The Basement Lounge
The Basement Lounge

Season 2, Episode 26 · 8 months ago

Dogecoins & Hedge Funds

ABOUT THIS EPISODE

Shea has NO concept of how Dogecoin & cryptocurrency work, so Wells breaks it all down for him. Plus, Wells thinks the endgame is approaching for the hedge fund stock shorters.

This week, Mike & Mike talk about:

  • Dogecoin & cryptocurrency is confusin.
  • Hedge fund people are the worst.
  • The endgame of the AMC stock fiasco is nigh.

This episode is powered by Pod Decks:

https://www.poddecks.com 

Use the code "TBL10" to get 10% of your order at checkout.

Support the show on Patreon:

https://www.patreon.com/tbl_pod 

Crate a new website for your podcast:

https://www.podpage.com/?via=tblpod 

Find the perfect guests for your podcast:

https://podmatch.com/signup/tblpod 

Follow Mike & Mike on Twitter:

Mike Shea - @mrmikeshea

Mike Wells - @mikewtfwells

Thanks for listening! Tell your friends! 

Hey everybody. If you would liketo get more involved with the show and become a VIP of the basement lounge, just head on over to our website, tbl pod dotnet and click on thebecome a VIP button. That will take you over to our Patreon,where you can join and become a VIP and get acts to all kinds ofcool features, things like guest interviews, early released episodes, a special privaterss feed for your podcast APP and so much more. Every contribution helps usgrow this show into something new and more exciting. So join the patreon today. Go to our website, tbl pod dotnet, or go to patreoncom slashtbl underscore pod and become a VIP. Today. This episode is powered bypod decks. Go to www dot podxcom and use the code tbl Ten toget ten percent off your purchase at checkout. Once again, that's www dot poddexcom. Welcome to the Basement Lounge podcast with your host Mike Shay andMike Wells. Sit Back, GRAV A, drink, relax, let's see wherethe time takes us. Enjoy. So you've you're onto a new financialthing with this Dogecoin Shit. I have doche. I don't have a lotof dochecoin. Okay, is this just another bitcoin? Now? It's notgoing to be a prominence bitcoin. Doge has no limit. BITCOIN does.Bitcoin does, just like how I'm understanding it. There's infinite amount of doche. Okay, bitcoin. There's a limit amount of bitcoin. Okay. So, though, I think doze is going to be the cryptocurrency of the future, like Elan said. Yeah, because I think it's not crazy expensive.That makes sense. So I anybody can invest. I mean, cryptocurrency makesno sense to me. I crypt up bitcoin. What a currency is,quite like only fans and that I don't get it. BITCOIN was originally forblack market stuff. Okay, that's a bitcoin was the maid. That wasthe major thing it was used for for like a really long time, likedark Webshit, dark web buying, purchasing stuff, BLA Bloj, and it'sit's just fast transaction time. Bitcoin just that stuff. is initially for fasttransaction time. Like, for example, when it came to a cryptocurrencies,like if I sent you money through, like not pay pal, but likewhether this the cash app or something like, not the ones you have to paylike five bucks if you send somebody money to or something like that.Okay, yeah, I could. Well, crypto you can do that. It'scrazy fast and there's no fee for it a lot of times, andif there's a fee, it's like half a penny or something like that.I guess that was the point. That was also why bitcoin launched so much, just because like an earth Cryptos so much. It because like, oh, there's different routes, it's faster transaction times, everything like that. Iguess one I think it when I think of cryptocurrency. I'm sure I'm wayoff, so don't yellow at me. My understanding of it is that it'slike kind of like in a in a mobile game. We can be tenbucks for a hundred diamonds. So that makes each does diamonds could go upand value at some point. Huh? Those diamonds could go up and valuethough. So then that's how crypto works. Is that just the the if cryptocurrencyis the diamonds and I pay ten bucks for a hundred diamonds, thatmakes one of those diamonds worth ten bucks. or it would be ten dollars.Or want ten dollars for Hundre it would be worth ten cents. Yeah, so sound the road, down the road, that diamond, those diamondscould then be worth fifty cents each. It's like, okay, it's almostlike stock. Okay, okay, like a stock and go up and down. Blah, Blah Blah. Is that? But the whole point in Crypto isliterally transaction time. Okay, when it times, like moving money andstuff like that, just it's easy way to convert money to like crazy easyconvert money, like if I give you a Bitcoin, it's super fast tohow to be like, Oh, I can do pay Soos, like ifI from US money, like if I...

