K
Kellogg Co
stock NYSE

I thought you had 177 K

50 fucking K booked in possibly one go and not shit happens to the price.

P U R E
D R S
B O O K

51.something K on the 3 min candle - that was some bullish move!

In my previous [post](https://www.reddit.com/r/BBBY/comments/13poc4i/endgame_baby_spinoff_majority_bondholder_majority/) I presented some DD on why it is in the business interest of any entity or group taking over BB&B as part of Chapter 11 reorganization to let ownership in the successor entity be shared amongst pre-petition shareholders and creditors by letting them own stock, so that, per [IRC §382(l)(5)](https://irc.bloombergtax.com/public/uscode/doc/irc/section_382), they are allowed to carry-over the Federal Net Operating Loss and Federal Tax Credits and thereby save billions in tax liability going forward. I also explained my thesis in the post about why I believe our potential white knights RC, Icahn are executing a strategy of Buy Buy Baby spinoff along with a takeover of the company by a majority (>50% stake) shareholder or a group of affiliated shareholders, who own majority stake after conversion of outstanding bond debt into equity or alternatively, conversion of bond debt into a combination of secured and convertible notes. I now have more circumstantial evidence of Icahn possibly holding BBBYQ bonds and mounting a takeover strategy via conversion of outstanding bond debt into equity, from the background of lawyers representing the Official Committee of Unsecured Creditors, to accommodate whom the hearing date was [adjourned from May 16 to May 31](https://www.reddit.com/r/BBBY/comments/13ik5c4/majority_bondholder_takeover/). I explain this in the following paragraphs. Also, Schedule 1 starting on page 5 of CH11 court [docket 456: NOTICE OF LEASE AUCTION AND POTENTIAL LEASE SALE HEARING](https://restructuring.ra.kroll.com/bbby/Home-DownloadPDF?id1=MTUwOTU4NA==&id2=-1) does not include any distribution center in the list of locations whose lease is up for auction and potential sale, which supports the thesis that I discussed in my previous post that potential buyers are interested in acquiring BBBYQ assets to develop into an Amazon competitor where existing contracts with Ryder Integrated Logistics for running the distribution centers that [were signed before inflation ramped up](https://www.prnewswire.com/news-releases/bed-bath--beyond-announces-next-transformation-step-by-modernizing-its-supply-chain-through-a-strategic-partnership-with-ryder-301340797.html) are considered important assets. Also, [CNBC is now going to air a documentary on Ryan Cohen](https://www.cnbc.com/2023/05/30/cnbc-documentaries-making-of-the-meme-king-premieres-tuesday-june-6-at-10pm-et.html) on June 6 (1 day before the June 7 auction date), where [Larry Cheng's CNBC interview](https://twitter.com/larryvc/status/1623059680934129668) conducted in Volition Capital's office back on Feb 7 (1 day after the equity funding deal with HBC) will likely feature. So, I can definitely see things ramping up from M&A perspective in the coming few days, considering the court hearing tomorrow (the hearing for just one of the motions was postponed to June 6, rest are still on for tomorrow, [per the agenda filed in the docket just now](https://restructuring.ra.kroll.com/bbby/ExternalCall-DownloadPDF?id1=MTUxMTc0Nw==&id2=0&cid=0)) and the stalking horse deadline, the day after.
As can be seen in the screenshot below, per the latest update to the motion related to Procedures For Transfers Of Common Stock And Preferred Stock, filed yesterday in [docket 490](https://restructuring.ra.kroll.com/bbby/Home-DownloadPDF?id1=MTUxMTA5Mg==&id2=-1), proposed counsel to the Official Committee of Unsecured Creditors were added to the notification service list for "Declaration of Status as a Substantial Shareholder". In the following paragraphs I show how the lawyers Robert J. Feinstein, Robert K. Malone, Brett S. Theisen, who are in the attention list per the above procedures and another lawyer Beth E Levine, also representing the Official Committee of Unsecured Creditors for whom an application for court appearance was [recently filed](https://restructuring.ra.kroll.com/bbby/Home-DownloadPDF?id1=MTUwOTE5Ng==&id2=-1) have past experience litigating cases where Carl Icahn was involved and they likely represented his interest for those cases.
​
*Processing img bxqiz8boo13b1...*
Below are snippets from [Robert J. Feinstein's](https://www.pszjlaw.com/attorneys-robert-j-feinstein.html) and [Beth E Levine's](https://www.pszjlaw.com/attorneys-beth-e-levine.html) PSJZLAW profiles, which state that they were involved in Dana Corporation's Chapter 11 case, where Carl Icahn had built up a large debt stake (likely via bonds acquisition) as reported by [WSJ](https://www.wsj.com/articles/SB114781100923854532) and [Law360](https://www.law360.com/articles/6603/icahn-seeks-to-boost-dana-debt-securities) and where negotiations with the Official Committee of Unsecured Creditors (which would include bondholders) were instrumental for a successful reorganization plan, as [reported by Jones Day](https://www.mondaq.com/unitedstates/insolvencybankruptcy/59607/jones-day-charts-dana-corporations-path-to-successful-emergence-from-chapter-11).
​
[Robert J. Feinstein CH11 experience For Dana Corp](https://preview.redd.it/8pfeniugu13b1.png?width=650&format=png&auto=webp&v=enabled&s=8376c352d95903c2342ecd9d54be47ed3b2be0f8)
​
[Beth E. Levine CH11 Experience For Dana Corp](https://preview.redd.it/3hads3a7w13b1.png?width=981&format=png&auto=webp&v=enabled&s=07d9810424a57cf7135b471e0e0c1c651d6b6ff5)
Below is a snippet from [Robert K. Malone's Gibbons P.C. Profile](https://www.gibbonslaw.com/professionals/robert-k-malone), which shows that he had represented Creditors at TWA and from his [LinkedIn Profile](https://www.linkedin.com/in/rkmalone) it appears that he did this while working for Gibbons P.C. between 1986-88 when Carl Icahn was running TWA and he also took TWA private during that time by taking on additional debt from Creditors.

