Create 2021-07-09-Live-Charting.md

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00-Getting-Started/2021-05-27-GME-Explained-for-New-Apes.md

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+GME explained for new apes
+==========================
+
+| Author       | Source       | 
+| :-------------: |:-------------:|
+|  [u/lawrgood](https://www.reddit.com/user/lawrgood/) | [Reddit](https://www.reddit.com/r/GME/comments/nm40vh/gme_explained_for_new_apes/) | 
+
+---
+
+[🔬 DD 📊](https://www.reddit.com/r/GME/search?q=flair_name%3A%22%F0%9F%94%AC%20DD%20%F0%9F%93%8A%22&restrict_sr=1)
+
+If you are new to the sub or have been struggling to wrap your head around the DD (due diligence), hopefully this can make things clearer.
+
+Why is GME's price changing?
+
+Short hedge funds (SHF) sold shares that they didn't own because they thought GME would go bankrupt.
+
+Think of it like an airline. There's only so many seats on the flight. The hedgies thought the flight was going to be cancelled so they printed some fake tickets and sold those too. Then the flight didn't get cancelled. Now, because there are only so many seats available, they need to stand at the gate and buy back the extra tickets, then rip them up so no-one tries to use them. It doesn't matter if that ticket was a real one or the fake one. They need to buy it and destroy it until only the original number remains.
+
+The problem is, everyone is really excited for the trip, so no-one wants to sell. So the price of the tickets is too high for the hedgies. Short term, they are printing even more tickets to give them cash to deal with the people at the front of the queue, but all that does is make the line longer. And there is still only the original number of seats on the plane.
+
+How can they sell shares that they don't own?
+
+If SHF think a stock will go down in price, they are allowed to locate and borrow shares from other people, sell them and try to buy them back later. To keep the metaphor going, they can give you a few bucks to hold your ticket and promise to sell it to me at today's price. Then if the price goes down they can buy it from you at the cheaper price to deliver to me.
+
+What we think has happened is, they didn't just borrow your ticket, they photocopied it and lent it to someone else at the same time as they sold it to me. As in, they lent out the shares they had borrowed. Because they have a few days to sort that out before anyone notices, they usually get away with it. Normally people buy and sell all the time so it gets lost in the noise.
+
+Isn't relending shares you've borrowed illegal?
+
+Yes. You aren't allowed to sell shares that don't exist. If you see the term "naked short selling" this is what they mean. There may be some misreporting going on to cover up the fact but punishments are relatively lean historically such as a proportionally small fine. There's been a lot of regulation changes in a short period of time which may be gearing up to deal with that.
+
+What's with the massive price spikes every so often?
+
+This is probably cyclical. If you see T+21 or T+35 mentioned this is referring to the time after a trade that they have to find that share they promised to give you. Market Makers get a little longer than your standard HF. Because shares are so hard to find, it could be that SHF have to keep kicking the can down the road. In our airline metaphor, this is them printing extra tickets. T+21 and T+35 would be the day that people are arriving to collect their tickets so the SHF needs to order more from the printers. The last week of May was when these two dates overlapped so lots of pressure to find shares to deliver.
+
+If the price keeps going up, who will pay?
+
+First the SHF has to buy back what they can from the market. If they run out of cash, the clearing house auction off all their stuff and buy back with that. If that's not enough, the clearing house is on the hook because they rubber stamped the trades. They can use the cash they have but, if they run out, they can ask for cash from their members.
+
+If that isn't enough, the DTCC is on the hook for failing to keep the records straight. If they run out of cash, it's down to the government for not intervening in the fraud soon enough. When it gets to this point, trillions will have been spent buying back shares.
+
+How long can they keep this going?
+
+No-one knows for sure. It seems that SHF are running low on money already. There have been massive sell offs across all their other holdings. This is why, when the market tanks, it's usually at the same time GME is doing well.
+
+There have been lots of rule changes too. The clearing houses are asking for more collateral (the money or assets that needs to be put up as assurance in order to keep or establish these short positions). They can also ask for reports more often and can force members to close their positions sooner.
+
+How do we know the SHF haven't bought back enough shares?
+
+There may be some misreporting going on. SHF's may be mislabeling short positions as long, not reporting them at all, or putting out press releases of how they have covered their positions. The fines for doing so are relatively minor, and if it means the difference between going bankrupt or getting another day to dig themselves out of a hole, there's a lot of incentive to cheat.
+
+There's been a large increase in whistleblower awards handed out by the SEC this year for information that leads to a penalty.
+
+The push to vote will shine a light on this. There is a shareholder meeting on June 9th and many have already voted. The vote count will give an insight into how many fake shares have been sold. Even this number will be lower than the true number. Remember that not all holders can/will vote.
+
+There are also other indicators that shares are hard to get hold of. Volumes traded each day have been declining meaning fewer shares are flying back and forth between traders. Shares have been harder to borrow than they were before.
+
+What's the company like?
+
+GME have had some great news lately. The incoming chairman is an e-commerce legend (Ryan Cohen) who is putting together a team to take the company into the future. He's already built a successful e-com company (Chewy) and is very customer focused with an eye for quality.
+
+The latest news is that they are developing an NFT to be built using Ethereum. This will allow for digital games to be traded in and resold. An NFT is an encrypted record of who owns a specific digital asset. When you buy a game download, a corresponding digital coin would be minted that says it belongs to you. If you want to sell it on, you could transfer ownership of that coin just like you do with bitcoin or Ethereum now.
+
+They also have no debt and $500+ million dollars in the bank.
+
+None of this is investment advice. Do not take advice from internet strangers. I am in no way qualified to give it. If you think I've got any part wrong, call me out in the comments. If you think I need to add something, ask. If you have more questions, I will try to answer but, I repeat, I know almost nothing.

00-Getting-Started/2021-07-08-For-New-Apes-This-is-What-Happened-Yesterday.md

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+For new Apes: This is what happened yesterday
+=============================================
+
+| Author       | Source       | 
+| :-------------: |:-------------:|
+|  [u/derAres](https://www.reddit.com/user/derAres/) | [Reddit](https://www.reddit.com/r/Superstonk/comments/og5llh/for_new_apes_this_is_what_happened_yesterday/) | 
+
+---
+
+
+[HODL 💎🙌](https://www.reddit.com/r/Superstonk/search?q=flair_name%3A%22HODL%20%F0%9F%92%8E%F0%9F%99%8C%22&restrict_sr=1)
+
+![image](https://user-images.githubusercontent.com/82035192/125073276-b367d580-e089-11eb-9b97-7676cf51bfc8.png)

01-Must-Read/2021-04-30-I-Am-Not-A-Financial-Advisor-v14.md

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+# I Am Not a Financial Advisor PDF
+
+| Author       | Source       | 
+| :-------------: |:-------------:|
+|  [@iamnotafinadv](https://www.twitter.com/iamnotafinadv) | [Source](https://iamnotafinancialadvisor.com/) | 
+
+---
+
+[GMEv14.zip](https://github.com/verymeticulous/wikAPEdia/files/6764891/GMEv14.zip)

01-Must-Read/2021-06-23-Updated-Go-No-Go-Launch-Checklist.md

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+UPDATE -- Go / No-Go For Launch - The checklist keeping GME on the launchpad.
+=============================================================================
+
+| Author       | Source       | 
+| :-------------: |:-------------:|
+|  [u/nothingbuttherainsir](https://www.reddit.com/user/nothingbuttherainsir/) | [Reddit](https://www.reddit.com/r/Superstonk/comments/nhh0f1/update_go_nogo_for_launch_the_checklist_keeping/) | 
+
+---
+
+[Possible DD 👨‍🔬](https://www.reddit.com/r/Superstonk/search?q=flair_name%3A%22Possible%20DD%20%F0%9F%91%A8%E2%80%8D%F0%9F%94%AC%22&restrict_sr=1)
+
+*TL;DR:*\
+DTCC / OCC / ICC etc. & Wall St want key things in place before GME unwinds, and we're now looking at a list that's been mostly checked off. This rocket is just about cleared for launch.
+
+*Last updated: 2021-06-23* | [Original post from 2021-04-22](https://www.reddit.com/r/Superstonk/comments/mvq6rs/go_nogo_for_launch_the_dtcc_checklist_keeping_gme/)
+
+Go / No-Go For Launch
+
+Opinion - Status: Hold ❌\
+*We're on a scheduled hold. Preliminary system checks are good enough to launch, and now we are being held for atmospheric conditions to be just right.*
+
+*GME ignition needs to appear from the outside to be organic, or it will be fairly obvious to the public that The System is built on lies, and run by liars, completely unfair, and this stock was just being flat out controlled for months. Even if Wall St survives financially by implementing all these rules, if they lose the public trust then it is literally "game stopped." They need plausible cover to launch now, the rest is in place.*
+
+1 - Rules of Engagement ✅
+
+2 - Funding ✅
+
+3 - Cover Story for Timing ❌
+
+4 - Avoiding Perception of Responsibility ✅
+
+--- *End TL;DR* ---
+
+Busy few weeks, eh Apes? Figured I'd give this a brush up and post it again since it was a month ago I posted the original. So here's the refreshed, reviewed, reassessed, reformatted, and return of the Go / No-Go Checklist. Freshness stamp at the top, changes by date at the bottom. Please comment with any additions and corrections as always.
+
+Official notice that this is not financial advice, etc etc. I have no idea if any of this is indeed why these things are happening, or if they are even what I think they are. I bought a handful of shares before DFV's Congressional hearing because something seemed fucky, and that was my first stock purchase EVER. If you make financial decisions off of this speculation, you probably do eat crayons like me. I am literally just some Ape on the internet mashing buttons and you're gonna have to explain to your wife's boyfriend why you took this as advice and then spent your whole allowance already this week.
+
+So this [post](https://reddit.com/r/Superstonk/comments/mu9xed/why_were_still_trading_sideways_and_why_we_havent/) from [u/c-digs](https://www.reddit.com/u/c-digs/) is about as close as anyone has come to my personal theory that there is a literal checklist somewhere that is getting marked off before this is allowed to unravel. The DTCC and Wall St (and probably the SEC) definitely do not want this spring to unwind before they are ready, and certainly not in a way in which they don't feel they are in control. These players are Big Corporate dicks with Big Corporate mindsets, and its my bet that they don't do anything without a plan that at least addresses all eventualities.
+
+However, as it is now probably alarmingly clear to them this isn't just gonna go away on its own (cue Apes waving from the windows of the rocket sitting on the launchpad), the DTCC and pals are now scrambling to get the last things in place before somebody trips over the cord to the shredder at 3am and lands on the launch button.
+
+I think the list goes something like this, but am intending this to be a crowdsourced document because there is no way I can keep this all straight on my own, and the GME Investor community has done so so much great DD already. There is definitely more to add in terms of DTCC / OCC / NSCC / SEC rules, and please comment with additional items & sources and I'll try to keep up with editing them into the list. Compiling it here can possibly help determine just how close GME probably is to liftoff. It feels like we aren't that far from it now.
+
+1 - Rules of Engagement
+
+Opinon - Status: Go for Launch ✅\
+*The System would benefit most if new rules about payments in a member default situation are in effect prior to launch, and as far as we know at this point, all rules to cover that scenario that were filed are now in place. They can use remaining days to shore up a few more monetary rules, but there aren't any disaster-level rules still pending out there. My opinion is at 100% Go for rules being in place.*
+
+Let's cover some basics before getting into each specific rule.
+
+Whose rules cover what:
+
+DTCC stands for Depoisitory Trust and Clearing Corporation which is made up of 3 self-regulating bodies:
+
+-   [DTC](https://www.dtcc.com/about/businesses-and-subsidiaries/dtc) - The Depository Trust Company
+
+-   [NSCC](https://www.dtcc.com/about/businesses-and-subsidiaries/nscc) - National Securities Clearing Corporation
+
+-   [FICC](https://www.dtcc.com/about/businesses-and-subsidiaries/ficc) - Fixed Income Clearing Corporation
+
+and handles:
+
+-   Physical Stock Certificates and ownership records, big institutional trades (DTC)
+
+-   Securities trades, clearing, and settlement for nearly all transactions involving US based marketplaces (NSCC)
+
+-   Government Securities and Mortgage-Backed Securities (FICC)
+
+[OCC](https://www.theocc.com/) - Options Clearing Coroporation handles:\
+Options (shocker, I know)
+
+[ICC](https://www.theice.com/clear-credit) - Intercontinental Exchance (ICE) Clear Credit handles:\
+Credit Default Swaps, or CDS for short.
+
+Naming Scheme (yes the whole thing is important)\
+example: SR-DTC-2021-005
+
+-   SR - Type of document filed, SR = Self Regulation
+
+-   DTC - Name of self regulated entity filing it
+
+-   2021 - Year regulation was filed
+
+-   005 - Sequence filed in (5th, so far)
+
+✅ = in effect now\
+❌ = pending review / revision
+
+Rules To Protect The System
+
+Stocks/Securities
+
+-   SR-DTC-2021-003: Obligation to Reconcile Activity on a Regular Basis ✅\
+    *The "You're gonna report your risk daily now, you little shits" Rule.*\
+    Filed 2021-03-09\
+    Effective 2021-03-16\
+    [src](https://www.reddit.com/r/GME/comments/m793h7/new_dtcc_rule_just_passed_in_effect_immediatly/)
+
+-   SR-DTC-2021-004: Amend the Recovery & Wind-down Plan ✅\
+    *The "We'll liquidate your asse(t)s if you default, then make your pals chip in, before we pay a dime ourselves" Rule.*\
+    Also stipulates what the DTCC is willing to cover when reconciling, as in only shares on the books, and why you (yes you Ape) should have a cash account and not a margin account.\
+    Filed 2021-03-29\
+    Effective Immediately\
+    [src](https://www.reddit.com/r/GME/comments/mgs05i/analysis_of_srdtc2021004_dtcc_changing_the_game/?utm_source=share&utm_medium=ios_app&utm_name=iossmf)
+
+-   SR-DTC-2021-005: Modify the DTC Settlement Service Guide and the Form of DTC Pledgee's Agreement ✅\
+    *The "We're tagging the shares you lend out so you can't do it more than once" Rule.*\
+    While this won't help prevent the current GME squeeze scenario, and would likely ignite the engines on its own, this will prevent a *GME-like* scenario from happening again in the future. [u/Leenixus](https://www.reddit.com/user/Leenixus/) has posted lots of info around DTC-2021-005 if you'd like to follow the saga.\
+    Filed 2021-04-01 [archived original](https://www.reddit.com/r/Superstonk/comments/o2nx3z/i_have_the_original_sec_srdtc2021005_before_it/)\
+    Removed for further review src-1\
+    Refiled 2021-06-15 src-2\
+    Effective Immediately upon re-filing\
+    [src-1](https://www.reddit.com/r/Superstonk/comments/mpmcyz/good_news_update_on_dtc2021005_according_to_john/), [src-2](https://www.dtcc.com/-/media/Files/Downloads/legal/rule-filings/2021/DTC/SR-DTC-2021-005.pdf)
+
+-   SR-DTC-2021-006: Remove the Security Holder Tracking Service ✅\
+    *The "We're dropping the old way of tracking shares, cause it didn't work well, and DTC-2021-005 will do it better" Rule.*\
+    It was speculated in another post that the old system of tracking needed to be removed so there was no conflict in implementing DTC-2021-005 (I can't find that post here on reddit anymore, src needed!). It's likely that this could pave the way for 005 to be implemented. As if 2021-05-20 I am more inclined to think that it was removed to keep anyone from implementing share tracking prior to 005 being implemented. Filed 2021-04-22\
+    Effective Immediately\
+    [src](https://www.reddit.com/r/Superstonk/comments/mwhyhw/sec_files_srdtc2021006_removing_the_old_and/) <- also my post
+
+-   SR-DTC-2021-007: Update the DTC Corporate Actions Distributions Service Guide ✅\
+    *The "Stop bickering back and forth over the manual adjustments to your peer to peer trade records via the dumb APO method, and just use the GD computer validated Claim Connect system, please" Rule.*\
+    Way to make a super vague title DTC... This is mostly about borrowed shares and updating who pays how much when circumstances - like rates - change. The old system (APO) needed both parties to just agree on the adjustments and one side could only submit an adjustment at a time, so it was rarely agreed upon in one pass and the bad guys could likely stall with many back and forths. To me this reads as a please use this better thing now, because APO will go away on July 9th 2021 so you'll have to use Claim Connect by then anyways. Since the lender is likely incentivized to use the new system, it may get adopted in higher numbers sooner.\
+    Filed 2021-04-30\
+    Effective Immediately\
+    Mandatory 2021-07-09\
+    [src](https://www.sec.gov/rules/sro/dtc.htm#SR-DTC-2021-007), [Explainer post](https://www.reddit.com/r/Superstonk/comments/n28jes/new_dtc_regulation_posted_srdtc2021007/)
+
+-   SR-DTC-2021-009: Provide Enhanced Clarity for Deadlines and Processing Times ✅\
+    *The "Don't assume we'll be keeping up with our own deadlines just because we have been in the past. We'll do what we want when we want. Also dont cry to us if our choices about deadlines, or someone else's rules about deadlines, kick you in the wallet. We're not chipping in for that." Rule.*\
+    This is basically a re-statement of an ongoing policy by the DTC that their precedent around deadlines/timetables that they themselves have control over should not be misunderstood as a guarantee of them adhering to those same deadlines/timetables in the future. This does not effect deadlines imposed by external regulations though. Further, the DTC stipulates that they are not liable for damages (monetary losses) that are incurred by members from the DTC's choices to act or not act in the same timeframes as they had before, or damages from the actions of anybody else's rules, (SEC, OCC, NSCC, etc).\
+    Filed 2021-06-08\
+    Effective Immediately\
+    [src](https://www.sec.gov/rules/sro/dtc/2021/34-92198.pdf), [Explainer post](https://www.reddit.com/r/Superstonk/comments/o1ds30/new_dtc_filing_srdtc2021009_notice_of_filing_and/), [more info](https://reddit.com/r/Superstonk/comments/o63ev5/dtc2021009_implemented_tomorrow_saying_the_dtc/)
+
+-   SR-NSCC-2021-002: Amend the Supplemental Liquidity Deposit Requirements ✅\
+    *The "We'll margin call your ass if your new daily reports say you're overextended and make us feel scared" Rule.*\
+    Works in conjunction with DTC-2021-003. This rule now appears to be clear to be acted on by the SEC. NSCC filed a Partial Ammendment to this on June 17th for clarification.\
+    Possible insight on why this may have been strategically delayed, via [/u/yosaso](https://www.reddit.com/u/yosaso/) src-4\
+    NSCC-2021-801 Gave Advance Notice of this, and as of 2021-05-04 is cleared to be included with NSC-2021-002. src-2\
+    Filed 2021-03-05\
+    Comment Period Extended to 05-31 / Expected action on or before 2021-06-21 src-3\
+    Approved 2021-06-21 with partial ammendment src-4\
+    Effective 2021-06-23 src-5 [src](https://www.reddit.com/r/GME/comments/mc0zfn/too_ape_didnt_read_summary_of_srnscc2021801/?utm_source=share&utm_medium=ios_app&utm_name=iossmf), [src-2](https://www.reddit.com/r/Superstonk/comments/n51u5d/sec_has_no_objections_to_nscc801/), [src-3](https://www.sec.gov/rules/sro/nscc/2021/34-91788.pdf), [src-4](https://www.reddit.com/r/Superstonk/comments/n67h63/the_reason_why_may_4th_was_important/), [src-4](https://www.sec.gov/rules/sro/nscc/2021/34-92213.pdf), [src-5](https://www.reddit.com/r/Superstonk/comments/o4z0jc/implementation_of_the_proposed_changes_to_the/?utm_source=share&utm_medium=web2x&context=3)
+
+-   SR-NSCC-2021-004: Amend the Recovery & Wind-down Plan ✅\
+    *The "Just so we're clear about stocks specifically, we're really serious about us not paying for your fuckups unless we have to rule" Rule.*\
+    Works in conjunction with DTC-2021-004, but this is specific to securities and was filed first. src-1 This ALSO has language in it about clarifying the mass transfer of customer accounts from a failing member to a stable member. src-2\
+    Filed 2021-03-05\
+    Effective 2021-03-18\
+    [src-1](https://www.reddit.com/r/GME/comments/mc0zfn/too_ape_didnt_read_summary_of_srnscc2021801/?utm_source=share&utm_medium=ios_app&utm_name=iossmf), [src-2](https://www.reddit.com/r/Superstonk/comments/mvybgf/sec_is_expecting_the_need_for_a_mass_emergency/)
+
+-   NSCC-2021-005: Increase the NSCC's Minimum Required Fund Deposit *pending* ❌\
+    *The "We're gonna up your minimum deposit with us from an hysterically low $10K each, to an almost certainly still not enough $250k each" Rule.*\
+    DTCC has submitted this to SEC, but SEC has not approved / published yet, so details may change. src-1\
+    Filed 2021-04-26\
+    Published: 2021-05-10\
+    Approved: Pending, expected action on or before 2021-06-24 (45 days after publication)\
+    Effective: Approval + 10 days max\
+    [src-1](https://www.dtcc.com/legal), [Explainer post](https://www.reddit.com/r/Superstonk/comments/mz9gl6/nscc2021005_has_been_signed_today_implementation/)
+
+Options
+
+-   SR-OCC-2021-003: Increase Persistent Minimum Skin-In-The-Game / Waterfall ✅\
+    *The "You Market Makers are gonna give us more money now in case you fuck up with options later and owe someone more than you have" Rule.*\
+    This is the rule associated with the SR-OCC-2021-801 advanced notice, and SIG filed an opposition during the review period delaying the implementation. src-1 You can read that whiney rant here via this [comment](https://www.reddit.com/r/Superstonk/comments/nhh0f1/update_go_nogo_for_launch_the_checklist_keeping/gznui8r?utm_source=share&utm_medium=web2x&context=3)\
+    OCC-2021-003 is now approved and both should be in effect no later than Tuesday 2021-06-01 10am Eastern (if SEC approval notice counts as the official written notice to OCC members). src-2\
+    Filed 2021-02-10\
+    Approved 2021-05-27\
+    Effective on or before 2021-06-01 10am EST\
+    [src-1](https://www.reddit.com/r/Superstonk/comments/mm8pnz/update_from_sec_on_srocc2021801_aka_srocc2021203/), [src-2](https://www.reddit.com/r/Superstonk/comments/nmjbov/srocc2021003_approved_that_one_was_needed_for/gzqwqzc?utm_source=share&utm_medium=web2x&context=3)
+
+Credit Default Swaps
+
+-   SR-ICC-2021-005: Amend the ICC Recovery & Wind-down Plan ✅\
+    *The "Guys, DTC had a pretty good idea, lets also liquidate members first before touching our own cash." Rule.*\
+    Fairly straightforward with this nugget as described by [u/Criand](https://www.reddit.com/u/Criand/):\
+    "Something really cool is they'll not only wipe out members who default on a certain security, they'll wipe out similar positions in that same security of all their other members IF it's high risk/stress to the market."\
+    Filed 2021-03-23\
+    Approved 2021-05-10\
+    Effective Immediately\
+    [src](https://www.reddit.com/r/Superstonk/comments/nfl69o/new_icc_rules_summary_they_are_preparing_for/)
+
+-   SR-ICC-2021-007: Update the ICC's Treasury Operations Policies and Procedures ✅\
+    *The "Your capital balance sheet is looking a little shaggy there, we think you need a Collateral Haircut" Rule.*\
+    Tightens up what can and cant be considered as collateral, trimming off the stuff that is not deemed worthy, and reducing overall capital, which means you can handle less total risk and/or volatile CDS contracts.\
+    Filed 2021-03-29\
+    Approved 2021-05-13\
+    Effective Immediately\
+    [src](https://www.reddit.com/r/Superstonk/comments/nfl69o/new_icc_rules_summary_they_are_preparing_for/)
+
+-   SR-ICC-2021-008: Update the ICC Risk Management Model Description ✅\
+    *The "We're gonna start using our best guesses on if the collateral for the loans these psuedo-insurance contracts are based on might go crazy in the near future, 'cause shit is getting weird out there" Rule.*\
+    This is about [Credit Default Swaps](https://www.investopedia.com/terms/c/creditdefaultswap.asp), which are a bit complex. Essentially this rule appears it primarily will help to reduce the chances of say, BofA failing because they agreed to get paid to take on some of the risk of a loan made by say JP Morgan, and then BofA got fucked over just because JP Morgain made the loan using a volatile stock as collateral and then that stock went bananas... a stock which everyone probably knew was volatile but somehow wasn't a big factor in making the agreement before this rule. The rule also limits the ICC maximum total losses/payout, and ups initial margin requirements.\
+    Filed 2021-03-31\
+    Approved 2021-05-18\
+    Effective Immediately\
+    [src](https://www.reddit.com/r/Superstonk/comments/nfl69o/new_icc_rules_summary_they_are_preparing_for/)
+
+-   SR-ICC-2021-009: Update the ICC Risk Parameter Setting and Review Policy ✅\
+    *The "We're basing risk on day to day averages now instead of month to month averages" Rule.*\
+    When something strays too far outside of the acceptable baseline, it gets flagged. Now that baseline is automatically calculated day to day, instead of month to month, and manualy reviewed the old way at least monthly. It will result in faster response time to fast moving changes and real risks (safer), but also less shock from too few updates (smoother). All that so they can keep margin levels appropriate. Also cleans up some language to be more generic and descriptive like "Extreme Price Change Scenarios."\
+    Filed 2021-04-02\
+    Approved 2021-05-20\
+    Effective Immediately\
+    [src](https://www.reddit.com/r/Superstonk/comments/nhdw0f/rick_management_updates_just_went_from_monthly_to/)
+
+-   SR-ICC-2021-014: Update the ICC's Fee Schedules ✅\
+    *The "Huuuuuuuge discounts on swaps! Get 'em while they last!" Rule.*\
+    This cuts fees on CDS contracts about 25%, which sounds like they want to incentivize risk sharing even more. Program is for the 2nd half of 2021, and discounts start June 1st.\
+    Filed 2021-05-07\
+    Approved 2021-05-18\
+    Effective Immediately\
+    [src](https://www.reddit.com/r/Superstonk/comments/nfl69o/new_icc_rules_summary_they_are_preparing_for/)
+
+Rules to protect the value of the market in general as best as possible
+
+-   SR-OCC-2021-004: Revisions to OCC's Auction Participation Requirements ✅\
+    *The "Everyone can come to the feeding frenzy party when we liquidate one of you idiots" Rule.*\
+    Allows more firms that were traditionally excluded from an auction of this type to now join in, probably making the market wide bleeding end sooner, and retain more value overall.\
+    Filed 2021-03-19\
+    Effective 2021-05-19\
+    [src](https://www.reddit.com/r/Superstonk/comments/mnpzu5/srocc2021004_why_this_proposed_rule_change_is/)
+
+Non-regulation / Other Announcments
+
+-   Exchange Act Rule 15c3-3 Compliance Letter: Staff Statement on Fully Paid Lending ✅\
+    *The "We're making you keep full collateral on hand for your shit, you've got six months to get it together" letter.*\
+    Letter sent 2020-10-22\
+    Effective 2021-04-22\
+    [src](https://www.sec.gov/news/public-statement/staff-fully-paid-lending?utm_medium=email&utm_source=govdelivery)
+
+-   GOV-1085-21: DTCC / FICC White Paper Announcing WABR added as a Sponsored Member ✅\
+    WABR Cayman Limited is a firm specializing in helping Institutional Sales Traders in times of "thin markets". [u/stellarEVH](https://www.reddit.com/u/stellarEVH/) explains:\
+    *"When a company needs to quickly pay off their debts as in the case of a margin call, it can be challenging for them to gather all the money from their various investments. There are firms in place that are specialized in liquidating their portfolio in a manner to minimize market impact while they pay off their debt."*\
+    Announced 2021-04-23\
+    Effective 2021-04-29\
+    [src](https://www.dtcc.com/-/media/Files/pdf/2021/4/23/GOV1085-21PDF.PDF), via [this post & comments](https://www.reddit.com/r/Superstonk/comments/my1hio/friday_the_dtcc_approved_wabra_morgan_stanley/), linked from [It's Just a Bug, Bro Part 6 - Bug Spray Edition](https://www.reddit.com/r/Superstonk/comments/myl37p/its_just_a_bug_bro_part_6_bug_spray_edition/)\
+    [Additional info on who WABR is](https://reddit.com/r/Superstonk/comments/mz4oza/the_rabbit_hole_of_wabr_cayman_company_limited/) 👀 *Spidey senses are tingling*\
+    *I love this community*
+
+-   MBS978-21: FICC Notice on MBSD Intraday Mark-to-Market Charge - Timing of Intraday Collection ✅\
+    *We've been lenient for the past year cause shit was wack, but we're going back on that regular hourly assesment for margins.* "Starting on May 3, 2021, the fixed time of 1:00PM will be eliminated and the MBSD Intraday Mark-to-Market Charge will return to an hourly assessment." This combined with other things will tighten the screws.\
+    [/u/stellarEVH](https://www.reddit.com/u/stellarEVH/) bringing that good good again: *"For example, it'll be much harder to short GameStop and/or trade in dark pools when you're expected to cover your margin every hour. For the last year, they've only needed to prove they were covered at 1pm."*\
+    Notice Date 2021-04-21\
+    Effective 2021-05-03\
+    [src post](https://www.reddit.com/r/Superstonk/comments/n3m0qu/the_mandatory_dtcc_common_stock_reallocation_for/), [explainer comment](https://www.reddit.com/r/Superstonk/comments/n3m0qu/the_mandatory_dtcc_common_stock_reallocation_for/gwr8n2a?utm_source=share&utm_medium=web2x&context=3)
+
+-   OCC Notice 48718: TEMPORARY INCREASE TO CLEARING FUND SIZE ✅\
+    *Yeah if you could give us some more of your money for a bit, that would be great.*\
+    Yeah they used all caps, and gave 2 days notice before they would just go into members bank accounts to get that money. Must've needed it bad for the 19th, because it normally is just increased monthly on the 1st. Total increase was $588,378,155.\
+    Notice Date 2021-05-17\
+    Deposit by Date 2021-05-19 [by 9am](https://www.reddit.com/r/Superstonk/comments/nfz9xa/huge_crypto_dump_currently_things_are_hotting_up/).\
+    [src](https://www.reddit.com/r/Superstonk/comments/nftyg4/occ_has_issued_a_statement_to_all_clearing/)
+
+*(please help me fill in other important rules via comments)*
+
+2 - Funding
+
+Opinion - Status: Go for Launch ✅
+
+To pay out for shares of GME
+
+-   [SHF Pulling money from crypt0](https://finance.yahoo.com/news/bitcoin-doge-ethereum-ripple-price-monday-19-april-crypto-latest-081427050.html)
+
+-   SHF Pump and Dump on other stocks
+
+-   SHF Liquidate other Assets Under Management (market-wide dive on 2021-04-22?) [Citadel Sell-off?](https://www.reddit.com/r/Superstonk/comments/n0fwx2/kenny_might_be_in_a_bit_of_a_pickle_right_now/)
+
+-   Wind Down and Recovery Strategies (SR-DTC-2021-004, SR-ICC-2021-005)
+
+-   *(other suggestions w/ sources wanted)*
+
+Secure cash to buy up liquidated assets to prevent total market collapse
+
+-   [Big Banks do a Bond Sales](https://www.reddit.com/r/Superstonk/comments/mu8a5m/6_out_of_the_7_top_listed_us_banks_have_made/), [Citigroup: "Me Too!"](https://www.reddit.com/r/Superstonk/comments/mzvcli/citigroup_borrowing_55_billion_in_latest_bank/)
+
+    -   Need plausible reasons for making those sales such as earnings report, or LIBOR to SOFR switch, or *insert wildcard like $50 Bil Football League*, etc ...
+
+-   Banks Re-Structuring / Netting [src](https://www.reddit.com/r/Superstonk/comments/mur8bz/srdtc2021004_the_dtcc_and_jp_morgan_theyre/)
+
+-   [Wells Fargo to liquidate two of its trusts](https://www.reddit.com/r/Superstonk/comments/nh5ed7/wells_fargo_to_liquidate_two_of_its_trusts/)
+
+-   Rule SR-OCC-2021-004 allowing more players at the auction of the defaulting member's assets.
+
+3 - Cover for Timing of Launch
+
+Opinion - Status: No-Go for Launch ❌\
+*This will likely be the very last one, and we'll only know what they will use as an excuse once it's started. I think all the other pieces would need to be in place* (Narrator: They are.) *for them to feel most confident to light the fuse. This will be more oportunistic in nature, I think.*
+
+I'm splitting this into 2 objectives: why GME is going up, and why the market in general is tanking.
+
+GME Go BRRRRRRRRRRRR! Cover
+
+Ideally a plausible Corporate or Market Event that the stock price "should" respond to in order to initiate upward price movement without the timing looking SUS AF and destabilizing the broader market due to fear of systemic problems and/or loss of public trust. These events are mostly out of the control of The System, and one will likely be the ignition.
+
+-   Corporate: ~~AGM Voting Proxy Release~~
+
+-   Corporate: ~~Quarterly Earnings (Q1 2021)~~
+
+-   Corporate: ~~CEO Announced~~
+
+-   Corporate: ~~AGM Vote Count + Board Elections~~
+
+-   Corporate: ~~RC Appointed as Chairman Official News~~
+
+-   Corporate: ~~New Cash Reserves from ATM Stock Offer~~
+
+-   Corporate: Dividend Issue / Stock Split
+
+-   Corporate: Major Partner Announcement
+
+-   Corporate: Possible NFT Announcement 2021-07-14?
+
+-   Market: Broader Retail Gains
+
+-   Market: $GME moves from Russell 2000 to Russell 1000 after close on 2021-06-25
+
+-   TBD / Unkown
+
+Markets Go clank! Cover
+
+Major policy announcements, world politics, regularly scheduled economic reports released... Pick your favorite here, cause they will and already have. This cover will justify why the markets are hemorhaging to hide the fact that positions are being liquidated to start paying for buying-back all those GME shares.
+
+-   Market: Global Supply Chain Issue
+
+-   Market: Liquidity Stress Tests
+
+    -   [April 26th, 2021](https://www.reddit.com/r/Superstonk/comments/mww2ah/dtcc_planning_liquidity_risk_testing_on_26th/)
+
+    -   [May 13th, 2021](https://www.reddit.com/r/Superstonk/comments/n763vq/dtcc_members_are_having_a_liquidity_check_may_13th/)
+
+    -   Note: As far as I can tell, these happened yearly, typically in April/May, but only once... 2 back to back?
+
+-   Government: ~[POTUS joint address to Congress](https://apnews.com/article/joe-biden-nancy-pelosi-coronavirus-pandemic-267e753a5d1ab7a72d3274728b25f63c)\
+    Green New Deal? Capital Gains Announcement: [similar to BS on 2021-04-22?](https://www.bloomberg.com/news/articles/2021-04-22/biden-to-propose-capital-gains-tax-as-high-as-43-4-for-wealthy)
+
+-   Government: [2021-05-06 Congressional Hearing with SEC / Gensler, DTCC / Bodson, FINRA / Cook.](https://financialservices.house.gov/news/documentsingle.aspx?DocumentID=407762)
+
+-   Government: [2021-05-26+27 Congressional Hearing with Big Banks](https://financialservices.house.gov/news/documentsingle.aspx?DocumentID=407740)
+
+-   Government: Monthly [Consumer Price Index numbers released](https://www.bls.gov/schedule/news_release/cpi.htm), next is June 13th
+
+-   Government: [US Treasury Stability Council Meeting June 11th](https://www.reuters.com/article/usa-treasury-stability-idUSL2N2N638S)\
+    Possible platform for policy announcement? Typically hold 6 +/- a year, but this would be first of 2021 and was postponed from May 21st.
+
+-   Government: [US 2022 Fiscal Year Budget Proposal](https://www.reuters.com/world/us/biden-propose-6-trillion-us-budget-2022-fiscal-year-nyt-2021-05-27/)
+
+-   *(other suggestions wanted)*
+
+4 - Fallguy, and the Lack of Prevention
+
+Opinion - Status: Go for Launch ✅\
+*While they will likely have a fallguy decided upon prior to launch, I don't see it as a necessity that would delay it, certainly not like the Rules of Engagement or Funding would. I also think that nothing would keep them from changing the story if something else influences the narrative in an acceptable way shortly after liftoff.*
+
+Blame!
+
+After the market pain is significant enough that the public wants answers, why not lay all the blame on bad actors, and defer attention from the system to try to avoid additional exterior regulation.
+
+-   SHFs (now liquidated) as overly greedy and got what they deserved
+
+-   Retail (as Anarchists, or greedy and oportunistic)
+
+    -   [Forbes article on January Gamma Squeeze](https://www.reddit.com/r/Superstonk/comments/mvf7r3/forbes_reminder_as_we_hodl_towards_the_moass_gme/gvc5c8f/?context=3)
+
+-   Foreign Actors trying to destabilize the US Markets
+
+-   *(other suggestions w/ sources wanted)*
+
+Control Public Image of the System via PR
+
+-   DTCC: ["We're doing a great job! Take our word for it!"](https://www.reddit.com/r/Superstonk/comments/mvozps/dtcc_trying_to_get_ahead_of_the_story_the_most/?utm_medium=android_app&utm_source=share)
+
+-   DTCC: "We're announcing our plan to keep working on a plan to kind of band-aid a problem that's pretty bad and we've known about for awhile, and like we have definitely been talking about it and stuff, but now we're like really gonna talk about it using words like "in-depth analysis" cause up to now we were mostly just talking about it like how you tell that one friend *"yeah, we should totally hang out soon"* and then you never do, but not now cause we're serious now, and it's definitely not because we've gotta talk to the US Congress this week or anything. Like, honestly." AKA the announcement of [the DTCC's T+1 Settlement Plan.](https://www.reddit.com/r/Superstonk/comments/n5b91j/dtcc_rolls_out_plan_and_faq_for_a_new_t1/)
+
+* * * * *
+
+...Meanwhile, at the SEC
+
+"Let's at least *look* like we aren't asleep at the wheel here, lads"
+
+-   [Whistleblower Awards](https://www.reddit.com/r/Superstonk/comments/mrfxvg/secgov_sec_awards_over_50_million_to_joint/)
+
+    -   [47.4% of the Amount of all SEC Whistleblower Awards Ever Given Have Been Awarded in the Last 12 Months (Out of 105 Months of Program Activity)](https://www.reddit.com/r/Superstonk/comments/nf3n64/474_of_the_amount_of_all_sec_whistleblower_awards/)
+
+-   [Closed door meetings](https://www.reddit.com/r/GME/comments/mihiv9/another_sec_closed_door_meeting_scheduled_for_48/)
+
+-   [2021-05-27 Sunshine Act Meeting - Scheduled](https://www.reddit.com/r/Superstonk/comments/nhgh3i/sunshine_meeting_rescheduled_may_27/)
+
+    -   These have been cancelled 4 out of 7 times... so far!
+
+-   Speech by SEC Commissioner Peirce inlcuding the line that the SEC is *"working on a report about the events related to meme stock trading earlier this year, and some regulatory initiatives may come out of that work."* and a few other statements about how the SEC shouldn't be concerned with firms loosing money... aka Tough Titties Archegos, et al.\
+    [src post](https://www.reddit.com/r/Superstonk/comments/n2ax63/something_apes_missed_read_this/)
+
+-   [SEC sues HF, filed 5/19/21- states NAKED SHORT SELLING is ILLEGAL and ask FOR a JULY TRIAL!!!](https://www.reddit.com/r/GME/comments/nhmaxw/sec_sues_hf_filed_51921_states_naked_short/)
+
+Any and all additions you think may belong on this list, feel free to put in the comments, and I'll try to update and give credit where possible. If I got any of these wrong, or you've found better links that explain the rules, let me know in the comments and I'll make those edits.
+
+Contributions noted where possible, and initial start from previous work on Recent Filings by [/u/Antioch_Orontes](https://www.reddit.com/u/Antioch_Orontes/) [here.](https://www.reddit.com/r/Superstonk/comments/msh5mt/a_brief_overview_of_recent_filings_from_the_dtc/)
+
+Looking for the TL;DR? It's at the top.
+
+* * * * *
+
+Buy. Hodl. Buckle Up.
+
+... and make history.
+
+🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀
+
+Edit 2021-05-22:\
+Typos, add expected effective timeframe for DTC-2021-005. May 27th SEC Meeting Scheduled. SEC Lawsuit. Restructured the 3rd/Cover section to clarify for some comments and feedback about why I think cover is important. Also by now I've got plenty of reddit points/currency, so spend new money on GME!
+
+Edit 2021-05-28:\
+SR-OCC-2021-003 approved. Add CPI release as market drop cover, US Treasury meeting, US Budget Proposal.
+
+Edit 2021-06-21:\
+SR-DTC-005 approved and in effect, SR-NSCC-2021-002 / 801 approved. SR-DTC-2021-009 added. Updated expected timeline for SR-NSCC-2021-005
+
+Edit 2021-06-23:\
+SR-DTC-2021-009 updated with additional info. Added move to Russell 1000 as possible cover story (thanks [u/godkyle11](https://reddit.com/user/godkyle11/) for the prompt). Updated section 3 to better illustrate corporate events now in the past.

01-Must-Read/2021-06-24-Dark-Pools-Price-Discovery-and-Short-Selling.md

@@ -0,0 +1,34 @@
+Dark Pools, Price Discovery and Short Selling/Marking
+=====================================================
+
+| Author       | Source       | 
+| :-------------: |:-------------:|
+|  [u/dlauer](https://www.reddit.com/user/dlauer/) | [Reddit](https://www.reddit.com/r/Superstonk/comments/o70lid/dark_pools_price_discovery_and_short/) | 
+
+---
+
+[DD 👨‍🔬](https://www.reddit.com/r/Superstonk/search?q=flair_name%3A%22DD%20%F0%9F%91%A8%E2%80%8D%F0%9F%94%AC%22&restrict_sr=1)
+
+Recently, and since I've joined this sub-reddit, there have been a ton of questions around the role that Dark Pools play in US equity market structure. I wanted to put together a post to clarify some things about how they operate, what they do, and what they cannot do.
+
+Dark pools were created as part of Regulation ATS (Alternative Trading System) in 1998. Originally they were predominantly ECNs (Electronic Crossing Networks), including ones you're familiar with today as exchanges such as Arca and Direct Edge. Ultimately though, most dark pools after Reg NMS was implemented in 2007 were either broker-owned (such as UBS, Goldman, Credit Suisse and JP Morgan, to name the top 4 DPs today) or independent block trading facilities, such as Liquidnet. Note that I am not discussing OTC trading, which is what Citadel and Virtu do to internalize retail trades. I'll talk about that in a bit.
+
+To understand Dark Pools, and what makes them different from exchanges, you need to understand some regulatory nuances, and some market data characteristics. From a regulatory perspective, it is easier to get approval for a dark pool (regulated by FINRA), than an exchange (regulated by the SEC). This is on purpose - ATSs are supposed to be a way to foster competition and innovation. Unfortunately, that has resulted in 40+ dark pools and extreme off-exchange fragmentation.
+
+Most dark pools are there ostensibly to allow institutional asset managers to post large orders that they do not want to be visible on an exchange. This is the fundamental difference between dark pools and exchanges - no orders are visible on dark pools (hence "dark"), whereas you can have visible orders on exchanges. Now, you can also have hidden orders on exchanges. And there's nothing preventing an ATS from posting quotes (Bloomberg used to do this on the FINRA ADF). However, generally speaking, today, there aren't dark pools that show any posted orders.
+
+So what about trades? All trades in the national market system have to be printed to a SIP feed. It does not matter where they happen. And all trades during regular trading hours (9:30am - 4pm) MUST be within the NBBO. These are hard and fast rules that cannot be violated. All trades on exchanges are reported to the regular SIP. All trades that happen off exchange (ATS or OTC) are reported to the Trade Reporting Facility (TRF) run by NYSE, Nasdaq or FINRA (there are 3 of them). All trades have to be reported to the TRF within 10 seconds of being executed, though the reality is that they are reported nearly instantaneously:
+
+[![r/Superstonk - Dark Pools, Price Discovery and Short Selling/Marking](https://preview.redd.it/32d06z9kn7771.png?width=827&format=png&auto=webp&s=726e2d7857e2bf6d1baeea21eff3e696127ed8d5)](https://preview.redd.it/32d06z9kn7771.png?width=827&format=png&auto=webp&s=726e2d7857e2bf6d1baeea21eff3e696127ed8d5)
+
+There was a question on FOX and Twitter yesterday - can hedge funds "go short" in dark pools and not need to report it? I did not mean to be flippant in my tweet about how that is non-sensical, but I had a long day yesterday and had no brain power left. But such a statement is non-sensical. That's not how dark pools work.
+
+There is practically no difference at all between trades executed on-exchange or off-exchange, especially when you're talking about reporting short positions or short sale marking. The rules are identical, regardless. Short-sale marking is not dependent on whether you trade on-exchange or off-exchange. I'm not trying to make a statement as to whether firms are doing it adequately or accurately, but there is no nexus with dark pools here. I also have never heard of this idea that firms will choose whether to execute on-exchange or off-exchange based on where they want "buying pressure" or "selling pressure" to show up. Every sophisticated trading firm out there is watching the TRF and categorizing every trade that takes place relative to the NBBO. Every time a trade happens at the ask (or near it) they characterize that as a buy. Every time a trade happens at the bid (or near it) they characterize it as a sell. You cannot hide what you are doing in dark pools or through OTC internalization - it cannot be done. All trades are public and reported within 10 seconds.
+
+Here's what I think was trying to be said. If trades are taking place OTC, such as retail orders that are being internalized by Citadel or Virtu, both of those firms qualify as Market Makers. Market Makers DO have an exemption for short selling - they are allowed to do so without having located the shares first. However, they still have to mark those sales as "short" and they are still, under standard rules, required to ultimately locate those shares. Again, I'm not trying to get into whether there is naked shorting taking place, or whether these rules are being followed - that's a different conversation. I'm just trying to help you understand that dark pools are not nefarious, and that there is very little difference between dark pools and exchanges from a trading, position marking and reporting perspective.
+
+Ok, so finally, to get to the meat of this - can you use dark pools and off-exchange trading to artificially hold down the price of a stock? I struggle to see the mechanism by which this can be done. I've never heard of it, other than here. As I've said several times, every trade needs to be reported. Every single retail trade that buys GME at the ask is reported to the tape. There's no hiding that. The only market manipulation I've ever studied and measured, and that has been subject to enforcement action by the SEC, has been on exchanges. That is done with layer and spoofing, or other manipulative practices such as banging the close. Retail buying pressure OTC will be picked up on by firms watching the tape, and it will also find its way on to exchanges as the internalizers need to lay off their inventory (they will accumulate shorts, and want to close out those positions). You might claim that this is where naked shorting comes in, but again that's a speculative leap, and really hard to imagine that firms that excel at risk management would put themselves in such a position. I'm not saying it doesn't happen - enforcement actions and lawsuits make it clear that this is an issue. But even if it does happen, the trades to open those short positions were printed to the tape for everyone to see - they cannot be hidden.
+
+tldr; The only difference between dark pools and exchanges is that dark pools don't display quotes, where exchanges do. Dark pool trades are all publicly reported within 10 seconds. You cannot get around short sale marking and position reporting requirements based on where you trade (dark pool or exchange). I don't believe you can suppress the price of a stock through manipulation that only involves dark pools or off-exchange trading, as it is all publicly reported.
+
+EDIT: Let me clear on something: There is WAY too much off-exchange trading. This harms markets. It acts as a disincentive to market makers on lit exchanges. I want market makers on exchanges to make money, and I want open competition for order flow. Off exchange trading is antithetical to those aims. It has its place for institutional orders. But the level of off exchange trading, especially in stocks traded heavily by retail such as GME is a symptom of a broken market structure with intractable conflicts-of-interest, such as PFOF. When the head of NYSE says that the NBBO isn't doing its job for price discovery, this is what she is referring to. If I, as a market maker, post a better bid on-exchange, and then suddenly a bunch of off-exchange trades happen at the price level I just created, then the off-exchange trades are free-riding my quote. They are taking no risk, and reaping the reward, while I take all the risk on-exchange and do not get the trade. That's a real problem in markets, and it's why I have pushed hard for rules to limit dark pool trading, such as you find in Canada, UK, Europe and other markets.

01-Must-Read/House-of-Cards-by-atobitt/2021-05-27-House-of-Cards-Parts-2-and-3-AUDIO.md

@@ -0,0 +1,33 @@
+House of Cards Part 2 & 3 AUDIO
+===============================
+
+| Author       | Source       | 
+| :-------------: |:-------------:|
+|  [u/GoryAmos](https://www.reddit.com/user/GoryAmos/) | [Reddit](https://www.reddit.com/r/Superstonk/comments/nlzhrr/house_of_cards_part_2_3_audio/) | 
+
+---
+
+[Discussion 🦍](https://www.reddit.com/r/Superstonk/search?q=flair_name%3A%22Discussion%20%F0%9F%A6%8D%22&restrict_sr=1)
+I'm one of those apes who needs to listen to the words while they read the words so I am making recordings of [u/atobitt](https://www.reddit.com/u/atobitt/)'s newest additions to the House of Cards trilogy. I figure I'm not the only ape who needs to hear stuff for it to make sense, so I'm sharing my recordings here. Please forgive any flubs and corrections of flubs - I'm reading it all in my head for the first time as I'm reading it all out loud.
+
+The mp3 for Part 2 is...
+
+The mp3 for Part 3 will be posted first thing in the AM, probably during pre-market. I'll update this post with the link when it's done.
+
+UPDATE: omg APES BROKE DROPBOX. I had no idea this would be this popular. My account's been suspended lol. I'm adding a feed to my libsyn podcast account and posting the links through that. Stay tuned, replacement link will be posted shortly
+
+DOUBLE UPDATE: This is now officially a podcast. Takes some time for it to show up on all the podcast apps, but in the meantime you can listen directly on libsyn here: [https://superstonkddaudio.libsyn.com](https://superstonkddaudio.libsyn.com/)
+
+I'll update again once Part 3 and Part 1 are done.
+
+THRUPDATE (that's a portmanteau i just coined for "third update"): Part 3 is LIVE: <https://superstonkddaudio.libsyn.com/house-of-cards-pt-3-by-uatobitt>
+
+The podcast name is SUPERSTONKDDAUDIO bc i'm an Ape and I forgot to use spaces.
+
+Spotify and Apple Podcast feeds are being worked on. Spotify should be live later tonight but Apple usually takes about a week to process a new podcast.
+
+I was so nervous to post the first recording last night - would Apes laugh? would Apes make fun? But I was nervous for naught! Apes support! Apes rejoice!
+
+So grateful for this community!
+
+I LOVE THIS STONK.

01-Must-Read/MOASS-Preparation-Guide-by-socrates6210/2021-06-29-MOASS-Preparation-Guide-2.md

@@ -0,0 +1,238 @@
+The MOASS Preparation Guide 2.0
+===============================
+
+| Author       | Source       | 
+| :-------------: |:-------------:|
+|  [u/socrates6210](https://www.reddit.com/user/socrates6210/) | [Reddit](https://www.reddit.com/r/Superstonk/comments/oakqvt/the_moass_preparation_guide_20/) | 
+
+---
+
+[DD 👨‍🔬](https://www.reddit.com/r/Superstonk/search?q=flair_name%3A%22DD%20%F0%9F%91%A8%E2%80%8D%F0%9F%94%AC%22&restrict_sr=1)
+
+*******************************************************
+
+*I'm just gonna start off by saying that this is a sequel to* [*The MOASS Preparation Guide*](https://www.reddit.com/r/Superstonk/comments/mm5qle/the_moass_preparation_guide/)*, a post I wrote a few months ago. I felt it deserved an updated version considering so much that has happened recently, also i've learned a lot since then. This guide will be pretty in depth but don't worry, my view is that when you're explaining something, always imagine you're talking to a 5 year old (ELI5). So make yourself a cup of coffee, and grab a tasty crayola and enjoy.*
+
+*The subsequent sections are as follows:*
+
+-   *Pre-liftoff preparation*
+
+-   *D-Day*
+
+-   *During the MOASS*
+
+-   *Immediate Aftermath*
+
+-   *Long term aftermath*
+
+*******************************************************
+
+Please read though this as i believe it is important that we all have an understanding on the game plan 🚀
+
+Pre-liftoff Preparation
+
+[![r/Superstonk - The MOASS Preparation Guide 2.0](https://preview.redd.it/pskg3gxrka871.jpg?width=1280&format=pjpg&auto=webp&s=09b3bccc95d16594bc2a8cf9e5307e08eaf11058)](https://preview.redd.it/pskg3gxrka871.jpg?width=1280&format=pjpg&auto=webp&s=09b3bccc95d16594bc2a8cf9e5307e08eaf11058)
+
+-   Brokers preparation - I think everyone should take the time to understand the nuances and rules that the broker applies on trading. Some brokers may have some sneaky fine prints. So you should make sure that nothing can get in the way of you and your tendies.
+
+    -   Take note of the brokers that previous placed trade restrictions [here](https://www.reddit.com/r/Superstonk/comments/mowzjk/the_broker_preparation_guide/).
+
+    -   some brokers (Trading212 for example) have decided to restrict buying if you do not agree to their share lending program (*Do* *NOT* *agree to this.*)
+
+    -   If you have all your shares in one of these bad brokers and can't transfer, don't sweat it too much. JUST DO NOT SELL YOUR SHARES. The message was clear as crystal in January: if they prevent free trade like Robinhood did then that means they will lose customers and face litigation, so i *hope* for their sake that they have prepared for this.
+
+    -   It also wouldn't hurt to email your brokers customer service and ask them "*will you prevent me from selling if the price goes to X amount?*". Additionally, i would recommend keeping documentation, screenshots and recordings of your positions just incase f*ckery arises. It's good to create a paper trail just incase you need to bring them to court.
+
+-   Back up broker - If you can, open up an account as soon as possible on a reputable broker and buy at least 1 share. Don't aim to maximize gains but to minimize the regret of missing out just in case your broker decides to f*ck you. The rule of thumb is usually that commission based boomer brokers with horrible user interfaces are the most trustworthy. See the "good brokers" in the link above.
+
+-   Diversify Brokers - if you can, spread out your holdings across multiple brokers. Also take note of what clearing house they use. You don't want to be caught up in some f*ckery where both brokers wont let you sell because they share the same clearing house. A solution to this could be to transfer shares. Some brokers allow you to transfer shares to others, but small "shit" brokers like eToro for example, do not. If thats the case then hold tight and buy on a different broker, if you wanna buy more shares.
+
+    -   Here is a [list of some brokerages](https://investorjunkie.com/stock-brokers/broker-clearing-firms/) and the respective clearing houses they use.
+
+    -   Here is a list of [brokers who placed restrictions](https://www.reddit.com/r/Superstonk/comments/mowzjk/the_broker_preparation_guide/) in a follow up post i made.
+
+    -   Trading212 for example: they're becoming Robinhood 2.0 now as they decided [to place buy restrictions](https://www.reddit.com/r/Superstonk/comments/oa7nq4/fud_alert_t212_simply_do_not_agree_to_terms_hold/) if you don't agree to their share lending program. Admittedly, I am a Trading212 customer. So this is why you should diversify brokers, you never know when they are going to pull some shady shit.
+
+    -   *side-note*: I would stay away from brokers that use Apex Clearing, they're shady as shit.
+
+-   Order Routing - Order routing is when an order to buy or sell a stock is sent from your broker to an exchange. There are two kinds of exchanges: *Lit pools and Dark pools.*
+
+    -   Dark pools do not display prices at which participants are willing to trade (ie; in the dark), whereas lit pools do show these various bids and offers in a stocks. It's been said that the naked shorting gang pay millions to brokers to have millions of orders routed through their own dark pools, to which they can perform shady business (skimming cents off the spread of every order, suppressing buying pressure etc).
+
+    -   This brings me to my point: If you are thinking about buying some shares, you should route it through IEX, which is an exchange that was made in order to mitigate the affects of high frequency trading. [Oh hey, look! Our friends at Citadel don't like IEX](https://www.reddit.com/r/Superstonk/comments/oa7st6/citadel_really_doesnt_like_iex_if_you_have_the/?utm_source=share&utm_medium=web2x&context=3).
+
+-   Cash account, not margin - if you haven't already, request your broker to change your account from a margin account to a cash account. This way your shares are entirely your own and aren't being lent out to short sellers. Note that you need to have no options or short positions active with your account before you do this. If you are reluctant to switching your account then make sure that you have no withstanding deficits in your account so you don't get margin called and your broker automatically closes positions without your consent. Yes, this has happened to people before.
+
+-   Online Security - If you have learned anything from all this it's that you should not trust anyone. Take the time to enable two-factor authentication on your bank/broker accounts. Also you should have a different password for each account, preferably 20+ characters with a mixture of alphanumeric characters and symbols.
+
+    -   Do not use public wifi to log into your broker account.
+
+    -   Use a VPN when possible.
+
+-   Taxes - It is crucial that you learn about your countries [capital gains taxes](https://www.investopedia.com/terms/c/capital_gains_tax.asp). I would go deeper into this, However different tax rates apply in different countries depending on how long you are holding the stock. To keep this general for all users i will say Just google "*what are the tax laws for stocks in <my country>?*". (If you're a smooth brain, dont worry. I have the solution for you in immediate aftermath section)
+
+-   Prepare a personal balance sheet - It may be a good idea to prepare a balance sheet. A balance sheet is a snapshot of net worth and lists all your assets, liabilities, cash etc. This will make your life (*and your accountants life*) easier when you need an accountant. If you need a better understanding of balance sheets see this [video here](https://www.youtube.com/watch?v=hhKO6MRvk_c).
+
+-   Mental preparation - This one isn't so obvious, but please prepare yourself for seeing life changing money in your possession. Have a long think what you are going to do with this money. And as a side note: try to not tell too people you're invested, the less people know the easier your life will be.
+
+D-Day
+
+0:04
+
+0:08
+
+-   Take care of your health - Firstly, on the day of lift off you will definitely feel overwhelmed with emotions and anxiety. You're probably going to feel a little dizzy seeing the price increase exponentially. Please sit down when you are checking the price. The last thing i want to hear is that a fellow ape fainted and cracked their head because of being overwhelmed with emotions. In my opinion, deep slow [diaphragmatic breathing](https://my.clevelandclinic.org/health/articles/9445-diaphragmatic-breathing) really helps to slow down your heart rate and reduce anxiety.
+
+-   Expect Trading Halts - There is a difference between trading suspension and trading halt. Securities exchanges have the power to temporarily [halt](https://www.investopedia.com/terms/t/tradinghalt.asp), in the middle of the trading day, or delay, at the beginning of the trading day, trading on a stock. halts and delays usually last less than one hour. As opposed to suspensions, which can last two weeks. Suspensions are enforced by the SEC
+
+    -   In the case of trading halt: The NYSE may stop trading if the price rises too quickly. This is usually done to prevent massive impulse waves and let people calm down for a few minutes. But this is futile in the setting of a short squeeze, because all shorts must cover regardless. You can also check when GME is halted [here](https://www.nyse.com/trade-halt-current). Do not freak out if the graph flatlines.
+
+    -   In the case of trading suspension: I believe that if the infinity pool happens, meaning shorts literally will not be able to cover the potentially billions of synthetic shares they have created, driving the price to literally infinity, that the SEC most likely implement a trading suspension. We won't know unless it happens. But, who knows? They might not. You can read about trading suspensions [here](https://www.sec.gov/oiea/investor-alerts-and-bulletins/ib_tradingsuspensions).
+
+-   BOTS, BOTS EVERYWHERE - This could go two ways: either the shorts don't have anymore money to pay shills or we will have a massive influx of bots/shills on here and <*other stonk subs*> trying to nudge people to sell. They will say something like "wow i sold my 3 shares for 30K" and try to create a narrative that below 100K is the peak. 100K is not the peak. don't listen to it. we set the price.
+
+-   Reddit might be down - during the rally from $40 to $90 in February Reddit inexplicably went offline. It happened a couple of other times before when the price rose considerably. This could be due to a DDOS attack or just too much traffic to the site. Either way, if Reddit does go down don't worry. We are all still here.
+
+    -   The only call to action would be to go to the [SuperStonk youtube](https://www.youtube.com/channel/UCI4EET9NJPWxUuXGlG6fxPA) channel, which the mods said they will do an emergency broadcast when things kick off. So go there for communication.
+
+    -   Backup places to check out would be the mods twitter pages
+
+        -   <https://twitter.com/rensole>
+
+        -   <https://twitter.com/RedChessQueen99>
+
+        -   <https://twitter.com/PinkCatsOnAcid>
+
+During the MOASS
+
+[![r/Superstonk - The MOASS Preparation Guide 2.0](https://preview.redd.it/54mzc28uka871.png?width=1890&format=png&auto=webp&s=e6554f4f0e276f93d84d22c6cd766167638bd9c1)](https://preview.redd.it/54mzc28uka871.png?width=1890&format=png&auto=webp&s=e6554f4f0e276f93d84d22c6cd766167638bd9c1)
+
+-   Diamond hands - This one i cannot stress enough, the mantra is clear: HOLD! If you sell early you creating downward pressure against the MOASS. If the short position is in the billions of shares (which has been theorized) then this shouldn't be too much of a problem, but regardless - KEEP THOSE HANDS DIAMOND! The squeeze could last a few days, week or indefinitely. At this point no one knows. Don't feel pressure to sell when it goes $100K+, if the DD is correct (and it has been so far) then we are not stopping add measly hundreds of thousands.
+
+    -   A forced buy-back differs from a Margin call, in which a margin call is just a notice to "*increase the amount of money in your account before we close your positions, because you won't be able pay us if this goes any higher*"
+
+    -   Prime brokers will implement forced buy-back of hedge funds to cover their short positions. This means they will go the open market and buy them for what ever someone is will to sell them for.
+
+    -   The stock price = the last price it sold for. If the only sells available were asking for 1 million, then that means the price will be 1 million. And since it's likely there aren't enough shares in existence to cover the amount of shorting that went on then theoretically this ape filled rocket could blast through the moon and land on Alpha centauri B.
+
+-   Whats an exit strategy? - This one isn't so obvious because the we don't know what the peak will be, but you should have an exit strategy: Plan out what you need on the day of selling, where do you need to be? think about that day and visualize it so you aren't overwhelmed with anxiety when it actually happens. As for selling: all i can say on this matter is do not sell on the way up as it's a bad idea. ([~~explained here that you should~~](https://www.reddit.com/r/GME/comments/m073v6/exit_strategy_dd_a_comprehensive_guide_to/)) Use [this exit strategy](https://www.reddit.com/r/Superstonk/comments/nogxnr/infinity_war_the_final_exit_dd_compilation/) instead by [u/gherkinit](https://www.reddit.com/u/gherkinit/):
+
+-   Understand the different types of orders - Limit Order, Market Order, Stop Limit Order and Stop Loss Order, explanations on the pro's and cons of each can also be found [here](https://www.reddit.com/r/Superstonk/comments/nogxnr/infinity_war_the_final_exit_dd_compilation/)
+
+    -   Some people have noted that certain brokers have limits on the amount you can place an order for online (in terms of dollar value). Just to be safe make sure you have phone credit and the number for your broker ready to contact them to execute an order if this applies to you.
+
+    -   Also, some brokers may not even limit orders (Revolut as far as i know). Don't sweat it, this is beyond your control. Just sell on the way down, or don't. I don't care this is not financial advice.
+
+-   Sit down when you decide to take gains - When the dust has settled and you decide to take gains, again, sit down and drink some water and breath.. because you may faint or possibly get sick from seeing that you have sold a single share for an ungodly amount.
+
+-   Don't publish your realised gains publicly - Obvious one, don't be that person who flaunts the gains online. You are going to cause a lot of fair-weather friends and family to crawl out of the woodwork trying to get their hands on your tendies. It may be tempting to rub it in the faces of the people who doubted you, but just don't. It's not worth it.
+
+-   T+2 settlement - When you sell a share, it actually doesn't get settled until 2 days after it's executed, meaning you don't actually have the money in your brokerage until 2 days later. Learn about the [settlement violations here](https://www.fidelity.com/learning-center/trading-investing/trading/avoiding-cash-trading-violations) before you start going off buying other stocks with your gains. This T+2 settlement also gives the SEC the power to reverse any transactions they seem fit due to violations. Not meant to be FUD, i just thought its useful to know. I doubt they will start reversing transactions during the MOASS, but if it does occur. Hold tight, again: we set the price.
+
+-   WHAT DO WITH MONEY? - It should be known that your regular current/checking account is only insured up to $250,000 if you're in the [US under the FDIC](https://www.fdic.gov/deposit/deposits/faq.html) and €100,000 if you are [in the European Union](https://ec.europa.eu/info/business-economy-euro/banking-and-finance/financial-supervision-and-risk-management/managing-risks-banks-and-financial-institutions/deposit-guarantee-schemes_en). So its not advised to dump all your money into your bank account straight away. I would wait for T+2 settlement to clear then invest in value stocks, so you're money isn't tied to your broker, should they have issues. This brings me to the next section...
+
+Immediate Aftermath
+
+0:00
+
+0:02
+
+-   Assemble a team of legal and financial advisers:
+
+    -   Lawyer up - Hire a [tax attorney](https://www.moneycrashers.com/when-to-hire-a-tax-attorney/) to deal with any problems that may arise from all of this. Hire a family law or estate planning attorney that can arrange a Will for your family immediately.
+
+        -   side note: do NOT sign anything, from your broker/bank/crayon dealer or anyone if you do not understand it. Make sure you have an attorney read anything you may or may not be asked to sign.
+
+    -   Get an accountant - Get certified public accountant who helps wealthy families organize their finances and guide you through your finances.
+
+    -   Hire a financial advisor - Make sure you hire a financial advisor that is sworn to act as a fiduciary (*acting in your best financial interests, not theirs*), preferably with experience managing significant wealth. Make sure you check their certifications and that they aren't trying to push you to buy some insurance policy. The requirements to be a FA aren't concrete so there are a lot of snake oil salesmen that really don't have your best interests at heart. Make sure how you ask how they profit from you being their client and make sure they aren't trying to make commissions. Also, look out for high fees. Minimum advisor fees based on AUM should not be over 1% unless they can justify it with amazing historical returns.
+
+-   Expect to vilified by MSM - In the case of a financial crisis, i can nearly guarantee that they will try to blame us rather than the hedgies and regulators who caused it. Pay no mind to mainstream media and stand your ground.
+
+    -   Expect people to say you just got lucky, expect them to speak as though we are ones who caused this. They will lie, twist and corrupt the truth. Expect your friend who paper-handed a few months back and still think's GameStop is dying brick-and-mortar resent you. You don't need to justify yourself. All of our research has been documented, archived and literally shouted from the rooftops for months. As Michael brrry would say "*I warned, but no one listened*".
+
+    -   They may also try and backtrack to a pro-GME narrative now that it's not financial in their interest to side with SHFs. Just remember: MSM is not your friend, these people are allows pushing the narrative that they are paid push. It's literally their business model.
+
+-   Do nothing with the money - this kind of piggy backs off the first point about assembling a team of advisors, but please don't just cash out and go crazy with the money. Sit and think about it for some time. Let reality settle in and decide how are you going to use this money to help yourself and the people around you. Lambos are great but they won't bring you happiness forever. Don't blow that money down the drain. Educate yourself on how wealthy people maintain their wealth.
+
+Longer Term aftermath
+
+-   Expect turbulence in the economy - this wont be just contained to the world of GME. This is going to have a ripple affect across the world economy as the powers-that-be, who have been taking advantage of the system loops holes, finally pay their debt. Here is some essentials you should check out (in order) if you haven't already, this is 2008 ~~all over again~~ continued:
+
+1.  [Inside Job (Full movie)](https://www.youtube.com/watch?v=T2IaJwkqgPk) - by [Charles Ferguson](https://en.wikipedia.org/wiki/Charles_Ferguson_(filmmaker))
+
+2.  [The Bigger Short. How 2008 is repeating](https://www.reddit.com/r/Superstonk/comments/o0scoy/the_bigger_short_how_2008_is_repeating_at_a_much/) - by [u/Criand](https://www.reddit.com/u/Criand/)
+
+3.  [A House of Cards](https://www.reddit.com/r/Superstonk/comments/nm83eb/a_house_of_cards_parts_i_ii_iii_in_pdf/) - by [u/atobitt](https://www.reddit.com/u/atobitt/)
+
+4.  [The EVERYTHING Short](https://www.reddit.com/r/GME/comments/mgucv2/the_everything_short/) - by [u/atobitt](https://www.reddit.com/u/atobitt/)
+
+High/hyper Inflation - We need to talk about [inflation](https://www.fdic.gov/deposit/deposits/faq.html). In v1.0 of this guide I mentioned a possibility of inflation, but as more news has come out it's pretty much a guarantee. Also, I didn't give much recommendations on what to do about it. So, i learned a bit about inflation so you don't have to:
+
+-   The What?
+
+    -   Since governments have moved away from the gold standard, countries have the power to create money out of thin air through [quantitative easing](https://www.investopedia.com/terms/q/quantitative-easing.asp).
+
+    -   Inflation is the annual percentage rise in the cost of living. Okay so what does that really mean? Here is smooth brain explanation: If you have $1 in 2020, and inflation rises 10% in 2021, you still have your $1 but you only have the buying power of $0.90 relative to last year. This is why holding onto cash is not good in a high inflationary economy.
+
+-   The How?
+
+    -   Everyone always says its from over-printing of money, but in reality this is just a symptom of a failing economy, and a byproduct of the citizens lack of confidence in the currency.
+
+    -   In order to counter these rise in prices, the FED (or central bank) will raise interest rates, essentially reducing the amount of money in circulation.
+
+    -   The chair of the Fed, JPOW himself, said interest rates won't be [raised until 2023](https://www.cnbc.com/2021/06/16/fed-holds-rates-steady-but-raises-inflation-expectations-sharply-and-makes-no-mention-of-taper.html). However, fear is arising in the stock market as many speculate we have high inflation because the massive amount of "free money" initiatives to help the country get back on its feet, but it's just not being seen due to COVID-19.
+
+    -   I think it is also noteworthy to say there is a difference between high inflation and hyperinflation. Hyperinflation is a term to describe rapid, excessive, and out-of-control general price increases in an economy. While inflation is a measure of the pace of rising prices for goods and services, hyperinflation is rapidly rising inflation, typically measuring more than 50% per month.
+
+-   How to protect yourself?
+
+    -   Well firstly I'd like to note assets to avoid during high inflation:
+
+        -   [Fixed rate bonds](https://www.investopedia.com/terms/f/fixedrate-bond.asp)
+
+        -   [Growth stocks](https://www.investopedia.com/terms/g/growthstock.asp)
+
+        -   [Cash](https://www.investopedia.com/terms/c/cash.asp) (yes, that includes the money in your savings account)
+
+    -   The best investments during high inflation:
+
+        -   [Real estate/land](https://www.investopedia.com/terms/r/realestate.asp)
+
+        -   [Commodities](https://www.investopedia.com/terms/c/commodity.asp) (Gold, oil etc.)
+
+        -   [Boomer Value Stocks](https://www.investopedia.com/terms/v/valuestock.asp)
+
+-   How about crypt-0?
+
+    -   I can't name certain coins here because of auto-mod, but you know of the big ones I'm talking about.
+
+    -   It is assumed that anything with a limited supply will inevitably move with inflation. the loss in confidence people have in fiat currency is prevented with crypt-0-currency as it has an immutable finite supply.
+
+    -   However, you also need to bear in mind the *utility* of the asset. Just because something has a limited supply does not mean it's valuable (*The 2021 shit-coin craze being evidence of this*)
+
+    -   In a financial nuclear winter event, it may a case that some coins may become too expensive to mine due to rise in electricity prices, leading to a disinterest/disincentivization in holding the asset and thus reducing it's value.
+
+    -   Be careful if you decide to hedge with these assets as they are yet to be stress-tested during a financial crisis, some might succeed and many will fail.
+
+-   side-note: One silver lining i learned about inflation is that the burden of any debt you may have will be softened as the nominal value of the debt stays the same even as the value of the currency decreases. What does this mean? if you owe money, lets say a mortgage or student loan, it is easier to pay of that debt as it is assumed you wages will increase, while the number of dollars you owe stays the same. (*not that you will have a job after the MOASS anyway ( ͡° ͜ʖ ͡°)* )
+
+[![r/Superstonk - The MOASS Preparation Guide 2.0](https://preview.redd.it/4xpmi7xxka871.jpg?width=1908&format=pjpg&auto=webp&s=1b1e4adfcd66be4d4003cbee35d6d0796c96badf)](https://preview.redd.it/4xpmi7xxka871.jpg?width=1908&format=pjpg&auto=webp&s=1b1e4adfcd66be4d4003cbee35d6d0796c96badf)
+
+Taken during the 2011 Ocupy Wallstreet March (At National i
+
+*If there is anything else you think should be in here let me know in the comments. This is just my opinion and not financial advice. I am just an ape who eats crayons for fun. This will probably be my last DD before valhalla (financially speaking), I'll finish by leaving you with this image (above ^). Remember what happened in 2008 and don't show any mercy. HOLD.*
+
+- Socrates ( ͡° ͜ʖ ͡°)
+
+🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀🚀
+
+TLDR: no tldr you lazy ape, go read it. Its important
+
+_____________________________________________
+
+- edits 1: Diamond hands section typo : "***aren't* *enough shares", not "are enough shares"*
+
+*- edits 2: removed WardenElites exit strategy, added the gherkinit's exit strategy*
+
+*- edits 3: added mods twitters in Reddit going down section*