...want to take my US money andmove it over the pay Soos, I can give you a bitcoin. Blah, blah, blah. I cash out of pay Soos. That about thisand that. Okay, it's crazy if the transaction time, but when itcomes like does, I do think does is the actual future cryptocurrency, becauseyou have a lot of companies now accepting Doge, like the mavericks are sectingdough just payment for like tickets, MMM and stuff like that. So alot of things are the reason why, because we're really it's still money.You're still getting like you're literally by right now. I five soldier. Ithink DOJ is like, let's say, if it's at fifty cents, right, if I gave you four notes, it's two dollars. MM. Becauselike, like you could have it on your you could transfer from like phone, the transfer somebody's phone. You could do like almost like a pay thing, like touch somebody's other phone and stuff like that, transfer money over.But I think DOJ is the future because it's so I think the most ofever get up to his ten bucks. That's the most, ten bucks forone Dogecoin. Yeah, I think that's I don't and I might be pushingit, and that's years and years down the road. Reason why it's goneoff lately is because of Elon, because he's promoting it or whatever. Idon't like that. I just I don't he even owns any M he ownsbitcoin. Oh does he? Ye, was a lot of bitcoin. That'swhat made him the richest man in the world for like and then a dropthe wing back up now as the richest manage because he bought a lot ofBitcoin. But you can't, but I think legally he can't say by Bitcoinand then by bit. You know what I mean? No, that's insidertree. Yeah, let's see, that's the weird thing too, is crib. I don't know crypto really counts as anything. It's not. It's Idon't know enough about that aspect of it. Yeah, but it's just like venas much as you explain to me right now, I honestly still don'tget it. It's just and I don't know, I don't have a brainfor that kind of thing. It's just like it's literally I look at astock, you have to look at as like a stock and go up orup or down. But basic and you're just basically trading in that stock.Yes, if it were itself a currency. Yeah, okay, like if slip, if stocks for dollars. And Yeah, initially it was literally forDark Web Shit, because you could transfer like US dollars to like rubies orwhatever they're called, and like it was super easy transaction roupe. So well, I don't rules. What are they called over there? What will?There's one called rupees and I've heard the term roubles before. Maybe it's thesame, I don't know, like one of those. Also, I'm fuckinglike Zelda. I don't said one of these sounds like so that out ofa video game butter. But yeah, Doche like I had a lot ofmoney and doze at one point. I calculate how much money I would have. I kept it in airman like forty five thero with a doge. OhShit, but I took it out. I moved over to AMC because Ithink AMC's longer, better, longer plays. That's if I cashed out at thetop, at seventy six cent mark there, still playing the MC absolutely. It's almost I think it's beginning of the end game. I think we'rein, as quoting marvel, or in the end game, like, okay, I gotta show you this boy has this how much I love this stuff. So let's see here. So when you short stock, you have toborrow the stocks right, right, and you have to pay a interest feeon that stock. Yeah, so AMC's short borrow interest rate as of yesterdaymorning, okay, was let me pulled up one officially. Yesterday morning,or excuse me, yes, sure's start at twenty six point six percent interestrate for every stock you have to pay twenty six percent interest. Oh Wow, as of today, right now, that interest rate is now at seventynine point five. Really. So anybody who shorts stock has to pay seventynine and a half percent wholely shots. Why? I think we're getting atthe end game. Holy Shit, that's...

