Hmm, new thread title?

Enjoying yourself?

Believe it or not I have shares of GME, because I am fully willing to believe something fucky is going on and it could end up priced quite high because of it.

The MOASS thesis I have quite a bit of skepticism for and have not received sufficiently convincing answers to my questions to change that position.

 

Explain it to me. The light reading I've done about Loopring Layer 2 is that the main selling point is efficient settlement of transactions, which, you will note, still involves transactions. Which means there's a counterparty.

 

@Iwilltaco LINK just hit $6.20. Good thing I didn't buy more at $8. lol

 

LR2 will be your onramp, offramp, and host of your GME wallet. The GME wallet will be the GUI and support to the backbone software. In addition to serving those needs, your gas fees for crypto transactions are negligable.

 

I have some GME, some AMC and some Dogecoin. Not a lot, a little. I look at them as bets, lotto tickets etc. I see the possibility, and the reasoning why they definitely should go all the way to the moon. But I also understand the Gov won't let it happen. Too many everyday regular people have jumped on the wagon, and they won't let their higher up friends lose.

 

The ONLY counter-argument to anything I've been soap-boxing about for the last year and a half is, "it can't happen because they won't allow it" There is no other argument rooted in logic, fact, or evidence.

 

None of this explains why a family office made insolvent by a short position held in street name at their brokerage isn't going to be subject to standard bankruptcy law prioritizing bondholders and other creditors and writing off obligations that can't be paid.

 

Doesn't matter. Was the short position closed? If no, then keep moving up the line of custody for the position. You can't just bankruptcy away a short position. It's owned somewhere, and the debt needs paid.

 

To be fair, AMC and doge are paid media distractions. They're irrelevant to the risk these institutions are carrying right now.

As for GME, there's about 150k registered shareholders of the stock, as published in their 10-k, and updated quarterly. If you have a share of a stock and it's not in your name, you do not own a share of stock.

 

Firstly, that's a very good argument. When and if the US government tells a specific event it's not going to happen, that tends to be backed by sufficient force to make good on the dictat, at least so far as interactions between human beings are concerned.

Second, in bankruptcy legally binding financial obligations are often dissolved. Poof, just gone. And it's not terribly difficult for an operation the size of a major wallstreet firm to create a subsidiary firm with limited liability to hold its dogshit. Small time landlords do the same thing all the time by owning a property under an LLC in case shit goes sideways at the rental property in some weird way.

Third, there's about 4 million in volume on GME a day, on average. x253 trading days per year, that's 1.012 billion shares of GME that change hands annually. That's about 13x the shares outstanding, even greater ratio to free float. Why, exactly, can't short positions close out a few tens of thousands a day and, over the course of a year, go from 120% short to 20% short by closing out a float worth of shorts?


I'm going to bed now. We can resume this tomorrow if you really want to. Believe it or not, I'm not trying to talk you out of your thesis. These are all questions and concerns *I* have that I have not yet heard a sufficiently complete answer to assuage - they are, essentially, the questions that keep me from being you with regard to GME.

Just food for thought. Have a good night. See you tomorrow

 

Says who?

Bankruptcy erases contractual obligations all the time. When GM went through bankruptcy their vendors got fucked, the unions got fucked, the shareholders got fucked...they had contractual obligations to all of them.

 

Let's get back into it tomorrow. I'm eating dinner and have answers for all of those, but I don't care anymore for the evening lol

 

Says the laws governing the stock market lol. Never once in history has a company gone bankrupt and absolved their short positions. If you find one, please let me know about it

 

The same ones that say market manipulation like turning off the buy button is also not allowed? That naked shorting is not allowed?

Right - in the morning then. 'Night.

 

That's the hole in one for shorts. If the company they are shorting goes tits up they don't have to return the shares. Or pay tax on that trade. lol

 

Yep, that's why the billionaires write the laws, yes.

GME isn't going bankrupt though, so.......whoops? loophole bite in the ass?

 

I don't know why watching crypto crash is so enjoyable but it is. I wonder where that liquidity will go? lol

 

To me, eventually

 

To most meme holders if you believe the EO 14032 thesis. On June 3rd.

 

June 3rd it is. Glad I put most of my money into the idiosyncratic risk stock that's the reason for all that lol