@RealJamesWoods How is this any better than a ring or wristband? Do I need to make transactions while I'm in the shower or something? I don't get the point
@Tiggersdad2 Your argument changed from fails aren't counterfeit to "well yeah but there's not enough to matter". You believe fraudulent earnings of hundreds of millions if not billions is a-okay. What is there to prove? We have completely different moral starting points.
@Tiggersdad2 Lol if you sell me a share long and fail its still a counterfeit! And the money made by MM and primes through failing IS cumulative. You seem to be unable to see the larger picture. Allowing these lending practices undermines a truly free and fair market. It's fraud.
@Tiggersdad2 There's hundreds of billions of dollars in aggregate over what 50 years? And lest we not forget reg sho grandfathered in all naked shorts before it. Never got delivered. Call them counterfeit, fails, phantoms, obligations whatever you want. They exist.
@Tiggersdad2 Ok so you acknowledge failing is counterfeiting? Counterfeiting a security is ILLEGAL. Same as counterfeiting a 20 dollar bill. .5% of outstanding shares on thousands of securities with hundreds of billions in market cap is not inconsequential lol.
@Tiggersdad2 I'm saying a naked short/fail is a counterfeit share. You took my money, and delivered nothing. SEC does not enforce mandatory buy ins because it would cause "market instability". You say it's not an issue. It was to the banks in 2008 when the SEC banned shorting. What changed?
@Tiggersdad2 If you are allowed to sell a share and not deliver it then what did I buy? If these obligations can be rolled/cycled indefinitely behind the opaque DTC and SEC refuses to enforce regsho and force mandatory buy ins on fails what have you created? A pool of counterfeit shares.
@Tiggersdad2 1. Because its not as profitable to naked short profitable companies. Remember in 2008 when bank stocks were getting killed and the SEC banned short selling and there were all sorts of discussions on naked shorting? No reddit back then. 2. The dtc books. 3. See no. 2.
@Kyl0Z3n If you think the price is too low the rational response is to buy. You whine because you want the price to go high so you can sell. If you don't have emotional fortitude you should just sell and go buy some index funds.
@Kyl0Z3n You don't understand what DRS is. You cannot register an ftd. You cannot register a loaned share. You cannot loan a registered share. Every share must be accounted for and the information is available to gamestop board. 100% registered means 0% shorted.