...wild. Hedge rounds are like fuckinglosing their mock the hedge round guy, you gotta like, if you ifyou like, look into this shit. So Adam are and is the CEOof AMC. Okay, one of the cool honestly, there's a guy namedtrade trades. I follow on the Guy Online. I watch his youtube videos. This is gonna sound very conspiracy theory, asks and I don't want to comeon, but he does. He does the information and then, likeyou watch other things, you look up your own information. Makes Sense.It all makes sense. So this whole point was like that. One daythere was like one point five billion stocks traded of AMC and there's only fourhundred million stocks. So you telling me the entire float got traded three differenttimes when everybody, a lot of people are holding the stock, not trainingit, because you can look every single day. I'll tell you how manypeople sold percentage wise, and how many people bought, and like a lotof days it's like ninety five percent bought, five percent sold. So you're like, how the fuck is that as all this going on? Well,Adam are went on trays channel like the CEO of AMC and did an interviewwith him for two hours. Holy Shit, one of the nicest people. Ilike, cool and like. And here's the wild thing. So hesold a lot of a shares. Right, he didn't sell them. He gavethem to his twins and in the thing is to twin twin sons.Yeah, he gave me. He gave him each two hundred fiftyzero shares fortheir thirty birthday. But the articles read he's sold all his shares, butwhen you actually look at the filing, it says they were given as agift to his to twin sons. I know you do that. Can dothat. And the thing is, like people like, oh, he's likethe CEO. Just see this and give a shit aballast his pay. Eightyfive percent of his pay is stock. Yeah, he cares about the stockgoing up. So he does this interview. It talks and that's what fucks alot of these corporate guys as they get all their is, their theirsalaries are in stock and then when the companies go under they have nothing.We like he fucking he wants it to fucking squeeze to he's going to bea a jillionaire. Right. So he starts talking and like he can't tellyou anything about the stock. He's not allowed to because it's CEO. Buthe's on saying during the end of you, like you guys, there's this,there's this proposition, there's a shareholder of vote which I have to voteon, which is so cool, and I feel like I felt like anadult that they wanted to add down the road to Mabel, add five hundredmillion more shares to the stock. Okay, what should dilute the stock, whichhe's a smart businessman. You don't do it all. Wants to doit over time. Ball this and now right by he on the on theenterview. He's like, I know you guys are really worried about all this. So what we're going to do is, if it, this does pass,we promise not to even put any of that stock during this year period, like we're not going to do that now any and he hit when hesays that it has to be filed by the SEC, like he has togo and file it and it was filed. Oh so it's like okay, well, I'll go and I'll go on more deeper shit later on. Thatokay. And then, like a week before like the shareholders movie meeting we'resupposed to take place, he says, you know what we're that you guysaren't liking. We're reading what we see online. All Lot of you guysaren't liking what we're going to do. We're doing with this. We're justgoing to pull that off the table. You can no longer vote for it. We're not even to ask for that anymore. Sure, like Oh,we're like, oh, that's that's awesome, like he's listening to everybody. Sure, I did change my vote. I had my initial vote on itwas no, but when he talked about it from a CEO perspective, Ichange it to yes because you could change it up to the certain date andI was like that makes sense. But then there's just more. He's like, we'll pull it by thinking more to...

...it than that. So but duringthe end of you he's like everybody needs to vote. I don't care whatyou vote, yes or no, everybody needs to vote's kept on saying itand saying it. We're like what. Okay, like I voted will cometo find out. He's just like when he tweeted, like Hey, weremoved the stock. He's like, Hey, we removed a five hundred million offthe table. He's because we have, because of our millions of individual shareholders. And some lady was like did you just say millions? He's likeyeah, we have, and there's like yeah, we have over three pointtwo million individual shareholders, which is insane to think about. MMM, soyou're telling me there's three point two million individual shareholders like myself that hold thestock. That doesn't include institutionals, that doesn't include CEOS or whatever, that'sjust individual people like you are me holding it around. Yeah, and that'severybody who voted. If you live overseas and have it. They weren't gettingable, they were having the avilability to vote. So now, going backto that day that there is almost there was like one point five billion stockstraded. Now it makes sense. There's so many synthetic shares, are fakeshares in the market. They have to be bought back at some point.Oh, if I own fake shares, like when you short of stock,you can short it or you can or you can lend out a stock.It's it's you can give them the real thing or an IOU right, they'vebeen getting out these ioeus almost like stock credit. Yeah, Shit, ithas to be bought back. Yeah, so I own five hundred personally.Okay, the average person, they say, the average on a conservative side,owns two to three hundred. That's on the conservative they think anywhere.There's between two billion and five point five billion shares of this. And ifit's five point five billion, five billion of them are fake. Oh myGod, Oh my God, how do you buy back that many fake shares? They and they have to at some point. They have to, andeverybody, like everybody's like a MC has to know. The hedge funds haveto. AMC doesn't. AMC has not do with they just have the stay. These are the hedge fun fuckers that have been iouing all these shares,shorting it, short all Homek shorting it something I use, lending like it'sfucking and that's why I like, all a sudden the interest rates gone up. The interest rate was at like so, okay, let me go back evenfurther. So in two thousand and nineteen, Adam are and did aninterview saying we know the stock is getting shorted, like we know that.They're trying to short us out of business. This isn't two thousand and nineteen right, and he knew it. He said an interview, like we know. And so I all of a sudden rant. I think this is whyhe's a genius, because a certain point, like you can show a stock youshort as long as you want, because if you shorter stock, ifyou shorter company and they go bankrupt, you don't have to pay taxes anymore. Period. Okay, you can have a basically you make all your moneyand you don't pay taxes on it, but if you lose, you haveto pay. It's up to literally the shareholder deciding how much money you Iwant for my stock, because you have to buy it back from me.Oh my God. So here's the crazy thing. So I think what Ithink it's a genius. Part I think what Adam are and did. Idon't think they ever want to do the five hundred million dilution or five hundredmillion extra stock. I think he put it out there to make shorts oneof the double and triple down, because if he puts it out there,that means, oh, we got more time, we can just wait thatpasses. They'll do that. Was Keep on hammering and hammering and hammering itright, Danny did the interview tray and say we're pulling that out, likewhat we'll do? We won't do any of those stocks this year and thelike. Okay, fine, like we'll...

