the way the market functions now there is no actual chain of custody for shares
<2021-11-15T12:34:51.000Z> Kevin7557: Okay Okay, I get it. To trade a share you will need an NFT.
<2021-11-15T12:34:57.000Z> dew_the_dew: and there is no unique identifier for any given share in any given brokerage account
<2021-11-15T12:34:59.000Z> Kevin7557: No NFT you don't own the share.
<2021-11-15T12:35:04.000Z> dew_the_dew: basically
<2021-11-15T12:35:12.000Z> dew_the_dew: this changes the entire ballgame
<2021-11-15T12:35:21.000Z> dew_the_dew: and it looks like the video game pawn shop is going to fucking do it
<2021-11-15T12:35:24.000Z> Kevin7557: so the NFT serves as a writ of ownership. 
<2021-11-15T12:35:37.000Z> Kevin7557: easily transfered between various parties.
<2021-11-15T12:35:48.000Z> Kevin7557: VIA the blockchain security infrastructure.
<2021-11-15T12:35:48.000Z> dew_the_dew: because the way the system has always worked what you end up with is a contract between you and your broker
<2021-11-15T12:36:15.000Z> Kevin7557: Yeah they hold your shares for you which means they legally own them. 
<2021-11-15T12:36:23.000Z> Kevin7557: They don't act on this ownership against you because that would cause a run on them and lawsuits.
<2021-11-15T12:36:26.000Z> dew_the_dew: joe trader bought $ABC for 4 dollars then he sold it for 6 dollars the broker owes him 2 dollars
<2021-11-15T12:37:05.000Z> dew_the_dew: yeah the gamestop people have actually been doing digital share registration with this boomer company called ComputerShare which actually puts your shares in your name
<2021-11-15T12:37:19.000Z> dew_the_dew: instead of your broker's name
<2021-11-15T12:37:49.000Z> dew_the_dew: obviously the way things are structured right now there is a lot of fuckery a broker can get away with in terms of internalizing these things
<2021-11-15T12:37:52.000Z> Kevin7557: I get how markets work. I was confused on where NFT's came into play. In this new system when I tell my broker to buy 4 GMC they will need to acquire 4 NFTs.Then when I sell the NFTs they will transfer to someone else. If Shorter (((X))) decides to claim they own the shares everyone will demand proof of ownership which they cannot provide.
<2021-11-15T12:38:21.000Z> Kevin7557: If they overshort and cannot gain an NFT they have to issue payments to the owner of the account even though they can never get ahold of a share.
<2021-11-15T12:38:25.000Z> Kevin7557: or enough shares.
<2021-11-15T12:38:32.000Z> dew_the_dew: they will have to buy back every share they sold
<2021-11-15T12:38:35.000Z> dew_the_dew: and price moons
<2021-11-15T12:38:54.000Z> dew_the_dew: like i said with a normal cash divvy they could just pass on the cash to the owner
<2021-11-15T12:38:56.000Z> Kevin7557: Now if only I had enough to buy one share. :( 
<2021-11-15T12:39:02.000Z> dew_the_dew: you don't have 200bux?
<2021-11-15T12:39:19.000Z> Kevin7557: I have reserves that coudl buy about 5 shares
<2021-11-15T12:39:28.000Z> Kevin7557: I don't like to deplete my emergency savings though.
<2021-11-15T12:39:31.000Z> dew_the_dew: eh it's still a speculative play obv
<2021-11-15T12:40:04.000Z> dew_the_dew: i have 12, 5 on fidelity, one on TDA, and 6 DRSd with computershare
<2021-11-15T12:40:06.000Z> Kevin7557: Obviously I'd want to be in position to snag shares at the start. I might not get the best price, but I can double or triple my investment.
<2021-11-15T12:40:21.000Z> Kevin7557: Which broker do you recommend?
<2021-11-15T12:40:28.000Z> dew_the_dew: i'm holding for at least 5 figures each
<2021-11-15T12:40:36.000Z> dew_the_dew: fidelity
<2021-11-15T12:40:53.000Z> Kevin7557: Thanks.
<2021-11-15T12:41:05.000Z> Kevin7557: I wish more people would just outright answer that question.
<2021-11-15T12:41:31.000Z> dew_the_dew: honestly i would get 2 shares and transfer one to computershare
<2021-11-15T12:41:34.000Z> dew_the_dew: which is free
<2021-11-15T12:41:37.000Z> dew_the_dew: with fidelity
<2021-11-15T12:41:42.000Z> Kevin7557: I never get over optimistic about my ventures. If they work out great, if they don't I'm safe from disappointment. 
<2021-11-15T12:42:05.000Z> dew_the_dew: there is enough potential fuckery with this that you don't want to neccessarily trust one broker
<2021-11-15T12:42:12.000Z> dew_the_dew: although i trust fidelity more than TDA
<2021-11-15T12:42:26.000Z> Kevin7557: What broker is DRSd?
<2021-11-15T12:42:34.000Z> dew_the_dew: none of them
<2021-11-15T12:42:42.000Z> dew_the_dew: computershare isn't really a broker
<2021-11-15T12:42:49.000Z> dew_the_dew: but you can still set limit sell orders through them
<2021-11-15T12:43:02.000Z> dew_the_dew: they are a very old school boomer company
<2021-11-15T12:43:03.000Z> Kevin7557: So they're a holding company that will sell for you?