[Robert K. Malone's TWA experience](https://preview.redd.it/srv9z6kk023b1.png?width=379&format=png&auto=webp&v=enabled&s=527b6a5fa1bc0b81b83b1e20c7c4c68f096ac824)
Below is a snippet from [Brett S. Theisen's Gibbon's P.C. profile](https://www.gibbonslaw.com/professionals/brett-s-theisen), which shows that he represented the official committee of unsecured creditors (which included bondholders) for the CH11 reorganization for Trump Entertainment Resorts, where although [Icahn lost the takeover bid, but collected $125 million of the $225 million bondholders put up to finance the bankruptcy emergence](https://www.wsj.com/articles/DJFDBR0020100719e67j0005l).
​
[Brett S. Theisen's Trump Entertainment Resorts CH11 experience](https://preview.redd.it/01dz40lj323b1.png?width=836&format=png&auto=webp&v=enabled&s=c1b76de1ddb5b65eb247c77157928785911ace75)
**TL/DR:**
1. 4 lawyers representing the Official Committee of Unsecured Creditors have likely represented Carl Icahn's interests in past CH11 reorganization and Creditor financing.
2. Also, Schedule 1 starting on page 5 of CH11 court [docket 456: NOTICE OF LEASE AUCTION AND POTENTIAL LEASE SALE HEARING](https://restructuring.ra.kroll.com/bbby/Home-DownloadPDF?id1=MTUwOTU4NA==&id2=-1) does not include any distribution center in the list of locations whose lease is up for auction and potential sale, which supports the thesis that I discussed in my previous [post](https://www.reddit.com/r/BBBY/comments/13poc4i/endgame_baby_spinoff_majority_bondholder_majority/) that potential buyers are interested in acquiring BBBYQ assets to develop into an Amazon competitor where existing contracts with Ryder Integrated Logistics for running the distribution centers that [were signed before inflation ramped up](https://www.prnewswire.com/news-releases/bed-bath--beyond-announces-next-transformation-step-by-modernizing-its-supply-chain-through-a-strategic-partnership-with-ryder-301340797.html) are considered important assets.
3. Also, [CNBC is now going to air a documentary on Ryan Cohen](https://www.cnbc.com/2023/05/30/cnbc-documentaries-making-of-the-meme-king-premieres-tuesday-june-6-at-10pm-et.html) on June 6 (1 day before the June 7 auction date), where [Larry Cheng's CNBC interview](https://twitter.com/larryvc/status/1623059680934129668) conducted in Volition Capital's office back on Feb 7 (1 day after the equity funding deal with HBC) will likely feature.
4. So, I can see big potential M&A related news in the coming days, possibly with Icahn's bond debt stake and maybe even shareholder stake being revealed, considering the court hearing tomorrow and either he or RC may possibly revealed as the stalking horse bidder after (the company has 2 business days to reveal the stalking horse bidder via stalking horse notice filing, after an agreement is reached) the stalking horse deadline, the day after.

I'm still bagholding, like 70% down lmao. Luckily only put a few K into it

H A M M O C K P O U C H

Oh, OP hopefully has a typo and flipped the S and K. FSKAX, good; FKSAX, not good.

# K BRO

Lol K

>Twelve Kellogg’s brands each had separate filings sent to the US Patent and Trademark Office (USPTO) dated May 24, 2023. They include:
>
>Froot Loops
>
>Special K
>
>Kellogg’s
>
>Pop-Tarts
>
>Cheez-It
>
>Rice Krispies
>
>Krave
>
>Eggo
>
>Mini Wheats
>
>Bear Naked
>
>Frosted Flakes
>
>Pringles
That is HUGE! Every day new adoption news. Also, Bear Naked? lol

u/GlobalGrad, welcome to our sub! You've found the right place to get your question answered.

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K. On it. Wish me luck.

Heavy voting in the first two minutes, 865 K Moons against out of 4 votes, this means that some huge whales straight voted against. Interesting.

>Around one-third of that figure was due to the downfall of FTX, the report said, with £115.6m reported lost to fraud in the U.K. during November 2022, the month the company went bankrupt.
So basically this was just due to the way the reporting works. Nothing fundamentally changed.

