| Author | Source |
|---|---|
| u/rensole |
Good Morning San Diago,
I am Rensole and this is your daily news.
Does anyone smell that?
insert flashy intro card
Ok this one is a little obligatory
Happy 200, glad to see you again my old friend.
But letâs go with the news
Cramer and Bear Stearns
So everyone has seen the big short by now right?
At the ending of the movie you can see Mark Baum at a conference and a guy talking about how his bank is still ok, while the rest of the room is getting updates on their phones that the stock is plummeting, this is what happened with Bear Stearns and Jimmy Cramer.
Bear Stearns was one of the biggest banks in terms of stock brokering in the world at the time. and Jim Cramer told others to âbuy buy buyâ as he so often does with his soundboard. the problem however was that at the time BS was trading around $62 usd, only five days later they got bought out by Jp Morgan for $2 usd a share. (bailed out by them).
Now from this came a joke of sorts, always do the opposite of what Cramer says (even long before we apes came along), sometimes he has a good thing in there and some actual good advice but more then not Iâd say the inverse is true.
Now Jim Cramer has a great background as a hedgefund manager and entertainment personality, both come with great connections to the right people, so youâd think he would know whatsup and give better advice than most people could as just a tv personality, but here we are again, another âBear Stearns is FINEâ moment, there have been people screaming about the inflation of the USA going insanely high (prices of food, lumber and metals going up) and JPOW is screaming ânah itâs all okâ
Iâm hardly an expert or someone who is allowed to use scissors without supervision, but by all the markers it seems that the USA economy is circling the drain right now, with reverse repo rates getting higher by the day, inflation rising, CBOE VIX spiking every other day, M1 surgingâŚ.
Yeah this feels like another âBear Stearnsâ situation to me.
reverse Repo going up again
SR-ICC-2021-009
https://public-inspection.federalregister.gov/2021-11083.pdf
This beauty is going to be filed today.
Iâd say give it a good read, I personally love page 6 and 7
âestablishing a risk-based margin systemâ hmmmm Kenny be sure you have your phone on buddy ;)
To big to fail
Today the senate banking committee will hold its hearing on may 26th at 10 A.M. what the hearing is about or what theyâre going to talk about is unknown, the same is for tomorrow the house financial services committee will be holding itâs hearing at the 27th at noon
Its indicated that the biggest banks ceoâs will be hauled in front of congress, just like in 2009
the following CEOâs will be attending and scheduled to testify
Jamie Dimon - JPMorgan Chase
David Solomon - Goldman Sachs
Jane Frase - Citigroup
James Gorman - Morgan Stanley
Brian Moynihan - Bank of America
Charles Scharf - wells fargo
I currently do not have a link to where we can view/stream these hearings but if a smart ape finds out let me know and I will update it here
Big thank you to u/sky_is_not_the_limit for finding these:
Hearing for today, 26th 10 am
https://www.banking.senate.gov/hearings/annual-oversight-of-wall-street-firms#
House financial comittee, 27th noon
https://financialservices.house.gov/calendar/eventsingle.aspx?EventID=407756
For the new apes among us
First of all welcome!
Second, for the people who see this and think âWoah dudeâ be sure to chill and read some DD we have posted around here, while going up over 200 is nice we are up institutional gamblers cough Shitadel
These guys will do everything to win so they wont go âfuck it, theyâve wonâ theyâll fight till the last nickel is done for, so even though its awesome to see, donât think youâve won until itâs way over.
Again read the DD, take in as much info as you can, and double check everything, never trust anyones word, always do your own DD.
Knowledge is the weapon against all FUD
IS IT A BIRD? IS IT A PLANE?
I will be adding a big part on the NFT and blockchain stuff here later today be sure to come back and check it (Iâd rather take my time to double check everything and the possibilities with it before making claims that may be wrong).
The big news comes down to something fucking awesome
First Actual use of the NFT to use as a service or goods
NFT based preorder items
Perhaps a crypto dividend
Power up rewards can become part of the blockchain
reselling of digital games
Digital marketplace.
If any of these are going to be implemented, congrats RC youâve just killed off Steam
But again Iâll be diving deeper into the entire crypto part and will be coming back here later today to update it with as much info as I can find.
EXCELLENT!
Be friendly, help others!
as always we are here from all different walks of life and all different countries.
This doesnât matter as we are all apes in here, and apes are friends.
Doesnât matter if youâre a silverback a chimp or a bonobo.
We help each other, we care for each other.
Ape donât fight ape, apes help other apes
this helps us weed out the shills really fast, as if everyone is helpful, the ones who arenât stand out.
remember the fundamentals of this company are great, so for the love of god if someone starts with trying to spread FUD, remind yourself of the fundamentals.