<2021-11-15T12:43:05.000Z> dew_the_dew: yes
<2021-11-15T12:43:28.000Z> Kevin7557: And they're who you called DRSd?
<2021-11-15T12:43:37.000Z> dew_the_dew: it's like a 25$ fee for each sell tho i think
<2021-11-15T12:43:42.000Z> dew_the_dew: yes digital registration of shares
<2021-11-15T12:44:01.000Z> dew_the_dew: i have six shares with my real name and SS# on them in their system
<2021-11-15T12:44:34.000Z> dew_the_dew: but anyway if you buy through fidelity it's free to transfer your shares to computershare
<2021-11-15T12:44:37.000Z> Kevin7557: That's pretty steep, but if it hits five figures then that would be change in comparison. Do they collect dividend payouts?
<2021-11-15T12:44:53.000Z> dew_the_dew: yeah it's not for daytrading lol
<2021-11-15T12:45:01.000Z> dew_the_dew: and ofc they collect dividends they are your shares
<2021-11-15T12:45:09.000Z> dew_the_dew: the dividends to to the shareholder
<2021-11-15T12:45:11.000Z> Kevin7557: Appreciate the advice. I used to use Think or Swim way back in the day.
<2021-11-15T12:45:24.000Z> dew_the_dew: anyway
<2021-11-15T12:45:32.000Z> dew_the_dew: if you should happen to buy i would get 2
<2021-11-15T12:45:36.000Z> dew_the_dew: and transfer one to CS
<2021-11-15T12:45:51.000Z> Kevin7557: For security purposes?
<2021-11-15T12:46:04.000Z> dew_the_dew: hedge your bets on this one
<2021-11-15T12:46:23.000Z> dew_the_dew: i trust fidelity more than any other broker but who the fuck knows if this shit goes crazy
<2021-11-15T12:46:28.000Z> Kevin7557: Any idea when they might do this? Or should I just lurk /biz and wallstreet
<2021-11-15T12:46:40.000Z> dew_the_dew: Q4
<2021-11-15T12:46:44.000Z> dew_the_dew: so soon
<2021-11-15T12:46:47.000Z> Kevin7557: True that.These laster few years have shown snakes are everywhere.
<2021-11-15T12:47:40.000Z> dew_the_dew: anyway all you have to do is call fidelity and say you want to DRS your GME and they will send computershare all your information and then you just have to make a login
<2021-11-15T12:47:57.000Z> dew_the_dew: it's the easiest thing in the world and they've been getting a lot of calls about it
<2021-11-15T12:48:39.000Z> dew_the_dew: then to access your CS account you either have to do a standard identity verification thing using your credit history (which address did you live at, which vehicle are you associated with)
<2021-11-15T12:48:52.000Z> dew_the_dew: or wait for a snail mail letter with verification code
<2021-11-15T12:49:15.000Z> dew_the_dew: the GME related subreddits have seen a lot of mod drama and it's pretty obvious that some big players are fucking with them
<2021-11-15T12:49:49.000Z> dew_the_dew: i mostly stay on the /GME thread on /biz and anything interesting from the cringemines will make its way over there
<2021-11-15T12:50:16.000Z> dew_the_dew: the plebbitors have been pretty good for this though
<2021-11-15T12:50:37.000Z> dew_the_dew: they tried to make them go away in january by smashing it down to 40bux
<2021-11-15T12:50:47.000Z> dew_the_dew: instead they just pissed them off
<2021-11-15T12:50:59.000Z> dew_the_dew: and a lot of people are holding for absolute meme numbers
<2021-11-15T12:51:26.000Z> dew_the_dew: and there's really no telling how high it can go once margins are called and automated algo-buying kicks in
<2021-11-15T12:51:55.000Z> Kevin7557: so margins are about to be called?
<2021-11-15T12:52:05.000Z> dew_the_dew: uh they will at some point
<2021-11-15T12:52:21.000Z> Kevin7557: How high do you view it going when they are?
<2021-11-15T12:52:50.000Z> dew_the_dew: VW was the most valuable company in the world for a little while in 2008 when the shorts got squeezed
<2021-11-15T12:53:20.000Z> dew_the_dew: this is why you don't enter positions with potentially infinite downside
<2021-11-15T12:56:41.000Z> Kevin7557: That's some nice margins on VW.
<2021-11-15T12:56:59.000Z> Kevin7557: One could have tripled their investment when it started.
<2021-11-15T12:57:13.000Z> dew_the_dew: shorties have to buy back shares -> price goes up -> marge will be called
<2021-11-15T12:58:41.000Z> Kevin7557: I get it. But as I have limited funds I'm not going to risk $450 for maybe $50 in profit. That's to low a rate of return for the investment. I'd want at least a 50% return guarentee.
<2021-11-15T12:59:11.000Z> dew_the_dew: do what you want
<2021-11-15T12:59:21.000Z> dew_the_dew: i'm expecting 100x on this
<2021-11-15T12:59:39.000Z> Kevin7557: I generally do. I appreciate the advice andrecommendation. I'm a bit of a cynic when it comes to investing.
<2021-11-15T13:00:31.000Z> Kevin7557: As I cannot afford the losses.
<2021-11-15T13:01:30.000Z> Kevin7557: Have a good day. Nice chatting with you. :)