Wednesday, January 11, 2023

Cardano Daily Discussion - January 12, 2023

Hello everyone,

Welcome to the Cardano Daily Discussion!

The standard sub rules apply here (see sidebar), with the exception that price discussion is allowed in this thread, though we encourage you to try not to make this the focus and talk about the project itself. Please ask questions, help others and be civil - be sure to get involved in Project Catalyst too!

If you're new, please make sure you're read through the newbies guide and share it with others (use the ?newbies comment command to reference it).

⚠️ Scam Warning ⚠️

Please read the Cybersecurity guidelines for Cardano Users.

There are ongoing giveaway scams on youtube and many scammers lurking in Cardano's social channels impersonating ambassadors/moderators/official staff contacting users via direct messages.

For example, searching 'cardano' on youtube and sorting by most recent upload date shows several giveaway scams running (all videos in screenshot are scams):

Ongoing 'giveaway' scams on Youtube

The youtube scams are automated; use stolen footage usually of Charles Hoskinson and are restreamed so to appear to be 'live'; appear to have many watchers (which are bots); use bought hacked channels and are edited to appear like official channels.

Do not be fooled!

To be clear:

  • ⚠️ There is no such thing as a Cardano giveaway
  • ⚠️ Never share your seed phrase with ANYONE
  • ⚠️ Never send ADA to someone promising to send you more ADA back
  • ⚠️ You will never be contacted by ambassadors/moderators/staff

Please report scams on the Cardano Fraud Detection Bureau.

⚠️ Scam Warning ⚠️

https://preview.redd.it/60ofludzpq8a1.png?width=284&format=png&auto=webp&v=enabled&s=7d58fc8aaa2eb5f125624608b97bdd7b943a1111

Midnight Subreddit

In anticipation of Input Output's new data protection blockchain 'Midnight', I've managed to acquire r/Midnight through some negotiation and repurpose it for the Cardano Community (the sub was created for a card game back in 2011 but was mostly unused).

I decided to do this as I thought the project will eventually need a home on reddit and best to setup now before any scammers do. Obviously there's not much to post about on there right now as it's early days as the project is yet to be released, but if you'd like to be kept up to date on the project please feel free to join the new subreddit if the project interests you and I'll be sure to post updates as and when they become available.

Right now the sub is mostly a carbon copy of r/cardano, I've copied most of the automod and rules over, so certain aspects may seem a little incongruent atm, but I'll tailor and tweak the sub as we go. Feel free to send me or post any input if you want stuff to change.

Cheers all


Chain Joe's mission is to build an ecosystem that prioritizes high-end gameplay in order to encourage regular play

Chain Joe's mission is to build an ecosystem that prioritizes high-end gameplay in order to encourage regular play. This ecosystem will focus on engagement and earnings. We will not create a financial instrument that is based on gaming. The vast majority of these goods currently available on the market are severely flawed. They do not have sufficient material or depth to engage players. The majority of "earn first games" have unstable economies because players leave and come back frequently. Chain Joes is going to be a successful game because it places a strong emphasis on the experience of the player. Players are given the opportunity to discover new locations, take part in both player vs player and player versus environment events, personalize their characters, and more thanks to this feature.

#CHAINJOES #ICO #CRYPTO #BITCOIN


M&A - why I am hoping we do NOT hear about a deal until next month

0. Preface

There is a great deal of anticipation for an M&A deal to be secured and announced ASAP. So the title of this post sounds shilly and FUDdy, right? But I have good reasons for having this hope, which is based on some previous DDs I have posted here and on the main GME sub, as well as the current price action we are seeing at the moment.

Specifically, this is because the research that I have carried out indicates the type of M&A deal can have a big impact on whether a short squeeze can occur or not. I already published a DD about this a few months ago, so much of this post is a reminder of that. However I want to also add some additional contextual information at the end, for what this may mean for the current set-up with BBBY stock.