01-Must-Read/Sun-Never-Sets-on-Citadel-by-swede-child-of-mine/2021-06-18-The-Sun-Never-Sets-on-Citadel-Part-I.md

@@ -0,0 +1,232 @@
+The Sun Never Sets On Citadel -- Part 1
+=======================================
+
+| Author       | Source       | 
+| :-------------: |:-------------:|
+|  [u/swede_child_of_mine](https://www.reddit.com/user/swede_child_of_mine/) | [Reddit](https://www.reddit.com/r/Superstonk/comments/o2xz48/the_sun_never_sets_on_citadel_part_1/) | 
+
+---
+
+[DD 👨‍🔬](https://www.reddit.com/r/Superstonk/search?q=flair_name%3A%22DD%20%F0%9F%91%A8%E2%80%8D%F0%9F%94%AC%22&restrict_sr=1)
+
+[Hello Superstonk](https://i.redd.it/y39nj0kvo2671.gif)
+
+Preface
+
+I became bothered by a question a few months ago. The GME saga started with MAJOR fight in the financial landscape between Team Citadel vs. Team Other (Blackrock, Vanguard, etc.), and Superstonk is here now because of Team Other getting Ryan Cohen on the board at GME, then "retail" landed on the scene, now Apes, etc. But this ONE question always bothered me:
+
+> What did Citadel do to piss everyone off? WHY would they want to give Citadel the most epic beat down in financial history?
+
+So I spent some time looking into that because it *must* be good and...
+
+*HO BOY, GET YOUR POPCORN, I'VE GOT SOME GOODS TO SHARE WITH YOU AND IT'S GONNA BE JUICY*
+
+* * * * *
+
+Note: this is a strategy post. [u/atobitt](https://www.reddit.com/u/atobitt/) and [u/criand](https://www.reddit.com/u/criand/) focus on macro topics about Citadel's structure in the overall market, but this series is going to be about financial industry strategy. I have a master's degree in business and specialize in strategy and operations. While I don't have direct experience in finance per se, I really enjoy finding the "hows" and "whys" behind what businesses do.
+
+Also, I'll give shout outs to the Apes who did relevant DD before this. Parts of this are my own discovery, parts are building on the work of those who came before :) This is an overall picture.
+
+Symbol indicators:
+
+-   [] - request for link to relevant DD ([r/Superstonk](https://www.reddit.com/r/Superstonk/) DD posts or legitimate sources)
+
+* * * * *
+
+1.0: Introduction
+
+The Price of $GME is artificial. Prior posts ([1](https://www.reddit.com/r/Superstonk/comments/mn0q9q/theory_all_the_pieces_pt_1_the_anatomy_of_the/), [2](https://www.reddit.com/r/Superstonk/comments/ms9z0n/theory_all_the_pieces_pt_2_the_deep_end_of_the/)) have covered how Citadel and other players in the market have greedily, illegally conspired to change the price of stocks for their own profit. While Citadel's criminal price manipulation of GME represents a failed scheme to fabricate shares for profit, this was only a small corner of a much larger body of activity. *Citadel's overall activity shows a plan to monopolize markets worldwide and control securities transactions at the exchange level*.
+
+Yep.
+
+Buckle up :)
+
+* * * * *
+
+Key Term
+
+Market Maker (or "MM") -- a special role in a stock exchanges around the world. An MM's primary role is to provide liquidity, or "to make sure there are shares available to buy if people want them" as well as "make sure there is a buyer if people want to sell." Exchanges need it: liquidity makes for easy buying and selling.
+
+-   A MM is the intermediary for almost any securities transaction. It is positioned between the exchange and the brokers/dealers/funds that do not have access to the exchange, or they use the MM to do the buying work for them, lol. Or the MM is positioned on the other side of a transaction, supplying the securities in demand.
+
+-   A MM is always in a position of risk. They are constantly in a place to be on the losing side of a transaction if they "guess" wrong.
+
+-   Note: Citadel has many branches, but it's two major branches are its hedge fund and its MM. I will be referring only to its MM activity.
+
+* * * * *
+
+1.1: Plus Ultra
+
+Take a moment to marvel at how Citadel has installed themselves in [so many markets around the world](https://www.fi-desk.com/market-structure-meet-the-new-market-makers/). They are Market Makers and/or liquidity providers in nearly every major exchange on earth: (*Note: my undersrtanding of a liquidity provider is that it's a bit like a less-powerful MM*)
+
+[Citadel Securities own splash page](https://i.redd.it/tolp2scxfw571.png)
+
+-   US/North America: NYSE, NASDAQ, CBOE (not even going to bother with links here, you know they're there), [Toronto](https://www.tsx.com/trading/toronto-stock-exchange/order-types-and-features/market-maker-program/market-makers-list?id=5)
+
+-   Europe: [London/Ireland](https://www.financemagnates.com/forex/brokers/citadels-technology-arm-posts-30-decline-in-2019-revenue/), Amsterdam[], Frankfurt[]
+
+-   Asia/Pacific: Hong Kong, [Singapore](https://www.reuters.com/article/us-citadel-singapore/citadel-securities-hedge-fund-citadel-to-open-new-office-in-singapore-idUSKBN25K08J), Sydney [], Shanghai []
+
+-   (Apologies on missing links, I've saved so many links through this whole drama that I can't find some of my sources anymore. And this is not the full list, this is only what I could put together for this post.)
+
+Citadel is truly an intmidating company based on the position it occupies in markets worldwide.
+
+1.2: E Pluribus Unum
+
+So WHY has Citadel strived to achieve such a large footprint across the globe?
+
+*Because there is a flaw in the markets across the world: it depends on Market Makers.*
+
+-   Exchanges are set up to have several Market Makers providing liquidity.
+
+-   So the Market Maker has responsibilities for supply and demand of a given security.
+
+-   It's an essential service so exchanges empower MMs with exclusive powers and responsibilities.
+
+Take a look at the exclusive powers the NYSE gives its DMMs (like a "Super" Market Maker): [From the NYSE DMM page](https://i.redd.it/n16pu83yiw571.png)
+
+-   MMs have *Superpowers* and wield immense control over securities.
+
+-   Exchanges rely on incentives for winning bids (coupons) as a way of creating competition and fair prices at the exchange.
+
+MMs are intended to be balanced by competing against each other
+
+-   ...so that the customers (brokers) can get the best value, and the Market Makers are financially rewarded for their service...
+
+-   ...but that means the MMs are competing for as many transactions as possible on the exchange. As much as their risk can allow.
+
+So the better the MMs are at managing risk, the more control they have over the exchange (because they capture more of the transactions)
+
+-   And there are advantages for MMs who perform better and capture more volume -- they can leverage the volume to achieve better prices and capture even *more* transactions.
+
+-   You've probably seen this chart, but it shows the size that MMs have become: [Citadel is almost as big as the CBOE -- the main options exchange for the US](https://i.redd.it/idkn9cchpn571.png)
+
+-   (Citadel, Virtu, and G1 are all MMs.)
+
+-   The important part about that graphic is the NYSE, NASDAQ, and CBOE volumes *include the transactions with Citadel and Virtu*.
+
+The MMs are becoming (or already are) bigger than the exchanges themselves. And the exchanges depend on them.
+
+-   Furthermore, the exchange is limited -- to a certain location, structure, set of regluations, list of securities, etc. Almost all exchanges are for profit.
+
+-   But if the exchange provides no security that can't be bought on another exchange, then the exchange needs to compete on best price - or else it's revenue goes away.
+
+-   And exactly *who* at the exchange offers the best price?
+
+-   But a Market Maker is free to engage in multiple exchanges. So if a financial product is available in one exchange, but not another, and an MM is in both exchanges, then the Market Maker can offer it because it a separate entity (if it legally can).
+
+-   And the Market Maker is free offer their best price at multiple exchanges, or even directly.
+
+What advantage does the exchange itself have? They can't provide *anything* that the Market Makers themselves can't/don't provide.
+
+-   *As an analogy, if you are used to shopping for separate items across several stores -- food at the farmers market, clothes at the mall, etc. -- a company like Amazon or WalMart will have an advantage by selling the same items for a comparable price in one convenient place.*
+
+It's "malls" vs. "Target/WalMart/Amazon/Costco" all over. We all know who won that one.
+
+1.3: Man o' War
+
+I mentioned "volume" earlier -- that is going to be key here.
+
+-   Market Making is already very risky, but the size of the established players make it prohibitive for new entrants. A new MM would need significant advantages to compete against Citadel, Susquehanna, and Virtu who will have superior positioning, expertise, technology, market understanding, funding, risk tolerance...
+
+> "The way to think about Citadel is as the Amazon of trading," says Spencer Mindlin, a capital markets technology analyst at Aite Group. In an industry that relies heavily on technology, Citadel has forged ahead by playing "a game of scale. You reach a point where it's impossible for others to compete," he says. [emphasis mine] - [Quartz](https://qz.com/1969532/how-ken-griffins-citadel-transformed-financial-markets/)
+
+Backstory:
+
+-   In the early 2010's Ken tired to make Citadel an investment bank and failed (lol)....
+
+-   ...but it ended up being one of those "lemons to lemonade" things for him. Because Ken realized that other MMs were *banks*, which were a major disadvantage. You see, *Banks* were encumbered with "regulations", "capital requirements" and stupid "investors". But Market Makers didn't need a bank, so they didn't need to have those pesky constraints.
+
+-   Then Ken stopped trying to be a bank. Which meant he could capture the MM market.
+
+-   Citadel went on to buy out competing Market Maker assets from [Citi](https://www.usatoday.com/story/money/2016/05/16/citadel-securities-buys-citi-market-making-assets/84437638/), [Goldman Sachs/IMC](https://www.prnewswire.com/news-releases/citadel-securities-reaches-preliminary-agreement-to-acquire-dmm-unit-from-imc-301149075.html), and [KCG](https://www.tradersmagazine.com/departments/brokerage/citadel-purchases-kcg-dmm-business-becomes-1-on-nyse/) to grow his market share and reduce compeition.
+
+-   And now, the Market Maker field is NOT competitive. The number of DMMs in NYSE has decreased over the years.
+
+-   Citadel has heavily "leveled-up" and is bar none THE biggest player on the field.
+
+This is why Citadel is in so many exchanges. Successful practices can be copied from one exchange to the next, with market advantages and rewards that scale. Why shouldn't Citadel be a MM in every major exchange on earth?
+
+-   But you realize what this means, right?
+
+*The exchanges have become commodities.* They are necessary for fulfilling their role as a securites selling venue, but have no unique value to themselves.
+
+> "We already have 16 stock exchanges, over 30 ATSs and handful of market maker SDPs, do we really need the banks to further fragment liquidity?" [emphasis mine] - [Themis Trading](https://blog.themistrading.com/2020/12/14434/)
+
+The TRUE value to the market is a firm that spans multiple exchanges and offers the breadth of securities available at competitive prices.
+
+1.4: The Commonwealth
+
+*But, but -- what about compeition? What about Virtu, G1, and the MMs in other countries? I thought you said this was a cOmPEtITivE field.*
+
+It's true, Virtu & G1 do "compete" against Citadel. But they have an... "interesting" relationship which prompts some theories and requires further investigation.
+
+-   First, Citadel needs to maintain the appearance of a free market to avoid antitrust lawsuits. They also need other Market Makers to offload the transactions that they are unwilling to take. A duopoloy or even triopoly is fine as long as they control the market.
+
+-   Second, from Virtu's perspective (*they're the largest competitor so I'll use them here*), it doesn't make sense to go head-to-head directly with Citadel on transactions -- Citadel has better positioning and a technological edge.
+
+-   And directly competing with a superior opponent would be expensive for Virtu. However, they would stand to profit from joining with Citadel if they took the same positions as them.
+
+-   And wouldn't you know it, Apes have discovered that Virtu and Citadel are doing the *exact same things* across many tickers. Here are 2 famous ones: [MAX-D](https://www.reddit.com/r/Superstonk/comments/nyxs1f/learn_from_the_past_when_they_didnt_care_to_hide/), [GME](https://www.reddit.com/r/Superstonk/comments/nr6urb/i_look_up_top_brokers_for_gme_year_to_date_and/) [Any more Apes want to do asset comparison between Citadel & Virtu? CALLING SUPERSTONKS MOST QUANTED] (s/o to [u/BadassTrader](https://www.reddit.com/u/BadassTrader/), [u/JustBeingPunny](https://www.reddit.com/u/JustBeingPunny/), [u/Sti8man7](https://www.reddit.com/u/Sti8man7/))
+
+-   That said, Virtu could still compete *indirectly* - they would need to find a niche where they could gain an advantage and separate themselves from Citadel...
+
+-   ...and oh look Virtu seems [very focused on client experience](https://s21.q4cdn.com/422114427/files/doc_presentations/2020/09/Virtu-Financial-Presentation-Sept-2020-Draft-v3.pdf), where Citadel is focused on product and market position.
+
+So Virtu is disincentivized to directly compete against Citadel, and is incentivized to coordinate with and complement Citadel.
+
+Monopoly much?
+
+1.5: The Crown Jewel
+
+If you STILL believe that being a Market Maker IS competitive and that exchanges are NOT commoditized, and that Virtu and Citadel are taking the same positions for non-collusive reasons ("*Exchanges are the pumping heart of a free economy! Of course EXCHANGES have control and NOT the Market Makers, the Market Makers are just making the plays they see are winners*"), and you need even more convincing... I have bad news.
+
+About 9 months ago the MEMX exchange opened.
+
+*Why is that a big deal? Who opened the exchange?* [*Let's check the MEMX website...*](https://memx.com/)
+
+-   [Oh.](https://i.redd.it/ujeiloi5dw571.png)
+
+-   Citadel and Virtu (and some other players you might recognize) *OPENED THEIR OWN EXCHANGE.*
+
+-   [Yeah.](https://i.redd.it/0kxh46xwcw571.jpg)
+
+"*But, but -- they wouldn't open their own exchange to profit at the expense of the market, would they?*"
+
+-   [*On the MEMX own splash page*](https://i.redd.it/gff2fr1edw571.png)
+
+-   "*MEMX will represent the interests of its founders*" - MEMX.com
+
+-   So, founders first, everybody else after. FROM. THEIR. OWN. FUCKING. SPLASH. PAGE.
+
+"*But, but -- maybe it's just a small side thing and it's not really going anywhere?*"
+
+-   [Right. Yeah. Sure.](https://i.redd.it/owqyk8kxdw571.png)
+
+"*But, but -- wouldn't that piss off the other exchanges? They would want to attack the MEMX founders in some way, right?*"
+
+-   [Yup.](https://i.redd.it/hknpksgdew571.png)
+
+Exchanges have become so commoditized and Market Makers have such an entrenched advantage that the dominant Market Makers have opened their own exchange, MEMX, whose primary purpose is to serve their interests at the expense of other exchanges.
+
+"Free market."
+
+TL;DR
+
+Citadel is/was moving to monopolize securities transactions at the exchange level.
+
+-   Market Makers have the most control over transactions at exchanges.
+
+-   Citadel is the largest Market Maker across exchanges worldwide (*can't find the sauce []*).
+
+-   Citadel has more power than the exchanges do, offering more products, more ways to purchase them, in more venues than the exchanges.
+
+-   Citadel has even started its own exchange in September 2020, which is growing rapidly.
+
+-   MM Competition is deterred from directly competing with Citadel - they have too much influence, and competitors are incentivized to coordinate with Citadel, not compete.
+
+-   The number of MMs have decreased in major exchanges while Citadel's market share is growing.
+
+Structurally speaking, Citadel is in a position to directly control the price of many securities and transactions at the exchange level.
+
+And that's not even all of it. Part 2 coming soon...

01-Must-Read/Sun-Never-Sets-on-Citadel-by-swede-child-of-mine/2021-07-03-The-Sun-Never-Sets-on-Citadel-Part-2.md

@@ -0,0 +1,449 @@
+The Sun Never Sets on Citadel -- Part 2
+=======================================
+
+| Author       | Source       | 
+| :-------------: |:-------------:|
+|  [u/swede_child_of_mine](https://www.reddit.com/user/swede_child_of_mine/) | [Reddit](https://www.reddit.com/r/Superstonk/comments/od4bb1/the_sun_never_sets_on_citadel_part_2/) | 
+
+---
+
+[DD 👨‍🔬](https://www.reddit.com/r/Superstonk/search?q=flair_name%3A%22DD%20%F0%9F%91%A8%E2%80%8D%F0%9F%94%AC%22&restrict_sr=1)
+
+[Part 1](https://www.reddit.com/r/Superstonk/comments/o2xz48/the_sun_never_sets_on_citadel_part_1/)
+
+Apes, I'm stunned. I've rewritten this post several times because of what I've discovered. I haven't seen it anywhere else on Superstonk.
+
+All of this is intertwined. I won't be able to get to all of the pieces of Citadel in this part so this DD will continue... and build... into Part 3.
+
+This is a fucking ride.
+
+* * * * *
+
+Preface, part 1: Kudos
+
+First I'd like to follow up on some key critiques from [Part 1](https://www.reddit.com/r/Superstonk/comments/o2xz48/the_sun_never_sets_on_citadel_part_1/) and give kudos:.
+
+-   EU MMs -- MAJOR kudos to [u/NoughtyNought](https://www.reddit.com/u/NoughtyNought/) who did digging on finding [the list of EU MMs](https://www.esma.europa.eu/sites/default/files/library/list_of_market_makers_and_primary_dealers.pdf).
+
+-   DE markets -- MAJOR kudos to [u/LNhamburg](https://www.reddit.com/u/LNhamburg/) who has been looking into European markets since February and even followed up on my post with an [awesome post of their own](https://www.reddit.com/r/Superstonk/comments/o3c7ar/a_european_footprint_after_reading_the_sun_never/).
+
+But first, I need to apologize. I erroneously said Citadel was an MM across the EU in Part 1. I found conflicting sources, and Citadel *is* an MM in Ireland, but I should have clarified. I'll explain more on "how" and "why" I missed this later, but props to these Apes above who did their Due Due Diligience, I am in your debt. (*"To err is human..."*)
+
+-   Several users also pointed out: MEMX lists several "friendly" institutions, including BlackRock and Fidelity, as founders, not just Citadel and Virtu.
+
+-   This is true! Kudos to the several users who broght this up: [u/mattlukinhapilydrunk](https://www.reddit.com/u/mattlukinhapilydrunk/), [u/Robin_Squeeze](https://www.reddit.com/u/Robin_Squeeze/)
+
+So what should we make of Citadel being at MEMX? *Does Citadel really control MEMX -- or even monopolize the market -- if Blackrock, Virtu, and Fidelity are there too?*
+
+* * * * *
+
+2.0: Introduction
+
+The price of $GME is artificial. Prior posts have shown how $GME is being illegally manipulated by key players to the financial system, namely Citadel. These companies abuse their legitimate privileges to profit themselves at the expense of the market and investors. But it goes much deeper: Citadel is now positioned to do more than just monopolize securities transactions. Citadel is positioned to BE the market for securities transactions.
+
+Wait, what?
+
+Buckle up.
+
+* * * * *
+
+2.1: KING, I
+
+Citadel's influence on the market is all due to one quality: Volume.
+
+Volume is king.
+
+-   There is no way to understate it. Remember [this chart?](https://i.redd.it/idkn9cchpn571.png) Citadel and Virtu's combined volume being larger than ANY exchange is only the *beginning*, it's our *starting point*.
+
+Do you want to know why it's taking so long to MOASS?
+
+-   Look at this [tweet estimating the fees the MMs make off of volume.](https://i.redd.it/0ruptccy0u871.png) - [sauce](https://twitter.com/EricBalchunas/status/1354775322445701128)
+
+-   MMs made an estimated $350M+ in four days. January 27 (the "sneeze") [volume was 24.8 billion equities traded](https://www.marketsmedia.com/us-equity-trading-volume-reaches-record/) for a single day.
+
+-   (we now know the MMs also took the full income of the shares they sold since they were selling pledged shares and never delivered)
+
+-   This illustrates how the MMs generate revenue off of any volume. They do this with nearly any security or transaction they make a market for.
+
+*So the same activities that empower Apes to create the MOASS also provide the MMs with more resources to prolong the arrival of MOASS.*
+
+What a fuckin' paradox.
+
+* * * * *
+
+2.2: Kneel before the crown
+
+Volume is king. Once a firm hits a critical mass of transactions, it become impossible NOT to deal with that firm. For example:
+
+Exchanges
+
+-   The NYSE & Nasdaq view Citadel/MEMX as a threat. Look at this article posted on the Nasdaq website [regarding MEMX](https://www.nasdaq.com/articles/the-answer-to-memx-2020-07-06):
+
+> "MEMX will provide market makers with the ability to bypass the exchanges entirely." (*lol, so pissy*)
+
+*(credit to *[u/Fantasybroke](https://www.reddit.com/u/Fantasybroke/)* for their *[*awesome comment*](https://www.reddit.com/r/Superstonk/comments/o2xz48/the_sun_never_sets_on_citadel_part_1/h2936st/)*)*
+
+-   As much as these exchanges might be "frenemies" with Citadel, they still need to function as businesses.
+
+-   This pandemic posed a major issue for the NYSE: *how could they do IPOs* -- a critical function for exchanges -- *when all traders were remote?*
+
+-   They relied on Citadel. [Nine times](https://www.businessinsider.com/how-citadel-securities-dmms-are-handling-ipos-remotely-2020-5).
+
+-   There was *no other firm* that had the capability to execute. Only Citadel.
+
+Brokers
+
+-   Awhile back there was a post about how a broker sent notice to clients saying in effect that they wouldn't know how to source their transactions in the event of Citadel defaulting. Users should expect delays in transactions if that happened.
+
+-   (*eToro? WeBull? Schwab? TDA?* *Superstonk I need the source, help![]*)
+
+-   If confirmed, this implies major brokerages are becoming or already are reliant on Citadel for basic, essential functions.
+
+[WHAT. THE. FUCK.](https://www.reactiongifs.com/wp-content/uploads/2013/10/tom-delonge-wtf1.gif)
+
+Let me it say again another way: we are at a point where MAJOR BROKERAGES AND EVEN EXCHANGES DO NOT KNOW HOW TO FUNCTION WITHOUT CITADEL.
+
+But it's bigger than that -- it's not just key players in the market that are reliant on Citadel.
+
+But first.
+
+* * * * *
+
+2.3: The Four Corners
+
+> *We... manufacture money.*\
+> *-- Ken Griffin*
+
+That Ken Griffin quote stood out to me, I have a background in operations with experience in manufacturing & logistics. "Manufacture" implies certainty of output, given the correct inputs. Looking at Citadel's actions in the context of manufacturing - supply and demand -- we can reverse engineer the strategy. Understand how we got here. Let's go. (*This is important groundwork, but if you need to skip you can jump to "2.4: Corner 3: Buyer"*)
+
+Overview
+
+You can think of the financial industry as one that manufactures "transactions", in the same way that the automotive industry manufactures "vehicles" of all varieties.
+
+To manufacture a transaction requires a buyer, a seller, a product, and is produced in a venue (a.k.a. a "Transaction factory").
+
+-   The national "supply" comes from the collection of the different "factories": exchanges, ATS's (Dark Pools), SDP's (single-company terminals), etc. Each of the venues produces a slice of the overall Transactions pie chart.
+
+-   Supply of "raw materials" (lol) - buyers and sellers with products - flow into the various factories. Exchanges have been the primary "Transaction factories" for centuries. NYSE and Nasdaq still produce a large portion of US transactions every year.
+
+-   These exchanges employ Market Makers as a permanent stand-in buyer, seller, or provider of products at the exchanges -- whatever is needed. Exchanges charter MMs to provide the missing pieces to complete the transactions, and provide the MMs with special abilities to do so. Because exchanges benefit from having MMs.
+
+So...
+
+if you were a Market Maker, and you already provide the raw materials for buyer, seller, and product pieces of "production," what would you want to do next if you wanted to grow?
+
+You would want a venue. Then you could manufacture transactions independently.
+
+So guess what Citadel wants to do?
+
+But -- is Citadel is ready? Do they really have enough Products, Sellers, and Buyers to supply a "factory" of their own?
+
+* * * * *
+
+2.2: Corner 1: PRODUCT
+
+Product is about range. Range of available products is CRITICAL feature demanded by clients, as well as the necessary volume.
+
+Storytime:
+
+-   A few months back a reddit user commented about their experience working at a financial firm (*for the love of everything I can't find the comment now -- Superstonk help again!?[]*). I don't remember the username, probably something like "stocksniffer42" or whatevs, lol. Let's call him "Greg."
+
+-   Greg would occasionally need to make securities transactions at a nearby terminal, a couple times a week. Price wasn't really important to Greg.
+
+-   But what WAS significant was availability. Greg had providers he preferred because they had what he needed. When they didn't it was super inconvenient for him because THEN Greg would have to search through enough providers to find what he needed. The more "availability" that a certain provider offered, the more likely Greg used them.
+
+-   This is pretty much the Amazon/WalMart/Target strategy. You're more likely to buy from them since they have everything. Even if it's not the lowest price.
+
+Exchanges have a limited offering -- CBOE doesn't offer the same products as NYSE and vice-versa.
+
+Huh, look at that. Citadel is a MM for multiple exchanges - CBOE, NYSE, and NASDAQ. Looks like Citadel can offer options, securities, bonds, [swaps](https://www.bloomberg.com/news/articles/2016-09-01/ken-griffin-gets-redemption-in-swaps-market-once-ruled-by-banks), and pretty much [any product under the sun](https://www.citadel.com/disclosures/).
+
+Seems like they have "Product" pretty well sorted. What about the other pieces?
+
+* * * * *
+
+2.3: Corner 2: SELLER
+
+Generally, Sellers are interested in only PRICE. However, price is the LEAST important aspect of all demand, believe it or not. (*Note: we'll assume some interests overlap between buyer and seller because the same party can alternate roles.*)
+
+Price is supported market-wide by a sense of trust and pre-arranged transaction costs:
+
+-   Price is set nationally by the NBBO -- [the National Best Bid and Offer](https://www.investopedia.com/terms/n/nbbo.asp). A national price range that establishes trust with buyers and sellers. Everybody abides by it. [Nobody will be scamming anyone on price in the NBBO](https://www.law.berkeley.edu/wp-content/uploads/2019/10/bartlett_mccrary_latency2017.pdf). Because...
+
+-   Venues (like exchanges) don't make money off price, they make it from member fees, or sub-penny fees.
+
+-   Product prices can vary quickly, so it's somewhat relative. Precision pricing isn't a concern for the vast majority of non-HFT trades.
+
+-   Buyers will proceed if the price is within their acceptable range and doesn't have an undue markup.
+
+-   Market Makers make very little money on individual transactions, usually.
+
+-   (We individual retail investors may want maximum profit through a single transaction (**cough** DIAMOND HANDS **cough**)... but not Market Makers.)
+
+However, institutional sellers have an additional price agenda:
+
+-   Volume sellers don't want to flood the market of their given security, dropping the price right as they sell. They want to offload the asset in a price-friendly way.
+
+-   Strategic sellers don't want the marketplace to know that they changed a position, they want to keep their transactions private.
+
+These sellers would want a venue that won't affect the public price and remains private.
+
+So price agenda is relative - it's up to each party to decide their interests. At the point of transaction price is either pre-negotiated (for volume sells), or else *precise* price does not matter for non-HFT transactions. (*Would you sell $XYZ at $220.05 but NOT at $220.02?*)
+
+Strategically, if Citadel wanted to increase its volume of sellers it would need:
+
+-   the ability to absorb large volumes of securities (i.e. buy a lot at a competitive price)
+
+-   source a large volume of buyers to match with the sellers.
+
+-   have a private transaction venue to attract sellers of any volume
+
+Interesting. Seems like Citadel is probably already doing a lot of this activity through the exchanges or Dark Pools they might be connected to.
+
+How about the last piece?
+
+* * * * *
+
+2.4: Corner 3: BUYER
+
+A Buyer is interested in one thing: EASE OF ACCESS.
+
+*Like Greg, a buyer wants easy access to a range of securities, acceptable prices, and easy access to to sellers.*
+
+Citadel can be all of these and/or provide them, but, wait --
+
+How exactly can clients BUY from Citadel?
+
+*Maybe clients can buy from Citadel on the public exchanges?*
+
+-   True, but Citadel could still lose the bid. Or pay additional fees, or lose on the bid-ask spread.
+
+-   Also, that's no good for Citadel. It means the clients are coming to the exchanges, which are the venues Citadel is trying to compete against.
+
+*Perhaps their target clients are institutions that want the kind of lower-cost, lower-visibility option that a Dark Pool offers? Can clients buy from Citadel on one of the many Dark Pools/ATSs?*
+
+-   Yes, but the Dark Pools can be "pinged" by HFTs to reveal positions and interest. Someone else could front run the transaction.
+
+-   And again, the venue would be making the transaction, not Citadel.
+
+*So why doesn't Citadel do their own Dark Pool then? Why should the US's largest Market Maker pay to use someone else's Dark Pool?*
+
+-   Okay, let's check if Citadel Has their own ATS. Hmmm... that's weird. There is [no ATS registered to Citadel](https://www.sec.gov/files/data/alternative-trading-system-ats-list/atslist053121.pdf). *Anywhere.*
+
+-   (Dark Pools have to [register through form ATS-N](https://www.sec.gov/divisions/marketreg/form-ats-n-filings.htm) due to SEC regulation ATS)
+
+*So if Citadel has to compete for buyers in exchanges, and they pay to go through Dark Pools, then why, or how, do clients buy from Citadel? How does Citadel get its volume?*
+
+Easy.
+
+Citadel Connect.
+
+*Wait, what?*
+
+[Citadel Connect](https://i.redd.it/v35705zpru871.png).
+
+That's right. You've been in these subs for 6 months and you haven't heard of Citadel Connect? Citadel's "not a Dark Pool" Dark Pool? (That's not by coincidence, btw).
+
+[*MOTHERFUCKER WHAT?!?!*](https://i.redd.it/wy0fpnnb0u871.jpg)
+
+Citadel Connect is an SDP, not an ATS. The difference is the reporting requirements. SDPs do not have to make the disclosures that either the exchanges or even the ATSs (a.k.a. Dark Pools) have to.
+
+-   (FINRA once took a look at [regulating SDPs](https://www.sec.gov/rules/sro/finra/2019/34-86315.pdf), but decided [not to](https://i.redd.it/328lgq1s1v871.png)).
+
+[Yep.](https://media0.giphy.com/media/UvtKiyeWYEhRC/giphy.gif?cid=ecf05e47d9juouou9jrbshblwc2adl6q17tv6g424rp2kvoi&rid=giphy.gif&ct=g)
+
+There is a laughable amount of search results for Citadel Connect on Google. There are no images of it that I could find. I believe it is an API-type feed that plugs into existing order systems. But I couldn't tell you based on searches. I found no documentation -- just allusions to its features.
+
+-   So when the SEC regulated ATSs in 2015, Ken shut down Citadel's actual Dark Pool, [Apogee](https://www.reuters.com/article/us-citadel-darkpool/citadel-securities-to-close-apogee-dark-pool-sources-idUSKBN0MN22Q20150327), in order to avoid visibility altogether. Citadel started routing transactions [through Citadel Connect](https://www.reuters.com/article/citadel-darkpool/citadel-sees-volume-surge-in-its-citadel-connect-dark-pool-idUSL2N0LQ17H20140221) instead.
+
+-   Citadel Connect doesn't meet the definition of an ATS. There is no competition -- no bids, no intent of interest, no disclosures -- nothing. It is one order type from one company.
+
+-   Order type is IOC (Immediate Or Cancel), and the output is binary -- a type of "yes" or "no". You deal only with Citadel.
+
+-   *"Citadel, here's 420 shares of $DOOK, will you buy at $6.969?"*
+
+-   "YES" --> *transaction complete*, or
+
+-   "NO" --> *end transaction*
+
+-   Since it's private, the only information that comes out of the transaction is what's reported to the tape, 10 seconds after the transaction.
+
+*Okay, so you're just buying from a single company, that doesn't seem like a big deal. And aren't there are *[*a lot of other SDPs*](https://blog.themistrading.com/2020/12/14434/)*? So why is this a problem?*
+
+By itself? Not a problem. Buyers and sellers love it, I'm sure.
+
+However...
+
+* * * * *
+
+2.5: KING, II
+
+Volume is king.
+
+Citadel does such volume that it is considered a "securities wholesaler", one of only a few in the US. Like Costco, or any wholesale business, it deals in bulk. But Citadel can deal in small transactions, too.
+
+Citadel has a massive network of sales connections through its Market Maker presence at US exchanges. It capitalizes on the relationships through Citadel Connect, turning them into clients.
+
+-   Citadel has a market advantage with its volume of clients.
+
+Citadel Connect integrates into existing ATSs and client dashboards (here's an example from [BNP Paribas](https://i.redd.it/dojfd7lyru871.png) - [sauce](https://globalmarkets.cib.bnpparibas/app/uploads/sites/4/2021/05/execution-venues-us-version.pdf)). Like Greg's testimonial, I suspect it's easy for just about any financial firm to deal directly with Citadel.
+
+-   Citadel has an ease of access advantage.
+
+And given Citadel's wide range of products it conducts business in and is a Market Maker for, I'm sure Citadel is an attractive option for just about anyone in the financial industry who wants to buy or sell a financial product of any kind. Competitive prices. Whether in bulk or in small batches. Whether privately or publicly. However frequently, or whatever the dollar amount might be.
+
+-   Citadel has a privacy and pricing advantage.
+
+Like Amazon, WalMart, and Target, Citadel is offering *everything*: a wide range of products, nearly any volume, effortless ease of access, the additional powers of an MM, and a nearly ubiquitous presence. Doing so lets Citadel capture a massive amount of market share. So much that it is prohibitive to other players, relegating them to smaller niche offerings and/or a smaller footprint.
+
+-   Citadel has market presence advantage.
+
+* * * * *
+
+2.6: The Final Piece: VENUE
+
+So guess what Citadel wants to do?
+
+But... do you get it? Have you figured it out?
+
+Citadel doesn't need to get a venue.
+
+Citadel *IS* the venue.
+
+Citadel is [internalizing](https://www.investopedia.com/terms/i/internalization.asp) a substantial volume of transactions from the marketplace. It's conducting the transactions inside its own walls, acting AS the venue in itself.
+
+Said another way, Citadel is "black box"-ing the transaction market, and it's doing so at a [massive volume](https://i.redd.it/drdcsznn0u871.png) - [sauce](https://www.rblt.com/market-reports/let-there-be-light-us-edition-24).
+
+-   *Okay, so it sounds like Citadel is just buying and selling from multiple parties, and making a profit off the spread. Every firm does that, though, right? It's just arbitrage, it doesn't make them an exchange.*
+
+Citadel is offering the features of an exchange, or even benefiting from existing exchanges (i.e. the NBBO, MM powers across multiple exchanges) without any of the regulations of an exchange. It can offer more products, more easily, more quickly, more cheaply, and more privately than an exchange could. It's so non-competitive that IEX - yeah, the exchange - [wrote about the decline of exchanges](https://medium.com/boxes-and-lines/the-rising-tide-of-broker-costs-and-the-shrinking-pool-of-competitors-40d4d389e59a):
+
+> "...trends of the past decade have seen a sharp increase in costs to trade on exchanges, a sharp decrease in the number of exchange broker members, and a steady erosion in the ability of smaller or new firms to compete for business."
+
+It is doing this at the same time that brokers and even exchanges are relying on Citadel more and more. And, by the way - *why are they so reliant on Citadel in the first place?* Glad you asked.
+
+Volume is limited. So the more volume Citadel takes...
+
+-   ...the less volume there is for the competition.
+
+-   ...the more reliant the other players are on Citadel for buying and selling.
+
+-   ...the less profit for competitors, so the more expensive their services have to be.
+
+This "rich-get-richer" advantage is known as a "virtuous cycle" (hah -- "virtuous") -- one of the most sought-after business advantages.
+
+Citadel is capturing and internalizing more and more transactions, driving up costs for exchanges and making the competition smaller and smaller while also making them more dependent on Citadel to conduct critical business operations.
+
+"Free market"
+
+* * * * *
+
+2.7: "...to forgive, devine."
+
+Apes, I told you I would follow up on "how" and "why" I missed on Citadel not being an MM across the EU.
+
+The EU marketplace is structured differently than the American markets, with different rules and roles. I knew Citadel had a massive presence in the EU, I just missed the role. I think you can put together [why](https://i.redd.it/axa0gpvap1971.png).
+
+* * * * *
+
+2.8: TL;DR
+
+Citadel is moving beyond monopolizing the MM role, it has captured a massive portion of all securities transactions and is moving them off-exchange. For an undisclosed portion of transactions, Citadel IS the market.
+
+-   Citadel positioned itself to provide every piece required to provide transactions -- buyers, sellers, product -- at an unrivaled scale, allowing it to be a wholesale internalizer.
+
+-   ("Internalizing" here is shorthand for "one company acting as a private exchange without exchange regulations or oversight").
+
+-   Citadel does this through an SDP called "Citadel Connect," which is a type of Dark Pool that doesn't require disclosure.
+
+-   Citadel's overall volume and market position are prohibitive to new competition and also drives away all but the largest competitors.
+
+-   Even exchanges are losing volume to Citadel's OTC market share, threatening the exchanges' position in the market.
+
+Citadel is capturing more and more of the transactions market, experiencing less competition, as it enjoys more and more entrenched advantages, at the expense of the market and the investor.
+
+This is the groundwork that will set us up for Part 3.
+
+* * * * *
+
+Part 3 coming soon...
+
+* * * * *
+
+EPILOGUE: Dieu et mon droit
+
+"But it's bigger than that -- it's not just key players in the market that are reliant on Citadel."
+
+Including this after the TL;DR for all to see. This is why I was delayed.
+
+This is a 2 minute video from Citadel's own page. [Watch it.](https://www.youtube.com/watch?v=eVfxEBE-nI4&t=158s) It blew me away when I saw it, and I'll explain why below. Transcription mine (streamlined version):
+
+> *Mary Erodes:* That's a really important shift. The groups that used to make markets, i.e. step in when no one else was there, were the banks. They have shrunk by law. So when we need liquidity in the future... [points at Ken] He's has a fiduciary obligation to care only about his shareholders and his investors. He doesn't have an obligation to step in to make markets for the sake of making markets. It will be a very different playbook when we go through the liquidity crunch that eventually will come.
+
+> *Ken Griffin:* I think this is very interesting, "what is the role [Citadel] will play in the next great market correction?" ...[In financial crashes] no one buys the asset that represents the falling knife. The role of the market maker is to maximize the availability of liquidity to all participants. Because the perception and reality that you create liquidity helps to calm the markets. We worked with NYSE and the SEC to re-architect trading protocols... The role of large investment banks has been supplanted by not only Citadel Securities, but by a whole ecosystem of statistical arbitrage that will absorb risk that comes to market quickly.
+
+[emphasis mine]
+
+Let me summarize. Mary and Ken commented that:
+
+-   The old way of stabilizing financial crises was through multiple banks negotiating a solution to stabilize the economy.
+
+-   Banks can no longer do this due to regulations and their position in the market.
+
+-   Citadel (Ken) sees a Market Maker's role as a stabilizer, to make sure there are no violent price swings.
+
+-   Citadel worked with NYSE and SEC to re-architect the markets/economy on this belief that MMs will stablize and calm markets.
+
+IF this is true, and IF what Ken spoke of is an accurate reflection of how the market is now structured, then here is the subtext and implications:
+
+-   Market Makers, specifically Citadel and Virtu, are now the ECONOMY'S "immune system," they are the first and best line of defense against catastrophic collapse.
+
+-   Their function is to make sure that no single security or asset class can expose the market to overwhelming risk.
+
+-   They manage this risk through statistical arbitrage and coordination with authorities (NYSE & SEC) on behalf of the market.
+
+-   Citadel worked with the oversight organizations to influence the structure of the overall market.
+
+Going deeper:
+
+Everyone in this room knew about naked shorting. And that Citadel was a primary culprit.
+
+Which implies that somewhere, at some point, a deal was reached, tacitly or explicitly. The NYSE and SEC were in on it (at the time):
+
+Citadel/MM's get to control securities prices with relative impunity. Naked shorting and all.
+
+And in return, Citadel is responsible for making sure that no more crashes happen.
+
+[WHAT THE FUCK.](https://i.giphy.com/media/kGweWfIbaezO8/giphy.webp) I have no words.
+
+IF this is true, the implications for the MOASS are...
+
+-   Citadel defaulting is the equivalent of the entire economy getting full blown AIDS and spinal cancer at the same time. Knocking out the immune system and the functional response chain of the market.
+
+-   This leaves the market vulnerable to violent price swings that can instantly bankrupt other players
+
+-   ...which is why the DTCC is so concerned about member defaulting and transferring of assets...
+
+-   ...and another reason why the MOASS is taking so long: every player in the economy needs Citadel's assets need to remain intact, to stabilize the market and continue acting as the immune system.
+
+This video is from 2018. It has been over 2 years since then, at the time of this writing.
+
+Buy. Hodl.
+
+* * * * *
+
+Note 1: [u/dlauer](https://www.reddit.com/u/dlauer/) if you're reading this I'd like to connect re:part 3 - HMU with chat (DMs are off)\
+Note 2: If you guys find the links I couldn't find (i.e. "Greg", and the brokerage letter saying Citadel defaulting would delay their transactions) - comment and I'll update!\
+Note 3: Apes, I've seen responses to part one that end in despair. Be encouraged - regulators (NYSE, SEC, et. al) don't seem to like the current setup anymore. Gary Gensler's speech last month was laser-focused on Citadel and Virtu (and also confirms this DD):
+
+> Further, wholesalers have many advantages when it comes to pricing compared to exchange market makers. The two types of market makers are operating under very different rules. [...]
+
+> Within the off-exchange market maker space, we are seeing concentration. One firm has publicly stated that it executes nearly half of all retail volume.[2] There are many reasons behind this market concentration --- from payment for order flow to the growing impact of data, both of which I'll discuss.
+
+> Market concentration can deter healthy competition and limit innovation. It also can increase potential system-wide risks, should any single incumbent with significant size or market share fail.
+
+I don't think the guy likes Citadel very much lol
+
+* * * * *
+
+Edit: I'm seeing some responses that think this post implies Citadel is all powerful or controls everything. Very much not the case. Apes have them by the balls. Buy and Hodl, as always. But it helps to know exactly *what* we are up against, and *why* the MOASS is taking time. Also, we don't really want Citadel to just change the name on the building and get a new CEO - that doesn't really solve the problem, does it?

02-Resources/2021-07-01-Resources.md

@@ -0,0 +1,81 @@
+# Resources
+
+| Last Updated | July 7, 2021 |
+| :---: | :---: |
+
+| Name | Description |
+| :---: | :---: |
+| [GameStop Newsroom](https://gamestop.gcs-web.com/news-releases-0) | Stay up to date with GameStop's latest strategic initiatives. |
+| [GameStop Investor Relations](https://gamestop.gcs-web.com/home) | Source for GameStop's financial news. |
+| [Ape's Guide to the Galaxy](https://www.reddit.com/r/DDintoGME/comments/mnss65/the_apes_guide_to_the_galaxy_a_compilation_of_dds/?utm_medium=android_app&utm_source=share) | Compilation of DD, News, Announcements, Tools, and Resources |
+| [GME DD](https://gmedd.com/) | Resource that aggregates a compilation of GME due diligence. |
+| [GME Timeline](https://gmetimeline.com/) | Comprehensive timeline of GME-related events. |
+| [GME Technical Analysis](https://www.investing.com/equities/gamestop-corp-technical) | Tracks technical analysis, news, and other insights for a particular stock. |
+| [IBorrowDesk](https://iborrowdesk.com/report/GME) | Monitors borrow rates and availability using Interactive Broker's freely available data. |
+| [Stonk-O-Tracker](https://gme.crazyawesomecompany.com/) | Tracks available shares to borrow, options data, FTDs, and more. |
+| [Where are the Shares?](https://wherearetheshares.com/) | Tool that monitors FTDs. |
+| [SEC - Fails-to-Deliver Data](https://www.sec.gov/data/foiadocsfailsdatahtm) | Website that provides FTD data. |
+| [GME ETFs](https://www.etf.com/stock/GME) | Tracks how many ETFs hold GME. |
+| [ETF Channel](https://www.etfchannel.com/symbol/gme/) | Website that shows ETF holdings of a particular stock. |
+| [NASDAQ Short Interest](https://www.nasdaqtrader.com/Trader.aspx?id=ShortInterest#) | Provides short interest data for mid-month and end of month settlement dates for a particular stock. |
+| [Ortex - Short Interest](https://www.ortex.com/symbol/NYSE/GME/short_interest) | Dashboard that show short interest data. |
+| [NASDAQ - Real Time Trades](https://www.nasdaq.com/market-activity/stocks/gme/latest-real-time-trades) | Tool to monitor real time trades. |
+| [S&P 500 Heatmap](https://finviz.com/map.ashx) | Website that allows you to observe when Hedge Funds are liquidating in which sector(s). |
+| [Holdings Channel](https://www.holdingschannel.com/bystock/?symbol=gme) | Displays a list of funds holding GME. |
+| [Fintel - GME Institutional Ownership](https://fintel.io/so/us/gme) | Dashboard that shown ownership data, short interest %, and other reports. |
+| [FINRA - Morningstar](http://finra-markets.morningstar.com/MarketData/EquityOptions/detail.jsp?query=14%3A0P000002CH&sdkVersion=2.60.0) | Tracks equity and options data along with other information. |
+| [Yahoo - GME Historical Data](https://finance.yahoo.com/quote/GME/history?p=GME) | Shows a running history of GME previous open and closing prices, volume, etc. |
+| [Superstonk Quants](https://www.superstonkquant.org/) | Open-source resource that aims to provide quantitative analysis on the market. |
+| [Gamestonk Terminal](https://www.reddit.com/r/DDintoGME/comments/mxl0co/move_over_bloomberg_terminal_here_comes_gamestonk/) | Bloomberg-like Terminal created by [u/SexyYear](https://www.reddit.com/u/SexyYear/) |
+| [Stockgrid - Dark Pool Data](https://www.stockgrid.io/darkpools) | Dashboard that shows dark pool data. |
+| [NASDAQ - Reg SHO Threshold List](https://www.nasdaqtrader.com/Trader.aspx?id=RegSHOThreshold) | List that displays securities that are currently on threshold. |
+| [Repo and Reverse Repo Operations](https://apps.newyorkfed.org/markets/autorates/tomo-results-display?SHOWMORE=TRUE&startDate=01/01/2000&enddate=01/01/2000) | Tracks ON-RRP and participants daily. |
+| [Buffet Indicator](https://currentmarketvaluation.com/models/buffett-indicator.php) | Resource that depicts when the market is overvalued or undervalued. |
+| [Advisor Perspectives](https://www.advisorperspectives.com/dshort/updates/2021/06/04/the-s-p-500-dow-and-nasdaq-since-their-2000-highs) | Shows inflation-adjusted charts of the S&P 500, Dow 30, and Nasdaq. |
+| [DTCC - SEC Rule Filings](https://www.dtcc.com/legal/sec-rule-filings) | Lists rule filings from major institutions. |
+| [US Senate Stock Watcher](https://senatestockwatcher.com/) | Website created by [u/rambat1994](https://www.reddit.com/u/rambat1994/) that tracks stock trades of US Senate Members. |
+| [US House of Representatives Stock Watcher](https://housestockwatcher.com/) | Website created by [u/rambat1994](https://www.reddit.com/u/rambat1994/) that tracks stock trades of US House of Representatives. |
+| [Investor.gov - Researching Investments](https://www.investor.gov/introduction-investing/getting-started/researching-investments) | Website that you walks you through how to do your due diligence. |
+| [Tax My Tendies](https://taxmytendies.com/) | Tools that helps you calculate how much you'll owe in taxes post-MOASS. (US only). |
+| [Gamestop NFT](https://nft.gamestop.com/) | GameStops' official NFT website |
+| [GME NFT Relationships](https://github.com/schismsaints/GME_NFT) | Graphic that shows the relationships between GME tokens. |
+
+*Table inspired by [u/Truffluscious](https://www.reddit.com/user/Truffluscious/)*
+
+# GameStop 
+| Show support at | 
+| :-: |
+| [Gamestop.com](https://www.gamestop.com/) | 
+| [Become a PowerUp Rewards Member](https://www.gamestop.com/poweruprewards/) | 
+| [... Which gets you a subscription to Game Informer Magazine](https://www.gameinformer.com/) | 
+| [Follow Gamestop on Twitter](https://twitter.com/GameStop) | 
+| [Subscribe to Gamestop's YouTube Channel](https://www.youtube.com/user/gamestopvideo) | 
+| [Follow Gamestop on Twitch](https://www.twitch.tv/gamestop) | 
+| [Follow Gamestop on Instagram](https://www.instagram.com/gamestop/?hl=en) | 
+| [Follow Gamestop on Facebook](https://www.facebook.com/GameStop) | 
+| [Apple Devices- Download the Gamestop App](https://apps.apple.com/us/app/gamestop/id406033647) (Link to App Store) | 
+| [Android Devices- Download the Gamestop App](https://play.google.com/store/apps/details?id=com.gamestop.powerup) (Link to Play Shop) |
+| Brands owned by Gamestop; ThinkGeek, GameInformer, [MicroMania](https://www.micromania.fr/), and [EB Games](https://www.ebgames.ca/) |
+| [Gamestop Ireland](https://www.gamestop.ie/), [Gamestop Germany](https://www.gamestop.de/) |
+
+*Table created by [u/pinkcatsonacid](https://www.reddit.com/user/pinkcatsonacid/)*
+ 
+# Social Media
+| Name | Twitter | YouTube |
+| :-: | :-: | :-: |
+| [Superstonk](https://www.reddit.com/r/Superstonk/) | | 🚨 [Superstonk Emergency Broadcast](https://www.youtube.com/channel/UCI4EET9NJPWxUuXGlG6fxPA) 🚨 |
+| [u/DeepFuckingValue](https://www.reddit.com/user/DeepFuckingValue/) | [@TheRoaringKitty](https://twitter.com/theroaringkitty?lang=en) | [Roaring Kitty](https://www.youtube.com/channel/UC0patpmwYbhcEUap0bTX3JQ) |
+| Ryan Cohen | [@ryancohen](https://twitter.com/ryancohen) |  |
+| [RedChessQueen](https://www.reddit.com/user/redchessqueen99/) | [@RedChessQueen99](https://twitter.com/RedChessQueen99) |  |
+| [Rensole](https://www.reddit.com/user/rensole/) | [@rensole](https://twitter.com/ryancohen) |  |
+| [HeyItsPixel](https://www.reddit.com/user/HeyItsPixeL/) | [@heyitspixel69](https://twitter.com/heyitspixel69) |  |
+| [PinkCatsOnAcid](https://www.reddit.com/user/pinkcatsonacid/) | [@PinkCatsOnAcid](https://twitter.com/PinkCatsOnAcid) |  |
+| [Dennis Kelleher](https://www.reddit.com/user/WallSt4MainSt/) | [@BetterMarkets](https://twitter.com/BetterMarkets) |  |
+| [Alexis Goldstein](https://www.reddit.com/user/dontfightthevol/) | [@alexisgoldstein](https://twitter.com/alexisgoldstein) |  |
+| Justin Dopierala | [@DOMOCAPITAL](https://twitter.com/DOMOCAPITAL) | [DOMO Capital Managment LLC](https://www.youtube.com/channel/UC3rCaBlsLlWJagcpbsais4w) |
+| Susanne Trimbath, PhD | [@SusanneTrimbath](https://twitter.com/SusanneTrimbath) |  |
+| [Dave Lauer](https://www.reddit.com/user/dlauer) | [@dlauer](https://twitter.com/dlauer) |  |
+| Andy Lee |  | [Andy Lee](https://www.youtube.com/channel/UC2e4QZAVEXQyH7BXfEE1GyA) |
+| [ByeTriangle](https://www.reddit.com/user/Bye_Triangle/) | [@ByeTriangle](https://twitter.com/ByeTriangle) | |
+| [sharkbait](https://www.reddit.com/user/sharkbaitlol) | [@u_sharkbaitlol](https://twitter.com/u_sharkbaitlol) | |
+| [BradduckF](https://www.reddit.com/user/Bradduck_Flyntmoore/) | [@BradduckF](https://twitter.com/BradduckF) | |

Brokers/TD-Ameritrade/2021-05-25-IEX-Direct-Routing.md

@@ -1,12 +0,0 @@
-IEX DIRECT ROUTING WITH TDA: Client Services > My Profile: 1) Enable Direct Routing 2) Routing, Select IEX
-==========================================================================================================
-
-| Author       | Source       | 
-| :-------------: |:-------------:|
-|  [u/candilox](https://www.reddit.com/user/candilox/) | [Reddit](https://www.reddit.com/r/Superstonk/comments/nkt7ie/iex_direct_routing_with_tda_client_services_my/) | 
-
----
-
-[Education 👨‍🏫 | Data 🔢](https://www.reddit.com/r/Superstonk/search?q=flair_name%3A%22Education%20%F0%9F%91%A8%E2%80%8D%F0%9F%8F%AB%20%7C%20Data%20%F0%9F%94%A2%22&restrict_sr=1)
-
-[![r/Superstonk - IEX DIRECT ROUTING WITH TDA: Client Services > My Profile: 1) Enable Direct Routing 2) Routing, Select IEX](https://preview.redd.it/48ho80rwha171.jpg?width=640&crop=smart&auto=webp&s=9bf1ab5bef14eac65a0aed7be7fa3329ee13e868)](https://i.redd.it/48ho80rwha171.jpg)

Confirmation-Bias-and-Discussion/2021-06-29-NYSE-Threshold-List-Collapsing-Shorts-and-Launching-the-MOASS.md

@@ -0,0 +1,56 @@
+The NYSE threshold list: collapsing shorts and launching the MOASS
+==================================================================
+
+| Author       | Source       | 
+| :-------------: |:-------------:|
+|  [u/Bladeace](https://www.reddit.com/user/Bladeace/) | [Reddit](https://www.reddit.com/r/Superstonk/comments/oao9oo/the_nyse_threshold_list_collapsing_shorts_and/) | 
+
+---
+
+[DD 👨‍🔬](https://www.reddit.com/r/Superstonk/search?q=flair_name%3A%22DD%20%F0%9F%91%A8%E2%80%8D%F0%9F%94%AC%22&restrict_sr=1)
+
+TA;DR: threshold list killed small shorts in January. Big shorts took on their positions. Threshold list restrictions coming for big shorts too. Watch for GME being added to the threshold list.
+
+TL;DR: restrictions associated with extended periods of failures to deliver inform the past six months of GME shenanigans. These restrictions killed the small players who were short GME in January and allowed big players to take on their position. Big players assumed they could use their powers and resources to turn this losing hand into a big win. Apes stopped them. Now, finally, the big players are going to find these same restrictions applied to them - watch for GME being added to the threshold list.
+
+Background
+
+The New York Stock Exchange provides a list of 'threshold securities', which are securities that are regarded as difficult to borrow due to a large number of recent failures to deliver. When a security is on this list, there are limits on a market maker's ability to short sell the security in question and obligations regarding delivery requirements. These restrictions and obligations can increase the longer the security stays on the list. For further information and some relevant links, please see [this comment](https://www.reddit.com/r/Superstonk/comments/o9x3hf/guys_before_you_downvote_this_to_hell_bc_its_not/h3e1asv?utm_source=share&utm_medium=web2x&context=3) by [u/Cirand](https://www.reddit.com/u/Cirand/). There is currently some discussion of this topic because moviestock has been added to the threshold list recently, [this post](https://www.reddit.com/r/Superstonk/comments/o9x3hf/guys_before_you_downvote_this_to_hell_bc_its_not/?utm_source=share&utm_medium=web2x&context=3) by [u/OrwellsWarning](https://www.reddit.com/u/OrwellsWarning/) presents tweets by [u/dlauer](https://www.reddit.com/u/dlauer/) and Susanne Trimbath which is a good place to look for discussion of the significance of the threshold list (see the comments).
+
+In short, the ability to perform fucketry is diminished when a security is on the threshold list. /udlauer tweets that it might be unusual for companies like GME to make it onto this list (usually it's small companies). [This rather underappreciated post](https://www.reddit.com/r/Superstonk/comments/oadcb3/i_made_these_charts_illustrating_occurrences_of/?utm_source=share&utm_medium=web2x&context=3) by [u/mlebjerg](https://www.reddit.com/u/mlebjerg/) provides graphs of the price of moviestock and GME in relation to their being on the threshold list. Notice that the price of moviestock does not appear to be related to their being on the threshold list. Neither does the price of GME, with a notable exception.
+
+Key point
+
+Given the restrictions that come with being on the threshold list and its relationship with the historical prices of the two securities, I suspect the effect of being on the threshold list do not translate to price changes until the security has been on the list for long enough to compromise the ability of those with short positions to manipulate the price. On the below graph I compare the price of GME with the number of concurrent days it has been on the threshold list:
+
+[![r/Superstonk - The NYSE threshold list: collapsing shorts and launching the MOASS](https://preview.redd.it/yfmbrye3lb871.png?width=685&format=png&auto=webp&s=c28e1c25971667b38fc8717aba790de881771e86)](https://preview.redd.it/yfmbrye3lb871.png?width=685&format=png&auto=webp&s=c28e1c25971667b38fc8717aba790de881771e86)
+
+From the end of December 2020 and into the beginning of February 2021 GME was on the threshold list for 39 market days. I believe that this answers an important question that has been outstanding since February: it explains why they needed to resort to a market halt to stop the January spike but not the February gamma.
+
+The difference between January and February
+
+In [this post](https://www.reddit.com/r/Superstonk/comments/mvvuhp/feb_2426_failed_launch_attempt_and_proof_the_dtcc/?utm_source=share&utm_medium=web2x&context=3) from April I argue that the unusual market activity during February, the 'gamma swarm' or 'gamma squeeze', was an attempt to launch the MOASS that failed due to those shorting GME flooding the market with ever more short positions, which mitigated attempts to rapidly rise the price. In [this post](https://www.reddit.com/r/Superstonk/comments/nc1h4o/findings_from_my_analysis_of_605_data_huge_short/?utm_source=share&utm_medium=web2x&context=3) from May I argue that the changes in order flow indicate that the market center Citadel Securities was used to open a large short position in January and the NASDAQ market center was used to manipulate the price in February. These two arguments leave an unanswered question: if the spike in February was prevented by manipulation involving inter-market-center fucketry, why did they need to resort to a trading halt to prevent the January spike?
+
+I think the threshold list answers that question: trading was halted in January because GME had been on the threshold list for weeks prior to the spike, which prevented the other methods of price restricting manipulation available to those shorting GME. After weeks on the threshold list, and in the face of massive buying pressure, they had no winning play left - so they halted trading. I suspect that, with trading halted, they then brought the minimum number of GME shares required to cover the outstanding failures to deliver which then removed GME from the threshold list. I expect that this actually left them with *an even bigger* outstanding short position, considering how much it would have expanded during the January spike: they opened a bigger position due tomorrow, to close the positions keeping GME on the list today. I think this led to the game they've been playing since February.
+
+The story so far
+
+Notice that GME has not returned to the threshold list since early February. I think that this is because the parties shorting GME since then have been more competent, better resourced, and more powerful. I suspect that GME went onto the threshold list in December 2020 because a smaller player, perhaps Melvin Capital, was failing to cover or defer their short positions. Ultimately, this led to the January spike and a more powerful institution capable of the manipulation required to stop the spike stepping in. Essentially, I think at least one smaller player who was short GME collapsed in December and January which undermined the ability of the larger players to control the situation. In response, I suspect that the larger players with market maker privileges and influence over market centers took over these collapsing players.
+
+This is why I think that the short position was *expanded* in January even though I also think some positions were covered. As I discuss [in my post regarding the 605](https://www.reddit.com/r/GME/comments/nc2zcc/findings_from_my_analysis_of_605_data_huge_short/?utm_source=share&utm_medium=web2x&context=3) data (also linked earlier, the may post), it appears that the market center Citadel Securities was used to expand a short position during the January spike. Notice that the restrictions associated with a security being on the threshold list are not applied to all parties equally. This is how shorting took place in January, despite GME having been on the list for weeks - it was one of the smaller players failing to deliver that got GME on the list, so the big players were not suffering all of the related restrictions (especially those with influence over their own market center). I suspect that the short position was expanded dramatically in the leadup to the January spike and then, after the trading halt, the *oldest positions* were covered to resolve those failures to deliver that were keeping GME on the threshold list. In this manner, the short position was moved from small players to the big ones and the overall short position expanded while the reported short position lowered substantially.
+
+With their short position bigger than ever, I suspect that they attempted to crash the price in February to convince everyone that it's time to sell their GME shares. At this point, their position is likely looking quite strong - the short positions opened in January were at a high price per share, which means they've received more money from buyers than the current share price. So, on paper anway, they are in a strong position - yes, they owe an insane amount of GME shares, but the price of GME is now much lower. As long as they can *eventually* convince everyone this is over, they'll likely come out of this stronger than ever. If they can keep issuing more short positions that they eventually cover at a much lower price, after shareholders give up and move on, they'll actually have profited over this debacle and gobbled up smaller players. Provided the apes stop buying and move on, they've turned an infinite loss position into a huge win. Masterstroke.
+
+This is a bold plan, it will turn a massive loss into a huge win. So, they go all in and do an excellent job of it. The trading halt works by allowing them to consolidate the short positions into only those players big enough to pull this strategy off. Expanding the short position provides an influx of cash from buyers. Further shorting after the trading halt drops the price in early February. The political fallout allows them to announce very publicly that they've closed their positions. The media narrative fits perfectly to what they need to portray. For the first few weeks of February, it's working.
+
+Except, it doesn't work. It's an excellent play and they executed it well. Regardless, two factors prevent their success. Firstly, millions of weirdos from the internet appear to have disregarded all traditionally authoritative sources of information and keep buying more shares. Given the complete lack of any evidence to justify this behaviour, it's understandable that this caught the shorts off guard. At this point, it's too late - they're beyond fully committed to this play, they've gambled everything they have and the health of the entire financial markets on this. So, they do what they can to undermine this bizarre online resistance. Unfortunately, for them, they are also facing resistance from other big players who, for whatever reason, are not willing to allow them this victory. This resistance from other big players comes in the form of the February gamma, which attempts to launch the squeeze that was prevented with the trading halt ([link to my April post on this](https://www.reddit.com/r/Superstonk/comments/mvvuhp/feb_2426_failed_launch_attempt_and_proof_the_dtcc/?utm_source=share&utm_medium=web2x&context=3), also linked earlier).
+
+This sets the stage for everything that follows, March onwards. In January and early February the shorts win the battles. Smaller players die and cause a massive mess, but this allows the big-shorts to take over their positions and expand their short positions at a favorable price point while doing so. They gamble on an extreme play, a trading halt, to crash the price and it works. However, Apes pervert their attempts to motivate selloffs and realize they are being targeted with misinformation - so, they gather together to defend themselves. Ultimately, this becomes [r/SuperStonk](https://www.reddit.com/r/SuperStonk/). Other big players, perhaps fearing what the big-shorts have become and are doing, instigate the February gamma which reverses a large portion of the price crash and exposes the ongoing manipulation. As February draws to a close, the gamma has failed to launch the rocket and the Apes have only a vague understanding of what is happening. It's a stalemate.
+
+I think the battles fought in January and February have informed everything that followed. The big players short GME have used their power, influence, and resources to avoid any further restrictions on their GME activities. The big players opposing them have done what they can, but can't launch the rocket. Apes' might be described as the wildcard, but I think they're better understood as the battleground. As the months drag on, they grow in sophistication, numbers, and power. Six months into this mess, they're the ones holding the winning hand. It's the Apes' whose shares need to be brought: the shorts always needed retail shares, but after six months of endless shorting they now need *a lot* of retail shares and, much worse, the retail holders know it.
+
+If my outline, story I guess, is correct, then the outcome is inevitable. At least, assuming Apes hold. Eventually, especially in the face of tightening restrictions, GME is going to end up back on that threshold list. Once it does, the powers and privileges allowing those short GME to fight will be steadily stripped away until they can't do anything except watch as their obligations to the NSCC kick in and the attempt to close the infinite loss position they have burdened their peers with begins. I suspect this is why the new restrictions are finishing off with 'rules clarifications' that limit rehypothecation and prevent a borrowed share from being used to 'deliver' an earlier position. Once the failures to deliver can no longer be hidden, GME is going to end up back on that threshold list. Once it's there, those with outstanding failures to deliver will have their ability to short GME restricted and the big-shorts will be caught in the same trap they 'saved' the little shorts from in January.
+
+Finally, please note a recent by [u/Feeling_Point_5978](https://www.reddit.com/u/Feeling_Point_5978/) yesterday (I can't link, it's on a different subreddit) for discussion of this in the context of Moviestock. For what it's worth, I think that Moviestock is our canary in the coal mines on this issue. I suspect that the new restrictions, finally in effect from last week, will result in the failures to deliver GME to being piling up quite soon. If this happens, expect to see GME on the threshold list soon after. Once it's there, the restrictions escalate until it's off the list. I suspect that there is only one way GME is getting off that list once it's back on it, and that's the MOASS.
+
+(Please note that my incompetence limits the reliability of any of the above. I argue, think, and suspect many things; my saying it doesn't mean much regardless of how I phrase it - read with caution!)