## Why the correction?
The SPLIVVY! I'm terribly sorry. I always forget some mundane detail...
sorry!
https://i.redd.it/bgf7fvfesy2b1.gif
However, I like these numbers even more!
The splivvy snafu was pointed out to me quickly, and I wanted to get this update out sooner, but have been busy and while under-estimating is bad, avoid over-estimating would be worse!
## The problem?
I have two sets of data, one from chart exchange for short volume, one from nasdaq for the close price.
VOLUME: Chart exchange data doesn't account for the split as a dividend. I needed to multiply chart exchange shares by 4 through July 21, 2022.
July 21, 2022 per chart exchange = 1926119
July 21, 2022 adjustment = 4 x 1926119 = 7704476
July 21, 2022 from nasdaq = 9277796
Not all volume is reported to chart exchange, so it seems some disparity exists between chart exchange and nasdaq.
Any other splits?
* sources
* [https://www.splithistory.com](https://www.splithistory.com)
* [https://seekingalpha.com/symbol/GME/splits](https://seekingalpha.com/symbol/GME/splits)
* 'ex arr tee'? Sep. 11, 2015, outside of this data range, no accomodation needed
* 'eye J H'? June 09, 2005, outside of this data range, no accomodation needed
* 'ee W em sea'? None found, no accomodation needed
* 'arr ee tee el'? Three
* April 23, 2020. 1:10 reverse split
* January 11, 2021. 5:1 split
* October 25, 2021. 5:1 split
* 'towel'? Yes, 4 splits
* most recent was in 2000, outside of this data range, no accomodation needed
* 'popcorn'? None found, no accomodation needed
# Overview
https://preview.redd.it/ldlggypgsy2b1.png?width=1831&format=png&auto=webp&v=enabled&s=aa2cdc9463ba5eecbff5b2b8934cf4a42aafb590
Top chart has price action
* blue line should be familiar, it's the price action
* purple line is the weighted average price of all shorts made since January 2019
* Sure seems like GME price flirts with that line.
Bottom chart has volume
* bar is volume divided by shares outstanding
* blue dots are short volume percentage of daily volume
* blue dots are biggest and darkest when daily volume is 10% or more
* orange line is 12-day simple moving average (SMA) of blue dots
* purple line is total net shorts divided by shares outstanding
Summary of data:
* 13.34B shares of GME have been sold short since January 2019, with weighted average price of $20.57
* 11.04B shares of GME have been sold long since January 2019, with weighted average price of $19.77
* **2.29B** more shares sold short than long
* NORMALIZED using outstanding shares, this gives a dimensionless number which is useful for comparison against other stocks
* 2.29B / 304.68M = **7.52**
# Data
|TICKER|net-short\_aggregate / outstanding|total net-short minus net-long|total daily net-short shares|total daily net-long shares|net-short w-avg|net-long w-avg|outstanding|d start|d end|total volume|total-short volume|total-short w-average|total-long volume|total-long w-average|
|:-|:-|:-|:-|:-|:-|:-|:-|:-|:-|:-|:-|:-|:-|:-|
|GME|7.52|2.29B|3.52B|1.23B|$19.92|$11.54|304.68M|1/2/2019|5/26/2023|24.38B|13.34B|$20.57|11.04B|$19.77|
|'ex arr tee'|213.86|1.32B|1.35B|31.63M|$56.2|$72.2|6.15M|1/2/2019|5/26/2023|3.84B|2.58B|$58.62|1.26B|$61.54|
|'eye J H'|0.43|114.03M|193.65M|79.62M|$232.72|$187.84|267.05M|1/2/2019|5/26/2023|1.15B|630.43M|$224.38|516.4M|$215.62|
|'ee W em sea'|\-0.08|177.73K|2.17M|2.34M|$83.82|$70.86|2.17M|1/2/2019|5/26/2023|7.45M|3.63M|$80.88|3.81M|$73.05|
|'arr ee tee el'|\-2.67|18.33M|26.38M|44.72M|$10.81|$20.96|6.87M|1/2/2019|5/26/2023|301.5M|141.59M|$16.18|159.92M|$18.4|
|'towel'|11.69|1.06B|1.65B|586.11M|$8.25|$12.21|90.71M|1/2/2019|5/2/2023|15.58B|8.32B|$7.87|7.26B|$8.13|
|'popcorn'|1.24|645.33M|3.58B|2.94B|$11.12|$15.4|519.19M|1/2/2019|5/26/2023|38.24B|19.44B|$13.5|18.8B|$14.25|
## What this is:
* **this IS :** an aggregate (or, summation, tally) of the daily net short volume
* **this IS NOT:** short interest
* Short interest is reported to FINRA, there are specific rules for the values reported.
* This could possibly considered as 'maximum **theoretical** short interest', with the huge limitation that from just these two simple datasets, we cannot infer a lot about when shorts are closed. Only the generous assumption that any time long-volume > short-volume, shorts are closing.
* Stop telling me it isn't short iterest. I know it, you know it, they know it, everyone knows it.
* **this IS :** data starting from January 2019
* **this IS NOT:** data before January 2019
## Why these tickers?
* 'ex arr tee'
* often appears in GME discussions, mainly because of the official high short interest. There are \~100 ETFs that hold GME, 'ex arr tee' is the largest "equal" strategy ETF holding GME. Other ETFs hold GME but follow different strategies.
* 'eye J H'
* the ETF with the most GME shares
* 'ee W em sea'
* another "equal" strategy ETF holding GME, significantly less shares than 'ex arr tee'
* 'arr ee tee el'
* another "equal" strategy ETF holding GME, significantly less shares than 'ex arr tee'
* 'towel'
* often appears in discussions, potentially a good example of cellar boxing, potential analysis could be done here to estimate how much profit was made with outstanding shares and weighted short price
* 'popcorn'
* sometimes called swapcorn and often appears in discussions
# "Shorts closed" (I don't think so)
Someone's going to have to spin out theories on this, this post is going to be too long already. I'll be happy to post more data and charts around specific dates, but will take a first shot at this. Let us examine some dates, then.
## Feb 24, 2021, assume no shorts prior to this date
GME sneeze and massive dip, then run-up again.
Around this time, many trading platforms had issues. Feb 1 to now, many main news outlets reporting that shorts were covering. Maybe they were, but not all the way, and they seemed to have opened up a ton of new shorts at that same time.
Looks more like new shorts were created.
* 1.55B net-short shares
* weighted average short price of $40.11
* weighted average long price of $40.59.
|TICKER|net-short\_aggregate / outstanding|total net-short minus net-long|total daily net-short shares|total daily net-long shares|net-short w-avg|net-long w-avg|outstanding|d start|d end|total volume|total-short volume|total-short w-average|total-long volume|total-long w-average|
|:-|:-|:-|:-|:-|:-|:-|:-|:-|:-|:-|:-|:-|:-|:-|
|GME|5.09|1.55B|1.61B|64.55M|$38.99|$37.59|304.68M|1/2/2019|5/26/2023|8.48B|5.02B|$40.11|3.47B|$40.59|
​
https://preview.redd.it/u3mzvmgrsy2b1.png?width=1831&format=png&auto=webp&v=enabled&s=c3c0be7c899aaa3515f9086cfea37efd198f8582
## August 23, 2021, assume no shorts prior to this date
GME runs a bit. SEC Counsel for enforcement retires; of course, other events around this time. I don't have the time here to justify this other than GME ran.