1. Types of M&A Deals

First let us look at the three kinds of M&A deal types that are possible:

All-Cash Deal: This is when the acquiring company makes an offer to buy out the target company, by offering a premium above the current stock price. This adds value to the stock held by the shareholders of the target firm, as they would receive more cash for their holding than the share price made at the time of the acquisition offer. The deal would be secured through cash only, as the name implies.

All-Stock Deal: This is a less popular form of financing an acquisition, in which the acquiring firm offers their own stock in exchange for the shares of the target company. Typically the respective share prices and outstanding share volumes are used to calculate an attractive offer, such as 4 shares of the acuiring company for 1 share of the target company. Thus no cash is involved in the deal, as it is effectively completed through an "exchange" of shares of the two firms.

Combination Deal: This is, of course, one which contains some portion of the two types above. They could also include other asset types, such as debt of some form (e.g. corporate bonds).

The most notable difference between the two main methods is that an All-Cash Deal makes it explicity clear what price the acquired company's stock is set at. This thus precludes the possibility of instigating a short squeeze, as natural price discovery is impossible with the target price already being set. An example of such a deal took place earlier this month, as outlined in this article below:

https://preview.redd.it/cg9glz42giba1.png?width=990&format=png&auto=webp&v=enabled&s=406503fe64a29b287f94b8cfa289063bc3552cae

As I mentioned earlier, All-Cash Deals are the most common type of M&A, as the terms are very clear from the outset. For example, here are the statistics for 2020:

https://preview.redd.it/9cth5tk0giba1.png?width=562&format=png&auto=webp&v=enabled&s=1d61759930de956f1e10d55bac9319e32e43bd38

The main reason All-Stock Deals are not as popular is due to the increased risk involved in such transactions. There can be a significant length of time between such a deal being proposed, to it being approved by shareholders, and then meeting regulatory approval. During this period, the stock of the two companies will continue to be traded, giving investors opportunity to price in a "fair" value for what they believe each share price should be in the event of the deal going through. Such uncertainty carries intrinsic risk, hence why All-Stock Deals are less popular than the safer play of All-Cash Deals.

2. Redbox and Chicken Soup

However, I looked into what effect such proposed All-Stock and Combination deals could have, when one or more of the companies involved specifically have high short interest. One interesting example is an M&A that took place last summer involving two media firms, Redbox Entertainment and Chicken Soup for the Soul Entertainment. You may recall I have also written about this M&A deal, in the context of a comparison between SEC filings made by Redbox and BBBY (see my post last week: https://www.reddit.com/r/BBBY/comments/103zdvj/top_is_bbbys_statement_today_bottom_is_a/)

Here is the press release made by Chicken Soup, on 11th May 2022, annoucing their proposed buy-out:

https://www.globenewswire.com/news-release/2022/05/11/2440722/0/en/Chicken-Soup-for-the-Soul-Entertainment-to-Acquire-Redbox-Creating-Premier-Independent-Entertainment-Company.html

https://preview.redd.it/w14a8aq5giba1.png?width=1249&format=png&auto=webp&v=enabled&s=ce52ff80d87bd5d59717e379f8da70a844c63bd9

The most relevant part of this annoucnement to us, for the topic being studied in this post, is the following:

https://preview.redd.it/gnefo8o6giba1.png?width=1238&format=png&auto=webp&v=enabled&s=99827b7a8c01f5aab4222bf20c705a62417c397e

What effect did this have on the stock of these two companies, during the course of the summer while this deal was playing out? Well, first have a look at the Short Interest in this stock - here is an article from June, when this was all playing out:

https://talkmarkets.com/content/stocks--equities/short-report-redbox-takes-the-mantle-from-gamestop-as-short-squeeze-darling?post=357602

Estimated short interest in Redbox Entertainment (RDBX) has gone parabolic since early May, jumping from low 50% to mid-100% in the first half of the month and reaching a new record high of 224% this week – a 55 percentage point increase.

https://preview.redd.it/0rre0138giba1.png?width=675&format=png&auto=webp&v=enabled&s=d299013793a377cc3a73f40903dd56129a24603f