Confirmation-Bias-and-Discussion/2021-06-29-RRP-is-the-Reason-for-No-Margin-Call-Liquidations.md

@@ -0,0 +1,30 @@
+Holy shit, THOSE MOTHER FUCKERS. thesis 2.0: RRP is the reason there has been no big boy margin call liquidations in the states. US T Bonds are considered collateral, its funding rehypothication, allows dividends, and finally institutions are able to circle jerk each other ETFs as their holdings.
+=========================================================================================================================================================================================================================================================================================================
+
+| Author       | Source       | 
+| :-------------: |:-------------:|
+|  [u/A_KY_gardener](https://www.reddit.com/user/A_KY_gardener/) | [Reddit](https://www.reddit.com/r/Superstonk/comments/oab880/holy_shit_those_mother_fuckers_thesis_20_rrp_is/) | 
+
+---
+
+[Discussion 🦍](https://www.reddit.com/r/Superstonk/search?q=flair_name%3A%22Discussion%20%F0%9F%A6%8D%22&restrict_sr=1)
+
+![Collateral is US T bonds](https://user-images.githubusercontent.com/82035192/123951557-ec5dc700-d972-11eb-841d-c3509a0c643d.png)
+
+![RRP 06.28](https://user-images.githubusercontent.com/82035192/123951619-fb447980-d972-11eb-852f-e0fad949a813.png)
+
+![TDA Investing in Friendly Competitors](https://user-images.githubusercontent.com/82035192/123951648-05667800-d973-11eb-896c-d3fe59d37308.png)
+
+![TDA funds detailed](https://user-images.githubusercontent.com/82035192/123951747-1fa05600-d973-11eb-954f-fcb6839b4180.png)
+
+![TDA trust owning all sorts of Schwab in 2019](https://user-images.githubusercontent.com/82035192/123951774-27f89100-d973-11eb-89b4-e04f55e06657.png)
+
+!["Collateral will be in the form of US Treasury Bonds"](https://user-images.githubusercontent.com/82035192/123951843-38a90700-d973-11eb-90a8-b9826a51c35f.png)
+
+![Schwab investing in themselves?](https://user-images.githubusercontent.com/82035192/123951915-4e1e3100-d973-11eb-85d9-acdcd17a64f8.png)
+
+
+
+
+
+

Confirmation-Bias-and-Discussion/2021-06-30-Hanks-Thot-Experiment.md

@@ -0,0 +1,51 @@
+Hank's thot experiment
+======================
+
+| Author       | Source       | 
+| :-------------: |:-------------:|
+|  [u/HomeDepotHank69](https://www.reddit.com/user/HomeDepotHank69/) | [Reddit](https://www.reddit.com/r/Superstonk/comments/oay9vr/hanks_thot_experiment/) | 
+
+---
+
+[Discussion 🦍](https://www.reddit.com/r/Superstonk/search?q=flair_name%3A%22Discussion%20%F0%9F%A6%8D%22&restrict_sr=1)
+
+******** I am not a financial advisor, this is not financial advice *********
+
+Hey everyone thanks for reading my post yesterday. I'm still on a break from making big DDs (unless I stumble upon something major that warrants immediate attention), but in the mean time I wanted to create a dialogue, a thought experiment if you will.
+
+The point of this post is simply to create a discussion in the comments that will serve as ideas for future DDs for myself and other wrinkles as well as to generally facilitate a discussion.
+
+Here are my discussion questions:
+
+GENERAL QUESTIONS:
+
+In your opinion, what is the most likely trajectory of GME (i.e. if you had to predict what it will do for the next few months, what would you say)?
+
+```
+   What other scenarios could you see?
+
+```
+
+What topics do you want to see wrinkles make DDs about?
+
+What are the biggest weaknesses in the body of content of our current DD (i.e. what topics do we need to focus on because they are weaker)?
+
+What is the weakest part of the general theory of GME? What is the strongest?
+
+SPECIFIC QUESTIONS:
+
+Even if the FTD cycle theory is incorrect, it's still true that each cycle, the floor/support increases, which means that the price has increased steadily since February. However, as we all know, volume has been absolutely horrible -- pathetic. In a normal stock, this increase would be called a nonvolume supported trend; however, I think most of us believe this is happening because apes are holding, so the volume is just day traders and the HFs have moved buying volume into OTC trades. With that in mind, let's say that volume continues to decrease. If volume continues to decrease, assuming nothing material changes about GME, what do you think is the most likely trajectory (i.e. is there a point we could get to where volume would be miniscule or close to zero and if so what would do you think will happen)?
+
+The $350 level seems to be significant. The previous two times we got near it, we were BRUTALLY rejected and saw HUGE downtrends. The only time we got over it was January, when the market literally shut down buying. With that in mind, what is your take on the significance of this level? Is there a method we could use to reverse engineer it to try to find SI? What would you like to see us focus on with DD here?
+
+Do you think the MOASS will happen sooner (let's say before the end of August) or later and why?
+
+Many of you probably saw my last post where I used data from the absolute beauties that are our quants to determine that the "meme stocks" are correlated. My thoughts were that it indicated that institutions took large short positions on them all at the same time. What are your thoughts? Why do you think all of these stocks have been following similar patterns? IMO I don't think retail is behind it because it's impossible for a nonorganized/noncorrdinated group to make multiple stocks behave the same way for months. Though we undoubtedly have power, we can't coordinate like HFs, so I don't think that retail just randomly decided to buy and sell all of these at the same time? What do you think?
+
+What do you think about GME and coin (can't say because of automod)? I've documented the FTD cycle connection and how it might be used for covering, but what do you think?
+
+We all thought that RC being named board lord would be the "catalyst" causing the MOASS, but GME has reacted inconsistently to catalysts. Do you think catalysts have are relevant anymore? Do you think a catalyst will cause the MOASS or do you think it will be random like January?
+
+Finally, I expect this post to get a fair amount of activity, so if you have anything interesting to say or ask that I didn't cover above please put it below!
+
+******** I am not a financial advisor, this is not financial advice *********

Confirmation-Bias-and-Discussion/2021-06-30-The-Final-Battle.md

@@ -0,0 +1,46 @@
+The Final Battle
+================
+
+| Author       | Source       | 
+| :-------------: |:-------------:|
+|  [u/thomas798354](https://www.reddit.com/user/thomas798354/) | [Reddit](https://www.reddit.com/r/DDintoGME/comments/oar709/the_final_battle/) | 
+
+---
+
+[𝗦𝗽𝗲𝗰𝘂𝗹𝗮𝘁𝗶𝗼𝗻](https://www.reddit.com/r/DDintoGME/search?q=flair_name%3A%22%F0%9D%97%A6%F0%9D%97%BD%F0%9D%97%B2%F0%9D%97%B0%F0%9D%98%82%F0%9D%97%B9%F0%9D%97%AE%F0%9D%98%81%F0%9D%97%B6%F0%9D%97%BC%F0%9D%97%BB%22&restrict_sr=1)
+
+Apes as I see my fellow comrades disappointed on the battlefield I began to go back to my drawing board and think tactfully as how I would wargame from Citadel's point of view. I realize a lot of you are mad about T+21 and I must really have supporting documents this time so I will proceed slowly with lots of quotes and rule references, I invite anyone to politely cite their opinion.
+
+TLDR; Citadel used the OTM options locates one last time to the extreme before 005 came into effect to try and buy back shares at the lowest price possible. Hold the Stock, don't fall for the other baited plays coming up, and be patient apes. Short squeezes will be a thing of the past after this. 005 will hopefully stop locates in options chains and also prevent a lent shares from being rehypothecated and leant to someone else. We could see the borrow time reduced to a maximum of T+6.
+
+REG SHO 101-
+
+Rule 203: Locate requirement- *Locate Requirement*. Regulation SHO requires a broker-dealer to have reasonable grounds to believe that the security can be borrowed so that it can be delivered on the date delivery is due before effecting a short sale order in any equity security.[[7]](https://www.sec.gov/investor/pubs/regsho.htm#_ftn7) This "locate" must be made and documented prior to effecting the short sale.
+
+Rule 204: *Close-out Requirement*. Rule 204 requires brokers and dealers that are participants of a registered clearing agency[[8]](https://www.sec.gov/investor/pubs/regsho.htm#_ftn8) to take action to close out failure to deliver positions. Closing out requires the broker or dealer to purchase or borrow securities of like kind and quantity. The participant must close out a failure to deliver for a short sale transaction by no later than the beginning of regular trading hours on the settlement day following the settlement date, referred to as T+4. If a participant has a failure to deliver that the participant can demonstrate on its books and records resulted from a long sale, or that is attributable to bona fide market making activities, the participant must close out the failure to deliver by no later than the beginning of regular trading hours on the third consecutive settlement day following the settlement date, referred to as T+6. If the position is not closed out, the broker or dealer and any broker or dealer for which it clears transactions (for example, an introducing broker)[[9]](https://www.sec.gov/investor/pubs/regsho.htm#_ftn9) may not effect further short sales in that security without borrowing or entering into a bona fide agreement to borrow the security (known as the "pre-borrowing" requirement) until the broker or dealer purchases shares to close out the position and the purchase clears and settles. In addition, Rule 203(b)(3) of Regulation SHO requires that participants of a registered clearing agency must immediately purchase shares to close out failures to deliver in securities with large and persistent failures to deliver, referred to as "threshold securities," if the failures to deliver persist for 13 consecutive settlement days.[[10]](https://www.sec.gov/investor/pubs/regsho.htm#_ftn10) Threshold securities are equity securities[[11]](https://www.sec.gov/investor/pubs/regsho.htm#_ftn11) that have an aggregate fail to deliver position for five consecutive settlement days at a registered clearing agency (e.g., National Securities Clearing Corporation (NSCC)); totaling 10,000 shares or more; and equal to at least 0.5% of the issuer's total shares outstanding. As provided in Rule 203 of Regulation SHO, threshold securities are included on a list disseminated by a self-regulatory organization ("SRO"). Although as a result of compliance with Rule 204, generally a participant's fail to deliver positions will not remain for 13 consecutive settlement days, if, for whatever reason, a participant of a registered clearing agency has a fail to deliver position at a registered clearing agency in a threshold security for 13 consecutive settlement days, the requirement to close-out such position under Rule 203(b)(3) remains in effect.
+
+Rule 204 Exception: Rule 204 provides an extended period of time to close out certain failures to deliver. Specifically, if a failure to deliver position results from the sale of a security that a person is deemed to own and that such person intends to deliver as soon as all restrictions on delivery have been removed, the firm has up to 35 calendar days following the trade date to close out the failure to deliver position by purchasing securities of like kind and quantity.
+
+Okay lets start with what is happening, since before January the SHF (short Hedge Funds) realized that they couldn't bankrupt GME anymore. Their new goal is to get the price to be as low as possible before they cover due to almost all the Hedge Funds short already being at 49% losses or more. In 2019, before they were going to short GME to death they wanted to profit off of the derivatives market and placed puts on Jan 15th a huge options date that could have been bet on years out. At T+3 we saw a big run up Jan 22 from T+4 opened 42$ closed 65$ running to 96$ before premarket. The next day, T+5 was trash it opened at 96$ and closed at 76.79$ (not special). This was followed with T+6 where the latest date to close was opened at 88.56 and closed at 147.98 after markets running to 354.83. May 21 lead to May 26/27 and June 1/2 T+3, T+6 sometimes the deliveries catch up after market and premarket.
+
+Time to start explaining my little working theory. I am now a hedge fund, come join me in shorting GME (theoretically). So imagine this, we want to short the crap out of GME in a few different ways. Everyday downwards pressure to suppress price, and once a month we want to unload to spike it down. In order to short GME we must first find a broker willing to lend us shares, but this provides us with a problem because we don't own these shares we have to return them in T+3 or T+6. If we provide the locate for these shares meaning we own them or a security that is "like" them then we fall under the exception.
+
+Let me paint a picture for you, June 2 closed high from the T+6 from May. June 4th I was eating a protein bar on a ruck march thinking about how fucked the HF were when I saw SSR for AMC and GME.....Then the SHF borrow shares 3 & 4 June to short and replace them T+3 which was June 8/9 the SSR was because the HF borrowed all the shares possible from the brokers and ETFs. We are hype going into the shareholder meeting, so hype about 350$ no one is questioning why the SHF bought so many OTM options on July 16th. The HF loaded their short cannons with locates for the earnings report meaning they could short shares as much as possible with their locates at close to 85M total shares in JULY-JAN2022 options chain.
+
+"If a failure to deliver position results from the sale of a security that a person is deemed to own and that such person intends to deliver", "the firm has up to 35 calendar days following the trade date to close out the failure to deliver position by purchasing securities of like kind and quantity." Funny how they shorted the crap out of GME June 10th and 35 calendar days is July 15th, the day prior to their options expiring.
+
+Let me show you what this looks like from the round table at citadel securities:
+
+Hey Ken, I can't buy you anymore time over at DTCC. I have to pass 005 but I can make sure we file it June 24 and that it doesn't get sent to the federal register until June 30th. This buys you enough time to trick them with a T+3 borrow and a massive located short sale during a share offering, not to mention their disappointment that the new rules don't work at all. The short will cause apes to lose faith when 30% of the value disappears, and the only risk is that if you cant get the price low enough to cover under 350$ before July 16th. We lose anyways because 005 is in effect and July 16th will have T+3, T+6 buys when those OTM locates expire and cannot be kicked. To make matters worse the ETFs cannot help them anymore, the Russel 1k has even less shares to borrow. This is the last ditch effort to get the price down before they have to cover. Simultaneously they are attacking us with all of these "buy this instead" plays while GME sits idle and loses value, look at the threshold securities list! Half the people hyping it don't even know wtf it means.
+
+Remember the DFV tweet from Ready Player One, sometimes we must go backwards to win the race. Remember the latest cohen tweet with the fart alluding to the south park movie where kenny watches Terrance and Phillip in the movie theater and lights his own fart on fire, then he dies by getting dumped on by a "russell's" salt truck.
+
+[I'm not making this up](https://preview.redd.it/thwgb9sjic871.png?width=926&format=png&auto=webp&s=a33017b3e7998cdb02a1f66fdabda05cce27fca2)
+
+Threshold Securities List- Threshold securities are equity securities[[11]](https://www.sec.gov/investor/pubs/regsho.htm#_ftn11) that have an aggregate fail to deliver position for five consecutive settlement days at a registered clearing agency (e.g., National Securities Clearing Corporation (NSCC)); totaling 10,000 shares or more; and equal to at least 0.5% of the issuer's total shares outstanding. Let me show you how easy this is to do with large float stocks for insert example stock...... borrow 500M*.005 shares= 2.5M and then don't return them.
+
+That's it! That's all they have to do borrow less than 1% of the float and not return it.
+
+Edit: Let me explain why I don't think net settlement is a big deal, these bad guys have an unfathomable amount of money. I highly doubt someone that controls 30% of all trading is going to go bankrupt over a single security guys. These little HFs have been going bankrupt, they have. Look at Melvin, archegos, greensill, GFG, the new one out of London. They are feeling the heat, one by one they have been failing. Getting these giant bosses to fail is a completely different story, as much as we want to see these giant ones fall it's most likely not going to happen. They will survive with bailouts, tricks, illegal trading, whatever the reason may be. Make no mistake however this is a financial revolution and we got what we wanted. These rules that are put in place will stop them from doing what they have been doing under REG SHO. Will they take a big hit at the end of the day? Yes, will they all die? No, did we change the way the game is played? Certainly. They paid to take over Reddit nuff said.
+
+Just buy and hold GME. Our time is coming.

Confirmation-Bias-and-Discussion/2021-07-01-GME-Appears-to-have-Thirty-Times-more-FTDs-than-TSLA.md

@@ -0,0 +1,46 @@
+Simple FTD math based on u/ChrisCraftTexasUSA post... GME appears to only have about 30 times more FTDs than TSLA... Just...
+============================================================================================================================
+
+| Author       | Source       | 
+| :-------------: |:-------------:|
+|  [u/taranasus](https://www.reddit.com/user/taranasus/) | [Reddit](https://www.reddit.com/r/Superstonk/comments/obh3z3/simple_ftd_math_based_on_uchriscrafttexasusa_post/) | 
+
+---
+
+[Possible DD 👨‍🔬](https://www.reddit.com/r/Superstonk/search?q=flair_name%3A%22Possible%20DD%20%F0%9F%91%A8%E2%80%8D%F0%9F%94%AC%22&restrict_sr=1)
+
+The starting point of my maths: [(1) GME FTD shares Failed to Deliver SEC link: https://sec.report/fails.php?tc=36467W109 : Superstonk (reddit.com)](https://www.reddit.com/r/Superstonk/comments/obet09/gme_ftd_shares_failed_to_deliver_sec_link/)
+
+I think "FUCK ME" is an understatement here. I've been comparing GME FTDs with TSLA FTDs since TSLA is the more "Volatile" of the stocks out there. The numbers are mind blowing.
+
+The very last datapoint we have on GME is June 14, with a FTD count of 105,712
+
+The highest ever nr of FTDs in one day for TSLA was on DEC 17, 2020, at 1,382,452 FTDs.
+
+At first glance, it would look like the tesla number is 10 bigger than the GME one no? Well you'd be right, however we need to remember that the number of outstanding shares for the two companies are wildly different. On Dec 17, TSLA had 905,000,000 outstanding shares, while on June 14, GME had only (assumed) 77,000,000 outstanding shares.
+
+So if you put these percentage wise:
+
+- TSLA: 1382452 / 905000000 * 100 = 0.1527 % of total shares were FTD
+
+- GME: 105172 / 77000000 * 100 = 0.1372 % of total shares were FTD
+
+So just a random day in June for GME had as many FTDs as Tesla did in its highest day ever in its history.
+
+So then... the question on everyone's mind... what was GME's highest FTD day? Well you see everyone, Oct 13 2020: 3,210,148. On that date, according to ycharts, GME had 65.2M outstanding shares. I'm actually going to go with 70 mill shares as I think the 65M number is wrong. So
+
+- 3210148 / 70000000 * 100 = 4.5% of total shares were FTD. THEY COULDN'T LOCATE 4.5% OF THE GOD DAMN COMPANY!
+
+SEC what the fuck are you doing??? Seriously who looks at these numbers and goes like "YEP, THIS IS FINE!". Do your god damn job!
+
+Sources:
+
+GME FTD data <https://sec.report/fails.php?tc=36467W109>
+
+TSLA FTD data <https://sec.report/fails.php?tc=TSLA>
+
+GME Outstanding Share Count data: <https://ycharts.com/companies/GME/shares_outstanding>
+
+TSLA Outstanding Share Count data: <https://ycharts.com/companies/TSLA/shares_outstanding>
+
+No fuckery going on here people....

Confirmation-Bias-and-Discussion/2021-07-01-T+35-Follow-Up.md

@@ -0,0 +1,90 @@
+T+35 Follow Up [some general thoughts]
+======================================
+
+| Author       | Source       | 
+| :-------------: |:-------------:|
+|  [u/dentisttft](https://www.reddit.com/user/dentisttft/) | [Reddit](https://www.reddit.com/r/Superstonk/comments/obng9s/t35_follow_up_some_general_thoughts/) | 
+
+---
+
+[Discussion 🦍](https://www.reddit.com/r/Superstonk/search?q=flair_name%3A%22Discussion%20%F0%9F%A6%8D%22&restrict_sr=1)
+
+Hello everybody! Yes, I'm still here.
+
+I wrote a post a couple weeks ago about T+35 FTD's. [T+35 is the one true "cycle"](https://www.reddit.com/r/Superstonk/comments/o155a6/t35_is_the_one_true_cycle_evidence_to_back_my/)
+
+I've been wanting to write a follow up post for a while, but I didn't want to write it until I had more answers. That led me down a very deep and confusing path tracking ETFs, and to be honest, I probably won't be able to get a full picture for a bit. So I'll go ahead and do a quick follow up post now.
+
+Does T+35 still happen?
+
+Yes. They're not always easy to spot. 6/25 had 40,000 FTDs were most likely covered at 12:20 EST. 6/17 had a 90,000 volume candle which could have easily been the next three days worth of FTDs. Remember, there is nothing forcing them to wait until the last day. This is just what they HAVE been doing. After my post got some attention, I noticed a difference in the FTD behavior. Either they wait until the last possible minute, they cover in the first minute, they cover multiple days early, etc.
+
+Why is it 35 days? (technically, before the 35th day)
+
+The stock gets shorted and settles into an FTD in T+2. Normally, Rule 204 would require them to close the FTD within a day or two. But on the FTD day, they sell a put giving them the "deem to own" clause of Rule 204. When they are "deemed to own" a share, they are able to wait 35 days from the *transaction date*. This is why the 34 days starts on the FTD date, not the date it was shorted like you may think.
+
+If you want proof of this, there is a certain stock that reminds me of a leprechaun. It had a HUGE FTD day in early june. Next thing you know, Put OI sky rocketed. Check other less popular meme stocks and you will probably see the same thing.
+
+What about ETF FTDs?
+
+In my post I stated that ETF FTDs behave the same way as GME FTDs. This is only partially true. They DO get delayed 35 days. They DO NOT get covered on the 34th day following the FTD. There are details within Rule 204 that make the timing slightly different. I've spent the last couple of weeks figuring out all the nitty gritty details... but woah... it's a mess. I'd like to make a post sometime soon with my findings.
+
+Why do FTDs not do much anymore?
+
+It looks like they are shorting the ETFs when they have GME FTDs due and shorting GME when they have ETF FTDs due. You can see this by going 34 days from an ETF FTD. The ETF and other non meme stock in the ETF will rise from the cover but GME will stay flat. I plan on covering this more in my future ETF post. But damn, that spring is getting extremely coiled.
+
+[![r/Superstonk - T+35 Follow Up [some general thoughts]](https://preview.redd.it/tzjywmtg4m871.png?width=2242&format=png&auto=webp&s=3d1b425ba9041c37465618d6181449f8d8ab3d19)](https://preview.redd.it/tzjywmtg4m871.png?width=2242&format=png&auto=webp&s=3d1b425ba9041c37465618d6181449f8d8ab3d19)
+
+Heatmap of ETF FTDs (not weighted by %GME). Each ETF is colored individually so they are on their own scale.
+
+The top third is the heavier ETFs. Look at those cycles. Fun stuff.
+
+Why didn't the new 002 rule do anything?
+
+I tried leaving a few comments to explain this, but I'm sure a lot of people didn't see it. Remember they were *already* satisfying the requirements of the old monthly rules when the new rule came into effect. The deposit for the old monthly rule was already made. I don't see any reason why they suddenly would be over budget from a daily check. The effects of 002 probably won't be seen until the next GME run up.
+
+Do the FTDs even matter?
+
+GME FTDs, no... ETF FTDs, yes. The problems that were coming from the high numbers of GME FTDs have moved to the ETFs. Until the ETF FTDs hit a breaking point, GME will most likely stay flat and have an occasional spike like we saw on Wednesday. The way I see it, moving the problems to ETFs only delays everything at the cost of inflating the entire market.
+
+When is the next big T+35 day?
+
+Friday and Tuesday look decent. But history tells me it will be a spike and then settle again. They are putting in a lot of money to keep GME from taking off.
+
+What does that mean for me?
+
+Keep doing what you're doing. It's building up. It's coming, probably sooner than you think. Future posts will cover this.
+
+Want to see something fun? GME is repeating itself.
+
+The weeks after January are currently happening again at a higher floor. Why? I don't know. It might have to do with quarterly options that have been open for a while. But I wouldn't expect anything to happen for a week or two. ** not manipulated... I swear... hehe **
+
+[![r/Superstonk - T+35 Follow Up [some general thoughts]](https://preview.redd.it/cb1m05dm5m871.png?width=1097&format=png&auto=webp&s=5605fd333b0ac1d9b31c6ad16a290acd15d9202a)](https://preview.redd.it/cb1m05dm5m871.png?width=1097&format=png&auto=webp&s=5605fd333b0ac1d9b31c6ad16a290acd15d9202a)
+
+What about T+21?
+
+I don't know. I'm still not sure T+21 is a thing. I think there are other factors in play that ended up giving GME spikes 21 days apart. Possibly two T+35 cycles at the same time. I have reason to believe the spike in May and the two in June came from ETFs. These are the same reasons I don't think there will be much longer to wait. A couple weeks... but more on that in another post.
+
+---------------------------------------------------------------------------
+
+Alright, that's about all I wanted to cover as a follow up. Sorry it isn't full of juicy content. I was waiting to post until I had real answers, but it's taking longer than expected. The ETFs are the key to the puzzle and they're hitting a boiling point.
+
+TL;DR:
+
+-   T+35 with GME FTDs still is a thing, but GME is being suppressed pretty hard right now.
+
+-   T+35 with ETF FTDs works, but it's not 35. It's 35 days from the puts being sold. I'll have a new post in the future with more details.
+
+-   The driving forces behind GME have moved into the ETFs.
+
+-   HFs are switching back and forth between shorting GME directly and shorting the ETFs to keep GME consistently down.
+
+-   I'll have a post about ETFs in the next 4-5 days.
+
+Also, I made a twitter account so I can post thoughts throughout the day without needing to write a full post. I don't know how much I'll use it. <https://twitter.com/dentisttft>
+
+I had to turn off most of my notifications. The best way to get a hold of me is by tagging me in a comment. It never notifies me of tags in posts... so make sure it's a comment. I try to respond to all tags.
+
+Alright, pce~~~
+
+- [u/dentisttft](https://www.reddit.com/u/dentisttft/)

Confirmation-Bias-and-Discussion/2021-07-05-RCs-Tweets-are-Time-with-ETF-FTDs.md

@@ -0,0 +1,60 @@
+RC's tweets are timed with ETF FTDs
+===================================
+
+| Author       | Source       | 
+| :-------------: |:-------------:|
+|  [u/dentisttft](https://www.reddit.com/user/dentisttft/) | [Reddit](https://www.reddit.com/r/Superstonk/comments/oeahh2/rcs_tweets_are_timed_with_etf_ftds/) | 
+
+---
+
+[Possible DD 👨‍🔬](https://www.reddit.com/r/Superstonk/search?q=flair_name%3A%22Possible%20DD%20%F0%9F%91%A8%E2%80%8D%F0%9F%94%AC%22&restrict_sr=1)
+
+*This post is for education purposes only. Not financial advice.*
+
+TL;DR: RC's tweets happen on days where large amounts of ETF FTDs are covered/delayed.
+
+Hi everyone,
+
+I've been diving into ETF FTDs for a while now and something finally clicked. *Almost every RC tweet happens on the same day a large amount of ETF FTDs are "cleared".* ETF FTDs are allowed to stack up for 3 days before needing to be handled. So when a specific ETF stacks up a decent chunk of FTD, puts are opened to delay 34 days, then RC tweets.
+
+To show what I mean, I weighted the ETF FTDs by GME's weight within the ETF. GME is in a lot of ETFs, but these are the ETFs with significant enough FTDs: IWM, XRT, XSVM, FTXD, BUZZ, XSMO, IWC, FNDX, IJR, SPSM, SFYF, PSCD, SLYV, VXF, IJT, GINN, and VB.
+
+Below is a heatmap of those ETFs. Each ETF is a different row, each trading day is a different column. The green color shows where a lot of FTDs are. The darker the green, the more ETFs. The blue marks a day where RC tweeted. If you look at a blue column and track it down, there is an ETF or two that had just cleared their stacked FTDs from the day earlier.
+
+[![r/Superstonk - RC's tweets are timed with ETF FTDs](https://preview.redd.it/q7fwa3kn1f971.png?width=1714&format=png&auto=webp&s=a82cf29f39b7996f3de3e34460ba6f615120d3e7)](https://preview.redd.it/q7fwa3kn1f971.png?width=1714&format=png&auto=webp&s=a82cf29f39b7996f3de3e34460ba6f615120d3e7)
+
+Tweets come the day FTDs are cleared - EDIT: outside of the fist emoji (DFV), flag (35 days before memorial day which had GME FTDS), job posting (35 days before June 2 runup), and one of the south park GIFs
+
+I have an old post from May that claims the Ted tweets are referencing Rule 204: Close-out requirements, the rule the that specifies the thirty-five day cover period.
+
+[RC Tweet Analysis: Part 1 [The Ted Tweets]](https://www.reddit.com/r/Superstonk/comments/niui83/rc_tweet_analysis_part_1_the_ted_tweets/)
+
+So using [my T+35 theory](https://www.reddit.com/r/Superstonk/comments/o155a6/t35_is_the_one_true_cycle_evidence_to_back_my/), I marked every trading day that came 35 calendar days after a tweet on the 4H chart. You'll see that most tweets end up corresponding to a jump in GME's price. Gray lines are tweets, green lines are 35 days after a tweet.
+
+[![r/Superstonk - RC's tweets are timed with ETF FTDs](https://preview.redd.it/ngufchm54f971.png?width=1307&format=png&auto=webp&s=57ee666bc94c2f54ab09d22e72726e46178964bb)](https://preview.redd.it/ngufchm54f971.png?width=1307&format=png&auto=webp&s=57ee666bc94c2f54ab09d22e72726e46178964bb)
+
+GME 4H chart with new tweets marked in gray and T+35 of tweets marked in green.
+
+Not every tweet corresponds to a jump, but a lot do. The last few tweet's T+35 jump during after hours/premarket after the 35th day because technically they can be covered before 9:30 AM EST on the following day. Notice how a new tweet ends up being very close to the T+35 of an old tweet? To me this visually shows the process of kicking the can down the road. GME is getting suppressed pretty hard so let's mark 35 days after a tweet on SPY. You'll notice green days more consistently on SPY.
+
+[![r/Superstonk - RC's tweets are timed with ETF FTDs](https://preview.redd.it/ycd7osw34f971.png?width=1305&format=png&auto=webp&s=fa0047eb004c9c3ed00aed02493a7c785433135a)](https://preview.redd.it/ycd7osw34f971.png?width=1305&format=png&auto=webp&s=fa0047eb004c9c3ed00aed02493a7c785433135a)
+
+SPY 4H chart with T+35 of tweets marked in green.
+
+Why is that? Because if a lot of ETF FTDs are being covered on these days, then a lot of underlying stock are being bought to return the ETFs. If a lot of underlying stock rises in value, SPY should rise in value too. GME is being shorted on these days, so it doesn't move much. But they can't short the entire market. I believe the sheer number of ETF FTDs needing to be covered every week is leading to the market inflation that has been seen for the past few months.
+
+What does this mean for the future?
+
+I've highlighted days where I expect upward GME movement. But since GME is being held down so much lately, I would expect more upward movement from SPY.
+
+[![r/Superstonk - RC's tweets are timed with ETF FTDs](https://preview.redd.it/2u5qd8n53f971.png?width=1390&format=png&auto=webp&s=592a6eb2bd74c64efbae25ad3a5100789307701b)](https://preview.redd.it/2u5qd8n53f971.png?width=1390&format=png&auto=webp&s=592a6eb2bd74c64efbae25ad3a5100789307701b)
+
+Red boxes on dates of T+35 from ETF FTDs.
+
+That's all I got for today. I'm planning on dropping the ETF FTD DD tomorrow morning. It will go more in depth about the details surrounding this.
+
+pce~~
+
+- [u/dentisttft](https://www.reddit.com/u/dentisttft/)
+
+PS. I made a twitter: <https://twitter.com/dentisttft>

Confirmation-Bias-and-Discussion/2021-07-07-Citadel-Has-Hostages.md

@@ -0,0 +1,74 @@
+Citadel has hostages: explaining why the MOASS is taking so long, how the January spike was stopped, Robinhood's motives for the trading halt, and the mysterious silence of the SEC
+====================================================================================================================================================================================
+
+| Author       | Source       | 
+| :-------------: |:-------------:|
+|  [u/Bladeace](https://www.reddit.com/user/Bladeace/) | [Reddit](https://www.reddit.com/r/Superstonk/comments/ofdhkk/citadel_has_hostages_explaining_why_the_moass_is/) | 
+
+---
+
+[DD 👨‍🔬](https://www.reddit.com/r/Superstonk/search?q=flair_name%3A%22DD%20%F0%9F%91%A8%E2%80%8D%F0%9F%94%AC%22&restrict_sr=1)
+
+TA;DR: The January MOASS is delayed because Citadel took hostages. They figured out how to ensure that others would be squeezed before they were. January 28th is the day Robinhood was required to deliver some of the GME shares Citadel owed to its customers, so they halted trading. They halted trading because their relationship with Citadel turned them into a hostage. The MOASS waits until new regulations ensure the hostages are safe...
+
+TL;DR: Citadel wasn't going to be squeezed in January, Robinhood was. Citadel took hostages and figured out how to ensure that others were squeezed before they were. Robinhood halted trading after GME was on the threshold list for 35 days. After 35 days of failures to deliver, a broker becomes responsible for delivering the security to their customer. The MOASS is taking so long because Citadel managed to figure out how to make their short position other people's problem. This is why Citadel seems to have so many people protecting it and willing to lie for it: they've spent six months figuring out how to ensure it's actually Citadel that gets squeezed. This is why there is an unusual cooperation between parties we wouldn't expect to be able to keep this secret for this long. Not even the SEC can address this directly, Citadel figured out how to take everyone hostage. The past six months have been a negotiation to figure out how to deliver our tendies.
+
+Theory: Robinhood halted trading the day they became liable for delivery of the GME shares Citadel sold to their customers
+
+I think Robinhood halted trading because they were required to purchase GME shares to deliver their customers' past orders. Look at this requirement from [SHO § 242.203 (b2)](https://www.law.cornell.edu/cfr/text/17/242.203):
+
+[![r/Superstonk - Citadel has hostages: explaining why the MOASS is taking so long, how the January spike was stopped, Robinhood's motives for the trading halt, and the mysterious silence of the SEC](https://preview.redd.it/el9inu75kq971.png?width=1066&format=png&auto=webp&s=950d9158e1ede602b68c834ec9da9552e464e3a3)](https://preview.redd.it/el9inu75kq971.png?width=1066&format=png&auto=webp&s=950d9158e1ede602b68c834ec9da9552e464e3a3)
+
+If a Robinhood customer buys shares that are cleared by Citadel Securities, their delivery is not a problem for Robinhood *unless it takes longer than 35 days*. Once a security has taken longer than 35 days to be delivered, Robinhood is responsible for delivering it to their customer. Citadel still has to deliver the security too, but they deliver to Robinhood. So, the chain of obligation goes like this:
+
+1.  Your broker/dealer owes you the security they sold you
+
+2.  The market maker owes your broker the security they sold to the broker
+
+3.  The seller of the security owes the market maker the security they sold to the market maker
+
+The key point is that *your broker is the one who owes you the shares you buy.* If someone else fails to deliver those shares, it's your broker's problem (although they have some ability to make this into your problem, there were too many GME shares owed to avoid their SHO obligations).
+
+*(Expanded explanation, boring - you should skip)*
+
+So, if I want to sell a share on the market (strictly hypothetical, I've never actually tried selling), then I do not owe the sold share directly to the buyer of that share. I send my sell order into the market via my broker and they send that off to the market center where the order is executed by a market maker. I sell my share to the market maker executing the trade. The market maker then sells that share to the broker of whichever ape has brought it and the broker then sells that share to the buyer. Assuming this goes smoothly, my share ends up in the account of the buyer. However, technically speaking, I do not owe the security to the buyer. I owe the security to the market maker, who owes it to the broker, who owes it to the buyer. So, if something goes wrong, and I fail to deliver that share, I have not defaulted on my sale to the buyer, I have defaulted on my sale to the market maker executing the trade. That market maker still owes the share to the buyer's broker, regardless of my failure.
+
+*(End of skippable content)*
+
+I suspect that Citadel had been failing to deliver GME shares to Robinhood for an extended period, which is why Robinhood halted buying. Their primary motive was not to help Citadel, but to protect themselves *from* Citadel. After 35 days of failure, Robinhood has to buy the shares they expected Citadel to deliver for their customers. Effectively, due to Citadel's failures to deliver, Robinhood had inherited Citadel's short position. Citadel owed Robinhood and Robinhood owed their customers. I should clarify that, in this scenario, Citadel still owes Robinhood the shares at some point, but Robinhood has to deliver them to their customers *now*. At first, Robinhood didn't care that Citadel owed shares to their customers, until it went on for too long and Robinhood was on the hook to deliver.
+
+Proof: the timing lines up
+
+For this to be true, you would expect there to be a relationship between when Robinhood halted trading and the 35 day threshold. If you look at my recent [post on the relationship between the threshold security list and the January price spike](https://www.reddit.com/r/Superstonk/comments/oao9oo/the_nyse_threshold_list_collapsing_shorts_and/?utm_source=share&utm_medium=web2x&context=3) you'll see that GME was on the threshold list for 39 consecutive settlement days, from early December to early February. Robinhood halted trading on January 28, which is *day 35* of this 39 day streak. The trading halt aligns with when the obligation for Robinhood to deliver kicks in. As soon as the undelivered shares became Robinhood's problem, trading was halted. Frankly, I would have expected them to halt trading earlier than the final moment, day 35, but perhaps waiting until the last moment will allow them some legal defense in the court cases to come?
+
+Proof: the weird cost basis after transfer
+
+A number of users pointed out that their [purchase prices and dates were incorrectly reported when transferring from Robinhood to other brokers](https://www.reddit.com/r/Superstonk/comments/ncezct/so_robinhood_finally_sent_over_my_cost_basis_from/?utm_source=share&utm_medium=web2x&context=3). I suspect this is because Robinhood initially sold their users the shares based on delivery promises made by Citadel that Citadel then failed to fulfil. So, after 35 days, Robinhood had to fulfil them instead. My guess is that this process was an absolute mess because it required Robinhood to at least appear to be purchasing GME shares from someone *other* than Citadel, which is rather awkward when Citadel is a designated market maker for GME on all major exchanges. The transaction dates and prices are wrong because the trade that was eventually settled for your GME shares *was not the same trade you sent to your broker* - that trade failed and Robinhood had to redo it after 35+ days.
+
+This might help explain why [my analysis of the 605 data](https://www.reddit.com/r/Superstonk/comments/nc1h4o/findings_from_my_analysis_of_605_data_huge_short/?utm_source=share&utm_medium=web2x&context=3) found that the proportion of GME order executions done through NASDAQ spikes in February, despite being almost non-existent prior to Feb 2021. If Robinhood needs to buy-up GME without going *directly* through Citadel, they'll need to get inventive and perhaps even use over the counter purchases. So, go to a market center that has very little history of executing GME orders - NASDAQ. It's possible that Robinhood borrowed/brought GME from a variety of places to cover for the clusterfuck Citadel dumped them with, and then allocated those GME shares that actually got delivered to customers that transferred. If you had a massive shambles of shares like this, it might manifest in an inaccurate and messy purchase history for your customers.
+
+Proof: others halted trading too
+
+Robinhood wasn't the only one that halted trading. It's difficult, but not impossible, for Citadel to have orchestrated this behind the scenes. It's much easier to explain this seemingly organized trading halt by pointing out that the brokers who halted trading *only halted trading when they themselves became obligated to deliver the shares in question.* This is why they halted trading *after* the price had already been spiking - my guess is that Citadel was putting on pressure behind the scenes too, but I don't think it's a coincidence that trading didn't actually halt until the time arrived that the brokers themselves were threatened with delivery obligations.
+
+Context and discussion: saving Citadel
+
+Notice that my theory does not do Robinhood any favors - this is not a defense of them or their actions. I suspect, as was claimed during the congressional hearings, the trading halt was the main reason the January spike ended. If my theory is correct, it's likely that the ending of the January spike saved Citadel. This claim is nothing new. What I think my theory adds to the discussion is a better explanation of why Robinhood and others did this. Remember, the buying halt was a disaster for Robinhood! They were dragged in front of congress, their reputation is in tatters, and they're bleeding customers. Halting buying was *not* a good play. My guess is that they knew it would be a disaster and did it anyway. I think that this is why they waited right up until day 35 of GME's run on the threshold list - they didn't help Citadel until the only other option was delivering the undeliverable. In January, those who halted trading were slated to be the first victims of the MOASS.
+
+Further implications: MOASS is so slow because Citadel has hostages
+
+I suspect that the implications of what almost happened to Robinhood in January are why we're seeing some of the recent regulation changes ('clarifications'). I think that it was *Robinhood and not Citadel that was squeezed in the January spike*. Citadel is a market maker with its own market center, it has privileges and exemptions that make it quite resilient (as we've found out over the past six months). Robinhood does not have the same level of protection from its exposures, once the 35 day settlement mark passed, they had to deliver shares. It was the brokers that needed to buy shares from the 28th onwards: Citadel's failures to deliver were, in the short term at least, the brokers' problem. For all we know, Citadel didn't cover any of the deliveries that finally got GME off the threshold list at the beginning of February and managed to force the brokers to do it for them. If they were willing to abuse the market enough, perhaps via abuse of NASDAQ in February as my previously linked post discusses, Citadel might have even used the brokers need to deliver as a way of *expanding* their short position substantially while 'technically' resolving the failures to deliver (kicking the can down the road to another day). I guess there is no better ally than one who has to pay your debt if you go under...
+
+So, if my theory is correct, January almost saw Citadel's failures result in *someone else* getting squeezed! Perhaps this is why the trading halt became the focus of the congressional hearings. Maybe this is why the DTCC has focused so many of their new regulations on clarifying what happens if positions need to be forcibly closed. January might have demonstrated that a market center, such as Citadel Securities, could contrive a scenario where they force *someone else to be squeezed by their short position!*
+
+In [my post examining the February gamma](https://www.reddit.com/r/Superstonk/comments/mvvuhp/feb_2426_failed_launch_attempt_and_proof_the_dtcc/?utm_source=share&utm_medium=web2x&context=3), I argue that the bizarre market activity near the end of February was a failed attempt to begin the MOASS. If my theory that Robinhood, not Citadel, was being forced to deliver in January is correct, I don't think it's any surprise that attempts to begin the MOASS have been prevented since January. The regulations required updating to prevent Citadel from forcing others to be squeezed before they were. If I am correct, Citadel was holding everyone hostage. The embodiment of too big to fail: not just because of the havoc their sudden demise would cause, but because *they wouldn't be squeezed until after the squeezing of all the smaller parties caught in the impossibly convoluted web of failures to deliver and rehypothecation that Citadel shat into the market.* Lots of entities were exposed to the squeeze, and Citadel was setup to be hit last.
+
+The MOASS can't launch until the hostages are safe. It needs to be Citadel that's squeezed. Otherwise, the squeeze might wreak havoc on the market with no guarantee that the one responsible dies too. There was no choice but to wait. Meanwhile, Citadel is a huge market center with substantial political clout and presence in the regulators themselves. So, setting up the regulations for the MOASS took time. It was urgent, but those involved were regulating against one of their own.
+
+I think this offers a compelling explanation for what we've been living through over the last six months because it attributes a strong motive to the parties involved to remain silent. Explaining why this debacle has lasted six months is very difficult. It's an absolute disaster and we haven't even heard anything from the SEC. What could justify this level of cooperation to keep lips tight, just to delay the inevitable? Why such slow action as the problem gets bigger? My guess is that Citadel has hostages and it's taking a lot of careful work behind the scenes to figure out how to be sure that Citadel is the one that takes the fall. With everyone's hands tied and the need for secrecy so high, the job takes time.
+
+As a disgusting parting thought, I should mention that, if I'm right, my theory predicts that those responsible will suffer only minimal punishment. I suspect it's taken six months because they've needed at least some cooperation from Citadel to sort this out. If this is true, my guess is that Citadel spent February trying to get out of their predicament and refused to cooperate with attempts to arrange the MOASS that will kill them. The February gamma might have been other parties preventing Citadel's efforts to make the situation worse and forcing Citadel to come to the negotiating table. During the early months we saw market activity that indicated whales were fighting each other. I think this was Citadel trying to escape their own trap and whales preventing them, knowing it was too dangerous to let Citadel make things worse while it held the system hostage. Notice that this explains why, relatively speaking, the GME activity calmed slightly as this dragged on: Citadel was forced to the negotiating table and has been helping plan and regulate its own destruction. I suspect the payment for this cooperation will be those involved getting off lightly, because the alternative would be to have the MOASS without them releasing the hostages. Unfortunately, if I'm right, we'll see those responsible living in Florida after this is over. Bankrupt and embarrassed, but more comfortable than the plebs.
+
+Obvious but crucial disclaimer: I am a random on the internet spinning yarns about a conspiracy theory. As I was posting this thread, I decided to literally wear a tinfoil hat. Anyone reading this should understand my tinfoil attire to mean that I am not competent enough to be offering any advice or taken seriously. Readers must carefully examine any claims made here independently and not regard my words as authoritative.
+
+Thank you to [u/RoutineYesterday267](https://www.reddit.com/u/RoutineYesterday267/) for a post that led to me writing this

Confirmation-Bias-and-Discussion/2021-07-07-The-Whole-Stock-Market-is-Being-Propped-Up-by-the-RRP-Market.md

@@ -0,0 +1,57 @@
+The whole stock market is being propped up by the RRP market and today I got confirmation bias.
+===============================================================================================
+
+| Author       | Source       | 
+| :-------------: |:-------------:|
+|  [u/titaniumoxide202](https://www.reddit.com/user/titaniumoxide202/) | [Reddit](https://www.reddit.com/r/Superstonk/comments/ofr285/the_whole_stock_market_is_being_propped_up_by_the/) | 
+
+---
+
+
+[Education 👨‍🏫 | Data 🔢](https://www.reddit.com/r/Superstonk/search?q=flair_name%3A%22Education%20%F0%9F%91%A8%E2%80%8D%F0%9F%8F%AB%20%7C%20Data%20%F0%9F%94%A2%22&restrict_sr=1)
+
+I saw a wrinkly brained ape's youtube video (sorry I watch so much shit I can't find who made it) on how the dow jones, S&P, prime brokerages and big banks' (including international ones) stocks tank at around 10 am and then suddenly recover because they NEED the RRP market to post more collateral. I didn't believe it until I checked the charts today. These charts look IDENTICAL to each other. The price is not only wrong for GME but the entire global stock market price is wrong too. HOLY. FUCKING. MOLY. JACKED=TITs.
+
+Edit: <https://www.youtube.com/watch?v=J5J1pW1rVA8> here's the link. Thanks [u/The_Fake_King](https://www.reddit.com/u/The_Fake_King/)
+
+P.S They aren't even trying to be discrete anymore. They are DESPERATE.
+
+[![r/Superstonk - The whole stock market is being propped up by the RRP market and today I got confirmation bias.](https://preview.redd.it/dy7erkoclu971.png?width=1242&format=png&auto=webp&s=33f90da5abc2f22e292676225f5e7d7ac247114b)](https://preview.redd.it/dy7erkoclu971.png?width=1242&format=png&auto=webp&s=33f90da5abc2f22e292676225f5e7d7ac247114b)
+
+[![r/Superstonk - The whole stock market is being propped up by the RRP market and today I got confirmation bias.](https://preview.redd.it/0ajrqecxku971.png?width=1242&format=png&auto=webp&s=ba15822bc72953300d9ffdb838d12a3915fa197b)](https://preview.redd.it/0ajrqecxku971.png?width=1242&format=png&auto=webp&s=ba15822bc72953300d9ffdb838d12a3915fa197b)
+
+[![r/Superstonk - The whole stock market is being propped up by the RRP market and today I got confirmation bias.](https://preview.redd.it/6jxs7ccxku971.png?width=1242&format=png&auto=webp&s=8e4384605d0fd84000c9de41fb91bf3a644b9293)](https://preview.redd.it/6jxs7ccxku971.png?width=1242&format=png&auto=webp&s=8e4384605d0fd84000c9de41fb91bf3a644b9293)
+
+[![r/Superstonk - The whole stock market is being propped up by the RRP market and today I got confirmation bias.](https://preview.redd.it/n9dxpn3kku971.png?width=1242&format=png&auto=webp&s=1c98442d7f3487e88f49aa65bc65125be00323da)](https://preview.redd.it/n9dxpn3kku971.png?width=1242&format=png&auto=webp&s=1c98442d7f3487e88f49aa65bc65125be00323da)
+
+[![r/Superstonk - The whole stock market is being propped up by the RRP market and today I got confirmation bias.](https://preview.redd.it/b2y4jz3kku971.png?width=1242&format=png&auto=webp&s=7a214711c089e322f9bbab4d5206dd7588874fff)](https://preview.redd.it/b2y4jz3kku971.png?width=1242&format=png&auto=webp&s=7a214711c089e322f9bbab4d5206dd7588874fff)
+
+[![r/Superstonk - The whole stock market is being propped up by the RRP market and today I got confirmation bias.](https://preview.redd.it/vs1v0t3kku971.png?width=1242&format=png&auto=webp&s=86a56c683e85961d8b485643cfd8657506111405)](https://preview.redd.it/vs1v0t3kku971.png?width=1242&format=png&auto=webp&s=86a56c683e85961d8b485643cfd8657506111405)
+
+[![r/Superstonk - The whole stock market is being propped up by the RRP market and today I got confirmation bias.](https://preview.redd.it/zrnf6m3kku971.png?width=1242&format=png&auto=webp&s=3cf7085790430cc788d36832cf60f3e3d506cae5)](https://preview.redd.it/zrnf6m3kku971.png?width=1242&format=png&auto=webp&s=3cf7085790430cc788d36832cf60f3e3d506cae5)
+
+[![r/Superstonk - The whole stock market is being propped up by the RRP market and today I got confirmation bias.](https://preview.redd.it/sbfbnp3kku971.png?width=1242&format=png&auto=webp&s=11958c4e60087c5a90836bbe5b6cb907f85d0143)](https://preview.redd.it/sbfbnp3kku971.png?width=1242&format=png&auto=webp&s=11958c4e60087c5a90836bbe5b6cb907f85d0143)
+
+[![r/Superstonk - The whole stock market is being propped up by the RRP market and today I got confirmation bias.](https://preview.redd.it/428koz3kku971.png?width=1242&format=png&auto=webp&s=966b2ebec618ca1f77a7c7b6e22d1a92f0df389f)](https://preview.redd.it/428koz3kku971.png?width=1242&format=png&auto=webp&s=966b2ebec618ca1f77a7c7b6e22d1a92f0df389f)
+
+[![r/Superstonk - The whole stock market is being propped up by the RRP market and today I got confirmation bias.](https://preview.redd.it/34duc34kku971.png?width=1242&format=png&auto=webp&s=87817270edad52fdaa030912dd78df70d589532e)](https://preview.redd.it/34duc34kku971.png?width=1242&format=png&auto=webp&s=87817270edad52fdaa030912dd78df70d589532e)
+
+[![r/Superstonk - The whole stock market is being propped up by the RRP market and today I got confirmation bias.](https://preview.redd.it/hgwpsc4kku971.png?width=1242&format=png&auto=webp&s=69d9e5e346aca7d1eba6def5855a29abeb88dd16)](https://preview.redd.it/hgwpsc4kku971.png?width=1242&format=png&auto=webp&s=69d9e5e346aca7d1eba6def5855a29abeb88dd16)
+
+[![r/Superstonk - The whole stock market is being propped up by the RRP market and today I got confirmation bias.](https://preview.redd.it/9ht1o34kku971.png?width=1242&format=png&auto=webp&s=842bae394de413b9510f5d08c352857a68ef1541)](https://preview.redd.it/9ht1o34kku971.png?width=1242&format=png&auto=webp&s=842bae394de413b9510f5d08c352857a68ef1541)
+
+[![r/Superstonk - The whole stock market is being propped up by the RRP market and today I got confirmation bias.](https://preview.redd.it/i98i0j3kku971.png?width=1242&format=png&auto=webp&s=67caeb722a196092e2a1e67da20527d77e0d05e9)](https://preview.redd.it/i98i0j3kku971.png?width=1242&format=png&auto=webp&s=67caeb722a196092e2a1e67da20527d77e0d05e9)
+
+[![r/Superstonk - The whole stock market is being propped up by the RRP market and today I got confirmation bias.](https://preview.redd.it/6uj8sn3kku971.png?width=1242&format=png&auto=webp&s=7497d256e507fa949de849b9da4dc90adc15d88a)](https://preview.redd.it/6uj8sn3kku971.png?width=1242&format=png&auto=webp&s=7497d256e507fa949de849b9da4dc90adc15d88a)
+
+[![r/Superstonk - The whole stock market is being propped up by the RRP market and today I got confirmation bias.](https://preview.redd.it/e944tz3kku971.png?width=1242&format=png&auto=webp&s=fc4330182481ef3d07d2de1c382118804df8e3d2)](https://preview.redd.it/e944tz3kku971.png?width=1242&format=png&auto=webp&s=fc4330182481ef3d07d2de1c382118804df8e3d2)
+
+[![r/Superstonk - The whole stock market is being propped up by the RRP market and today I got confirmation bias.](https://preview.redd.it/y4um9l3kku971.png?width=1242&format=png&auto=webp&s=b57870485f4e9a347ed111fb9818a2cd3b31d064)](https://preview.redd.it/y4um9l3kku971.png?width=1242&format=png&auto=webp&s=b57870485f4e9a347ed111fb9818a2cd3b31d064)
+
+[![r/Superstonk - The whole stock market is being propped up by the RRP market and today I got confirmation bias.](https://preview.redd.it/xtvl7h3kku971.png?width=1242&format=png&auto=webp&s=7141d752ff4b045c31d55e7a6102f30065e4657d)](https://preview.redd.it/xtvl7h3kku971.png?width=1242&format=png&auto=webp&s=7141d752ff4b045c31d55e7a6102f30065e4657d)
+
+[![r/Superstonk - The whole stock market is being propped up by the RRP market and today I got confirmation bias.](https://preview.redd.it/ydb8fm3kku971.png?width=1242&format=png&auto=webp&s=3d0d72944c9e3460130082225467e84bacdb0bcc)](https://preview.redd.it/ydb8fm3kku971.png?width=1242&format=png&auto=webp&s=3d0d72944c9e3460130082225467e84bacdb0bcc)
+
+[![r/Superstonk - The whole stock market is being propped up by the RRP market and today I got confirmation bias.](https://preview.redd.it/qwealf3kku971.png?width=750&format=png&auto=webp&s=9d00ae8ae35037eca09ea48368d9e668ac0b336e)](https://preview.redd.it/qwealf3kku971.png?width=750&format=png&auto=webp&s=9d00ae8ae35037eca09ea48368d9e668ac0b336e)
+
+[![r/Superstonk - The whole stock market is being propped up by the RRP market and today I got confirmation bias.](https://preview.redd.it/7fa0xk3kku971.png?width=750&format=png&auto=webp&s=edcc8956475920c1f7a75638e49c5d42cc42594c)](https://preview.redd.it/7fa0xk3kku971.png?width=750&format=png&auto=webp&s=edcc8956475920c1f7a75638e49c5d42cc42594c)

Confirmation-Bias-and-Discussion/All-the-Pieces-Theory-by-swede-child-of-mine/2021-04-08-All-the-Pieces-Part-I.md

@@ -0,0 +1,168 @@
+Theory: ALL THE PIECES, pt. 1 -- The Anatomy of the Crime of Citadel
+===================================================================
+
+| Author       | Source       | 
+| :-------------: |:-------------:|
+|  [u/swede_child_of_mine](https://www.reddit.com/user/swede_child_of_mine/) | [Reddit](https://www.reddit.com/r/Superstonk/comments/mn0q9q/theory_all_the_pieces_pt_1_the_anatomy_of_the/) | 
+
+---
+
+[DD 👨‍🔬](https://www.reddit.com/r/Superstonk/search?q=flair_name%3A%22DD%20%F0%9F%91%A8%E2%80%8D%F0%9F%94%AC%22&restrict_sr=1)
+
+*"Behind every great fortune there is a crime" -- Balzac*
+
+This post is the collective narrative behind the plays on GME by large institutions. This will be a multi-part DD post gathered from excellent insights on this sub. As there have been no open confessions of these activities by the perpetrators (a la Bernie Madoff), or books that have yet been written, this will only exist as a theory with pieces of evidence to support where we can. It is designed to be high-level, approachable, supported by available sources where possible, and represent key players and interests as it relates to the events surrounding GME. It is incomplete. Where information cannot be confirmed, it will be marked as rumor or speculation and should be treated as such, but it should not be a rabbit-hole. It will be ongoing and require updating as well as contributions from you, outlined below:
+
+-   [] - request for link to relevant DD (DD posts or legitimate sources)
+
+-   /e?/ - expert insight requested (e.g. legal review -- I'll try to call out specific users that are known for their specialties on this sub)
+
+-   /R/ - further research requested
+
+(Setting expectations for the veteran readers of [r/GME](https://www.reddit.com/r/GME/) and [r/SuperStonk](https://www.reddit.com/r/SuperStonk/): you will already be familiar with many of the terms, events, and points described in this first post. However, even if it is already familiar to you, I hope this post will still be a valuable summary and an easy introduction for anyone who wants to know more about the stock. Please feel free to contribute sources you might see are missing)
+
+* * * * *
+
+Part 1: The Crime of Citadel
+
+$GME
+
+The current price of GameStop stock is artificial. In simpler terms, the price of $GME is not determined by normal market dynamics - supply and demand. This is because Citadel and others have been illegally manufacturing fraudulent shares of GME, abusing their special designation as Market Maker to profit their firms. The more straightforward term for their activity is *share counterfeiting*. Citadel & others have been counterfeiting shares of GME, profiting from non-existent shares, dumping fraudulent stock to lower the price, and abusing system lapses to hide their activities. Their scheme that has grown wildly out of hand and now threatens to wipe out many more firms in the market due to their risky behaviors.
+
+An overview of the mechanics of this scheme:
+
+FTD (for Failure To Deliver) -- a key term to understand
+
+1\.  FTD is a standardized term for a delay in delivering a share that's been purchased. *In the context of Citadel, an FTD represents a counterfeit share.*
+
+-   In the US market, a share can be sold regardless of whether or not it actually exists. The financial system accepts the transaction at face value so that the buyer can continue trading.
+
+-   The delay in delivering a share is meant to be temporary...
+
+-   ...but for Citadel's case, they never had the share they sold; they abused their position to "sell" something they didn't have.
+
+-   Outright share counterfeiting is highly illegal, and one of the financial crimes that [carries prison sentences](https://www.criminaldefenselawyer.com/crime-penalties/federal/Securities-Fraud.htm)
+
+-   For Citadel to perpetrate this crime, they needed to hide it among their transactions and appear legitimate (FTD's can be legitimate, and enforcement is subjective "[*...will depend on the facts and circumstances of the particular activity*](https://www.sec.gov/divisions/marketreg/mrfaqregsho1204.htm)")
+
+Citadel's Scheme, Part 1: Create a Share, Legitimately
+
+1\.  [Citadel](https://en.wikipedia.org/wiki/Citadel_LLC)'s activities are recognized as a ["bona-fide" Market Maker](https://www.mmlawus.com/newsitem/alerts/larry-bergmann-addresses-regulation-sho-and-bona-fide-market-making/), an industry designation which allows them special authorities and responsibilities.
+
+-   One of their special authorities is to "create" shares in the marketplace as part of their role of providing liquidity. ("Liquidity" is finance speak for -- "keeping the shelves full with the stocks people want")
+
+-   Citadel is allowed to execute transactions without owning the share -- i.e. Market Makers can temporarily "create" a share from nothing -- with the understanding that it is illegal to manufacture shares for their own profit.
+
+-   This "temporarily created share" is recorded as a "short": designed to be sold to the marketplace then bought back within a brief period of time, to prevent an enduring non-existent share in the marketplace.
+
+-   "Shorting" is also a common practice of borrowing a share from someone else's account. The borrowed share is sold into the marketplace, and ideally bought back at a lower price and returned to the account (many financial companies do this legally, Citadel included).
+
+-   Both traditional shorting and "bona-fide" market maker shorting creates a "legitimate" non-existent share -- temporarily. Again, the non-existent share is meant to be a placeholder until a real share is delivered.
+
+-   If the share is out in the marketplace long enough without being repurchased, the share is flagged as an FTD -- failure to deliver -- since there was no *actual* share delivered. If it is never reconciled, it becomes counterfeit.
+
+Citadel's Scheme, Part 2: It's Only Illegal If You Get Caught
+
+1\.  The process of determining an FTD is technically complex. There are regulations for the amount of days which need to pass [before a share is declared an FTD](https://www.sec.gov/investor/pubs/regsho.htm).
+
+-   Additionally, *AFTER* a share is delcared an FTD, there are additional times allowed for counterfeit shares to to be rebought, with even more time allotted for Market Makers to do so.
+
+-   But once the allotted time passes and the delivery is still failed, the party at fault is subject to enforcement measures.
+
+-   The enforcement measures are weak -- [small fines levvied far after the violation](https://financefeeds.com/citadel-securities-fined-275k-reporting-violations-700k-fine-2020/) (generally for less than the profit made from the activities)...
+
+-   ...and it is difficult to track. Individual shares may trade dozens or hundreds of times per day, and there is no way to follow the path -- or origin -- of each individual share.
+
+-   So the "counterfeit" share is logged against the overall pool of shares, not knowing which particular one is non-existent. But the contracts for the sale remains on the books of the parties involved.
+
+-   And while enforcement agencies are not interested in small volumes of counterfeit shares or low cost shares, Citadel has been manufacturing millions of fraduluent shares at a price of hundreds of dollars each, getting away with it under the guise of "bona-fide" Market Maker activities that have yet to be settled.
+
+-   However, any company with a "short" position on their books will retain the debt of the counterfeit share for the duration it is on the market...
+
+Citadel's Scheme, Part 3: Take the Money...
+
+1\.  Once the counterfeit share is sold and becomes an FTD, there are several options for addressing the FTD.
+
+-   Buying a share in the marketplace is the primary way of closing out an FTD. This also closes out the "short" position that is on the seller's books.
+
+-   A second way to close an FTD is when the price of the stock goes to $0, and the stock gets de-listed. This voids *all* of that company's stock, including the fraudulent shares. [] The FTD problem simply goes away with all of the other stock.
+
+-   For a party engaged in the criminal act of counterfeiting shares, their main interest is in avoiding consequences of FTDs - not getting caught. They intend to sell shares they never have and never pay for them.
+
+-   Paying for shares from the marketplace is undesirable to Citadel, not only because it increases costs ("the cost of legitimacy"), but also because the price of shares could go up and make the transaction a loss.
+
+-   Flooding the market with shares also has the added effect of dropping the price of the stock, because the market is overwhelmed with supply...
+
+-   ...and if the price goes so low that the stock gets de-listed, the "debt" of the shares on the seller's books becomes a writeoff, which they will enjoy a tax benefit from [].
+
+-   So bankrupting copmanies is the most desirable outcome from share counterfeiters. The targeted company is an unfortunate casualty, chosen for its ability to be shorted into bankruptcy.
+
+-   This is the first part of Citadel's scheme: target a company, flood the market with counterfeit shares, drop the price of the stock to $0, walk away with the profits from the counterfeit shares, and enjoy the tax writeoff.
+
+-   Note: Short positions are not publicly disclosed, and a company's banruptcy closes all positions, so tracing these activities to Citadel is extremely difficult. These activites can happen entirely behind closed doors and leave little evidence in the public marketplace. That is what this sub has been working with: trace evidence of counterfeiting activities in the marketplace.
+
+Citadel's Scheme, Part 4: ...and Run
+
+1\.  Profitably closing an FTD (either via bankrupcy or repurchase) requires one thing: the price of the target stock to go down.
+
+-   In this case, the $GME stock price went up during their scheme.
+
+-   This caused Citadel to find an alternative to closing the FTDs. So perhaps as a temporary stop-gap, or perhaps as a last resort, Citadel chose to perpetuate FTDs without closing them - they would keep the FTDs ongoing as long as they could, never getting caught, until circumstances let them exit their position. Hiding until they escape.
+
+-   Since FTDs are reported by *time*, Citadel figured they could reset the "timer" to avoid getting caught (very similar to floating credit card payments). They could do this two ways:
+
+-   First, they could short the traditional way -- borrow or acquire a batch of the shares from an exchange or *dark pool* (an off-exchange trading room), and then turn around and close their FTDs. Those new shorts would later become new FTDs, but it would give them a few days.
+
+-   Second, they could counterfeit additional shares. While it is uncertain if it was possible for Citadel to use counterfeit shares to close out FTDs [], their releasing more counterfeited shares into the marketplace let them easily borrow or buy the shares back, then turn around and close out the FTDs. Again, shorting gives a few more days until thes counterfeit shares became FTDs.
+
+-   Citadel could reset FTDs like this continuously, never running into the enforcement limits without being able to reset the FTD timer again.
+
+-   This would also keep the marketplace full of shares - normally a desirable outcome. But in the interest of their counterfeiting scheme, keeping an abundant supply of shares in the marketplace also keeps the stock price low, the availability of additional borrows high, and the interest on the borrowed shares low.
+
+-   And if Citadel was worried about availability, they could also re-borrow the share they just sold (i.e. borrow from A, sell to C, then borrow the same share from C -- a process known as "rehypothecation") -- a legal practice.
+
+Citadel's Scheme, Part 5: But at what cost?
+
+1\.  The cost of resetting the FTD timetable -- "kicking it down the road" -- is twofold:
+
+-   First, there is a daily interest paid on every shorted share Citadel has. The interest rate is decided by the lending organization, and is related to the price and availability of the share to be borrowed. []
+
+-   Second, for every short Citadel left open, the debt of that share remains on their books. As Citadel shorts more shares and as the price of the shares went up, their overall debt increases. If the debt gets too large, Citadel would potentially be "margin called" -- their debtors would force Citadel to pay up. [courtesy: [u/atobitt](https://www.reddit.com/u/atobitt/) - [Image of Citadel's 2020 "securities sold but not yet purchased"](https://preview.redd.it/83uepbgudqm61.png?width=829&format=png&auto=webp&s=7c8b1f1475be0cf61d55f87e29fd282c45833b3c)]
+
+-   It is unknown when or how large their debt must be before Citadel is margin called.[]
+
+-   Additionally, due to Citadel's activities it is difficult to know what a *legitimate* short term debt is on their books, from their legitimate activities, or what a fraudulent debt is from their counterfeiting activities.
+
+-   But by using a legitimate function to hide their scheme, they can achieve the illegal results -- selling shares which they don't have and never intend to deliver.
+
+-   Citadel's activities also pose an extreme cost to the system. Fraudulent shares circulating in the marketplace means investors may become unsure that their shares are legitimate. Or investors may become unsure that the price of the stock is a reflection of legitimate supply and demand, but is instead artificial -- lowered because of a surplus of fake shares.
+
+* * * * *
+
+Addtional reading: [u/atobitt](https://www.reddit.com/u/atobitt/) 's - ["Citadel has no clothes"](https://www.reddit.com/r/GME/comments/m4c0p4/citadel_has_no_clothes/)
+
+[u/canhazreddit](https://www.reddit.com/u/canhazreddit/) 's - ["It's painfully obvious that when GME has a ton of FTDS, they're immediately reversing them with their hedgefuckery."](https://www.reddit.com/r/GME/comments/mijfq9/its_painfully_obvious_that_when_gme_has_a_ton_of/)
+
+* * * * *
+
+TL; DR & Summary: Citadel has been perpetrating a crime -- illegally counterfeiting shares into the marketplace in order to profit. They are selling shares they don't have and never intended to deliver. Citadel has been using their designation as a Market Maker to cover their activities as well as continue to counterfeit shares. This poses an increasing risk to their own business and moreso the overall market.
+
+Edit: [u/Vipper_of_Vip99](https://www.reddit.com/u/Vipper_of_Vip99/) smartly recommended updating the bullets to numbers.
+
+* * * * *
+
+Final note: here is an excerpt on Bernie Madoff from the [Madoff Investment Scandal wiki](https://en.wikipedia.org/wiki/Madoff_investment_scandal):
+
+> At one point, Madoff Securities was the largest buying-and-selling "market maker" at the NASDAQ.
+
+>
+
+> In 1992, The Wall Street Journal described him:
+
+>
+
+> *... one of the masters of the off-exchange "third market" and the bane of the New York Stock Exchange. He has built a highly profitable securities firm, Bernard L. Madoff Investment Securities, which siphons a huge volume of stock trades away from the Big Board. The $740 million average daily volume of trades executed electronically by the Madoff firm off the exchange equals 9% of the New York exchange's. Mr. Madoff's firm can execute trades so quickly and cheaply that it actually pays other brokerage firms a penny a share to execute their customers' orders, --- Randall Smith, Wall Street Journal*
+
+And here is an excerpt from [Citadel's wiki](https://en.wikipedia.org/wiki/Citadel_LLC#Citadel_Securities):
+
+> Citadel Securities automation has resulted in more reliable trading at lower costs and with tighter spreads. [...] Citadel Securities is the largest market maker in options in the U.S., executing about 25 percent of U.S.-listed equity options volume. According to the Wall Street Journal, about one-third of stock orders from individual investors is completed through Citadel, which accounts for about 10% of the firm's revenue. Citadel Securities also executes about 13 percent of U.S. consolidated volume in equities and 28 percent of U.S. retail equities volume.

Confirmation-Bias-and-Discussion/All-the-Pieces-Theory-by-swede-child-of-mine/2021-04-16-All-the-Pieces-Part-II.md

@@ -0,0 +1,208 @@
+Theory: ALL THE PIECES, pt. 2 -- The Deep End of the Pool
+========================================================
+
+| Author       | Source       | 
+| :-------------: |:-------------:|
+|  [u/swede_child_of_mine](https://www.reddit.com/user/swede_child_of_mine/) | [Reddit](https://www.reddit.com/r/Superstonk/comments/ms9z0n/theory_all_the_pieces_pt_2_the_deep_end_of_the/) | 
+
+---
+
+[DD 👨‍🔬](https://www.reddit.com/r/Superstonk/search?q=flair_name%3A%22DD%20%F0%9F%91%A8%E2%80%8D%F0%9F%94%AC%22&restrict_sr=1)
+
+[*There was Jimmy, and Tommy, and Me. - Goodfellas*](https://www.youtube.com/watch?v=caCA0rUMR6U)
+
+This post is the collective narrative behind the plays on GME by large institutions. This will be a multi-part DD post gathered from excellent insights on this sub. As there have been no open confessions of these activities by the perpetrators (a la Bernie Madoff), or books that have yet been written, this will only exist as a theory with pieces of evidence to support where we can. It is designed to be high-level, approachable, supported by available sources where possible, and represent key players and interests as it relates to large players movements in GME. It is incomplete. Where information cannot be confirmed, it will be marked as rumor or speculation and should be treated as such, but it should not be a rabbit-hole. It will be ongoing and require updating as well as contributions from you, outlined below:
+
+-   [] - link to relevant DD requested (DD posts or legitimate sources)
+
+-   \ /e?/ - expert insight requested (e.g. legal review -- I'll try to call out specific users that are known for their specialties on this sub)
+
+-   \ /R/ - further research requested
+
+(Setting expectations for the veteran readers of [r/GME](https://www.reddit.com/r/GME/) and [r/SuperStonk](https://www.reddit.com/r/SuperStonk/): you will already be familiar with many of the terms, events, and points described in this first post. However, even if it is already familiar to you, I hope this post will still be a valuable summary and an easy introduction for anyone who wants to know more about the stock. Please feel free to contribute sources you might see are missing)
+
+* * * * *
+
+Part 2: The Deep End of the Pool
+
+The price of $GME is artificial. The [previous post](https://www.reddit.com/r/Superstonk/comments/mn0q9q/theory_all_the_pieces_pt_1_the_anatomy_of_the/) covered how Citadel was perpetrating a crime, illegally counterfeiting shares to change the price of GME for profit. It is not alone in this crime. Multiple organizations are coordinating the same illegal activities in a larger scheme. Their illegal enterprise engages in share counterfeiting, price fixing, and conspiracy. Some of their crimes leave public evidence, but some of the activity takes place discreetly in *Dark Pools* - off exchange rooms where trades happen with fewer regulations and less visibility. The end result is that each organization abuses their position to profit in an illegal enterprise which jeopardizes the larger market.
+
+Key Terms
+
+1.  Market Maker (or "MM") -- a special role in a stock exchanges around the world. An MM's primary role is to provide liquidity, or "to make sure there are shares available to buy if people want them" as well as "make sure there is a buyer if people want to sell." Liquidity makes for easy buying and selling.
+
+-   Liquidity is also important because some companies want their stock price to be related to their company performance (a.k.a. - valuation), and not related to whether or not their shares are available (a.k.a. - scarcity). [More here](https://www.investopedia.com/terms/p/pricediscovery.asp)
+
+-   Since a Market Maker has control over the availability of shares -- which controls the price -- a Market Maker is required to remain "neutral" on its positions. They cannot put pressure on a stock on either the buy side or sell side. If they create a position on one side to meet demand, they must "hedge" on the other side by creating or owning an opposing position. This "neutralizes" their effects on the stock price, but still creates the liquidity.
+
+-   The designers of this framework presumed an honest Market Maker.
+
+Part 1: Recap -- The Shallow End
+
+1.  Citadel is the largest Market Maker for the NYSE. But Citadel has been using its powers as Market Maker to illegally counterfeit shares for profit.
+
+-   A Market Maker has the authority to temporarily create shares. Citadel has been abusing this to create *perpetual temporary shares* (or "naked shorts") by exploiting a reporting lapse in the system, so the *perpetual temporary shorts* aren't recognized as fraudulent.
+
+-   This is called a *naked short*, because there isn't a share "there", but the system shows it is and the system acts like it is.
+
+-   Citadel naked shorts both for profit and for tactical reasons. Tactically, when Citadel introduces more (counterfeit) shares into a limited supply, they can lower the price of the targeted stock by dilution...
+
+-   ...and if a stock becomes low enough, it gets de-listed. De-listing typically bankrupts the company and circumvents any consequences for the naked shorts. But the counterfeiter still profits -- at the expense of the company they bankrupted.
+
+-   However, with $GME, Citadel found itself unable to counterfeit enough shares to de-list the stock. Failure meant it needs to prevent the large amount of naked shorts from "Failing to Deliver" (or FTD) -- have their status realized as counterfeit by the regulators.
+
+-   Citadel needs to constantly close out and re-open ("refresh") the naked shorts it has flooded the market with, perpetuating the temporary shares.
+
+-   The cost to Citadel is twofold: daily interest on the legitimate shorts, and exposure to being *margin called* -- forced to pay for the fraudulent shares -- should the price of GME go high enough. Citadel is extremely motivated to prevent this from happening.
+
+Part 2: Marco
+
+1.  Citadel needs to abide by its responsibilities as a Market Maker when it creates a share; it needs to remain "neutral" on its MM positions.
+
+-   Creating a share is a "net short" position for a MM, meaning it creates downward pressure on the stock price. Even if they rent out the share for someone else to short it will still be a *net short* position.
+
+-   For a created share to be a sanctioned MM action, it must paired it with another, opposite position to make the entire action neutral.
+
+-   A MM can offset a short position by adding a "long" position -- which creates upward pressure on the stock price. A long position mostly means buying a share, buying call options, or selling put options.
+
+-   The long position plus the short position, mathematically balanced, equals a neutral position.
+
+-   An MM that illegally counterfeits shares is looking to minimize the costs of their neutral position. They will adopt the most cost-effective position possible.
+
+-   The most likely cost-effective counter to a "net short" position is to sell puts.
+
+-   And while Citadel is [no stranger to selling to itself](https://www.reddit.com/r/GME/comments/lnctgx/citadel_is_an_evil_corp_look_at_its_track_records/) (which is called a "wash sale"), the practice of being both the buyer and the seller attracts a regulator's attention. Which, is something Citadel likely doesn't want happening for its illegal shorting scheme. So it needs to sell the puts to an outside party.
+
+-   *This means Citadel needs another organization to collude with.*
+
+Part 3: Polo
+
+1.  If Citadel needs an accomplice, an easy target is a company that is already relying on Citadel in one way or another.
+
+-   Melvin lists Citadel as an investor[], and most likely depends on Citadel to be their Market Maker for securities orders.
+
+-   Melvin also embraces an aggressive shorting strategy[], which requires an abundance of shorts to execute.
+
+-   So the arrangement between Citadel and Melvin is thus:
+
+-   Citadel creates naked shares for Melvin to borrow or buy. Now Citadel is a "negative" position and they need to be a neutral position. Plus they are taking on risk by fabricating counterfeit shares...
+
+-   ...so Citadel writes ITM puts, and Melvin buys them - making Citadel net neutral. Pretend the premium on the puts is $5.
+
+-   Melvin immediately closes the position on the puts (a net $0 activity, and stems the risks to either party), and the transaction is complete.
+
+-   Melvin now has shorts to use, and Citadel nets $5 and remains neutral.
+
+-   The puts are merely a formality: they keep Citadel neutral and are a way to pay for the naked shorts.
+
+-   This is called a "married put" -- renting out a naked short tied to a put, for the price of the premium on the put.
+
+-   Afterwards, Melvin sells the naked shorts, profiting from the sale and also lowers the price of the stock closer to bankruptcy.
+
+-   And if things go badly for them, Citadel can compel Melvin to close out their shorts, or even intervene and close out the position themselves, while leveraging their powers as Market Maker.
+
+-   (*However, closing out seems unnecessary, doesn't it? Since they can always change a rising stock price with additional naked shorts...*)
+
+-   And if they want, Melvin and Citadel have additional means of concealing their activities:
+
+-   as part of the married put transaction, Melvin can turn and sell Citadel "out of the money" (OTM -- meaning, will expire worthless) calls as part of the transaction to make it look like standard activity.
+
+-   The combination of a put plus a call plus a share is called [a reverse conversion.](https://www.deepcapture.com/wp-content/uploads/2007.10.09-J-Welborn-Married-Puts-and-Reverse-Conversions.pdf)
+
+-   It's unclear if either Citadel or Melvin initiated the scheme. Citadel needs constant demand for the counterfeit shares, while Melvin needed abundant shorts - it's rumored that Melvin is a "[hitman hedge fund](https://www.reddit.com/r/WallStreetbetsELITE/comments/lw0cky/either_melvin_lied_about_closing_position_ms_in/)".
+
+-   But both parties needed someone who is unconcerned with the *actual* status of the shares being shorted. So it's clear both are aware of the illegal nature of the shares they are leveraging.
+
+This sub has noticed records of strange banks of calls and puts, which represent probable evidence for the scheme described here.
+
+* * * * *
+
+Evidence [1](https://www.reddit.com/r/GME/comments/m7xipv/whale_watching_the_sweeping_seas_318/) [2](https://www.reddit.com/r/GME/comments/lsnlte/ok_so_random_theory/) [3](https://www.reddit.com/r/GME/comments/mhv22h/the_si_is_fake_i_found_44000000_million_shorts/)
+
+* * * * *
+
+Part 4: A Shiver (The Deacons)
+
+1.  However, in the highly competitive world of corporate finance, successful strategies like Melvin's and Citadel's are tracked, followed, copied, and mirrored.
+
+-   Naked shorting has been [around for awhile](https://www.reddit.com/r/GME/comments/mexlpn/accidentally_released_and_incredibly_embarrassing/), and the payouts are obvious.
+
+-   Other hedge funds or investment banks likely copied Melvin's actions on the same targeted companies, [aiming to profit from their actions without needing to research the strategy too much](https://www.reddit.com/r/GME/comments/mcwu5m/mystery_of_the_negative_beta_solved_hfs_are/)...
+
+-   ...which makes it likely that Citadel was also *fabricating shares for other hedge funds.*
+
+-   So it isn't only Citadel -- there are others involved in this crime.
+
+-   Additional players could also profit, and [assist](https://www.reddit.com/r/GME/comments/m9bfp0/naked_short_selling_the_truth_is_much_worse_than/) either legally or illegally.
+
+-   Susquehanna SIG -- a major Market Maker for options, had [substantial interest](https://www.reddit.com/r/Superstonk/comments/mlf82b/the_missing_citadels_frenemies_pfof_michael/) in this scheme. Their strategic puts could apply price pressure to the distressed companies and allow SIG to profit from the options placements -- and from price manipulation.
+
+-   Other investment banks and options sellers have also joined in. Their profits could be legal, approved market activity of buying puts or selling shorts. Or the profits could be illegal, resulting from naked shorting and manipulating the price downward.
+
+-   A partial list of large companies that have taken positions against GME include: [Melvin Capital, Citadel Advisors, SIG, UBS Group AG, Group One Trading, Citigroup, Wolverine Capital, and Maplelane Capital](https://www.reddit.com/r/wallstreetbets/comments/lw0g1g/the_industry_players_again_gme/).
+
+-   Coordinating their efforts can achieve a multiplier on their returns. By adopting the same positions as the others, each company assumed a smaller portion of exposure while enjoying the multiplied pressure from their group efforts.
+
+-   The risk of loss is still real, but it is diminished, and marginal compared to the collective assets and rewards.
+
+Part 5: The Deep
+
+1.  As the conspirators coordinated their attacks, they needed a way to operate without gaining public attention.
+
+-   They were used to operating within the parameters of the enforcement agencies (SEC, FINRA)...
+
+-   ...and their activities would be recorded, regardless, on the public register.[]
+
+-   But off-exchange trading venues -- a.k.a. Dark Pools -- would be perfect for their needs.
+
+-   Dark Pools have delayed reporting. The transactions themselves are allowed more time to be recorded (10s -- an eternity in trading time)...
+
+-   ...and have the benefit of not being publicly reported by FINRA until [*WEEKS*](https://www.sec.gov/divisions/marketreg/form-ats-n-filings.htm) after the transactions had taken place.
+
+-   And Dark Pools intentionally keep transactions as anonymous as possible. Again, all transactions would be received by the register and would include the parties involved. But bids and asks that *didn't* end up transacting are never disclosed -- masking the real positions and intentions.
+
+-   But the most valuable part for the conspirators: unlike public exchanges, transactions that take place in Dark Pools do not affect the official national price -- the NBBO.
+
+-   Meaning, they could execute the trades that *negatively* affected the price in the public exchanges...
+
+-   ...and then execute the trades that *positively* affected the price in Dark Pools.
+
+-   So the price would only go down from their activities.
+
+-   And naturally, they could do so in just such a way that they could achieve their goals without attracting regulatory or public attention. (They were extremely familiar with toeing that line).
+
+-   While it is unclear if they *actively discussed* this scheme or coordinated each of their roles (institutional relationships can be tentative, or circumstantial - best described as "frenemies")...
+
+-   ...the transactions would act as tacit collaboration between the firms. They would be able to figure out who else was working with them, and what their position was.
+
+-   Collectively, they are very aware of their mutual positions, even without having explicitly discussed them. The volume, type, location, time, and other positional details would most likely give away what and who was transacting...
+
+-   ...while acting as a signal for others to respond to. Showing an opportunity to be siezed.
+
+Again, the contributors of these subs have noticed high levels of corresponding transactions of $GME occuring in Dark Pools.
+
+* * * * *
+
+Evidence [1](https://www.reddit.com/r/GME/comments/mg5aui/hfs_traded_over_302_million_shares_of_gme_in_otc/) [2](https://www.reddit.com/r/Wallstreetbetsnew/comments/llbz1m/mindboggling_dark_pool_network_may_have_traded/) [3](https://www.reddit.com/r/wallstreetbets/comments/mnm8h0/gme_last_30_days_of_dark_pool_options_order_flow/)
+
+* * * * *
+
+Further reading on the overview: [u/boneywankenobi](https://www.reddit.com/u/boneywankenobi/) 's [deeper dive](https://www.reddit.com/r/GME/comments/mjzx9w/full_analysis_of_current_gme_si_proof_from_the/)
+
+Further reading on married puts: [u/broccaaa](https://www.reddit.com/u/broccaaa/) 's fantastic research [here](https://www.reddit.com/r/Wallstreetbetsnew/comments/mgof7q/the_naked_shorting_scam_revealed_lending_of/) and [here](https://www.reddit.com/r/GME/comments/mh6lnz/the_naked_shorting_scam_update_selling_nude_like/)
+
+Further reading on Dark Pools: [u/NoseBurner](https://www.reddit.com/u/NoseBurner/) 's [excellent recap](https://www.reddit.com/r/Superstonk/comments/mpvm3a/into_the_heart_of_darkness_darkpools_and_fud/), which refers to [u/umu68](https://www.reddit.com/u/umu68/) 's [prolific work](https://www.reddit.com/r/Superstonk/comments/movevb/dance_of_darkness_the_sec_and_dark_pools/)
+
+* * * * *
+
+TL;DR and Summary -- The speed, sophistication, and savvy of the firms illegally affecting the price of $GME and other stocks make it easy for them to collaborate. Each are playing their part -- naked shorting, writing options, providing legitimate cover, transacting in Dark Pools for effect -- according to their specialization. They are extremely financially incentivized to do so. Their familiarity with the regulations means they feel they are able to engage and even expand their scheme without legal consequences. And the tools they have at their disposal give them the means to execute their fraudulent enterprise at will. Some of the financial world's largest firms are complicit or are actively participating. They have assumed the public will not take notice, because the public had not taken notice. This line of reasoning is typically referred to as "Black Swan."
+
+* * * * *
+
+Calls to verify /e?/: [u/the_captain_slog](https://www.reddit.com/u/the_captain_slog/), [u/NoseBurner](https://www.reddit.com/u/NoseBurner/), [u/broccaaa](https://www.reddit.com/u/broccaaa/), [u/boneywankenobi](https://www.reddit.com/u/boneywankenobi/)
+
+Credit roll (in order of appearance): [u/krisoijn](https://www.reddit.com/u/krisoijn/), [u/G_KG](https://www.reddit.com/u/G_KG/), [u/ElevationAV](https://www.reddit.com/u/ElevationAV/), [u/dejf2](https://www.reddit.com/u/dejf2/), [u/DigitalSoldier1776](https://www.reddit.com/u/DigitalSoldier1776/), [u/bobfern37](https://www.reddit.com/u/bobfern37/), [u/animasoul](https://www.reddit.com/u/animasoul/), [u/VaseaPost](https://www.reddit.com/u/VaseaPost/), [u/pinkcatsonacid](https://www.reddit.com/u/pinkcatsonacid/), [u/skifunkster](https://www.reddit.com/u/skifunkster/), [u/bimnett](https://www.reddit.com/u/bimnett/), [u/StonkyFarts](https://www.reddit.com/u/StonkyFarts/), [u/DIY-Dude-123](https://www.reddit.com/u/DIY-Dude-123/)
+
+Special shout out to [u/GMEisLightandLove](https://www.reddit.com/u/GMEisLightandLove/), [u/beowulf77](https://www.reddit.com/u/beowulf77/)
+
+Final note - some relevant news this week: <https://www.reddit.com/r/news/comments/mqql1f/ap_source_ponzi_schemer_bernie_madoff_has_died_in/>