Looks like more new shorts were created.
* 741.51M (heee heee, bonus 741!!!?!) net-short shares
* weighted average short price of $34.22
* weighted average long price of $34.83.
|TICKER|net-short\_aggregate / outstanding|total net-short minus net-long|total daily net-short shares|total daily net-long shares|net-short w-avg|net-long w-avg|outstanding|d start|d end|total volume|total-short volume|total-short w-average|total-long volume|total-long w-average|
|:-|:-|:-|:-|:-|:-|:-|:-|:-|:-|:-|:-|:-|:-|:-|
|GME|2.43|741.51M|760.85M|19.34M|$33.05|$31.56|304.68M|1/2/2019|5/26/2023|3.52B|2.13B|$34.22|1.39B|$34.83|
​
https://preview.redd.it/n3o3arousy2b1.png?width=1831&format=png&auto=webp&v=enabled&s=1cc961a3dbef79f65d10253e06292fb8894cf64b
## May 19, 2022, assume no shorts prior to this date
Timeframe when K.G. had the interview and talked about GME being a bad comedy joke.
Starting the tally from this date, looks like still over 100% of shares outstanding have accumulated as net-short (remember "day\_short - day\_long") on the public feed.
Still, more shorts created
* 323.42M net-short shares
* weighted average short price of $27.92
* weighted average long of $29
|TICKER|net-short\_aggregate / outstanding|total net-short minus net-long|total daily net-short shares|total daily net-long shares|net-short w-avg|net-long w-avg|outstanding|d start|d end|total volume|total-short volume|total-short w-average|total-long volume|total-long w-average|
|:-|:-|:-|:-|:-|:-|:-|:-|:-|:-|:-|:-|:-|:-|:-|
|GME|1.06|323.42M|332.83M|9.41M|$26.47|$31.5|304.68M|1/2/2019|5/26/2023|1.28B|804.17M|$27.92|480.75M|$29|
​
https://preview.redd.it/on4itd7xsy2b1.png?width=1831&format=png&auto=webp&v=enabled&s=09b2eb6b58031c16bdd5df82f0d2b3b258c83635
## Speculation
None of these center quite so nicely as one the 2.29B short and $20.57 avg weighted price.
If these average prices are to be believed, why don't shorts close their already vastly profitable shorts?
I'm not going to post charts for all tickers in the table, this post is getting long enough. I'll post those separately in case the post is flagged for brigading or whatever.
But 'towel' seems relevant as it was recently de-listed and RC has been involved. This is what I think cellar-boxing looks like, and what shorts would like to have happened to GME.
​
https://preview.redd.it/x2qs1rrzsy2b1.png?width=1831&format=png&auto=webp&v=enabled&s=54a384ef3946112991368e2ae57e29ba86ebb51d
## Discussions
## 'this is not short interest'
No, it is not. It is the summation of daily net short volume (each day can have a positive or negative impact on the running tally).
## 'does it relate to short interest?'
I think it does, I'm not sure how to interpret it. This theory needs refining...
If shorts DID close in private trades, what proportion of these trades were private? 18.94% short interest is what we have, 752% (7.52 above times 100) is what this calculation predicts. If this 752% didn't "solidify" as sustained shorts, they would have been closed privately leaving 18.94% as the net short interest. So we subtract it from the 752% expected.
(752 - 18.94) / 752 = 0.97412, or 97.48% shorts resolved/closed privately.
Leaving 2.52% of long orders for GME make it to the lit (public) exchanges.
I'm considering this 752% as a theoretical maximum as we don't have any insight into when and at what price shorts close. Please read the '75% example' below to see how this 2.29B or 7.52 number does not track with short interest. (thank you \[redacted\] for sticking with me in the last post to get this 75% scenario to sink in)
Please note, this is speculation. I'm sure there are better ideas out there of how this should be used and interpreted. Please voice those ideas!
## 'not just long volume can be used to cover a short'
Can short volume be used to **transfer** a short?
It was pointed out to me that there is potential for short volume to be used by market maker in potentially transferring a short postition between two firms. This is very interesting. I have provided an example of how this would skew the data, see the '75% short; example below. **hot potato?** **shuffling chairs on the titanic?**
If anyone have more insight on firms transferring short positions and would that in fact be reported as short volume please share. It seems like it would show up in short volume.
## Why is 'ex arr tee' so weird? Answer: it's an equal weight ETF
[https://www.investopedia.com/news/investigating-effectiveness-equalweight-etfs/](https://www.investopedia.com/news/investigating-effectiveness-equalweight-etfs/)
>As the term implies, equal weight means assigning the same weights to each component in a particular index. For example, a hypothetical exchange-traded fund (ETF) that equally weights its 100 holdings would assign a weight of 1% to each at the time the fund rebalances.
The theory for shorting an ETF is that if a fund wanted to short a particular stock without outright shorting it, they could short the ETF to create a short position on all the contents of the ETF. Then, to negate some of that short, they buy long only the securities they don't want short. One burger, hold the pickles.
An equal weight ETF has predictable proportions of it's contents, making maintaining the balance of short-through-the-ETF and long-individual securities easier.
Any ETF could be used this way, but it seems it would be easier to maintain the balance over a long time period with the equal weight ETF.
## 'short volume cannot be used this way'
That's what FINRA seems to say as well.
And to those who say this, I have questions:
* What **should** this short volume data be used for?
* What does it mean, if not some sort of sentiment of bullishness or bearishness?
* We can infer something from each daily short volume individually, but not an aggregate of the daily short volume? And, the difference between total long volume and total short volume, meaningless?
* if it is meaningless because shorts can close off-exchange... that right there seems to be the problem, dark pools, unlit trading: **public sell, private buy**. It may not be price manipulation (legally), but it sure smells like price manipulation.
# Examples
## Example 1: 50% short volume
|day|FirmA intent|FirmB intent|FirmC intent|FirmA EOD net|FirmB EOD net|FirmC EOD net|TOTAL EOD net short|EOD aggregate of theory|EOD held by others in market|
|:-|:-|:-|:-|:-|:-|:-|:-|:-|:-|
|0|n/a|n/a|n/a|0|0|0|0|0|1000|
|1|sell 100|buy 100|buy 100|\-100|100|100|100|0|900|
|2|buy 100|sell 200|buy 100|0|\-100|200|100|0|900|
|3|buy 100|sell 100|buy 100|100|\-200|300|200|0|800|
* day1:
* short volume is 100, FirmA short-sells 100 to FirmB
* long volume is 100, others sell 100 owned shares to FirmC
* this theory net short? short - long = 100 - 100 = 0
* this theory is not aware of the short position created by FirmA