My conjecture is that the Short Interest increased in such a way due to "hidden" short positions being forced out into the open, by the surge in Redbox's stock price. And how did that play out? Well, here is the chart from Fintel which also shows massive amounts of FTDs as well, hence likely pointing to Redbox having quite a lot of the fuckery going on with it which has also affected BBBY:

https://fintel.io/ss/us/rdbx

https://preview.redd.it/4jah1qy8giba1.png?width=1081&format=png&auto=webp&v=enabled&s=39e885b665545a708baf5c65ed06fb1f97f98c5b

It is difficult to tell from this chart, but upon the announcement of being an acquisition target for Chicken Soup, its share price fell to a low of $2.42 on May 13th. However the short squeeze that took place from late May increased the price to a peak, precisely a month later on June 13th, of $18.20 - a +652% short squeeze.

Remember, though, that these All-Stock Deals are exchanges of two companies' stock. So what happened with Chicken Soup for the Soul Entertainment's stock? A +183% short squeeze here also, again amid very high FTDs, from May 12th through to the day before the deal was finally completed on August 12th.

https://fintel.io/ss/us/csse

https://preview.redd.it/05g0x9y9giba1.png?width=1070&format=png&auto=webp&v=enabled&s=e1f37a04861dfbaa25a28d5ae96091d8e1126206

3. Support.com and Greenidge

Here is an example of a Combination Deal resulting in a short squeeze, this time from 2021. The two companies involved in this case were the NASDAQ listed Support.com and the then-private Greenidge Generation Holdings, announced on March 22nd, 2021:

https://www.businesswire.com/news/home/20210322005353/en/Bitcoin-Miner-Greenidge-Generation-Holdings-Inc.-and-Support.com-Inc.-Nasdaq-SPRT-Announce-Merger-Agreement

https://preview.redd.it/4wwmaq1dgiba1.png?width=984&format=png&auto=webp&v=enabled&s=d25808cdee5af7a82d22a8e436e67309f74e20c7

Again, here is the most notable part which details the terms of the deal:

https://preview.redd.it/7d6sv61egiba1.png?width=981&format=png&auto=webp&v=enabled&s=0969f3fc94ad653b401f91673e61269caaaa4577

This was a slower play than the previous example, with the merger finally being completed about six months later on 14th September 2021. However Support.com began to make the headlines by mid-year, when the 60% Short Interest-stock began squeezing as short sellers struggled to maintain their positions:

https://www.cnbc.com/2021/08/30/supportcom-shares-soar-another-40percent-as-meme-traders-pile-into-the-heavily-shorted-software-company.html

https://preview.redd.it/6eliqicfgiba1.png?width=970&format=png&auto=webp&v=enabled&s=4e3e7490fd680e87924b607d5edb44df3b866632

The final upshot can be seen in the chart, prior to the stock being de-listed in the build-up to the merger:

https://fintel.io/chart/us/sprt

https://preview.redd.it/aptyrubggiba1.png?width=1454&format=png&auto=webp&v=enabled&s=0e6e50690ecbb1ce8a22b6900ed63ef98b300421

From a low of $2.10 just before the merger announcement, a rally that took it to a high of $59.69 on August 27th, 2021. That's a +2742% short squeeze right there...

4. DIAC and Dual

The final example I want to provide is not from the US markets, but further afield to again show what extreme effects All-Stock M&A Deals can have on short sellers' positions. I made a post about this particular short squeeze on the main GME sub about a year ago, which was an example from the South Korean markets:

https://preview.redd.it/8rsh1s3igiba1.png?width=608&format=png&auto=webp&v=enabled&s=51e247011228a3ff53dc36217897279212345c1b

As per the Financial Times article:

https://www.ft.com/content/cc21e7b9-f931-4481-a82b-4ed892aa9e10

Short sellers of DIAC, whose trading was halted on the Kosdaq last March because of audit failures related to financial problems, are expecting losses after the company split and merged with its auto parts affiliate Dual through a share swap.