There is no sense of urgency, this will come when it comes, be a week, be it a month be it six.
We donât care, just be nice and lets make this community as Excellent as we can!
Remember one of the only ways to counter the Cointelpro we have seen is by being overly nice, so treat all the other apes as if youâre dating and you wanna get to first base.
Remember none of this is financial advice, Iâm so retarded Iâm not allowed to go to the zoo âcause theyâll put me in the cage with the rest of my ape brothers.
If anything happens throughout the day we will be adding it here.
backups:
https://twitter.com/PinkCatsOnAcid
https://twitter.com/RedChessQueen99
Little side note: I wont be posting through Automod anymore because it takes away the ability to edit the posts once posted :( if anyone found a way around this by any chance please let me know because Iâd love to just use automod but I need to be able to edit.
Be sure to check in for updates throughout the day!
Gamestop Cryptoshop
Ok I have to preface this that my crypto knowledge is extremely limited, and I will have to go off of information of smarter apes which have posted here, so if anything is incorrect in this next segment please feel free to correct me.
Now first of some things we know for sure (or think we know for sure).
the address where you can find the info is https://nft.gamestop.com/
There is a small game hidden in there, with the squeezable cat toy, its the little pixel on the top right of the website if you click that you get the game.
The token was created around the time of Ryan Cohens tweet
https://etherscan.io/token/0x13374200c29C757FDCc72F15Da98fb94f286d71e
^ address with all info and age.
Do not buy any Cryptoâs because people say âthis is Gamestops Cryptoâ When GME will launch their crypto for to be able to buy, expect Gamestop to offer some sort of press statement, the crypto landscape is littered with scammers so be very careful please.
The platform they are using is Etherium and some information about that can be found here:
The GME crypto will launch on July 14th, Bastille day.
https://en.m.wikipedia.org/wiki/Bastille_Day
This was found by u/jakksquat7 in his thread here
Another thing we know for sure is that this does not automatically mean there will be a crypto dividend, but the possibility of one just rose exponentially. As GME themselves have not made a public statement about this we donât know for sure if it will happen, but again it seems like the chances just rose exponentially.
NFTâs have not been used for âusefulâ transfers, meaning up until now you could buy digital artwork, or a videoclip. With Gamestop getting into the NFT business we might see the first implementation of âuseful NFTâ.
With useful I donât mean to say the previous stuff wasnât, but useful is more defined in the sense of something you can actually use as a product.
This can be implemented in lots of different ways as Iâve come to understand it, as with the blockchain you can get verified data. meaning one could in theory use it to sell and resell digital assets.
So they could in theory make a âSteamâ like store, but with the option of selling your digital games, or selling cosmetic items (players of Warzone/Fortnite/CSGO and others may be familiar with this and know that custom skins can sometimes go for big money), also as I understand it is that the original creator gets a cut of the profits if it gets resold.
The old model was:
Player buys physical model in store
80% of the profit is for the store, 10% for the publisher 10% for the creator (just an example), but once the game got traded in and resold the profit was 100% for the store selling this game.
Now in the digital marketplace we see people like Valve and Apple having a monopoly (their cut is usually around 30ish %) but there is only one sell and itâs done
With the new model it could be possible a player plays a game, is done with it and wants to sell it, now lets say it gets sold on GMEâs marketplace as an NFT, the original creator/publisher of the game will get a cut of each sale on the secondhand digital market, this incentivises them to participate as it creates a secondary (passive) income stream for them.
Also you could have more weight behind digital versions of âcollectors editionsâ
The same could also be used for âsave filesâ, in game currency, specific partnerships (for example twitch or SLGG or Microsoft) to make an easy method to pay across all platforms with a simple click of a button, and GameStop as a company can earn a passive income stream from âtransaction feesâ (for example 1 cent per sale, if you have thousands a day that still racks up a nice sum).
The same could also be used for actual physical items, they could combine their powerup rewards program with this, or Pre ordering, curbing scalpers (seeing they sell both consoles and graphics cards now who knows?)
This could nullify the Piracy argument and need for bad antipiracy locks ( LOOKING AT YOU DENUVO DRM), because the item could be verified via nft blockchain.
Cross platform games or cross platform avatars, as in theory (as far as I understand) your entire gamer profile could be an NFT
Regardless of what Gamestop decides to use their NFT technology for, I am thrilled to just even think about all the possibilities that this technology brings with it. and as someone who has never really dabbled with crypto that much, this is exciting to see crypto come very close to physical stores.
Again boilerplate not financial advice and I know jack shit about crypto, but I like this stock and Iâm excited to see the future