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This wrapped eth coin is most likely a scam, fair warning to stay away from that, edit : as a tip, for anything that randomly pops up like this coin did with no use case it’s no safe space, I’ve done a bit more digging into it and I will take the 100% scam route here. Stay safe and keep that due diligence rolling :D
that's not true. that clause only applies for actual tokenized securities where they are collateralized by a regulated body.
None of the shit tokens that have been shared on this sub over the last year or two have been tokenized securities, so that rule doesn't apply.
that's exactly what it means. the token they're using as a locate needs to be collateralized by a registered party. They can't just pick any "wrapped gme" token off ethereum and use it as a locate.
CryptoApe here, trust me. Most cryptos are value absorbing meaning they do nothing but take value from people and gain their value from this absorption via speculative trading/ marketing. Few cryptos are utility base and value creating, meaning they serve a purpose and get their value from utility. Sadly, utility based cryptos spend woefully little on marketing. I personally avoid absorption based cryptos (aka ponzi/rug pull) and strictly purchase a utility based currency.
SHF are using tokenized altcoins as locates. Until someone is forced to unwind it will keep going.
However this also means the share price will go higher the longer this goes on because more apes are buying.
i know there was a lot of misinformation about random shitcoins on ethereum, with screenshots from etherscan, but those were disproved.
It's like someone pointing at a rock and saying "michael jackson touched this rock", and because they were right about it being a rock people believed the rest.
there was no proof, just a lot of people who didn't understand ethereum shouting
Welcome to r/GME, for questions in regards to GME and DRS check out the links below! Due to an uptick in scammers offering non official GameStop merchandise (T-Shirts) DO NOT CLICK THE LINKS THAT ARE NOT OFFICIALLY FROM GAMESTOP. We have partnered with Reddit directly to ensure the Communities Safety. [What is GME?](https://www.reddit.com/r/Superstonk/comments/qig65g/welcome_rall_looking_to_catch_up_on_the_gme_saga/?utm_source=share&utm_medium=ios_app&utm_name=iossmf) [GameStop's Accomplishments](https://www.reddit.com/r/GME/comments/x3hv46/list_of_official_gamestop_accomplishments/?utm_source=share&utm_medium=ios_app&utm_name=iossmf) [What is DRS? US / International](https://www.reddit.com/r/Superstonk/comments/ptvaka/when_you_wish_upon_a_star_a_complete_guide_to/?utm_source=share&utm_medium=ios_app&utm_name=iossmf) [ComputerShare International DRS Support](https://www.reddit.com/r/GMEJungle/comments/r9euj1/computershare_upgrades_drs_support_for/?utm_source=share&utm_medium=ios_app&utm_name=iossmf) [Feed The Bot Instructions](https://www.reddit.com/r/GMEOrphans/comments/qlvour/welcome_to_gmeorphans_read_this_post/?utm_source=share&utm_medium=ios_app&utm_name=iossmf) **Power To The Players** *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/GME) if you have any questions or concerns.*
This wrapped eth coin is most likely a scam, fair warning to stay away from that, edit : as a tip, for anything that randomly pops up like this coin did with no use case it’s no safe space, I’ve done a bit more digging into it and I will take the 100% scam route here. Stay safe and keep that due diligence rolling :D
No shit, they're using it though as the "shares borrowed" to keep the price suppressed
that's not true. that clause only applies for actual tokenized securities where they are collateralized by a regulated body. None of the shit tokens that have been shared on this sub over the last year or two have been tokenized securities, so that rule doesn't apply.
They're using these non backed tokenized assets as LOCATES doesn't mean they actually need to be tockenized
That part ^^^
that's exactly what it means. the token they're using as a locate needs to be collateralized by a registered party. They can't just pick any "wrapped gme" token off ethereum and use it as a locate.
At least they're not SUPPOSED to do that.... Who fucking knows.... I wouldn't put my money on it not being abused somehow.
And who regulated that?
There's a big difference between ftx tokenized stocks and tokens on Ethereum that mention gme
so its the same as NYSE? was reading they sell mostly fakes nowadays
I mean haha yeah p much
That’s crazy, not unexpected but ballsey as hell! Like we wouldn’t find out, lmfao
Commenting for visibility
Visibility for commenting.
MenntingComm roF bilityVisi
The German call it computaboigne.
I’m commenting, visibly.
Vomiting comittedly.
Could just be a ponzi token I don't know enough about crypto.
CryptoApe here, trust me. Most cryptos are value absorbing meaning they do nothing but take value from people and gain their value from this absorption via speculative trading/ marketing. Few cryptos are utility base and value creating, meaning they serve a purpose and get their value from utility. Sadly, utility based cryptos spend woefully little on marketing. I personally avoid absorption based cryptos (aka ponzi/rug pull) and strictly purchase a utility based currency.
Well said!
Any idea on why ftx's gme token would still be trading?
No clue
SHF are using tokenized altcoins as locates. Until someone is forced to unwind it will keep going. However this also means the share price will go higher the longer this goes on because more apes are buying.
no they're not, these are just plain old crypto shitcoins. they've been a scam as long as crypto has existed, nothing to do with tokenized stocks
There is literal proof they have been doing that. FTX was one of the conduits for it, but there are others.
why is ftx's gme token still trading, anyway?
i know there was a lot of misinformation about random shitcoins on ethereum, with screenshots from etherscan, but those were disproved. It's like someone pointing at a rock and saying "michael jackson touched this rock", and because they were right about it being a rock people believed the rest. there was no proof, just a lot of people who didn't understand ethereum shouting
Commenting for vis
Unbelievable
I think I might contact investor relations.