The short positions were worth about $13.5mn at the time of the stock suspension and had increased to $930mn as of last week, said traders. Less than five per cent of DIAC shares were held short when the stock last traded. Investors shorted the company because of uncertainty over the value of an anticancer drug it was developing in clinical trials. But since the trading suspension, the stock’s value has jumped 69 times, while Dual shares have increased more than 1,500 times from Won107 to Won161,000 (US$0.09-$164) on the K-OTC market since September.

Yes, you read that right. On just 5% Short Interest, the company called DIAC had a price jump of its stock of an approximate +6900% short squeeze. And as for the other firm involved, Dual, the article does not detail what the Short Interest was. However it was likely slightly higher, as this All-Share Deal saw its share price balloon through a +150,000% short squeeze. That's 150 thousand % for those of you at the back!

5. So Why Could An M&A Deal Announcement Be Bad For BBBY?

The main reason these short squeezes occurred was because of two factors:

1) The stocks were heavily shorted

2) The M&A deals announced were NOT All-Cash deals

This second point is critical, as an All-Cash deal results in the stock price (basically) defaulting to the price per share offered by the acquiring company. For an acquiring company the dynamic when making such an offer is to set that price at something that is providing cost value, but also attractive enough for the shareholders of the target company to accept the deal. For BBBY, I highly doubt an All-Cash offer would be multiples of the current share price, which is hovering at about $4. On the contrary, I would be surprised if an All-Cash deal would be double figures even...

Earlier today, I made a post updating the 10x Technical Indicators that I look at for assessing the price action:

https://www.reddit.com/r/BBBY/comments/1096qmn/10x_technical_indicators_update/

I am going to post here again my analysis of one of those 10x Technical Indicators, regarding the Put/Call Ratio. Firstly the definition and Put/Call Ratio in my original post on this topic a couple of weeks ago:

https://preview.redd.it/5joxeuihjiba1.png?width=843&format=png&auto=webp&v=enabled&s=d28958487d14554bc8a57bd3cff08522518447d6

From the 10x Technical Indicators, this one is looking the most interesting for me now. Here is the picture for the overall ratio, as well as specifically in the next few weeks:

https://preview.redd.it/j4216x4ojiba1.png?width=1768&format=png&auto=webp&v=enabled&s=93b27a7d9641435150f311b336645241f3379db8

The overall ratio, based on the entire options chain, has now now moved up to 0.71. However have a look at the January 20th ratio and the massive volume of open interest - both are at unprecedented levels. With the ratio on the 27th then continuing to be low, before a massive jump in early February, options traders appear to be basically betting on a huge squeeze up and subsequent drop over the next 3-4 weeks. Interestingly, the ratio is still very low through the currently available spring and summer strike dates, indicating continuous price increases even after this predicted upcoming short squeeze this month...

If an M&A deal is announced and it is an All-Cash deal, it would mean no additional price improvement can happen and the short squeeze is effectively dead in the water. However if an announcement is made and it is an All-Stock or Combination deal, then it could act as a catalyst that makes the Gamma squeeze and subsequent short squeeze inevitable. However given the vast majority of M&A deals are All-Cash deals, and I would expect any offering for BBBY to be of that form, personally I am hoping any potential M&A announcement is delayed until February. With the price action that started this week...

https://preview.redd.it/0r33vpb2liba1.png?width=604&format=png&auto=webp&v=enabled&s=01d07a94e212cf6be81fa41ee832f7a114a1f75b

...and that crazy options chain, I think an M&A announcement at this precise moment in time is unncessary to launch us to Uranus. In fact, the less news there is about such a deal, the more the shorts will probably have to continue covering in light of not having any concrete data to go on. Hence the longer they can be stuck in the current situation of probably being forced to cover FTDs, having less leverage due to BBBY being of the Reg SHO Threshold List, and the all-time high CTB, the better chance the options chain forces a "January 2021 GME" situation.