* day2:
* short volume is 100, FirmB short-sells 100 to FirmA
* long volume is 100, FirmB sells 100 owned shares to FirmC
* this theory net short? short - long = 100 - 100 = 0
* this theory is not aware of the short position closed by FirmA, nor the new position created by FirmB
* day3:
* short volume is 100, FirmB short-sells 100 more shares short to FirmA
* long volume is 100, others sell 100 owned shares to FirmC
* this theory net short? short - long = 100 - 100 = 0
* this theory is not aware of the increasing short position of FirmB
## Example 2: 75% short volume
|day|FirmA intent|FirmB intent|FirmC intent|FirmA EOD net|FirmB EOD net|FirmC EOD net|TOTAL EOD net short|EOD aggregate of theory|EOD held by others in market|
|:-|:-|:-|:-|:-|:-|:-|:-|:-|:-|
|0|n/a|n/a|n/a|\-300|0|0|300|0|300|
|1|buy 300|sell 300|buy 100|0|\-300|100|300|200|200|
|2|sell 300|buy 300|buy 100|\-300|0|200|300|400|100|
|3|buy 300|sell 300|buy 100|0|\-300|300|300|600|0|
* day1:
* short volume is 300, FirmB short-sells 300 to FirmA
* long volume is 100, others sell 100 owned shares to FirmC
* this theory net short? short - long = 300 - 200 = 200 added
* this theory is not aware of FirmA closing their short, and treats it as net new shares short, when it is a transfer of the short position
* day2:
* short volume is 300, FirmA short-sells 300 to FirmB
* long volume is 100, others sell 100 owned shares to FirmC
* this theory net short? short - long = 300 - 100 = 200 added
* this theory is not aware of FirmB closing their short, and treats it as net new shares short, when it is a transfer of the short position
* day3:
* short volume is 300, FirmB short-sells 300 to FirmA
* long volume is 100, others sell 100 owned shares to FirmC
* this theory net short? short - long = 300 - 100 = 0
* this theory is not aware of FirmA closing their short, and treats it as net new shares short, when it is a transfer of the short position
## Example 3: The coiled spring
What happens when we're sitting at repeated 75% short volume and the liquidity dries up? To contain the price, and provide **liQuIdIty**, they must create ever larger short positions.
|day|FirmA intent|FirmB intent|FirmC intent|FirmA EOD net|FirmB EOD net|FirmC EOD net|TOTAL EOD net short|EOD aggregate of theory|EOD held by others in market|
|:-|:-|:-|:-|:-|:-|:-|:-|:-|:-|
|0|n/a|n/a|n/a|\-300|0|500|300|0|100|
|1|buy 300|sell 300|buy 100|0|\-300|600|300|200|0|
|2|sell 400|buy 300|buy 100|\-400|0|700|300|600|0|
|3|buy 400|sell 500|buy 100|0|\-500|800|300|1000|0|
* day1 (75% short volume):
* short volume is 300, FirmB short-sells 300 to FirmA
* long volume is 100, others sell 100 owned shares to FirmC
* this theory net short? short - long = 300 - 200 = 200 added
* this theory is not aware of FirmA closing their short, and treats it as net new shares short, when it is a transfer of the short position
* day2 (100% s- **$19.92** is the weighted average price where the 3.52B total net-short volume shares were traded at, for days when: short volume was greater than long volume
* (speculation) if shorts were opening here, this would be their price for these 3.52B shares
* **$11.54** is the weighted average price where the 1.23B total net-long volume shares were traded at, for days when: short volume was less than long volume.
* (speculation) if shorts were covering here, this would be their price for these 1.23B shareshort volume, uh-oh):
* short volume is 400, FirmA short-sells 300 to FirmB, and 100 to FirmC
* long volume is 0
* this theory net short? short - long = 400 - 0 = 400 added
* this theory is not aware of effects of FirmB closing their short, and treats it as net new shares short, when it is a transfer of the short position
* this theory is aware of effects of FirmA increasing it's short position
* day3 (100% short volume, oh, crap):
* short volume is 500, FirmB short-sells 400 to FirmA, and 100 to FirmC
* long volume is 0
* this theory net short? short - long = 500 - 0 = 500 added
* this theory is not aware of FirmA closing their short, and treats it as net new shares short, when it is a transfer of the short position
* this theory is aware of effects of FirmB increasing it's short position
There should be a spectrum from 75% short on day 1 and 100% short on day 2, it wouldn't be immediate as in this example.
However, if short volume began approaching 100% short, shorts would have to get creative with hiding their shorts, and potentially generate themselves a synthetic long position. Perhaps by shorting an ETF to borrow shares from within it? What else? Swaps? Get everyone else to agree to stop buying in the lit exchange?
Of course, all that would just be kicking the can. Those shorts need to be bought back. They knew it when they entered the position, two sides to a position. Sell first and buy later, or buy first and sell later. Did they get tricked into opening the short position? Foul play? Company was not supposed to remain in business? Peterffy lives rent free in my mind "GME needs to go to zero".
They chose to sell first. Now buy.
​
https://preview.redd.it/b5lfceg5ty2b1.jpg?width=761&format=pjpg&auto=webp&v=enabled&s=144d529b04c76934dfb0f0e8e24a7328df27a2f7
## TLDR;
Update Due to Splivvy data neglection
Updating to add further explanation, charts, and examples.
**$20.57** is the weighted average short open price for the total 13.34B short shares since January 2019. This can be thought of as representing bearish sentinment.
**$19.77** is the weighted average long open price for the total 11.04B total long shares since January 2019. This can be thought of as representing bullish sentiment.
**2.29B** net shares shorted have accumulated on the public feed since January 2019. This is the "short minus long"
* **this is important, this 2.29B number is NOT short interest**
* this 2.29B number is simply the accumulated net short volume since January 2019, it is not short interest
* this 2.29B number is an artifact:
* **a:** short sellers shuffling their existing shorts around (one closing and someone else opening)
* **b:** new shorts being made
* **c:** market makers providing liquidity
* the current reported short interest of GME is 57.7097M, or 18.94% percent (**57.7097M is short interest**, I should have been more clear in my first post, the 2.29B is not short interest)
* 57.7097 / 304.68 = 0.1894, or 18.94%
* If the reported short interest is accurate, **it implies that only 2.52% of GME shorts are closed on the lit (public) exchanges or in reported trades**. Calculation: "1 - ((752 - 18.94)/752)"
Sure looks like shorts never closed (well, technically they closed a portion in early 2021, but re-opened the same amount and more).
Just looks like they've worked hard to get their shorts averaged up, so that the damn margin phone stops ringing nonstop.