Crypto/2021-07-07-A-Crypto-Deep-Dive.md

@@ -0,0 +1,139 @@
+A crypto dive with the Jellyfish - 10 things about crypto that could be useful to know going into the 7/14 reveal.
+==================================================================================================================
+
+| Author       | Source       | 
+| :-------------: |:-------------:|
+|  [u/Dismal-Jellyfish](https://www.reddit.com/user/Dismal-Jellyfish/) | [Reddit](https://www.reddit.com/r/Superstonk/comments/ofndb0/a_crypto_dive_with_the_jellyfish_10_things_about/) | 
+
+---
+
+
+[DD 👨‍🔬](https://www.reddit.com/r/Superstonk/search?q=flair_name%3A%22DD%20%F0%9F%91%A8%E2%80%8D%F0%9F%94%AC%22&restrict_sr=1)
+
+[![r/Superstonk - A crypto dive with the Jellyfish - 10 things about crypto that could be useful to know going into the 7/14 reveal.](https://preview.redd.it/7du1kjnfot971.jpg?width=320&format=pjpg&auto=webp&s=59591863e05125f8bd644d116f2b5d85aabac612)](https://preview.redd.it/7du1kjnfot971.jpg?width=320&format=pjpg&auto=webp&s=59591863e05125f8bd644d116f2b5d85aabac612)
+
+Good afternoon r/Superstonk, Jellyfish here to try and discuss crypto (ducks!)
+
+1\. NFTs
+
+NFTs on E t h e r e u m are what I think everyone is most familiar with already. They are unique tokens that can be used by creators to tokenize a wide range of content (not just art).
+
+[![r/Superstonk - A crypto dive with the Jellyfish - 10 things about crypto that could be useful to know going into the 7/14 reveal.](https://preview.redd.it/lvao1vkmot971.png?width=891&format=png&auto=webp&s=5ff19d7073639abdfc1d05d3be0cd694c65a3d84)](https://preview.redd.it/lvao1vkmot971.png?width=891&format=png&auto=webp&s=5ff19d7073639abdfc1d05d3be0cd694c65a3d84)
+
+According to a report by decentralized app marketplace DappRadar, the average number of NFT sales rose almost 300%, from 21,815 per day in January, to 82,373 in May (so far). This number rose even higher as crypto prices started to plummet on May 12, with sales surging to almost 94,000 NFT transactions a day.
+
+2\. Smart Contracts
+
+Smart Contracts automatically executes code once specific terms have been met. They first started as programmable money but are decentralized digital legos capable of lending, borrowing, swapping, and much more to come.
+
+[![r/Superstonk - A crypto dive with the Jellyfish - 10 things about crypto that could be useful to know going into the 7/14 reveal.](https://preview.redd.it/8cdhs7zqot971.jpg?width=1600&format=pjpg&auto=webp&s=e66c3ecbd4cddec46073ad8f9f1d495667d96801)](https://preview.redd.it/8cdhs7zqot971.jpg?width=1600&format=pjpg&auto=webp&s=e66c3ecbd4cddec46073ad8f9f1d495667d96801)
+
+3\. DeFi
+
+DeFi: has exploded but in GameStop's case, I think it might be leveraged for flexibility and its non-custodial nature. With DeFi, GameStop can become its own bank and cut out costly middlemen. This is also why [I think GameStop should participate in this FDIC sprint](https://www.reddit.com/r/Superstonk/comments/oevr9p/guys_the_fdic_might_not_realize_it_yet_but_they/)
+
+[](https://preview.redd.it/t9wyuo4sot971.gif?format=mp4&s=233a990c2aea7d7c4e3f3f967b390d3bf6e674d5)
+
+How it is today
+
+[![r/Superstonk - A crypto dive with the Jellyfish - 10 things about crypto that could be useful to know going into the 7/14 reveal.](https://preview.redd.it/dcbrp34uot971.png?width=729&format=png&auto=webp&s=5917e265b8dabec0ddd9e2f18eadf40f79015303)](https://preview.redd.it/dcbrp34uot971.png?width=729&format=png&auto=webp&s=5917e265b8dabec0ddd9e2f18eadf40f79015303)
+
+How it could be
+
+4\. Developers
+
+E t h e r e u m is attracting the world's developers. Since Q3 2019, E t h e r e u m has gained more than 300 developers per month, with GameStop entering the fray with:
+
+[Jordan Holberg @eviljordan](https://twitter.com/eviljordan), [Matt FinΞstonΞ | @finestonematt](https://twitter.com/finestonematt), [j@Cyberhorsey](https://twitter.com/Cyberhorsey)
+
+5\. Interoperability
+
+This is one area I feel many people are overlooking. E t h e r e u m will unlock potentially hundreds of billions of dollars in liquidity from POS blockchains through interchain accounts and interoperable staking.
+
+[Maybe they work with NFT Ghost?](https://twitter.com/ghostnft?lang=en)
+
+I see these guys as more of a competitor currently, but what if Dapper Labs want to take advantage of GameStop's brand loyalty customer base to market [Top Shot](https://nbatopshot.com/), [CryptoKitties](https://www.cryptokitties.co/?utm_source=dapperlabs), [Wizards](https://cheezewizards.com/?utm_source=dapperlabs), or [Dapper](https://www.meetdapper.com/?utm_source=dapperlabs) in the GameStop NFT Marketplace?
+
+-[What if they partner with Age of Rust and let it on the GameStop NFT marketplace?](https://enjin.io/powered-by-enjin/age-of-rust)
+
+0:00
+
+2:13
+
+Looks niffty!
+
+6\. Metaverse
+
+NFTs on E t h e r e u m will power a universe beyond our own like the Oasis in Ready Player One.
+
+Virtual reality technology will power an augmented reality of virtual space and tokenized in-app purchases.
+
+[![r/Superstonk - A crypto dive with the Jellyfish - 10 things about crypto that could be useful to know going into the 7/14 reveal.](https://preview.redd.it/ahbjvus6pt971.jpg?width=300&format=pjpg&auto=webp&s=df069651e90d4016a1e16dbe2a3cd805b052b0eb)](https://preview.redd.it/ahbjvus6pt971.jpg?width=300&format=pjpg&auto=webp&s=df069651e90d4016a1e16dbe2a3cd805b052b0eb)
+
+7\. Decentralized autonomous organizations (DAOs)
+
+DAOs are entities made up of any number of individuals who maintain the group's decisions in a distributed manner. Individuals can use tokens to vote and propose ideas they want for the protocol. I wouldn't be surprised if GameStop goes this route for governance. As a side note, I do see DAO's as the future of [r/Superstonk](https://www.reddit.com/r/Superstonk/) after MOASS for fairly and transparently kicking ass with tendies.
+
+[![r/Superstonk - A crypto dive with the Jellyfish - 10 things about crypto that could be useful to know going into the 7/14 reveal.](https://preview.redd.it/nir4ttr7pt971.png?width=446&format=png&auto=webp&s=e5f5cf8ed0f17e5573ea0a38d24e4d95279d8176)](https://preview.redd.it/nir4ttr7pt971.png?width=446&format=png&auto=webp&s=e5f5cf8ed0f17e5573ea0a38d24e4d95279d8176)
+
+8\. Layer Two (L2)
+
+There are a lot of projects working on layer two scaling solutions in an effort to scale E t h e r e u m---big argument against E t h e r u m as it stands now as it cannot process enough transactions efficiently to scale.
+
+L2 solutions (where GameStop will live) focus on highly complex topics ZK-rollups for example (great to have Matthew Finestone!) as they have the ability to bring E t h e r e u m to 2,000 TPS
+
+[![r/Superstonk - A crypto dive with the Jellyfish - 10 things about crypto that could be useful to know going into the 7/14 reveal.](https://preview.redd.it/fzc9kfvapt971.png?width=744&format=png&auto=webp&s=2ddf370809298a5b6d8e468d0cab18aea924e470)](https://preview.redd.it/fzc9kfvapt971.png?width=744&format=png&auto=webp&s=2ddf370809298a5b6d8e468d0cab18aea924e470)
+
+GameStop's head of blockchain comes by way of Loopring
+
+9\. EIP-1559
+
+I think the company should allocate a portion of that to staking e t h e r e u m and offering the ability to stake to GameStop's user base.
+
+In the future, I believe GME values decentralization of ownership of our digital assets, which is why we should buy and mint NFT's on GameStop's Blockchain.
+
+For the less blockchain familiar GameStop users, I think GameStop should open up the protocol to allow E t h e r e u m 2 staking with GME. Empower the players to secure the metaverse?
+
+For the balance sheet though, if you're staking on E t h e r e u m 2.0, E t h e r e u m 's parallel PoS network, your operations are earning you a roughly 8% annual percentage return (APR). This number is higher than the rate of inflation that we covered as well! Yes, E t h e r e u m fluctuates in price, but as we covered above, staking will also further secure and make the network stronger, which in turn does the same for the metaverse!
+
+EIP-1559 is in flight. What this means is that the net "issuance" of new coins minted is going to be dramatically lowered. To put it in perspective, the issuance rate right now is 4.5% per year, the estimates for the issuance rate after EIP 1559 is implemented are .5 - 1%. Why does this matter?
+
+So b I t c o in issuance halves every 4 years right? (this is what makes the stock-to-flow model tick) Well, an issuance drop from 4.5% is the equivalent of 3 halvenings happening at one time. (4.5 cut in half to 2.25 again to 1.125 and again to .56). E t h e r e u m is already at a multi-year low supply on exchanges, once this happens E t h e r e u m will become more instantly scarce. People have dubbed this the "Cliffening".
+
+Right now, a lot of the crypto user interfaces 'for the less tech-savvy' are more akin to trying to navigate Windows 2.0 30+ years ago.
+
+Currently, if you mess up a transaction (don't include enough gas for it to get picked up by a miner for example), the transaction will just sit. The process of updating said transaction can be *cumbersome* depending on how you are set up, to impossible if you are hoping to just have an iPhone like user experience.
+
+EIP-1559 is going to go a long way to help on the usability front for users.
+
+Clarifying further, with EIP-1559, anyone transacting would have to pay a total transaction cost, which would be known beforehand, completely eliminating the need for a bidding system, where your transaction could get stuck as I described above..
+
+I hope that helps and I didn't screw anything up too badly!
+
+But to tie this back to inflation, (because you know I can't help myself!), this also leaves the deflationary action of EIP-1559 intact :)
+
+10\. S t a b l e c o i n s
+
+E t h e r e u m is home to many stablecoins, which have grown bigly with differenrt use cases. For example:
+
+$U S D T: $62B
+
+$U S D C: $25B
+
+$D A I: $5B
+
+They are very popular for use in DeFi, but I think will be relevant to GameStop as VISA will soon accept transaction settlement in U S D C.
+
+[](https://preview.redd.it/3v18fr8ppt971.gif?format=mp4&s=ae903e7f3b199528835d94cb78012ad615595494)
+
+I hope this one makes it through Automod!
+
+Additional posts you may enjoy:
+
+<https://www.reddit.com/r/Superstonk/comments/o77tkp/is_anyone_else_totally_jacked_for_the_714/>
+
+<https://www.reddit.com/r/Superstonk/comments/oc8xb0/its_a_problem_now_its_going_to_be_a_huge_problem/>
+
+<https://www.reddit.com/r/Superstonk/comments/o9mk4q/does_anyone_else_think_comic_books_would_make_a/>
+
+<https://www.reddit.com/r/Superstonk/comments/ob8mzm/jellyfish_putting_on_his_tinfoil_hat_for_a/>

Crypto/NFT/2021-06-29-GME-NFT-Scamcoins-a-Retroactive-Analysis-on-how-to-Prevent-Getting-Scammed.md

@@ -0,0 +1,170 @@
+GME NFT Scamcoins, a Retroactive on yesterday events.
+=====================================================
+
+| Author       | Source       | 
+| :-------------: |:-------------:|
+|  [u/Lucent_Sable](https://www.reddit.com/user/Lucent_Sable/) | [Reddit](https://www.reddit.com/r/Superstonk/comments/oa1bl7/gme_nft_scamcoins_a_retroactive_on_yesterday/) | 
+
+---
+
+[DD 👨‍🔬](https://www.reddit.com/r/Superstonk/search?q=flair_name%3A%22DD%20%F0%9F%91%A8%E2%80%8D%F0%9F%94%AC%22&restrict_sr=1)
+
+Hey Apes!
+
+After yesterdays event where a user ended up purchasing a scam coin, I thought I would quickly write up a DD on how scamcoins commonly target uninformed GME investors.
+
+This is my first attempt at writing anything that looks like a DD, and I will be focusing on a retroactive of the event and some things that you can look out for to prevent becoming a victim of these scamcoins.
+
+If you think you are immune to being scammed, there is some interesting information on how easy it is to fool people on the internet [here](https://www.youtube.com/watch?v=dQw4w9WgXcQ).
+
+Please let me know if there is anywhere where I can add more context or information, and especially if I got anything wrong, or was unclear. I will be periodically updating this post with information from the comments to make it a better resource.
+
+1\. The anatomy of a scam
+
+Any scam has three core components.
+
+1.  Get the targets trust
+
+2.  Convince the target to give you their money
+
+3.  Get away before the target realizes they have been scammed.
+
+I will be covering these steps by giving examples from some common scams. I will then proceed to outline how I believe these steps happen in the new GME scamcoins.
+
+-   [Three-card Monte](https://en.wikipedia.org/wiki/Three-card_Monte)
+
+-   A confidence scam where shills conspire with a scammer to convince a target that they can win money in a street game.
+
+-   [Forex Scam](https://www.investopedia.com/articles/forex/09/spot-a-forex-scam.asp)
+
+-   A scam where a "professional trader" has some "special formula" that they can use to invest your money in foreign exchange markets.
+
+-   [Tech support scam](https://en.wikipedia.org/wiki/Technical_support_scam)
+
+-   A scammer calls a target and convinces them that there is a problem with their computer, which can only be fixed with their special antivirus software. The scammer will often request remote access to the targets computer, and may even request access to the targets bank account.
+
+-   [Romance Scam](https://www.fbi.gov/scams-and-safety/common-scams-and-crimes/romance-scams)
+
+-   The scammer pretends to be romantically interested in the target.
+
+1.1 Trust
+
+The first task of any scammer is to gain the targets trust. The target needs to believe that the scammer can provide something they want.
+
+Three-card Monte
+
+In this scam, the target wants to win a bet against the scammer in order to increase the amount of cash they have. The scammer gains trust by having shills publicly lose to them in the three-card Monte game, building the illusion that the target has a realistic chance of winning.
+
+Forex Scam
+
+In this scam, the target wants to earn passive income via investing. The scammer gains trust by showing the target some of the gains their trading platform or software is capable of. This is usually done through some form of internet communication, such as email or direct-messages on social media. Fabricated screenshots may be used to increase the perceived legitimacy of the scammer.
+
+Tech support scam
+
+The scammer pretends to be a representative of a well known company such as Microsoft or Amazon. They rely on the target trusting the reputations of large companies whose names they recognize, and the scammer may add a sense of urgency to the scam which can further impair the targets judgement.
+
+Romance Scam
+
+This is one of the more vile scams. The scammer builds the targets trust by pretending to be romantically interested in the target. The goal is to make the target believe that they have a genuine relationship with the scammer, and who doesn't trust the person they are in a relationship with!
+
+1.2 Extracting the targets money
+
+The second step, once the target trusts the scammer is to convince the target to give the scammer money.
+
+Three-card Monte
+
+This one is fairly obvious. The target puts forward money in a bet on the game, not knowing that the game is rigged and they cannot win. The scammer or shill may encourage the target to keep trying, as they "Just got unlucky". At this point the scam relies on the target believing that they can still make their money back, while they lose more and more.
+
+Forex Scam
+
+The scammer request access to the targets trading account, or requests that the target send them some money to get started. If the target is still hesitant, the scammer may request a smaller amount, and then provides some fake return on investment to further build the targets trust. The scammer will keep demanding higher deposits while promising that the system is working, until the target catches on.
+
+Tech support scam
+
+The scammer requests remote access to the targets computer, often under the guise of running diagnostics. Once they have "run their diagnostics", they will try to sell some overpriced antivirus software. To extract further money from the target, the scammer may call back at a later date, and either try to get the target to pay for a renewal, or offer a "refund" which they "over-pay", and then have the target send the difference back to them. Often the scammer edits HTML on the targets bank page, or has the transaction reversed before the target sends them the difference back.
+
+Romance scam
+
+The scammer contacts the target, who believes they are in a long distance relationship with the scammer. The scammer will tell the target that they have run into legal trouble, and need some money sent to them to cover bail or a lawyers fee. Other iterations of the scam may request money for fuel, gifts, medical bills, car repairs, or anything else you can imagine. The requests keep coming in as long as the target believes that the relationship is genuine. During this process the scammer will encourage the target to take out loans and max out credit cards, even borrow money from friends and family.
+
+1.3 The Getaway
+
+The final part of the scam is getting away without the target knowing they have been scammed, or not being able to do anything about it.
+
+Three-card Monte
+
+The target eventually realizes that they are not going to win, or runs out of cash. The scammer and shill may pack up the game in a hurry and run if the target is angry or indicates they may make trouble, otherwise they will just convince the target that they got unlucky. This scam is often targeted toward tourists, as this prevents targets coming to personally recognize the scammers.
+
+Forex and tech support
+
+The scammer will stop responding to the target, and will launder the money any number of ways. The target never actually knew the real identity of the scammer, and was most likely paying money into a stolen or foreign (or both) bank account.
+
+Romance Scam
+
+If the scammer is called out on their scam, they will often start gaslighting their target. Often, due to the nature of the relationship in the scam, the target will not believe that they are being scammed, even when provided with otherwise irrefutable evidence. If they do eventually catch on, the scammer often has the same anonymity as in the Forex and Tech support scams. The target doesn't know the scammers real identity and has little to no recourse to get their money back.
+
+2\. The GME NFT Scam
+
+At this point you are probably thinking: That's interesting Lucent_Sable, but what does it have to do with GME?
+
+2.1 History of GME NFT
+
+Apes recently discovered that Gamestop is working on something to do with Etherium NFT tokens. This was found through an official Gamestop website: [nft.gamestop.com](https://nft.gamestop.com/). This is our root of trust, we know that this is officially Gamestop, as it is on the Gamestop.com domain.
+
+On this website, there is an Etherium address: 0x13374200c29C757FDCc72F15Da98fb94f286d71e.
+
+Apes looked into this address on [etherscan](https://etherscan.io/address/0x13374200c29C757FDCc72F15Da98fb94f286d71e), and found the contract for a GME coin. We know that we can trust this contract at this specific address, because it is on the official Gamestop web-site.
+
+A screenshot of the etherscan page is available [here](https://i.imgur.com/u2Pvega.png).
+
+In the screenshot, the areas outlined in Green are things that we can trust as directly describing the contract and the creator of the contract. Areas outlined in Red are things that anyone can influence by interacting with the contract, we cannot trust the information in these as they are influenced by public activity. The area in black is an information block, related to what is selected.
+
+From the information on this page that we can trust, we can determine the following
+
+1.  The contract was created by another contract: 0xce0042B868300000d44A59004Da54A005ffdcf9f
+
+2.  The contract describes a token called Gamestop (GME)
+
+3.  The code of the contract, which has been analysed by apes for important information
+
+These are the facts about the contract that we know we can trust. [u/teacoat___](https://www.reddit.com/u/teacoat___/) consolidated this information in their [DD here](https://www.reddit.com/r/Superstonk/comments/nl0lk1/gme_token_info/).
+
+Now that we have established what we know, on to the scam...
+
+2.2 The scam
+
+Yesterday, [u/samyall](https://www.reddit.com/u/samyall/) noticed a transaction involving the GME contract, in [this thread](https://www.reddit.com/r/Superstonk/comments/o9967o/gme_just_transferred_42069_gmetoken_to_itself_on/?utm_medium=android_app&utm_source=share).
+
+Let me be very clear: I am not accusing samyall of anything, and believe that they were deceived by the scammers.
+
+Image for following discussion [here](https://i.imgur.com/cZHRbfI.png).
+
+2.2.1 Building trust
+
+The information provided in samyalls post shows information on the "Erc20 Token Txns" tab. If a user is unfamiliar with what this is, they may incorrectly assume that the information in this tab is from Gamestop, as it is on the page for the official gamestop token. We know that this is not true and that anyone can send tokens to the contract address without Gamestop approving the transaction.
+
+Second, we can look at the address that sent this scamcoin to the official Gamestop contract. The address of this scammer is\
+0x133742073133c9aecdEC3a87e475C2945f23D6C0\
+which at first glance is very similar to the contract address\
+0x13374200c29C757FDCc72F15Da98fb94f286d71e\
+I believe that this address was specifically crafted to further build trust. The most recognisable first digits of the contract address and the scammers address (0x1337420) match, and many users would not look much further than that.
+
+Third, we look at the name of the token that the scammer sent to Gamestop. This scamcoin is called "GameStop (GME)", which is very similar to the official token name "Gamestop (GME)".
+
+Finally, we can look at the etherscan profile of the scammer address (image [here](https://i.imgur.com/yiRkV5U.png)) This shows that the scammer created 69,420,000 tokens. This is both similar to the number of outstanding shares ~70 Million, and a funny internet number (69 & 420 are in it). This further builds legitimacy as it is similar to what we would expect to see, and plays to our biases.
+
+2.2.2 Extracting money
+
+The scammer had convinced at least one member of our community ([u/shroommyBoom](https://www.reddit.com/u/shroommyBoom/)) was convinced by this scam coin, and lost about $30, in this [post](https://old.reddit.com/r/Superstonk/comments/o99ms3/stay_calm_but_i_think_the_nft_is_now_available_to/). As you can see, the extraction of money from this scam is very easy, as all you have to do is convince the target that they want to purchase your scamcoin.
+
+2.2.3 The Getaway
+
+In this instance, the getaway is simple, as crypto provides both anonymity and irreversibility, so the scammer can simply disappear without anyone ever having known their identity.
+
+3\. Key Takeaways (TLDR)
+
+Be careful when interprating information about the Gamestop NFT, make sure that you can verify that you trust the source of the information. Just because the information is on the official contracts Etherscan page, doesn't mean the information is endorced by Gamestop.
+
+At least one member of the community has been scammed by this scammer, and lost a small amount of money.
+
+Scammers will try many tricks to get you to trust them, and separate you from your money. Don't fall for it, and if in doubt use the four-hour rule. Post on superstonk and give about 4 hours for other members of the community to analyze and sniff out anything suspicious. Remeber, nothing is urgent around here.

Crypto/NFT/2021-07-02-Clarifying-NFTs.md

@@ -0,0 +1,57 @@
+Clarifying NFT's: What they are good for, and what they are not
+===============================================================
+
+| Author       | Source       | 
+| :-------------: |:-------------:|
+|  [u/GooseG17](https://www.reddit.com/user/GooseG17/) | [Reddit](https://www.reddit.com/r/Superstonk/comments/oc7ji4/clarifying_nfts_what_they_are_good_for_and_what/) | 
+
+---
+
+[Education 👨‍🏫 | Data 🔢](https://www.reddit.com/r/Superstonk/search?q=flair_name%3A%22Education%20%F0%9F%91%A8%E2%80%8D%F0%9F%8F%AB%20%7C%20Data%20%F0%9F%94%A2%22&restrict_sr=1)
+
+Note\
+Etherium is an incorrect spelling. The correct spelling is filtered by automod. Since it is related to GameStop, blocking it is, in my opinion, absurd. Especially since it isn't even the correct name of the currency. For a sub that values open discourse and informed discussion, this is pretty disappointing.
+
+Intro
+
+NFT's have been getting a lot of attention lately due to the GameStop NFT, with a lot of the discussion demonstrating a lack of understanding on what exactly an NFT is and what it can be used for, so I thought I'd help explain some of the technical wizardry that is blockchain and its latest buzzword-craze.
+
+Blockchain
+
+A blockchain is a transactional database (ledger) that is stored and validated by many different computers. Imagine a bank statement that is verified and saved by thousands of different computers. This makes it virtually impossible to fraudulently alter if sufficiently decentralized. There are multiple methods blockchains can use to ensure that the network is decentralized to maintain security. Understanding them is beyond the scope of this post, but the major methods are proof of work and proof of stake. The main one relevant to GameStop is proof of stake, since the network they are using, Etherium, is upgrading to proof of stake in the near future.
+
+Etherium
+
+Etherium differs from the original blockchain design by implementing smart contracts. Smart contracts are computer programs that run on the blockchain, allowing developers to leverage security and reliability of blockchain technology for limitless possibilities. One these use cases are custom assets that do not require their own blockchain, vastly simplifying secure deployment. These are called tokens.
+
+Token
+
+A token is a a term used for user-created coins on the Etherium network, essentially anything that isn't the core currency. Etherium transactions are not free. The cost depends on the relative processing power required to complete the transaction, so keeping programs as simple as possible is important. Which is why there are multiple types of tokens instead of a single all-purpose type. There are two major types:
+
+1.  ERC20\
+    The typical token of the Etherium network. They are *fungible*, meaning every token is entirely identical. Because token ownership is basic to keep track of, only needing the owner address and quantity, usage is simple and each transaction is inexpensive.
+
+2.  ERC721\
+    An alternative to ERC20 tokens that provide greater utility. They are *non-fungible tokens*, so each token has unique identifiers and metadata. An ERC721 token can store many more data fields, making them comparatively expensive to create and transact. They are not a direct replacement for ERC20 tokens, primarily due to the added expense and complexity.
+
+Now that definitions are out of the way, lets get in to what does and does not make sense for GameStop to use an NFT for:
+
+Non-Fungible Token (ERC721) uses:
+
+1.  Collectibles Things like playing cards or in-game items
+
+2.  Licenses/ownership certificates Like video games, for enabling trading of used games
+
+Fungible token (ERC20) uses:
+
+1.  Crypto dividends\
+    Stocks are fungible, so why wouldn't a dividend be too? Not only would an NFT dividend be wasteful, it would also mean that our identical shares wouldn't net us an identical reward, which is completely nonsensical in my opinion.
+
+2.  Stock market shares\
+    If the stock market were to be run on the blockchain, NFT's wouldn't just be wasteful or unfair, they would be completely insane. Storing billions of NFT's (one for every share) instead of thousands of ERC20's (one for each stock) would be vastly more resource intensive for no benefit.
+
+Please let me know if you find a mistake. Criticisms welcome. Thanks for reading!
+
+Smooth-brain simplification edit:
+
+All the pros of a crypto dividend (like GameStop having sole distribution capability) remain with a *fungible* (ERC20) token. A *Non-Fungible Token* (ERC721, NFT) has cons that wouldn't make sense for this purpose.

Crypto/NFT/2021-07-08-One-of-the-Addresses-Associated-with-GameStop-NFT-had-a-Transaction-Today.md

@@ -0,0 +1,44 @@
+One of the addresses associated with the GameStop NFT had a transaction today. Any wrinkle brains able to tell what it was used for?
+====================================================================================================================================
+
+| Author       | Source       | 
+| :-------------: |:-------------:|
+|  [u/clawesome](https://www.reddit.com/user/clawesome/) | [Reddit](https://www.reddit.com/r/Superstonk/comments/ogjbcy/one_of_the_addresses_associated_with_the_gamestop/) | 
+
+---
+
+[etherscan.io/addres...](https://etherscan.io/address/0x10B16eEDe03cF73CbF44e4BFFFa3e6BFf36F1Fad)
+
+[Question ❓](https://www.reddit.com/r/Superstonk/search?q=flair_name%3A%22Question%20%E2%9D%93%22&restrict_sr=1)
+
+---
+
+## Relevant Comment/Answer by [u/nuclear-falcon](https://www.reddit.com/user/nuclear-falcon/)
+
+---
+
+**Official Gamestop NFT Contract "GME NFT":**
+
+0x13374200c29C757FDCc72F15Da98fb94f286d71e
+
+**Was created by "Creator":**
+
+0x10b16eede03cf73cbf44e4bfffa3e6bff36f1fad
+
+"Creator" is the account in question that OP linked.
+
+*Creator is a contract itself!* If you go to the contract's [etherscan page](https://etherscan.io/address/0x10b16eede03cf73cbf44e4bfffa3e6bff36f1fad#readProxyContract) -> Contract -> "Read Contract as Proxy" you can get a little bit of information. The NAME field is "Gnosis Safe" which is a service in the form of a contract to force multiple people in a company to sign off on transactions before they happen, which is how you keep crypto at a company safe. [Here](https://help.gnosis-safe.io/en/articles/3876456-what-is-gnosis-safe) is a brief overview from their website.
+
+If you go to the Creator address, you'll see a transaction from ~8 hours ago and then one that happened ~5 minutes ago (all from the time of writing). The "Events" tab on etherscan allows you to see which functions were executed.
+
+Transaction from ~8 hours ago was to add "Add Owner" function execution. I think this means they added another person who can sign off on transactions.
+
+Transaction from ~5 minutes ago executed 2 functions:
+
+Remove Owner - to Remove a person/wallet from signing off on transactions
+
+Add Owner - same as the one from ~8 hours ago that adds someone
+
+**What I think this means:**
+
+The NFTeam is adding new people who have rights to sign off on transactions with the official GameStop company crypto. This is a security measure that means no single person at the company can control/steal/send crypto to anyone else

Crypto/NFT/2021-07-09-Explanation-of-launchDate-NFT-and-EIP1559.md

@@ -0,0 +1,59 @@
+An explanation of 'launchDate' 7/14 - NFT - EIP1559
+===================================================
+
+| Author       | Source       | 
+| :-------------: |:-------------:|
+|  [u/Hey_Madie](https://www.reddit.com/user/Hey_Madie/) | [Reddit](https://www.reddit.com/r/Superstonk/comments/oh7ugx/an_explanation_of_launchdate_714_nft_eip1559/) | 
+
+---
+
+
+[Education 👨‍🏫 | Data 🔢](https://www.reddit.com/r/Superstonk/search?q=flair_name%3A%22Education%20%F0%9F%91%A8%E2%80%8D%F0%9F%8F%AB%20%7C%20Data%20%F0%9F%94%A2%22&restrict_sr=1)
+
+To define, the Gamestop NFT had a 'launchDate' field in the code that defined to 7/14/2021. This is/was referencing the now rescheduled Ehtereum network upgrades to EIP-1559. The update will now occur on 8/4/21 at block 12,965,000, between 13:00 UTC and 17:00 UTC.
+
+For the record, they did not indicate or reference an actual release date for the NFT, but they did acknowledge that they want to get it right and they are not taking any shortcuts. So we hold-fast! It'll be worth it!
+
+[![r/Superstonk - An explanation of 'launchDate' 7/14 - NFT - EIP1559](https://preview.redd.it/40ifzxp00aa71.png?width=591&format=png&auto=webp&s=1c07ad34c18c394d28e317761151bf682b65eb88)](https://preview.redd.it/40ifzxp00aa71.png?width=591&format=png&auto=webp&s=1c07ad34c18c394d28e317761151bf682b65eb88)
+
+Ethereum is set to go through a lot of changes in the future, first with the London hardfork introducing EIP-1559.
+
+EIP-1559 is an Ethereum Improvement Proposal that, along with four other EIPs, will signal the start of Ethereum's 'Triple Halvening' event.
+
+[![r/Superstonk - An explanation of 'launchDate' 7/14 - NFT - EIP1559](https://preview.redd.it/jf99luysp9a71.png?width=598&format=png&auto=webp&s=edb0d225f8ed1869dcaa101bd99ef4353db668ab)](https://preview.redd.it/jf99luysp9a71.png?width=598&format=png&auto=webp&s=edb0d225f8ed1869dcaa101bd99ef4353db668ab)
+
+[![r/Superstonk - An explanation of 'launchDate' 7/14 - NFT - EIP1559](https://preview.redd.it/naajapyaw9a71.png?width=680&format=png&auto=webp&s=4aa295886b39a13d02b967b6011d79b4d3fb4a7e)](https://preview.redd.it/naajapyaw9a71.png?width=680&format=png&auto=webp&s=4aa295886b39a13d02b967b6011d79b4d3fb4a7e)
+
+This 'tip' is then given to the Ethereum miner, while the base fee is burned, removing it from circulation. In explaining the reason for this burn, [EIP's authors said](https://eips.ethereum.org/EIPS/eip-1559):
+
+> This ensures that only ETH can ever be used to pay for transactions on Ethereum, cementing the economic value of ETH within the Ethereum platform and reducing risks associated with miner extractable value (MEV). Additionally, this burn counterbalances Ethereum inflation while still giving the block reward and priority fee to miners. Finally, ensuring the miner of a block does not receive the base fee is important because it removes miner incentive to manipulate the fee in order to extract more fees from users.
+
+What Will EIP-1559 Do For Ethereum Miners?
+
+A collection of Ethereum miners and mining pools have voiced their opposition to EIP-1559. This has been collated in the [#STOPEIP1559 petition](https://stopeip1559.org/), led by Flexpool.
+
+Explaining their opposition, the petition states: "[Burning transaction fees] dramatically reduces miners' earnings, people who invested their savings into supporting the Ethereum network."
+
+Advertisement
+
+Given EIP-1559 is yet to launch onto the mainnet, the reward changes for miners are currently only predictions, with the full impact unknown.
+
+Of course, no matter the miners animosity to EIP-1559, this is a smaller change in comparison to the impact Ethereum 2.0 will have. The Eth2 upgrade,[ slated for release in 2022](https://www.gfinityesports.com/cryptocurrency/ethereum-2-release-date-eth2-roadmap-phases-is-ethereum-2-new-coin-serenity/), will see a full shift to [Ethereum staking](https://www.gfinityesports.com/cryptocurrency/ethereum-staking-what-is-it-how-to-stake-Eth2-ethereum-2-staking-rewards/) via a Proof-of-Stake algorithm.
+
+Sources:
+
+[Ethereum EIP-1559: Release Date, Meaning, And What EIP-1559 Will Do For Mining ETH](https://www.gfinityesports.com/cryptocurrency/ethereum-eip-1559-release-date-meaning-fees-london-hardfork-effect-on-mining-eth/)
+
+[Ethereum price gears up for its upcoming 'Triple Halving'](https://www.fxstreet.com/cryptocurrencies/news/ethereum-price-gears-up-for-its-upcoming-triple-halving-202107071339)
+
+[4 Common Misperceptions About Ethereum's EIP 1559 Upgrade](https://www.coindesk.com/4-myths-about-ethereum-eip-1559)
+
+🦍Other community posts pertaining to this subject. 🧠 Together We Are Stronger! 🚀
+
+Post about 1st tweet: <https://www.reddit.com/r/Superstonk/comments/oh5jjc/gamestop_nft_launch_date/>
+
+Post about 2nd clarifying tweet: <https://www.reddit.com/r/Superstonk/comments/oh60ea/gme_nft_developler_clarifies_that_there_is_no_set/>
+
+Post with both tweets and more discussion: <https://www.reddit.com/r/Superstonk/comments/oh613h/finestonematt_on_twitter_about_the_supposed/>
+
+TL;DR: Gamestop Engineers verify that the launch date was referencing the now rescheduled upgrade to the Ethereum network to EIP1559.

Crypto/NFT/Deep-Dive-into-GameStops-NFT-Website-by-schismsaints/2021-07-06-Deep-Dive-into-GameStops-NFT--Website.md

@@ -0,0 +1,144 @@
+A Deep Dive into nft.gamestop.com
+=================================
+
+| Author       | Source       | 
+| :-------------: |:-------------:|
+|  [u/schismsaints](https://www.reddit.com/user/schismsaints/) | [Reddit](https://www.reddit.com/r/Superstonk/comments/of20ou/a_deep_dive_into_nftgamestopcom/) | 
+
+---
+
+[DD 👨‍🔬](https://www.reddit.com/r/Superstonk/search?q=flair_name%3A%22DD%20%F0%9F%91%A8%E2%80%8D%F0%9F%94%AC%22&restrict_sr=1)
+
+To start, PLEASE take a look at the graphic as it shows the relationships between the GME tokens a lot more clearly than I've seen anywhere else so far - [GitHub - schismsaints/GME_NFT](https://github.com/schismsaints/GME_NFT)
+
+Like many, I was intrigued when I heard about GameStop dabbling in NFT - first, through the [job postings](https://finance.yahoo.com/news/gamestop-hiring-blockchain-analyst-specializing-075700175.html), then with [nft.gamestop.com](https://nft.gamestop.com/). I did a [brief dive into some of the smart contract details](https://www.reddit.com/r/Superstonk/comments/nkxrhe/umm_guys_i_think_i_just_found_something/gzgpytb/?context=3) back when it initially came out but recently have gone much further down the rabbit hole.
+
+I'll summarize some of the juicier bits and provide some speculation as to what it could mean as well as some resources to familiarize yourself with some of the details of blockchain, smart contracts, and tokens, but I have put together a [larger graphic](https://github.com/schismsaints/GME_NFT) in PNG/PDF/SVG formats visualizing some of the connections a little better (fair warning, I'm an engineer not an artist). I recommend loading it in a full web browser on as large of a monitor as possible. You'll understand why when you see it.
+
+First, a few key terms/concepts.
+
+Blockchain: In very simplistic terms, think of the blockchain as a ledger/record keeping system where each 'block' is a record and linked to the previous and next blocks in a chain. The process of adding a new 'block' involves computing and verifying prior information in the chain to ensure that nothing has been tampered with and that the full history of the chain is intact.
+
+[Blockchain Definition: What You Need to Know (investopedia.com)](https://www.investopedia.com/terms/b/blockchain.asp)
+
+Fungible: "being something (such as money or a commodity) of such a nature that one part or quantity may be replaced by another equal part or quantity in paying a debt or settling an account " (src: dictionary.com)
+
+Token: This is probably the part most people understand, though there are some nuances. There are two types of tokens and a number of differing implementation standards.
+
+-   Fungible Token - ERC-20: A token that is one of a pool of identical tokens. They can be split, transferred, or exchanged and are commonly used as currencies. Most established mainstream or alt- coins fall into this category.
+
+    -   [Cryptocurrency Definition (investopedia.com)](https://www.investopedia.com/terms/c/cryptocurrency.asp)
+
+-   Non-Fungible Token (NFT) - ERC-721/ERC-1155: A non-fungible token is a unique entity on the blockchain. There are no others exactly like it, and it has its own record of ownership, attributes/metadata, and cannot be substituted for another token identically. [CryptoKitties](https://www.cryptokitties.co/) is one of the most popular examples as they basically pioneered the ERC-721 standard. NFT artwork is another recently popularized example of this.
+
+    -   [Non-Fungible Token Definition: Understanding NFTs (investopedia.com)](https://www.investopedia.com/non-fungible-tokens-nft-5115211)
+
+[![r/Superstonk - A Deep Dive into nft.gamestop.com](https://preview.redd.it/hj74bjb47n971.png?width=300&format=png&auto=webp&s=b8fcbbce01a45c57fc93680483f9519a470ef057)](https://preview.redd.it/hj74bjb47n971.png?width=300&format=png&auto=webp&s=b8fcbbce01a45c57fc93680483f9519a470ef057)
+
+Non-Fungible Kitties!
+
+Smart Contract: A smart contract is a way to automate 'stuff'. That 'stuff' can be any number of tasks but some of the most common ones include creating (minting) or destroying (burning) tokens from an available pool. This can be fungible or non-fungible tokens (or, in the case of ERC-1155, both/either).
+
+[Smart Contracts Definition (investopedia.com)](https://www.investopedia.com/terms/s/smart-contracts.asp)
+
+The GME NFT story started in earnest with GameOn Anon, the smart contract address posted at [nft.gamestop.com](https://nft.gamestop.com/)
+
+[![r/Superstonk - A Deep Dive into nft.gamestop.com](https://preview.redd.it/x352qjj57n971.png?width=268&format=png&auto=webp&s=2c0d1ab1a3a208cd3b86a9dc799603a52463edd0)](https://preview.redd.it/x352qjj57n971.png?width=268&format=png&auto=webp&s=2c0d1ab1a3a208cd3b86a9dc799603a52463edd0)
+
+Power to the Players
+
+[0x13374200c29C757FDCc72F15Da98fb94f286d71e](https://etherscan.io/address/0x13374200c29C757FDCc72F15Da98fb94f286d71e)
+
+There are a lot of interesting threads from the smart contract, the most well known of which is the "launchDate" variable which equals 04:20 PDT 7/14/21 (come on, that can't *not* be intentional).
+
+[![r/Superstonk - A Deep Dive into nft.gamestop.com](https://preview.redd.it/bja10vi67n971.png?width=633&format=png&auto=webp&s=a2cb5526b08222b15f4cfb9b8284c5faac57585d)](https://preview.redd.it/bja10vi67n971.png?width=633&format=png&auto=webp&s=a2cb5526b08222b15f4cfb9b8284c5faac57585d)
+
+The [owner](https://etherscan.io/address/0x10b16eede03cf73cbf44e4bfffa3e6bff36f1fad) of the smart contract is also interesting.
+
+It owns the only GME ERC-721 token, 420.69 of the GME ERC-20 token, an E t h e r e u m Name Service record ([gamestopnft](https://etherscan.io/token/0x57f1887a8bf19b14fc0df6fd9b2acc9af147ea85?a=0x10b16eede03cf73cbf44e4bfffa3e6bff36f1fad#inventory)), and the 1337 [email signature](https://etherscan.io/token/0xc9ff785a33f2000652d0336e476a06ccd909317a?a=0x10b16eede03cf73cbf44e4bfffa3e6bff36f1fad#inventory) prefix used for several blockchain constructs.
+
+It also received 0.00001337 E t h e r on 5/25/21 from andrwyng (wut doing Andrew Yang??)
+
+Edit: Not actually Yang - <https://mobile.twitter.com/andrwyng?lang=en> - thanks [/u/No-Information-6100](https://www.reddit.com/u/No-Information-6100/)
+
+[![r/Superstonk - A Deep Dive into nft.gamestop.com](https://preview.redd.it/hprlbkr77n971.png?width=759&format=png&auto=webp&s=efef7ea335484ab1cef7f0e86fce04a2602f48f3)](https://preview.redd.it/hprlbkr77n971.png?width=759&format=png&auto=webp&s=efef7ea335484ab1cef7f0e86fce04a2602f48f3)
+
+False alarm, but had me very intrigued when I saw it initially.
+
+There are three GameStop specific tokens they appear to be working with, along with a number (>20) altcoins and other tokens.
+
+-   [GME Coin (ERC-20)](https://etherscan.io/token/0xd4596454a0e145842d1319d6921399e8e1622ad7) - Qty 12,000,000
+
+    -   Possible online store/digital currency? Would be interesting if it functioned similar to a [stablecoin](https://www.investopedia.com/terms/s/stablecoin.asp) pinned to the dollar
+
+-   [GameStop (ERC-20)](https://etherscan.io/token/0x5b7d043ecb3a694069cc01e763159ea1bde0541d) - Qty 69,420,000
+
+    -   They moved a large amount of this (>50%) to [Uniswap](https://en.wikipedia.org/wiki/Uniswap) which in layman's terms can be considered as kind of an escrow/holding/forex account but in the crypto realm. Quite a few have been distributed from here to over 60 different destination addresses.
+
+    -   Yahoo! Finance lists the 'Implied Shares Outstanding' for GME as 69.38M, which is preeeeeetty close to the 69.42M tokens minted here. Could this be used as a shareholder dividend, potentially exchangeable between GameStop and GME Coin/USD?
+
+[![r/Superstonk - A Deep Dive into nft.gamestop.com](https://preview.redd.it/qm9w71ba7n971.png?width=336&format=png&auto=webp&s=8d3b8613f980d06adf1f2a7eca4bcfe792081704)](https://preview.redd.it/qm9w71ba7n971.png?width=336&format=png&auto=webp&s=8d3b8613f980d06adf1f2a7eca4bcfe792081704)
+
+[![r/Superstonk - A Deep Dive into nft.gamestop.com](https://preview.redd.it/0jexo0qa7n971.png?width=1334&format=png&auto=webp&s=6f5ab609573617f84a25e54a5df67ff3a7a295cd)](https://preview.redd.it/0jexo0qa7n971.png?width=1334&format=png&auto=webp&s=6f5ab609573617f84a25e54a5df67ff3a7a295cd)
+
+[![r/Superstonk - A Deep Dive into nft.gamestop.com](https://preview.redd.it/yppy9h3b7n971.png?width=1347&format=png&auto=webp&s=fdeece7225eafafb264cfc3a3beb0e0e458a0573)](https://preview.redd.it/yppy9h3b7n971.png?width=1347&format=png&auto=webp&s=fdeece7225eafafb264cfc3a3beb0e0e458a0573)
+
+-   [Gamestop (ERC-721)](https://etherscan.io/address/0x13374200c29C757FDCc72F15Da98fb94f286d71e) - Qty 1
+
+    -   There is only one of these in existence at this point with no clear use for it yet, but there are some interesting possibilities I've considered such as blockchain-based share tracking (i.e. each NFT would have a 'share # X' value on it) or as a shareholder ID token ('shareholder # X'). This one has the least clear forward looking use case at this point for me.
+
+Possible Business Uses
+
+-   In-store currency - GME Coin can be used as an in-store currency/reward system
+
+-   Crypto swap/exchange - Partner with an established cryptocurrency company to facilitate listing and conversion/exchange between stablecoins such as USDC or miscellaneous established coins or altcoins, and GME specific tokens. Use a GME app to manage a crypto wallet and exchange between various tokens/coins/currencies.
+
+-   NFT Collectibles - i.e. CryptoKitties, Gods Unchained, etc. Facilitate in-person trading (either in-store or via app to app trading) of digital items and collectibles between platforms.
+
+-   Digital game licensing - revolutionize DRM by hosting a record of your game license on the blockchain
+
+-   In-game item transfer/entitlement - Imagine if there was a way to trade/sell your CounterStrike skins in-person for cash, or exchange a cool knife skin for a new CryptoKitty
+
+Possible Shareholder Uses
+
+-   Shareholder record keeping - have a token proving your status as a shareholder
+
+-   Share/securities record keeping - similar, but for shares. Kind of a stretch but could be a proof of concept for blockchain based trading
+
+-   Crypto Dividend - Provide GameStop (ERC-20) tokens, even fractional ones, as a shareholder dividend. Allow conversion to USD or GMECoin/USD to cash out. Provide a way to purchase or 'auction' GameStop tokens and you now have a shareholder perk with monetary value that could appreciate over time.
+
+Here's the PDF of the chart/diagram I put together, the github link also has PNG and SVG versions of the image.
+
+[GME_NFT/GME_NFT.pdf at main - schismsaints/GME_NFT - GitHub](https://github.com/schismsaints/GME_NFT/blob/main/GME_NFT.pdf)
+
+TL:DR; GME doing crypto stuff. Lots of crypto stuff happening especially in the last week. Crypto stuff has lots of options, most of which will print money.
+
+[![r/Superstonk - A Deep Dive into nft.gamestop.com](https://preview.redd.it/m98p6jtc7n971.png?width=492&format=png&auto=webp&s=28d229a20045e33ea3b43ab8b8557830a0970a25)](https://preview.redd.it/m98p6jtc7n971.png?width=492&format=png&auto=webp&s=28d229a20045e33ea3b43ab8b8557830a0970a25)
+
+I like money
+
+Edit: to answer a good point brought up by [/u/haydonny1](https://www.reddit.com/u/haydonny1/) in the previous thread before I screwed it up with this edit :( - the alt coins could be sent by any random source and aren't concrete proof of anything. I still maintain that the three GME tokens are legitimate and all have ties back to the original Smart Contract either one or two levels removed. I haven't investigated the altcoin sources enough to be able to say whether or not they're being worked on by GME at this point.
+
+0x13374200c29C757FDCc72F15Da98fb94f286d71e
+
+-   Is the address posted on [nft.gamestop.com](https://nft.gamestop.com/)
+
+-   Owns 69,420.69 GameStop ERC-20 tokens
+
+-   Owns 2,000,000 GME Coin ERC-20 tokens
+
+0x10B16eEDe03cF73CbF44e4BFFFa3e6BFf36F1Fad
+
+-   Is the Smart Contract address listed in the source code of the [nft.gamestop.com](https://nft.gamestop.com/) smart contract.
+
+-   Holds 1 Gamestop ERC-721 token
+
+-   Holds 420.69 GameStop ERC-20 tokens
+
+-   Holds gamestopnft.e t h and 1337 ERC-721 tokens
+
+Double Edit: I'm seeing a lot of debate about the ERC-20 GameStop token and whether it's related to a scam site (game-coin or something, I think it's been pulled down and I can't find an archive now). At this point after digging multiple levels deep, I'm seeing a lot of conflicting information in the transaction logs and Uniswap destinations and I can't definitively say whether it's a scam or legit. I'm working on updating the graphic and will include a disclaimer, though I do still want to keep it in the picture until we can definitively rule it in or out.
+
+Big thanks to [/u/HandyBananaMan](https://www.reddit.com/u/HandyBananaMan/), [/u/Peteszahh](https://www.reddit.com/u/Peteszahh/), [/u/EngineeringDude2017](https://www.reddit.com/u/EngineeringDude2017/) and others for their discussion and links to other resources. I have more work to do.
+
+I'd hope it should go without saying, but don't buy a GME token on something that's not a GME app :)

Crypto/NFT/Deep-Dive-into-GameStops-NFT-Website-by-schismsaints/2021-07-09-Deep-Dive-into-GameStops-NFT-Website-Part-II.md

@@ -0,0 +1,99 @@
+A Deep Dive into nft.gamestop.com - Part 2: Electric Boogaloo
+=============================================================
+
+| Author      | Source | 
+|  :----:     |    :----:   |        
+| [u/schismsaints](https://www.reddit.com/user/schismsaints/) | [Reddit](https://www.reddit.com/r/Superstonk/comments/oh0zfe/a_deep_dive_into_nftgamestopcom_part_2_electric/) |
+
+---
+
+
+[DD 👨‍🔬](https://www.reddit.com/r/Superstonk/search?q=flair_name%3A%22DD%20%F0%9F%91%A8%E2%80%8D%F0%9F%94%AC%22&restrict_sr=1)
+
+[![r/Superstonk - A Deep Dive into nft.gamestop.com - Part 2: Electric Boogaloo](https://preview.redd.it/lzsb9ky2h7a71.png?width=225&format=png&auto=webp&s=8d709e3952f111fa21f696a57a2c7a0104475412)](https://preview.redd.it/lzsb9ky2h7a71.png?width=225&format=png&auto=webp&s=8d709e3952f111fa21f696a57a2c7a0104475412)
+
+Hi, I'm Troy McClu...err, /u/schismsaints
+
+You might remember me from my reddit hits such as "Why does AutoMod hate everything I do?", or [my most recent post from a couple of days ago](https://www.reddit.com/r/Superstonk/comments/of20ou/a_deep_dive_into_nftgamestopcom/).
+
+I wanted to update my previous DD with some recent findings, clearing up a few points as well as expanding on the research I've done thus far. As before, you can find the current DD image in multiple formats here at my GitHub repo - <https://github.com/schismsaints/GME_NFT>
+
+To start, if you aren't familiar with basic blockchain concepts, [my previous post](https://www.reddit.com/r/Superstonk/comments/of20ou/a_deep_dive_into_nftgamestopcom/) and [this one](https://www.reddit.com/r/Superstonk/comments/ofndb0/a_crypto_dive_with_the_jellyfish_10_things_about) from [/u/Dismal-Jellyfish](https://www.reddit.com/u/Dismal-Jellyfish/) (seriously, it's well worth a read) will help get you up to speed on the different token types, smart contracts, and other general blockchain concepts.
+
+An Update on GME Tokens
+
+-   [ERC-20 GameStop.finance scam token](https://etherscan.io/token/0x9eb6be354d88fd88795a04de899a57a77c545590) - Obvious scam is obvious, but finding this token gave me a link to be able to more conclusively debunk the 69,420,000 ERC-20 token
+
+[![r/Superstonk - A Deep Dive into nft.gamestop.com - Part 2: Electric Boogaloo](https://preview.redd.it/tcf7cmqnr7a71.png?width=256&format=png&auto=webp&s=c4e2a7928d64cbbfc523ab59b7ade084dba3eef4)](https://preview.redd.it/tcf7cmqnr7a71.png?width=256&format=png&auto=webp&s=c4e2a7928d64cbbfc523ab59b7ade084dba3eef4)
+
+[![r/Superstonk - A Deep Dive into nft.gamestop.com - Part 2: Electric Boogaloo](https://preview.redd.it/ami03a1ur7a71.png?width=249&format=png&auto=webp&s=72c594892dfb607b865f03f9ef8f28755837fe9d)](https://preview.redd.it/ami03a1ur7a71.png?width=249&format=png&auto=webp&s=72c594892dfb607b865f03f9ef8f28755837fe9d)
+
+"The missing link"
+
+-   [ERC-20 GME GameStop Token](https://etherscan.io/token/0x5b7d043ecb3a694069cc01e763159ea1bde0541d) - Thanks to several of the commenters on my last post(s), I went through a deeper dive into the ERC-20 GME ('fake 1337420' address) token and agree that it is likely a scam.
+
+    -   The two most solid pieces of evidence identifying the scam are:
+
+        -   [0xfoobar directly disputing its validity](https://twitter.com/0xfoobar/status/1409740353738096641?s=21)
+
+        -   [More than one address holding the confirmed scam token as well as this one](https://etherscan.io/tokenholdings?a=0xfb5484a510c48c307fd0253ee4d0a0866950f9a3)
+
+    -   [There is one address](https://etherscan.io/address/0x7f8c1877ed0da352f78be4fe4cda58bb804a30df) which has ties to some potentially relevant blockchain companies (Cudo primarily) that had me doubting early on whether it was a scam, but on further research I've found a lot of links to Nigeria, Dubai, etc which, while not red flags in and of themselves, certainly don't line up with GameStop corporate hiring their own domestic blockchain team.
+
+[![r/Superstonk - A Deep Dive into nft.gamestop.com - Part 2: Electric Boogaloo](https://preview.redd.it/1wimkjrp48a71.png?width=738&format=png&auto=webp&s=313c9516cfef292f5a4570e971a292ddce3810f7)](https://preview.redd.it/1wimkjrp48a71.png?width=738&format=png&auto=webp&s=313c9516cfef292f5a4570e971a292ddce3810f7)
+
+Largest single GME ERC-20 Token holder address
+
+-   [ERC-20 GME Coin Token](https://etherscan.io/token/0xd4596454a0e145842d1319d6921399e8e1622ad7) - I have identified [an external account](https://etherscan.io/address/0x503828976d22510aad0201ac7ec88293211d23da) involved in funding the GME Coin address, but the trail went cold after that. I can't confirm or deny that it is legitimate at this point; in either event, whoever created it went through more effort to hide their tracks than the other tokens. It does not appear to have been sold/swapped anywhere as of yet.
+
+-   [ERC-721 GME GameStop Token ("The One and Only")](https://etherscan.io/token/0x13374200c29C757FDCc72F15Da98fb94f286d71e) - I suspect this will be the only one of its kind minted, either as a teaser or POC token for further NFT work.
+
+    -   One interesting possibility came to mind that - while not a crypto dividend per-se - could still have some interesting applications to securities exchanges or implications for the MOASS. Caution: Speculation/theorycrafting inbound
+
+        -   Consider the scenario involved with shareholder voting, where each shareholder receives a control number on each brokerage where they hold shares. Each control number is associated with the number of shares held at a point in time snapshot.
+
+        -   With ERC-721 or ERC-1155, a unique NFT could be minted for each shareholder/control number. The number of shares associated with each NFT could either be held in an external DB or as metadata (a field on the token itself).
+
+        -   This would create a public record of the number of shares held by individual shareholders at a point in time and could be updated on an annual basis (or more frequently if desired) in line with shareholder voting standards.
+
+        -   This also avoids the 'crypto dividend' hangups associated with Overstock as there isn't any money involved nor is there any way this method could prevent legitimate short selling - it's merely a public ledger of shares in circulation.
+
+    -   Alternatively, if they do a crypto coin dividend instead of a crypto stock dividend like Overstock, presumably they wouldn't place the same restrictions on selling which was the main point of contention in the Overstock case as I understand it. See below for some reading on Overstock.
+
+        -   <https://realmoney.thestreet.com/investing/stocks/overstock-is-paying-a-digital-dividend-and-it-gets-really-interesting-now-15037958>
+
+        -   <https://www.irmagazine.com/technology-social-media/how-overstock-used-blockchain-distribute-its-digital-dividend>
+
+[/u/No-Fox-1400](https://www.reddit.com/u/No-Fox-1400/) has a lot of the same thoughts I do in his posts here:
+
+-   <https://www.reddit.com/r/Superstonk/comments/ofiev4/the_man_with_the_plan/>
+
+    -   The timeline here including Overstock was an excellent read, but the part I really want to call out is this
+
+[![r/Superstonk - A Deep Dive into nft.gamestop.com - Part 2: Electric Boogaloo](https://preview.redd.it/olsculkf38a71.png?width=678&format=png&auto=webp&s=dbdaefd50c398f333896a14a204bafaa79334fd2)](https://preview.redd.it/olsculkf38a71.png?width=678&format=png&auto=webp&s=dbdaefd50c398f333896a14a204bafaa79334fd2)
+
+This is in line with my thoughts on timing - NFT platform launch on 7/14, announcement of dividend/crypto play on 7/14, and record date for a crypto based dividend on 7/24
+
+-   And here: <https://www.reddit.com/r/Superstonk/comments/ocvqlp/the_rules_dont_matter/>
+
+[![r/Superstonk - A Deep Dive into nft.gamestop.com - Part 2: Electric Boogaloo](https://preview.redd.it/89f8rnnw38a71.png?width=692&format=png&auto=webp&s=edc369dbfdb253baf183cdf837c9f725610a5a58)](https://preview.redd.it/89f8rnnw38a71.png?width=692&format=png&auto=webp&s=edc369dbfdb253baf183cdf837c9f725610a5a58)
+
+Recent Activity
+
+[/u/clawesome](https://www.reddit.com/u/clawesome/) and [/u/nuclear-falcon](https://www.reddit.com/u/nuclear-falcon/) noticed some recent activity on the original smart contract here
+
+<https://www.reddit.com/r/Superstonk/comments/ogjbcy/one_of_the_addresses_associated_with_the_gamestop/>
+
+I've drawn out these relations on the long format diagram, shown below
+
+[![r/Superstonk - A Deep Dive into nft.gamestop.com - Part 2: Electric Boogaloo](https://preview.redd.it/507nrqd258a71.png?width=530&format=png&auto=webp&s=26992c61f9346de0a90cc46bea65c17011018810)](https://preview.redd.it/507nrqd258a71.png?width=530&format=png&auto=webp&s=26992c61f9346de0a90cc46bea65c17011018810)
+
+Adding approving parties/other devs to the owner/approval list
+
+Huge credit to [/u/HandyBananaMan](https://www.reddit.com/u/HandyBananaMan/) for being almost as obsessed with the transaction logs as me and pointing me toward several bread crumbs along the way.
+
+TL:DR; Buy, Hold, Buckle Up. GME Blockchain team hard at work to bring us something mind blowing. I expect that *even if* a crypto dividend does not materialize, the [nft.gamestop.com](https://nft.gamestop.com/) project will be revolutionary and will function as a large catalyst for price movement regardless of a dividend play.
+
+[![r/Superstonk - A Deep Dive into nft.gamestop.com - Part 2: Electric Boogaloo](https://preview.redd.it/i09xoc4e78a71.png?width=4808&format=png&auto=webp&s=03f646219e746517c83364692af14e96180906d6)](https://preview.redd.it/i09xoc4e78a71.png?width=4808&format=png&auto=webp&s=03f646219e746517c83364692af14e96180906d6)
+
+This is the PNG format of the diagram here for convenience, but the current version is always on my GitHub repo.

DD/2021-04-21-Failed-Launch-Attemp-in-Late-February-and-Proof-that-the-DTCC-Must-be-the-Catalyst.md

@@ -0,0 +1,80 @@
+Feb 24-26: failed launch attempt and proof the DTCC must be the catalyst?
+=========================================================================
+
+| Author       | Source       | 
+| :-------------: |:-------------:|
+|  [u/Bladeace](https://www.reddit.com/user/Bladeace/) | [Reddit](https://www.reddit.com/r/Superstonk/comments/mvvuhp/feb_2426_failed_launch_attempt_and_proof_the_dtcc/?utm_source=share&utm_medium=web2x&context=3) | 
+
+---
+
+[DD 👨‍🔬](https://www.reddit.com/r/Superstonk/search?q=flair_name%3A%22DD%20%F0%9F%91%A8%E2%80%8D%F0%9F%94%AC%22&restrict_sr=1)
+
+TL;DR: This never should have gone on for this long, it's too dangerous for everyone involved. Whales tried to solve this themselves and attempted to launch the rocket in February with a gamma squeeze. This failed, so they have no choice except to fight a holding pattern until the DTCC and the feds step in. I hold because I think they are all working hard to bring me a very large bucket of tendies.
+
+I think the gamma squeeze in February was an attempt to launch the rocket and begin the squeeze. The shorts foiled the attempt by recklessly flooding the market with even more naked shorts. This terrified all involved and prompted the DTCC to begin the preparations required to step in. If my speculation is accurate, actors in the market cannot instigate the squeeze (they tried and failed). So, we wait for the DTCC.
+
+I wrote the below speculation because I am having a difficult time understanding why the financial institutions competing against the shorts haven't instigated the squeeze. I believe they have a clear motive to instigate the squeeze and should have done so before the situation got this far. Accordingly, I suspect the February gamma squeeze to be evidence they did make such an attempt but realized the situation was beyond their ability to resolve. I think that it is this failure that resulted in their decision to fight for a holding pattern until the cavalry arrives to put down the rogue element.
+
+The February gamma squeeze
+
+During February the amount of GME shares traded peaked at a mindboggling high of four times the float being traded in one day. [This](https://www.forbes.com/sites/georgecalhoun/2021/03/10/gamestop-the-second-surgeanatomy-of-a-gamma-swarm/?sh=662560a24225) article from Forbes summarizes the volume of trades:
+
+[Yeah, four times the float of a large company is fucking loads.](https://preview.redd.it/lo63uje4jmu61.png?width=972&format=png&auto=webp&s=db1f700de4a32bb02dc19c9fa61181a7e8bcac1d)
+
+Before this massive spike in volume, slightly more than the entire float is being traded daily. That's already ridiculous, so the trade volume is spiking from ridiculous to insane. The same article provides this chart to illustrate how sharply it rose:
+
+[What. The. Fuck.](https://preview.redd.it/lzezctvhkmu61.png?width=959&format=png&auto=webp&s=860b09112f8b610dc76e81bf579248f97f6b7475)
+
+Unsurprisingly, the price goes up by a lot during this period. The author of this chart argues that this is because of a gamma squeeze which is, basically, when options are used to drive price rises. The following chart supports their assertion:
+
+[Yep, that's a fuck ton of options alright!](https://preview.redd.it/bsyczqiflmu61.png?width=959&format=png&auto=webp&s=9bab12f029d2deba0b09529c6b326c8ae28eb683)
+
+I think the author makes a strong case for these claims. By using options, the volume of trades was driven way up very quickly. The price rose accordingly. However, the author goes on to argue that this was caused by reddit users coordinating options purchases. I'm not going to spend time discussing that claim here because I think it's absurd1.
+
+1: The author argues we can multiply the impact of our buying power on the volume by up to 50 times using this method. Even multiplied by 50 times, this is far too much money being spent in far too short a period to be reddit users. It's also notable that this level of coordination would require communication and I haven't seen any posts attempting to organize a huge coordinated purchase of options. Reddit did cause a similar volume in January, but doing so was *very* public. Our ability to move money is proportional to the visibility of our responsibility; if Feburary gamma was us, every user here would know that. The article in the link is excellent, but their claim regarding reddits behavior during the Feburary gamma is unfounded.
+
+The gamma squeeze as an attempt to launch the rocket
+
+So, there was a gamma squeeze. I suspect this gamma squeeze was an attempt to launch the short squeeze.
+
+Before I continue, I think it's important to note that the wash sales which, we suspect, are being used to artificially lower the price are distinct from the phenomenon being discussed here. In this case, the massive volume was causing rapid price rises. Unlike the wash sales, I think the volume during this gamma squeeze was caused by shares trading from one party to another *without the two parties coordinating on a desired direction of the price.* I think one party was trying to rise the price substantially while the other was trying to keep it low.
+
+It might help to remember what the price charts looked like during this period. You'll all probably remember this bizarre graph:
+
+[The graph my broker provides wasn't this dramatic but it still looked fucky](https://preview.redd.it/gb4sy55ynmu61.png?width=1669&format=png&auto=webp&s=c4ddece1f2c8cf16a85fd4e4dfb5804b50d32d55)
+
+I think what we're seeing during this period is two high frequency traders directly competing to change the price, one trying to drive the price up by buying all the shares and the other trying to drive the price down by selling enough shares that the other can't buy them all. One party is using options to flood the market with buy orders while the other is flooding it with sell orders. These orders change the price, the buys raise the price and the sells lower it. Given how quickly this happens it looks, on the graph, like there are some points in time with no price (the vertical lines); this is because there is a large range of prices being traded at during the moment that point on the graph represents. At least, that's my understanding of the graph. Someone in the comments may clarify further, or correct an error on my part, in which case I'll edit accordingly.
+
+The key point isn't actually what the graph shows anyway. What's important is that the large volume on these days is caused by two parties competing to alter the price. One party wants to raise it and one wants to lower it. The party that wants to raise the price does so by buying up a lot of shares and the party that wants to lower the price does so by selling a lot of shares. Unlike wash sales, the parties aren't cooperating so this volume isn't just the same shares going back and forth. This is why the price rises over this period - the price rise is the result of one of the parties buying shares and then not letting them back into the market.
+
+I think this period in February saw massive volume because a whale attempted to buy so many shares the price would rise high enough to launch the rocket. The only way for the shorts to stop this from happening was for them to sell enough shares at low enough prices. I think they failed because the shorts sold so many shares the price rise was minimized. Let me explain a little more to help clarify, if a friendly whale buys a million options to rise the price but the shorts sell enough shares to cover those options, the price isn't going to rise. Basically, if a friendly whale was sick of this situation and wanted to launch the rocket it could do so by buying a lot of shares to drive the price up, *unless* the shorts were willing to simply flood the market to match their buying spree.
+
+So, if I'm right about this, the February gamma squeeze was an attempt to launch the rocket by buying so many shares the price spiked. They tried so hard the entire float was traded nearly ten times in three days: this wasn't a small effort, they tried really hard to launch the rocket. They failed because the shorts were willing to sell as many shares as they could buy. Well, almost - they still rose the price significantly, just not enough to launch.
+
+This is significant because it demonstrates just how many shorted shares team short are capable of putting into the market. We already knew they could flood the market with a lot of these fraudulent shares. I think the February gamma squeeze showed our whales that team short would simply flood the market even more if they tried to launch the rocket. The result is stalemate, the shorts can't short enough to lower the price any further and the longs can't buy enough to launch the rocket. So, we trade sideways until something changes.
+
+During this stalemate the shorts wash shares to keep the price from rising and use various shenanigans to offset their failures to deliver the fabricated shares they've sold. I think this is why the volume remains high after the gamma squeeze and through March. The high volume is the shenanigans of the shorts. Over this period the DTCC puts new rules into place that incrementally clamp down on these shenanigans until, eventually, we get the low volume numbers we're seeing at the moment. I think the low volume reflects the increasingly weak position of team short.
+
+Notice that this would mean that the low volume indicates team long has another opportunity to launch the rocket. I believe that they have elected not to do so after seeing what team short was willing to do during their February attempt. I think team short flooding the market with a huge number of shorted shares terrified everyone involved. The more shorted shares team short releases, the worse the problem gets for every member of the NSCC/DTCC that has to help pick up the pieces when this thing goes off. So, team long decided to abandon any attempt to launch the rocket on their own and maintained a holding pattern while pressuring the DTCC to get their house in order. Another users post, [Why We're STILL trading sideways and Why We Haven't Launched](https://www.reddit.com/r/Superstonk/comments/mu9xed/why_were_still_trading_sideways_and_why_we_havent/), expands on why we are still waiting for launch. My addition to their commentary is that I think the Febuary gamma squeeze is what convinced team long to wait rather than attempt to launch the rocket on their own.
+
+This is a precarious situation for all involved. Every day this continues team short leaks more shorted shares into the market. Every day team long waits for the DTCC to prepare risks someone doing something unexpected, like leaking to the press. The only thing worse for the DTCC than MOASS is everyone learning about it before it begins. The longer this continues the more other members of the market will know about what's happening; eventually, someone will leak it to everyone. My guess is that everyone involved wants this finished with *asap*. I think the only reason it's still going is because of how recklessly the shorts fought during the February gamma squeeze.
+
+It's my suspicion that the new head of the SEC intends to resolve this *fast*. I think he knows his window to handle this his way is small. If he does this right, he can be the person who stepped in and protected everyone from a rogue element threatening an outright system failure. But, that only works if he comes in hard and gets it done quickly. The longer he waits, the more it looks like his failure rather than him stepping in to pick up his predecessors mess.
+
+Relating this to the wider context
+
+I think [A House of Cards - Part 1](https://www.reddit.com/r/Superstonk/comments/mvk5dv/a_house_of_cards_part_1/) is correct, the system is overrun with phantom shares because the DTCC is essentially running a fractional reserve security market without the protections in place to ensure its fractional reserve, of any given security, doesn't all get called up at the same time. I suspect that, over time, its members have issued increasing numbers of shares which means the reserves have become less able to deliver on the sales when required. In January, one of its members was caught out by this and forced a trading halt to prevent disaster. Unfortunately, for them, this made the situation worse because retail traders didn't sell. During February they expanded their short position in an attempt to lower the price enough for them to close.
+
+The expansion of their short position in February and our unwillingness to sell forced the hands of other financial institutions who were not willing to watch the shorts make the problem even worse. So, they attempted to launch the rocket with a gamma squeeze. This would have hurt every member of the financial community, but it would have stopped the shorts from causing even more damage. This was an attempt to cut off the diseased limb.
+
+The shorts fought back and went further than the longs expected. To avoid launch, they flooded the market with even more shorted shares. This showed the other financial institutions that they couldn't launch the rocket and the diseased limb had gone so rogue it was willing to bring the entire system down rather than be amputated. This is why I think the February gamma squeeze is so important. I think it shows that longs *did* try to launch the rocket. Which is important, because I think they have had a motivation to do so this entire time and our theories need to take account of that motive.
+
+So, they turned to the DTCC and advised them they had to sort it out. For this reason, we get a growing raft of new regulations designed to prevent this from happening again and allowing them to resolve the mess. I believe the current low volume indicates team longs are now in a position to launch the rocket if they desire. I think they are waiting because the DTCC has shown they are taking action and the longs are willing to give them a little time to prepare.
+
+As this has all transpired, I think the wider financial community has begun to become aware of what is happening. I think the unusual bank activity is them preparing for this. If this is true, launch is likely imminent. I say this because no one involved wants this to make it into mainstream media before it begins. They can't stop people from knowing about it after it's begun, but they *really* don't want to give the public notice. My guess is that [this](https://www.reddit.com/r/Superstonk/comments/mvoi4h/gme_closed_001_from_previous_day_close_this_has/) recent post is correct and we're currently looking at the final preparations in the market.
+
+Summary
+
+In January, the shorts were going to die so they broke the market. In February, I think the market tried to correct itself with the gamma squeeze. In March, I think the DTCC took over and began preparations to solve the situation. In April, I think the feds are in charge and the entire finance sector is preparing for the hammer to come down.
+
+(This is all *very* speculative and shouldn't be treated as financial advice! Please correct me on any errors and I will alter my claims accordingly. Thank you for reading my work.)