6. TLDR

M&A deals typically involve All-Cash Deals or All-Stock/Combination Deals. All-Cash Deals are far more common, as it results in an acquisition price being set, but prevents short squeezes. However All-Stock/Combination Deals can result in continued trading of the shares of the companies involved. Until the final deal is completed, this could mean large changes to share prices. In this DD, I have provided some examples of huge short squeezes of companies that had high Short Interest, and who were undergoing All-Stock/Combination M&A Deals.

However, the majority of M&A deals are of the All-Cash form, and I would expect any such announcement for BBBY to be of that kind. As that would prevent additional price discovery, it would also prevent the recently commenced short squeeze from continuing. Hence why I am hoping that any M&A deal announcement does not occur until nexy month, or at least well after January 20th. If so then I think a much better chance that the Gamma Ramp comes into effect, and we continue launching towards an unparalleled short squeeze based purely on market mechanics and current price action.

P.S.: This is some tinfoil conjecture, but BBBY and a potential buyer would of course be aware of all the points made in this post. They have a strong incentive to shed the shorts as well, given the stranglehold that short selling, and particularly excessive naked short selling, has on a company's stock and ability to operate. Hence could they be delaying making an announcement until a squeeze has been effected, and done and dusted? Could that be the reason we are yet to see the delayed 10-Q filing...?


Crypto Bahamas 2022 | FTX Stage Day 01/Off the record - SALT unlisted video.

Video; https://www.youtube.com/watch?v=VjhtKJowb6A
7:47:55 Streamed live on Apr 27, 2022
This stupid video is way too long. Haven't seen it on the sub so sharing is caring!
I don't have the mental masochism or skill required to break this chunky boi down, but I will include timestamps bellow & who is talking for those interested. Interpreting SBF would be an accomplishment. Just finished listening to it though. Just the main sections I thought were worth sharing & who's in it. I submit an offering to the hive mind.

![img](45e4au0dxhba1 "Solana, Algorand, Ava labs, NEAR, FTX. ")

Crypto Bahamas is an invitation-only event featuring collaboration and networking among leading players in the crypto and traditional finance industry. The event will feature four days of discussion and unique experiences in The Bahamas. Event programming will cover Bitcoin, DeFi, NFTs, regulation, web3, gaming and more.

I truly am very smooth. Like my IQ alone drags everyone here down harder than the Algo can, I'm just not a writer guys.
Nfa. DRS & book your GME!

Speakers;

(I tried)
Full list of all speakers: https://www.cryptobahamas.com/speakers

Timestamp:

1:21:10
Ready Layer 1: A Dialogue with Blockchain Protocol Pioneers
Anatoly Yakovenko: Co-Founder, Solana
Illia Polosukhin: Co-Founder, NEAR Protocol
Silvio Micali: Founder, Algorand
Kevin tsuniki, Ava Labs

MODERATOR:
Brett Harrison: President, FTX US
2:07:46
Investing in Crypto: How Digital Assets Fit Into Modern Portfolios
Mike Novogratz: Founder & Chief Executive Officer, Galaxy Digital
Cathie Wood: Chief Executive Officer & Chief Investment Officer, ARK Invest

MODERATOR:
Kate Rooney: Technology Reporter, CNBC

2:45:41
Evolution of NFTs: Culture, Utility and Regulation
Tristan Yver: Head of Strategy, FTX US
Joseph Doll: Associate, Fenwick
Roham Gharegozlou: Chief Executive Officer, Dapper Labs
Sarah Hammer, Esq. Managing Director, The Stevens Center for Innovation in Finance, The Wharton School

MODERATOR:
Zack Guzmán: Author, Crypto Uncomplicated

3:22:42
DeFi Future: Inside the Making of a New Financial System
Rebecca Rettig: General Counsel, The Aave Companies
Mary-Catherine Lader: Chief Operating Officer, Uniswap Labs
Liz Mathew: Executive Director, ConsenSys