...just have to wait. Both willdouble down again. And did that for like two weeks and I finally theylike finally that. He was like, yeah, it's no longer on thetable, like we took that off and all of a sudden, like acouple days later, the interest rate from from like thirteen percent to twenty percent. It's like twenty six percent. Now it's up the seventy nine percent.Oh my God. Yeah, it's a fucking ticking time bomb. Holy Shit. Everybody thinks I'm everybody thinks I'm crazy. Not Crazy, but it sounds veryconspiracy theory. Ask, yeah, but if you do the math you'relike, yeah, this makes sense. Like I remember looking at it inJanuary, well, no, late January, early February, and I was like, Holy Fuck, this is going to Expec like I was just doingall the numbers in my head, like writing stuff down, like looking atthe math and like, yeah, there's a massive amount of fake shares.There's no way, there's there's no way shit. And so they're doing anothervote, right, and they pushed back this in the reason being they pushedback the shareholder meeting because, in the also on that tweet, well,I'll have the exact tweet. I put the exactly so I was like,I'm so into this now, Holy Shit, it's very like. That's why I'vebeen telling me. People have been giving me shit about it. Yeah, I'm like and actually cold people. I respect fuckers. Where is it? Where is it? Where is it? This is a gotta put it earlier. Say AMC were schedule annual meeting of shareholders to July twenty nine,because the shareholders meeting will supposed to be like Mayfe May, the fourth.It was fun, it was kind of it was irony. Among other reasons, we did so to give our millions of current individual shareholders more time tolet their voices be heard the cast or ballast some important shareholder matters. Andsomebody literally was like I got to find I see. It's like, didhe just say millions of shareholders? That had a Maren's like yes, indeed, that is right. Mc now has over three million individual shareholders. Andthen on a and I listened to the the earnings call, he said wehave over three point two million. Not Everybody voted and the votes were fromthe end of I think, not the end of March. They stopped voting, marched like including being able to vote March twelve. So there's more peoplea bought stock after that. Oh, yeah, that were he they he, he's so intelligent. He know what's going on. He's just trying toget it. Individual share count perfectly. So he's like goes to the SECand as like you guys need to do something shit. You have to dosomething about this, because this is all you can. You can give out, you can loan, and I owe you right. It's there's some wayto do it not be illegal, but the way they're doing it is illegal. There can't be over, let's say, in the five but there can't befive billion fake shares. Yeah, that's you can't be at over ahundred percent in fake shares. You know it's well, you're looking at fivehundred percent, since that's okay us saying over. I don't know what thedo the math. Somebody. That's yeah, that's that like a thousand percent fromthree point two million to five point three billion. That's yeah, aHoly Shit. I think that's hit. I think honestly could be higher thanthat, because I realistically think so. If three do the math on thisshit. So I let's say conservatively, a three hundred people, three hundredmillion people. Right, there's three hundred. Each person has three hundred shairs timesthree point but three hundred times three point two million, three hundred timesthree point two million. Yeah, it's like one point one billion, ninehundred sixty million. Okay, so almost some billion. Yeah, so that'sjust on the conservative side. Yeah, I myself own five hundred. Iknow people that owe tens of thousands of...