DD/2021-04-27-Method-for-Hiding-FTDs-using-Useless-Puts.md

@@ -0,0 +1,59 @@
+A Method for Hiding FTD's That Uses the 1.09mil Useless Puts Discovered by /u/defj
+==================================================================================
+
+| Author       | Source       | 
+| :-------------: |:-------------:|
+|  [u/eastrod](https://www.reddit.com/user/eastrod/) | [Reddit](https://www.reddit.com/r/Superstonk/comments/mzgtvx/a_method_for_hiding_ftds_that_uses_the_109mil/) | 
+
+---
+
+
+[DD 👨‍🔬](https://www.reddit.com/r/Superstonk/search?q=flair_name%3A%22DD%20%F0%9F%91%A8%E2%80%8D%F0%9F%94%AC%22&restrict_sr=1)
+
+Apes and apettes, I'm jacked to the tits!!!
+
+TL;DR the economic terrorists have given us clear evidence in my opinion that they are resetting FTD's for at least 109 million phantom shares per cycle using cheap OTM puts
+
+I think I may have finally stumbled upon something that can help us in our efforts to discover just how deep a hole the short hedge funds are in.
+
+Huge credit to [/u/dejf2](https://www.reddit.com/u/dejf2/) (sorry I spelled your name wrong in the title) who posted this earlier today:
+
+<https://reddit.com/r/Superstonk/comments/mz7c7h/put_anomalies_pt1_were_127_million_synthetic/>
+
+He found 1.09 million useless cheap puts being traded and then closed before the end of the same trading day and it turned on a light bulb in my primate brain, taking me back to an article I read recently while digging into some other companies that were victims of naked short selling.
+
+<https://i.imgur.com/MSu2MOl.jpg>
+
+This is a screenshot highlighting a section taken from this letter to the SEC - it is a good read but the relevant portion is in the imgur link.
+
+Here is a link to the whole document if any other apes want to look into it:
+
+<https://www.sec.gov/comments/s7-30-08/s73008-17.pdf>
+
+The method for creating phantom (naked) shares goes as follows:
+
+-   Hedge fund (Melvin) buys a put (or 1.09 million puts)
+
+-   Market Maker (Shitadel) sells that put and is legally entitled to create and sell 100 phantom shares (or 109 million phantom shares) to hedge the put(s) they just wrote to remain neutral on the trade
+
+-   Hedge fund then sells that put back to the Market Maker except the Market Maker doesn't buy back the phantom shares leaving them net short on the stock and having pocketed the cash for the phantom shares that they did not need a borrow for
+
+Now this is where I snorted a couple of the fat crayons and had a brand new wrinkle form inside my otherwise smooth brain:
+
+The market maker could be using the method above (selling puts and then buying them back for the same price) as an excuse to create new phantom shares and then selling them to the short hedge funds - the ones trying to hide fuck tons of FTD's. This makes the short hedge funds look like they bought shares to clear their FTD's and then the hedge funds sell the share right back to the MM for the same price to create a neutral (net $0) trade while resetting the FTD countdown, essentially kicking the can down the road a little further and hiding 109 million shares of their short position from being reported as FTD's.
+
+Where would a Market Maker and a short hedge fund likely conduct this trade? In a fucking dark pool where they aren't competing with retail for the shares of course; a potential explaination for the insane amount of dark pool trading occuring lately!
+
+Let me be clear for the smoothest of brains - *in absolutely no way does this method help the short hedge funds reduce their short position.* They are not closing any shorts unless they keep some of the phantom shares in which case they are simply increasing the short position of the Market Maker aka Shitadel. This method only allows them to appear as though they have cleared their current FTD's while resetting the countdown. They then have to do this all over again the next time the FTD timer comes knocking.
+
+This could be another valuable tell for just how big the short position is! Other methods are being used to reset FTD's, I'm sure, but this method, combined with [/u/dejf2](https://www.reddit.com/u/dejf2/)'s find of just how many of these useless puts were traded gives me a raging clue. This makes me believe that from this method alone, the shorts have created and bought back phantom shares to reset AT LEAST 109 million phantom shares worth of FTD's.
+
+I hope this catches the eyes of some of some of the more wrinkly brains out there who can read terminal data and helps us get a clearer picture of just how fucked the hedgies truely are. As for me, I am more confident than ever before that the MOASS is inevitable. The tendieman commeth.
+
+HODL 💎🙌🦍🚀🌝☄️✨🛸
+
+Edit: tagging [/u/augrr](https://www.reddit.com/u/augrr/), [/u/HomeDepotHank69](https://www.reddit.com/u/HomeDepotHank69/), [/u/broccaaa](https://www.reddit.com/u/broccaaa/) our local FTD guru's to see if this new info can be used in conjunction with their findings on FTD numbers and reset methods that they have written such great DD about already.
+
+Edit 2: Clarified my conclusion after seeing some good questions in the comments
+
+*None of the above is financial advice, I just like the stock.*

DD/2021-05-14-Findings-from-605-Data-Analysis-Huge-Short-Position-Opened-in-January-and-Expanded-in-February-and-March.md

@@ -0,0 +1,116 @@
+Findings from my analysis of 605 data: Huge short position opened in January. Expanded in February and March. Has not been closed.
+==================================================================================================================================
+
+| Author       | Source       | 
+| :-------------: |:-------------:|
+|  [u/Bladeace](https://www.reddit.com/user/Bladeace/) | [Reddit](https://www.reddit.com/r/Superstonk/comments/nc1h4o/findings_from_my_analysis_of_605_data_huge_short/?utm_source=share&utm_medium=web2x&context=3) | 
+
+---
+
+[DD 👨‍🔬](https://www.reddit.com/r/Superstonk/search?q=flair_name%3A%22DD%20%F0%9F%91%A8%E2%80%8D%F0%9F%94%AC%22&restrict_sr=1)
+
+TA;DR: I looked at the 605 data - Citadel's short position is so huge it's distorted the order flow. It's so massive you can see it merely by looking at where the GME orders are being executed. It also shows they haven't closed.
+
+TL;DR: Opening a huge naked short position requires market maker shenanigans. Leaving it unclosed requires further market maker fucketry. Both of these should be reflected in the proportion of GME shares executed at various market centers. I looked, it is. A market maker closing a massive short position should be reflected too. I looked, it isn't.
+
+I have been examining the order execution data for market centers handling GME order executions, read on for my findings. Citadel appears to have taken a *massive* short position in Gamestop in January. It looks like they continued to expand this short position via NASDAQ during February and March. They do not seem to have closed this position.
+
+Opening a massive naked short position in a very short period of time requires abusing market maker privileges. Doing this would result in distorting the order flow. Market centers where the shorting is taking place would see a spike in the proportion of the shares they were executing for the security being shorted. A market maker closing a massive position would cause the opposite. So, if Citadel has opened a huge short position and not closed it we should see evidence of this in the order flow. I looked at the 605 reports and found exactly this.
+
+According to my analysis of the order flow, Citadel has opened a huge short position, very quickly, in January, expanded it since then, and hasn't closed it. Please read the following and come to your own conclusions on the quality of my analysis. This is not financial advice. I am an ape on a large dose of Ritalin.
+
+Important background information on the special privileges of market makers when shorting *(OK TO SKIP)*:
+
+When opening a short position in your capacity as a market maker you do so by covering a buy order with your own capital. So, an order comes in for a security and you cover it, which is a way of saying 'yes, I'll sell that stock at X price' even though you don't already have a seller lined up to sell the share at that price. This is not uncommon, it's definitely not illegal, and it's very helpful to the market. In fact, one of the reasons market makers exist is to sell shares they haven't yet lined up a seller for. This allows the market to flow smoothly as sales can happen quickly. It's expected that the market maker will line up a seller for the share you brought from them very soon afterwards (often within seconds). However, they are not required to do so. Instead of lining up a seller for the purchase you just made from them, the market maker can take on a short position for that share (they are 'short' the share they sold you, so you essentially have an IOU from them).
+
+When shorting in this manner, the market maker gets special privileges under regulation [SHO §§ 242.200 - 242.204](https://www.law.cornell.edu/cfr/text/17/part-242) which allow them to short in cases where others cannot. Regulation [242.203](https://www.law.cornell.edu/cfr/text/17/242.203) allows market makers to be exempt from some restrictions when engaging in market making activities and regulation [242.204](https://www.law.cornell.edu/cfr/text/17/242.204) allows some leniency for failures to deliver when the transaction was for market making purposes. Essentially, the regulations covering short sales provide some leeway for short selling while market making. This is good, in theory, because it keeps the market flowing smoothly.
+
+The SEC explains the importance of market makers shorting [here](https://www.sec.gov/investor/pubs/regsho.htm) where they explain "market makers must sell a security to a buyer even when there are temporary shortages of that security available in the market". See the SEC link for a further explanation, they do a fair job of explaining it in section II of that link. The key point is that naked short sales by market makers are not an accident, they are a feature of the market.
+
+The MOASS theory *(OK TO SKIP)*:
+
+Citadel has opened a *huge* short position in GameStop and hasn't closed it. The position was large in 2020, but expanded significantly in January of 2021 and continued to expand during February and March (I do not discuss any points after March as my data ends there). This short position is so large that it is multiple times the outstanding shares. Opening such a large short position, so quickly, requires that most of the short positions are naked.
+
+This is the theory I set out to test - has anyone opened a large naked short position during January and then expanded it during February and March?
+
+Order flow data *(OK TO SKIP)*:
+
+[SEC rule 605](https://www.sec.gov/rules/final/34-43590.htm) requires market centers to release data on the orders they execute. This data excludes most retail sales and multiple forms of conditional sales. However, it does include a substantial portion of the volume, enough to give us information on which market center is executing orders for a particular security during a given month. Crucially, for my purposes, it allows us to identify broad trends in the order flow between these market centers. In most cases, this data is not very helpful because it is missing most of the interesting information (for example, it won't distinguish between short and long sales). However, in my case it's perfect because I do not want to rely on any information except the volume - I don't want my findings to rely on Citadel accurately reporting anything else.
+
+It's worth stressing that *rule 605 data excludes most retail orders*. This is important for us because we already know Citadel is handling most GME retail orders. The short position Citadel has, supposedly, opened is so huge that the distortion in order flow caused would extend beyond retail orders, which makes 605 data the perfect place to look.
+
+Order flow data and the MOASS theory *(READ THIS)*:
+
+The MOASS theory isn't just about a short position, it's about a *huge* short position. So huge that it can only have been created by a market maker abusing their naked shorting privileges. This would require them to sell the security they are shorting for a cheaper price than other sellers on the market at a large scale. Accordingly, more of the orders for the security in question would be executed by the market maker doing the shorting.
+
+In most cases the proportion of orders being executed is going to remain fairly stable because the selling pressure is going to be widely dispersed. If a share is being sold for X price at one market center, it'll be sold at a similar enough price at the other market centers too. Sellers will gravitate towards the market center with the best price, so the prices remain almost identical. However, if one of the market center's is driving the selling pressure by selling for a cheaper price than everyone else, the other market centers won't be getting sell orders low enough to compete and they will lose out on the volume. Accordingly, if the number of short positions being opened at a particular market center spiked during January, we should see the proportion of orders being executed at that market center spike too.
+
+The same is true for closing a massive short position. If a market center is buying up a huge amount of shares, there will be a drop in the number of buy orders they execute (because they're buying the shares themselves rather than selling them to others). The market center will also be reaching out to other centers to buy from them, which will raise the proportion of volume to those centers.
+
+So, my prediction is simple: if a market maker is opening a massive amount of naked shorts very quickly, they will have a higher proportion of the order execution volume. Conversely, if a market maker is closing a massive amount of naked shorts very quickly, they will have a lower proportion of the order execution volume.
+
+How the data should look in the three possible cases:
+
+*Hypothesis 1* - Citadel shorted GME a lot in January and then continued to do so through February and March:
+
+1.  The proportion of orders being executed by Citadel will spike in January.
+
+2.  The proportion of orders being executed by Citadel will not go below the baseline in February or March.
+
+3.  The proportion of orders being executed by NADAQ or CBOE will spike in February and March (but probably not at both centers).
+
+4.  The NADAQ or CBOE spike, if it exists, will be accompanied by an anomalous number of their orders being executed outside of their venue (an artifact of an abrupt shift in order flow without adequate preparation by the market maker responsible).
+
+*Hypothesis 2* - Citadel opened a large short position in January and then closed it during February:
+
+1.  The proportion of orders being executed by Citadel will spike in January.
+
+2.  The proportion of orders being executed by Citadel will drop below the baseline in February.
+
+3.  The proportion of orders being executed by the other exchanges will all rise, with Citadel's lost share being shared approximately equally (as it buys up all it can).
+
+*Hypothesis 3* - Citadel opened a large short position in January and then closed it in January or they never opened a large short position at all:
+
+1.  The proportion of orders being executed by Citadel will remain at baseline levels.
+
+Notes on Citadel and NASDAQ/CBOE spikes or drops:
+
+MOASS theory implies that Citadel would have been absolutely hammered in January during the massive influx of buying pressure and the threat of Melvin being forced into closing their position and beginning a squeeze. Accordingly, they would have been drawing all of the order volume to them by shorting all the orders they could to mitigate the upwards price pressure. This would result in the proportion of orders executed at Citadel spiking during January.
+
+MOASS theory implies that Citadel would have been expanding their short position in February and March while also avoiding their delivery obligations for the shorts opened in January. Expanding their short positions and opening new short positions to defer existing short positions can be accomplished by utilising two market centers with Citadel operating as a market maker in both. Essentially, Citadel could use its own market center and its privileges as market maker (for GME) at a second market center to make a market for itself. This would allow it to continue opening short positions while also shuffling existing short positions through the market. This would result in the proportion of orders executed at CBOE or NASDAQ to spike during February and March. I suspect Citadel would use either CBOE or NASDAQ for this because they are a market maker at both. I do not think they would use the NYSE for this as that exchange allows its market makers less latitude (and makes them compete against one another to a greater extent). NASDAQ is the most likely candidate as, prior to 2020, it does not execute many GME orders which allows Citadel a freer reign over any such orders that suddenly begin coming through that center.
+
+MOASS theory implies that Citadel would not have been covering their short position throughout this period. Closing a huge short position would cause a drop in the orders being executed at that center (because the center is buying instead of selling and will buy from other centers too). Accordingly, we should not see Citadel's proportion of order execution drop below the baseline levels.
+
+Proportion of GME shares executed at market centers *(READ THIS)*:
+
+[![r/Superstonk - Findings from my analysis of 605 data: Huge short position opened in January. Expanded in February and March. Has not been closed.](https://preview.redd.it/anepludcx0z61.png?width=713&format=png&auto=webp&s=0f8e55d6589f05bc2d9b1968d75e757f07a66c65)](https://preview.redd.it/anepludcx0z61.png?width=713&format=png&auto=webp&s=0f8e55d6589f05bc2d9b1968d75e757f07a66c65)
+
+As you can see, the proportion of shares being executed at Citadel's market center spikes in January, which is consistent with hypothesis 1 and inconsistent with hypothesis 3. The proportion of shares being executed at NASDAQ spikes in February and March which is also consistent with hypothesis 1. There is no drop below baseline in the proportion of shares executed at Citadel's market center, which is inconsistent with hypothesis 2.
+
+The proportion of GME shares being executed by the major market centers, as reported under rule 605 data, is consistent with what we would expect if a market center were opening a huge short position in January and then using their market maker status at a second market center to expand and obscure that short position during February and March.
+
+Related speculation:
+
+Notice the relationship between the drops/spikes in proportion of shares executed at Citadel and NASDAQ. This is consistent with Citadel being the market maker for GME at both. I suspect that the sharp changes in where these orders are being executed reflects Citadel's attempts to open, expand, and manage their short position. The best places for them to do this are their own market center and NASDAQ, which matches the changes in order flow. I am hoping to gain access to historical NASDAQ level 2 data for this period which may show which of their designated market makers is responsible for their GME executions during this time period. Unfortunately I do not have this data yet, but I have reached out to NASDAQ and others who may be able to provide me with this data soon.
+
+Proportion of covered shares executed at alternative venues *(OK TO SKIP):*
+
+[![r/Superstonk - Findings from my analysis of 605 data: Huge short position opened in January. Expanded in February and March. Has not been closed.](https://preview.redd.it/b1pefghhx0z61.png?width=686&format=png&auto=webp&s=af51e5492c62c779eb9882f8ebdae69ffb1ea147)](https://preview.redd.it/b1pefghhx0z61.png?width=686&format=png&auto=webp&s=af51e5492c62c779eb9882f8ebdae69ffb1ea147)
+
+As you can see, the spike of shares being executed at NASDAQ in February is accompanied by a spike in the proportion of orders being covered by NASDAQ but executed at another venue. This is consistent with hypothesis 1, it may indicate the orders being executed by a market maker abruptly moving their execution of a large number of trades from one center to another.
+
+Related speculation:
+
+This may be related to an attempt by Citadel to market make for themselves and push the price lower. Fighting back the February gamma may also be a factor.
+
+Proportion of shares reported under rule 605 compared to total volume *(OK TO SKIP)*:
+
+[![r/Superstonk - Findings from my analysis of 605 data: Huge short position opened in January. Expanded in February and March. Has not been closed.](https://preview.redd.it/k7e578csx0z61.png?width=817&format=png&auto=webp&s=e9ee738f2c85938b38cc1dfccd39d05e662318c0)](https://preview.redd.it/k7e578csx0z61.png?width=817&format=png&auto=webp&s=e9ee738f2c85938b38cc1dfccd39d05e662318c0)
+
+I am using 605 data because I believe it to be the most reliable data we have access to. However, it is possible the 605 data could be misreported. Conveniently, we can check to see whether such misreporting is likely by comparing the number of shares being reported under the 605 data to the overall volume for the same period. If there were a sudden drop in the proportion of the GME volume reported under 605, it suggests there may be a reporting error. As you can see, I found no evidence of such an error. This doesn't mean there wasn't misreporting, but it allows me to continue regarding the 605 data as the most reliable we have access to.
+
+Thank you for reading
+
+Thank you for reading my analysis. As I mentioned above, I have more data coming. I have also reached out to relevant experts who might allow me to expand, clarify, or correct my findings. I will update this post accordingly. There may be a follow up post if I have additional findings worth sharing.
+
+*Please be aware that this is not financial advice and all conclusions I have given are tentative. My findings are limited by my own shortcomings, which are numerous.*

DD/2021-05-26-Reverse-Repos-Showing-Possible-Evidence-of-Forced-Liquidations.md

@@ -0,0 +1,86 @@
+Reverse Repos Showing Possible Evidence of Forced Liquidations
+==============================================================
+
+| Author       | Source       | 
+| :-------------: |:-------------:|
+|  [u/AcedVector](https://www.reddit.com/user/AcedVector/) | [Reddit](https://www.reddit.com/r/Superstonk/comments/nlxom6/reverse_repos_showing_possible_evidence_of_forced/) | 
+
+---
+
+[DD 👨‍🔬](https://www.reddit.com/r/Superstonk/search?q=flair_name%3A%22DD%20%F0%9F%91%A8%E2%80%8D%F0%9F%94%AC%22&restrict_sr=1)
+
+Pre-DD Message:
+
+Hello you beautiful apes! Before I get into this DD I just wanted to say that I am so proud of everyone for holding against these wall street crooks. We're finally starting to see some change happen and more and more people are starting to catch on to how fucked of a position the hedgies are really in right now, and it genuinely makes me happy that we've come from just some stupid retail investors looking for a quick buck to an educated mastermind of apes who scour the sub for DD and knowledge. With all that said, let's get into the DD!
+
+The Good Stuff:
+
+As I myself was scouring this sub for info I had come across an interesting [post](https://www.reddit.com/r/Superstonk/comments/nlu3wb/coincidental_link_in_decreasing_parties_for/?utm_source=share&utm_medium=web2x&context=3) by [u/qwert4the1](https://www.reddit.com/user/qwert4the1/) (show them some love!) who had found a connection between the price surges in GME and the amount of counterparties within the reverse repo agreements. Specifically, they had mentioned that on days when there was a significant price increase compared to the norm (today, May 26th, would be a good example), the amount of counterparties who were accepted in the reverse repo agreements the day of or the day after had *decreased*. Now, why is this incredibly important if this connection holds true and how can it point to some interesting conclusions? To understand that, we have to understand the main prerequisite to these repo reverse agreements, which is according to the Fed FAQ page:
+
+[An 80 billion max per counterparty, hm?](https://preview.redd.it/pv3jripp9k171.png?width=465&format=png&auto=webp&s=9f6e860076f899e8ad04354d7b02514dad450106)
+
+We also have to understand that in these overnight reverse repo agreements, the Desk (The Open Market Trading Desk the Fed uses for these transactions) sells treasury securities that it holds in the System Open Market Account (SOMA) to these eligible counterparties. What that means is that the aggregate counterparty amount of treasury securities that can be lended overnight is limited by the amount that is held in SOMA. As of May 19th, here are these amounts:
+
+[Take note of the 4 TRILLION that it has in Treasury Notes and Bonds.](https://preview.redd.it/1lp15o74dk171.png?width=962&format=png&auto=webp&s=6fce3b40c66599b746de3b854f70768facf85ea3)
+
+So in other words, there are 2 limitations to take note of for overnight RRP agreements:
+
+1.  80 billion max per counterparty
+
+2.  4 trillion held in SOMA
+
+Why are these limitations important to take note of? Well, because the logical conclusion to draw is that the Fed uses these limitations to some extent in order determine whether they should accept or reject a counterparty in the agreement. This leads into why I feel the connection between the counterparties and the price surges in GME are important, because in my mind there's only a couple of explanations as to why the amount of counterparties in the ON RRP agreement would *decrease* as the price in GME *surges*:
+
+1.  The aggregate amount treasury securities lent to the counterparties in these agreements are reaching an uncomfortable amount so they are choosing their counterparties more carefully.
+
+2.  Marge is calling some of the counterparties that could potentially have the treasury bonds be used as collateral for short positions in some certain stocks ( perhaps GME? ;) )and are forcefully liquidating them, thus they don't need to be part of the agreement. Side note: (If some of the counterparties are banks, then the hedge funds that banks are potentially lending these treasury bonds/notes to for collateral could be margin called and forcefully liquidated, thus the bank having no reason to ask for the bonds does not take part in the agreement.)
+
+3.  A mix of the two
+
+Conclusion:
+
+Here's why I think we might be seeing both *forced liquidations* as well as *more selectivity from the Desk* in lending treasury securities, given that the connection between the counterparties and price surges in GME is correct:
+
+-   The 1st point alone wouldn't be enough of a reason to necessarily be more selective in choosing counterparties, as the current amount being lent (450 billion as of today) is about less than a quarter of the amount of the treasury notes/bonds in SOMA, and there are more than FOURTY counterparties as of the latest agreement.
+
+-   If there are forceful liquidations happening among the counterparties(which are most likely banks), it serves as a threefold hit:
+
+1.  Less counterparties would be needed in these agreements, lowering the counterparty amount but raising the average amount of treasury bonds/notes lent per counterparty.
+
+2.  With the average amount lent per existing counterparty increasing, the Fed has to take more into account what the counterparties are using these treasury bonds/notes for.
+
+3.  If most of the existing counterparties are banks, who lend these treasury bonds/notes to hedge funds for collateral in a short position, and they learn the banks they have lent to beforehand but not anymore (from hedgies being forcefully liquidated) are being connected to margin calls and forced liquidations, the Fed would be less inclined to lend these bonds/notes to the banks currently in the agreement as time goes on as it would become more risky to do so.
+
+-   These three points working in tandem with each other would lead to the Fed having a strong enough reason to be more selective to counterparties in future agreements, while also serving as a explanation for liquidations being a partial cause to the decrease in the amount of counterparties as as result of a GME price surge.
+
+Sources:
+
+[FAQs: Overnight Reverse Repurchase Agreement Operational Exercise - FEDERAL RESERVE BANK of NEW YORK (newyorkfed.org)](https://www.newyorkfed.org/markets/rrp_faq)
+
+[Repo and Reverse Repo Agreements - FEDERAL RESERVE BANK of NEW YORK (newyorkfed.org)](https://www.newyorkfed.org/markets/domestic-market-operations/monetary-policy-implementation/repo-reverse-repo-agreements)
+
+[Repo and Reverse Repo Operations - Federal Reserve Bank of New York (newyorkfed.org)](https://apps.newyorkfed.org/markets/autorates/tomo-results-display?SHOWMORE=TRUE&startDate=01/01/2000&enddate=01/01/2000)
+
+[System Open Market Account Holdings of Domestic Securities - FEDERAL RESERVE BANK of NEW YORK (newyorkfed.org)](https://www.newyorkfed.org/markets/soma-holdings)
+
+As always, thank you for reading my DDs you guys. I will try to hang in the comments for edits as well if anything. :)
+
+Edit: 1.8k likes!! Holy mackerel thank you guys I appreciate your support very much. 🤠🙏
+
+Edit 2: WOW you guys are blowing this post out of the water! Thanks for 7k likes everybody! :)
+
+Edit 3: I would like to point out some amazing counterpoints to this DD in the comments, as I feel it is always important to address both sides of the argument. No DD is perfect(mine certainly isn't) so I would like to thank you guys for bringing these points up:
+
+1.  Why use bonds/notes as collateral when they can just use cash when it comes to short positions in stocks?
+
+2.  If the Fed has been more selective in ON RRP agreements, wouldn't it be showing in their acceptance rate (which has always been 100%)
+
+3.  Correlation does not equal causation, the GME price surge doesn't necessarily have to 100% be connected to a decrease in the counterparties.
+
+I'll admit, I don't have much of a rebuttal to these as they are solid points, and I appreciate you guys bringing it up because it helps me keep more things in mind to create stronger, more effective DD in the future.
+
+Edit 4: A fellow ape in the comments gave a link to the list of eligible counterparties for RRP agreements:
+
+<https://www.newyorkfed.org/markets/rrp_counterparties>
+
+Most if not all of these counterparties are banks, so it lends credence to the idea that banks would be lending these treasury bonds to hedgefunds, as well as the banks themselves needing bonds as well (since there is a lot of cash but not collateral in the bonds market at the moment)

DD/2021-05-27-Guaranteed-Short-Squeeze-Trigger-The-NFT-Crypto-or-Digital-Dividend.md

@@ -0,0 +1,54 @@
+The guaranteed short squeeze trigger: The NFT/Crypto/Digital Dividend
+=====================================================================
+
+| Author       | Source       | 
+| :-------------: |:-------------:|
+|  [u/integ3r_p0sitron](https://www.reddit.com/user/integ3r_p0sitron/) | [Reddit](https://www.reddit.com/r/Superstonk/comments/nmd7cr/the_guaranteed_short_squeeze_trigger_the/) | 
+
+---
+
+[Education 👨‍🏫 | Data 🔢](https://www.reddit.com/r/Superstonk/search?q=flair_name%3A%22Education%20%F0%9F%91%A8%E2%80%8D%F0%9F%8F%AB%20%7C%20Data%20%F0%9F%94%A2%22&restrict_sr=1)
+
+Others have pointed this out, but it seems there's still a lack of awareness or realization of how serious this is.
+
+The crypto dividend is NOT a joke.
+
+There is one PROVEN way to trigger the short squeeze and it was done by Overstock last year. In 8. march 2020 OSTK traded at around $3 per share. After the crypto dividend was released the stock soared to $120. While the crypto dividend itself, which you received 10 per share soared to over 8 dollars per tZero.
+
+Why it works:
+
+When a hedgie shorts a stock, he borrows it through the broker from its real owner and sells it. Because the one who purchases it believes he is also an owner, a single share has 2 owners. When a company then pays a dividend. Both owners expect a dividend, yet the company only pays dividend to one owner because the broker only holds 1 real share. The dividend for the fake share is paid out of the shorters pocket to make the whole system function.
+
+If gamestop pays a Crypto / NFT / Digital dividend, then in order for the system to continue, the shorter will have to find and acquire this NFT dividend and give it to the guy he borrowed the GME share from. However, this is literally impossible. NFTs are non-fungible. There is simply no way for him to acquire it or something equivalent because only holders of GME will get it. This means the broker will have no choice but to force all the shorts to exit their positions before the Ex. Dividend, triggering the short squeeze.
+
+TL;DR:
+
+All that is necessary to trigger the squeeze, is for the gamestop NFT team to make a meme ape or diamond hands or rocket NFT artwork and hand it out as a property dividend to shareholders. This will automatically trigger the squeeze. So please meme the NFT dividend into reality.
+
+[![r/Superstonk - The guaranteed short squeeze trigger: The NFT/Crypto/Digital Dividend](https://preview.redd.it/q67cuc42ep171.png?width=1016&format=png&auto=webp&s=04e6b6031037d7976e242b8a50d129a68f6a2cea)](https://preview.redd.it/q67cuc42ep171.png?width=1016&format=png&auto=webp&s=04e6b6031037d7976e242b8a50d129a68f6a2cea)
+
+EDIT: Thanks for all the awards and attention. It falls to you to to keep the dream alive of the digital dividend. Some common questions I've seen:
+
+How will I get the dividend? How will it work?
+
+There are many ways to skin a cat here, so the simple answer is don't worry about it until it is actually going to happen. I've seen someone say that for overstock their broker held it until they transferred it to their own account on a tradable exchange (since the broker didn't deal with cryptocurrencies). The logistics aren't complicated. Here is one hypothetical way: You hold the stonk until the ex. dividend date, that means you will receive the dividend. GME issues dividend to stockbrokers who are holding the share on your behalf, this means the broker will have to create cryptowallets to hold the payout (this is not a complicated process, don't worry), it is then the brokers responsibility to make sure you can get it from them and you will need your own wallet (again not complicated). **"***What about gas fees?"* Yes, this is a problem right now but there are ways around it. They could use a layer 2 solution, or they could use a different blockchain, basically if there's a will here there's a way.
+
+WTF? An NFT can't be a dividend.
+
+Yes it can. Pretty much anything can be a dividend. It is called a property dividend.
+
+Nuance between an NFT dividend and a Crypto dividend
+
+If gamestop minted a GME token that is essentially a GMECoin which you use as a currency, then it is fungible as opposed to an NFT which is non-fungible. It will trigger the squeeze but will be less effective each time they pay out such a dividend because once it is in circulation, hedgies can buy it off the market to maintain a short position. If you got an NFT artwork however, you would get a personal artwork with a unique ID that signifies it as the specific artwork you received as a dividend for the stock you held. It cannot really be exchanged for any other and each time the company pays such a dividend it would be unique so a hedgie can't buy one of the older NFT artworks and pay it to you as a dividend to stay in a short position. *"**But these artworks that we receive will all pretty much have the same value so TECHNICALLY they'll be fungible"* This is entirely subjective. Lets say you received a Rare Pepe artwork as an NFT dividend and you could use that rare pepe in a video game, then that rare pepe will be the specific rare pepe that you personally used to beat the game, win a tournament or whatever. That would make it non-fungible in the eyes of some. If you like the NFT that you got, well then it's non-fungible. If you wouldn't trade your NFT for someone elses even though they are mostly the same, well then they're still not fungible. Wouldn't you want the NFT that DFV received as his digital dividend? It can't be any other. Also, each time there's a dividend payment, It can be a different NFT set, which means hedgies will NEVER be able to get them on the market before it is paid out meaning shorts can be squeezed for ever, again and again.
+
+What happens if the broker refuses to margin call the shorts and refuses to give you the divvy?
+
+I would imagine that they could be sued. If you own the share, that entitles you to the divvy.
+
+Can they weasel out of this somehow?
+
+The brilliance of the crypto divvy is that it is a checkmate move. There are no tricks they can pull at the DTCC or the OCC or whatever, no accounting games they can pull, no fake shares or NFTs they can pull out of thin air to stay in a short position. When you're checkmated, the game is over. The crypto divvy bypasses ALL of the institutions. If the institutions are the chess pieces protecting the hedgie king, the crypto divvy is the orbital strike on the king directly. The divvy is also genius because it encourages people to hold. You want the divvy right? Well then you gotta hold.
+
+Ok so hedgie has to close before ex. dividend, can't he short the top after the squeeze and manipulate the stock down again?
+
+Gamestop can simply promise to release another NFT dividend and hedgie will have to buy all the memes all over again. And again, and again until he learns his lesson.

DD/2021-05-28-Clearing-up-the-Fed-Reverse-Repos-and-What-it-Could-Indicate.md

@@ -0,0 +1,174 @@
+Clearing up the Fed Reverse Repos and What it Could Indicate
+============================================================
+
+| Author       | Source       | 
+| :-------------: |:-------------:|
+|  [u/c-digs](https://www.reddit.com/user/c-digs/) | [Reddit](https://www.reddit.com/r/Superstonk/comments/nmxmri/clearing_up_the_fed_reverse_repos_and_what_it/) | 
+
+---
+
+[Possible DD 👨‍🔬](https://www.reddit.com/r/Superstonk/search?q=flair_name%3A%22Possible%20DD%20%F0%9F%91%A8%E2%80%8D%F0%9F%94%AC%22&restrict_sr=1)
+
+EDIT: [u/CalamariAce](https://www.reddit.com/u/CalamariAce/) shared a great video which summarizes a similar conclusion that does a great job of explaining it: <https://www.youtube.com/watch?v=AMgUlW7zSzg#t=950>
+
+First and foremost, more than ever, before you read the rest of this post:
+
+I am not a financial advisor and do not interpret anything written below as financial advice.
+
+I think that nearly every post on the Fed RRP and the increasing amounts has been interpreting this data incorrectly and understanding why it is happening could be very important in understanding the events in the upcoming days/weeks/months.
+
+The lightbulb moment happened for me when I read [u/HODLTheLineMyFriend](https://www.reddit.com/user/HODLTheLineMyFriend/) 's post: [Reverse Repo Overnight Lending Chart](https://www.reddit.com/r/DDintoGME/comments/nmcn1e/reverse_repo_overnight_lending_chart_update_for/) post from yesterday.
+
+User [u/wehadmagnets](https://www.reddit.com/u/wehadmagnets/) posted snippets and a reference to [a Financial Times article](https://www.ft.com/content/cdec7f2e-6129-412c-b118-8906a2a0f92f) that drew my attention.
+
+I post the TL;DR points of interest below and highlight the key points:
+
+-   Today's Reverse Repo was the largest ever
+
+-   "Investors" (more than just banks) are seeking places to park cash, as other 'safe' places are drying up and/or having zero or negative rates
+
+-   "It is also not over yet." -- analyst at Oxford Economics
+
+-   Cash reserves ballooning due to "the Fed's purchases of $120bn of Treasuries and agency mortgage-backed securities each month"
+
+-   Money-market funds are getting swamped with people's cash (<speculation>flight from equities?</speculation>)
+
+-   Fed is trying to avoid negative rates in money market
+
+-   No one thinks it's over
+
+-   Fed may have to raise interest rates on RRP or reserve balances in member banks to keep the federal funds rates from going lower (at 0.06 on target of 0.0-0.25)
+
+This is when it clicked for me and my subsequent discussion with [u/Criand](https://www.reddit.com/u/Criand/) helped clarify why I think the RRPs are increasing.
+
+Understanding assets versus liabilities for a commercial bank
+
+A few weeks back, I was watching Gary Gensler's MIT series on Blockchain.
+
+*(Aside: if you have any interest in currency, economics, finance, technology, or banking, I strongly recommend the series because Gensler breaks down complex topics into a very easy to digest format. The series is highly recommended because it will give you a whole new perspective on currency, fiat currency, the gold standard, etc.****)*
+
+In [the second lecture](https://www.youtube.com/watch?v=5auv_xrvoJk), I remembered he said something that caught my attention:
+
+[![r/Superstonk - Clearing up the Fed Reverse Repos and What it Could Indicate](https://preview.redd.it/flr1sh3j8v171.png?width=778&format=png&auto=webp&s=e5847fc0983eb936712fab9768967e9378a9b2ff)](https://preview.redd.it/flr1sh3j8v171.png?width=778&format=png&auto=webp&s=e5847fc0983eb936712fab9768967e9378a9b2ff)
+
+A recommended video if you are at all curious to really understand the gold standard, fiat currency, economics, ledgers, banking, and finance
+
+[At 51:42](https://youtu.be/5auv_xrvoJk?t=3102), he starts a discussion about fiat currency and ledgers. Of currency, he states:
+
+> It represents central bank liabilities and that's important. It's a liability of a central bank it's not an asset. It's their liability side...There's also a second form of money and that's when you make a deposit in a bank that's a liability of a commercial bank.
+
+[At 54:22 he says](https://youtu.be/5auv_xrvoJk?t=3262):
+
+> But it is a liability on the books and records. so it is a matter of accounting in double-entry bookkeeping.
+
+The entire discussion starting from 51:42 is fantastic and I strongly urge everyone to take the time to watch it.
+
+On the other hand, government securities are considered an asset and not a liability. [This article does a great job of breaking it down](https://courses.lumenlearning.com/wm-macroeconomics/chapter/banking-profits-and-losses-name/):
+
+> For a bank, the assets are the financial instruments that either the bank is holding (its reserves) or those instruments where other parties owe money to the bank---like loans made by the bank and U.S. government securities, such as U.S. Treasury bonds purchased by the bank.
+>
+> When bank customers deposit money into a checking account, savings account, or a certificate of deposit, the bank views these deposits as liabilities. After all, the bank owes these deposits to its customers, and are obligated to return the funds when the customers wish to withdraw their money. In the example shown in Figure 1, the Safe and Secure Bank holds $10 million in deposits.
+
+[![r/Superstonk - Clearing up the Fed Reverse Repos and What it Could Indicate](https://preview.redd.it/eq8mzoenzu171.jpg?width=757&format=pjpg&auto=webp&s=1c69c7eca4829a6ec4ab98371ce1b3193e223f82)](https://preview.redd.it/eq8mzoenzu171.jpg?width=757&format=pjpg&auto=webp&s=1c69c7eca4829a6ec4ab98371ce1b3193e223f82)
+
+Notice the assets on the left include US Government securities and the liabilities on the right represent deposits or customer cash.
+
+So why would a bank want to purchase Treasuries?
+
+This is the fundamental question and the answer is really simple and where the dots finally connected for me: every single night, they are accumulating more and more customer deposits in cash or cash equivalent accounts relative to the assets on their balance sheet and this is throwing their bookkeeping out of whack.
+
+To make up for this, every single day they need to wipe these liabilities off of their books and to do this, they use the RRPs to exchange them for assets in the form of Treasuries because it's "free" at the moment. The amount they are swapping does not represent the amount of cash deposits they have, but rather the amount needed to balance their liabilities to their assets (and it may not be a 1:1 ratio; may be some other ratio that they need to adhere to).
+
+[u/Criand](https://www.reddit.com/u/Criand/) asked a very important question in our discussion:
+
+Why overnight notes and not longer term?
+
+Because they need the cash back the next day for operations. If a customer withdraws the cash or uses the cash to enter into another transaction, they need to have it in their ledger.
+
+So every night, the banks are wiping this liability off of their books by converting them into assets in the form of Treasuries. Then the very next day, they swap it back for cash because they need the cash for normal operations.
+
+Rinse and repeat each day until the cash deposits start to decrease relative to their assets(hold this thought).
+
+What does this mean for apes?
+
+I'm going to repeat this again: I am not a financial advisor and not a single one of you should construe this as financial advice.
+
+About three weeks ago, I moved all of my wife's 403b and my kids' 529s into cash. This means I parked the gains in money market accounts *and now it's a liability for my bank*. (Again, I am not implying that any of you should do this, only providing background for how I connected the dots.)
+
+This is where bullet 5 up above turned the lightbulb on for me: what if there is a huge wave of capital flight from equities into money market accounts? What if this is what is throwing off the ledgers of these banks? What if all of the wealthy and those "in the know" already know what is coming and are converting their assets into liabilities on the ledgers of the banks by moving their accounts to cash in the form of money market accounts?
+
+The capital flight from equities has started and this is what we are seeing reflected with the Fed RRP. This could be the clearest signal that there is anticipation of a big downward crash. The reason this continues unabated and grows is because this is all by the books and precisely what this mechanism is designed to do: soak up liability on the books of the commercial banks. It's just that in this case, those liabilities are customer deposits which are accumulating in money market accounts.
+
+But the market has been green?
+
+This is speculation at this point, but I think it's really simple.
+
+Two weeks ago, I finally started to dump the remaining securities I was holding as I converted everything to cash. I only had F, GM, and GE left. Then this week, all three have had absolutely stellar returns(all the more reason you should not take any of this as financial advice because I left thousands in gains on the table by paperhanding F, GM, and GE). What gives? I am guessing that there is a market-wide pump and dump happening right now where banks are basically finding new bagholders before everything dives.
+
+The preceding two weeks of red in the market had three purposes:
+
+1.  Banks needed to capture some gains and liquidity
+
+2.  Create the illusion of a pullback and "value" to find new bagholders
+
+3.  Driving up the price of equities is also a mechanism for increasing their asset to liability ratio at least temporarily
+
+The above is purely speculation and do not manage your portfolio and your life savings based on any of my bullshit speculation; do your own DD and come to your own conclusions. I emphasize again that there are two ways for them to fix their ledgers: swap cash deposits for Treasuries or somehow increase the value of their assets. If it's the latter, we could see the start of another bull run and I could be completely wrong; I literally have no idea.
+
+Is it really that simple?
+
+Look, I'm a big fan of Occam's Razor. It's really that simple.
+
+1.  Bank customers are converting their investments to cash or the value of the assets they are holding are decreasing relative to the deposits
+
+2.  Cash deposits are a liability on the books of commercial banks
+
+3.  Every day, they need to balance their liabilities with their assets
+
+4.  As the cash builds up, they need a mechanism to convert them to an asset
+
+5.  But they also need to be able to easily convert it back to cash for normal operations the next day; they need an asset that is highly liquid
+
+6.  The Fed RRP operation is a free way to do this and balance their books
+
+7.  Every single one of the counterparties is now carrying an excess of cash because customers are pulling out of equities OR the value of their assets are decreasing (loans and CMBS are both "assets" for a bank)
+
+I am firmly in the camp that there is nothing nefarious going on with the Fed RRPs; it's really as simple as the banks wiping the liabilities off of their books at night and getting back the cash the next day.
+
+What one *should* be concerned about and start pondering is *why* they are in a state of having excess deposits *relative to their assets*.
+
+Remember that thought I asked you to hold: the linchpin is that they must balance their assets and liabilities on their ledgers. So this Fed RRP ballooning indicates that there is a severe imbalance which they are correcting with the RRP. Either their cash deposits are surging, their assets (like loans and CMBS) are dropping, or a bit of both is happening.
+
+What about the previous periods of high activity in 2014-2017?
+
+If you look at the charts, this has occurred previously as well. Notably in 2014 - 2017. But I think that this is relatively easy to understand.
+
+[![r/Superstonk - Clearing up the Fed Reverse Repos and What it Could Indicate](https://preview.redd.it/c99f25db4v171.png?width=528&format=png&auto=webp&s=e3673edb823f072a73e8d1adaccfebc83c610d7f)](https://preview.redd.it/c99f25db4v171.png?width=528&format=png&auto=webp&s=e3673edb823f072a73e8d1adaccfebc83c610d7f)
+
+Yellow and blue text are mine. There is a high volume of customer deposits on the ledgers of the banks entering and exiting the 2016 election cycle. Then we've had a tremendous run in equities since 2017 so banks have had less cash to balance.
+
+What is unique is that this buildup right now is so massive and does not correspond to typical times when a bank would need to balance their ledger.
+
+This daily increasing amount means that every single day, more and more of their customers are moving their deposits to cash or their assets are losing value or some mix of both.
+
+TA;DR analogy to [u/rocketseeker](https://www.reddit.com/u/rocketseeker/)
+
+Let's say you're running drugs and you obviously deal with a lot of cash.
+
+Holding onto all of this cash is a *liability* because it's easy for someone to steal it from you (for example) or what if you get caught by the po-po with all this cash? You need something that's as good as cash without the downsides.
+
+So ideally, you have some way to change your paper cash (a *liability*) to something that's harder to steal (an *asset*) and less risky if some police officer shakes you down. You need something that has three qualities:
+
+1.  It should be stable so if you put in $1, you get back $1
+
+2.  It should be easy to convert it back to cash any time (be highly liquid)
+
+3.  It should have a pretty stable supply
+
+Property and real estate? Too difficult to flip it back into cash when you need it. Cars? Bitcoin? Gold chains? Same problems and very volatile; convert $1 and you may not get back $1 tomorrow.
+
+I don't know the right equivalent for a drug lord because there are very few real-world equivalents to government debt like Treasuries, [but maybe you convert it into Tide laundry detergent](https://nymag.com/news/features/tide-detergent-drugs-2013-1/) because 1) it's hard to steal and 2) there's always demand for Tide; you just go to the local laundromats and sell it to them to get cash back, 3) if the police discover your stash of Tide, what are they gonna do 🤣? You've just found a way to convert *a liability* into *an asset.*
+
+Now whenever you have an abundance of cash, you convert it to Tide. When you need your cash, you sell the Tide and get your cash back.
+
+That's what's happening with the banks and the Fed. The banks have a lot of customer cash depositsOR their assets have lost value and cannot balance their books. So they exchange their cash for Tide (Treasuries) so that they have less liabilities relative to their assets. And they are doing this every single day with increasing frequency because they are holding onto more customer deposits in cash/cash equivalent OR their assets are losing value relative to the amount of cash deposits they have.

DD/2021-05-28-GME-Ownership-Analysis.md

@@ -0,0 +1,132 @@
+GME Ownership Analysis 5/28- Hedgies R FuQ
+==========================================
+
+| Author       | Source       | 
+| :-------------: |:-------------:|
+|  [u/H3RB28](https://www.reddit.com/user/H3RB28/) | [Reddit](https://www.reddit.com/r/Superstonk/comments/nneevk/gme_ownership_analysis_528_hedgies_r_fuq/) | 
+
+---
+
+[DD 👨‍🔬](https://www.reddit.com/r/Superstonk/search?q=flair_name%3A%22DD%20%F0%9F%91%A8%E2%80%8D%F0%9F%94%AC%22&restrict_sr=1)
+
+Hello fellow Apes,
+
+Obligatory Disclaimer: I am not a Financial Advisor, and this is not Financial Advice. Always do your own homework. That being said.. lets get started.
+
+TL,DR: Hedies R FuQ. I used data from FTSE Russell's own Database 'Mergent Online' to calculate the current ownership numbers for GME... and my TITS ARE JACKED.
+
+I found some very interesting ownership numbers for GME today. I am using Mergent Online as my data source, which is produced by FTSE Russell.. yes the same FTSE Russell that runs the Russell 2000 Index, which GME is *currently* a part of. I have access to Mergent through the university I am currently at while finishing my bachelors in Finance in a few months.
+
+Now before we get fully started on a simple ownership analysis.. I'm going to take us on a trip back to middle school math class and the dreaded topic of Algebra. Proportions and Cross Multiplying are a pretty simple topic and go something like this:
+
+[![r/Superstonk - GME Ownership Analysis 5/28- Hedgies R FuQ](https://preview.redd.it/mz00tbfuwy171.jpg?width=720&format=pjpg&auto=webp&s=8b5901da8109b43c71e29b3807a9a5637e8fb716)](https://preview.redd.it/mz00tbfuwy171.jpg?width=720&format=pjpg&auto=webp&s=8b5901da8109b43c71e29b3807a9a5637e8fb716)
+
+Proportions and Cross Multiplication
+
+For making Ownership calculations we need a base to go off of. Mergent Online (once again information reported by the index that GME is a part of) reports the ownership of GME at the following:
+
+[![r/Superstonk - GME Ownership Analysis 5/28- Hedgies R FuQ](https://preview.redd.it/6io407b6yy171.jpg?width=3634&format=pjpg&auto=webp&s=ea4aaabfb669429f115e1adb79cfdfbb65828caa)](https://preview.redd.it/6io407b6yy171.jpg?width=3634&format=pjpg&auto=webp&s=ea4aaabfb669429f115e1adb79cfdfbb65828caa)
+
+GME Ownership
+
+Mergent Online has GME Shares Outstanding as 69,936,000. We need to keep in mind that this is a number reported as of 1/30/2021. Since then, GME has made a secondary offering of 3,500,000 shares. This gives us an Issuer-Stated Total Shares Outstanding of 73,436,000 or 73.436 Million shares.
+
+Now that we know how many shares there are *supposed* to be, lets check out the Insider Ownership.
+
+[![r/Superstonk - GME Ownership Analysis 5/28- Hedgies R FuQ](https://preview.redd.it/9haw4oug0z171.jpg?width=3622&format=pjpg&auto=webp&s=14a97865a44e6a912bf5246a906f1219fde92345)](https://preview.redd.it/9haw4oug0z171.jpg?width=3622&format=pjpg&auto=webp&s=14a97865a44e6a912bf5246a906f1219fde92345)
+
+GME Insider Ownership
+
+We can see that the Insider Ownership is broken into two distinct categories: Direct and Indirect Ownership. Direct Ownership is when the shares are listed *directly* in your name, and not say.. in shelter company like RC Ventures. We will do two different calculations in order to display the situation correctly.
+
+Mergent lists the Direct Ownership at 8,057,864 shares totaling 11.52% ownership pie (we all like pies). This leaves 88.48% left over.. *but how many shares is that wrinkly brained ape?* Lets put our trusty friend Algebra to the test.
+
+(11.52/8,057,864) = (88.46/X)
+
+11.52X=712,798,649.44 .. now to find X we divide each side by 11.52.
+
+X=61,874,882.76
+
+Now to check our math we add the 88.46% to the 11.52% to get a total ownership number.
+
+Previously stated ownership: 69,936,000
+
+8,057,864 + 61,874,882.76= 69,932,746.76
+
+To me.. being around 4,000 shares within the "Stated Shares Outstanding" checks out enough to me. To calculate the Free Float I added in the extra 3.5 million shares that were a part of the secondary offering (total shares outstanding 73,436,000)
+
+This would put GME at a Free Float of 65,378,136 shares.
+
+BUT APE NO INCLUDE TENDIE MASTER!! I know, we are getting there.
+
+*RC Ventures WAS NOT listed on the "Direct Ownership" list. The Indirect Ownership is stated at 15,760,670 shares.
+
+Adding the two 'Insider Ownerships' together gives us the following:
+
+8,057,864 + 15,760,670 = 23,818,534 for insider ownership
+
+This new number would give us a Free Float of 49,617,466 or 49 Million shares.
+
+*Up until this point this is all stuff that we have basically already known.. its about to get a little more spicy.* Next we will cover the Institutional Ownership side. Now the Institutional numbers have always been wacky for GME, but I believe these next calculations provide insight into just how big of a hole hedgies have dug themselves.
+
+GME Institutional Ownership- As Stated by Mergent FTSE Russell:
+
+[![r/Superstonk - GME Ownership Analysis 5/28- Hedgies R FuQ](https://preview.redd.it/z3kg7s9q5z171.jpg?width=3647&format=pjpg&auto=webp&s=dcd3b4b6e56200b41888ca0102fd80528de62b8e)](https://preview.redd.it/z3kg7s9q5z171.jpg?width=3647&format=pjpg&auto=webp&s=dcd3b4b6e56200b41888ca0102fd80528de62b8e)
+
+Hedgies R FuQ
+
+Two things IMMEDIATELY stand out to me: #1 Institutions own 56,158,356 shares.... AT 28.87% ownership.. WHAT?!? This statistic is what is *REPORTED* to the index, these numbers definitely could be fudged.. but most likely to the downside and not the upside.
+
+*So smart Ape.. if Institutions own 28.87% of GME with 56M shares.. how many shares does everyone else (aka Insiders and Retail) own at 71.13%?* Once again, our friend Algebra comes into play.
+
+(28.87/56,158,356) = (71.13/X)
+
+28.87X = 3,994,543,862.28 (now we divide each side by 28.87)
+
+X= 138,363,140.36 or 138.36M shares.. GO APES!
+
+If we then subtract out the higher Insider Ownership number (Direct + Indirect) this gives us a *Retail Control* of 114,544,606.36 shares or 114 MILLION SHARES.
+
+*What the Fuq did hedgies get themselves into?!?*
+
+Now according to the "Institutional Ownership" numbers I wanted to see around about how many Naked Shorts the firms had rehypothecated. To get the Total Shares Outstanding we would then add Institutional Ownership with Retail and Insider Ownership stats:
+
+56,158,356 + 138,363,140 = 194,521,496 shares.. 194 million fuqing shares.
+
+So with the institutional numbers and the Issuer stated numbers I came to the conclusion that:
+
+194,521,496 - 73,436,000 = 121,085,496 or 121 MILLION SHARES NAKED
+
+What did Kenny get himself into.. well covering 121 MILLION shares he can't get his hands on because 114 MILLION are in the hands of Apes.
+
+*Please keep in mind these are the reported numbers.. they could truly be MUCH higher.*
+
+I am always open to criticisms and questions/discussion.
+
+Be Excellent and Rock on Fellow Apes.
+
+- H3RB
+
+Edit: Here is the screen shot from above with the dates highlighted for the base calculations:
+
+[![r/Superstonk - GME Ownership Analysis 5/28- Hedgies R FuQ](https://preview.redd.it/tr50evybjz171.jpg?width=3354&format=pjpg&auto=webp&s=8e1f8f284ff23268916cabf08369388a8b1947bd)](https://preview.redd.it/tr50evybjz171.jpg?width=3354&format=pjpg&auto=webp&s=8e1f8f284ff23268916cabf08369388a8b1947bd)
+
+Edit 2: Full Screen Shots of Institutional Ownership Stats:
+
+[![r/Superstonk - GME Ownership Analysis 5/28- Hedgies R FuQ](https://preview.redd.it/nwicrfepoz171.png?width=3693&format=png&auto=webp&s=473fcf5d17515aa04e6c6cc8150696426c04bba5)](https://preview.redd.it/nwicrfepoz171.png?width=3693&format=png&auto=webp&s=473fcf5d17515aa04e6c6cc8150696426c04bba5)
+
+Institutional Ownership 1
+
+[![r/Superstonk - GME Ownership Analysis 5/28- Hedgies R FuQ](https://preview.redd.it/dia9iacsoz171.png?width=3644&format=png&auto=webp&s=364688f6593f56bf6726ec2a440c2cc0b41877f5)](https://preview.redd.it/dia9iacsoz171.png?width=3644&format=png&auto=webp&s=364688f6593f56bf6726ec2a440c2cc0b41877f5)
+
+Institutional Ownership 2
+
+Edit 3: Direct vs. Indirect Insider Ownership RC Listed as Indirect
+
+[![r/Superstonk - GME Ownership Analysis 5/28- Hedgies R FuQ](https://preview.redd.it/oz019rwsxz171.jpg?width=3668&format=pjpg&auto=webp&s=861b89415e9b82028514b010ad6e0be7189705e1)](https://preview.redd.it/oz019rwsxz171.jpg?width=3668&format=pjpg&auto=webp&s=861b89415e9b82028514b010ad6e0be7189705e1)
+
+RC Listed as Indirect
+
+EDIT 4 (5/29 afternoon): I am doing a more comprehensive review of ownership comparing the numbers reported by Mergent and FTSE Russell to those of: GameStop Proxy, Yahoo Finance Premium, FinteliO, Whale Wisdom, Koyfin, Fidelity Research, Nasdaq, CNNMoney, and MarketBeat (I think I named them all.. may be more I'll update as needed). I am trying to match numbers to see if I can find any discrepancies in data reported.
+
+I have also contacted Mergent & FTSE Russell to try and see if I can get any information on *how* they source their information. On their website it states they have a dedicated data team that updates the data live daily from multiple market sources. I am not sure how true this is, but in the data columns it did say "as of 5/28/21". I will updated on any information about data sources that I receive.

DD/2021-05-28-Why-I-am-Ecstatic-GME-is-Taking-a-Dump-and-the-Possible-Correlation-with-AMC-and-Crypto.md

@@ -0,0 +1,82 @@
+Why I am Ecstatic GME is Taking a Dump, and the Possible Correlation with AMC and Crypto
+========================================================================================
+
+| Author       | Source       | 
+| :-------------: |:-------------:|
+|  [u/C2theC](https://www.reddit.com/user/C2theC/) | [Reddit](https://www.reddit.com/r/Superstonk/comments/nn370o/why_i_am_ecstatic_gme_is_taking_a_dump_and_the/) | 
+
+---
+
+[Possible DD 👨‍🔬](https://www.reddit.com/r/Superstonk/search?q=flair_name%3A%22Possible%20DD%20%F0%9F%91%A8%E2%80%8D%F0%9F%94%AC%22&restrict_sr=1)
+
+Apes, lend me your ears.
+
+I am pumped that GME took a fat dive from $268.80 down to below $235.00 as of this post. Why? Because it means we've figured out the *modus operandi* of the shorts, and HFs are fuk.
+
+TL;DR HODL, because GME is going to the moon. 🚀
+
+T+35/T+21 Cycles
+
+This is real, and the juiciest part of this post. As I noted in my [Cyclical Patterns in Failure-To-Deliver (FTD) and Short Interest Reporting](https://www.reddit.com/r/Superstonk/comments/nezp94/cyclical_patterns_in_failuretodeliver_ftd_and/), written upon the DD of those before me, the T+35/T+21 cycles are consistent, empirical, measurable, and now, *predictable*. Read the DD of [I've estimated the current SI% based on the SI Report Cycle and Deep ITM CALL purchases.](https://www.reddit.com/r/Superstonk/comments/nc1lny/ive_estimated_the_current_si_based_on_the_si/) by [u/Criand](https://www.reddit.com/u/Criand/) for more details.
+
+In the chart below, we can see that each T+21 cycle (there are around five, which I've noted above the GME chart ), in every twenty-one trading sessions, GME has a regular spike. The mechanics of this are likely to be kicking-the-can-down-the-road for the FTD cycles, and even if there might be doubters about the underlying cause, you cannot doubt the observable data that this happens exactly every twenty-one days on schedule. If the sun rises every twenty-four hours, who cares if the Earth rotates around the Sun or the Sun rotates around the Earth (shout-out to Galileo Galilei who stood up to the shills of his day)---the sun still rises every twenty-four hours.
+
+Additionally, I am tracking possible cycles for dips in the yellow lines below the chart. Though I am not sure if there is a definite pattern yet, it is human nature (actually the nature of every system due to entropy) to do the same thing over and over on a repeating basis, such as the timing of morning/night routines of showering and brushing your teeth, aka personal hygiene.
+
+The one pattern I have seen is that on each Short Interest Reporting Settlement Date, marked by "SIR," GME takes a dump. *Especially* after a run such as the one this week. If the pattern as depicted by the yellow lines holds true, watch out for another dump on the first day of trading next Tuesday.
+
+[![r/Superstonk - Why I am Ecstatic GME is Taking a Dump, and the Possible Correlation with AMC and Crypto](https://preview.redd.it/k6g14efb6w171.png?width=2433&format=png&auto=webp&s=a63cec898848e621d7b3325722b59dbe130afd24)](https://preview.redd.it/k6g14efb6w171.png?width=2433&format=png&auto=webp&s=a63cec898848e621d7b3325722b59dbe130afd24)
+
+A cyclical pattern emerges
+
+AMC Correlation
+
+If you were a HF that was deep in the red shorting GME, consider this strategy:
+
+1.  Buy OTM AMC calls
+
+2.  Spend money to keep the GME price down, let AMC rocket, and let retail FOMO set in
+
+3.  Entice people to paper-hand GME, then sell those AMC calls to them
+
+4.  Buy OTM GME puts
+
+5.  Take the cash generated and drive down the GME price
+
+6.  Sell now-ITM GME puts and pay yourself back
+
+By doing the above, you can end up spending very little or breaking even on your capital and achieve:
+
+-   Pushing down both the price of GME and AMC at no cost to you!
+
+-   Deflate the morale of GME apes that we missed out on AMC riches
+
+-   Deflate the morale of AMC ape-cousins that they didn't sell at the peak or bought at the top
+
+-   Give a story to Main Stream Media (MSM) to report that the MoASS is over, and that AMC is now -30%, from the peak, never mentioning the +120% from last Friday
+
+AMC Price Action
+
+What drove the price action for AMC this week? This section is all speculative, and there are multiple possibilities, some or all or none of which may be true:
+
+1.  There is no news, and there are no sellers, so the only driver for the price action are the shorts themselves
+
+2.  It is not even 2p EST and the volume on AMC is 522M, and the average 20-day volume is 165M. How is a 3× average volume possible on no news, and yesterday was 5×, unless institutions were involved?
+
+3.  Funds are getting margin called and need to cover or provide more cash
+
+4.  Shorts would let AMC go in order have ammo to suppress the price for GME, which is far more detrimental to the shorts
+
+5.  MSM needs a piece to talk about how much AMC came down, to "encourage" GME hodlers to paper-hand and sell, if not now, then build it into the psyche for the MoASS
+
+Crypto Crash
+
+The market is a zero-sum game. Due to the amount of losses in crypto, to the tune billions, it is not possible that it was all retail. Institutional investors were the whales that cashed out. The money had to go somewhere. It is likely a good portion went to the manipulation of GME and AMC, as well as the possible covering of margin calls. At the very least, it is still held as cash. This is why the general market hasn't tanked, because shorts haven't had to sell any of their beloved shares in the S&P 500 to cover for GME/AMC.
+
+Conclusion
+
+Jacked to the tits!
+
+__________
+
+Edit: *modus operandi* not *operus modi -* thanks [u/Mufragnosky](https://www.reddit.com/u/Mufragnosky/)

DD/2021-06-13-Learn-From-the-Past-When-They-Did-Not-Care-to-Hide.md

@@ -0,0 +1,130 @@
+Learn from the past, when they didn't care to hide.
+==================================================
+
+| Author       | Source       | 
+| :-------------: |:-------------:|
+|  [u/JustBeingPunny](https://www.reddit.com/user/JustBeingPunny/) | [Reddit](https://www.reddit.com/r/Superstonk/comments/nyxs1f/learn_from_the_past_when_they_didnt_care_to_hide/) | 
+
+---
+
+[DD 👨‍🔬](https://www.reddit.com/r/Superstonk/search?q=flair_name%3A%22DD%20%F0%9F%91%A8%E2%80%8D%F0%9F%94%AC%22&restrict_sr=1)
+
+Have you heard of Max-D? No, nor had I. I searched for 'naked short selling' through EDGAR (SEC's public database' and amongst all of the filings, I stumbled upon their wonderful little company.
+
+What makes them so special? Why even bother with a post? Well, they were subjected to manipulative stock trading that was driving their share price into the ground, much like the attempt on GameStop. However, like overstock, this company fought back hard. The went public to expose the naked short selling with figures and number to prove just how bad it was.
+
+Rather than a long TL;DR at the end, I'll be posting recap summaries throughout. You should be able to follow the entire post reading these summaries... I hope. The whole thing is a good read, I promise!
+
+*As always, if any information or interpretation is incorrect, help me correct it! I'm happy to edit accordingly!*
+
+_______________________________________________________________________________
+
+Background --
+
+June 14, 2018 -- 19.09pm ET
+
+*Max Sound Corporation (OTC:MAXD) and its Shareholders are being continuously victimized by Manipulative Trading Practices and Abusive Naked Short Selling orchestrated by Knight/Virtu (NITE), Cantor Fitzgerald (CANT), Canaccord Genuity (CSTI),* *Citadel* *(CDEL) and eTrade/G1 (ETRF) for the past three years with the objective to systematically lower the MAXD share price by selling billions of counterfeit shares that generate enormous free money for the market makers who have no intention of ever covering a short position. In fact, they have paid bashers that spew lies and libel wherever legitimate shareholders congregate.*
+
+*Yesterday the Company reported that it had engaged a leading provider of Regulation SHO compliance monitoring, short sale trading statistics and market integrity surveillance related to substantial naked short selling of its stock.*
+
+*Max Sound has now registered complaints related to these activities with the Securities and Exchange Commission (SEC) and Financial Industry Regulatory Authority (FINRA).* *The Company encourages MAXD investors and shareholders who believe they have been harmed, to file complaints as well. Remember, the value is being stolen from your investment, only because well-organized criminals are able to operate with absolute power, unmonitored inside the industry that handles, manages, trades and ultimately steals the total value of your asset.*
+
+This is a direct statement. The gigantic titanium swingers these mofos have. I guess I'm not surprised Citadel are in there. Though things continue to get REALLY interesting...
+
+June 14, 2018 -- Earlier the same morning -- 08.49 ET
+
+*Max Sound Corporation has engaged a leading provider of Regulation SHO compliance monitoring, short sale trading statistics and market integrity surveillance related to substantial short selling of its stock. Regulation SHO requires bona-fide market-making activities to include making purchases and sales in roughly comparable amounts.*
+
+So you're being naked shorted right into the ground. You feel helpless and have nowhere to go. What do you do? You bring in the experts and that is exactly what they did.
+
+*The Securities and Exchange Commission has stated that bona-fide market-making DOES NOT include activity that is related to speculative selling strategies for investment purposes of the broker-dealer and is disproportionate to the usual market making patterns or practices of the broker-dealer in that security. Likewise, where a market maker posts continually at or near the best offer, but does not also post at or near the best bid, the market maker's activities do not qualify as bona-fide market making. Moreover, a market maker that continually executes short sales away from its posted quotes is not considered to be engaged in bona-fide market making*
+
+Ape talk -- The SEC has stated market-making can't be genuine if they're 'shorting away from its' posted quotes', missing bids from the buy side every now and then, whilst the sell side ALWAYS has something there, or diverts away from its' regular market making patterns. (Sound familiar?) *This is my interpretation. My knowledge on market making is little, so if anyone can add a better easy explanation, I'll be happy to add.*
+
+So let's take a break here and recap.
+
+MAXD are a company that were fully aware that they were being shorted (also naked) into the ground. They hired some experts in the field to take a look into the trading and market making activities for compliance. What they found was....
+
+_______________________________________________________________________________________________________________________
+
+Did they comply?
+
+*MAXD market makers have been monitored daily for compliance with Reg SHO and Fair Market-Making Requirements.* *Here is a trading analysis of MAXD.*
+
+*BuyVol = real buyers at offer.*
+
+*SellVol = real sellers at bid.*
+
+*ShortVolume = short sale trade identifiers for both EXEMPT (market makers)*
+
+*NON-EXEMPT (everyone else) shorts sales.*
+
+*The short selling as a percentage of daily trading volume in MAXD by your firm is abnormally high; the market-making math related thereto does not reconcile and is not at all compliant with Federal Securities Laws***.**
+
+*As is common during these orchestrated short selling campaigns, bad actors with no real interest in MAXD's success, or any small public company for that matter,* *has consistently engaged in false accusations and libel on the Company's stock chat boards in attempts to scare and demoralize MAXD's legitimate shareholders**. It is noteworthy that as soon as Max Sound sent this report to the market makers perpetrating the naked short sales on the company, the bad actors disappeared at least for the time being..*
+
+Acknowledging the shills, reporting the shills and then telling the shorts that they know. I'm beginning to love these people more and more.
+
+Recap -- The experts took a peek behind the curtain and did the math on the market making activity. They concluded that there was absolutely no way that they could be complying with federal securities law. They also found shills in their message boards and compiled a report highlighting all of this. This forced the shorts to back off for a small while.
+
+__________________________________________________________________________________________________________________________
+
+The data
+
+This is the thick of it. MAX-D just didn't publicly state all of this was happening. They posted clear numbers detailing how and WHO. *I'll continue to quote their statement and break it down further. Buckle up.*
+
+*We have analyzed the last year of daily short volume data and correlated it to recent market making activity in MAXD.* *In 27 of the past 31 trading days, 87% of the time, the combined selling and short selling in MAXD has far exceeded the amount of buying (See NetNet column below).* *Market makers, by definition, are required to PROVIDE LIQUIDITY not extract or remove liquidity**. The math provided below demonstrates that instead of matching orders, market makers, Knight/Virtu, Cantor Fitzgerald, Canaccord Genuity, Citadel, eTrade/G1 are heavily shorting MAXD stock BOTH on the offer and on the bid, which by definition means they have a "speculative short selling strategy" running on MAXD. They are carrying net short positions overnight and continuing to claim the market maker's exemption, which is in VIOLATION of the Fair Market Making Requirements of Regulation SHO.* *We are able to mathematically prove this because there is not enough BuyVol (buy volume) to match the amount of selling and short selling. The chart below identifies the top 5 market makers, in MAXD for May 2018 (highlighted below) accounting for 2,257,870,595 shares of trading, or 88.22% of total trading volume in May.*
+
+Ape talk/Recap -- There was lots and lots of short selling from many market makers. They continually claimed their exemption to naked short sell, which is a violation of regulation SHO. Better yet, they could mathematically prove it...
+
+*Total Volume* *Name*
+
+*(Last Month)*
+
+*643,662,180* *Knight/Virtu,*
+
+*154,447,100* *Cantor Fitzgerald,*
+
+*203,762,081* *Canaccord Genuity,*
+
+*769,731,954* *Citadel, - These fuckers yet again*
+
+*247,276,817* *Trade/G1*
+
+*Highlighting these Market Makers abusive activities in-concert with each other for just the one month of May, allows regulators, the SEC, FINRA, the U.S. Attorney as well as the media to easily identify the manipulative trading activity and counterfeiting of MAXD shares engaged in by their traders for the past year and well beyond. When overlaid for the entire year (back to June 1, 2017) the math is shocking. 8,117,878,650 total shares have been shorted representing in excess of 40% of MAXD's total trading volume and it demonstrates that these market makers have knowingly participated in manipulative trading practices and counterfeiting of MAXD shares.*
+
+We provide the following data in this report:
+
+DAILY TOTAL SHARES SHORTED (volume and price), which includes all shares shorted even by exempt institutions such as market makers.
+
+FAILURES TO DELIVER (naked shorts).
+
+MARKET MAKER SHARE VOLUME (exposing exactly how many shares are being traded and the name of the market making firm traded through).
+
+MARKET MAKER DATA (showing whether or not a fair market is being made in each trading day).
+
+CUMULATIVE TOTAL SHARES SHORTED data showing large short positions and the volume weighted average price that a short squeeze will start.
+
+[![r/Superstonk - Learn from the past, when they didn't care to hide.](https://preview.redd.it/xlb7iptlo1571.png?width=568&format=png&auto=webp&s=4f83254f4d02b5f4996ab05191a6937bc1cc1b73)](https://preview.redd.it/xlb7iptlo1571.png?width=568&format=png&auto=webp&s=4f83254f4d02b5f4996ab05191a6937bc1cc1b73)
+
+[![r/Superstonk - Learn from the past, when they didn't care to hide.](https://preview.redd.it/kdft08vmo1571.png?width=555&format=png&auto=webp&s=ec83f53d39b609f687ef86a37103320504121f3e)](https://preview.redd.it/kdft08vmo1571.png?width=555&format=png&auto=webp&s=ec83f53d39b609f687ef86a37103320504121f3e)
+
+Recap -- They proved mathematically that the game was rigged and that Kenny boy (Citadel) was the biggest culprit. The first image shows the potential squeeze value. The second image shows just how bad the market making activity was. Just look at that buy volume vs sell volume.
+
+________________________________________________________________________________________________________________________
+
+The final comment
+
+*MAXD is making this report available to the investment world to create a substantial short squeeze opportunity with the goal to return to its shareholders the massive amount of equity stolen by unscrupulous market makers.*
+
+They openly advocated for people to invest to start a short squeeze. There was no hidden riddle. It was there in black and white.
+
+TL;DR -- MAX-D are a company that were being shorted into the ground. Market makers were using their liquidity exemptions to naked short, further driving the price. MAX-D brought in the experts and found the market making activity was fraudulent and in breach of Federal securities law, as it was mathematically impossible they were doing everything 'by the book'.
+
+_______________________________________________________________________________________________________________________________
+
+Bonus round -- Citadel and the inadvertent 'mini bomb'
+
+Let's look at the chart. Citadel were the biggest shorts for the company? Looks like Kenny had to cover some of them other shorts positions.
+
+[![r/Superstonk - Learn from the past, when they didn't care to hide.](https://preview.redd.it/b2sv9zxto1571.png?width=672&format=png&auto=webp&s=7e5bf6e1aecffc9b61ab9dcad35a16d87246a691)](https://preview.redd.it/b2sv9zxto1571.png?width=672&format=png&auto=webp&s=7e5bf6e1aecffc9b61ab9dcad35a16d87246a691)