MODERATOR:
Sheila Warren: Chief Executive Officer, Crypto Council for Innovation (CCI)

5:31:47
Crypto Market Making and the Maturation of Digital Assets
Brad Vopni: Head of Digital Assets, Hudson River Trading
Kanav Kariya: President, Jump Crypto
Bart Smith: Global Head of Digital Asset Strategy, Susquehanna International Group
Evgeny Gaevoy: Founder & Chief Executive Officer, Wintermute

MODERATOR:
Zane Tackett: Head of Institutional Sales, FTX

6:08:22
Institutional Crypto Adoption: From FAAMG to Sovereign Wealth
Christine Moy: Former Managing Director & Global Head of Liink, Crypto & the Metaverse, J.P. Morgan
Terry Angelos: Senior Vice President & Global Head of Crypto, Visa
Antony Lewis: Director, Blockchain Pod, Temasek
Richard Widmann: Head of Strategy for Digital Assets, Google Cloud

MODERATOR:
Frank Chaparro: Director of News, The Block

6:44:43
Crypto Asset Management and the Hunt for Alpha
Paul Veradittakit: Partner, Pantera Capital
Peter Johnson: Co-Head of Private Investments, BH Digital
Will Peets: Chief Investment Officer & Founder 100 Acre Ventures
Nick Gustafson: Trading & Investments, CMS Holdings

MODERATOR:
Jon Cheesman: Global Head FTX Access

7:20:27
Effective Altruism: Education, Empowerment and Environment
Sam Bankman-Fried: Chief Executive Officer FTX
Gisele Bündchen: Environmental Advisor FTX
MODERATOR:
Lauren Remington Platt Head of Global Fashion & Luxury Partnerships FTX

Sponsors;

*Platinum sponsors
Avalache
BOBQ?
Circle
Deltec Bank
Fenwick
Fireblocks
Galaxy digital
Genesis
HXRO network
OKX
Solana
Swim
*Gold sponsors
Copper.co
Cross River
Eventus
FBG capital
Pyth
sFOX
Star Atlas
WormHole
*Silver Sponsors
Figment Learn
Google Cloud
iConnections
Lightspeed
Nansen
Metamask Institutional
Osprey Funds
Ripple
Token Metrics
*Bronze Sponsors
1 inch network
F Bank
H Hoo
Jet nassau
Midchains
Odyssey aviation
Oneflight international
Pirate republic, brewing
Qredo
Sidley
Sino global caital
Stratos jet charters inc
Symbridge
Tower research ventures
Yieldstreet
AscendEX
Anchorage Digital
BlockDeamon
BlockFI
dydx
Elliptic


Update January 11 2023

A Plea From A Well Known Con and A Global Thief - Michael T. Glaspie aka Mike G)

Special Announcements

This update is nearly 100% dedicated to the recent "lawsuit" filed against me and seven others.

I think more proof I am still not hiding from you or anyone.

After this update I will no longer read or reply as I always have to any emails attacking me in any way or making any demands. I will of course be grateful for emails of support and understanding which are always in the majority, and I thank you.

We all must let this whole thing play out.

I desperately want it to come to a successful conclusion for all of us.

Quotes

I think this quote from Mark Twain is particularly timely. He said,

"If you read the news you are informed.
If you read the news you are misinformed."

---------------------------
This news of the SEC lawsuit and how it was recorded as 'charges' is a perfect example of misinformation.

No where does the news say it is a lawsuit.  Obviously sensationalism sells readership.

Of course neither does the news say there are any criminal charges as on par the news always reports for readership not truth.

Any intelligent person reading the lawsuit as posted by the SEC would easily be able to determine it is a lawsuit. Every lawsuit always in the last paragraph tells the court what the plaintiff is seeking in damages. The last paragraph of this lawsuit should make it absolutely clear what it is.

Remember this?

I still believe this. I have never wavered. It's my own quote from way back when...

We as a group of like minded and generous people, coming together for a common goal, can and will change the world forever in ways we cannot even imagine today.   -- Mike G.