...stocks. So saying it's so,the saying that there's five points, there's five point three billion, is whathe's saying right. Well, some people, are a lot of people. Theestimate they're thinking between one point five like the conservative estimate is like oneto like one point five billion, one one point five billions on the conservativeside. I've seen as high as five point five billion, okay, andthat's just from March, like twelve or something like that. Correctly, that'sa that's a almost that's a four hundred and sixty nine percent. Four sixnow overage. HAH over. That is ridiculous. You here some crazy aboutgame stop. Game Stop, because they were part of this whole shit too. Oh yeah, I gave stops, the big one, I caus Ihave one game stop stuck. Yeah, just track it, game stop.They say institutional investment is over two hundred percent. That's not possible. No, you can't be over a hundred percent. Yeah, that's the little fucking wildon their fucking like every market thing you bought, two hundred percent ofthe stock is owned by institutions. What? That's impossible. Jesus, Jesus Christ. And somebody was bitching at me the other day like you're going toruin people's lives, like you, you, Mike Wells, are going to ruinpeople. Why? Like, because I think it's funny. Because,like, my f thing is, like if I lose all my money right, which I don't think I will, I'll lose five grant. Whoop thefucking do? It's five thousand dollars. Even then I can write three thousandof it off my taxes. That's fantastic. Even that, I don't think itwill go down now low I had literally have to go to zero,mm, and I think the lowest it could go would be five bucks,if that, and really I don't even think that's even feasible anymore. HMM. What hedge funds can lose is millions and billions and billions, and whatthe one percent can lose is billions of dollars, which honestly, they canafford to lose. And he was like where you just going to? Youknow, you're stick in your you're ruining people's lives. The person that you'rekind of ruining people's lives like this and that as like I first off here. And like he's like all they're going to do is write it off ontheir taxes anyways. So, first off, you can't write all of it offon your taxes. Secondly, if they short the business out complete,they weren't going to pay taxes on it anyways. Yeah, so they theybasically didn't have to pay taxes on any of that if they got what theywanted. And secondly, so white. And then he said it was likeso what? They can't fucking fly flourish Class A couple weeks? Fuck them. Yeah, oh no, if the switch from a tesla to a Bmw like some shit like who gives a fuck, and the way that andthe whole point. At the first it was like about making money. AsI got school, way to make money. It still quim. But now,like the DCC and the SEC are introducing rules and they're trying to getthese rules in place like a sack because they ain't fucking know. Yeah,fucking Nancy Pelosi's husband hedge fun because other yeah, bought a bunch of AMCstocks. Now they know, because now you have hedge funds are short ofit and you have had other institutions are like fuck, this is going toexplode, we're going to get in on this shit. Yeah, of courseit again, and I've heard people make that argument of like oh well,blah, blah, while you're against people making money. It's like, no, I'm against people making money in ways that fuck over other people. Thatas like we're just using what they used against them. Yeah, we're doingthe exact say you're you're doing the exact same fucking thing they did. Yeah, there's no difference. and The wild part is there's over three point twomillion of US set are all on the same pagetly, no, hard thatis. It's not like it's fifty dudes like this is as significant percentage ofthe American population. This is occupy Wall Street on a whole other level.This is. Yeah, this is occupy Wall Street in a way that works. Yeah, as opposed to, you...

...know, tens and a public square. This is this is literally giving them a taste of their own medicine.Yep, and I fucking love every second. It's this is the best. Thisis and this is chaos. I can get behind it's it don't.The thing is to point about it. It needs all betray that you canactually pull up. Go to yeah, go go to. I'll go toa two. Can you get on twitter right and play video? Let yougo this twitter account. Let's see here. That's to tray. Hold on,sorry, right, we're gonna cut here sometimes. Right, you got. You can cut, can't you? Yeah, I can't. I guessyou wear this videos at hold on your good. It was suddenly posted itearlier today. It's a great video, but it's kind of like what everythinghas been boiled down to? Go to apes together, strong DOC is thatall one thing? Yeah, okay, they can have that, but ourtwitter handle can't be the basement lounge. All right, I'm there. Yousee the video right there, the top, the pin, the one of thevery top. It's pinned. There's some missions. Got Us. Yep, okay, watch that. All Right, I'm gonna put it. I'm goingto put this in a window on the listen to it too, onthe videos my head. Can you hear me? Yeah, okay, yeah, I'm going to put this in the video. Two Line. Let medo this right window. I'm sure screen the ship so we can actually showup in the all right, you see it. Yeah, I got her. Social media platforms like Reddit, Youtube in twitter are leveling the playing field. I always want to say that I support retail investors right to invest inwhat they want, when they want. MINOS are the amount of capital days. I'm hands support the right of individuals to send a message based on howthey invest. I'm gonna do something I never do, that's come out onmy shell and talk about how I'm sick of and Justin I don't believe thatthe story of this community has been told yet from insiders perspective, and Ithink that's paramount to understand some of the culture and the social dynamics of what'sreally going on and we're just tired of just survive, not having to worktwelve hour shifts. But, as always, felt like you couldn't win. I'mhere for my rather, my father and my people. I'm a nobodyreally. I am a guy who just needs a win because alarming. Howdo we know about be inner workings of the market, these advanced quart ofa larger story about the intersection of Finance and technology? What we're trying tosay here is that there are these shares that are just kind of floating aroundbeing borrowed and England and land again. We just know that there are moreshares out there that the company had red originally issued. I decided I wasgoing to get on Youtube and do some studying and do mind research I liketo do all my own villages, Ninety five opening bolt clothing bill stocks andthe Stop See, you know, all the new digs which is proud byAlfa Apes Um. I ended up getting...

