Chives

Chives, 21 days ago

Thanks John for what you’re doing here - and by that, I mean steadfastly encouraging a relentless forward momentum and leading in that by example.

It’s absolutely in our interest to incorporate the broader community in a collective crusade for a revolution in finance and the spread of ownership and custody education. We’ll soon be seeking to revamp our community resources and online gathering spaces in order to align with the broader vision, and encouraging all individuals to rally behind the concept of understanding in full the delineations of share ownership. Informational transparency and a democratic voice are, in my view, applying those same value systems to governance and leadership.

As we’ve discussed, I wholeheartedly believe in the self-interest of investors and issuers to transition to a system which prioritizes them both - as opposed to the incumbent system which encourages private capital to complicate and obfuscate the matters of ownership and settlement. We live in an era of technological potential and of shared passion. There are so many fractured online communities each seeking justice and retribution in a system which views them as juice to squeeze, and there are unifying factors to take advantage of.

On the ‘two discords’ dichotomy which sandwiched this post. There is both the public DRS discord (which we opened as our subreddit DRSyourGME was growing) and a much smaller DRS discord which was the original planning place for the volunteer-built, volunteer-developed, and volunteer-maintained DRS resources online. Much conversation has already transitioned to the public space, and that procession will only continue as we formalize and seek to change the market structure around us.

Chives, 3 months ago

Word is slow to spread - in part because those of us prepared and interested to spread the word don’t always have access to these other legacy platforms! and at the same time, relevant players (such as PP in the BBBY community) chose not to embrace Lemmy as a viable alternative before/during/after the cutdown of their presence on Reddit.

The power of decentralized alternatives is of course that they are a forever alternative and can only grow. Slow but steady.

Chives, 3 months ago

As long as you meet the submission criteria, you can submit. US residency is not required.

Chives, 3 months ago

Love the sentiment here!

A question unasked also goes unanswered. I am grateful not only for the answers but for the questions too!

Chives, 3 months ago

It needs to be cumulative - not dipped below the threshold over the window. If an investor has been DRS for those two years and meet the minimum now, you’re probably good, but if an investor doesn’t meet it currently then they don’t qualify.

Chives, 3 months ago

There is a lot of excitement in that topic, which is always nice to see! It’s good to get more eyeballs on information at all times.

Just want to provide some more context as the OP of that post did not. This document is a SEC comment letter which can be found at it’s original home here: www.sec.gov/comments/s7-11-23/s71123.htm (letter type C)

September 11th 2023 (date this was filed) was the last day they were accepting public comments www.sec.gov/files/rules/proposed/…/34-97877.pdf

so this document is just a few days shy of four months old, and from some skimming looks to me like mostly a collection of other publicly released filings / snippits / quotes. Definitely a nice collection but not necessarily indicative that the SEC is recognizing their relevancy.

Chives, 3 months ago

Love it, Doctor! I want to be the legal title holder of my shares too - not just listed in a subclass!

Chives, 4 months ago

Watched this one over the holiday. Was a good listen certainly and nice to see more and more coverage of the crisis of ownership.

Starts slow - and then by 15 min is talking about much the same structural issues we’ve noticed (share entitlements, pooled shares / fungible bulk) but from a banking cartel perspective.

Takes a long time to mention DTCC by name, doesn’t mention Cede. Incorrectly asserts that all shares are owned by them, flies past that assertion. This is the same issue I had with the book. It’s sensational, but inaccurate. We know it’s at least 83% probably 90% plus - but he says ‘all’ multiple times.

Love the detailed points about how central clearing has robbed derivative investors of clarity when trying to assess risk and how fragile it makes the market infrastructure.

The second half is all theory and alarm about how the breakdown will happen… Which is fine, but not based in same level of fact imo. Ultimately takes an approach which doesn’t perceive avenue to ownership exists. Unaware of DRS or intentionally misleading? Why not mention the key way investors can legally evade the ‘great taking’?

That being said, his final suggestion that banking should be a not for profit / public utility is one I agree with (love my credit union). I would sooner see this democratization of money moved away from state control and towards citizen control through some kind of blockchain. That would help simplify and enable his tax reform suggestions as well. Limiting impact of military contractors, certainly want that too. These policy suggestions though I agree with them seem out of place to me in the video (ownership crisis is plenty) and I wish DRS had been mentioned as an insulating factor. Cue ‘you call yourself a cynic, but you still have some faith in the system’ from DRS detractors, lol.

So interesting in his closing statements he talks about holding things directly - such as land or property. Good advice absolutely. Don’t hold debt. But not securities?

Chives, 5 months ago

I just wish I was more sure of which direction they moved.

Chives, 5 months ago

Really appreciate the transcript Jersan! Thank you for posting.