Email
Let me begin by sharing with you an audio file sent by Jay.

If you seek the truth you need to hear this. 

If you, like some others, prefer to be swayed by just 'one side' so be it.  It is not my goal to persuade you otherwise. You are who you are, I am who I am.  That said, for all others please please hear this message: www.InvitationToJoin.com/testimonial0109 and here www.MikeGVideos.com/the_best_of_MikeG

Here's an email I received from an obviously educated and intelligent man, Dr. Y. Mike,

I received your Trilogy update and already figured out all those things you mentioned, and I am already rolling my friend!

It’s so funny.  I was going to use your words exactly in writing to you today.  This is working like “clockwork” as I received my first payment yesterday.

I just had to reach out and thank you as this is exactly what I’ve been looking for and I’ve worked the numbers and it’s mind-blowing!  Plus, no more recruiting people (only if I choose to do so), memberships, meetings, Facebook groups, etc.  Simple, simple, set-up and no learning curve (at least for me).  I just want to make money in the background and build wealth…seamlessly.  I don’t want to build a business.  Just my money making me money.

DC-BTC is all that and more.  No humans involved.  Just blockchain, decentralization, and automation.  Building a cash and Bitcoin fortune.

The bottom line is that I’m just not a salesperson.  I grew up in the optical business and becoming an Optometrist was perfect for me because I never had to chase anyone…they came to me.  And I already built one practice, I don’t feel like building another “list” or membership at this phase of my life.

No sir.  This is perfect for me, and I don’t even know what to say but, a heart-felt thank you.  And I can’t even imagine what further massive wealth will be created on top of it as this Trilogy program continues to roll into phase #2 and #3.

But I can tell you this.  I now have a peaceful feeling inside of me that I don’t have to “search” any longer for the right opportunity that fits my lifestyle or financial needs.  In fact, I plan to now have so much more time on my hands that I am deciding on some new hobbies and directions to fill my time from the void that will be left from nothing to do online!

Anyway, I’m sorry to dwell on but I just had to tell you how happy this first phase (temporary or not) has made me and the security I have inside knowing that this will provide more than enough wealth for me and as a legacy to my family.

Stay well Mike and I hope 2023 brings you and your family health, peace, joy, and prosperity.

With deepest appreciation,

Dr. Y

After an exchange between Dr. Y and I, he sent me another email which, and maybe I'm just getting sentimental in my years, caused me to well up. I hope you read this one from Dr. Y also:
Mike,

A loan partner sent me the article with all the names you mentioned and the lawsuit.  I can't even imagine the stress this is causing you and your family. I just can't even fathom.  And I know it's got to be affecting not  just your emotional/mental health, but your physical health as well.

I am very sorry and feel for you my friend.  I think about you often and this burden you are under.  It's got to be hard to be closed lipped about all of this when you just want to scream and proclaim your innocence from some rooftop!

But knowing how corrupt Gary Gensler and the SEC are (especially receiving millions from SBF/FTX) I don't doubt there are many innocents who have been trampled by them and destroyed in the process.  And the corruption goes much deeper than that.  But we're just the little guys, and the elites have their own set of rules.  Shameful.  I pray every day for our victory.

Be that as it may, I am so sorry for the pressure you are under.  In general, there is so much misinformation out there, personally I don't know what to believe anymore and the older I get, seemingly the less I know.  There is no truth out there in the media anymore.  It's like Mark Twain's quote, "If you don't listen to the news, you're uninformed.  If you listen to the news, you're misinformed!"

I am still hopeful that things will shake out for the best for all of us and you regarding the Deal and you can realize your dream of a massive legacy bearing your good name and not what has been besmirched of late from all that's swirling out there.  But I'm not one to look back anyway.