...diagnosed with a terminal this I've gotmore love and support from the apes a lot of people that I personally know. I'm looking this for my for myself, but I just want to know,both from the thieves of my well be able to build their own house. Have that. Just want to do the best for my family and mykids. You feel like you're part of this fight. Just makes you feelgood, you know, because of this community, because I just move,that we can have each other and become back to the hedge funds that aretrying to scool over company, that that we like. Fuck you. Fuckyou. Yeah, I know, man, fuck you. That's cool. Theyjust I don't it's just a wild movement. Yeah. Well, inthe thing, like a lot of the people, like a lot of people, like I want to pay off my dad, like I want to paymedical debt off, like I want to pay my that's it's all about thattype of stuff. Like a lot of people are crazy supportive of everybody,like on the Reddit Post, like people like will post my crate, likepeople don't put up a racism bashing making fun as Shit, like they justdon't like this is what this is what it is like. Leave it allout. But they've been hiring like fucking you pie on Adam are and stingout of Mare's where you'll see like videos of like people hired like planes tofly around with banners that say AMC to the Moon, or we love stock, AMC, we love this. They actually sent one. Citadels the mainhedge fun right, that's shorted it. The thing is, citadel. Fortysix percent of all orders on the market is a hedge fun. All ofthem go through citadel. Really, yeah, which is ridiculous. One of themain goals to make sure they get shut down for good because they havetoo much power. So, like, if you go down, like yousee AMC, to those that say to the Moon, says a MC,we're not leaving. Yeah, the best point about that was somebody, they, everybody, put a fun together that was flown in Chicago around Citadel's headquarters. Here's a video of the AMC to the moon one. Yeah, Isaw that. I was going one. Damn it, it's going to playhere. Sorry, guys, I can't see it. Is this fun?It's just literally like am suits of the moon. There it is. Thisis the this is got to be Chicago. Yeah, that wasn't sugar. Wellthen they didn't know that was a was that Chicago? NEW YORK?I can remember Chicago because Scott the the trinangle pop building, recognized that's aChicago. So and then, what was it? Yesterday, they hired oneto fly around Citadel's headquarters in Chicago that said we're not leaving. Huh,because the stock market works like this and I want to sacos up, yousell. Right, because you want to stop dips, you sell. Butwhat US Apes, quote apes, are doing is was stacos up. Webuy. When to stop goes down, we buy even more and there's noway to combat that. Right. That's not how the market that's not normalrules of the market. Right. And they like they've done everything, likeyou can dig in the shit going people's youtube videos, like Matt Corse wason that video we just watched. Also on his youtube video, all ofa sudden, out of nowhere, he's...