I recall that during the lows of the GFC of 2008-09 when working-stiff, 401(K) guys like me were first learning the word "tranche" in light of Congress's bailout* Cramer said on his show something like, "Money you need to spend in the next 5 years ought not be in the [stock] market." That was the first I heard that wisdom, and now, a retiree, my personal history has confirmed that truth: Cramer was right about that.
*"TARP was doled out in two tranches of $350 billion each. The Bush administration, still in charge during TARP’s passage in October 2008, used none of the first tranche on mortgage relief, nor did Treasury Secretary Henry Paulson use any leverage over firms receiving the money to persuade them to lower mortgage balances and prevent foreclosures. Frank made his anger clear over this ignoring of Congress’ intentions at a hearing with Paulson that November. Paulson argued in his defense, 'the imminent threat of financial collapse required him to focus single-mindedly on the immediate survival of financial institutions, no matter how worthy other goals were'."
Link: https://www.salon.com/2015/03/31/barney_frank_drops_a_bombshell_how_a_shocking_anecdote_explains_the_financial_crisis/

Target sucks. In the next decade....it will be gone like K Mart.

Hey Everyone!
Let’s go….
Newly Covered Today:
1. Transaction volume is looking very interesting right now. [https://messari.io/charts/cardano/txn-vol](https://messari.io/charts/cardano/txn-vol)
2. JPG Store has now launched Android and IOS apps. [https://twitter.com/jpgstoreNFT/status/1663281982262919170](https://twitter.com/jpgstoreNFT/status/1663281982262919170)
3. It’s true. Cardano is straight killing it on the security leg of the trilemma.[https://twitter.com/cardano\_whale/status/1662987243655684096](https://twitter.com/cardano_whale/status/1662987243655684096)
4. Just checked. Yep. The centralization in ETH is still staggering. [https://twitter.com/StakeWithPride/status/1663222056870350848](https://twitter.com/StakeWithPride/status/1663222056870350848)
5. There’s a documentary about a 2022 Plutus hackathon in Argentina. [https://twitter.com/LarsBrunjes/status/1663111319732535297](https://twitter.com/LarsBrunjes/status/1663111319732535297)
6. Pavia is testing NFT gating. This could get very interesting. [https://twitter.com/Pavia\_io/status/1663153213988823040](https://twitter.com/Pavia_io/status/1663153213988823040)
Previously covered, but still interesting:
1. So much ghostbusting would be needed to clear us out. [https://twitter.com/TheOCcryptobro/status/1653527418588774401](https://twitter.com/TheOCcryptobro/status/1653527418588774401)
2. Charles was on Fox again and discussed a wide range of topics with Maria. [https://twitter.com/IOHK\_Charles/status/1653571613135196163](https://twitter.com/IOHK_Charles/status/1653571613135196163)
3. Coinbase didn’t waste any time in getting their non-US futures platform open. [https://twitter.com/coinbase/status/1653385513011740672](https://twitter.com/coinbase/status/1653385513011740672)
4. A former SEC Chair in his 90s sees that the current SEC is wrong on crypto. [https://twitter.com/ramahluwalia/status/1648134506359009280](https://twitter.com/ramahluwalia/status/1648134506359009280)
5. Rumor is that Pacwest is next on death row. [https://twitter.com/CryptoHayes/status/1653403052899192833](https://twitter.com/CryptoHayes/status/1653403052899192833)
6. ADA + Lime Wire. Only asked for 300 retweets…they definitely don’t know us. [https://twitter.com/limewire/status/1653834307259998221](https://twitter.com/limewire/status/1653834307259998221)
7. Token locking. Not a comment on any specific project. But, Is there any good case it’s not really just to artificially drive price up? Obviously also useful to centralize liquidity. [https://twitter.com/MatthewPlomin/status/1653773401645826049](https://twitter.com/MatthewPlomin/status/1653773401645826049)
8. You can’t say that many of us in Cardano didn’t warn about exactly this. Always the same with these VC coins. [https://twitter.com/mr\_cata/status/1653788019084734468](https://twitter.com/mr_cata/status/1653788019084734468)
9. Caitlin Long points out that both the non-main candidate challengers in the 2024 Presidential race are pro-crypto and anti-CBDC. [https://twitter.com/CaitlinLong\_/status/1653528247655694336](https://twitter.com/CaitlinLong_/status/1653528247655694336)
10. The Fed raised by a quarter point bringing the federal funds rate to 5-5.25%. [https://www.cnbc.com/2023/05/03/live-updates-fed-decision-may-2023.html](https://www.cnbc.com/2023/05/03/live-updates-fed-decision-may-2023.html)
11. As predicted PacWest is facing death. [https://twitter.com/WatcherGuru/status/1653873317110071305](https://twitter.com/WatcherGuru/status/1653873317110071305)The Florida anti-CBDC bill passed both the FL House and the Senate. [https://twitter.com/samuelarmes/status/1653761904169320448](https://twitter.com/samuelarmes/status/1653761904169320448)
12. A sitting US Senator just said that the modern banking system is a sophisticated ponzi scheme. [https://twitter.com/BertusMaximus2/status/1653819148596543489](https://twitter.com/BertusMaximus2/status/1653819148596543489)
13. Hydra is live on mainnet. [https://twitter.com/rom1\_pellerin/status/1654185072415723529](https://twitter.com/rom1_pellerin/status/1654185072415723529)
14. IOG wants you to know about the advantages of native tokens on Cardano. [https://twitter.com/InputOutputHK/status/1654077799697727488](https://twitter.com/InputOutputHK/status/1654077799697727488)
15. Cardano Movies! [https://twitter.com/coc\_space/status/1653862307439542275](https://twitter.com/coc_space/status/1653862307439542275)
16. We really need to primary some members of the U.S. Congress. [https://twitter.com/BradSherman/status/1653928972026093569](https://twitter.com/BradSherman/status/1653928972026093569)
17. Wow! Not surprised at what’s being said here back in November. Just surprised it’s being said publicly. [https://twitter.com/balajis/status/1654239504574853120](https://twitter.com/balajis/status/1654239504574853120)
18. Here’s the longer video of that FDIC meeting for context. [http://fdic.windrosemedia.com/index.php?category=Systemic+Resolution+Advisory+Committee](http://fdic.windrosemedia.com/index.php?category=Systemic+Resolution+Advisory+Committee)
19. Looks like Western Alliance is up next. [https://twitter.com/WatcherGuru/status/1654133106037739522](https://twitter.com/WatcherGuru/status/1654133106037739522)
20. The weekly development update from IOG is out. [https://twitter.com/InputOutputHK/status/1655248376194105347](https://twitter.com/InputOutputHK/status/1655248376194105347)
21. It’s not hard to make a meme coin on Cardano. [https://twitter.com/nmkr\_io/status/1654923697885532160](https://twitter.com/nmkr_io/status/1654923697885532160)
22. Still a crazy amount of mark-to-market losses that haven’t been absorbed by the system. [https://twitter.com/BillyM2k/status/1655207860572422144](https://twitter.com/BillyM2k/status/1655207860572422144)
23. Warren Buffet gives a not too comforting answer to a question about the status of the dollar: “America…we’ve got everything going for us…but…you can’t print money indefinitely as debt.” [https://twitter.com/GRDecter/status/1655203348033810439](https://twitter.com/GRDecter/status/1655203348033810439)
24. …and then everyone remembered what fee markets look like in busy times. [https://twitter.com/CryptoStylesUSA/status/1654711146673479680](https://twitter.com/CryptoStylesUSA/status/1654711146673479680)
25. …same for Bitcoin. [https://twitter.com/MatthewPlomin/status/1655320093084057600](https://twitter.com/MatthewPlomin/status/1655320093084057600)
26. Cardano hit 94% load. [https://twitter.com/SebastienGllmt/status/1655624561789112321](https://twitter.com/SebastienGllmt/status/1655624561789112321)
27. he MEV game is getting out of control over on Cardano’s biggest competitor chain. Convince me this shouldn’t just be called “theft” or “fraud”. [https://twitter.com/0xNox\_eth/status/1655615309695586306](https://twitter.com/0xNox_eth/status/1655615309695586306)
28. Cardano Native Assets are vastly superior to BRC20 and ERC20 tokens. [https://twitter.com/TheOCcryptobro/status/1655673557710692352](https://twitter.com/TheOCcryptobro/status/1655673557710692352)
