Chives
Chives. Self custody believer. DRS advocate. Here to help.
Thanks John for what you’re doing here - and by that, I mean steadfastly encouraging a relentless forward momentum and leading in that by example.
It’s absolutely in our interest to incorporate the broader community in a collective crusade for a revolution in finance and the spread of ownership and custody education. We’ll soon be seeking to revamp our community resources and online gathering spaces in order to align with the broader vision, and encouraging all individuals to rally behind the concept of understanding in full the delineations of share ownership. Informational transparency and a democratic voice are, in my view, applying those same value systems to governance and leadership.
As we’ve discussed, I wholeheartedly believe in the self-interest of investors and issuers to transition to a system which prioritizes them both - as opposed to the incumbent system which encourages private capital to complicate and obfuscate the matters of ownership and settlement. We live in an era of technological potential and of shared passion. There are so many fractured online communities each seeking justice and retribution in a system which views them as juice to squeeze, and there are unifying factors to take advantage of.
On the ‘two discords’ dichotomy which sandwiched this post. There is both the public DRS discord (which we opened as our subreddit DRSyourGME was growing) and a much smaller DRS discord which was the original planning place for the volunteer-built, volunteer-developed, and volunteer-maintained DRS resources online. Much conversation has already transitioned to the public space, and that procession will only continue as we formalize and seek to change the market structure around us.
Word is slow to spread - in part because those of us prepared and interested to spread the word don’t always have access to these other legacy platforms! and at the same time, relevant players (such as PP in the BBBY community) chose not to embrace Lemmy as a viable alternative before/during/after the cutdown of their presence on Reddit.
The power of decentralized alternatives is of course that they are a forever alternative and can only grow. Slow but steady.
Love the sentiment here!
A question unasked also goes unanswered. I am grateful not only for the answers but for the questions too!
I’ve pinged our main dev on this as well. We’ve continued to have some intermittent server issues with the latest Lemmy version. Thank you for posting this topic!
There is a lot of excitement in that topic, which is always nice to see! It’s good to get more eyeballs on information at all times.
Just want to provide some more context as the OP of that post did not. This document is a SEC comment letter which can be found at it’s original home here: https://www.sec.gov/comments/s7-11-23/s71123.htm (letter type C)
September 11th 2023 (date this was filed) was the last day they were accepting public comments https://www.sec.gov/files/rules/proposed/2023/34-97877.pdf
so this document is just a few days shy of four months old, and from some skimming looks to me like mostly a collection of other publicly released filings / snippits / quotes. Definitely a nice collection but not necessarily indicative that the SEC is recognizing their relevancy.
Love it, Doctor! I want to be the legal title holder of my shares too - not just listed in a subclass!
Watched this one over the holiday. Was a good listen certainly and nice to see more and more coverage of the crisis of ownership.
Starts slow - and then by 15 min is talking about much the same structural issues we’ve noticed (share entitlements, pooled shares / fungible bulk) but from a banking cartel perspective.
Takes a long time to mention DTCC by name, doesn’t mention Cede. Incorrectly asserts that all shares are owned by them, flies past that assertion. This is the same issue I had with the book. It’s sensational, but inaccurate. We know it’s at least 83% probably 90% plus - but he says ‘all’ multiple times.
Love the detailed points about how central clearing has robbed derivative investors of clarity when trying to assess risk and how fragile it makes the market infrastructure.
The second half is all theory and alarm about how the breakdown will happen… Which is fine, but not based in same level of fact imo. Ultimately takes an approach which doesn’t perceive avenue to ownership exists. Unaware of DRS or intentionally misleading? Why not mention the key way investors can legally evade the ‘great taking’?
That being said, his final suggestion that banking should be a not for profit / public utility is one I agree with (love my credit union). I would sooner see this democratization of money moved away from state control and towards citizen control through some kind of blockchain. That would help simplify and enable his tax reform suggestions as well. Limiting impact of military contractors, certainly want that too. These policy suggestions though I agree with them seem out of place to me in the video (ownership crisis is plenty) and I wish DRS had been mentioned as an insulating factor. Cue ‘you call yourself a cynic, but you still have some faith in the system’ from DRS detractors, lol.
So interesting in his closing statements he talks about holding things directly - such as land or property. Good advice absolutely. Don’t hold debt. But not securities?
Hey, I remember that post! What a beautiful building and storefront and I never would have sent it without you.
Very glad you found your way here. An open platform run by DRS enthusiasts and for DRS enthusiasts.
Happy holidays to you and here’s to an excellent 2024!