...never had a half before, allthese racial comments just add the fucking blue, like Oh, she's like what thefuck? Like that never happened any of his videos. They actually paypeople, remember, you can pay people to go like remember, they're payinglike the Russian trollbots. Yeah, they still do that. So like allof a sudden, like one day, like pay. They're paying to likespan, this guy with stuff called him stand youtube video, span, youtubechannels, like all this stuff. Like. So two weeks ago I was like, Hey, the fight's over. The hedges are too smarter than us. Yeah, so much more small smart in us. We're all selling ourstock on Monday right, like all these like comments and like all these likeprofiles are made within like a couple months of each other, made on thesame day. Follow only follow four different pages and they're all about AMC stockand their comment and like all that Shit. You're like, that's obviously that's fake. And then today, no, yesterday it was we're all selling oneof them, the best one, like you don't when you go and readit and you see it, you're like this is got to be photoshopped.But when you see it in the actual video, like when you go tothe video they're talking about and you see in the comments, like this isn'tphoto shop, is fucking serious, because it was like almost too good tobe true, like you can't be that stupid. And how you're trying toattack a certain attack. And so it was yesterday. I was on acouple on that said, I found my way. I found my I foundmy way with God. I'm going to sell my stock at fifty dollars.That's enough. Life changing money to pay off some of my debt and allof a sudden, like you had like and the same thing, like ata bunch of comments, like I'm selling at fifty and you're like same thing. Profiles made like on the same day, like trying to trick people into yeah, it's fucking it's it's insane how far people are like will rolling together. Well, it's and the head. They have a limited amount of money, right. They can. They can afford to pay the because all thesefucking troll hacker types, you know, or expensive as shit, but theycan afford it and not. Yeah, fucking insane, like I'm said there. I'm like, because they're go all this fucking, you know, stockmoney or whatever, and they're going, they're gonna do it. They haveto do it because, I mean, what much you want to bet they'repaying some of these fuckers in like these lone stocks? I don't know,that's a good question. I thought as legit. I don't know. It'slike it all sounds very conspiracy ask, but then when you like look intoyou like, I'll be Goddamn, every once in a while, every oncein a while conspiracy, trying to be fucking true, yea, like I'mlike yeah, this, I I don't believe everything I read on read it, like if I see someone read it, actually like research it. Yeah,and then when I was like you have Google machines in your pockets,Folkus, I'm like, I'll go these youtube videos and I was like thesecomments are fucking real, like the so obvious. It's it's insane that,like it's gone this far. Oh, it's, and it's still going.Yeah, it's only I when I say we're beginning of the end game.Yeah, I really believe we're in the end game. Now. It's justa matter of like probably the end of the year. I think June iswhen it's going to end, because the funny thing was they're going to fishrelease the official vote count, like how many individual shareholders are, on Junesecond. Okay, let me by the end of June. Once that,once that informations out and people, and honestly, I think it's going tostart, some of us going to start this. I think it's already kindof already started. Yeah, because we're already half way. I think itacts. When the interest rate popped up like that, we were like,I think what Adam Aeron did too. I think they purpose did the fivehundred million dollar shared dilution. Threw that out there, knowing that they'll tripleand up, double tripled down on their short positions, holy shape aims likeand I think he knew that the community...

...is strong enough to hold because alot of the people have there in the community. Like at first, whenI like read into it, I was just like a buddy bought into.He lost like Twentyzero outcause he bought like top Pie. Yeah, and thenwhen Robin Hood did, all got all their shit like stop people from buyingshit. He he any thousand, like twenty grand. It was like ridiculous. And then like I was like I'm just going to look into this,and then I started researching. I was like okay, like he bought iton the hype. Yeah, I'm buying in because actually, like this iswhat's going to happen. Yeah, it just you have to be patient,and some people a lot of people don't have patience, but everybody, likeredd, it's making it to where everybody is like patient, like we getit, especially nowadays people. You know, we live in a worldward tick tockis the most famous APP because it's short attention span. Should people don'thave that level of patients. They want instant gratification of the stock market.Is Not that kind of game. That is it. That is a patientperson's game, and that's why I think, that's why I think a lot ofthese guys are able to get away with the ship for so long.It's because our our generation, doesn't like to wait for Shit. And butthe same way that we're all kind of find the wagging up to the ideathat our form of capitalism doesn't fucking work anymore, they're also figuring out like, Oh, if I just wait, this shit could pay off and dimit at all. It's this is gonna pay. I told my I turnedmy wife. I was like turn a, Melissa. I was like, Imean it, if it goes down to five bucks. She's like,I don't care. As she's like I believe, I believe. She's like, I believe what you read. I believe you've done your studying right.I like, I really believe it's going to take off. Like I don't. It's not. This isn't matter when, and I think it's an it's literallyinevitable. It's just sec in the DCTCC are putting now all these rulesin place to make sure everything goes smooth. Well, also mean you guys,unlike, because there's a lot of people who play this shit and theyget in way over their heads. Yeah, you guys, at least I knowyou well enough to know you're smart enough to not go in so farto where, if it does go short, you're gonna get fucked over. Yeah, and I like there are people who like quit their jobs over thisshit or or spend more than they have to spend. And you know,but like you and your wife both work and you're smart enough to figure thisshit out. You're smart enough to figure out the best way to not spendtoo much money on this shit. So there's a lot of people who aren'tthat smart, who were going to Overdo it and overindulge. But I thingis just like a lot of the people love people a bought stock, havebeen there when I was at like the initial thing, you know, Iwas like twenty and then went all the way down the five. All ofthese same people are still there and it's like you're talking about millions of people. So they don't give a fuck because, like I think I said, likeI said, part we have nothing to lose. Yeah, but everythingthe game. If I can pay off my wife student loans, no shit, Holy Shit. Also into the build for mine. You know, I'vealready decided that if it takes off to our thing, it's going to takeoff. I'm going to play put like ten to Twentyzero donated to children's aredonated to some type of charity, as on the which one. Yet Ireally firmly believe it's going to take off and I I think it's been moreworth than a thousand dollars to share. I think you're looking at five toTENZERO dollars a share. Holy Shit. I really truly believe unless the governmentstumps steps in, that's the only thing that's going to stop it, becausethere's this that many fake shares right and I don't even know what kind ofpower they have over that sort of thing, because the govern but the DCC's created. There's DCC, they're created. What happens if a hedge fund getsmargin called and then they have to basically liquidate all their assets just like comeup with like a winning one or money? DCC's obviously like they have like sextynine trillion dollars to pay out,...