29. Rumor: SEC is going to make a move against Binance. Will the DOJ also? [https://twitter.com/AP\_Abacus/status/1655546961968103425](https://twitter.com/AP_Abacus/status/1655546961968103425)
30. At the end of Q3 of last year, 722 banks reported unrealized losses greater than 50% of capital. [https://www.federalreserve.gov/supervisionreg/files/board-briefing-on-impact-of-rising-interest-rates-and-supervisory-approach-20230214.pdf](https://www.federalreserve.gov/supervisionreg/files/board-briefing-on-impact-of-rising-interest-rates-and-supervisory-approach-20230214.pdf)
31. Wyoming is inching closer to a state stablecoin. IOG’s significant presence there may turn out to be a huge advantage. [https://cowboystatedaily.com/2023/05/09/wyoming-stable-token-a-multibillion-dollar-opportunity-as-officials-wrestle-with-how-to-make-it-happen/](https://cowboystatedaily.com/2023/05/09/wyoming-stable-token-a-multibillion-dollar-opportunity-as-officials-wrestle-with-how-to-make-it-happen/)
32. Paypal disclosed almost $1 billion in customer crypto in its latest 10-Q. [https://blockworks.co/news/paypal-discloses-1b-crypto](https://blockworks.co/news/paypal-discloses-1b-crypto)
33. MiCA is shifting the balance of crypto investment to Europe. [https://twitter.com/paddi\_hansen/status/1655883224726241281](https://twitter.com/paddi_hansen/status/1655883224726241281)
34. Today (May 10) will be a joint hearing of the Agriculture and Financial Services Committees on Crypto. The CLO of Kraken will testify. [https://financialservices.house.gov/](https://financialservices.house.gov/)
35. This is a legit point about centralized L2s: the best ones are called Coinbase, Kraken, and Binance. [https://twitter.com/el33th4xor/status/1655845787593502720](https://twitter.com/el33th4xor/status/1655845787593502720)
36. There’s already a new version of Lace Wallet out. [https://twitter.com/lace\_io/status/1656347737355608066](https://twitter.com/lace_io/status/1656347737355608066)
37. A nice thread on the many strengths of Cardano. [https://twitter.com/TobiasIlskov/status/1656388178369212416](https://twitter.com/TobiasIlskov/status/1656388178369212416)
38. Remember, lobster traps are a thing. [https://twitter.com/TheCardanoTimes/status/1656064744225120257](https://twitter.com/TheCardanoTimes/status/1656064744225120257)
39. Today (May 11 at 1pm EST) there will be a Messari Cardano Analyst call with Charles & Frederik. [https://twitter.com/StakeWithPride/status/1656272372452954112](https://twitter.com/StakeWithPride/status/1656272372452954112)
40. I think we all love it when they start making our case for us. [https://twitter.com/WatcherGuru/status/1656379837823561730](https://twitter.com/WatcherGuru/status/1656379837823561730)
41. Ethereum is lamenting many of its poor design choices that Cardano already fixed. [https://twitter.com/moo9000/status/1656215016016683008](https://twitter.com/moo9000/status/1656215016016683008)
42. Drunkenmiller says this is the broadest asset bubble he’s ever even studied let alone seen firsthand and we’ve only had a few soft landings since 1950. [https://twitter.com/Stephen\_Geiger/status/1656416819312222219](https://twitter.com/Stephen_Geiger/status/1656416819312222219)
43. Live footage of meme coin investors accepting their ROI. [https://twitter.com/KaylerSmithTV/status/1656130092966264834](https://twitter.com/KaylerSmithTV/status/1656130092966264834)
44. Here’s the Messari call from today with both Fred & Chaz. [https://www.youtube.com/watch?v=ouUhWwF74MM](https://www.youtube.com/watch?v=ouUhWwF74MM)
45. People really seem to be enjoying the CF’s Blockchain Education Alpha Program. [https://twitter.com/andreassosilo/status/1644263843743293451](https://twitter.com/andreassosilo/status/1644263843743293451)
46. The US Chamber of Commerce brief in the Coinbase case is calling out the SEC for acting “unlawfully”. [https://twitter.com/MetaLawMan/status/1656737447756038177](https://twitter.com/MetaLawMan/status/1656737447756038177)
47. About that whole self-custody thing we’ve discussed… [https://twitter.com/BitcoinMagazine/status/1656706653801136132](https://twitter.com/BitcoinMagazine/status/1656706653801136132)
48. The SPO poll on K and minFee starts today (May 15)! You should redelegate if your stake pool doesn’t vote the way you would vote! [https://cardanofoundation.org/en/news/entering-voltaire-poll-experiment-live-on-mainnet/](https://cardanofoundation.org/en/news/entering-voltaire-poll-experiment-live-on-mainnet/)
49. There are also a series of forum topics for discussion of the various options in the Cardano.org forums. [https://twitter.com/Lovecoach\_nic/status/1657700010148896770](https://twitter.com/Lovecoach_nic/status/1657700010148896770)
50. Coinbase spotlights Empowa! May be the first time they’ve ever given such a spotlight to a Cardano project. Tides are turning. [https://twitter.com/coinbase/status/1657081243518005254](https://twitter.com/coinbase/status/1657081243518005254)
51. Wow. Leaked “Key Messages” document for the joint committee meeting in the US House last week. Best part: they basically complain about separation of powers in point three. [https://twitter.com/EleanorTerrett/status/1656362002577772544](https://twitter.com/EleanorTerrett/status/1656362002577772544)
52. Dr. Vanishree Rao on ZK-Rollups. [https://twitter.com/InputOutputHK/status/1657778843854274560](https://twitter.com/InputOutputHK/status/1657778843854274560)
53. Here’s a new Decentralized Identity article from IOG. [https://iohk.io/en/blog/posts/2023/05/11/atala-prism-pioneering-digital-identity-with-decentralized-solutions/](https://iohk.io/en/blog/posts/2023/05/11/atala-prism-pioneering-digital-identity-with-decentralized-solutions/)
54. There are reasons we’re in a hard capped cryptocurrency like Cardano. [https://www.cnn.com/2023/05/15/business/argentina-interest-rates-inflation/index.html](https://www.cnn.com/2023/05/15/business/argentina-interest-rates-inflation/index.html)
55. What is a dRep? This video is for you. There will be additional categories of default dReps that vote abstain or no confidence on every vote. [https://twitter.com/InputOutputHK/status/1658034085401337857](https://twitter.com/InputOutputHK/status/1658034085401337857)
56. The US Dept. of Justice is officially saying they are targeting exchanges. Great. Great. [https://www.ft.com/content/5aac457e-cc80-44ae-ac40-9b51d9b601a3](https://www.ft.com/content/5aac457e-cc80-44ae-ac40-9b51d9b601a3)
57. Wow! Ledger just made what is possibly the greatest PR blunder in the history of crypto. Trezor will be poppin’ bottles tonight. [https://twitter.com/Ledger/status/1658458714771169282](https://twitter.com/Ledger/status/1658458714771169282)
58. People are claiming that the hysteria is a misunderstanding of cryptography. But, that’s not what’s going on here if Ledger plus one of the other two shard custodians can reconstruct your private key without having to use your private key. [https://twitter.com/nimuepool/status/1658517533836574720](https://twitter.com/nimuepool/status/1658517533836574720)
59. The Ledger Recover FAQ seems to support this understanding as it suggests you use a brand new device for recovery. [https://support.ledger.com/hc/en-us/articles/9579368109597](https://support.ledger.com/hc/en-us/articles/9579368109597)
60. Wow. Unfortunate timing for this. [https://twitter.com/Ledger/status/1658095051375800321](https://twitter.com/Ledger/status/1658095051375800321)
61. Ken Kodama will be doing a Japanese language interview on CardanoSpot on May 18. [https://twitter.com/Emurgo\_Ken/status/1658838077136162828](https://twitter.com/Emurgo_Ken/status/1658838077136162828)
62. The stake pool operator poll on network parameters of K and minPoolCost is live. See the results here. The re-delegation phase will begin on May 25th. [https://adastat.net/polls/96861fe7da8d45ba5db95071ed3889ed1412929f33610636c072a4b5ab550211](https://adastat.net/polls/96861fe7da8d45ba5db95071ed3889ed1412929f33610636c072a4b5ab550211)
63. Cornucopias dropped some new in-game footage. As expected, Solace is beautiful. [https://youtu.be/j5iwNsQVMDQ?t=1846](https://youtu.be/j5iwNsQVMDQ?t=1846)
64. Wow….the Ledger shards are encrypted with “a master key that is contained in all devices”. Wut? [https://twitter.com/P3b7\_/status/1658809445965606913](https://twitter.com/P3b7_/status/1658809445965606913)