This bit here:

Larry Cheng: I think this is truly inspirational that you guys are all together. You guys are really defining what it means for retail investors to be in community, and what comes from that. And so, you know, when I think about what, where this is headed and where communities are going, from impacting the financial markets, it’s wherever you guys in this room want to go. Because you guys are on the forefront, and you’re leading it, and so kudos to you guys, because, I think that the power of individual investors in community will only grow over time. And, there are days in the future, where rooms like what you have, will be more important and more influential than Goldman Sachs.

This is the takeaway. You don’t have to think the PPshow is entertaining or that BBBY is a worthwhile investment thesis in order to see the echoing truth in Larry’s words here. Investor advocacy is entering a new golden age and there is no going back from here. People are activated, people are interested, and people want OWNERSHIP.

Chives, 5 months ago

No clue who she is. I didn’t watch the whole thing - that’s a great quote from Pulte indeed, agreed 100%.

Did he happen to mention anything about how participating or buying through a stock purchase plan will not result in DRS shares, and requires an extra step to move the plan shares into DRS?

Chives, 5 months ago

Can you be more specific ?

Are you referring to Meta, as in Facebook? I am not aware of them being part of the fediverse.

We are federated at this time and do not currently block any instances from appearing through this one.

Chives, 5 months ago

Hey, thanks so much for the info! I had no idea they were incorporating the fediverse into this Threads program (which I have not heard of. Looks like Twitter, but better, since it’s federated).

Chives, 5 months ago

I do love Mastodon! We had looked into setting that up before deciding on Lemmy (due to it’s clear similarity to Reddit).

Chives, 5 months ago

Don’t get to enjoy a relative monopoly by letting infant competitors grow up…

Chives, 5 months ago

In the sense that Meta may have an informal profile on you through your browsing habits, cookies tracking, IP addresses and etc - it may be in some ways that we all have involuntary accounts kept on us with today’s major data brokers.

I don’t see how this could be avoided on web2. We (the user population of the internet) need to transition to open source platforms like this one / other activityhub fediverse capable softwares. There isn’t nearly as much incentive to learn about and try to advertise to us when we don’t allow any sponsored advertising on our instance.

There are other ways to advertise of course. Posting topics about how tasty a food item was, etc, could and should be weighed with skepticism on online platforms. I imagine this instance will stay focused on the DRS niche and so we likely won’t have to worry about that here.

Really interesting discussion all the way around. Thanks a lot for making this topic.

Chives, 5 months ago

Yours is pretty great too! Brings me joy. Also love seeing crossover from an instance which is pro-monero. Just subbed to the main community over there.

Chives, 5 months ago

Well said, agreed with you completely. We have the tools in myriad ways to circumvent or destabilize the power structures which run rampant today. PB is a good thinker, and tries to keep even handed with his market commentary without focusing on any one asset (except academically) which I appreciate.

Looking forward to more similar cross contamination between our groups.

Chives, 5 months ago

Oh yeah - already there on all of that. Been turned off from BTC since the 2017 hardfork. I continue to believe an effective, cheap, and transparent settlement layer is a must if we ever are to separate money and state.

To speak more to commonality, I feel BCH XMR and GME have all undergone similar sidelining from establishment thought and media.

Chives, 5 months ago

I definitely feel the same as what you express in your edit. I was around and involved through both events and the parallels are numerous and stark. I’m hopeful that the natural co-mingling of independent communities on the Fediverse can be a somewhat natural foil. Only time will tell - more people learn about this alternative by the day.

Chives, 5 months ago

Very true! I hope they decide to run their own instance sometime. lemmy.world is gigantic, and only going to grow larger. I think operating as a community on a massive instance like that is an improvement over Reddit, but not taking full advantage of this technology.

I say that without knowing too much about the lemmy.world governance structure. Maybe they are better than I think!

Chives, 5 months ago

I would be glad to add something like the lemmyverse.net tool in the community sidebar (we already go over using it in the Apes Guide to Lemmy, but as another way to draw attention to it) but I’m not sold on including other communities in that sidebar.

I see the DRSyourGME community to be mostly about DRSing GME and the WhyDRS community as pro DRS in general.

There are already a couple of BBBY friendly communities on this instance which people have started, and people could always start more. It’s those communities which I would more encourage to link to PPshow on Lemmy.world.

What do you think? Does this make sense, or is it too in line with how subreddit crosslinking and community building works on Reddit?

Chives, 5 months ago

A related community independent of our team? Yes, many

A related community independent of our team and which is also independent of some privately run entity like Reddit or Twitter? No, I do not know of any, but I’d certainly be interested to support them.

I do know of a couple of other GME communities on lemmy.world or lemmy.ca, I do not know off hand of any other DRS focused communities.