DD/2021-06-16-T+35-is-the-One-True-Cycle.md

@@ -0,0 +1,252 @@
+T+35 is the one true "cycle" [Evidence to back my theory up plus a step-by-step guide on how to follow along at home]
+=====================================================================================================================
+
+| Author       | Source       | 
+| :-------------: |:-------------:|
+|  [u/dentisttft](https://www.reddit.com/user/dentisttft/) | [Reddit](https://www.reddit.com/r/Superstonk/comments/o155a6/t35_is_the_one_true_cycle_evidence_to_back_my/) | 
+
+---
+
+[DD 👨‍🔬](https://www.reddit.com/r/Superstonk/search?q=flair_name%3A%22DD%20%F0%9F%91%A8%E2%80%8D%F0%9F%94%AC%22&restrict_sr=1)
+
+*This post is for educational purposes only. Do your own research and make your own decisions before acting on them. Just because this information is correct now, doesn't mean it will be correct every other day. HFs have a lot of tricks. No one knows what will come next...*
+
+EDIT10 (6/21): It is more clear to me now that ETF FTD's do not behave the same as the GME FTDs that I use as examples. The ETF FTDs are a work in progress. The ETF FTDs should be weighted as well. If you find a pattern in the ETF FTDs, I'm open to hearing it!
+
+--------------------------------------------------------------------------------------
+
+TL;DR:
+
+-   Every spike that is seen can be traced back to T+35.
+
+-   I show 1 min spikes to back this claim up
+
+-   I provide a guide on how to setup this data yourself.
+
+Preface
+
+Almost 2 weeks ago, I posted some DD about T+35.
+
+[T+21 is NOT actually a thing! [Counter DD]](https://www.reddit.com/r/Superstonk/comments/nsady3/t21_is_not_actually_a_thing_counter_dd/)
+
+I claim that T+35 is the only T+X that is important, and other T+X "cycles" are actually just from T+35. This concept goes against the general consensus, so as expected... I got mixed reviews. Since then I have seen a different T+X, T+Y, T+Z theory every day, but there is always a catch or some sort of guessing applied. Or the cycle is T+21 one month, but T+19 the other month. As you may imagine, this has gotten frustrating for me. There is no shade being thrown at other DD writers. I just want everyone to realize how simple this is so we can all be on the same page.
+
+My T+35 theory doesn't have guess work. It works every time and it's based on free data that anyone can get. In this post, I will show you how. (I know this is starting to sound like an infomercial, but stick with me)
+
+Where my T+35 theory comes from...
+
+Reg SHO Rule 204 (<https://www.law.cornell.edu/cfr/text/17/242.204>) states HFs need to cover their FTDs "before regular trading hours on the 35th day after the FTD date". My T+35 theory shows they wait until the last possible day to cover, so the 34th day after the FTD date (this is why our third column formula was "=A1 + 34"). If the 34th day lands on a weekend or holiday, bump it forward to the next business day.
+
+Reg SHO states that you cannot short a stock if you have FTDs open. Once the FTDs get covered on that day, GME's price will not return to that point.
+
+That's it. That's all you need.
+
+It's as simple as...
+
+1.  Get the FTD data
+
+2.  Count 34 calendar days (FTDs need to be covered BEFORE the 35th day)
+
+3.  Those FTDs will be bought all at once on that trading day.
+
+Oh, you want to see an example?
+
+Okay, sure.
+
+I have picked out days from April because the FTDs are large and the volume was small. It is very easy to pick them out.
+
+How about... April 21. 32,220 FTDs need to be covered. The day's volume was low, but there was a 1m volume spike at 12:23 EST of 39,000. GME's price never came back afterward.
+
+[![r/Superstonk - T+35 is the one true "cycle" [Evidence to back my theory up plus a step-by-step guide on how to follow along at home]](https://preview.redd.it/c82wf7csqm571.png?width=451&format=png&auto=webp&s=ca4a553ffb37e4eb7ef574f3bdd7efc21bbcd413)](https://preview.redd.it/c82wf7csqm571.png?width=451&format=png&auto=webp&s=ca4a553ffb37e4eb7ef574f3bdd7efc21bbcd413)
+
+[![r/Superstonk - T+35 is the one true "cycle" [Evidence to back my theory up plus a step-by-step guide on how to follow along at home]](https://preview.redd.it/stvi493tqm571.png?width=760&format=png&auto=webp&s=c63c88a3ef43b64a79c124bf49fc0aaff0057ec9)](https://preview.redd.it/stvi493tqm571.png?width=760&format=png&auto=webp&s=c63c88a3ef43b64a79c124bf49fc0aaff0057ec9)
+
+April 19. 140,554 FTDs need to be covered. GME was rising quite fast on it's own. Remember, they can't short a stock when they have FTDs that need to be covered. So at 10:25 EST, There was a big jump in volume up to 160k and then the price dropped for the rest of the day.
+
+[![r/Superstonk - T+35 is the one true "cycle" [Evidence to back my theory up plus a step-by-step guide on how to follow along at home]](https://preview.redd.it/lb5q8rbvqm571.png?width=449&format=png&auto=webp&s=6fa055c19c2cf90d9cd6c8bddd1c201c5d5d1543)](https://preview.redd.it/lb5q8rbvqm571.png?width=449&format=png&auto=webp&s=6fa055c19c2cf90d9cd6c8bddd1c201c5d5d1543)
+
+[![r/Superstonk - T+35 is the one true "cycle" [Evidence to back my theory up plus a step-by-step guide on how to follow along at home]](https://preview.redd.it/px47llyvqm571.png?width=805&format=png&auto=webp&s=e344df65f5219edef1d3f7708357a728c5793130)](https://preview.redd.it/px47llyvqm571.png?width=805&format=png&auto=webp&s=e344df65f5219edef1d3f7708357a728c5793130)
+
+You see? It's that easy!
+
+Meh... this seems like a coincidence
+
+Okay, fine... I'll keep going.
+
+April 16 - 46,344 FTDs
+
+[![r/Superstonk - T+35 is the one true "cycle" [Evidence to back my theory up plus a step-by-step guide on how to follow along at home]](https://preview.redd.it/cmrtpjd1rm571.png?width=449&format=png&auto=webp&s=feaf916cbd63dffe35c043ca34ffeebfb81ee19d)](https://preview.redd.it/cmrtpjd1rm571.png?width=449&format=png&auto=webp&s=feaf916cbd63dffe35c043ca34ffeebfb81ee19d)
+
+[![r/Superstonk - T+35 is the one true "cycle" [Evidence to back my theory up plus a step-by-step guide on how to follow along at home]](https://preview.redd.it/3f8jcft1rm571.png?width=805&format=png&auto=webp&s=89bad926ace29cb36dfb23cfed018e78e642e653)](https://preview.redd.it/3f8jcft1rm571.png?width=805&format=png&auto=webp&s=89bad926ace29cb36dfb23cfed018e78e642e653)
+
+April 15 - 155,658 FTDs
+
+[![r/Superstonk - T+35 is the one true "cycle" [Evidence to back my theory up plus a step-by-step guide on how to follow along at home]](https://preview.redd.it/n75at1i4rm571.png?width=448&format=png&auto=webp&s=5b314710aa16ba499713776eccf36306c5826688)](https://preview.redd.it/n75at1i4rm571.png?width=448&format=png&auto=webp&s=5b314710aa16ba499713776eccf36306c5826688)
+
+[![r/Superstonk - T+35 is the one true "cycle" [Evidence to back my theory up plus a step-by-step guide on how to follow along at home]](https://preview.redd.it/rjz3cpw4rm571.png?width=758&format=png&auto=webp&s=a027c39558f072760bb8c02bc2601580da764abc)](https://preview.redd.it/rjz3cpw4rm571.png?width=758&format=png&auto=webp&s=a027c39558f072760bb8c02bc2601580da764abc)
+
+April 1 - Two days needed to be covered this day because 4/4 was a weekend. At 1:25, there was an 83k volume spike followed by a couple 100k-150k volume candles.
+
+[![r/Superstonk - T+35 is the one true "cycle" [Evidence to back my theory up plus a step-by-step guide on how to follow along at home]](https://preview.redd.it/dtcgi377rm571.png?width=449&format=png&auto=webp&s=04879f53d128e51679420c3c9acd23be166d06dc)](https://preview.redd.it/dtcgi377rm571.png?width=449&format=png&auto=webp&s=04879f53d128e51679420c3c9acd23be166d06dc)
+
+[![r/Superstonk - T+35 is the one true "cycle" [Evidence to back my theory up plus a step-by-step guide on how to follow along at home]](https://preview.redd.it/hjktf658rm571.png?width=763&format=png&auto=webp&s=eb96ccede1210db6c24950eeb0f689db122b6f99)](https://preview.redd.it/hjktf658rm571.png?width=763&format=png&auto=webp&s=eb96ccede1210db6c24950eeb0f689db122b6f99)
+
+April 30 - 86,859 FTDs. This one got split between two minutes on my chart. The average 1m volume was between 30k-40k shares. And then there are two 70k-80k volume candles at 9:50-9:51 am.
+
+[![r/Superstonk - T+35 is the one true "cycle" [Evidence to back my theory up plus a step-by-step guide on how to follow along at home]](https://preview.redd.it/vezj8zkarm571.png?width=453&format=png&auto=webp&s=06957bcdbaeeaa47ba59f34382e1811182c2b07a)](https://preview.redd.it/vezj8zkarm571.png?width=453&format=png&auto=webp&s=06957bcdbaeeaa47ba59f34382e1811182c2b07a)
+
+[![r/Superstonk - T+35 is the one true "cycle" [Evidence to back my theory up plus a step-by-step guide on how to follow along at home]](https://preview.redd.it/fb1lqpyarm571.png?width=855&format=png&auto=webp&s=238276a529cc1e48c34e06e58e9bce7b3a817843)](https://preview.redd.it/fb1lqpyarm571.png?width=855&format=png&auto=webp&s=238276a529cc1e48c34e06e58e9bce7b3a817843)
+
+I can keep going. These are the easy ones to spot *just* in April.
+
+So what about ETF FTDs?
+
+Days with large ETF FTDs also see spikes like this. But it doesn't convert well enough to show. For instance, 1.9 million ETF FTDs might convert to a 120,000 share GME spike. If someone wants to continue this research and find a way to convert the ETF FTD count into GME shares, go ahead.
+
+Why do some days lead to large gains and some days drop immediately after the FTD cover?
+
+I wrote about that in my last DD:
+
+[SLD DD [A predictable monthly pinch on capital leading to GME gains]](https://www.reddit.com/r/Superstonk/comments/nz7mwl/sld_dd_a_predictable_monthly_pinch_on_capital/)
+
+But here's what you need to know if you can't read two DDs in a row:
+
+-   There is a period that starts on Wednesday before monthly options expiration and extends to 9 days after monthly options expiration where the 30 largest financial companies need to make large deposits to the NSCC.
+
+-   During those days, they have less money and need to be careful not to spend more or they will get liquidity called.
+
+-   Meaning T+35's with large FTD days that fall in the SLD period will increase GME's price a lot more than large FTD days that fall out of the SLD period. Once the price of GME rises within the SLD period, it does not come back down until 2 days before the end of SLD.
+
+I even mapped out the SLD periods:
+
+[![r/Superstonk - T+35 is the one true "cycle" [Evidence to back my theory up plus a step-by-step guide on how to follow along at home]](https://preview.redd.it/ys4ovwzurm571.png?width=1246&format=png&auto=webp&s=16a4fcd208abfca25a479f87f5f54fc590b2af06)](https://preview.redd.it/ys4ovwzurm571.png?width=1246&format=png&auto=webp&s=16a4fcd208abfca25a479f87f5f54fc590b2af06)
+
+March 5-10 is the biggest spike outside of SLD. Those can be associated with ETF FTDs.
+
+[![r/Superstonk - T+35 is the one true "cycle" [Evidence to back my theory up plus a step-by-step guide on how to follow along at home]](https://preview.redd.it/enpanyhxrm571.png?width=448&format=png&auto=webp&s=3c9b8bb8bb070fe3283ecdb7874e7e94eb283339)](https://preview.redd.it/enpanyhxrm571.png?width=448&format=png&auto=webp&s=3c9b8bb8bb070fe3283ecdb7874e7e94eb283339)
+
+How do I see this for myself?
+
+Download the FTD data from the SEC: <https://www.sec.gov/data/foiadocsfailsdatahtm> and pull out every line with GME and every line of the ETFs GME are in. But that's a lot of work. Luckily, a lovely ape by the name of [u/nequin](https://www.reddit.com/u/nequin/) made a website to do this all for you.
+
+Get the FTD data:
+
+1.  Go to <https://failedtodeliver.com/?symbols=GME>
+
+2.  Make a spreadsheet.
+
+    1.  Column A is the FTD date.
+
+    2.  Column B is "=A1+34" and fill down.
+
+    3.  Column C is the number of GME FTDs
+
+    4.  Column D is the number of ETF FTDs
+
+ETFs with GME
+
+<https://failedtodeliver.com/?symbols=GAMR,XRT,RETL,XSVM,VIOV,RWJ,VIOO,PSCD,VIOG,VTWV,IUSS,VCR,VTWO,SFYF,IWC,EWSC,SYLD,PRF,RALS,FNDX,FNDB,VBR,IJS,XJR,NUSC,SLYV,IJR,SPSM,SLY,FLQS,IJT,GSSC,SLYG,VXF,NVQ,IWN,ESML,VB,SAA,DMRS,BBSC,OMFS,FDIS,STSB,SSLY,IWM,SCHA,PBSM,UWM,VTHR,URTY,VTI,TILT,VLU,HDG,AVUS,MMTM,DSI,SPTM,IWV,SCHB,ITOT,DFAU>
+
+EDIT 7: I posted my dataset for the people who want to compare. <https://www.reddit.com/user/dentisttft/comments/o1k5s4/t35_dataset/>
+
+EDIT 9: There were some issues brought up in the data. But they shouldn't be issues. Trust the files or [failedtodeliver.com](https://failedtodeliver.com/), they are the same.
+
+~~EDIT 6: IT HAS BEEN BROUGHT TO MY ATTENTION THAT THE WEBSITE IS OFF BY ONE DAY STARTING IN APRIL. PROBABLY BECAUSE OF THE HOLIDAY. I HAVE TAGGED THE PERSON WHO CREATED IT. SO MAKE SURE YOU DOUBLE CHECK SOME DAYS WITH THE FILES UNTIL ITS FIXED.~~
+
+~~EDIT 8: APPARENTLY THE WEBSITE USES THE FILES, SO EDIT 6 IS NOT COMPLETELY CORRECT. THERE IS A DISCREPENCY BETWEEN THE FILES/FAILEDTODELIVER.COM AND THE SEC'S FTD GRAPH.~~ [~~https://sec.report/fails.php?tc=gme~~](https://sec.report/fails.php?tc=gme)
+
+~~THE FILES SKIP APRIL 21 (WHICH IN MY OPINION MEANS ZERO) AND HAVE APRIL 30, THE GRAPH WEBSITE HAS APRIL 21 AND SKIPS APRIL 30. SO I THINK THE GRAPH WEBSITE MIGHT BE INCORRECT.~~
+
+Important Notes:
+
+-   Column A is the settlement date when the share officially becomes an FTD.
+
+-   Column B is the last possible day to cover the FTD
+
+Your spreadsheet looks like this...
+
+[![r/Superstonk - T+35 is the one true "cycle" [Evidence to back my theory up plus a step-by-step guide on how to follow along at home]](https://preview.redd.it/ox473wz4sm571.png?width=451&format=png&auto=webp&s=0efc2bda56da1c16e3ab3ea4887db568cdbf43b8)](https://preview.redd.it/ox473wz4sm571.png?width=451&format=png&auto=webp&s=0efc2bda56da1c16e3ab3ea4887db568cdbf43b8)
+
+Now what?
+
+1.  Google search "what is today's date"
+
+2.  Find that date in column 2 (the +34 day)
+
+3.  Follow this flow chart.
+
+[![r/Superstonk - T+35 is the one true "cycle" [Evidence to back my theory up plus a step-by-step guide on how to follow along at home]](https://preview.redd.it/4ag11hd7sm571.png?width=292&format=png&auto=webp&s=7fc674526dbcd541c60490e9661581559fadade3)](https://preview.redd.it/4ag11hd7sm571.png?width=292&format=png&auto=webp&s=7fc674526dbcd541c60490e9661581559fadade3)
+
+In my experience, a "large number of FTDs" is 70,000+ for GME FTDs or 1-1.5 million FTDs for ETFs.
+
+Again, this is not guaranteed. This is just based on patterns I've seen. There are plenty of tricks that probably have not been shown. Don't do something stupid based on this data, its for education purposes only.
+
+Should my tits be jacked!?
+
+Here's the new data for this next week... Use your new knowledge from this post and you decide!
+
+[![r/Superstonk - T+35 is the one true "cycle" [Evidence to back my theory up plus a step-by-step guide on how to follow along at home]](https://preview.redd.it/6a5dvr1jxn571.png?width=597&format=png&auto=webp&s=cc76d854e680a88d218b11774b70e0b805276687)](https://preview.redd.it/6a5dvr1jxn571.png?width=597&format=png&auto=webp&s=cc76d854e680a88d218b11774b70e0b805276687)
+
+EDIT5: Fixed the hightlighted section. Accidentally had June 15th in there when it shouldn't be.
+
+FAQ
+
+New FTD data just came out yesterday. So what about June?
+
+The ETF FTDs are quite large for the next 5-7 trading days. Combine that with SLD starting on June 16 ~~17~~, things look good.
+
+EDIT5: Accidentally had the wrong date typed here and the wrong dates highlighted in the photo.
+
+Why do the last two days of SLD not behave the same as the other days?
+
+Not sure. My guess is that HFs have 2 days to pay a liquidity call. So there's no point in liquidity calling them when they are about to get their money back. It also usually is at the end of the week when option premiums get extremely high, less calls are bought, and gamma ramp slows down.
+
+How long does it take before GME/ETFs show up as FTDs?
+
+They become FTDs when the trade settles. So for GME FTDs, its T+2. For ETF's, its T+6. (shoutout to [u/karasuuchiha](https://www.reddit.com/u/karasuuchiha/) for pointing out the ETF settlement time to me)
+
+What causes GME FTDs?
+
+This is where the idea of "cycles" comes from. When FTDs fall in SLD and GME spikes, it creates a lot of ITM call options. When those call options are exercised on Friday, they become FTDs upon settling (T+2 settlement). *Note: Buying and selling option contracts settle in T+1, but exercising contracts is T+2*. This causes a lot of new FTDs that need to be covered in 34 more days. Thus creating an obsession with "cycles" and why other "T+X cycle" theories fall short. It's literally just ITM options from the last SLD + FTD spike price increase will create new FTDs on Tuesday (or Wednesday with a holiday).
+
+What causes ETF FTDs?
+
+SSR!!! Remember all those days when SSR didn't stop GME from going down? It's because GME is shorted through the ETFs causing ETF FTDs 6 days later when they settle. It did something, it's just not immediately seen.
+
+I'm still not buying it. There are definitely spikes every 21 days!
+
+Well, I tried. Erase what you know about T+21 cycles and try to understand and apply this post. And maybe you will eventually see what I see.
+
+What about Net Capital?
+
+I don't know. I avoid FINRA things because in the end... it's just FINRA. This is based off of NSCC rules. I've found enough correlation in only using FTDs and SLD that I didn't think I needed to look into Net Capital too much. They could definitely both be happening, but in the end, I don't think it's too important. I'm open to someone changing my mind on this if you can show me the data (not the rules) to support that Net Capital has more correlation than SLD.
+
+What else should I know?
+
+Rule 204 says the 35 day exception applies when you have a long position on the stock. If they're shorting, how do they get to say they have a long position? I have a theory, but nothing concrete.
+
+TL;DR: The TL;DR is at the top of the post you sweet, tender, smooth-brained ape.
+
+Now that I have more eyes on my posts, I'm hoping this theory sticks better than the first time. In my opinion, getting distracted on other types of cycles is diluting focus.
+
+pce~~
+
+[u/dentisttft](https://www.reddit.com/u/dentisttft/)
+
+----------------------------------------
+
+Shoutout to [u/wJFq6aE7-zv44wa__gHq](https://www.reddit.com/u/wJFq6aE7-zv44wa__gHq/) for letting me bounce ideas off of them!
+
+EDIT1-3: formatting fixes
+
+EDIT4: Added "Should my tits be jacked!?" section
+
+EDIT5: Fixed the dates on my new section. I rushed it and highlighted June 15 on accident.
+
+Bonus Round!
+
+I posted my SLD DD on June 13th at 6:23 PM EST. 6 hours later at 12:02, Elon Musk posted this on Twitter.
+
+[![r/Superstonk - T+35 is the one true "cycle" [Evidence to back my theory up plus a step-by-step guide on how to follow along at home]](https://preview.redd.it/83o4bvpgsm571.png?width=616&format=png&auto=webp&s=4527094e5aa1d136adabc4dd554778ac29b5590c)](https://preview.redd.it/83o4bvpgsm571.png?width=616&format=png&auto=webp&s=4527094e5aa1d136adabc4dd554778ac29b5590c)
+
+Is it about my DD? No idea, probably not. But it's fun to think about. If any of the RC Tweet analyzers can find a definite connection, that would make my day.

DD/2021-06-28-Infinity-Pool-How-GME-Will-Breaks-the-Laws-of-Supply-and-Demand.md

@@ -0,0 +1,236 @@
+Infinity Pool: How GME Will Break the Laws of Supply and Demand and Enable the Money Glitch
+===========================================================================================
+
+| Author       | Source       | 
+| :-------------: |:-------------:|
+|  [u/Hemoglobin_trotter](https://www.reddit.com/user/Hemoglobin_trotter/) | [Reddit](https://www.reddit.com/r/Superstonk/comments/o9ifjx/infinity_pool_how_gme_will_break_the_laws_of/) | 
+
+---
+
+[DD 👨‍🔬](https://www.reddit.com/r/Superstonk/search?q=flair_name%3A%22DD%20%F0%9F%91%A8%E2%80%8D%F0%9F%94%AC%22&restrict_sr=1)
+
+Introduction
+
+*Welcome to Theoretical Microeconomics for Apes.*
+
+This post will discuss the interactions of fundamental microeconomic principles of supply, demand, price, and quantity during the MOASS, pose a theoretical example based on a hypothetical Short Interest, and discuss the possible impact of an Infinity Pool depending on its size. One of many reasons that GME will be studied for centuries is because it will stretch fundamentals of supply and demand to their theoretical limits. There are a handful of terms used repetitively throughout this post, so put your wrinkle-caps on and do some word learnin'. Fortunately, there is no quiz or attendance record.
+
+-   Section 1: Microeconomic Principles
+
+-   Section 2: Microeconomic Principles Applied to the MOASS
+
+-   Section 3: Key Takeaways
+
+*Disclaimer: I am by no means an expert, nor am I giving advice. My goal here is to understand and discuss theoretical microeconomic principles in relation to the MOASS due to my interest in the underlying mechanics of supply and demand at play. Please refute any incorrect assumptions in the comments and I will amend the post as necessary.*
+
+ta;dr: GME is a fascinating experiment of Supply and Demand. Diamond-handed Ape names price for banana
+
+* * * * *
+
+SECTION 1: MICROECONOMIC PRINCIPLES
+
+I will provide a brief overview of each concept, with links. It is worthwhile to read the entirety of each article if you are interested in the topic(s).
+
+If you are already familiar with these principles, you can skip to the next section.
+
+* * * * *
+
+1.1 Theory of Price - [Link to Article](https://www.investopedia.com/terms/t/theory-of-price.asp#:~:text=Understanding%20the%20Theory%20of%20Price,a%20given%20good%20or%20service.&text=The%20concept%20of%20price%20theory,adjustments%20as%20market%20conditions%20change.)
+
+> The theory of price---also referred to as "price theory"---is a microeconomic principle that uses the concept of supply and demand to determine the appropriate price point for a given good or service [or in the case of GME, a security].
+
+> The goal is to achieve the equilibrium where the quantity of the goods or services provided matches the demand of the corresponding market and its ability to acquire the good or service. The concept of price theory allows for price adjustments as market conditions change.
+
+Ape Speak: In general, price will go up when demand exceeds supply. When supply = demand, price stay same. When supply exceeds demand, price go down.
+
+* * * * *
+
+1.2 The Laws of Supply and Demand
+
+*Law of Supply* - [Link to Article](https://www.investopedia.com/terms/l/lawofsupply.asp)
+
+> The law of supply is the microeconomic law that states that, all other factors being equal, as the price of a good or service increases, the quantity of goods or services that suppliers offer will increase, and vice versa. The law of supply says that as the price of an item goes up, suppliers will attempt to maximize their profits by increasing the quantity offered for sale.
+
+> SUPPLY CURVE: Supply in a market can be depicted as an upward sloping supply curve *that shows how the quantity supplied will respond to various prices over a period of time.*
+
+Ape Speak: higher prices gradually convince more Apes to sell over time.
+
+*Law of Demand* - [Link to Article](https://www.investopedia.com/terms/l/lawofdemand.asp)
+
+> The law of demand states that quantity purchased varies inversely with price. In other words, the higher the price, the lower the quantity demanded.
+
+> DEMAND CURVE: A market demand curve expresses the sum of quantity demanded at each price across all consumers in the market.
+
+> Changes in price can be reflected in movement along a demand curve, but do not by themselves increase or decrease demand.
+
+Ape Speak: [Typically, higher prices make people buy fewer of something.](https://imgur.com/a/WlR7tGv)
+
+* * * * *
+
+1.3 Supply and Demand Curves - [Link to Article](https://open.lib.umn.edu/principleseconomics/chapter/3-3-demand-supply-and-equilibrium/)
+
+[Pic#1: Example Supply and Demand Curves plotted together.](https://imgur.com/a/xVsyDnh)
+
+> The demand curve shows the quantities of a particular good or service that buyers will be willing and able to purchase at each price during a specified period. The supply curve shows the quantities that sellers will offer for sale at each price during that same period. By putting the two curves together, we should be able to find a price at which the quantity buyers are willing and able to purchase equals the quantity sellers will offer for sale.
+
+Any individual point along the Supply or Demand Curve identifies the quantity that will be supplied or demanded at a particular price (i.e., *Quantity Supplied & Quantity Demanded*). When supply exceeds demand, there is a *surplus*. When demand exceeds supply, there is a *shortage*.
+
+Ape Speak: Typically, demand and supply move in opposite directions in relation to price. When you put the two lines on a graph, they intersect at a specific price and quantity - these graphs are useful for analyzing prices.
+
+* * * * *
+
+1.4 Equilibrium - [Link to Article](https://www.investopedia.com/terms/e/equilibrium.asp#:~:text=The%20equilibrium%20price%20is%20where,in%20a%20state%20of%20equilibrium.)
+
+Equilibrium (artificial or otherwise) is something GME users have come to know intimately over the last month. During the MOASS, the price of GME will begin moving wildly towards a new market equilibrium (extreme rising and dipping), after which prices will stabilize and return to earth.
+
+> Equilibrium is the state in which market supply and demand balance each other, and as a result prices become stable. Generally, an over-supply of goods or services causes prices to go down, which results in higher demand---while an under-supply or shortage causes prices to go up resulting in less demand. The balancing effect of supply and demand results in a state of equilibrium.
+
+Because Equilibrium is a singular point on a standard graph where two curves intersect, it produces an Equilibrium Price (the Y axis), and an Equilibrium Quantity (the X axis).
+
+> A market in equilibrium demonstrates three characteristics: the behavior of agents is consistent, there are no incentives for agents to change behavior, and a dynamic process governs equilibrium outcome.
+
+*This is where Apes combined with astronomical Short Interest throw a wrench into the market machinery and stretch the mechanics of supply and demand to the limit.*
+
+Ape Speak: Equilibrium is reached when quantity supplied = quantity demanded. Equilibrium produces a measurable *Equilibrium Price* and *Equilibrium Quantity*. Equilibrium = market harmony.
+
+* * * * *
+
+1.5 Price Elasticity of Supply and Price Elasticity of Demand
+
+[Elasticity vs. Inelasticity](https://www.investopedia.com/ask/answers/012915/what-difference-between-inelasticity-and-elasticity-demand.asp) - [Perfect Elasticity and Zero Elasticity](https://opentextbc.ca/principlesofeconomics/chapter/5-2-polar-cases-of-elasticity-and-constant-elasticity/) - [Inelastic Supply Explained](https://www.economicshelp.org/concepts/inelastic-supply/)
+
+*Elasticity:* In this context, elasticity is another way of saying "rate of change" of a curve. Both Supply and Demand Curves have their own elasticity, [which determines exactly how steep the curve is on the graph](https://imgur.com/a/xVsyDnh). See Pic#1. Determining the elasticity of each curve is helpful for understanding where the curves might intersect to create market equilibrium price and quantity.
+
+Elasticity, expressed mathematically, is: E = (% Change in Quantity (Supplied or Demanded) / % Change in Price). It expresses the relationship of how many units become available from sellers or are demanded by buyers in response to changes in price. In theory, Demand and Supply Curves can reach extremes of elasticity - either perfect elasticity, or zero elasticity. It is important to note that elasticity is subject to market conditions, and changes over time - this means that Supply and Demand Curves can have different slopes at different quantities/prices. (Hint: supply being held by a diamond-handed Ape is a market condition that impacts elasticity of supply!)
+
+-   Perfect elasticity means that your Supply or Demand Curve is completely flat, and that Quantity Supplied or Demanded changes by an infinite amount in response to any change in price. (We don't really care about this in the context of GME, except to the extent that it helps us understand the flip-side, zero elasticity).
+
+-   Zero elasticity (E = 0), which is what we care about in our GME example, refers to extreme cases where a % change in price, no matter how large, results in zero change in Quantity Supplied or Demanded. When elasticity is zero, supply and demand are irresponsive to any change in price, no matter how large.
+
+Ape Speak: Elasticity determines the slope of the Supply and Demand Curves. Low *Elasticity of Supply* means that a big change in price has a small impact on the quantity of shares supplied to the market. Low/zero *Elasticity of Demand* means that a big change in price does not impact demand (in this case, the requirement to close a fixed quantity of short positions).
+
+* * * * *
+
+SECTION 2: MICROECONOMIC PRINCIPLES APPLIED TO THE MOASS
+
+*Disclaimer: This is the point of the post at which my understanding of the material presented above collides with my understanding of the last few months of DD. In other words, the proceeding sections could be most accurately classified as an opinion or educated guess.*
+
+[We're gonna hypothetical them hedgies' clavicles!](https://imgur.com/a/09lARpM)
+
+Here, I will apply the above-reference microeconomic principles to a MOASS that uses hypothetical numbers. Short Interest is critical here because it represents the number of shares at which the QUANTITY DEMANDED WILL BE FIXED. (Note: this is not a discussion about the possible short interest. I personally believe that the real SI is much higher than in the example I am about to pose.)
+
+[Pic#2: Money Glitch Activated: A Hypothetical GME MOASS Supply & Demand Curve](https://imgur.com/a/xVsyDnh)
+
+Important Numbers for this example:
+
+-   Short Interest: ~400% (280m shares)
+
+-   Float: 25m (for ease of calculation)
+
+-   Float repurchases to cover shorted shares: 11.2 float repurchases (the last ~25m shares - the final whole float repurchase - is important later on)
+
+* * * * *
+
+2.1. GME Demand Curve and Price Elasticity of Demand - Fixed Demand Enables Infinite Losses
+
+*GME Demand Curve*
+
+-   When shorts must cover and close their positions, they will require a fixed quantity of shares to do so.
+
+-   This fixed *Quantity Demanded* means that shorts must cover at any price until the *Quantity Supplied* reaches the *Quantity Demanded*.
+
+*GME Price Elasticity of Demand*
+
+-   Because *Quantity Demanded* is fixed, *Price Elasticity of Demand* is ZERO - the *Demand Curve* is VERTICAL.
+
+-   *Quantity Demanded* will not change NO MATTER THE CHANGE IN PRICE.
+
+* * * * *
+
+2.2. GME Supply Curve and Price Elasticity of Supply - The Ceiling is Your Imagination
+
+*GME Supply Curve*
+
+-   The GME *Supply Curve* is the single most important factor for determining the "price ceiling" of the MOASS.
+
+-   Because the *Demand Curve* is a vertical line, *Equilibrium Price* is determined by whatever point the *Supply Curve* intersects the *Demand Curve* (in other terms, when *Quantity Supplied* equals *Quantity Demanded*).
+
+-   The steeper the slope of the *Supply Curve*, the higher the "price ceiling" of the MOASS
+
+*GME Price Elasticity of Supply (PES)*
+
+-   In practice, GME *PES* (the slope of the *Supply Curve*) will change over time and according to market conditions.
+
+-   Paperhands lead to higher *PES* and flatter *Supply Curves*, whereas Diamond hands lead to near-zero *PES* and more vertical *Supply Curves* (Remember when I said that having diamond hands is a market condition?)
+
+-   When PES is high, more shares will trade between trading halts. When *PES* is low, fewer shares will be exchanged between trading halts. (Theoretically, as little as a single share could be traded between trading halts).
+
+-   At the beginning of the MOASS, *PES* will be higher as paperhands are tempted to sell in the 3-6 figure range. (Smaller changes in price will cause higher quantities to become available)
+
+-   The real squeeze begins when Diamond hands begin setting/lowering the *PES*, enabling share prices to exceed 7 figures. (Larger changes in price cause very low quantities to become available)
+
+* * * * *
+
+2.3. GME Theory of Price and Equilibrium - Ape Names Price
+
+Bringing it back to this graphic: [Pic#2: Hypothetical GME MOASS Supply & Demand Curve](https://imgur.com/a/xVsyDnh), you can see that a hypothetical *Equilibrium Price* has been established.
+
+*Disclaimer: This example does not account for the fact that some amount of the final ~25m shares (the final float once rehypothecated shares are gone) will be re-circulated and change the Price Elasticity of Supply as the Supply Curve approaches the Demand Curve. In other words, the Supply Curve could begin to flatten once Quantity Supplied is one whole float away from Quantity Demanded.*
+
+-   In this example, a price somewhere between $10m-$100m is sufficient to convince Diamond-Handed Apes to provide enough supply of shares to meet the demand created by Marge's call and create the required liquidity to close all of the outstanding short positions.
+
+-   When the short positions are closed, *Equilibrium* has been achieved, *Quantity Supplied* equals *Quantity Demanded*, and the price begins to stabilize (crash). This does not imply that the peak occurs exactly at the moment that the last short position is closed. I believe that the peak will occur sometime shortly after the first of the real shares enter the market, and liquidity begins to normalize.
+
+* * * * *
+
+2.4. GME MOASS, Infinity Pool Edition - The Forever Shorts
+
+*But what happens if the Quantity Supplied never reaches the Quantity Demanded?*
+
+It would look something like this: [Pic#3: GME MOASS Supply & Demand Curve: INFINITY POOL EDITION](https://imgur.com/a/xVsyDnh)
+
+-   An Infinity Pool of any size will reduce *Price Elasticity of Supply*, thus maintaining a more vertical *Supply Curve* even as real shares enter the market for re-circulation.
+
+-   If there is an Infinity Pool that equals or exceeds one whole float (~25m shares +1 share), then the *Price Elasticity of Supply* becomes ZERO, the *Supply Curve* becomes COMPLETELY VERTICAL and never intersects the *Demand Curve*, and Apes can truly name whatever price their broker allows them to enter at the time. There is an absolute *Shortage* of shares.
+
+* * * * *
+
+SECTION 3: KEY TAKEAWAYS
+
+*I believe these key takeaways are reasonable given the information already known and presented here, but these are best classified as opinions/ educated guesses*:
+
+-   Current State of Relative Equilibrium: Currently, so long as shorts create artificial equilibrium by meeting demand with artificial supply, the market will remain in a state of pseudo-equilibrium. When the downward price pressure of artificial supply inverts itself into upward price pressure from buying to cover, a wormhole opens. (This is nothing new, but I have yet to hear it expressed in these terms)
+
+-   Real-time Supply & Demand Curve: Monitoring activity on the bid/ask spread and volume between trading halts during the MOASS will provide insight into the current state of *Price Elasticity of Supply*. At times, the bid/ask spread will be as wide as brokerage maximum-price limits allow.
+
+-   When is the Infinity Squeeze phase of the MOASS truly getting started? When the *Price Elasticity of Supply* is stupidly low and getting lower. Assuming that Diamond Handed Apes own the float, the real squeeze hasn't started until GME is trading over 7-8 digits. Apes will be some of the last sellers to get in line, so any price action prior to Apes getting in line to name their price is only a buildup to the Infinity Squeeze.
+
+-   Utility of Volume During MOASS as a Predictor of a Potential Peak: In all likelihood, total volume is not a reliable indicator of a squeeze peak. You would have to possess a relatively accurate idea of the true size of the short position (a.k.a. *Quantity Demanded*), know that there is no additional volume being created by new short positions that open during the MOASS, and know the impact of real shares beginning to re-circulate.
+
+-   Infinity Pool Can Create a True Infinity Squeeze: Suppose that Apes own the float two-times over. If each Ape placed half of their shares into the Infinity Pool, then the final ~25m shares will be inaccessible by the market, and the short positions can't be closed until other sources of liquidity become available. In that scenario, Apes can name their price for the half of their shares that do not go into the Infinity Pool. I cannot personally fathom what would happen to the price if the entire current float could not re-enter circulation - perhaps institutional sellers would provide liquidity to stabilize the price later-on, but I do not know the details of how or how long it would take.
+
+-   Dips on the way up: No matter how far the price crashes down on the way up, I will not be convinced that the squeeze has started until the price is rocketing past $100k-$1m and very few shares are exchanging hands between the trading halts. IMO, any dip between $1m-$10m cannot be the true peak, because by that point it is clear that Apes are diamond handing enough shares to allow Apes to name their own price if they continue to hold.
+
+-   Closing the Last Short Position vs. Timing of the Peak: When the short positions are closed, *Equilibrium* has been momentarily achieved, *Quantity Supplied* equals *Quantity Demanded*, and the price begins to move towards a new *Equilibrium* with different market conditions. This does not imply that the peak or crash occurs exactly at the moment that the last short position is closed. I believe that the peak will occur sometime shortly after the first of the real shares enter the market, but IDK though.
+
+-   USE LIMIT ORDERS: How can an Ape name their price if they let the market name the price for them?
+
+* * * * *
+
+As many have said, if everyone waits until backside of the MOASS to sell, there will be no backside.
+
+My personal opinion on the matter, which is obviously not financial advice, is that holding all but 1 share would be the optimal way to assure an Infinity Pool is achieved!
+
+* * * * *
+
+ta;dr: GME is a fascinating experiment of Supply and Demand. Diamond-handed Ape names price for banana
+
+[Pic #1: Ordinary Supply and Demand Curves](https://imgur.com/a/xVsyDnh)
+
+[Pic #2: Money Glitch Activated: A Hypothetical GME MOASS Supply & Demand Curve](https://imgur.com/a/xVsyDnh)
+
+[Pic #3: GME MOASS Supply & Demand Curve: INFINITY POOL EDITION](https://imgur.com/a/xVsyDnh)
+
+* * * * *
+
+This is a repost of my content from a month ago. [Further reading on Infinity Pool concept by [/u/bluprince](https://www.reddit.com/u/bluprince/) can be found here.] (<https://www.reddit.com/r/Superstonk/comments/mpvx9n/the_infinity_pool_naming_a_theoretical_posit_for>). This is a case of two people independently arriving at the same conclusion using different methodologies, which ought to jack your tits that much more.

DD/2021-06-30-Demystifying-the-Feds-ON-RRP-Operations.md

@@ -0,0 +1,216 @@
+Demystify the Feds ON-RRP Operations, Why do we care so much about them? | Finally figured out what Michael Burrry IS trying to tell the world
+==============================================================================================================================================
+
+| Author       | Source       | 
+| :-------------: |:-------------:|
+|  [u/jsmar18](https://www.reddit.com/user/jsmar18/) | [Reddit](https://www.reddit.com/r/Superstonk/comments/oaw2ls/demystify_the_feds_onrrp_operations_why_do_we/) | 
+
+---
+
+[DD 👨‍🔬](https://www.reddit.com/r/Superstonk/search?q=flair_name%3A%22DD%20%F0%9F%91%A8%E2%80%8D%F0%9F%94%AC%22&restrict_sr=1)
+
+Two things that have led me here 1. Trying to figure out WTF Michael Burrry was trying to reference and getting it wrong several times 2. Why the fuck do we care so much about the Feds ON-RRP operation?
+
+There's been so much hype about the ON-RRP volume the past three months or so, and it made me reflect. I don't actually know why I'm hyped about it or why people keep posting about it. I had a good idea of why, at least I thought I did, but I decided to go about researching it further and ended up collaborating with a repo expert who's had over 20+ years in the industry working at 3 different primary dealers.
+
+All I knew was incorrect. From how the Feds ON-RRPs are used, who is putting the money into ON-RRPs, and why I was hyped about it increasing every day.
+
+So let's go on a journey to understand some history of the Feds ON-RRP operations and how that led me to realising I was looking at the wrong hints from Michael Burrry.
+
+1.  A Series of Unfortunate Events
+
+2.  Honey, I Sucked All the Liquidity Out
+
+3.  Honey, I Blew up the Rates
+
+4.  Star Wars: The Fed Strikes Back
+
+5.  What Michael Burrrry was trying to allude to (ran outa puns)
+
+A Series of Unfortunate Events
+
+[![r/Superstonk - Demystify the Feds ON-RRP Operations, Why do we care so much about them? | Finally figured out what Michael Burrry IS trying to tell the world](https://preview.redd.it/d9o37zup8e871.png?width=960&format=png&auto=webp&s=245f72ebfbbe0147f89cb7643aed6196546202b6)](https://preview.redd.it/d9o37zup8e871.png?width=960&format=png&auto=webp&s=245f72ebfbbe0147f89cb7643aed6196546202b6)
+
+From the above, you can see how this was a disaster waiting from back in 2008 when they started buying up assets due to the GFC. It all came to nip them back in the butt, let's see what happened next shall we?
+
+Honey, I Sucked All the Liquidity Out
+
+[![r/Superstonk - Demystify the Feds ON-RRP Operations, Why do we care so much about them? | Finally figured out what Michael Burrry IS trying to tell the world](https://preview.redd.it/jikg6isy8e871.png?width=960&format=png&auto=webp&s=6d1c0ccd93eead724b0230da757905b1e1edfd41)](https://preview.redd.it/jikg6isy8e871.png?width=960&format=png&auto=webp&s=6d1c0ccd93eead724b0230da757905b1e1edfd41)
+
+Despite people often referring to 6. (myself included in a past DD) as Quantitative Easing (QE), it's not. It looks like it though on face value. The Fed had to say it was not specifically in previous notes and meetings, as these types of operations do not stimulate the economy, it's just the get the markets "oiled up again". We're talking about their repo operations here specifically, not adding back assets to their balance sheet.
+
+Rates, Rates and Rates
+
+Before we get into the next section, let's understand the floor system that the Fed uses. The general gist of a floor with subfloor system, the fed sets several targets. Policy is announced as a target range for fed funds rate, top range of that is given by the IOER that they set and the bottom is the ON-RRP.
+
+Interest Rate on Excess Reserves = IOER = Floor
+
+Overnight Reverse Repo= ON-RRP = Subfloor
+
+Why not call it a roof and floor? To make it confusing for anyone that's not in their world to understand 😂
+
+Below is a visualisation to help put it in perspective, the federal funds rate aims to sit in the middle generally.
+
+[![r/Superstonk - Demystify the Feds ON-RRP Operations, Why do we care so much about them? | Finally figured out what Michael Burrry IS trying to tell the world](https://preview.redd.it/bkzktfp59e871.png?width=651&format=png&auto=webp&s=dc73e43dbe1db2a77215cf5642b3d7229f298387)](https://preview.redd.it/bkzktfp59e871.png?width=651&format=png&auto=webp&s=dc73e43dbe1db2a77215cf5642b3d7229f298387)
+
+Honey, I Blew up the Rates
+
+[![r/Superstonk - Demystify the Feds ON-RRP Operations, Why do we care so much about them? | Finally figured out what Michael Burrry IS trying to tell the world](https://preview.redd.it/og4qpt799e871.png?width=960&format=png&auto=webp&s=57a0af2bdb7c3d3250e437308781107ee451707a)](https://preview.redd.it/og4qpt799e871.png?width=960&format=png&auto=webp&s=57a0af2bdb7c3d3250e437308781107ee451707a)
+
+What happens if the fed funds rate were higher than the IOER?
+
+That would mean a bank wanting to lend their cash would earn more interest on the fed funds market compared to lending to the fed at the IOER - aka the money the fed pays them on their reserves. This demand for fed funds would then cause the fed funds rate to go down (theoretically).
+
+Let's Chat ON-RRP
+
+We only talk about the recent spike in activity, and totally ignore what's happened previously. This ends up leaving us uninformed of the contextual reasons for it spiking.
+
+So starting in that rough 2018 period, it becomes obvious that the ON-RRP facility is not actually helping all that much when it comes to their ability to control the federal funds rate, keeping it within the 25-basis point target range they had back then.
+
+There's also another reason for their disappearance which is to do with the Fed hiking rates from 2016 onwards, the banks can now get paid more in interest from the Fed on their reserves in comparison. There's liquidity regulations nowadays in comparison to pre GFC times. The Liquidity Coverage Ratio (LCR) is a big boi, but in summary, banks just need to hold some combination of reserves and U.S. treasury securities to guard against deposit outflows in times of market stress.
+
+Due to a range of reasons, banks actually prefer reserves compared to securities - main reason being if treasuries are sold off quickly, it'll drive prices down, so in the end, reserves are preferred.
+
+Rate Wars: The Fed Strikes Back
+
+[![r/Superstonk - Demystify the Feds ON-RRP Operations, Why do we care so much about them? | Finally figured out what Michael Burrry IS trying to tell the world](https://preview.redd.it/8mlk2m0e9e871.png?width=960&format=png&auto=webp&s=7bc4dd1536cee9bf4e59eb274b6f3cc288553793)](https://preview.redd.it/8mlk2m0e9e871.png?width=960&format=png&auto=webp&s=7bc4dd1536cee9bf4e59eb274b6f3cc288553793)
+
+That was a lengthy one, but now you know the contextual history of how the Fed manages its rates and why RRP is exploding (on purpose to manage rates, if that was not clear already). It's honestly not that big of a deal that people make it. Please remember online new sources do tend to write for viewership, as such, disaster writing will bring in more viewership than boring macro economics talk....
+
+Let's dig into some myths that often get talked about incorrectly in relation to ON-RRPs operations of the Fed. Before we get to debunking, let's understand Tri Party and what itm eans.
+
+Tri Party Repos
+
+Both Repo and Reverse Repo operations are done in a triparty format (also remember, they are one in the same transaction). Only around 0.1% are done DVP (directly). This is largely for efficiency purposes - let's visualise what this tri party process looks like.
+
+[![r/Superstonk - Demystify the Feds ON-RRP Operations, Why do we care so much about them? | Finally figured out what Michael Burrry IS trying to tell the world](https://preview.redd.it/uen1anm8re871.png?width=967&format=png&auto=webp&s=aee789cfa3951aea8ce1a72e9bc51cb697ccc31c)](https://preview.redd.it/uen1anm8re871.png?width=967&format=png&auto=webp&s=aee789cfa3951aea8ce1a72e9bc51cb697ccc31c)
+
+The most obvious thing with a triparty repo is that the customer receiving the collateral does not have access it. It's sitting in the trade shell the custodial bank set-up. So if the they want to re-use the collateral sitting in that shell, it's actually the custodial bank that'll set that up. DVP (Direct) can't be reused unlike Tri-party.
+
+Collateral Re-use is simply as follows, custodial bank takes the existing shell and puts it into another shell.
+
+I think we know enough now, so let's get to debunking!
+
+Debunk Time!
+
+Hedge Funds are involved with RRP
+
+This is not exactly a popular one, but i've seen it mentioned before. HFs have zero involvement in the Feds' ON-RRP market. The following link plainly debunks this one. <https://www.newyorkfed.org/markets/rrp_counterparties#reverse-repo-counterparties>
+
+While HFs are not involved with the Feds' ON-RRP market, they certainly are in the repo market as it's how they leverage their long positions and cover their short positions.
+
+The effect of the high RRP amounts will blow up everything
+
+The above is dramatic, but you get the general vibe that's shared within the sub. All the analysis we've done above should give you the answer. Once rates increase, money market funds will move elsewhere. We've seen recent increases, so why no change in ON-RRP volume? Because MMFs are not gonna show a rate better than 5bps, as the repo market also moved up the same amount... So why move your money if there's no benefit? We can observe the recent days tapering off in volume since the 5bps increase, so this will likely be the future trend, if not decreasing.
+
+The Fed will continue its balancing act. It is very much a build-up from 2008 and [u/criand](https://www.reddit.com/u/criand/) 's recent post is some good storytelling on it (as well as this DD from a more technical standpoint). As such the Fed are learning as they go, it's becoming clear that loading up the ON-RRP facility is not sufficient to influence rates, which is displayed through the most recent rate increase by 0.05%. They just does not care about the volume of ON-RRP being high, because that's how it's designed to work, policy-wise. They have far more assets than the participants have cash, so as long as demand is there it'll keep rising until something otherwise changes (such as rates increasing as mentioned above).
+
+We're only noticing this because big numbers attract attention and we made a connection between rehypothecation and reverse repos. But wrongly so in my opinion. (pls no pitch forks).
+
+RRP is used to support trading/margin functions
+
+This is not a popular theory either, but better to touch on it while we're here.
+
+It's illogical to use RRP as a way to post margin. It "could" be done, but why would you spend cash to borrow treasury securities? You end up in the same spot regardless if you're using cash or a security to post for margin.
+
+Trading 212
+
+May as well touch on this topic while it's making its rounds. What's described in their terms they are trying to get people to agree to is described as a collateral swap with a haircut. The haircut is anything over that 100% mark. To be clear, it's very common and it should not come as a surprise to anyone who has bought shares through a broker that lends out customers' shares.
+
+You should get in contact and ask what type of collateral is posted and MORE IMPORTANTLY ask for your shares not to be lent out. If they say "nah dawg", then ask if you get the profits reaped from the haircut in the case above, or any interest charged.
+
+As to what happens when the MOASS happens and HFs start going bankrupt, no clue. A good topic for someone to delve into. What about bond value taking a dive? Dunno, best guess would be they'd have brokers knocking on their door.
+
+Treasury Securities are being shorted utilising rehypothecation
+
+I think this is probably the biggest theory that's misunderstood.
+
+It's technically possible to do this, the problem is that it just makes no sense to do it. The main reason is due to how the shell functions that the Custodial bank sets up. They create a shell for the collateral that the Fed dumps their securities into, the only problem is, the dealer/counterparty does not know which issue they'll get in that shell. The Fed decides what to put in that shell.
+
+So let's imagine you are wanting to short a bill and you have a crystal ball.
+
+You're not gonna be shorting a 3 month bill simply due to the maturity of the trade, and more likely a longer dated issue such as the 30yr where you'll make far more money.
+
+Using the crystal ball:
+
+IF you knew the bill or bond being given in the RRP shell
+
+AND IF you could sell that issue in time before the market closed for the day AND sell it for cash (same day) settlement.
+
+AND IF the Fed whispered in your ear that you'd have it for a week straight (meaning you won't have any fail to delivers)
+
+AND IF the Fed did this all in DVP for you (0.1% of all ON-RRP trades, Fed only does Tri-party), else you can't touch the security as it's in a shell created by the custodial bank
+
+So if all these unlikely things were to occur, you're still in the pickle of being in the need to buy back the bond you shorted the next day (because these are overnight transactions remember), if you don't find it then you'll be on the hook for 300bps (3%) a day on FTD charges, which in the bond world, is a big deal.
+
+You'd also likely need to be a primary dealer (big boys like goldman) to pull this off in the first place, but the Fed would get pissed and you're jeopardizing your primary dealership status - which is something you don't want to risk as you'll make more money being a primary dealer rather than being kicked out of the club.
+
+The source i've been working with has said over his 24 years time at a variety of primary dealers, Not one would have voluntarily shorted ON-RRP bonds. It's just way too risky and there's virtually no upside - IF you could even pull off the above in the first place.
+
+Figuring out what MB meant this whole damn time....
+
+There's been three things that Michael Burrry mainly tweets about
+
+1.  Cryptocurrency
+
+2.  Inflation
+
+3.  Leverage
+
+(and random non financial stuff - borrrrinnngggg)
+
+I've personally been on a mission to understand wtf he meant ever since he deleted his profile the first time, leaving us a link to a note from the federal reserves on the in and outs of collateral re-use (pictured below).
+
+[![r/Superstonk - Demystify the Feds ON-RRP Operations, Why do we care so much about them? | Finally figured out what Michael Burrry IS trying to tell the world](https://preview.redd.it/5am3ooiw9e871.png?width=293&format=png&auto=webp&s=b82b1cf9a74245668d1b6e70c38cce817ca7d23c)](https://preview.redd.it/5am3ooiw9e871.png?width=293&format=png&auto=webp&s=b82b1cf9a74245668d1b6e70c38cce817ca7d23c)
+
+The Fed note was so so heavily focused on Reverse Repos, Repos, Rehypothecation that it clouded my judgement in terms of what he was trying to reference within that paper. Largely because it was the talk of the town at the time (and still is), but as we went through above, the purpose of that was to show that the ON-RRP numbers we screenshot all day are not a huge concern.
+
+[![r/Superstonk - Demystify the Feds ON-RRP Operations, Why do we care so much about them? | Finally figured out what Michael Burrry IS trying to tell the world](https://preview.redd.it/lvvgvacy9e871.png?width=943&format=png&auto=webp&s=5cd3a571ee45636e2cff0878f4124c3e2e0004c5)](https://preview.redd.it/lvvgvacy9e871.png?width=943&format=png&auto=webp&s=5cd3a571ee45636e2cff0878f4124c3e2e0004c5)
+
+It's the tweet above that ironically connected the dots for me, but also answered the question in itself as it gave us what we already knew in a way. But i'll walk you through what i perceived him trying to point out in regards to the speculative bubble. I believe this was the chart he was alluding reference to, specifically, the margin loans trend.
+
+[![r/Superstonk - Demystify the Feds ON-RRP Operations, Why do we care so much about them? | Finally figured out what Michael Burrry IS trying to tell the world](https://preview.redd.it/y00d0gx0ae871.png?width=596&format=png&auto=webp&s=ca28cbc11b56922c5258057dc421f8eb3ac2e545)](https://preview.redd.it/y00d0gx0ae871.png?width=596&format=png&auto=webp&s=ca28cbc11b56922c5258057dc421f8eb3ac2e545)
+
+Unencumbered Products
+
+This refers to positions that are purchased outright that are free of legal, regulatory, contractual or other restriction on the ability of the reporting entity to monetize the assets. The entity in this case are primary dealers, the big bois of the world, of which 24 exist. You can find the list [here](https://www.newyorkfed.org/markets/primarydealers), names from Goldman, Morgan Stanley to you get the gist. Now note, the chart above is only based on a subset of primary dealers, so the numbers could very well be bigger.
+
+Back to the Chart
+
+What we can see is the following:
+
+[![r/Superstonk - Demystify the Feds ON-RRP Operations, Why do we care so much about them? | Finally figured out what Michael Burrry IS trying to tell the world](https://preview.redd.it/913chwt2ae871.png?width=960&format=png&auto=webp&s=db38ca9e7f2d6172edff30ab7ddaf924f4d72571)](https://preview.redd.it/913chwt2ae871.png?width=960&format=png&auto=webp&s=db38ca9e7f2d6172edff30ab7ddaf924f4d72571)
+
+I was attempting to find what "order of magnitude by 2" he was referring to, and the closest thing i can refer to is the total is how margin+cash accounts have gone from millions -> billions -> trillions. The greatest crash in US history was "The Wall Street Crash" in 1929 (or at least most famous, please correct me if i'm wrong), sadly i don't have data that goes back that far - but i don't think it'd be a long shot to imagine that aggregate margin+cash accounts may have been in the tippy top of the millions in the 1920's.
+
+Therefore we've gone from millions in the 1920's to billions in the late 1900's and we've just hit the trillion mark in Dec-2020. So there are your two orders of magnitude ladies and gentlemen.
+
+And that is what i believe MB has been referring to, we obviously did not figure it out, because the dude had to come back from his SEC enforced slumber to literally serve it up on a plate via a tweet.
+
+It essentially comes down to this logic in the past year since COVID happened, with primary dealers, aka big banks like Goldman saying "Yeah nah, we're not gonna get fucked, let's pump cash into the market via our HF buddies to make sure they don't tank and continue their bull run" - *All while being leveraged to the tits...* pretty easy judgement to make from my POV. As we say, kick that can down the road.
+
+TL;DR
+
+-   The Feds ON-RRP are really nothing to be worrying about, let alone posting everyday. As soon as rates go up high enough, Money Market Funds (make up majority of ON-RRP volume) will take their cash elsewhere (we're starting to see this already)
+
+-   Hedge funds are not involved in ON-RRP as they are not "on the VIP list" if ya get what i mean
+
+-   ON-RRP is not used to support margin/trading functions
+
+-   Treasury securities that are rehypothecated are not being shorted (it's purely illogical)
+
+-   Margin balances are fucked at $800b+ an ~83% increase from last year. It really feels like they are trying to prop the market up via speculative and spectacularly dumping cash into the market (don't forget the increased presence of retail in these markets now as well)
+
+Counter DD
+
+The first part of the DD tends to go against the grain of <https://www.reddit.com/r/Superstonk/comments/o9aanm/black_monday_events_are_mondays_which_experience/> which is [u/Criand](https://www.reddit.com/u/Criand/)'s post about RRP in some areas. To note, i agree on most points about the spikes re EOM dates.
+
+The thing i have the largest disagreeance with is that the Feds ON-RRP operations are something to worry about. As soon as rates go up to a certain level, MMFs will start moving their cash elsewhere and ON-RRP volume will shrink again (and treasury balance for the Fed increases as a result). My prediction is that we'll enter a similar cycle before 2020 where rate increases become more abundant (we're seeing hints of this already with recent 5bps increase).
+
+Edit: Fuck. Ignore the orders of magnitude part. I overshot big-time 😅 10^6, 10^12, 10^18, far more than two orders of magnitude. It however may be referring to different events 🤔Let me know your thoughts in the comments!
+
+Edit:
+
+Thanks for taking the time to read, judging by the top comments while I was asleep, it looks like i succeeded in creating some awesome discussion and further thoughts on this topic! I encourage you to take this further and write even better DDs that help promote our knowledge within the sub on the matter!
+
+Thanks for the great comments [u/Longjumping_College](https://www.reddit.com/u/Longjumping_College/), [u/Criand](https://www.reddit.com/u/Criand/), [u/lightwhite](https://www.reddit.com/u/lightwhite/) [u/Modswithnobods](https://www.reddit.com/u/Modswithnobods/)!