...like they have that as like assomething more to happen. BRILLION with a tea. Yeah, they have theability to pay that money. A lot of that money, a lot ofthat money is already in stocks. So what happens is the computer goes andit goes to a computer. The computers like okay, like Hey, webuy these stocks. This person selling at three hundred, okay, and itjust does automatically. There's no rhyme or reason to it just does. Itgoes up a ladder, up of up and what on, matterer. Soif there's like five times the amount or four times the amount out there thatare fake, every stock is be bought back. So it's like, okay, this person some for three hundred, okay, so I have to buythat mole shares at three hundred stock. If somebody literally has a set likea hundred thousand, and the computers like, okay, we have to buy becausethat person has that, they have to buy it back. The computerhas to buy it back at a hundred thou Jesus think there's no because wealready know there's double the float like that. We know that for facts, right, and when the stock, and here's the crazy part. So whena stock it's bought, when it's bought that certain price, it raises allof the stock, the price of the stock. So and you have optioncalls. Will option calls. Every single week there's option calls, like ifa stock finishes over this price, they getting money off that. You canbuy. What happens is you can on option calls. You can buy let'ssay that, like you thinking a stock is going to AMC will be overat ten dollars and fifty cents next week. Right, so you can buy anoption. It might cost you three hundred dollars to buy that option becausebasically three dollars a stock, because you can purchase that. This this isactually really hard to explain. Each option call you purchase is a hundred stock. So you can go, okay, like I want to purchase option callsfor ten and fifty cents. AMC's going to I think AMC's going to beover that. Basically, you put three hundred dollars, you put down threehundred bucks, right or whatever. I don't that's just a random number madeup. But let's just say if it goes up to let's say the squeezehappens in the stocks actually, like now five hundred stock, but you purchasean option call for ten dollars for the cents. So now all those hundreddollar stocks, you purchase all that, all those hundreds of stock, thathundred stocks for three hundred bucks, but now it's worth five thousand, likefive thousand dollars, and that causes because now there's purchase of those stocks,that causes it to go up even more and more and more, and itis a constant thing. Jesus Christ, it's literally called it's it. Itboils down the one people want to sell. Right. That's it. There's athere's literally I don't think it is a feasible it'd be awesome. There'sa there's a thing in a lot of people think, like some people wantit to be a hundred kid. The the floor is a hundred thousand,like literally, we're not going to sell the stock unless you goes a hundredthousand for stock, which there's been times to wear not a hundred thousand.But there's solar stocks a squeeze like thirtyzero Shit. So it's like one ofthose things that you're just like okay, oh my God, and they're justthe rampifications of this. Are All market's going to crashund yeah, well,you know the big short right. Yeah, you see that? Maybe? Yeah. So, so, Michael Barry, it took him two years. Yeah, he did that, he did his research, he placed that bet. It took him two years to get his I mean to wear it hitlike it just it's all about patients. Yeah, so I'm excited, butyou guys did think you'd been learning something today. I'm I'm sound so superexcited about that. All Right, folks.

That'll do it for this week's episodeof the Basement Lounge. If you want to follow US Online, youcan follow Mike Wells on twitter and instagram at Mike WTF Wells, and youcan follow me, Mike Shay, at Mr Mike Shay, on twitter andInstagram as well. You also follow this show on twitter instagram at tbl underscorepod, and we got a brand new website under construction for you guys,with some cool new stuff coming down the line as well, so stay tunedfor that. In the meantime, we'll cut you guys again the next weekwith another episode and until then, as always, live well, rock on, take care, and Bub bye.

In-Stream Audio Search

NEW

Search across all episodes within this podcast

Episodes (113)