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7/16/24 - The Company "Backed" launched the following tickers.
MicroStrategy is the Owns a ton of BitCoin so this lower Market Cap makes sense on a Crypto the Tokenized Crypto Market.
Hey there,
I don't like tinfoil but this seems like something people should be looking into.
You have Companies on this list that are trillions of dollars in Market Cap and then there is GME. You can make the claim they just picked popular retail stocks but something stinks.
Backed is an unprofitable company who is clearly being backed by someone with deep pockets or they would have bled through their cash.
The securities have not been and will not be registered under the U.S. Securities Act of 1933, as amended or with any securities regulatory authority of any State or other jurisdiction of the United States and (i) may not be offered, sold or delivered within the United States to, or for the account or benefit of U.S. Persons, and (ii) may be offered, sold or otherwise delivered at any time only to transferees that are Non-United States Persons (as defined by the U.S. Commodities Futures Trading Commission).
So they can't operate in the United States and the fine print on the VPN shows that they are backing the assets via fiat currency (Not Shares of the underlying).
The Securities Act serves the dual purpose of ensuring that issuers selling securities to the public disclose material information, and that any securities transactions are not based on fraudulent information or practices.
So basically, from what I'm gathering, this is similar to what we Apes noticed with the tokenized FTX GME coins. Yet, due to lacked regulation being Crypto is kind of the wild wild quest in terms of government regulation. Could mass printing these tokenized coins, lead to "locates" in the short term?
This means that this company doesn't have to buy the underlying GME assets, just give a cash equivalent.
FTX allowed traders to trade tokenized GameStop (GME) stock through a process that replicated the price action of real stocks using digital assets. FTX's terms also allowed customers to exchange their tokenized shares for real underlying shares through FTX's Swiss operations. According to a report from The Chainsaw, FTX claimed that its 10 million GME digital tokens were backed by GME shares that were insured and held in custody by CM-Equity.
Notice they say that can't be sold short but they never mention locates???
Could it be a coincidence? Sure, but I find it strange the day they launch GME's tokenized on this platform, the stock just gets HAMMERED since. It had momentum and volume with stacked options chains at $25, 26, 27, 28, $30 etc. Yet we finish .03 cents below max pain.
Any wrinkles notice this too?
Thanks,
Anon
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