For Anons following the GameStop saga, here is a pretty cool Cohencidence!
(media.greatawakening.win)
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I was going to, but don't understand the whole DRS thing. Am worried anything I but won't be accessible in the long run.
If your broker holds the shares for you, they can loan out your shares without your consent. This leads to short selling. Apparently GME is one of the most shorted stocks out there.
If you DRS your shares, you take physical possession of them and they cannot be shorted.
I think that's how it works.
Greatly appreciated❤
You can sell pretty easily with computershare the DRS holder for your shares. I keep like 95% in DRS and the 5% others in my normal brokerage account.
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https://www.drsgme.org/
Here is a website that can explain DRS further and what steps to take.
Also this below short video (6 mins) does a good job at explaining it imo
https://www.youtube.com/watch?v=JGWN1-I8Kac&pp=ygUbZ2FtZXN0b3AgYSBsb25nIHN0b3J5IHNob3J0
The video is super helpful, thank you. Going to get some more sleep before trying to figure how to buy shares. I've used etrade for DWAC, but it seems like that would add an unnecessary step when buying GME. Not sure I feel comfortable giving my account #s to the drsgme site though...
No worries. Yeah I wouldnt give anyone you account numbers for anything lol. If you are looking to buy and eventually be DRS'ed you can purchase directly from computershare after creating an account. Does take about a week for shares to show up and settle in your account though just fyi
🐸❤👌
You can buy it now and worry about drs in the future, it's not a big deal.
What does your last sentence mean?
I can answer any questions you have about DRS.
That is very kind of you, I need an even further dumbed down version than ELI5. Please ignore the last sentence of my earlier post as it's further proof of my ignorance!
Building on the previous comment, removing shares from the DTC ensures they are held in your name. DRS is the way to do this. Doing so takes them out of the hands of those who might use them to further short the stock. However, it's crucial to hold them in BOOK form when in Computershare.
Ryan is the BOOK king. He's released some of the best books I've read in recent times. I can't understand why anyone would keep shares if they're not in BOOK form.
I clearly haven't eaten enough crayons.
Can you please explain what "BOOK form" is like I'm 3 years old?
I have ½ my GME in DRS, but have no idea what form they are in.
When you DRS your shares, you're removing them from the Depository Trust Commission and putting them in your name. See Computershare
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I'm not DRSed.
My understanding is there used to be a pile of needles (shares) and someone started throwing pieces of hay on it (naked shorts) and got fucked with how well the previous console generation did because ivy league idiots didn't understand the console cycle.
They started dumping hay by the truck load, thinking their covid lockdowns would destroy a struggling retailer. Except they literally locked millennials in their homes with nothing to do and no social interactions, so they did what they did last time their lives were like that and played fucking video games en masse, and then a new console generation started.
DRS is pulling needles out of the now epic haystack.
The problem that's going to make people money is someone needs to buy needles or they're fucked, and they're going to have to buy up all the hay to get to the needles.
So it doesn't matter if you have hay or a needle, what matters is they have to buy needles and you get to sell them their fucking hay hack.
Ahh that's a great recap👌
While this is absolutely correct here lies the main problem with not being DRS’ed, it is that these shares in brokers are still owned by the DTCC and not by ie John Doe, so DTCC could break all sorts of laws (they already do daily) but are basically the law could get brokers to liquidate accounts. Or if in a complete market meltdown your broker itself could be liquidated along with your account. It’s fucked up
That makes sense. How does this type of thing apply to DWAC shares?