DD/2021-06-30-The-Long-Con.md

@@ -0,0 +1,9 @@
+# The Long Con 
+
+| Author       | Source       | 
+| :-------------: |:-------------:|
+|  Saved by [u/bossmighty](https://www.reddit.com/user/bossmighty/) | [PDF Host](https://pdfhost.io/v/O.YHbvSRP_TLC_THE_LONG_CON_The_markets_are_frothing_with_liquiditypdf.pdf) | 
+
+---
+
+[The-Long-Con.pdf](https://github.com/verymeticulous/wikAPEdia/files/6744919/The-Long-Con.pdf)

DD/2021-06-30-Through-the-Looking-Glass.md

@@ -0,0 +1,10 @@
+# Through the Looking Glass
+
+| Author       | Source       | 
+| :-------------: |:-------------:|
+| Saved by [u/bossmighty](https://www.reddit.com/user/bossmighty/) | [PDF Host](https://pdfhost.io/v/KhuW5HZ~N_THROUGH_THE_LOOKING_GLASS.pdf) | 
+
+---
+
+[Through-the-Looking-Glass.pdf](https://github.com/verymeticulous/wikAPEdia/files/6744911/Through-the-Looking-Glass.pdf)
+

DD/2021-07-02-DTCC-Covered-up-the-Fraud-that-Enables-Naked-Short-Selling.md

@@ -0,0 +1,116 @@
+The DTCC (Depository That Clears Counterfeits) is finished. They covered up the fraud that enables naked short selling and are why we will MOASS to epic proportions.
+=====================================================================================================================================================================
+
+| Author       | Source       | 
+| :-------------: |:-------------:|
+|  [u/JustBeingPunny](https://www.reddit.com/user/JustBeingPunny/) | [Reddit](https://www.reddit.com/r/Superstonk/comments/ocds1m/the_dtcc_depository_that_clears_counterfeits_is/) | 
+
+---
+
+[DD 👨‍🔬](https://www.reddit.com/r/Superstonk/search?q=flair_name%3A%22DD%20%F0%9F%91%A8%E2%80%8D%F0%9F%94%AC%22&restrict_sr=1)
+
+TL;DR - The naked shorting scandal is much worse than you may have first believed. The 'real' shares in your account hold the exact same rights as any other, but behind the curtain, the DTCC has historically covered up the FTDs and mass naked shorting using CEBE (Counterfeit Electronic Book Entries). This is the DTCC's way of maintaining this reverse Ponzi scheme. This is why an NFT dividend would ruin them, as they can't 'cook the books' for everyone to get one. The DTCC is fuk.
+
+Edit - If the DTCC wasn't royally fucked...why would they be passing so many rules to push the blame on to the participants? Tits = Jacqued
+
+House of Cards was an extraordinary insight to the inner workings of the DTCC. If you haven't read it by now, you should before you read this post, as it assumes a fundamental knowledge of them. I have also obtained much data here from the naked short selling expert Jim DeCosta. If you haven't read his letters to the SEC, I urge you too. They're long but they were dumbed down so even the SEC could understand them.
+
+I ain't no financial advisor.
+
+________________________________________________________________________________________________________________________________
+
+A brief history -
+
+*For ease of typing I will be using NSS to refer to Naked Short Selling.*
+
+[![r/Superstonk - The DTCC (Depository That Clears Counterfeits) is finished. They covered up the fraud that enables naked short selling and are why we will MOASS to epic proportions.](https://preview.redd.it/97pzaly4tt871.png?width=254&format=png&auto=webp&s=c655a0725b3d4a01b5a28cbaed1df4e3b02a36e3)](https://preview.redd.it/97pzaly4tt871.png?width=254&format=png&auto=webp&s=c655a0725b3d4a01b5a28cbaed1df4e3b02a36e3)
+
+NSS has been as systemic issue YEARS before the financial crash of 2008. There were warnings of this to the SEC back in 2006 and of course, they did nothing. The small changes they did implement were miniscule in effect, which continued to enable predatory short sellers to cause financial 'death spirals' to bankruptcy.
+
+Do you know how institutions defended NSS as a necessary evil in the markets? Pump and dumps.
+
+NSS was meant to 'curb the fraud' and 'protect investors'. It was argued that pump and dumps would run riot without the ability to sell shares they couldn't borrow. Collectively, these 'shareholder advocates' are generously offering their services in the fight back against pump and dumps.
+
+They're offering to step up and volunteer to become a pseudo-sheriff and sell non-existent stocks into the hands of 'about to become victims'. They don't own the shares, nor did they check the 'borrowability' of them. They're generously volunteering to take the investors money in exchange for a CEBE, artificially raising the supply. This of course, immediately does damage to the investment, the company and existing shareholders.
+
+After the naked short has been done, what now? Well the 'would be victim' and the 'shareholder advocate' now fundamentally have goals that are polar opposite. The buyer wants the stock to go to the moon. The naked short seller wants the business to bankrupt. It begs the question; why would an entity volunteering to protect against fraud, still take the money of the investor?
+
+*Wouldn't you agree that pump and dumps and NSS go hand in hand? Pump up a stock and then bear raid it into the ground? It was a way to maximize profit on the DOWN in the dump phase.*
+
+_____________________________________________________________________________________________________________________________
+
+1+1 = 3
+
+The maximum amount of shares that can LEGALLY be sold short is governed by the number shares that can LEGALLY be borrowed. NSS ignores this fundamental basic mechanism. In fact, the DTCC enables this further due to the fact a single share can be lent out in multiple directions. This is the reason for FTDs in the hundreds of percent.
+
+So how does this play into GameStop? How do you know your share is a real share and not a CEBE?
+
+Answer : YOU DON'T, AND IT DOESN'T FUCKING MATTER. ONE. BIT.
+
+To the general public, your share is as good as my share. It holds the same rights as any other. If I hold 100 shares of the same 1 share, it doesn't matter one bit. I have the legal rights to 100 shares.
+
+You know who it does matter to? The DTCC and its' participants. They have an accounting nightmare on their hands.
+
+Imagine the DTCC selling the same lambo 100 times? Those 100 buyers believe they own a lambo, can sell the title to the lambo, heck they can even use the car as collateral! Well, what happens when Lamborghini decide to issue every single owner with a special keychain?
+
+The DTCC can't replicate this keychain and you as an owner are still legally entitled to receive it.
+
+[![r/Superstonk - The DTCC (Depository That Clears Counterfeits) is finished. They covered up the fraud that enables naked short selling and are why we will MOASS to epic proportions.](https://preview.redd.it/x6835ephtt871.png?width=679&format=png&auto=webp&s=8c81d33ae1ab915c044ac27395a8ff5d79d769ce)](https://preview.redd.it/x6835ephtt871.png?width=679&format=png&auto=webp&s=8c81d33ae1ab915c044ac27395a8ff5d79d769ce)
+
+This is the same situation as GameStop. You thought you were buying shares from a 'real shareholder'. You see a number of shares in your brokerage account. Why would you even think for one second that the shares aren't even there? You see no reason to ask for the validity of the delivery of certificated shares. It's also why brokers strongly advocate against clients demanding paper certificates of their shares. One firm in 1999 urged fellow DTCC participants to hike up fees for share certificates to hinder investors demanding proof of purchase.
+
+So you bought some shares. You see the number. Where are they? Well, they're 'conveniently' held in an anonymous 'pool' of all of the other shares. It's like taking a bunch of green skittles (real shares) and red skittles (naked shares) and throwing them into a bag, mixing em' up and asking a colorblind person to pick one out?
+
+To them? It's any old skittle.
+
+Now what if all the red skittles all needed to be taken back?
+
+What if the bag was FULL of red skittles.
+
+*The only person who knew what color went where was the person holding the bag (The DTCC). (wow irony)*
+
+________________________________________________________________________________________________________________________________
+
+The CEBEs at the DTCC do not represent what you think of as 'shares'. Shares are a 'package of rights' attached to a public company. I hate to break it but this doesn't include the other millions of shares (beyond the public float) that are counterfeit in the system. Real shares also hold the right to any dividends distributed.
+
+So say a company issued dividends that were shares to all shareholders? You hold one share? You get another one! The float is 100 million shares. The transfer agent would send a 'real' certificate made out to Cede and Co. for another 100 million shares to give to each and every share holder. What happens when an extra 400 million show up as being 'delivered' to shareholders?
+
+Because the DTCC are complicit in ensuring that this fraud is covered up every time a shareholder tries to exercise of the rights attached to only 'real' shares. These CEBEs at the DTCC are NOT real shares and do not have the rights attached with them. HOWEVER, THEY HAVE TO MAINTAIN THE ILLUSION THAT THEY HAVE THESE RIGHTS TO NOT EXPOSE THIS FRAUD.
+
+Why would they do this? THEY HAD TO. Otherwise, they would have to inform the owners of these other 300 million shares that what they had was:
+
+- non-existent
+
+- not actually real
+
+- no rights to the dividend
+
+- their money in the pockets of the seller
+
+What happens if you want to sell your share. The DTCC won't turn around and say, '*you can't sell that because we never got good delivery of your purchase*'. The broker would have normally just sold your counterfeit shares to the next naïve investor. Have you ever heard of an investor who got a proxy solicitation statement that indicated that he or she can't vote his or her shares because they are counterfeit and there never were any voting rights attached? The DTCC has to maintain this illusion otherwise the reverse ponzi scheme will be revealed.
+
+So what happens if an NFT is issued as a dividend? The DTCC can't 'cook the books' and are forced to reconcile the float back down to its' issued amount.
+
+Shorts HAVE to close their positions. They need everyone to sell to cancel out their 'fake borrow'. What if no one sells? YOU GET THE FUCKING MOASS.
+
+______________________________________________________________________________________________________________________________
+
+So what did you actually buy?'
+
+You bought the right to sell a Counterfeit Electronic Book Entry.
+
+You bought a put option with no expiry date.
+
+You were conned.
+
+Does it matter? Not a fucking bit. You are entitled to the rights just as much as anyone else and the DTCC are going to have a really hard time getting you a dividend that isn't cash or stock.
+
+And if they can't, they have to buy back your share at a price YOU STATE AND THERE IS NOTHING THEY CAN DO ABOUT IT.
+
+[![r/Superstonk - The DTCC (Depository That Clears Counterfeits) is finished. They covered up the fraud that enables naked short selling and are why we will MOASS to epic proportions.](https://preview.redd.it/4ykybhextt871.png?width=941&format=png&auto=webp&s=790e1fb7bda1744e9c09d76896b34876d83bb888)](https://preview.redd.it/4ykybhextt871.png?width=941&format=png&auto=webp&s=790e1fb7bda1744e9c09d76896b34876d83bb888)
+
+The irony? For them to cover, you're going to have to sell something that doesn't exist. That is...if you ever sell...
+
+________________________________________________________________________________________________________________________________
+
+*Part two?- How T+0 is the best case for the DTCC, naked short selling and outright fraud*

DD/2021-07-02-GameStop-Crypto-Dividend-will-NOT-be-an-NFT.md

@@ -0,0 +1,64 @@
+A GameStop crypto dividend will NOT be an NFT. Misinformation and incorrect terminology is running rampant, let's clear it up.
+==============================================================================================================================
+
+| Author       | Source       | 
+| :-------------: |:-------------:|
+|  [u/GooseG17](https://www.reddit.com/user/GooseG17/) | [Reddit](https://www.reddit.com/r/Superstonk/comments/ocnofw/a_gamestop_crypto_dividend_will_not_be_an_nft/) | 
+
+---
+
+[Education 👨‍🏫 | Data 🔢](https://www.reddit.com/r/Superstonk/search?q=flair_name%3A%22Education%20%F0%9F%91%A8%E2%80%8D%F0%9F%8F%AB%20%7C%20Data%20%F0%9F%94%A2%22&restrict_sr=1)
+
+I'm sorry for the condescending title. I promise I'm friendly, just stupid af.
+
+Edit: This post assumes at least basic understanding of these technologies. Please read my linked post if you do not have that understanding yet.
+
+I made a [post](https://old.reddit.com/r/Superstonk/comments/oc7ji4/clarifying_nfts_what_they_are_good_for_and_what/) yesterday explaining blockchain, tokens and NFT's, but there are still posts hitting the front page that refer to "NFT dividends" surprised Pikachu, so let's make this nice and simple.
+
+1.  Overstock was the first to issue a crypto dividend. Their dividend token is *not* an NFT.
+
+2.  Dividends are usually cash or a security. Both are fungible, so a *non-fungible* token may not be considered a valid dividend (IANAL), while Overstock has shown that a *fungible* token will hold up in court.\
+    Edit: Dividends can also be other forms of property, which likely invalidates my thoughts on validity. This point is flawed, but I'll leave it here for my deserved criticisms.
+
+3.  Giving shareholders, who all hold *identical shares* crypto rewards that are *not* identical would be unfair to shareholders. How would it be determined who gets the first token? Or 69, 420 or any other fun number? I think avoiding the issue entirely is the best course of action.
+
+4.  Transactions involving NFT's are *many times* more expensive than standard tokens due to their significantly greater complexity. Using them unnecessarily is wasteful at best, downright stupid at worst.
+
+5.  Using *non-fungible* tokens would mean that they can only be traded in whole increments, which is a limitation that makes no sense for this use case. For example, Overstock issued 0.1 tokens per share, which would not be possible with an NFT.
+
+6.  Trading NFT's isn't as simple as trading a standard token. We're already struggling with blockchain concepts, we don't need added complexity. It makes more sense to use a token that works exactly as you would expect a currency to work.
+
+7.  A fungible dividend could have more functional use, such as being directly usable as currency when shopping at GameStop. Indivisible tokens (NFT's) wouldn't work for this. What if all prices were multiples of $10? A more flexible option is necessary.
+
+    1.  Imagine a GameStop cryptocurrency that can be used in an NFT marketplace (in-game items, etc.) or in-store. A dividend issuing that currency could give a massive boost in adoption.
+
+8.  The initial issuing of NFT's is *much* more expensive. I'm talking orders of magnitude. Each individual token will incur a large transaction fee, while a normal token can be one small transaction fee *per shareholder*. Sending three NFT's looks like this:\
+    Send token 1 to x address\
+    Send token 2 to x address\
+    Send token 3 to x address
+
+A normal token is always one transaction, no matter how many tokens are sent:\
+Send 3 tokens to x address
+
+Making NFT minting more efficient is possible, but is not a native feature at this time. I don't think GameStop will waste money on unnecessary fees.
+
+* * * * *
+
+Seeing this sub, which is a bastion of truth in a world of lies, ignite with misinformation on a topic simpler than the complexities of the behind-the-scenes of the financial systems we are used to is a bit surprising. Let's make an effort to gain some wrinkles on blockchain and related topics, since it seems to be a major part of GameStop's plans for the future.
+
+Smooth-brain summary:\
+There are many use cases for NFT's that GameStop can capitalize on, but I argue that a dividend is not one of them. A crypto dividend would make the most sense as an old-school, fungible token.
+
+Edit: Added mention of securities as dividends. Thanks [u/fubar95](https://www.reddit.com/u/fubar95/)!
+
+Edit 2: Property dividends were brought to my attention. My statements about legality are probably invalid. Thanks [/u/chickeni3oo](https://www.reddit.com/u/chickeni3oo/)!
+
+Edit 3: To be perfectly clear, I am arguing that a dividend would not be an NFT, not that there will or will not be a dividend. Dividend talks are entirely speculation, and I am merely trying to clear up misunderstandings on what NFT's are good for.
+
+Edit 4: Expanded point 3
+
+Edit 5: Added point 7
+
+Edit 6: Added point 7.1
+
+Edit 7: Added point 8

DD/2021-07-02-More-Evidence-Pointing-to-the-use-of-Deep-ITM-Calls-and-Deep-OTM-Puts-to-Hide-Short-Interest.md

@@ -0,0 +1,12 @@
+Well, there it is. More math/evidence pointing to the use of Deep ITM CALLs and Deep OTM PUTs to hide SI in synthetics rather than covering their shorts. This was done through buy-write trades to dodge Reg Sho Close-Out obligations.
+========================================================================================================================================================================================================================================
+
+| Author       | Source       | 
+| :-------------: |:-------------:|
+|  [u/Criand](https://www.reddit.com/user/Criand/) | [Reddit](https://www.reddit.com/r/Superstonk/comments/oc4f79/well_there_it_is_more_mathevidence_pointing_to/) | 
+
+---
+
+[Education 👨‍🏫 | Data 🔢](https://www.reddit.com/r/Superstonk/search?q=flair_name%3A%22Education%20%F0%9F%91%A8%E2%80%8D%F0%9F%8F%AB%20%7C%20Data%20%F0%9F%94%A2%22&restrict_sr=1)
+
+[![r/Superstonk - Well, there it is. More math/evidence pointing to the use of Deep ITM CALLs and Deep OTM PUTs to hide SI in synthetics rather than covering their shorts. This was done through buy-write trades to dodge Reg Sho Close-Out obligations.](https://i.redd.it/z7k7jiowsq871.png)](https://i.redd.it/z7k7jiowsq871.png)

DD/2021-07-04-Is-the-Bubble-Bursting.md

@@ -0,0 +1,68 @@
+Is the bubble bursting? It's all connected. GME will moon one way or another.
+=============================================================================
+
+| Author       | Source       | 
+| :-------------: |:-------------:|
+|  Saved by [u/chanunnaki](https://www.reddit.com/user/chanunnaki/) | [Reddit](https://web.archive.org/web/20210705034232if_/https://www.reddit.com/r/Superstonk/comments/odsedt/is_the_bubble_bursting_its_all_connected_gme_will/) | 
+
+---
+
+[DD 👨‍🔬](https://web.archive.org/web/20210705034232/https://www.reddit.com/r/Superstonk/search?q=flair_name%3A%22DD%20%F0%9F%91%A8%E2%80%8D%F0%9F%94%AC%22&restrict_sr=1)
+
+I am an XXX holder and a QA rep. Numbers are my thing at work and analyzing the numbers on the market do not make sense right now. Please don't kick my ass over this not being charts of GME. I am thoroughly convinced that almost anything market related could lead to a GME squeeze.
+
+By now, I'm sure everyone has read the house of cards, as well as, the everything short. GameStop is connected to everything as of this point. If we are talking about a 200,300,400 etc. % short interest, then everything leads back to GameStop. (or whatever entities are shorting GameStop) Downvote me if you'd like, but I believe the housing market could be our card to start our show if a dividend is not what first kicks us off.
+
+*The Curtains are starting to be pulled open*
+
+Why does this matter? Housing market doesn't affect GME?
+
+FuCk YoU iT DoES. No but really, when these banks start losing money on defaults and risky mortgages, you really think they want to further their losses by dealing with some over leveraged funds? No. The house of cards is real, and it isn't if the house is coming down, its WHAT card will bring it down. Lets begin.
+
+TLDR: Everyone is kicking the can down the road, even the government. I firmly believe we will see an economic collapse or correction of at least 35%. With GMEs negative beta and amount of short positions and naked shorting, should the housing market fall, it will create a ripple effect and the curtains for our show will be opened and it will begin. Inflation, unemployment, housing prices, CPI all rising but wages staying the same. The bubble is running out of room to expand.
+
+[![r/Superstonk - Is the bubble bursting? It's all connected. GME will moon one way or another.](https://web.archive.org/web/20210705034232im_/https://preview.redd.it/eo5b5hxb29971.png?width=971&format=png&auto=webp&s=c85f49314cf5d1c902e0371fdced51f83e44e50c)](https://web.archive.org/web/20210705034232/https://preview.redd.it/eo5b5hxb29971.png?width=971&format=png&auto=webp&s=c85f49314cf5d1c902e0371fdced51f83e44e50c)
+
+Lumber prices currently cut in half from peak.
+
+People who say lumber prices are fueling the housing inflation crisis are wrong, but, people will still look at this as a negative sentiment and may begin looking for an out. (selling their property)
+
+[![r/Superstonk - Is the bubble bursting? It's all connected. GME will moon one way or another.](https://web.archive.org/web/20210705034232im_/https://preview.redd.it/vglf4o3a39971.png?width=926&format=png&auto=webp&s=410fd94e4d65d16dff7d9b13dcc251a7745a8365)](https://web.archive.org/web/20210705034232/https://preview.redd.it/vglf4o3a39971.png?width=926&format=png&auto=webp&s=410fd94e4d65d16dff7d9b13dcc251a7745a8365)
+
+Mortgage applications rate YOY Refinancing
+
+[![r/Superstonk - Is the bubble bursting? It's all connected. GME will moon one way or another.](https://web.archive.org/web/20210705034232im_/https://preview.redd.it/dxbdc15m39971.png?width=920&format=png&auto=webp&s=bb04c2a7cb3286f5cbe9c96c5bf81694de110bff)](https://web.archive.org/web/20210705034232/https://preview.redd.it/dxbdc15m39971.png?width=920&format=png&auto=webp&s=bb04c2a7cb3286f5cbe9c96c5bf81694de110bff)
+
+Mortgage applications rate YOY new purchase
+
+What this means simply is everyone who can qualify/afford a home at this point is almost exhausted and new applicants are simply either not able to qualify or can't find a home with this inflated market. Eventually there will not be enough demand to satisfy once forbearance ends and supply hits the market.
+
+Here we take a look at housing prices related to income YOY. This is wrong. We have wages either staying stagnant or dropping and everything else increasing? No get fucked.
+
+[![r/Superstonk - Is the bubble bursting? It's all connected. GME will moon one way or another.](https://web.archive.org/web/20210705034232im_/https://preview.redd.it/4knhc92059971.png?width=916&format=png&auto=webp&s=c830f12787a33f9f729bf6e6198e05342ecf1abd)](https://web.archive.org/web/20210705034232/https://preview.redd.it/4knhc92059971.png?width=916&format=png&auto=webp&s=c830f12787a33f9f729bf6e6198e05342ecf1abd)
+
+Average Home Price YOY
+
+[![r/Superstonk - Is the bubble bursting? It's all connected. GME will moon one way or another.](https://web.archive.org/web/20210705034232im_/https://preview.redd.it/hjbhosr159971.png?width=855&format=png&auto=webp&s=8e869b0b98f985e63ea02aa4918b252c1c01ff65)](https://web.archive.org/web/20210705034232/https://preview.redd.it/hjbhosr159971.png?width=855&format=png&auto=webp&s=8e869b0b98f985e63ea02aa4918b252c1c01ff65)
+
+Wage Growth Tracker
+
+The media is filling our heads with lies of a housing shortage but that is quite the contrary. People who SHOULD have been foreclosed on or otherwise not able to meet requirements, were not due to the forbearance, thus supply has not gone up. *(Don't get me wrong, we needed this badly with how things went last year, but they should have ended sooner than all of this. If you are someone who needs it and uses it responsibly, you have my blessing)*. I know a lot of people who misused this setting and instead of saving that money they weren't spending, they bought new shit like guns and cars etc. The truth is, supply of houses are about to be high.
+
+[![r/Superstonk - Is the bubble bursting? It's all connected. GME will moon one way or another.](https://web.archive.org/web/20210705034232im_/https://preview.redd.it/r7k9x7h869971.png?width=1258&format=png&auto=webp&s=cde9fc443d6734417050ffc709d29d061c95c237)](https://web.archive.org/web/20210705034232/https://preview.redd.it/r7k9x7h869971.png?width=1258&format=png&auto=webp&s=cde9fc443d6734417050ffc709d29d061c95c237)
+
+New housing starts
+
+Here you can see that in fact housing development is at highest rates, or equal to in years. So what happens when all this new housing hits the market, forbearance ends and foreclosures begin? Well a lot of people lose their ass. Primarily the people who bought the top and now owe 400k on a home that's worth 360k. Again, this becomes the banks responsibility should the buyer not be able to weather the storm.
+
+[![r/Superstonk - Is the bubble bursting? It's all connected. GME will moon one way or another.](https://web.archive.org/web/20210705034232im_/https://preview.redd.it/sxyy8x3l79971.png?width=1454&format=png&auto=webp&s=da2e6c2312a86ccd2f76fcc822c08604bf351ceb)](https://web.archive.org/web/20210705034232/https://preview.redd.it/sxyy8x3l79971.png?width=1454&format=png&auto=webp&s=da2e6c2312a86ccd2f76fcc822c08604bf351ceb)
+
+CPI Chart
+
+Again we have a CPI Chart that only rises, which wouldn't be a problem, but oh wait, wages are stagnant or decreasing.
+
+Here is one last visual before I go to dinner with my family and watch fireworks.
+
+[![r/Superstonk - Is the bubble bursting? It's all connected. GME will moon one way or another.](https://web.archive.org/web/20210705034232im_/https://preview.redd.it/l9s45qsr89971.png?width=1133&format=png&auto=webp&s=40c882918f915d32c0af437f13001dd281abe9a5)](https://web.archive.org/web/20210705034232/https://preview.redd.it/l9s45qsr89971.png?width=1133&format=png&auto=webp&s=40c882918f915d32c0af437f13001dd281abe9a5)
+
+Delinquencies 30, 60, 90 days late all subject to foreclosure if the buyer cannot keep up.

DD/2021-07-05-The-OTC-Conspiracy-Part-I.md

@@ -0,0 +1,358 @@
+The OTC Conspiracy - GME, idiosyncrasies, and the infinite Banana Trees (Part 1)
+================================================================================
+
+| Author       | Source       | 
+| :-------------: |:-------------:|
+|  [u/nayboyer2](https://www.reddit.com/user/nayboyer2/) | [Reddit](https://www.reddit.com/r/Superstonk/comments/oejtty/the_otc_conspiracy_gme_idiosyncrasies_and_the/) | 
+
+---
+
+[DD 👨‍🔬](https://www.reddit.com/r/Superstonk/search?q=flair_name%3A%22DD%20%F0%9F%91%A8%E2%80%8D%F0%9F%94%AC%22&restrict_sr=1)
+
+"Let's take another dive into that Dark Pool data
+
+And learn why our stonk has such a Negative Beta
+
+High Frequency Trading, when they got stuck
+
+TLDR: Hedgies R Fuk"
+
+I'm a long-winded SOB, so I'm going to break this into 2 parts.
+
+I'll start with Part 1 and cover November through March.
+
+I know Part 1 is a big stinky Data Dump, but I'll try to include some additional take-home points in Part 2 once they release the final May data.
+
+Part 2 will include April through May plus some "Bananas for Thought".
+
+There's a Visual TLDR at the end, so you could probably start there if you're not a data donkey like me.
+
+I've been looking at the OTC data for a couple of months:
+
+[Missing Bananas 1](https://www.reddit.com/r/Superstonk/comments/mvfs0c/over_30_of_gme_bananas_are_missing_from_bloomberg/) (4/21)
+
+[Missing Bananas 2](https://www.reddit.com/r/Superstonk/comments/mx4j9p/dark_pool_dd_summary_and_a_quick_update_on_all/) (4/23)
+
+[The OTC Conspiracy](https://www.reddit.com/r/Superstonk/comments/myf505/probably_the_last_dd_youll_ever_need_to_read_the/) (4/25)
+
+[The OTC Conspiracy Part 2](https://www.reddit.com/r/Superstonk/comments/n5q76p/the_otc_conspiracy_part_2_shining_some_light_into/) (5/5)
+
+[OTC Conspiracy Graph](https://www.reddit.com/r/Superstonk/comments/o5amd8/the_otc_conspiracy_this_graph_and_data_shows_gme/) (6/21)
+
+There's no doubt in my mind that the OTC has been used for fuckery and manipulation in an effort to control the price. For this post, I decided to evaluate the OTC from a slightly more macro perspective. In the [OTC Conspiracy Part 2](https://www.reddit.com/r/Superstonk/comments/n5q76p/the_otc_conspiracy_part_2_shining_some_light_into/), I compared GME OTC to 33 other stocks. The sample wasn't perfect, but it was clear GME has been traded more in the OTC than any other stock.
+
+For this post, I wanted to look at how GME has been handled in OTC compared to the OTC as a whole.
+
+Why should we care about the OTC?
+
+The NYSE President, Stacey Cunningham, confirmed in an interview last month that the prices of "meme stocks" may be distorted because the majority of trades in those names are executed away from public exchanges where share price formation occurs.
+
+From the Reuters article about that interview, [Meme Stock Prices May Not Properly Reflect Demand](https://www.reuters.com/business/meme-stock-prices-may-not-properly-reflect-demand-nyse-president-2021-06-16/), Stacey Cunningham says:
+
+"In some of the meme stocks that we've seen, or stocks that have a high level of retail participation, the vast majority of order flow can trade off of exchanges, which is problematic."
+
+"That price formation is not really reflective of what supply and demand is."
+
+"Individual traders contribute as much as 70% of the volume (in these stocks)"
+
+As the article states, the majority of retail orders bypass exchanges because of Payment for Order Flow arrangements, in which retail brokerages sell their customers' marketable orders to wholesale brokers. The wholesalers match the orders internally, trying to profit off of the bid-ask spread, while offering retail traders the 'best market price or better'.
+
+But the practice raises conflict of interest questions, including whether off-exchange trading - which is about 50% of the market when institutional block trades are included - distorts the price discovery mechanism for stocks, Gary Gensler said.
+
+GGee... I wonder...
+
+Preface to the Data
+
+Let's jump right in. Please note that I removed De Minimis Firms from my monthly data analysis because these firms are too small or too cowardly to identify themselves as GME OTC participants (was dat u Melvin?). Each participant is identified individually in FINRA Total OTC data so it was very difficult to compare.
+
+Because I had to remove De Minimis Firms from the analysis, the actual monthly GME OTC totals are slightly less than the original FINRA data that I presented in my previous posts. However, doing this allowed me to look at each participant's monthly activity across the entire OTC and compare it to their monthly activity for GME.
+
+I have zero finance background, so I'm going to try to limit speculation as much as possible and leave that to the wrinkly-brained apes in the comments and in future posts.
+
+All the data is directly from the [FINRA OTC website](https://otctransparency.finra.org/otctransparency/OtcIssueData).(<https://otctransparency.finra.org/otctransparency/OtcIssueData>)
+
+FINRA somehow thinks it's fair and reasonable to release this "top secret data" at least 4 weeks delayed, so Part 2 will only include data through May, after it gets released tomorrow.
+
+December and November OTC
+
+A normal November and a December dial-up
+
+[![r/Superstonk - The OTC Conspiracy - GME, idiosyncrasies, and the infinite Banana Trees (Part 1)](https://preview.redd.it/gvkmrk5smh971.png?width=1580&format=png&auto=webp&s=ce9c3b62c8794e8a2cb2ef5301b070cba1fcb46d)](https://preview.redd.it/gvkmrk5smh971.png?width=1580&format=png&auto=webp&s=ce9c3b62c8794e8a2cb2ef5301b070cba1fcb46d)
+
+In November and December, GME OTC trades accounted for 0.11% and 0.17% of participants total OTC trading activity
+
+November:
+
+-   8 participants
+
+-   GME was 0.10% of Total OTC shares traded for these participants
+
+-   GME was 0.11% of Total OTC trades for these participants
+
+-   201 million OTC trades; GME ~ 224,000
+
+-   OTC ~ 313 shares/trade; GME 290 shares/trade
+
+-   GME price ~ $12-16
+
+December:
+
+-   7 participants
+
+-   GME 0.13% of Total Shares
+
+-   GME 0.17% of Total Trades
+
+-   241 million OTC trades; GME ~ 406,000 (81.3% monthly increase from November)
+
+-   OTC ~ 313 shares/trade; GME 247 shares/trade
+
+-   GME Price ~ $16-$20
+
+In November, GME was 0.10% of total OTC shares traded and 0.11% of total OTC trades. To me, it makes sense to have a similar allocation of % shares traded and % trades. It also makes sense that the shares/trade for GME would be similar to the entire OTC marketplace (290 vs 313). That's why I feel like November provides a good basis for comparison even though GME was heavily manipulated well before November and December 2020.
+
+In December, we already see these numbers begin to skew. GME was 0.13% of shares, and 0.17% of trades and the average shares/trade for GME dropped from 290 in November to 247 in December. The average shares/trade for these participants across the entire OTC marketplace (including GME) remained at 313.
+
+January OTC
+
+The January Jump-Off
+
+[![r/Superstonk - The OTC Conspiracy - GME, idiosyncrasies, and the infinite Banana Trees (Part 1)](https://preview.redd.it/b9v5q2oqk9971.png?width=1770&format=png&auto=webp&s=15926b50d64846a4da254cc245025db4fd9e279c)](https://preview.redd.it/b9v5q2oqk9971.png?width=1770&format=png&auto=webp&s=15926b50d64846a4da254cc245025db4fd9e279c)
+
+In January, GME OTC trades accounted for 1.85% of all OTC trades for these participants. GME shares accounted for 0.51% of all OTC shares traded
+
+January:
+
+-   14 participants (from 7 in December)
+
+-   GME was 0.51% of Total OTC shares traded
+
+    -   The monthly % increase in GME OTC shares traded OTC was over 518% from December and over 700% from November
+
+-   GME was 1.85% of Total OTC Trades for these participants
+
+    -   Up from 0.17% in December and 0.11% in November
+
+-   OTC ~ 311 million trades; GME 5.76 million trades
+
+    -   1319% monthly % increase in GME OTC trades from December
+
+    -   2473% monthly % increase in GME OTC trades from November
+
+-   OTC ~ 328 shares/trade; GME 90 shares/trade
+
+-   GME closing price ~ $17 - $347 (but only 4 trading days closed above $100)
+
+We know that the volume in January was literally bananas (over 1.26 billion). And over 49% of that volume (over 624 million) went to the OTC and ATS dark pools.
+
+The GME average shares/trade decreased from 247 to 90, while the average shares/trade for these participants across the entire OTC marketplace (including GME) increased from 313 to 328.
+
+GME was 0.51% of total OTC shares traded for these participants.
+
+Meanwhile, the idiosyncrasy of % shares and % trades was further amplified, with GME accounting for 1.85% of total OTC trades. So almost 1 out of every 50 OTC trades across the entire OTC marketplace for these participants was GME.
+
+Meanwhile, more than 1 out of every 50 OTC trades (2.23%) that Citadel made in January was GME (and they trade a LOT of securities). They traded more shares OTC in January than any other month to date. Their shares/trade for GME dropped from 360 to 98, while their shares/trade for the entire OTC (including GME) increased from 353 to 390. They increased their GME monthly shares from 47 million in December to over 252 million (an increase of 432%). They made almost 2.56 million GME OTC trades, an increase of over 1840% from December and an increase of over 3270% from November.
+
+They weren't acting alone. I bolded all of the participants whose GME trades accounted for >1% of their overall OTC trades (11 of 14 participants).
+
+-   Virtu increased their GME trades by over 1150%
+
+-   G1 Execution increased their GME OTC trades by over 1419%
+
+-   Jane Street increased their GME OTC trades by over 1842%
+
+-   and UBS Securities increased their GME OTC trades by over 1423%
+
+-   Two Sigma (436%) and Wolverine (441%) also increased their trading in January
+
+Their only chance at remaining solvent was to turn off the buy button, kick the can with married puts, and initiate Fuckery in February.
+
+February OTC
+
+The February Fuckery was Afoot
+
+[![r/Superstonk - The OTC Conspiracy - GME, idiosyncrasies, and the infinite Banana Trees (Part 1)](https://preview.redd.it/szdozinfk9971.png?width=1773&format=png&auto=webp&s=408609baf93e5a3a253daf1b49bc21a6e28649c4)](https://preview.redd.it/szdozinfk9971.png?width=1773&format=png&auto=webp&s=408609baf93e5a3a253daf1b49bc21a6e28649c4)
+
+Robinhood enters the fray in February, making 772,000 trades with 774,600 shares
+
+February
+
+-   14 participants (from 14 in January)
+
+-   GME accounted for 0.31% of Total OTC shares traded (from 0.51% in January)
+
+    -   The monthly GME OTC shares decreased 42.3% from January
+
+    -   However, the monthly GME OTC shares traded was still up over 199% from December and over 361% from November
+
+-   GME accounted for 2.24% of Total OTC Trades for these participants
+
+    -   Up from 1.85% in January, 0.17% in December, and 0.11% in November
+
+-   OTC ~ 345 million trades; GME 7.73 million trades
+
+    -   34.2% monthly % increase in GME OTC trades from January
+
+    -   1804% monthly % increase in GME OTC trades from December
+
+    -   3353% monthly % increase in GME OTC trades from November
+
+-   OTC ~ 283.3 shares/trade; GME 38.8 shares/trade
+
+-   GME closing price ~ $40-$225 (but only 3 trading days closed above $100)
+
+So, while there was a 42% decrease in GME shares traded OTC, there was a 34.2% increase in trades... What else changed?
+
+Robinhood entered the OTC for the first time in February. They actually eased into it nice and slow.
+
+-   Week of 2/1 - 0 trades
+
+-   Week of 2/8 - 1,675 trades
+
+-   Week of 2/15 - 14,900 trades
+
+Warming up with a little foreplay before the real GME molestation began.
+
+During the week of 2/22 they made over 755,400 trades with over 757,900 of our shares. You don't need a math degree to see that averages out to almost exactly 1.00 shares/trade.
+
+This was likely in an effort to try to mitigate the increase in price from having to cover some of January's mountain of FTDs that weren't tucked away in options. I remember watching these fuckers desperately try to suppress the price on 2/25 and 2/26.
+
+-   We opened on 2/24 at $44 and closed at $91 on 83 million in volume.
+
+-   We opened on 2/25 at $169, yet somehow closed at $108 on over 150 million in volume.
+
+-   On 2/26, we opened at $117 and closed at $101 on over 92 million in volume.
+
+I thought this deserved a closer look.
+
+[![r/Superstonk - The OTC Conspiracy - GME, idiosyncrasies, and the infinite Banana Trees (Part 1)](https://preview.redd.it/ci4tbrc4a9971.png?width=1715&format=png&auto=webp&s=0b2049cab89ede5ab148f33a867774c890431c51)](https://preview.redd.it/ci4tbrc4a9971.png?width=1715&format=png&auto=webp&s=0b2049cab89ede5ab148f33a867774c890431c51)
+
+February Fuckery was afoot during the week of 2/22. Robinhood made almost 24% of the GME OTC trades that week, more than even Citadel and trailing only Virtu
+
+Robinhood accounted for almost 24% of GME's weekly OTC trades, trailing only Virtu. They made more GME OTC trades than Citadel. GME accounted for almost 17.5% of their total OTC shares and almost 18.7% of their total OTC trades.
+
+GME was over 5.56% of the total OTC trades for these participants during the week of 2/22, but only 0.70% of the volume. GME was over 3% of total OTC trades in 13 out of the 15 participants (in bold).
+
+There were over 3.157 million GME trades on the OTC during this one week!
+
+To put that into perspective, the number of GME OTC trades in December was 406,000 and the number of GME OTC trades in November was less than 224,000. In fact, there was 225% more GME trades made in the OTC in that one week than September, October, November, and December COMBINED (1.4 million trades).
+
+The average shares/trade across the entire OTC (including GME) for these participants was over 305. The average shares/trade for GME was 38.5.
+
+I'm sure there are more connections we can make from this one week of data, but for brevity sake, I'm going to zoom back out to the monthly data.
+
+In February, Citadel was able to decrease the number of GME shares traded OTC by over 54% from January. However, Citadel actually increased the number of GME trades made OTC by 3.73% from January (an increase of 1912% from December and 3396% from November). Their average GME shares/trade decreased from 98.6 in January to 43.6 in February. Their average shares/trade across the entire OTC (including GME) dropped from 390 to 330. GME was still over 2% of their total OTC trades, but only 0.27% of their total OTC shares. It certainly seems like Ken was playing high frequency patty cake with his good pal Vlad, now that RH had conveniently joined the OTC frenzy.
+
+Citadel and Robinhood weren't the only participants to participate in this HFT frenzy. Virtu decreased their GME OTC shares traded by 15%, but increased the number of GME OTC trades by 12.25%. Their average shares/trade GME dropped from over 77 in January to 58 in February. GME accounted for 0.36% of their total OTC shares, but 1.94% of their total OTC trades.
+
+Wolverine went from 98 GME shares/trade in January to 3.85 shares/trade in February. They did so by decreasing the shares traded by 91%, while increasing the number of trades by 127.6%. GME was 0.03% of their total OTC shares traded, but 2.23% of their total OTC trades. No wonder why they sold their GME.
+
+G1 Execution dropped their GME shares/trade from 142 in January to 28.8 in February. They decreased their monthly GME shares traded by 64% and increased their monthly trades by almost 78% from January (up 2602% from December and 4033% from November). GME was over 3.8% of their total OTC trades, but only 0.45% of their OTC volume. Their shares/trade decreased from 142 in January to 28.8 in February (vs 244.7 for the entire OTC including GME).
+
+Two Sigma increased their GME OTC trades by almost 83% from January (up 881% from December and 1541% from November), but increased their shares by only 17.8%. Their shares/trade for GME dropped to an all-time low of 17.75.
+
+I could keep going with February Fuckery, but let's move on to The March Manipulation.
+
+March OTC
+
+The March Manipulation
+
+[![r/Superstonk - The OTC Conspiracy - GME, idiosyncrasies, and the infinite Banana Trees (Part 1)](https://preview.redd.it/ponb5hgvj9971.png?width=1621&format=png&auto=webp&s=8799c8667e212f9fc0a61ca930fa8c82228fc9ce)](https://preview.redd.it/ponb5hgvj9971.png?width=1621&format=png&auto=webp&s=8799c8667e212f9fc0a61ca930fa8c82228fc9ce)
+
+Robinhood upped the ante with 1.656 million trades using 1.658 million shares. The total percent of OTC trades that was GME increased for the 5th straight month to 2.32%.
+
+March:
+
+-   12 participants (from 14 in February)
+
+-   GME accounted for 0.30% of Total OTC shares traded (from 0.31% in February)
+
+    -   The monthly GME OTC shares decreased 17.07% from February
+
+    -   However, the monthly GME OTC shares traded was still up almost 148% from December and almost 283% from November
+
+-   GME accounted for 2.32% of Total OTC Trades for these participants increasing for the 5th straight month
+
+    -   Up from 2.24% in February, 1.85% in January, 0.17% in December, and 0.11% in November
+
+-   OTC ~ 329 million trades; GME 7.65 million trades
+
+    -   1.06% monthly % decrease in GME OTC trades from February
+
+    -   32.8% monthly % increase in GME OTC trades from January
+
+    -   1784% monthly % increase in GME OTC trades from December
+
+    -   3317% monthly % increase in GME OTC trades from November
+
+-   OTC ~ 255.3 shares/trade; GME 32.5 shares/trade
+
+-   GME closing price ~ $120-$265 (9 out of 20 trading days closed above $200)
+
+The GME shares/trade dropped to an all-time low of 32.5. Robinhood increased their GME OTC shares traded and number of GME OTC trades by 114% each. March was the month of the great Robinhood exodus, and it's likely that they began scrambling for shares. GME was over 7% of their total OTC shares and over 7.3% of their total OTC trades.
+
+The idiosyncrasies between % of total shares (0.30%) and % of total trades (2.32%) continued to widen. This is shown in the decreasing shares/trade and in the monthly % change (-17% shares vs -1% trades).
+
+Citadel's shares/trade for the entire OTC was almost 317.8, while their shares/trade for GME was 42.6.
+
+Jane Street continued to increase their GME OTC trading activity by another 60% in March (a 3705% increase from December and 6614% increase from November).
+
+Virtu continued to decrease their shares traded, while increasing their GME trades. They were the most active GME OTC participant in March, making almost 2 million trades, while dropping their shares/trade from 58 to 48. Meanwhile, their shares/trade across the entire OTC (including GME) was 279.
+
+The week of March 8th was kind of wacky:
+
+[![r/Superstonk - The OTC Conspiracy - GME, idiosyncrasies, and the infinite Banana Trees (Part 1)](https://preview.redd.it/z2yxmkqj8a971.png?width=1638&format=png&auto=webp&s=82e40b3b4208b6c5f88ddada08f96cd27d021d1f)](https://preview.redd.it/z2yxmkqj8a971.png?width=1638&format=png&auto=webp&s=82e40b3b4208b6c5f88ddada08f96cd27d021d1f)
+
+Robinhood leads the entire GME OTC in Trades
+
+Robinhood was 1.00% of the weekly OTC shares, but used those 765,000 shares to make over 763,000 trades, which was 25.78% of the weekly total. They made more OTC trades than any other participant. GME was almost 20% of their total OTC shares and almost 21% of their total OTC trades.
+
+Think about how many GME shares Robinhood had on default Margin in January... The mass exodus foiled their plan.
+
+There were 2.96 million GME OTC trades in one week. That's 211% more trades in one week than September, October, November, and December COMBINED (1.4 million trades).
+
+Shares/trade for the entire OTC (including GME) was 319.46, while shares/trade for GME was 25.85.
+
+GME accounted for 0.50% of the total OTC shares, but 6.15% of the total OTC trades. GME accounted for more than 3% of their total OTC trades for 13 out of 15 OTC participants. For G1 Execution, GME accounted 0.86% of their total OTC shares, but 9.20% of their total OTC trades.
+
+GME was only 0.57% of Virtu's OTC shares, but almost 5% of their total OTC trades.
+
+GME was only 0.36% of Citadel's OTC shares, but 4.16% of their total OTC trades.
+
+For the Visual Apes
+
+Let's end Part 1 with little TLDR:
+
+Monthly GME OTC trades September - March
+
+[![r/Superstonk - The OTC Conspiracy - GME, idiosyncrasies, and the infinite Banana Trees (Part 1)](https://preview.redd.it/72uezos4dh971.png?width=699&format=png&auto=webp&s=8e742a99fde0798cfd6f2d0b435517d2dfddbdf6)](https://preview.redd.it/72uezos4dh971.png?width=699&format=png&auto=webp&s=8e742a99fde0798cfd6f2d0b435517d2dfddbdf6)
+
+Huge increase in GME OTC trades
+
+Weekly GME OTC Trades (late September - March)
+
+[![r/Superstonk - The OTC Conspiracy - GME, idiosyncrasies, and the infinite Banana Trees (Part 1)](https://preview.redd.it/g6b7rhlbhh971.png?width=1004&format=png&auto=webp&s=cd6de72fae89ad38c842e13a69ff3cb574f65621)](https://preview.redd.it/g6b7rhlbhh971.png?width=1004&format=png&auto=webp&s=cd6de72fae89ad38c842e13a69ff3cb574f65621)
+
+These weeks seem to stand out...
+
+GME monthly Shares/Trade OTC from September - March
+
+[![r/Superstonk - The OTC Conspiracy - GME, idiosyncrasies, and the infinite Banana Trees (Part 1)](https://preview.redd.it/kuohghnugh971.png?width=745&format=png&auto=webp&s=0047c2b43cf6d878f2ab42a52367c81526125272)](https://preview.redd.it/kuohghnugh971.png?width=745&format=png&auto=webp&s=0047c2b43cf6d878f2ab42a52367c81526125272)
+
+Shrinking shares/trade
+
+GME Shares/Trade OTC vs. Entire OTC Marketplace (including GME) - November - March
+
+[![r/Superstonk - The OTC Conspiracy - GME, idiosyncrasies, and the infinite Banana Trees (Part 1)](https://preview.redd.it/moaplsfrgh971.png?width=983&format=png&auto=webp&s=329a69fd0e09fc69f38a60578cf8ce3880660a04)](https://preview.redd.it/moaplsfrgh971.png?width=983&format=png&auto=webp&s=329a69fd0e09fc69f38a60578cf8ce3880660a04)
+
+Shrinking shares/trade - Spoiler alert, it's only getting worse...
+
+Lastly, using an estimated GME Float of 26.7 million (January - March before share offerings), and comparing it to a few other stocks (see [OTC Conspiracy Part 2](https://www.reddit.com/r/Superstonk/comments/n5q76p/the_otc_conspiracy_part_2_shining_some_light_into/) for more info and examples):
+
+[![r/Superstonk - The OTC Conspiracy - GME, idiosyncrasies, and the infinite Banana Trees (Part 1)](https://preview.redd.it/ifaffppgjh971.png?width=1198&format=png&auto=webp&s=2dafcba6ae97dffa86c4ad806dac09bcafcdcf6a)](https://preview.redd.it/ifaffppgjh971.png?width=1198&format=png&auto=webp&s=2dafcba6ae97dffa86c4ad806dac09bcafcdcf6a)
+
+Over 4000% GME Float traded OTC in Q1
+
+Part 2 coming soon!
+
+Buy, HODL, and Buckle Up! Power to the Players

DD/2021-07-06-Citadel-China-and-The-45th-Investigation.md

@@ -0,0 +1,236 @@
+Citadel, China and The 45th - A Triangular Investigation Into "He's trying to hide some of his money"
+=====================================================================================================
+
+| Author       | Source       | 
+| :-------------: |:-------------:|
+|  [u/incandescent-leaf](https://www.reddit.com/user/incandescent-leaf/) | [Reddit](https://www.reddit.com/r/DDintoGME/comments/oeptry/citadel_china_and_the_45th_a_triangular/) | 
+
+---
+
+[𝘜𝘯𝘷𝘦𝘳𝘪𝘧𝘪𝘦𝘥 𝘋𝘋](https://www.reddit.com/r/DDintoGME/search?q=flair_name%3A%22%F0%9D%98%9C%F0%9D%98%AF%F0%9D%98%B7%F0%9D%98%A6%F0%9D%98%B3%F0%9D%98%AA%F0%9D%98%A7%F0%9D%98%AA%F0%9D%98%A6%F0%9D%98%A5%20%F0%9D%98%8B%F0%9D%98%8B%22&restrict_sr=1)
+
+Ken Griffin - Citadel. What a guy he is. Where are you, Ken? Where the hell is he? He's trying to hide some of his money.
+
+- Trump, January 15th 2020
+
+TL;DR
+
+-   Ken Griffin already has hidden his money, we know he has offshore accounts. Why would he be speaking with Trump about hiding assets?
+
+-   The direct context of the quote is all good news for Citadel's operations in China, so why was Ken absent from the ceremony and why did Trump not praise him (but praised everyone else)?
+
+-   I spectulate Trump was actually talking about Griffin wanting to hide his *trades*
+
+-   Circumstantial evidence for this is that 1 day before this quote, sweeping changes to the National Market System finally hit the Federal register. These changes as I have [somewhat poorly] analyzed before will make market-making and PFOF a lot less profitable for Citadel (and Virtu and other market makers), and also tidy up some loopholes likely being abused by Citadel.
+
+Preface
+
+This DD is about what many apes thought was a throwaway line, and so did I until recently. But I have been thinking about it lately, and the more I investigated the context, the more I came to suspect it was actually a rare, blurry glimpse into the underbelly of interactions between Wall street and US politics.
+
+I was actually writing another DD before I came to write this, but it started to become too large of a topic, so I thought I better break off this 'sub-investigation' into its own contained unit, as it's neatly separable, and was only ever circumstantial evidence anyway.
+
+I have deliberarely kept this post non-political, and expect all comments to be non-political as well. It's a superstonk rule that all posts/comments be non-political (Rule 5 -Improper Content). Here is a diagram of what we will be covering:
+
+[![r/DDintoGME - Citadel, China and The 45th - A Triangular Investigation Into "He's trying to hide some of his money"](https://preview.redd.it/b7647vvlkj971.png?width=750&format=png&auto=webp&s=3dbbdc97ff90810db1557f6429ac134d7fd7cff5)](https://preview.redd.it/b7647vvlkj971.png?width=750&format=png&auto=webp&s=3dbbdc97ff90810db1557f6429ac134d7fd7cff5)
+
+January 15th 2020 - Signing of Phase One of U.S. - China Trade Deal
+
+January 15th, a Thursday marked a historic signing of Phase One of a U.S. - China trade deal. President Trump had made U.S. - China relations a central component of his policy as President for years before this, and so this agreement was a culmination of many years of work. Contrary to what was shown in the media, the agreement was not just about manufacturing, agriculture and intellectual property. The trade agreement has a whole chapter devoted to Financial Services - mostly with China agreeing to allow the US access to their markets. Some sources even claimed that financial services was the winner of the entire trade agreement.
+
+On Monday the 20th January, only 5 days after this trade agreement was signed - Citadel Securities had agreed to pay a $97 Million Settlement to Chinese financial regulators, bringing a close to 5 years of active investigations and being partially banned from trading in China. We will return to this event later on in the DD. For now, let's dive into the signing ceremony of the trade agreement.
+
+[Trump spoke for about an hour at the signing.](https://www.c-span.org/video/?468176-1/us-china-trade-deal) The first 27 minutes were overall remarks about the trade situation, and a lot of thanking personal friends and other political allies (I have pulled out relevent people's quotes):
+
+> TRUMP: [Hank Greenberg](https://en.wikipedia.org/wiki/Maurice_R._Greenberg) is here. Hank. If they took care of Hank, they wouldn't have had the problems that they had. Where's Hank? Hank Greenberg. (Applause.) Oh, Hank. If Hank stayed there like he should have, you wouldn't have had the problem that you ended up having with our economy. But it's great to have you, Hank. Thank you very much.
+
+After this time, Trump begins to speak to industry professionals and other government appointees. This carries on for 10 minutes, and plenty of financial industry professionals were greeted by name (the roll-call was in alphabetic order). I have pulled out all the ones I can recognize:
+
+> TRUMP: Ajay Banga, of Mastercard. Thank, Ajay. Fantastic job.
+
+> TRUMP: Brian Duperreault, of AIG. Do you know that company, Hank? AIG. Did you ever hear of AIG, Hank Greenberg? Thank you very much. I appreciate it, Brian.
+
+This is a joke. :) Hank Greenberg was the head of AIG.
+
+> Mary Erdoes, JPMorgan Chase. They just announced earnings, and they were incredible. Where - where are you? They were very substantial. Will you say, "Thank you, Mr. President" at least? Huh? (Laughter.) I made a lot of bankers look very good. But you're doing a great job. Say hello to Jamie [Dimon]. I think we're seeing him tomorrow.
+
+Then it was Ken's turn:
+
+> TRUMP: Ken Griffin, Citadel. What a guy he is. Where are you, Ken? Where the hell is he? He's trying to hide some of his money. Look, he doesn't want to stand up. Where the hell is Ken? See, Steve, you'll stand, and he's very quiet about it. He's in here someplace; he just doesn't want to stand.
+
+Notice how Trump doesn't praise Ken? I'm also not sure who Steve is in this context.
+
+> TRUMP: Al Kelly, Visa. Al Kelly. Al Kelly, thank you.
+
+> TRUMP: Alan MacDonald, Citibank. Citibank. (Applause.) Good. Boy, you brought that back so far. I remember seven, eight years ago. But Citibank is doing fantastically well.
+
+> TRUMP: Raymond McDaniel, Moody's. Good. Are you giving us good ratings, Raymond, please? Okay? We're doing pretty good, right?
+
+> TRUMP: Paul Taylor, of Fitch. That's another good ratings group. Are we doing okay at Fitch? Good. Otherwise, I wouldn't have introduced you, if I thought - (laughter).
+
+> TRUMP: Kevin Warsh. Kevin. Where's Kevin? I don't know, Kevin. I could have used you a little bit here. Why weren't you more forceful when you wanted that job? Why weren't you more forceful, Kevin? You're a forceful person. In fact, I thought you were too forceful, maybe, for the job. And I would have been very happy with you.
+>
+> But, Kevin, thank you for being here. You understand that very well, right? It bothers me when Germany and other countries are getting paid to borrow money. This is one - I don't know where that all leads, but we have to pay. We're the number one in the world, by far, and we have to pay for our money. Our interest rates are set high by the Fed. Our dollar is very high, and - relatively speaking. But when other countries get - literally, they're under. They have negative rates - meaning, they're under. They get paid. I love this. This concept is incredible. Again, you don't know where the hell it leads. But you borrow money, and when you have to pay it back, they pay you. This is one that I like very much. And I'm going to talk to you about that, Lou Dobbs.
+>
+> So we're set at two. Tell me, why are we paying and other countries are getting money when they get paid back? I really want to know: Who are the people that buy this stuff? Who puts money into something when they say, "This is a guaranteed loss"? But that's a whole different group of people than I know.
+
+Quite a story there for Kevin Warsh! [[During and in the aftermath of the 2008 financial crisis, Warsh was a governor of the Federal Reserve System, and acted as the central bank's primary liaison to Wall Street](https://en.wikipedia.org/wiki/Kevin_Warsh)]
+
+> TRUMP: Glenn Youngkin, of Carlyle. [Carlyle Group](https://en.wikipedia.org/wiki/The_Carlyle_Group). Great group.
+
+Also present at the signing was Kenneth Berntsen - the chairman of the [Engage China Coalition](http://engagechina.com/2020/02/engage-china-coalition-regarding-china-phase-one-trade-agreement-and-financial-services/). That's a group of financial industry heavyweights who've been trying for years to pry open the door to the Chinese market. Up until now, they haven't had much luck. Even though China's the world's second-largest economy, Bentsen says U.S. financial firms make only about $2 billion a year there, less than a third what they make in Brazil and about 1.5% of what they make in Europe.
+
+The Engage China Coalition:
+
+American Bankers Association
+
+American Council of Life Insurers
+
+American Property Casualty Insurance Association
+
+BAFT (Bankers Association for Finance and Trade)
+
+The Council of Insurance Agents and Brokers
+
+The Financial Services Forum
+
+The Futures Industry Association
+
+Insured Retirement Institute
+
+Investment Company Institute
+
+Securities Industry and Financial Markets Association
+
+The Trade Agreement Itself - Chapter 4 Financial Services
+
+[Some analysts have said that financial services was the clear winner of the trade agreement](https://www.npr.org/2020/01/16/797098404/u-s-financial-services-industry-emerges-as-%20%20a-winner-of-u-s-china-trade-deal). And I can see why given the changes actually demanded. [Here is the full text](https://ustr.gov/sites/default/files/files/agreements/phase%20one%20%20%20agreement/Economic_And_Trade_Agreement_Between_The_United_States_And_China_Text.pdf) of chapter 4 itself
+
+[![r/DDintoGME - Citadel, China and The 45th - A Triangular Investigation Into "He's trying to hide some of his money"](https://preview.redd.it/956oetrnkj971.png?width=715&format=png&auto=webp&s=bf3cd92124b48eb70310fdfa58dfb08b88d34612)](https://preview.redd.it/956oetrnkj971.png?width=715&format=png&auto=webp&s=bf3cd92124b48eb70310fdfa58dfb08b88d34612)
+
+[![r/DDintoGME - Citadel, China and The 45th - A Triangular Investigation Into "He's trying to hide some of his money"](https://preview.redd.it/n1mef1gokj971.png?width=748&format=png&auto=webp&s=3caca5e4df26ca4370b36cdc6bebc38ac62f3b9c)](https://preview.redd.it/n1mef1gokj971.png?width=748&format=png&auto=webp&s=3caca5e4df26ca4370b36cdc6bebc38ac62f3b9c)
+
+[![r/DDintoGME - Citadel, China and The 45th - A Triangular Investigation Into "He's trying to hide some of his money"](https://preview.redd.it/ee7pqj4pkj971.png?width=743&format=png&auto=webp&s=aaa276e1b863139834548e2348d76f25e99d5ce1)](https://preview.redd.it/ee7pqj4pkj971.png?width=743&format=png&auto=webp&s=aaa276e1b863139834548e2348d76f25e99d5ce1)
+
+[![r/DDintoGME - Citadel, China and The 45th - A Triangular Investigation Into "He's trying to hide some of his money"](https://preview.redd.it/sd15xbvpkj971.png?width=738&format=png&auto=webp&s=8b4fc9dfe0d9587b64c376d5c9bfae5c01b813fa)](https://preview.redd.it/sd15xbvpkj971.png?width=738&format=png&auto=webp&s=8b4fc9dfe0d9587b64c376d5c9bfae5c01b813fa)
+
+The agreement itself allows major US expansion into the Chinese markets, and overall - it seems like a clear win for the US.
+
+Trade Agreement Summary
+
+So looking back at all the finance professionals Trump spoke to, did you notice anything strange? Ken was the only finance-related attendee Trump didn't praise. In fact it looks like out of everyone spoken about, Ken was the only one not being praised. This is unusual for Trump, because he usually praises everyone, a lot. Unless he does not like someone.
+
+So why did Ken Griffin not turn up, when all the other financial industry professionals did? Did he know that Trump was going to say something provocative, or was it something else?
+
+If the Engage China Coalition and other finance folks were so pleased with the trade agreement, how could Ken Griffin be upset about it? This trade agreement is supposed to be good for the US financial industry access to Chinese markets...
+
+And why did Citadel Securities pay their $97 Million fine only 3 business days later after this trade agreement? They've been locked out of China for almost 5 years - surely they would've done it sooner if they could? Or if the trade agreement was necessary for Citadel to regain access, why didn't Ken turn up to say thanks?
+
+However before we dig deeper into this trade agreement, Citadel's fine and the Trump / Griffin relationship we need to go all the way back to the beginning of this story.
+
+Citadel Securities in China
+
+Under previous Chinese laws - foreign companies had to partner with local companies to operate in China. Citadel Securities opened Citadel Shanghai Trading Ltd in 2010, and parterned with Guosen Securities who managed their trading account.
+
+[In June 2015, the Chinese stock markets were devastated with a large crash](https://en.wikipedia.org/wiki/2015%E2%80%932016_Chinese_stock_market_turbulence), wiping nearly $5 Trillion of value out at the bottom. By July, the Shanghai stock market was down 30%, and more than half of listed companies had filed for trading halts in an attempt to prevent further losses. By August 2015, stock prices had dropped a total of 43 percent.
+
+Chinese regulators began to crack down on abusive market practices, and Citadel was the first to be caught. Starting at the beginning 2015, Citadel is accused of using deceptive and illegal trading practices in order to manipulate stock prices. Citadel was accused variously of "co-ordinated stock dumping", "selling-off of heavily weighted stocks", automated, algorithm-driven trading, spoofing, and of course - "malicious short-selling". Their account held by Guosen was banned.
+
+["The regulator alleged that Citadel Securities controlled and used accounts set up by four other firms to trade stocks during the first seven months of 2015 and said such behaviors were suspected of violating account and asset management rules without providing further details."](https://www.wsj.com/articles/after-a-four-year-freeze-citadel-securities-can-trade-again-in-china-11579526314)
+
+["Chinese regulator, however, didn't ban the practice [short selling] entirely, but after the scrutiny, investors can't sell and then buy shares back the same day. Instead, they must now wait after completion of a short sale transaction until at least the next day to repurchase."](https://www.financemagnates.com/institutional-forex/regulation/citadel-securities-fined-97m-in-china-for-malicious-short-selling/)
+
+This restriction (if true, I can't read Chinese) implies that shares were being traded back and forth between the same parties multiple times a day. This is textbook [wash trading](https://www.investopedia.com/terms/w/washtrading.asp), which rose to prominence in 2013 in Western markets.
+
+["The tiff doesn't end there for Citadel. George Chen, managing editor of the international edition for the South China Morning Post, tweeted that a government-backed publication called ThePaper.cn was implying that Citadel advisor and former Federal Reserve Chairman Ben Bernanke somehow knew that the high-frequency trading firm was shorting the market."](https://www.nexchangenow.com/news/11995/in-hunt-for-short-sellers-china-suspends-citadel-unit-from-trading-and-hints-advisor-bernanke-may-know-about-shorts/)
+
+Goldman Sachs was also caught in this crackdown, and they were also banned from trading. Local Chinese firms were also caught as well, but generally emerged largely with miniscule fines and slaps on the wrist.
+
+April 24th, 2019 it was announced Goldman Sachs had been cleared by the China Securities Regulatory Commission [CSRC], with a fine of $22.93 Million. In late 2019 the CSRC began to reconcile with Citadel, and only on January 20th 2020 (after the signing of the Trade agreement) - was it announced Citadel had settled for $97 Million. According to a somewhat opaque statement released by the CSRC on January 20, the settlement for Citadel Securities was "based on differing circumstances, such as the amount of money made through the suspected illegal acts,"
+
+In summary for this section, Citadel was caught in China performing many of their tricks, and based on the timing - it seems likely they were unbanned only with US government intervention in late 2019 / early 2020, around the time of the U.S. - China Trade Agreement Phase One. So if Citadel was unbanned from their planned expansion in China, why did Ken snub Trump, and why did Trump not praise Ken? It's time to take a look at the Ken Griffin & Trump relationship.
+
+Ken Griffin & Trump's Relationship
+
+It's difficult to find much on their relationship, and I've pieced together what I can from a few events.
+
+[Ken Griffin donated $1.55M in 2012 to Romney's campaign.](https://www.cnbc.com/2016/09/23/megadonors-like-ken-griffin-peter-thiel-keep-their-wallets-closed-for-trump.html)
+
+[In 2016 - he donated $2.6M to Rubio, rather than Trump.](https://www.rollingstone.com/politics/politics-news/meet-the-gop-mega-donors-of-the-2016-election-223992/)
+
+[Griffin did give $100,000 to Trump's 2017 inauguration though - a relatively low amount.](https://news.artnet.com/art-world/steve-cohen-1m-trump-donation-930890)
+
+[Ken Griffin was hosted at a private donor's dinner later (probably in 2017) by Pence](https://thehill.com/homenews/administration/341196-pence-holding-private-donor-dinners-at-vice-presidents-residence)
+
+In 2018, Ken Griffin began to speak out against Trump's policies, notably criticizing Trump's criticism of J-Pow & Fed policies , and also criticizing the tariff war escalation with China.
+
+[In this interview on Delivering Alpha](https://www.youtube.com/watch?v=KIIFm2kmif0), Ken is asked what are his thoughts on the Administration's trade policies with China. Ken pauses briefly, shifts his gaze downwards, and then using a hand gesture, a gulp, begins to try and explain using his nicest words, how Trump is doing a great job with the trade war "Trump unquestionably has the right mission on trade", but that Ken doesn't really understand how the negotiations are going, and suspects they are very complicated. He makes a comment about how he would never have so many active 'fronts' open, and would close some of them. When asked directly, he refuses to comment on whether he thinks Trump is doing a good job. It seems relatively clear to me that he's having difficulty delivering his words with convicition. Then for his final words Ken regains his speaking conviction, and clearly tears down the idea that tariffs are good.
+
+In 2016, Ken Griffin made a total political donations of only $11.2 Million (to Republican-allied super PACs). In 2018, it was $19.2 Million.
+
+In 2020, Ken Griffin donated a whopping $66 Million to Republican-allied super PACs! [In fact, Ken Griffin came in at number 4 on the individual donors list for the 2020 election cycle.](https://www.opensecrets.org/outsidespending/summ.php?cycle=2020&disp=D&type=V&superonly=N)
+
+Also in March 2020, Ken Griffin advised President Trump on how to open up the economy after Covid, along with other finance professionals (e.g. Steve Cohen).
+
+In summary for this section, I don't think Trump & Griffin saw eye to eye on many issues, or even had a friendly relationship. However it's very clear, especially towards the end of 2020, they had a working relationship, and that Ken Griffin bet very heavily on a 2nd Trump term - which we can assume would be greatly beneficial for Citadel.
+
+I didn't get time to look into Jay Clayton (Trump's SEC chairman appointee), and who Clayton's changes at the SEC benefitted - but suspect this would be a fruitful thing to investigate.
+
+Bringing It All Together
+
+So I hope I have covered somewhat the Citadel, China & Trump triangle. In the first section, we saw that it was unusual how Trump addressed Griffin versus other attendees, and that Griffin had a lot to gain from this trade deal.
+
+In the second section, we learned about Citadel's ban from trading in China, and how their unbanning seemed to also follow the trade deal - even more reason for Griffin to be pleased, and more curious that he didn't appear.
+
+In the third section, we learned a bit about Ken Griffin's and Trump's relationship, and how even though they were not close friends, they had developed a significant working relationship and Griffin *heavily* bet on Trump winning the 2020 election.
+
+In short - what I have uncovered is mostly that Ken Griffin had a lot to gain from Trump's China trade deal, and I can't make any sense of why he snubbed the signing ceremony, or wasn't praised by Trump. That's it - that's my point.
+
+Speculation Section
+
+So what else could make sense then? Well what if when Trump mentioned that Ken wants to hide his money, he wasn't talking about money. Ken wanted to hide his trades.
+
+Well looky here what dropped onto the Federal register on the Monday before the signing ceremony. Sweeping changes to the National Market System (Reg NMS II) that make market-making less profitable for entities such as Citadel and Virtu, and also make PFOF more difficult.
+
+<https://www.federalregister.gov/documents/2020/01/14/2020-00358/joint-industry-plan-notice-of-filing-of-the-forty-seventh-amendment-to-the-joint-self-regulatory>
+
+<https://www.federalregister.gov/documents/2020/01/14/2020-00359/consolidated-tape-association-notice-of-filing-of-the-thirty-third-substantive-amendment-to-the>
+
+<https://www.federalregister.gov/documents/2020/01/14/2020-00363/consolidated-tape-association-notice-of-filing-of-the-thirtieth-substantive-amendment-to-the-second>
+
+<https://www.federalregister.gov/documents/2020/01/14/2020-00357/joint-industry-plan-notice-of-filing-of-the-forty-fourth-amendment-to-the-joint-self-regulatory>
+
+<https://www.federalregister.gov/documents/2020/01/14/2020-00360/notice-of-proposed-order-directing-the-exchanges-and-the-financial-industry-regulatory-authority-to>
+
+Odd lots are a very important part of these change proposals, and here I link the submissions that Citadel (and by contract, Blackrock) made on them. I believe Odd lots to be an integral part of how Citadel hides trades, and will be writing more about them in a further DD.
+
+<https://www.theice.com/publicdocs/SIP_Comment_Citadel_redacted.pdf>
+
+<- Citadel commenting on Odd lot NMS proposal
+
+<https://www.theice.com/publicdocs/BlackRock_Odd_Lot_Proposal_December_3_2019.pdf>
+
+<- Blackrock comments on Odd lots NMS proposal
+
+I have briefly covered these changes before in this [DD](https://www.reddit.com/r/Superstonk/comments/n90gg4/sec_release_3490610_aka_nms20_effective_june_8/), but basically the NMS II from what I can tell - contains multiple changes that would hurt Citadel's business model. What I'm suggesting is that Ken Griffin was annoyed with Trump that Jay Clayton & the SEC was making changes beneficial to other market participants, to Citadel's detriment. This DD is all circumstantial evidence, as I realized it was becoming too large to attach to the main DD, which will be focused more on mechanisms rather than trying to discover motivations & allegiances from public information.
+
+To be continued.
+
+Miscellaneous references
+
+<https://www.reuters.com/article/china-regulator-goldman-idUSH9N22400P>
+
+<https://www.reuters.com/article/us-hedgefunds-deliveringalpha-citadel-idUSKBN1K8252>
+
+<https://www.pressreader.com/china/global-times/20170526/282119226489179>
+
+<https://www.reuters.com/article/china-regulator-goldman-idUSH9N22400P>
+
+<https://asia.nikkei.com/Business/Markets/Stocks/Stock-falls-after-admission-of-probe>
+
+<https://www.reuters.com/article/china-guosen-president-idUSL3N12N3QF20151023>
+
+<https://www.scmp.com/business/markets/article/1846104/us-hedge-fund-citadel-banned-share-trading-shanghai-account>
+
+<https://supchina.com/2020/02/04/was-chinas-97-million-fine-for-u-s-hedge-fund-citadel-politically-motivated/>
+
+<https://www.wsj.com/articles/after-a-four-year-freeze-citadel-securities-can-trade-again-in-china-11579526314>

DD/2021-07-09-FINRA-Confirms-Calls-and-Puts-used-to-Create-Synthetic-Shorts.md

@@ -0,0 +1,63 @@
+Calls/Puts Confirmed As Unreported Synthetic Short Shares - FINRA; Unsuccessful Attempt by MM/HF to Death Spiral GME Shows Correlation to Margin Debt
+=====================================================================================================================================================
+
+| Author      | Source | 
+|  :----:     |    :----:   |        
+| [u/Freadom6](https://www.reddit.com/user/Freadom6/) | [Reddit](https://www.reddit.com/r/Superstonk/comments/oh09v7/callsputs_confirmed_as_unreported_synthetic_short/) |
+
+---
+
+
+[DD 👨‍🔬](https://www.reddit.com/r/Superstonk/search?q=flair_name%3A%22DD%20%F0%9F%91%A8%E2%80%8D%F0%9F%94%AC%22&restrict_sr=1)
+
+Obligatory: Not financial advice. I am merely pointing out some items I have stumbled across during my late nights reading regulatory documents. Much of what I will discuss is my speculative opinion on information I am reading and using deductive reasoning to put this information together.
+
+TL;dr FINRA confirms calls/puts used to create "synthetic shorts". I have pointed this out in a prior DD but used a bad title on the post. See my profile or [this link](https://www.reddit.com/r/Superstonk/comments/ofmswd/finra_requests_comment_on_short_interest_position/?utm_source=share&utm_medium=web2x&context=3) for my past DD on this...
+
+Margin Debt has rocketed up just prior to the previous two recessions since 2000 (DOTCOM/Housing crashes) and it is currently on its largest rapid increase since the 2008 crash, but this time it is going substantially higher in a very short amount of time. When did this rapid margin debt ascent begin? When GME share pricing started turning glorious green in August of 2020. I believe Market Makers/Hedge Funds have been leveraging short sales in margin accounts on GME and other meme stocks and that is the cause of the current levels of margin debt. Don't want to read anymore? I don't blame you in the slightest. Look at the charts at the end of the post.
+
+SKIP THIS PART IF YOU SAW MY LAST POST.
+
+PUTS/CALLS Used as SYNTHETIC SHORTS and are NOT REPORTED, Confirmed by FINRA:
+
+[Regulatory Notice 21-19](https://www.finra.org/rules-guidance/notices/21-19)
+
+As my previous DD showed, FINRA has confirmed that synthetic shorts are being created through Call/Put Options and that information is not included in the current short interest reporting numbers. My apologies as I should have titled the post that way, so it got more visibility for those who wanted to see it. Direct quote from regulatory notice:
+
+"enhanced short interest reporting could include synthetic short positions achieved through the sale of a call option and purchase of a put option (where the options have the same strike price and expiration month) or through other strategies."
+
+For additional information on Regulatory Notice 21-19, see my previous DD or go to the link above for the actual Regulatory Notice.
+
+OKAY, ON TO THE SUBJECT AT HAND:
+
+What are Margin Accounts?
+
+"A customer who purchases securities may pay for the securities in full or may borrow part of the purchase price from his or her securities firm. If the customer chooses to borrow funds from a firm, the customer will open a margin account with the firm. The portion of the purchase price that the customer must deposit is called margin and is the customer's initial equity in the account. The loan from the firm is secured by the securities that are purchased by the customer. A customer may also enter into a short sale through a margin account, which involves the customer borrowing stock from a firm in order to sell it, hoping that the price will decline. Customers generally use margin to leverage their investments and increase their purchasing power. At the same time, customers who trade securities on margin incur the potential for higher losses." [FINRA Defines Margin Account](https://www.finra.org/investors/learn-to-invest/advanced-investing/purchasing-margin)
+
+My Interpration of Current Margin Debt Levels and Why Levels are Rapidly Elevating
+
+Steady, slow increasing margin debt is expected in a robust and flourishing economy. It means the consensus is that the economy is strong and heading in the right direction and investors are willing to take on the risk associated with borrowing in a margin account because they feel the reward outweights the risk. Steadily declining margin debt would indicate the potential for a bear type sentiment or recession as investors are not willing to take on the risk of borrowing.
+
+I have not been able to find many well written articles on rapid increases or decreases to Margin Debt from reputable sources, so I have taken it upon myself to chart the monthly reported margin debt numbers compared to the monthly (1st of the month) S&P 500 share prices. As you will see below, we have had two recessions since 2000 with the DOTCOM/Housing crashes. Prior to the crashes, Margin Debt RAPIDLY increased just like it has been doing since August of 2020. However, the increase this time is even more rapid and at substantially higher levels.
+
+In prior years, Market Makers (MM), hedge funds (HF), etc. found that brick-and-mortar stores were a dying breed with the increase in online shopping and they realized they could make mountains (not piles) of money from naked shorting these businesses into a "[Death-Spiral](https://en.wikipedia.org/wiki/Death_spiral_financing)" where the ultimate result is the bankruptcy of the company, which means the borrowed shares do not need to be returned to the lender because the stock ceases to exist, which in turn leads to full profitability for the MM/HF aside from the fees associated with borrowing the stock to short.
+
+If you were a MM or HF and you have found it to be highly lucrative (especially when fines for naked shorting are peanuts compared to profits) to bury companies in a death spiral scenario EVERY TIME YOU DO IT (Blockbuster, Toys-R-Us, Sears, etc.) would you feel comfortable using margin to continue doing this to other businesses? Maybe shorting more than 140% of the available float of a company's stock? I would not, but that is only because I am NOT a GIANT bag of shit. Remember, money sitting in the bank does nothing for these guys, it is best to have all your cash in play so you are making a profit on it versus losing value to inflation while sitting peacefully in a bank account. Some people would think that is a stupid idea (myself included), but if you had the ability to control a lot of the share pricing regarding securities through illegal and manipulative tactics, like MM's do, you are not overly concerned with the risk. Especially when death spiraling has worked every time before.
+
+But what would happen if a company so severely shorted reimagined itself, found a large and dedicated shareholder base, and became profitable when the short interest is this high? Enter GAMESTOP. As you will see from the charts below, GME began showing significant positive share price movement in August of 2020. What happened to Margin Debt when Gamestop share prices went up? Margin Debt abso-fucking-lutely EXPLODED.
+
+[![r/Superstonk - Calls/Puts Confirmed As Unreported Synthetic Short Shares - FINRA; Unsuccessful Attempt by MM/HF to Death Spiral GME Shows Correlation to Margin Debt](https://preview.redd.it/6zyntbass7a71.jpg?width=558&format=pjpg&auto=webp&s=1ccb5a9307aeab561438a541af100e8794207275)](https://preview.redd.it/6zyntbass7a71.jpg?width=558&format=pjpg&auto=webp&s=1ccb5a9307aeab561438a541af100e8794207275)
+
+Margin Debt 1997 - Current (Source: FINRA)
+
+[![r/Superstonk - Calls/Puts Confirmed As Unreported Synthetic Short Shares - FINRA; Unsuccessful Attempt by MM/HF to Death Spiral GME Shows Correlation to Margin Debt](https://preview.redd.it/1j6w8gf4t7a71.jpg?width=555&format=pjpg&auto=webp&s=30ecc48bbca580af33be9fb090e09cf92323f5b4)](https://preview.redd.it/1j6w8gf4t7a71.jpg?width=555&format=pjpg&auto=webp&s=30ecc48bbca580af33be9fb090e09cf92323f5b4)
+
+S&P Share Price 1997 - May 2021 (Source: https://www.multpl.com/s-p-500-historical-prices/table/by-month)
+
+June margin debt numbers will be interesting to keep an eye on if we haven't begun our long awaited journey by that time. The numbers should be released by the 15th of this month.
+
+My head hurts.
+
+Hedgies R Fuk'd.
+
+Tanks fo' readin.

DD/2021-07-09-Ryan-Cohen-in-Standstill-Agreement-until-2022.md

@@ -0,0 +1,65 @@
+Why are we being left in the dark? Why all the cryptic tweets? Why doesn't Ryan Cohen just tell us what's up? ......Enter the Standstill Agreement that doesn't allow Ryan Cohen to speak openly about GameStop until 2022
+======================================================================================================================================================================================================================
+
+| Author       | Source       | 
+| :-------------: |:-------------:|
+|  [u/Ginger_Libra](https://www.reddit.com/user/Ginger_Libra/) | [Reddit](https://www.reddit.com/r/Superstonk/comments/oh3ocf/why_are_we_being_left_in_the_dark_why_all_the/) | 
+
+---
+
+
+[DD 👨‍🔬](https://www.reddit.com/r/Superstonk/search?q=flair_name%3A%22DD%20%F0%9F%91%A8%E2%80%8D%F0%9F%94%AC%22&restrict_sr=1)
+
+January bag holder here. We used to talk about this more in the other subs and I felt like it was common knowledge. I'm not smart enough to have research this myself but I looked it up again because there seems to be a lot of shit talking and confusion.
+
+Ryan Cohen and RC Ventures entered into a Standstill Agreement on January 10, 2021 that has a long list of provisions that essentially prohibits him from speaking out directly.
+
+Specifically, he is not allowed to influence voting or board votes and another long list of activities until about March 1, 2022.
+
+<https://www.sec.gov/Archives/edgar/data/1326380/000119380521000031/e620202_ex99-1.htm>
+
+So for everyone wondering why things are quiet, this is why.
+
+Here's the deal.
+
+This week sucked. Next week is uncertain. The DTC/other colluders rules we've been waiting for don't appear to have made a difference in hedge fund fuckery. We took a beating.
+
+I bought my first share at $350. I held to $38.
+
+I want tendies. But I'm not fucking leaving over this. Never. I'm out when the share price looks big for Kenny and his pals, not when it looks big to me. That's the only way I'm selling.
+
+And you know what? I trust Ryan Cohen. I know he has a plan. I know he will do right by us.
+
+He isn't talking to us because he can't. But he is communicating. And it's going to be fine. Better than fine. It's going to be fucking glorious. Life altering.
+
+It's coming. Changing corrupt financial systems and taking down evil villains ain't easy. That's why super hero's have movies about them. Shits hard.
+
+It's Friday. Go fuck off. Have a tasty beverage. Get some sun on your face this weekend. Get laid if there is someone who will enthusiastically consent to fucking you. Or just willingly consent.
+
+Tomorrow is a new week. NFT week. Could be nothing. Could be everything. Everything is coming.
+
+In the meantime, dream your dreams about what you're going to do with your tendies.
+
+I'm fixing this fucking planet I love so much. Apes are going to find a solution for climate change. I'm going to be a part of that movement. I'm making my plans.
+
+You do you. There's lots of broken shit in this fucked up system.
+
+Come back Monday ready to hype.
+
+TL;DR: Papa Cohen can't say anything publicly until around March 1, 2022.
+
+Wen moon? Soon moon.
+
+Edit to add: because I am spelling everything out....remember, Kenny and his buddies aren't going down easily or we'd all be rich by now.
+
+Everything needs to be above board so that GameStop and RC don't get sued. I'm sure they will get sued but the goal is to not have anything substantive behind it.
+
+He also has to watch what he says to the SEC doesn't get him for market manipulation. He has to watch his mouth to protect us and protect our tendies.
+
+Elon has gotten in trouble for this. And RC is smarter than Elon so he is walking a finer line.
+
+Second edit: some of you seem to think the Standstill Agreement ends after he became 🪑👨. It does not and if it's amended or changed it would be filed with the SEC.
+
+The Standstill Agreement protects GameStop from a hostile takeover. Hostile takeovers of corporate boards are a whole other post. This is a not so hostile takeover.
+
+Other chairman and CEOs can speak out because they didn't buy shares to join a company. They don't have Standstill agreements.