65. Sadly, the Ledger CEO seemed to be denying exactly the above just a day ago. [https://twitter.com/\_pgauthier/status/1658508082941403144](https://twitter.com/_pgauthier/status/1658508082941403144)
66. Here’s why 340 ADA minPoolCost promotes multi-pools. [https://twitter.com/ArmySpies/status/1659387255537176581](https://twitter.com/ArmySpies/status/1659387255537176581)
67. Numbers are emerging on the benefits of K=1000 over K=500. [https://twitter.com/StakeWithPride/status/1659398551917727744](https://twitter.com/StakeWithPride/status/1659398551917727744)
68. Here’s the latest on the Stake Pool Operator poll. [https://adastat.net/polls/96861fe7da8d45ba5db95071ed3889ed1412929f33610636c072a4b5ab550211](https://adastat.net/polls/96861fe7da8d45ba5db95071ed3889ed1412929f33610636c072a4b5ab550211)
69. Rep. Tom Emmer is trying to help crypto by cutting crypto assets out of the definition of a “security”. He creates a new non-security asset category called “investment contract asset”. [https://twitter.com/GOPMajorityWhip/status/1659291641281146886](https://twitter.com/GOPMajorityWhip/status/1659291641281146886)
70. Prof. Wadler (co-inventor of Cardano’s Plutus) has been elected a Fellow of the Royal Society joining the likes of Einstein, Darwin, Hawking, and Isaac Newton. [https://www.youtube.com/watch?v=PLOm-dWje-M](https://www.youtube.com/watch?v=PLOm-dWje-M)
71. Huge amount of voting for economic self-interest by multi-poolers in the SPO poll. Earlier today (May 21), 84.73% by stake of the vote for K=500, Min Cost 340 ₳ was multi-poolers. Only 15.6% of the vote for K=1000, Min Cost 170 ₳ was multi-poolers. [https://adastat.net/polls/96861fe7da8d45ba5db95071ed3889ed1412929f33610636c072a4b5ab550211](https://adastat.net/polls/96861fe7da8d45ba5db95071ed3889ed1412929f33610636c072a4b5ab550211)
72. Large pools also voted heavily for economic self-interest with the K parameter. 70.02% by stake of the vote for K=500, Min Cost 170 ₳ was pools with delegation over 35 million. Only 30.57% of the vote for K=1000, Min Cost 170 ₳ was pools over 35 million. [https://adastat.net/polls/96861fe7da8d45ba5db95071ed3889ed1412929f33610636c072a4b5ab550211](https://adastat.net/polls/96861fe7da8d45ba5db95071ed3889ed1412929f33610636c072a4b5ab550211)
73. Apparently Cardano has its own wiki now! Probably better given our previous treatment by the big wiki group. [https://twitter.com/StakeWithPride/status/1660383700243329024](https://twitter.com/StakeWithPride/status/1660383700243329024)
74. Rep. Tom Emmer is getting some reactions on the bill he sponsored with Rep. Soto. [https://twitter.com/GOPMajorityWhip/status/1660329932495486977](https://twitter.com/GOPMajorityWhip/status/1660329932495486977)
75. You’re really gonna hold up a debt ceiling deal because you hate crypto so bad? [https://twitter.com/gaborgurbacs/status/1660248530135515138](https://twitter.com/gaborgurbacs/status/1660248530135515138)
76. Looks like a few big multi-poolers have voted in the poll since yesterday. Pretty easy to predict what they didn’t vote for. [https://adastat.net/polls/96861fe7da8d45ba5db95071ed3889ed1412929f33610636c072a4b5ab550211](https://adastat.net/polls/96861fe7da8d45ba5db95071ed3889ed1412929f33610636c072a4b5ab550211)
77. Reports coming in that DCG has defaulted on the payment owed to Genesis. [https://twitter.com/AP\_Abacus/status/1660671386388504577](https://twitter.com/AP_Abacus/status/1660671386388504577)
78. Ledger Recover would allow governments to confiscate crypto assets by subpoena? Called “not a real concern in the end.” Really? [https://twitter.com/TheBTCTherapist/status/1660677064700178436](https://twitter.com/TheBTCTherapist/status/1660677064700178436)
79. Frederik Gregaard on DeFi and regulation. [https://twitter.com/F\_Gregaard/status/1660655806709211137](https://twitter.com/F_Gregaard/status/1660655806709211137)
80. Don’t Forget, the May Cardano 360 will be on May 25th. [https://twitter.com/InputOutputHK/status/1660621805017608194](https://twitter.com/InputOutputHK/status/1660621805017608194)
81. Here’s the daily check-in on the status of the SPO Poll. We have surpassed 590 pools voting (as of May 23). [https://adastat.net/polls/96861fe7da8d45ba5db95071ed3889ed1412929f33610636c072a4b5ab550211](https://adastat.net/polls/96861fe7da8d45ba5db95071ed3889ed1412929f33610636c072a4b5ab550211)
82. The Securities and Futures Commission of Hong Kong has decided to get our hopes up with a proposed regulatory framework for crypto exchanges that could mean more trading for coins like Cardano. [https://apps.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=23PR53](https://apps.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=23PR53)
83. Here’s an IOG thread on the latest out of Atala Prism and Self-Sovereign Identity. [https://twitter.com/InputOutputHK/status/1660904360925188097](https://twitter.com/InputOutputHK/status/1660904360925188097)
84. Here’s an IOG article on Cardano native tokens. [https://twitter.com/InputOutputHK/status/1660975383997448193](https://twitter.com/InputOutputHK/status/1660975383997448193)
85. The difference in decentralization between Cardano and Bitcoin is still…laughable. [https://twitter.com/StakeWithPride/status/1660979639907500033](https://twitter.com/StakeWithPride/status/1660979639907500033)
86. Ledger is finally caving (a little) to the backlash. It’s reported that they will focus on open sourcing parts of their code and only release the “Recover” firmware after that open sourcing is finished. [https://twitter.com/NFTherder/status/1661026174779420672](https://twitter.com/NFTherder/status/1661026174779420672)ext to an old identity book. Stop reading into things.” Everyone enjoys speculating what e
87. Looks like the Hong Kong announcement yesterday might have been a hint of what’s coming. [https://twitter.com/cz\_binance/status/1661391542504902664](https://twitter.com/cz_binance/status/1661391542504902664)
88. The Cardano Layerverse is coming to life. [https://twitter.com/TobiasIlskov/status/1660697833115385856](https://twitter.com/TobiasIlskov/status/1660697833115385856)
89. Wow! Incredible! Thank you for voting in favor of decentralization, 1PCT! [https://twitter.com/StakeWithPride/status/1661460222203002880](https://twitter.com/StakeWithPride/status/1661460222203002880)
90. Federal Reserve report debunks claim that crypto is not useful to people in the US. [https://twitter.com/SebVentures/status/1661063483369177108](https://twitter.com/SebVentures/status/1661063483369177108)
91. The SPO phase of the poll is over. Nearly 800 pools voted. Now it’s your turn to see how your pool voted and re-delegate if you think they voted against decentralization and for their own pocketbook. [https://adastat.net/polls/96861fe7da8d45ba5db95071ed3889ed1412929f33610636c072a4b5ab550211](https://adastat.net/polls/96861fe7da8d45ba5db95071ed3889ed1412929f33610636c072a4b5ab550211)
92. The May Cardano 360 is out! [https://www.youtube.com/watch?v=7\_bCa\_xCoxA](https://www.youtube.com/watch?v=7_bCa_xCoxA)
93. Charles dropped an update today. [https://www.youtube.com/watch?v=KfL2U2hAGWw](https://www.youtube.com/watch?v=KfL2U2hAGWw)
94. Sen. Cynthia Lummis declares her opposition to the 30% tax on bitcoin mining. [https://twitter.com/SenLummis/status/1661803569341759495](https://twitter.com/SenLummis/status/1661803569341759495)
95. Today is a holiday for some of you. Enjoy a Cardano video game I made for you with AI. MJ made the textures. GPT-4 did 100% of the coding. [https://openprocessing.org/sketch/1941253](https://openprocessing.org/sketch/1941253)
96. Lots of volume being transacted on Cardano recently! [https://twitter.com/cwpaulm/status/1662929296329981952](https://twitter.com/cwpaulm/status/1662929296329981952)
97. As expected, a debt ceiling deal has been reached. It includes an extension until January 1, 2025 which means we won’t be talking about it again until after the election. [https://apnews.com/article/debt-ceiling-deal-food-aid-student-loans-3c284b01d95f8e193bca8d873386400e](https://apnews.com/article/debt-ceiling-deal-food-aid-student-loans-3c284b01d95f8e193bca8d873386400e)
98. Recent subpoenas to the Python Package Index don’t bode well for those hoping to store seed phrases with third-party custodians. [https://twitter.com/\_jonasschnelli\_/status/1662531840606093312](https://twitter.com/_jonasschnelli_/status/1662531840606093312)
\~Army of Spies

Why isn’t K love in?