Sharing some of my initial rambling thoughts I sent to my IRL shrewdness after the wallet news:

Yeah I think there is 100 percent wider regulatory games at play here. I do think it makes sense to focus on the marketplace and GameStop Playr (assuming there was an issue with running both the marketplace and the means of access (think DTCC + Broker)) then it makes sense to drop the wallet. Probably easier to partner with (and possibly acquire) the smaller companies already making this stuff than to try and bring that in house. I think we maybe found that out the hard way on the wallet side. Shitty but not largely material from a wider business perspective I don't think (it even said in the last few quarterly reports that the Marketplace and NFT sales were immaterial at this time). Fail fast and small I suppose but I still wish I didn't need to ditch it lol

At this stage there is still a lack of quality Web3 gaming content...but it's coming and I have faith that GameStoo is positioning themselves well for when it's ready.

Shhhhh 🤫

Oh fuck yeah! I checked just the other day and thought it was in the low 500's...look at us go!

So not sure if I'm the only smoothbrain around these parts but I actually wasn't aware of the Fed's role in these enforcement actions and I didn't know what purview they had for the fines that this article is talking about. In case anyone else was curious: https://www.federalreserve.gov/supervisionreg/enforcement-actions-about.htm

With a link to the actual action in question: https://www.federalreserve.gov/newsevents/pressreleases/files/enf20230724a1.pdf

There is some juicy stuff in here:

WHEREAS, from approximately 2012 to 2021, Credit Suisse had a client relationship with Archegos Capital Management LP (“Archegos”), a New York-based family office, and also had a relationship with Archegos’ predecessor, Tiger Asia Management LLC, dating back to 2003. Credit Suisse’s New York-based Prime Services and Credit Risk Management staff were responsible for the Archegos relationship;

WHEREAS, Archegos employed a long-short equity strategy, with a focus on technology and media companies, and primarily used derivative contracts via total return swaps (“TRS”) with counterparties, including Credit Suisse. From at least mid-2020 through early 2021, Archegos repeatedly added long TRS positions in a limited list of single-name U.S. and Chinese stocks;

WHEREAS, the risk posed by Archegos’ increasingly concentrated TRS portfolio at Credit Suisse continued to increase from mid-2020 through early 2021, such that Archegos breached Credit Suisse’s internal risk limits throughout that entire period;

haha forget about Gamestop 😅

Wholeheartedly agree with the overarching sentiment of this post. DRSGME.org is simply a better resource for newcomers than Superstonk was ever going to be. You need digestible information and a clear layout to introduce people to these topics. Superstonk was always better for deep dives, inside jokes and peer review, non of these things are conducive to 'introducinf new apes' and with the latest restrictions we aren't really working for OGs and peer reviewers either.

I'm happy to be on Lemmy, sure it's small now but totally feels like old Reddit and I think we can all learn and strengthen from this latest migration.

I wonder how big a portion of that change is account optimization and consolidating accounts. I am an Ape with two accounts due to transferring from different brokerages but just never bothered to consolidate however I know a few Apes irl that have done this. Not sure how we would be able to figure that stuff out other than just observing trends over time.

I've been instructing people to 'check out the links at DRSGME.org' which has the Discord and Lemmy links but doesn't seem to trigger things (yet anyways)

Thanks for posting this here! We need DD apes to bring their writing to Lemmy so they don't get lost in the Reddit clusterfuck going down.

Totally agree, there is no spoon.

That's actually wild!

This is an incredible visualization, makes everything very clear! Great work!

"And they are just going to give up ownership? What are we going to call it?"

"Beneficial Ownership!"

"Beneficial ownership....what does that mean? Who is benefiting?"

"Us!"

...."We love it!"