DD/2021-07-10-T+21-The-Game-of-Hide-and-Seek-is-Finally-Over.md

@@ -0,0 +1,95 @@
+T+21. The game of Hide & Seek is finally over. And while I'm at it I might as well try to prove how July 14th is going to become our new January 13th.
+======================================================================================================================================================
+
+| Author       | Source       | 
+| :-------------: |:-------------:|
+|  [u/JaboniThxDad](https://www.reddit.com/user/JaboniThxDad/) | [Reddit](https://www.reddit.com/r/DDintoGME/comments/ohm7uq/t21_the_game_of_hide_seek_is_finally_over_and/) | 
+
+---
+
+
+[𝘜𝘯𝘷𝘦𝘳𝘪𝘧𝘪𝘦𝘥 𝘋𝘋](https://www.reddit.com/r/DDintoGME/search?q=flair_name%3A%22%F0%9D%98%9C%F0%9D%98%AF%F0%9D%98%B7%F0%9D%98%A6%F0%9D%98%B3%F0%9D%98%AA%F0%9D%98%A7%F0%9D%98%AA%F0%9D%98%A6%F0%9D%98%A5%20%F0%9D%98%8B%F0%9D%98%8B%22&restrict_sr=1)
+
+January 13th... What am I talking about?
+
+January 13th is what I refer to as *Day 0*. This was *'the spike'* that caused the build-up to our January mini-squeeze. I'll explain everything as we move along chronologically but first, let's establish some patterns.
+
+What happened in the 12 days prior to January 13th? Our volume had lows down to 4.9 million and highs up to 14.9 million. Also, our prices saw lows down to $17.08 and highs up to $21.97.
+
+Then the 13th happened. Boom. 144 million volume in a single day. That's more than 1.5 times the volume of the previous 12 days *combined*. We opened at $20.42, reached a high of $38.65 and ended up closing at $31.40.
+
+Then over the next 5 days we reached lows of $33.05, highs of $45.52 and on the 6th day we appeared to start going parabolic. That 6th day, we reached a high of $76.76, Day 7, a high of $159.18, Day 8... $150, Day 9... $380, Day 10... $483.
+
+Don't worry. I won't go into as much detail going forward. I'm just trying to demonstrate why the above matters, especially the part where we appear to start going parabolic close to Day 6 after every spike.
+
+[![r/DDintoGME - T+21. The game of Hide & Seek is finally over. And while I'm at it I might as well try to prove how July 14th is going to become our new January 13th.](https://preview.redd.it/nxomkyjtyea71.jpg?width=1176&format=pjpg&auto=webp&s=290b06fd0f9239546b84f49234f6256452182513)](https://preview.redd.it/nxomkyjtyea71.jpg?width=1176&format=pjpg&auto=webp&s=290b06fd0f9239546b84f49234f6256452182513)
+
+Day 0 and its aftermath
+
+January 25th
+
+A lot of people lost faith in the 21-day cycle. I never did and I'll do my best to explain why. If you look at the chart, you can see what happened on the 25th of January, 7 days after our spike. I believe this is the day that short sellers trapped themselves into a cycle that would begin the creation of our glorious cup.
+
+February 24th
+
+Day 21. We hit 67.4 million volume on this day. The price opened at $44.70 and we reached both a high and a close of $91.71. This spike started the run-up to the peak of the left side of our cup. Once again, it appeared we started going parabolic around Day 6 and as of Day 10 we hit our March peak, the left side of our cup... $348.50. We consolidated in the days leading up to the 24th of February and did experience more volume on that day than any of the days leading up to it during our consolidation period but it was not as drastic as what had happened in January.
+
+[![r/DDintoGME - T+21. The game of Hide & Seek is finally over. And while I'm at it I might as well try to prove how July 14th is going to become our new January 13th.](https://preview.redd.it/qs18bxnuyea71.jpg?width=1175&format=pjpg&auto=webp&s=fb7d2eee08e5c20c8e6ec8c0af871467c722967c)](https://preview.redd.it/qs18bxnuyea71.jpg?width=1175&format=pjpg&auto=webp&s=fb7d2eee08e5c20c8e6ec8c0af871467c722967c)
+
+February 24th volume & price spike preceded by lower volume and followed by sideways trading prior to a parabolic move
+
+March 25th
+
+Day 21. We hit 50.4 million volume on this day. The price opened at $123.49, we reached a high of $187.50 and closed at $183.75. We once again start experiencing consolidation from Day 1 to Day 5 and what happens on Day 6 when we normally end up going parabolic? A share offering of 3.5 million at-the-market is announced. Without this, we would have went parabolic and the cup would have been invalidated. *Welcome to the chess game.*
+
+[![r/DDintoGME - T+21. The game of Hide & Seek is finally over. And while I'm at it I might as well try to prove how July 14th is going to become our new January 13th.](https://preview.redd.it/ojqf0ywvyea71.jpg?width=1182&format=pjpg&auto=webp&s=a8505ff421d32b0646cc9fa7ea0f8a88daad1375)](https://preview.redd.it/ojqf0ywvyea71.jpg?width=1182&format=pjpg&auto=webp&s=a8505ff421d32b0646cc9fa7ea0f8a88daad1375)
+
+This one is not like the others and for good reason
+
+April 26th
+
+Day 21. This is where people lost faith in the 21-day cycle. But they shouldn't have. Why? Remember that share offering announced on April 5th? Well, it was announced as completed at the end of trading on the 26th and I believe it re-established the 21-day cycle. Perfectly played. Yes, we're definitely watching a chess match. Check.
+
+[![r/DDintoGME - T+21. The game of Hide & Seek is finally over. And while I'm at it I might as well try to prove how July 14th is going to become our new January 13th.](https://preview.redd.it/ljv29v5zyea71.jpg?width=420&format=pjpg&auto=webp&s=54d8dfdf54dd186fe8dc84d4f7295ff558b5dc5c)](https://preview.redd.it/ljv29v5zyea71.jpg?width=420&format=pjpg&auto=webp&s=54d8dfdf54dd186fe8dc84d4f7295ff558b5dc5c)
+
+I see you
+
+May 25th
+
+Day 21. 14.4 million volume. We opened at $181, reached a high of $217.11 and settled in with a close of $209.43. On Day 9 we reach the peak of the right side of our cup with a high of $344.66. What happens on Day 10? Welcome to our June 9th at-the-market share offering. This is the beginning of our handle. Check.
+
+[![r/DDintoGME - T+21. The game of Hide & Seek is finally over. And while I'm at it I might as well try to prove how July 14th is going to become our new January 13th.](https://preview.redd.it/6zw2yzzazea71.jpg?width=1179&format=pjpg&auto=webp&s=25b5dde81650e0d0a51331a2be5c32099c2c6f46)](https://preview.redd.it/6zw2yzzazea71.jpg?width=1179&format=pjpg&auto=webp&s=25b5dde81650e0d0a51331a2be5c32099c2c6f46)
+
+I heard you all like pictures so I made you one
+
+June 24th
+
+What about June 24th? Well, I've seen a lot of people mention that they don't think the share offerings are impacting the price much at all. No disrespect to anybody but I believe this is entirely wrong. I think it's clear that it did so back in April and also again in June. Not only did GameStop kindly offer a total of 8.5 million more shares At-The-Market which short sellers could have used to cover if they so wished (*Spoiler Alert: they didn't*), but I believe it also served to do 2 additional things.
+
+1.  I believe it was used to guarantee the MOASS by kicking the can down the road so we could align with a date where we are going to have a significant price spike (July 14th) which just so happens to be 35 days from when the June 9th ATM was announced. Feel free take this one with a grain of salt though if you choose.
+
+2.  I believe the short sellers used these 8.5 million shares to short immediately as of the announcements and I don't think they limited themselves to the 8.5 million either when taking liberty to do this. Take this with however much salt you deem appropriate though.
+
+So, what now?
+
+I know, you know, we all know by now... we already won. At this point in time we're just going through the motions. But this is what I see. The price is going to spike on July 14th. Can it be a different day? Sure, but I really believe it's the 14th. I think we will see an insane amount of volume and a large price increase on that day. Do I think we'll moon on that date? Nope.
+
+At least not based on previous patterns. I don't know options well enough to know what will happen as a result of all the Calls/Puts ITM/OTM on July 16th but I imagine that things are going to get crazy. And fast. But moon, I don't think so. At least not yet anyway.
+
+Now for the party trick.
+
+Remember when GameStop announced the share offering completion on April 26th? This restarted us on a 21-day schedule. Now, did you pay attention to when the June ATM completed? June 22nd. Lets count 21 trading days from the 22nd and see what we uncover shall we?
+
+Wait. First of all, I don't do dates. Ask my fiancee. Last date she went on was April 20th and all she got was an ice cream cone, a proposal and a tweet.
+
+Fine, be that way. I know you can do math anyway so I might as well come out and just say it. 21 trading days from June 22nd lands us on... July 22nd. Day 6. Checkmate.
+
+[![r/DDintoGME - T+21. The game of Hide & Seek is finally over. And while I'm at it I might as well try to prove how July 14th is going to become our new January 13th.](https://preview.redd.it/54fi3sf5zea71.jpg?width=1024&format=pjpg&auto=webp&s=b450f02740061814075955edf8d45d9bc5ab5cdf)](https://preview.redd.it/54fi3sf5zea71.jpg?width=1024&format=pjpg&auto=webp&s=b450f02740061814075955edf8d45d9bc5ab5cdf)
+
+Self-explanatory I hope
+
+My advice. For most of you, I believe this is the last '*normal*' weekend of your life. What happened over the last 6 months is going to make you a very wealthy individual. Let go of any hatred, focus on how you're going to make your life and the life of those around you better. We have a world to change.
+
+Thank you Keith. Thank you Ryan. Thank you GameStop. Thanks to everybody who has been a part of this journey. And with that said... Buckle up.
+
+TLDR: T+21 exists. I believe it gets reset at the completion of every ATM offering. Our next has been moved up to July 22nd and it lands right as I believe we're going to be sitting on the edge of space as a result of a July 14th spike.

DD/Gamma-Signals-by-yelyah2/2021-06-08-Delta-Neutral-Update.md

@@ -0,0 +1,72 @@
+6/8 Delta Neutral Update - Flash Crash Preparedness Plan
+========================================================
+
+| Author       | Source       | 
+| :-------------: |:-------------:|
+|  [u/yelyah2](https://www.reddit.com/user/yelyah2/) | [Reddit](https://www.reddit.com/r/Superstonk/comments/nvl0sy/68_delta_neutral_update_flash_crash_preparedness/) | 
+
+---
+
+[Education 👨‍🏫 | Data 🔢](https://www.reddit.com/r/Superstonk/search?q=flair_name%3A%22Education%20%F0%9F%91%A8%E2%80%8D%F0%9F%8F%AB%20%7C%20Data%20%F0%9F%94%A2%22&restrict_sr=1)
+
+TLDR: If there is a flash crash tomorrow, don't panic. Expect for it to bounce off the $160 price point.
+
+Edit: Added the Maximum Gamma point to the graph below.
+
+Recap
+
+My work is built on the idea that the market is largely unpredictable, but one particular kind of behavior is certain - hedgies like to hedge. It's written into their algorithms. Specifically, they like to delta hedge and gamma hedge. This work tries to profit on this one particular type of buying/selling behavior. I have a little data dictionary at the bottom if you need a refresher on terminology.
+
+This post is mostly an update to the delta neutral (underlying price where the total market delta is zero). My general theory is that as the underlying approaches the delta neutral, the call options have a flash sale. As people buy up the call options, MM have to buy the stocks, which shoots the price back up.
+
+Usual Graph Update
+
+Here's the graph you're used to seeing, and it includes the Close Price (green), delta neutral (blue), gamma neutral (orange), and gamma maximum (red)
+
+[![r/Superstonk - 6/8 Delta Neutral Update - Flash Crash Preparedness Plan](https://preview.redd.it/fefq4x4a16471.png?width=911&format=png&auto=webp&s=9834b4d8bb54e803a45be68746d35629ce15504d)](https://preview.redd.it/fefq4x4a16471.png?width=911&format=png&auto=webp&s=9834b4d8bb54e803a45be68746d35629ce15504d)
+
+GME 1/4/2021 - 6/8/2021
+
+[![r/Superstonk - 6/8 Delta Neutral Update - Flash Crash Preparedness Plan](https://preview.redd.it/8o5n1n5z16471.png?width=911&format=png&auto=webp&s=a6d4979f5cbd45d5a74b88a9c68ab0ac0896003d)](https://preview.redd.it/8o5n1n5z16471.png?width=911&format=png&auto=webp&s=a6d4979f5cbd45d5a74b88a9c68ab0ac0896003d)
+
+GME 1/4/2021 - 6/8/2021 - Log Based 10 Scale
+
+Few notes:
+
+-   She's moving on up!!
+
+-   Delta Discussion:
+
+    -   The delta neutral today is $157.04, and I'm projecting it will be $159.70 tomorrow. That means if there's a flash crash tomorrow, don't panic, it will probably bounce off that point like it has in the past.
+
+    -   If you're new to my posts, I started posting when the price was dropping on 5/10. I wanted to reassure everyone that the price would probably bounce off the $143 mark, then warned everyone that it may bounce off the $135 mark the next day. She's been going up ever since! Links to old posts if you're interested:
+
+        -   [5/10 Update](https://www.reddit.com/r/Superstonk/comments/n9cutk/gme_bouncing_off_delta_neutral_price_today/)
+
+        -   [5/11 Update](https://www.reddit.com/r/Superstonk/comments/na952e/gme_delta_neutral_price_update/?utm_source=share&utm_medium=web2x&context=3)
+
+    -   If the price drops below the delta neutral price, then pressure starts to build-up. If the delta neutral doesn't drop with the price, then the underlying price usually bounces back over the delta neutral, like what you can see in February.
+
+        -   Note this is mostly how I trade on my model. I watch for equities that drop below the delta neutral. The other one I trade on is gamma spikes...
+
+-   Gamma Discussion:
+
+    -   Added the maximum gamma price point to the graph, which is currently sitting at $301.
+
+        -   See my last update for a discussion on this new indicator: [Maximum Gamma Indicator](https://www.reddit.com/r/Superstonk/comments/ntw1h1/662021_gamma_update_review_of_gamma_maximums/)
+
+    -   It seems like these significant spikes run along side the gamma maximums price points (see the January/March squeezes), and we're currently in one of these runs alongside the underlying price with the maximum gamma.
+
+    -   No gamma spikes today for GME, but that's ok, I can feel they are coming!
+
+I hope we all have an easy day tomorrow with no crazy turbulence/crashes. See you out there tomorrow!
+
+*Data Dictionary*
+
+-   Delta Neutral: price that creates a total market delta of 0 across all GME options (all expiration dates) for a given date. General observation is it acts like a theoretical floor (although the price can go lower, as seen in February). My theory is that as the underlying approaches the delta neutral, call options go on sale. As people buy call options, MM have to buy the stocks which increases the price. Most stocks like to hang out above the delta neutral, some dip below and create pressure that can shoot them back over the delta neutral (like what happened in February), and some like to hang out below (like the VIX).
+
+-   Gamma Neutral: price that creates a total market gamma of 0 across all GME options (all expiration dates) for a given date. General observation is it acts like support/resistance between the delta neutral and the underlying, and typically bounces around between the two prices for most plan (like we have seen with GME since April). It also goes crazy in periods of high volatility (as you can see by the infinite spikes).
+
+-   Gamma Maximum: Underlying price that results in the highest level of total market gamma. This is a new indicator, suggested by another redditor, pennyether. This price point seems to act as a ceiling, but then an accelerant if the price can break through this barrier.
+
+Disclaimer: I'm just a person that likes to play with options data and builds models to trade for a hobby. I have no experience trading professionally or offering any advice to anyone. Nothing is certain in trading. It's all probabilities and what increases/decreases your chance at a profit. This is just one indicator for one type of price movement, and there are many other indicators that can help you make investment decisions.

DD/Gamma-Signals-by-yelyah2/2021-06-10-Delta-Neutral-Update.md

@@ -0,0 +1,60 @@
+Delta Neutral Update - $176 Floor Today
+=======================================
+
+| Author       | Source       | 
+| :-------------: |:-------------:|
+|  [u/yelyah2](https://www.reddit.com/user/yelyah2/) | [Reddit](https://www.reddit.com/r/Superstonk/comments/nwrzba/delta_neutral_update_176_floor_today/) | 
+
+---
+
+[Education 👨‍🏫 | Data 🔢](https://www.reddit.com/r/Superstonk/search?q=flair_name%3A%22Education%20%F0%9F%91%A8%E2%80%8D%F0%9F%8F%AB%20%7C%20Data%20%F0%9F%94%A2%22&restrict_sr=1)
+
+TLDR: If you believe in my delta neutral theory, the current floor for this crash is $176.
+
+There are a lot of very valid theories out there on the floor to this crash, and here's mine that has worked pretty well in the past.
+
+Recap
+
+My work is built on the idea that the market is largely unpredictable, but one particular kind of behavior is certain - hedgies like to hedge. It's written into their algorithms. Specifically, they like to delta hedge and gamma hedge. This work tries to profit on this one particular type of buying/selling behavior. I have a little data dictionary at the bottom if you need a refresher on terminology.
+
+This post is mostly an update to the delta neutral (underlying price where the total market delta is zero). My general theory is that as the underlying approaches the delta neutral a few things happen:
+
+-   There is a large influx of call option purchases, because:
+
+    -   The call prices get less expensive as the underlying price approaches the delta neutral
+
+    -   Stock prices usually rebound/revert back to the mean after large crashes, so the price often rebounds anyways.
+
+-   With the large influx of call volume, market makers have to start buying stocks to delta hedge, which turns the price back around and creates an upward trajectory.
+
+-   Historically, you can see that GME often bounces off the delta neutral prices during drops. The exception is the February drop. When the underlying goes below the delta neutral price, a lot of pressure builds up that results in a significant increase when that pressure is released.
+
+    -   Note that this is how I trade my model. I look for equities that fall below the delta neutral.
+
+    -   If you're interested in prior posts that helped reassure during the dips, here you go:
+
+        -   [5/10 Post](https://www.reddit.com/r/Superstonk/comments/n9cutk/gme_bouncing_off_delta_neutral_price_today/)
+
+        -   [5/11 Post](https://www.reddit.com/r/Superstonk/comments/na952e/gme_delta_neutral_price_update/)
+
+Graph Update
+
+Here's the graph you're used to seeing, and it includes the Close Price (green), delta neutral (blue), gamma neutral (orange), and max pain (light blue)
+
+[![r/Superstonk - Delta Neutral Update - $176 Floor Today](https://preview.redd.it/6kfa4wojtg471.png?width=910&format=png&auto=webp&s=c43b15b11696f544540f536b68020061204961ff)](https://preview.redd.it/6kfa4wojtg471.png?width=910&format=png&auto=webp&s=c43b15b11696f544540f536b68020061204961ff)
+
+GME 1/4/2021 - 6/10/2021
+
+The delta neutral through 6/9 was $173, and I am projecting a delta neutral today of $176.
+
+Don't panic. Just buy the dip.
+
+*Data Dictionary*
+
+-   Delta Neutral: price that creates a total market delta of 0 across all GME options (all expiration dates) for a given date. General observation is it acts like a theoretical floor (although the price can go lower, as seen in February). My theory is that as the underlying approaches the delta neutral, call options go on sale. As people buy call options, MM have to buy the stocks which increases the price. Most stocks like to hang out above the delta neutral, some dip below and create pressure that can shoot them back over the delta neutral (like what happened in February), and some like to hang out below (like the VIX).
+
+-   Gamma Neutral: price that creates a total market gamma of 0 across all GME options (all expiration dates) for a given date. General observation is it acts like support/resistance between the delta neutral and the underlying, and typically bounces around between the two prices for most plan (like we have seen with GME since April). It also goes crazy in periods of high volatility (as you can see by the infinite spikes).
+
+-   Max Pain: price that creates largest loss for option buyers and largest gain for option sellers. This is a controversial topic because underlying prices can drift towards this point. There are typically large areas around the max pain that doesn't make a lot of difference to the profits for option buyer/sellers. It can be used to help gauge where the equilibrium of the options data is, but there is often a wide range around this price point that does not meaningfully affect MM profits.
+
+Disclaimer: I'm just a person that likes to play with options data and builds models to trade for a hobby. I have no experience trading professionally or offering any advice to anyone. Nothing is certain in trading. It's all probabilities and what increases/decreases your chance at a profit. This is just one indicator for one type of price movement, and there are many other indicators that can help you make investment decisions.

DD/Gamma-Signals-by-yelyah2/2021-06-11-Delta-Neutral-Update.md

@@ -0,0 +1,56 @@
+Delta Neutral Update - IF the price still drops today...
+========================================================
+
+| Author       | Source       | 
+| :-------------: |:-------------:|
+|  [u/yelyah2](https://www.reddit.com/user/yelyah2/) | [Reddit](https://www.reddit.com/r/Superstonk/comments/nxigxe/delta_neutral_update_if_the_price_still_drops/) | 
+
+---
+
+[Education 👨‍🏫 | Data 🔢](https://www.reddit.com/r/Superstonk/search?q=flair_name%3A%22Education%20%F0%9F%91%A8%E2%80%8D%F0%9F%8F%AB%20%7C%20Data%20%F0%9F%94%A2%22&restrict_sr=1)
+
+TLDR: The price can still drop today, and IF it does, my prediction is it COULD drop as low as the $175 delta neutral floor before rebounding. Note that this is not a prediction that it will drop. I'm just trying to give reassurance to anyone worried about a significant drop.
+
+Here's the graph you're used to seeing, and it includes the Close Price (green), delta neutral (blue), gamma neutral (orange), and max pain (light blue) .
+
+[![r/Superstonk - Delta Neutral Update - IF the price still drops today...](https://preview.redd.it/abmgtqgpkn471.png?width=910&format=png&auto=webp&s=611cc53e7d49fb8bde10678b1193a26eb5be558d)](https://preview.redd.it/abmgtqgpkn471.png?width=910&format=png&auto=webp&s=611cc53e7d49fb8bde10678b1193a26eb5be558d)
+
+1/4/2021 - 6/10/2021
+
+The Delta Neutral was at $172 through EOD yesterday, and I'm projecting a Delta neutral of $175 today.
+
+Don't panic. Just buy the dip.
+
+Recap
+
+My work is built on the idea that the market is largely unpredictable, but one particular kind of behavior is certain - hedgies gonna hedge. It's written into their algorithms. Specifically, they like to delta hedge and gamma hedge. This work tries to profit on this one particular type of buying/selling behavior. I have a little data dictionary at the bottom if you need a refresher on terminology.
+
+This post is mostly an update to the delta neutral (underlying price where the total market delta is zero). My general theory is that as the underlying approaches the delta neutral a few things happen:
+
+-   There is a large influx of call option purchases, because:
+
+    -   The call prices get less expensive as the underlying price approaches the delta neutral
+
+    -   Stock prices usually rebound/revert back to the mean after large crashes, so the price often rebounds anyways.
+
+-   With the large influx of call volume, market makers have to start buying stocks to delta hedge, which turns the price back around and creates an upward trajectory.
+
+-   Historically, you can see that GME often bounces off the delta neutral prices during drops. The exception is the February drop. When the underlying goes below the delta neutral price, a lot of pressure builds up that results in a significant increase when that pressure is released.
+
+    -   Note that this is how I trade my model. I look for equities that fall below the delta neutral.
+
+    -   If you're interested in prior posts that helped reassure during the dips, here you go:
+
+        -   [5/10 Post](https://www.reddit.com/r/Superstonk/comments/n9cutk/gme_bouncing_off_delta_neutral_price_today/)
+
+        -   [5/11 Post](https://www.reddit.com/r/Superstonk/comments/na952e/gme_delta_neutral_price_update/)
+
+*Data Dictionary*
+
+-   Delta Neutral: price that creates a total market delta of 0 across all GME options (all expiration dates) for a given date. General observation is it acts like a theoretical floor (although the price can go lower, as seen in February). My theory is that as the underlying approaches the delta neutral, call options go on sale. As people buy call options, MM have to buy the stocks which increases the price. Most stocks like to hang out above the delta neutral, some dip below and create pressure that can shoot them back over the delta neutral (like what happened in February), and some like to hang out below (like the VIX).
+
+-   Gamma Neutral: price that creates a total market gamma of 0 across all GME options (all expiration dates) for a given date. General observation is it acts like support/resistance between the delta neutral and the underlying, and typically bounces around between the two prices for most plan (like we have seen with GME since April). It also goes crazy in periods of high volatility (as you can see by the infinite spikes).
+
+-   Max Pain: price that creates largest loss for option buyers and largest gain for option sellers. This is a controversial topic because underlying prices can drift towards this point. There are typically large areas around the max pain that doesn't make a lot of difference to the profits for option buyer/sellers. It can be used to help gauge where the equilibrium of the options data is, but there is often a wide range around this price point that does not meaningfully affect MM profits.
+
+Disclaimer: I'm just a person that likes to play with options data and builds models to trade for a hobby. I have no experience trading professionally or offering any advice to anyone. Nothing is certain in trading. It's all probabilities and what increases/decreases your chance at a profit. This is just one indicator for one type of price movement, and there are many other indicators that can help you make investment decisions.

DD/Gamma-Signals-by-yelyah2/2021-06-14-Delta-Gamma-Update.md

@@ -0,0 +1,66 @@
+Delta/Gamma Update & The Role of a Critic
+=========================================
+
+| Author       | Source       | 
+| :-------------: |:-------------:|
+|  [u/yelyah2](https://www.reddit.com/user/yelyah2/) | [Reddit](https://www.reddit.com/r/Superstonk/comments/nzyji4/deltagamma_update_the_role_of_a_critic/) | 
+
+---
+
+[Education 👨‍🏫 | Data 🔢](https://www.reddit.com/r/Superstonk/search?q=flair_name%3A%22Education%20%F0%9F%91%A8%E2%80%8D%F0%9F%8F%AB%20%7C%20Data%20%F0%9F%94%A2%22&restrict_sr=1)
+
+*Graph Update*
+
+Here's the graph you're used to seeing, and it includes the Close Price (green), delta neutral (blue), gamma neutral (orange), and max pain (light blue) .
+
+[![r/Superstonk - Delta/Gamma Update & The Role of a Critic](https://preview.redd.it/97mi0v0sxa571.png?width=910&format=png&auto=webp&s=c3ca835309cae2a0f9c3a22534de8d98f3f94cec)](https://preview.redd.it/97mi0v0sxa571.png?width=910&format=png&auto=webp&s=c3ca835309cae2a0f9c3a22534de8d98f3f94cec)
+
+GME 1/4/2021 - 6/14/2021 - Log Base 10 Scale
+
+I'm really excited to share that I bought a massive options database, with all optionable stocks going back to 2007! I'm in the process of transitioning my code over to this new vendor, making some enhancements to the model I've been wanting to do, and running the algo. I'm Excited to see how my indicators work on prior short squeezes (like the VW squeeze). I look forward to sharing my research!
+
+My work is built on the idea that the market is largely unpredictable, but one particular kind of behavior is certain - hedgies gonna hedge. It's written into their algorithms. Specifically, they like to delta hedge and gamma hedge. This work tries to profit on this one particular type of buying/selling behavior. I have a little data dictionary at the bottom if you need a refresher on terminology.
+
+There isn't a lot to note today for these specific indicators, but wanted to give you an updated. Instead, I just have something to say to support my amazing, fellow DD/TA friends that are putting out incredible new ideas.
+
+*Quick Chat*
+
+I think like we may need to have a little chat. I say it at the bottom of each post, but these indicators just help give help identifying if the probability of a certain event occurring has increased. None of my fellow DD/TA'ers are giving you prophecies. There are too many variables to incorporate, and the human element, which makes it impossible to tell you any price movement is 100% certain.
+
+Similarly, sports analysts put a lot of work incorporating all kinds of factors into the chance a certain team winning a game, and incorporate all kinds of factors (weather, injuries, home field advantage, etc.). However, any team can win on Any Given Sunday.
+
+For example, every analyst predicted the 7-9 Seahawks would lose to the 11-5 Saints in the 2010 NFC Wild Card Game, but none of them realized the secret was that Marshawn Lynch ate his special skittles, and resulted in Beast Quake (best running touch down ever).
+
+[![r/Superstonk - Delta/Gamma Update & The Role of a Critic](https://preview.redd.it/akg7mts0za571.png?width=1000&format=png&auto=webp&s=c3ea9c4b163e260867e450596d9b99786124aa78)](https://preview.redd.it/akg7mts0za571.png?width=1000&format=png&auto=webp&s=c3ea9c4b163e260867e450596d9b99786124aa78)
+
+2010 Beast Quake
+
+Now I could start predicting with some certainty that when Marshawn Lynch ate his special skittles, the Seahawks would win. That would work with some certainty, and my success rate in using that indicator was higher than with other factors (or maybe in addition to those other factors).
+
+Now say that I knew Marshawn Lynch had extra special Skittles before Super Bowl XLIX, so I knew the chances were much higher that the Seahawks would win, and Marshawn Lynch was ready to run in the game winning touchdown.
+
+HOWEVER, no one could have expected that fricking PETE CARROL WOULD DECIDE TO PASS IT INSTEAD OF GIVING IT TO SKITTLE-MUCHING-MARSHAWN AT THE ENDZONE FOR THE GAME-WINNING PLAY.
+
+[![r/Superstonk - Delta/Gamma Update & The Role of a Critic](https://preview.redd.it/ueou8kpa0b571.png?width=1024&format=png&auto=webp&s=c3036caf38c54c56a7c45690aade6a312773e624)](https://preview.redd.it/ueou8kpa0b571.png?width=1024&format=png&auto=webp&s=c3036caf38c54c56a7c45690aade6a312773e624)
+
+Super Bowl XLIX - Heartbreak
+
+So does that mean I was wrong about using special Skittles as a helpful indicator for a Seahawks win? No! Because the human-element (i.e. stupid Seahawks coaches) adds unpredictability. I won't ditch that indicator, but will work to refine that indicator or use it in conjunction with others.
+
+We're all working to improve and become more accurate, so be kind if you think a DD/TA wasn't perfect for the day. Ape no fight Ape. I support every one of my incredibly smart, new, GME friends that are putting out new ideas.
+
+So I will just leave you with some Ratatouille to think on as you read through posts this evening:
+
+[![r/Superstonk - Delta/Gamma Update & The Role of a Critic](https://preview.redd.it/cwb4c7fb1b571.png?width=530&format=png&auto=webp&s=d028013629530a4e1ed0f585bb56677e600cfae1)](https://preview.redd.it/cwb4c7fb1b571.png?width=530&format=png&auto=webp&s=d028013629530a4e1ed0f585bb56677e600cfae1)
+
+Ratatouille - The Role of a Critic
+
+*Data Dictionary*
+
+-   Delta Neutral: price that creates a total market delta of 0 across all GME options (all expiration dates) for a given date. General observation is it acts like a theoretical floor (although the price can go lower, as seen in February). My theory is that as the underlying approaches the delta neutral, call options go on sale. As people buy call options, MM have to buy the stocks which increases the price. Most stocks like to hang out above the delta neutral, some dip below and create pressure that can shoot them back over the delta neutral (like what happened in February), and some like to hang out below (like the VIX).
+
+-   Gamma Neutral: price that creates a total market gamma of 0 across all GME options (all expiration dates) for a given date. General observation is it acts like support/resistance between the delta neutral and the underlying, and typically bounces around between the two prices for most plan (like we have seen with GME since April). It also goes crazy in periods of high volatility (as you can see by the infinite spikes).
+
+-   Max Pain: price that creates largest loss for option buyers and largest gain for option sellers. This is a controversial topic because underlying prices can drift towards this point. There are typically large areas around the max pain that doesn't make a lot of difference to the profits for option buyer/sellers. It can be used to help gauge where the equilibrium of the options data is, but there is often a wide range around this price point that does not meaningfully affect MM profits.
+
+Disclaimer: I'm just a person that likes to play with options data and builds models to trade for a hobby. I have no experience trading professionally or offering any advice to anyone. Nothing is certain in trading. It's all probabilities and what increases/decreases your chance at a profit. This is just one indicator for one type of price movement, and there are many other indicators that can help you make investment decisions.

DD/Gamma-Signals-by-yelyah2/2021-06-28-Delta-Neutral-Update.md

@@ -0,0 +1,200 @@
+Delta Neutral Update: Any meaningful underlying price increase today will significantly increase our chances at a squeeze in the near future.
+=============================================================================================================================================
+
+| Author       | Source       | 
+| :-------------: |:-------------:|
+|  [u/yelyah2](https://www.reddit.com/user/yelyah2/) | [Reddit](https://www.reddit.com/r/Superstonk/comments/o9qb4n/delta_neutral_update_any_meaningful_underlying/) | 
+
+---
+
+[DD 👨‍🔬](https://www.reddit.com/r/Superstonk/search?q=flair_name%3A%22DD%20%F0%9F%91%A8%E2%80%8D%F0%9F%94%AC%22&restrict_sr=1)
+
+TLDR: any meaningful increase today (>2%) will significantly increase the chances of a squeeze in our near future.
+
+Edit1: We obviously finished at ~1.8% today instead of 2%. Green is green and any increase is good (like always). Think of it like we were playing in a special bonus round today that would've quadruple our daily GME points, and we probably didn't get those bonus point. Still a good day! I'm excited to process my options data dump when I get it in an hour or so, and will be sure to share the results.
+
+Edit2: AH price movements still definitely help! My options data dumps are near end of day (~15 min before close), so I won't see the impact of AH movement when I process tonight, but it's all still good!
+
+Edit3: Just to be clear, I was not predicting a >2% increase today. My sensitivity testing goes from 2% to 10%, so I was saying that my sensitivity tests show even a 2% increase will get some awesome bonus delta today (more than usual). Since we were at ~1.8% today, that doesn't mean we get nothing. I'm sure we will still get bonus delta, but my sensitivity tests just didn't go below 2%, so I couldn't tell you what was it was. We're good though! It was a good day!
+
+I apologize for my absence. I've been on vacation for the first time since 2019! California was beautiful. Definitely making me think about a move :)
+
+Since it's been a couple of weeks, I'll do a full refresher below.
+
+*Background*
+
+My work is built on the idea that the market is largely unpredictable, but one particular kind of behavior is certain - hedgies gonna hedge. It's written into their algorithms. Specifically, they like to delta hedge and gamma hedge. This work tries to profit on this one particular type of buying/selling behavior.
+
+[![r/Superstonk - Delta Neutral Update: Any meaningful underlying price increase today will significantly increase our chances at a squeeze in the near future.](https://preview.redd.it/ck93r8xvg1871.png?width=168&format=png&auto=webp&s=ab98f88b94e4fa0198174029e71061abe2891686)](https://preview.redd.it/ck93r8xvg1871.png?width=168&format=png&auto=webp&s=ab98f88b94e4fa0198174029e71061abe2891686)
+
+Hedgie doing its Hedgin'
+
+There is a new methodology/assumptions section at the bottom that gives my method in full detail. This section gives a high-level of the key pieces of the analysis described in this post.
+
+Delta
+
+The Delta of an option represents the expected change to an option's price based on a $1 change in the security's underlying price. For example, if the GME underlying price is at $100,000,000 and a GME $102,000,000 strike call has a delta of 0.2, then that call option price will increase by $0.2 if the GME underlying price moves up to $100,000,001. Note that the price is also affected by gamma so will actually be higher than the $0.2 price increase estimated by delta, which will be covered later.
+
+[![r/Superstonk - Delta Neutral Update: Any meaningful underlying price increase today will significantly increase our chances at a squeeze in the near future.](https://preview.redd.it/ugpgf1wjg1871.png?width=987&format=png&auto=webp&s=8ecf759c7f1119d70b9f5765674590f866168fb5)](https://preview.redd.it/ugpgf1wjg1871.png?width=987&format=png&auto=webp&s=8ecf759c7f1119d70b9f5765674590f866168fb5)
+
+Call versus Put Delta by Strike Price for an Underlying @ $100
+
+Delta hedging is a trading strategy employed by market makers (MM's) to minimalize the directional risk associated with price movements in the underlying security. Traditionally, you can think of a MM buying 20 (0.2 x 100) stocks of the underlying security if the price increases by $1 (using the example above). However, it's important to note that hedge funds often use other derivatives to hedge, not just buying/selling stocks because it requires less capital to do so. However, these indicators can be used as a directional proxy for some of the MM behavior as the underlying price increases/decreases.
+
+The total market delta share equivalent represents the sum of delta x OI across all strikes/expiration prices in a given trading day. I will say it one more time, hedge funds are not actually holding this number of shares on a given day to hedge. They often hedge with other market derivatives. However, it can give us an indicator for hedge funds buying/selling underlying equity relativities.
+
+Delta Neutral
+
+The Delta Neutral price that creates a total market delta of 0 across all GME options (all expiration dates) for a given date. It can also be though of as the intersection of a supply/demand curve for hedged stocks. See the "Methodology and Assumptions" section for full detail on how I develop this indicator.
+
+Notes below for general options on how the delta neutral interacts with the underlying price:
+
+-   There is a large influx of call option purchases, because:
+
+    -   The call prices get less expensive as the underlying price approaches the delta neutral
+
+    -   Stock prices usually rebound/revert back to the mean after large crashes, so the price often rebounds anyways.
+
+-   With the large influx of call volume, market makers have to start buying stocks to delta hedge, which turns the price back around and creates an upward trajectory.
+
+    -   Important note that hedgies often hedge with derivatives instead of buying stocks, so there isn't a 1-to-1 relationship between the delta and shares bought/sold by hedge funds.
+
+-   Historically, you can see that GME often bounces off the delta neutral prices during drops. The exception is the February drop. When the underlying goes below the delta neutral price, a lot of pressure builds up that results in a significant increase when that pressure is released.
+
+    -   Note this is the primary way that I trade my model. I made a scanner that looks for equities that fall below the delta neutral.
+
+Gamma
+
+The Gamma of an option represents the rate of change of the Delta of an option with respect to a $1 underlying price movement. From our example above, if the GME underlying price is at $100,000,000 and a GME $102,000,000 strike call has a delta of 0.2 and a gamma of 0.05, then that call option price would actually increase by $0.25 (0.2 + 0.05) if the GME underlying price moves up to $100,000,001.
+
+[![r/Superstonk - Delta Neutral Update: Any meaningful underlying price increase today will significantly increase our chances at a squeeze in the near future.](https://preview.redd.it/14jxduhrk1871.png?width=670&format=png&auto=webp&s=b3d64c2e70ae8961359d1b1c5f708ea70f1ed9c8)](https://preview.redd.it/14jxduhrk1871.png?width=670&format=png&auto=webp&s=b3d64c2e70ae8961359d1b1c5f708ea70f1ed9c8)
+
+MM also hedge against gamma risk, but the impact of buying/selling securities to hedge is often much lower than the impact of delta hedging (also remember that they use derivatives to hedge too). However, you are probably familiar with gamma because of the "gamma squeeze" that happened back in January. A gamma squeeze happens when the underlying stock price begins to go up very quickly in a short period of time. This forces more buying activity from rapidly increasing deltas/hedging, which continues to inflate the price.
+
+Gamma Neutral
+
+The Gamma Neutral price that creates a total market gamma of 0 across all GME options (all expiration dates) for a given date. See the "Methodology and Assumptions" section for full detail on how I develop this indicator.
+
+General notes below for observations on how this indicator behaves:
+
+-   It acts like support/resistance between the delta neutral and the underlying, and typically bounces around between the two prices for most symbols (like we have seen with GME since April).
+
+-   It also goes crazy in periods of high volatility, as you can see by the very higher spikes.
+
+-   A gamma spike indicates the presence of POTENTAILLY slippery option market conditions, which COULD lead to a gamma squeeze. There were certainly spikes present back in January, but we had a few one-day false starts this last month.
+
+-   They are often triggered by high price movement in a day, which can lead to continue high growth if underlying volume supports it.
+
+-   Gamma spikes can also be triggered by unusual options purchases during the day. These are the one ones to find, because you can often catch the high increase waves before they actually start.
+
+-   If I'm trading this indicator, I often either wait for a gamma spike to continue for 2 days in a row and supported by increased volume. Otherwise, I invest straight away if I find a gamma spike just based on options movement (i.e. no significant underlying increase yet).
+
+*Delta/Gamma Neutral Graph*
+
+Here's the graph you're used to seeing, and it includes the Close Price (green), delta neutral (blue), and gamma neutral (orange), on a log-based 10 scale so you can see those spikes in all their glory.
+
+[![r/Superstonk - Delta Neutral Update: Any meaningful underlying price increase today will significantly increase our chances at a squeeze in the near future.](https://preview.redd.it/3w8in2bxn1871.png?width=910&format=png&auto=webp&s=8ee0e0f575df7fcc96a93eef105b6107024dc69a)](https://preview.redd.it/3w8in2bxn1871.png?width=910&format=png&auto=webp&s=8ee0e0f575df7fcc96a93eef105b6107024dc69a)
+
+GME 1/4/2021 - 6/25/2021
+
+A few things that happened the last two weeks:
+
+-   The delta neutral floor continues to rise (yay!) It's currently at $176.
+
+-   GME likes to hang out between 10% and 30% higher than the delta neutral price if nothing unusual happens, which gives a range of $194 - $230 for the underlying.
+
+-   GME's high is 214% higher than the DN back on 1/27, so certainly able to break higher, but it is hard to break through that resistance.
+
+-   No significant action with gamma since 6/8
+
+*Total Market Delta*
+
+The graph below summaries the total market delta share equivalents (dark blue) versus the underlying close price (green). See the "Delta" section above for information on what the total market delta share equivalent amounts represent.
+
+[![r/Superstonk - Delta Neutral Update: Any meaningful underlying price increase today will significantly increase our chances at a squeeze in the near future.](https://preview.redd.it/valw8po1s1871.png?width=909&format=png&auto=webp&s=5241a6231a0d442eb3cfa268e37ea5957827fbf5)](https://preview.redd.it/valw8po1s1871.png?width=909&format=png&auto=webp&s=5241a6231a0d442eb3cfa268e37ea5957827fbf5)
+
+GME Total Market Delta Share Equivalent versus Underlying Close
+
+You will notice above that the total market delta increased significantly BEFORE the January and February/March squeezes. This helped to contribute to the buying pressure to push GME upwards.
+
+The graph below provides a sensitivity test for the total market delta share equivalent (blue) based on +5% (light red) and -5% (dark red) shifts to the underlying price.
+
+[![r/Superstonk - Delta Neutral Update: Any meaningful underlying price increase today will significantly increase our chances at a squeeze in the near future.](https://preview.redd.it/g01npebyr1871.png?width=909&format=png&auto=webp&s=3720955ff7a40a4e03937176115c34e9f736301c)](https://preview.redd.it/g01npebyr1871.png?width=909&format=png&auto=webp&s=3720955ff7a40a4e03937176115c34e9f736301c)
+
++/- 5% Underlying Price Sensitivity Test
+
+Now you can see that the impact to the total market delta increases significantly BEFORE large changes to the total market delta share equivalent, which happens BEFORE large changes to the underlying price.
+
+Note that there are also potential for large DECREASES if there is also a potential for large INCREASES. The total market delta sensitivity tests have also been indicating a potential for a large decrease as the market has been dropping the last few weeks.
+
+For example, back in January:
+
+-   The sensitivity test on 1/8/2021 showed a 5% increase to the underlying on 1/8/2021 ( a Friday) would've increased the total market delta by 91%.
+
+-   On 1/11/2021 (Monday), the price increased by 13%, and the total market delta increased by 305%.
+
+-   The underlying price then increased by 200% between 1/11/2021 to 1/14/2021.
+
+Now! My sensitivity tests as of 6/25/2021 close showed that a 5% increase today would lead to a 60% increase in the total market delta equivalent! As of writing this, we have already been up > 5% at a high for the day, and currently at a 3% gain. I expect this will lead to a significant increase in the total market delta shares, which will put us well on our way towards another squeezy squeezy lemon peezy.
+
+[![r/Superstonk - Delta Neutral Update: Any meaningful underlying price increase today will significantly increase our chances at a squeeze in the near future.](https://preview.redd.it/leipjjemu1871.png?width=1280&format=png&auto=webp&s=eceb696974c5897f08ffe7b3c51e9d5d936931c3)](https://preview.redd.it/leipjjemu1871.png?width=1280&format=png&auto=webp&s=eceb696974c5897f08ffe7b3c51e9d5d936931c3)
+
+*Methodology and Assumptions*
+
+I write my own algorithms to produce the results above. The following lists some key methodology and assumptions I use:
+
+-   I rely on daily options summaries produced by <https://www.orats.com/>
+
+-   Their options summaries use "near end of day" snapshots (i.e. 15 minutes before close), because they say its more reliable for producing Greeks. They say the last 15 minutes is not a reliable source for options prices to represent the rest of the market day. Therefore, you may notice
+
+-   I still rely on [www.historicaloptiondata.com](https://www.historicaloptiondata.com/) for my stock information, but working on converting to orats.
+
+    -   Note that the Underlying Price in the graphs above is the Close price, not the near end of day price.
+
+-   For the Implied Volatility (IV), I use the following method:
+
+    -   Orats produces a smoothed IV that I like, which I use in conjunction with the mid-price call/put IV's to produce a final IV.
+
+        -   The orats smoothed IV cleans the quotes, and solves for a residual yield based on the put-call parity formula. This lines up the call and put implied volatilities, to account for estimating hard-to-borrow stocks, or stocks with differing dividend assumptions.
+
+        -   Next, the IV curve is smoothed through the strike IV's using cubic splines. This is helpful for producing reasonable IV's in low volume stocks or strike prices.
+
+    -   The smoothed IV methodology above produces the same set of IV for both calls and puts. Theoretically, the IV should be the same for both calls/put, because it should represent the estimated volatility of the underlying price for both calls and puts, which wouldn't differ.
+
+    -   However practically, the IV never actually just represents the estimated volatility of the underlying. The IV used in the Black-Scholes (B-S) price calculation is usually always higher than the historical volatility, because options sellers attach an IV premium to the raw IV that helps make them money.
+
+    -   Because calls can produce infinite losses to options sellers, the IV premium tends to be higher for calls than for puts. I use the following methodology to adjust the orats call/put smoothed IV:
+
+        -   I pull the orats options database for each ticker, trade date and expiration date.
+
+        -   Calculate the relativities of the raw mid-price call / smoothed IV, and the raw mid-price put / smoothed IV for each strike price.
+
+        -   Fill in any missing relativities with the nearest relativity, within its own ticker/trade date/expiration date. This mostly just applies to far OTM strikes.
+
+        -   Smooth the relativities using rloess, which is a local regression using weighted linear least squares and a 2nd degree polynomial model. This method assigns zero weight to data outside six mean absolute deviations.
+
+        -   Apply the smoothed call/put mid-price relativities to the smoothed orats IV estimates to get the final call/put IV estimates.
+
+-   Using the final call/put IV estimates described above, I calculate my own Greeks. I like this source if you're interested in the formulas: [https://www.macroption.com/option-greeks-excel](https://www.macroption.com/option-greeks-excel/#gamma-in-excel)
+
+-   For the total market delta and total market gamma, I rely on the OI x delta and OI x gamma for each strike price.
+
+    -   Note that the delta of a call is usually equal to (1 - put delta), so not adjustment is needed to the delta signs when calculating the total market delta.
+
+    -   However, the call/put gammas are both positive based on the B-S calculation. If you're calculating the total gamma for a portfolio, or the total market, you have to add the call gamma and subtract the put gamma.
+
+-   To estimate the delta neutral and the gamma neutral, I have an algorithm that relies on the optimization toolbox in Matlab to identify an underlying price that achieve a total market delta and a total market gamma.
+
+-   For the sensitivity tests, I adjust the underlying price in the snapshot by +/-5%, and run the algorithms as described above, to estimate what the total market delta/gamma would be at the different underlying price.
+
+-   Note that the IV would change with higher/lower prices for the delta/gamma neutral and the sensitivity tests, but the impact is not significant enough to make a meaningful difference and takes significant processing time to apply the IV curves. However, it is an important simplifying assumption to be aware of.
+
+-   Open Interest (OI) is always lagged one day for options summaries. The OCC releases final open interest on a given day, and it represents the OI for the close of the prior day. Therefore, the OI I get in my summaries on 6/28 does not represent the OI as of close on 6/28. It represents the OI as of close on 6/25. If you see a source like Yahoo give live OI throughout the day, they are only estimates, and their algorithm methodology for estimating the OI based on various price/volume movement is a closely guarded secret.
+
+    -   Note that I'm currently working on my own algorithm to estimate same-day OI, but I'm not done yet.
+
+    -   However, it should be noted that using the prior day OI is a limitation of the data available to me.
+
+*Disclaimer: I'm just a person that likes to play with options data and builds models to trade for a hobby. I have no experience trading professionally or offering any advice to anyone. Nothing is certain in trading. It's all probabilities and what increases/decreases your chance at a profit. This is just one indicator for one type of price movement, and there are many other indicators that can help you make investment decisions.*
+
+*I'll do my best to respond to all comments, including the negative ones. I'm happy to have a productive chat about any of my logic. I've gotten a lot of good ideas from posting on this forum, so thank you! However, if I can defend myself in a dark parking lot with nothing but my high heels, I can certainly defend myself against online trolls. So be nice.*

DD/Hyperinflation-is-Coming-The-Dollar-Endgame-by-peruvian-bull/2021-06-21-A-New-Rome-Part-I.md

@@ -0,0 +1,143 @@
+Hyperinflation is Coming- The Dollar Endgame: PART 1, "A New Rome"
+==================================================================
+
+| Author      | Source | 
+|  :----:     |    :----:   |        
+| [u/peruvian_bull](https://www.reddit.com/user/peruvian_bull/) | [Reddit](https://www.reddit.com/r/Superstonk/comments/o4vzau/hyperinflation_is_coming_the_dollar_endgame_part/) |
+
+---
+
+
+[DD 👨‍🔬](https://www.reddit.com/r/Superstonk/search?q=flair_name%3A%22DD%20%F0%9F%91%A8%E2%80%8D%F0%9F%94%AC%22&restrict_sr=1)
+
+I am getting increasingly worried about the amount of warning signals that are flashing red for hyperinflation- I believe the process has already begun, as I will lay out in this paper. The first stages of hyperinflation begin slowly, and as this is an exponential process, most people will not grasp the true extent of it until it is too late. I know I'm going to gloss over a lot of stuff going over this, sorry about this but I need to fit it all into four posts without giving everyone a 400 page treatise on macro-economics to read. Counter-DDs and opinions welcome. This is going to be a lot longer than a normal DD, but I promise the pay-off is worth it, knowing the history is key to understanding where we are today.
+
+SERIES TL/DR (PARTS 1-4): We are at the end of a MASSIVE debt supercycle. This 80-100 year pattern *always* ends in one of two scenarios- default/restructuring (deflation a la Great Depression) or inflation( hyperinflation in severe cases (a la Weimar Republic). The United States has been abusing it's privilege as the World Reserve Currency holder to enforce its political and economic hegemony onto the Third World, specifically by creating massive artificial demand for treasuries/US Dollars, allowing the US to borrow extraordinary amounts of money at extremely low rates for decades, creating a [Sword of Damocles](https://idioms.thefreedictionary.com/a+sword+of+Damocles+hangs+over+head) that hangs over the global financial system. The massive debt loads have been transferred worldwide, and sovereigns are starting to call our bluff. Systemic risk within the US financial system (from derivatives) has built up to the point that collapse is all but inevitable, and the Federal Reserve has demonstrated it will do whatever it takes to defend legacy finance (banks, broker/dealers, etc) and government solvency, even at the expense of everything else (The US Dollar).
+
+I'll break this down into four parts. ALL of this is interconnected, so please read these in order:
+
+-   Part One: The Global Monetary System- "A New Rome" < (YOU ARE HERE)
+
+-   [Part Two: Derivatives, Systemic Risk, & Nitroglycerin](https://www.reddit.com/r/Superstonk/comments/o727oc/the_dollar_endgame_part_2_the_ouroboros/)- "The Ouroboros" <
+
+-   Part Three: Banks, Debt Cycles & Avalanches- "The Money Machine" <
+
+-   Part Four: Financial Gravity & the Fed's Dilemma- "At World's End" <
+
+Preface:
+
+Some terms you need to know:
+
+[Inflation](https://www.investopedia.com/terms/i/inflation.asp): Commonly refers to increase in prices (per Keynesian thinking). However, Inflation in the truest sense is inflation (growth) of the money supply- higher prices are just the RESULT of monetary inflation. (Think, in normal terms, prices really only rise/fall, same with temperatures. (ie Housing prices rose today). The word Inflation refers to a growth in multiple directions (quantity and velocity). Deflation means a contraction of the money supply, which results in falling prices.
+
+[Dollarization](https://www.investopedia.com/terms/d/dollarization.asp#:~:text=Dollarization%20is%20the%20term%20for,due%20to%20hyperinflation%20or%20instability.) (Weaponization of the Dollar): The process by which the US government, IMF, World Bank, and other elite organizations force countries to adopt dollar systems and therefore create indirect demand for dollars, supporting its value. (Think Petrodollars).
+
+[Central Banks](https://www.investopedia.com/terms/c/centralbank.asp): Generally these are banks that control/monitor the monetary policy of the country they reside in. They are usually owned by private financial institutions (large banks/bank holding firms). They utilize open market [operations](https://www.investopedia.com/terms/o/openmarketoperations.asp#:~:text=Open%20market%20operations%20(OMO)%20refers,out%20to%20businesses%20and%20consumers.) to stabilize and set market rates. They are called the "Lender of Last Resort" as they are supposed to LEND (not bailout/buy assets) to other banks in a crisis and help defend their currency's value in international forex markets. CBs are beholden to the "[dual mandate](https://www.chicagofed.org/research/dual-mandate/dual-mandate)" of maintaining price stability (low inflation) and a strong job market (low unemployment)
+
+[Monetary Policy](https://www.investopedia.com/terms/m/monetarypolicy.asp): The set of tools that central bankers have to adjust how money moves through the financial system. The main tool they use is quantitative tightening/easing, which basically means selling treasuries or buying treasuries, respectively. *A quick note- bond prices and interest rates move inversely to one another, so when Central banks buy bonds (easing), they lower interest rates; and when they sell bonds (tightening), they increase interest rates.
+
+[Fiscal Policy](https://www.investopedia.com/terms/f/fiscalpolicy.asp): The actions taken by the government (mainly spending and taxing) to influence macroeconomic conditions. Fiscal policy and monetary policy are supposed to be enacted independently, so as not to allow massive mismanagement of the money supply to lead to extreme conditions (aka high inflation/hyperinflation or deflation) *cough Yellen cough*
+
+Part One: The Global Monetary System- A New Rome
+
+[![r/Superstonk - Hyperinflation is Coming- The Dollar Endgame: PART 1, "A New Rome"](https://preview.redd.it/7sgzws8mlm671.png?width=557&format=png&auto=webp&s=956c8e050e84de9715eb2c7e4aeee59910f38d3a)](https://preview.redd.it/7sgzws8mlm671.png?width=557&format=png&auto=webp&s=956c8e050e84de9715eb2c7e4aeee59910f38d3a)
+
+Allegory of the Prisoner's Dilemma
+
+Prologue:
+
+In their masterwork tapestry entitled "[Allegory of the Prisoner's Dilemma](https://loloro.com/artwork/3552148-Allegory-of-the-Prisoner-s-Dilemma.html)" (pictured in the title image of this post) the artists Diaz Hope and Roth visually depict a great tower of civilization that rests upon a bedrock of human cooperation and competition across history. The artists force us to confront the fact that after 10,000 years of human civilization we are now at a cross-roads. Today we have the highest living standards in human history that co-exists with an ability to destroy our planet ecologically and ourselves through nuclear war. We are in the greatest period of stability with the largest probabilistic tail risk ever. The majority of Americans have lived their entire lives without ever experiencing a direct war and this is, by all accounts, rare in the history of humankind. Does this mean we are safe? Or does the risk exist in some other form, transmuted and changed by time and space, unseen by most political pundits who brazenly tout perpetual American dominance across our screens? ([Pulled from Artemis Capital Research Paper](https://artemiscm.docsend.com/view/t2rpfyivddgqg6n8))
+
+The Bretton Woods Agreement
+
+[Money](https://www.investopedia.com/terms/m/money.asp), in and of itself, might have actual value; it can be a shell, a metal coin, or a piece of paper. Its value depends on the importance [that people place on it](https://www.investopedia.com/insights/what-is-money/)---traditionally, money functions as a medium of exchange, a unit of measurement, and a storehouse for wealth (what is called the three factor definition of money). Money allows people to trade goods and services indirectly, it helps communicate the price of goods (prices written in dollar and cents correspond to a numerical amount in your possession, i.e. in your pocket, purse, or wallet), and it provides individuals with a way to store their wealth in the long-term.
+
+Since the inception of world trade, merchants have attempted to use a single form of money for international settlement. In the 1500s-1700s, the Spanish silver peso (where we derive the [$ sign](https://www.lexico.com/explore/what-is-the-origin-of-the-dollar-sign)) was the standard- by the 1800s and early 1900s, the British rose to prominence and the Pound (under a gold standard) became the de facto world reserve currency, helping to boost the UK's military and economic dominance over much of the world. After World War 1, geopolitical power started to shift to the US, and this was cemented in 1944 at [Bretton Woods](https://en.wikipedia.org/wiki/Bretton_Woods_system), where the US was designated as the WRC (World Reserve Currency) holder.
+
+[![r/Superstonk - Hyperinflation is Coming- The Dollar Endgame: PART 1, "A New Rome"](https://preview.redd.it/gw3dze1plm671.png?width=774&format=png&auto=webp&s=270e50cd07607e6e8c2f0254d954849cdb443c82)](https://preview.redd.it/gw3dze1plm671.png?width=774&format=png&auto=webp&s=270e50cd07607e6e8c2f0254d954849cdb443c82)
+
+Bretton Woods
+
+In the early fall of 1939, the world had watched in horror as the German blitzkrieg raced through Poland, and combined with a simultaneous Russian invasion, had conquered the entire territory in 35 days. This was no easy task, as the Polish army numbered more than [1,500,000 men](https://www.ww2-weapons.com/polish-armed-forces/), and was thought by military tacticians to be a tough adversary, even for the industrious German war machine. As WWII continued to heat up and country after country fell to the German onslaught, European countries, fretting over possible invasions of their countries and annexation of their gold, started sending massive amounts of their [Gold Reserves to the US](https://www.stlouisfed.org/publications/regional-economist/first-quarter-2020/changing-relationship-trade-americas-gold-reserves). At one point, the Federal Reserve held over 50% of all above-ground reserves in the world.
+
+[![r/Superstonk - Hyperinflation is Coming- The Dollar Endgame: PART 1, "A New Rome"](https://preview.redd.it/40yylu9qlm671.png?width=783&format=png&auto=webp&s=57a4cfabc73c8b074da57f68980467e834055f62)](https://preview.redd.it/40yylu9qlm671.png?width=783&format=png&auto=webp&s=57a4cfabc73c8b074da57f68980467e834055f62)
+
+US Trade Balance
+
+In a global monetary system restrained by a Gold Standard, countries HAVE to have [gold reserves](https://en.wikipedia.org/wiki/Gold_reserve) in their vaults in order to issue paper currency. The Western European powers all exited the Gold standard via executive acts in the during the dark days of the Great Depression (in Germany's case, immediately after WW1) and build up to War by their respective finance ministers, but the understanding was they would return back to the Gold standard, or at least some form of it, after the chaos had subsided. As the war wound down, and it became clear that the Allies would win, the Western Powers understood that they would need to come to a new consensus on the creation of a new global monetary and economic system. Britain, the previous world superpower, was marred by the war, and had seen most of her industrial cities in ruin from the [Blitz](https://www.britannica.com/event/the-Blitz). France was basically in tatters, with most industrial infrastructure completely obliterated by German and American shelling during various points of the war. The leaders of the Western world looked ahead to a long road of rebuilding and recovery. The new threat of the USSR loomed heavy on the horizon, as the Iron Curtain was already taking shape within the territories re-conquered by the hordes of Red Army. Realizing that it was unsafe to send the gold back from the US, they understood that a post-war economic system would need a new World Reserve Currency. The US was the de-facto choice as it had massive reserves and huge lending capacity due to its untouched infrastructure and incredibly productive economy.
+
+At Bretton Woods, the consortium of nations assented to an [agreement](https://corporatefinanceinstitute.com/resources/knowledge/finance/bretton-woods-agreement/) whereby the Dollar would become the WRC and the participating nations would [synchronize monetary policy](https://ies.princeton.edu/pdf/E106.pdf) to avoid competitive devaluation. In summary, they could still redeem dollars for Gold at a fixed rate of $35 an oz, a hard redemption peg which the[ U.S would defend](https://www.thebalance.com/gold-price-history-3305646). Thus they entered into a quasi- Gold standard, where citizens and private corporations could NOT redeem dollars for Gold (due to the [Gold Reserve Act ](https://en.wikipedia.org/wiki/Gold_Reserve_Act), c. 1934), but sovereign governments (Central banks) could still redeem dollars for gold. Since their currencies (like the Franc and Pound) were pegged to the Dollar, and the Dollar pegged to gold, all countries remained connected indirectly to a gold standard, stabilizing their currency conversion rate to each other and limiting local governments' ability to print and spend recklessly.
+
+[![r/Superstonk - Hyperinflation is Coming- The Dollar Endgame: PART 1, "A New Rome"](https://preview.redd.it/6pqkimnwlm671.png?width=746&format=png&auto=webp&s=a2d3e71f7fe4462d7157d0a54e45c2f5f63b8e51)](https://preview.redd.it/6pqkimnwlm671.png?width=746&format=png&auto=webp&s=a2d3e71f7fe4462d7157d0a54e45c2f5f63b8e51)
+
+US Gold Reserves
+
+For a few decades, this system worked well enough. US economic growth spurred European rebuilding, and world trade continued to increase. Cracks started to appear during the Guns and Butter era of the 1960's, when Vietnam War spending and Johnson's Great Society programs spurred a new era of fiscal [profligacy](https://www.thebalance.com/president-lyndon-johnson-s-economic-policies-3305561). The US started borrowing massively, and dollars in the form of Treasuries started stacking up in foreign Central Banks reserve accounts.
+
+Then-French President [Charles De Gaulle](https://www.britannica.com/biography/Charles-de-Gaulle-president-of-France/Return-to-public-life) did the calculus and realized in 1965 that the US had issued far too many dollars, even considering the massive gold reserves they had, to ever redeem all dollars for gold (remember naked shorting more shares than exist? -same idea here). He laid out this argument in his infamous [Criterion Speech](https://www.usagold.com/cpmforum/favorite-web-pages-degaulle/) and began aggressively redeeming dollars for gold. The global "run on the dollar" had already begun, but the process accelerated after his seminal address, as every large sovereign turned in their dollars for bullion, and the US Treasury was forced to start massively exporting gold. Backing the sovereign government's actions were fiscal and monetary strategists getting more and more worried that the US would not have enough gold to redeem their dollars, and they would be left holding a bag of worthless paper dollars, backed by nothing but promises. The outward flow of gold quickly became a deluge, and policymakers at all levels of Treasury and the State department started to worry.
+
+[![r/Superstonk - Hyperinflation is Coming- The Dollar Endgame: PART 1, "A New Rome"](https://preview.redd.it/n2o4uz5ylm671.png?width=761&format=png&auto=webp&s=02ce74f1d61b5fa8c920db23af4c87bff8e2e2d2)](https://preview.redd.it/n2o4uz5ylm671.png?width=761&format=png&auto=webp&s=02ce74f1d61b5fa8c920db23af4c87bff8e2e2d2)
+
+Nixon ends Bretton Woods
+
+Nearing a coming dollar solvency crisis, Richard Nixon [announced](https://www.federalreservehistory.org/essays/gold-convertibility-ends) on August 15th, 1971 that he was closing the [gold window](http://triplecrisis.com/a-first-default-closing-the-gold-window/), effectively barring all countries from current and future gold redemptions. Money ceased to be based on the gold in the Treasury vaults, and instead was now completely unbacked, based solely on government decree, or [fiat](https://www.investopedia.com/terms/f/fiatmoney.asp). Fixed wage and price controls were created, inflation skyrocketed, and unemployment spiked.
+
+Nixon's speech was not received as well internationally as it was in the United States. Many in the international community interpreted Nixon's plan as a unilateral act. In response, the [Group of Ten](https://www.investopedia.com/terms/g/groupoften.asp) (G-10) industrialized democracies decided on new exchange rates that centered on a devalued dollar in what became known as the [Smithsonian Agreement](https://www.investopedia.com/terms/s/smithsonian-agreement.asp). That plan went into effect in Dec. 1971, but it proved unsuccessful. Beginning in Feb. 1973, speculative market pressure caused the USD to devalue and led to a series of [exchange parities](https://www.investopedia.com/terms/p/parity.asp).
+
+Amid still-heavy pressure on the dollar in March of that year, the G--10 implemented a strategy that called for six European members to tie their currencies together and jointly [float](https://www.investopedia.com/terms/f/float.asp) them against the dollar. That decision essentially brought an end to the fixed exchange rate system established by Bretton Woods. This crisis came to be known as the "[Nixon Shock](https://www.investopedia.com/terms/n/nixon-shock.asp)" and the DXY ([US dollar index) began to fall](https://www.macrotrends.net/1329/us-dollar-index-historical-chart) in global markets.
+
+[![r/Superstonk - Hyperinflation is Coming- The Dollar Endgame: PART 1, "A New Rome"](https://preview.redd.it/jioirg70mm671.png?width=754&format=png&auto=webp&s=e81e3ab7724a05947925e436657a05e8d5ed6c5e)](https://preview.redd.it/jioirg70mm671.png?width=754&format=png&auto=webp&s=e81e3ab7724a05947925e436657a05e8d5ed6c5e)
+
+DXY
+
+This crisis came out of the blue for most members of the administration. According to [Keynesian](https://www.econlib.org/library/Enc/KeynesianEconomics.html) economists, stagflation was literally impossible, as it was a violation of the [Philips Curve](https://www.econlib.org/library/Enc/PhillipsCurve.html) principle, where Unemployment and Inflation were inversely correlated, thus inflation should [theoretically](https://www.stlouisfed.org/open-vault/2020/january/what-is-phillips-curve-why-flattened) be decreasing as the recession worsened and unemployment climbed through [1973-1975](https://en.wikipedia.org/wiki/1973%E2%80%931975_recession#:~:text=The%201973%E2%80%931975%20recession%20or,World%20War%20II%20economic%20expansion.).
+
+[![r/Superstonk - Hyperinflation is Coming- The Dollar Endgame: PART 1, "A New Rome"](https://preview.redd.it/865d1fr1mm671.png?width=705&format=png&auto=webp&s=ee8be1d79e2323da9f0f19ecc39c0da0a3360511)](https://preview.redd.it/865d1fr1mm671.png?width=705&format=png&auto=webp&s=ee8be1d79e2323da9f0f19ecc39c0da0a3360511)
+
+Phillips Curve
+
+MONKE-SPEK: Philips Curve Explained
+
+-   Low Unemployment>Lots of jobs/high demand for labor.
+
+-   Thus, more workers are employed, and wages rise>putting more money in more people's pockets.
+
+-   These people go out and buy beanie babies, toasters, and bananas (what economist John Maynard Keynes called [aggregate demand](https://www.investopedia.com/terms/a/aggregatedemand.asp)) and this higher demand leads to higher prices for goods and services. This shows up as inflation.
+
+-   Consider the opposite- high unemployment>fewer jobs>less money for people
+
+-   Less demand for goods and services> lower inflation
+
+Keynesian economists treated this curve as a law of nature, rather than a general rule. We see exceptions to this rule everywhere- Argentina is a prime example, where they have [persistently](https://www.statista.com/statistics/316703/unemployment-rate-in-argentina/) high unemployment AND high [inflation](https://tradingeconomics.com/argentina/inflation-cpi). This phenomenon is called [stagflation](https://www.investopedia.com/terms/s/stagflation.asp), and is evidence of inflationary pressures so strong that they overcome the deflationary force of high unemployment. These economists were utterly blindsided by the emergence of stagflation.
+
+After the closing of the gold window in 1971, the crisis spread, inflation kept climbing, and other sovereigns began contemplating devaluing their currencies as their only peg, the US dollar, was now unmoored and looked to be heading to disaster. US exports started climbing (cheaper dollar, foreigners could now import stuff to their countries), straining export economies and sparking talks of a [currency war](https://en.wikipedia.org/wiki/Currency_war). Knowing they had to do something to stop the bleeding, the Nixon administration, at the direction of Henry Kissinger, made a secret deal with [OPEC](https://en.wikipedia.org/wiki/OPEC), creating what is now called the Petrodollar system. This [article](https://greatpowerrelations.com/great-powers/status-of-great-powers/key-drivers-of-economic-capabilities/dollar-and-de-dollarization/birth-of-petrodollar/) summarizes it best:
+
+[![r/Superstonk - Hyperinflation is Coming- The Dollar Endgame: PART 1, "A New Rome"](https://preview.redd.it/m5a1v6a4mm671.png?width=787&format=png&auto=webp&s=b8ff7945a9bbe8924be32f157864c67a0db4cb41)](https://preview.redd.it/m5a1v6a4mm671.png?width=787&format=png&auto=webp&s=b8ff7945a9bbe8924be32f157864c67a0db4cb41)
+
+PetroDollar system
+
+[Petrodollars](https://www.investopedia.com/terms/p/petrodollars.asp) had been around since the late 1940s, but only with a few suppliers. Petrodollars are U.S. dollars paid to an oil-exporting country for the sale of the commodity. Put simply, the petrodollar system is an exchange of oil for U.S. dollars between countries that buy oil and those that produce it. By forcing the majority of the oil producers in the world to price contracts in dollars, it created artificial demand for dollars, helping to support US dollar value on foreign exchange markets. The petrodollar system creates surpluses for oil producers, which lead to large U.S. dollar reserves for oil exporters, which need to be recycled, meaning they can be channeled into loans or direct investment back in the United States.
+
+It still wasn't enough. [Inflation](https://fred.stlouisfed.org/series/FPCPITOTLZGUSA), like many things, had inertia, and the oil shocks caused by the Yom Kippur War and other geo-political events continued to strain the economy through the 1970's.
+
+[![r/Superstonk - Hyperinflation is Coming- The Dollar Endgame: PART 1, "A New Rome"](https://preview.redd.it/l89uq1v5mm671.png?width=782&format=png&auto=webp&s=3673060f2a7a4492bafae2ef07d0a33f3442f649)](https://preview.redd.it/l89uq1v5mm671.png?width=782&format=png&auto=webp&s=3673060f2a7a4492bafae2ef07d0a33f3442f649)
+
+PCE Index
+
+Running out of road, monetary policymakers finally decided to employ the nuclear option. [Paul Volcker](https://www.thebalance.com/who-is-paul-volcker-3306157), the new Federal Reserve Chairman selected in 1979, knew that it was imperative to break the back of inflation to preserve the global economic system. That year, inflation was spiking well above 10%, with no end in sight. He decided to do something about it.
+
+[![r/Superstonk - Hyperinflation is Coming- The Dollar Endgame: PART 1, "A New Rome"](https://preview.redd.it/ytyvtld7mm671.png?width=786&format=png&auto=webp&s=d0be2afbd5e646ee7afa70c4bac738796029ff97)](https://preview.redd.it/ytyvtld7mm671.png?width=786&format=png&auto=webp&s=d0be2afbd5e646ee7afa70c4bac738796029ff97)
+
+Volcker Doctrine
+
+By hiking interest rates aggressively, consumer credit lending slowed, mortgages became more expensive to finance, and corporate debt became more expensive to borrow. Foreign companies that had been dumping US dollar holdings as inflation had risen now had good reason to keep their funds vested in US accounts. When the Petrodollar system, which had started taking shape in '73 was completed in March 1979 under the [US-Saudi Joint Commission](https://www.legistorm.com/reports/view/gao/6895/The_U_S_Saudi_Arabian_Joint_Commission_on_Economic_Cooperation.html), the dollar finally began to stabilize. The worst of the crisis was over.
+
+Volcker had to keep interest rates elevated well above 8% for most of the decade, to shore up support for the dollar and assure foreign creditors that the Fed would do whatever it takes to defend the value of the dollar in the future. These absurdly high interest rates put a brake to US government borrowing, at least for a few years. Foreign creditors breathed a sigh of relief as they saw that the Fed would go to extreme lengths to preserve the value of the dollar and ensure that Treasury bonds paid back their principal + interest in real terms.
+
+[![r/Superstonk - Hyperinflation is Coming- The Dollar Endgame: PART 1, "A New Rome"](https://preview.redd.it/8wmho589mm671.png?width=775&format=png&auto=webp&s=7af6f7393d964baeabd3ff69eeb876ef70bace1e)](https://preview.redd.it/8wmho589mm671.png?width=775&format=png&auto=webp&s=7af6f7393d964baeabd3ff69eeb876ef70bace1e)
+
+10yr US treasury yields
+
+Over the next 40 years, the United States and most of the developed world saw a prolonged period of economic growth and global trade. Fiat money became the norm, and creditors accepted the new paradigm, with it's new risk of inflation/devaluation (under the gold standard, current account deficits, and thus inflation risk, was self-stabilizing). The Global Monetary system now consisted of free-floating fiat currencies, liberated from the fetters of the gold system.
+
+[(I had to break this post up into two sections due to the character limit, here is second half of Pt 1): /](https://www.reddit.com/r/Superstonk/comments/o4w45f/hyperinflation_is_coming_the_dollar_endgame_part/)