I made the choice and whether it works out or not, so be it.  In the meantime, everyone just needs to keep moving forward and let things play out.  I am ever so grateful to you, and admire you for continuing to move forward seeking out opportunities for all of us in spite of all the challenges you face on a daily basis pounding away at you.  I don't believe anyone who is scamming others would continually put themselves out there, not hiding.  And continuing to show good faith by bringing opportunities to us that we would never have known if not for your connectedness.

So, take a deep breath.  Watch a little football today and enjoy your family.  God willing this will blow over soon and the vision and dreams you had will move forward and continue to bloom and you can have peace in your life again.

Very few will ever know the challenges leaders face for the risk they take putting it all on the line.  They'll never know what it takes and what one will face until they pick up those dice and give 'em a roll!  But that's what life is all about...risk.  Just being born is a risk!  But as long as those risks are calculated and mitigated, and stemming from a good, altruistic heart, one has to take those risks in life to get ahead, succeed, and leave a meaningful impact on others.

The sad part is that people are just so envious, jealous, and lack such self-confidence and education, that all they can do is wallow in their own misery and take others down with them.  And while I know it's easy to say and hard to do, you just have to let that roll off your back like water on a duck.  I'm NOT talking about the legalities of what's in your life at the moment, I'm talking about the masses in our group who are of the type I mentioned above.

I hope that you can find some solace and peace amongst all of this.  I know it's hard when there's a constant barrage of attacks against you and your reputation.  But know many of us still have your back and believe in you and share your same dreams.  Keep putting that up front in your mind daily and it will help beat back all the negativity you're battling in your life at the moment.

Keep the faith and keep believing in yourself and your cause.  We will get there even amongst the riff-raff and obstacles along the way.

Stay well my friend.
Dr. Y(Dr. Y's opinion of the SEC are not necessarily those of your author.)

And here is an email from Brian I think you will find revealing...
Mike,
I have been following the back-and-forth between Ken R. and yourself with commentary by some others. I feel so bad for you now. I just hope and pray that you are taking care of yourself. This has to be literally killing you .

I must say that when I first read Ken's email message to you  yesterday morning, my heart dropped and I felt hurt and misled and so disappointed in not you necessarily but in the industry of the internet itself.

I felt once again I had been lied to and once again I and many others that had so much to dream for had lost. I felt the one person that I finally believed would be the person that would change all I had experienced on the net. Loss after loss would finally come to an end because I had found an honest internet marketer. Then crash just like that yesterday it happened again.

Then I read your response to Ken, and I stepped back from the ledge and said to myself you know what this guy Mike G deserves a break. This is the same guy that spoke to me on the phone asked me for my confidence and I gladly gave it. This is the guy that said Brian follow me. The Mike G Elite group. That works so well for the first time I am succeeding to make money online.

This is the guy that has those Tuesday calls and is right up front on how to improve ourselves. I just have a sense that you Mike are actually still the guy I thought you were.

My mood has completely changed from yesterday morning. I believe more strongly than ever that somehow someway this deal will conclude in some way and you will be fully vindicated. I don't know if Neil will be involved at the end or if it will still look exactly the same but it is going to be worked out some how because it has to be, that is why and because you Mike deserve more credit . 

I pray for you and all of those that depend on you .
Thank You and God Bless
Brian  

Just one more short email from Val who practices "seek first to understand."
Hi Mike,

Someone just sent me the below attachment and I just want you to know that I REFUSE to believe it now or EVER. Surely anyone who wants to try hard enough can achieve trumped up and completely false charges, right? I have never questioned your integrity once and I certainly don’t intend on starting.

You have been a blessing to me, despite my inability to follow through due to my unpredictable health issues and lack of understanding. I’m so very grateful to you for providing other opportunities to help us financially as we wait patiently for legal issues to be cleared up.

I pray for strength and an over-abundance of faith on your behalf as you go through yet more unnecessary obstacles.

God bless you and your family always,
Val

My Dilemma

I hope to clarify something as it is most frustrating for me and perhaps for you as well. I have a dilemma and it is this...

I have been told not to make any comments of any kind about the MikeGDeal.

You see, even expressing an opinion about it is in fact making a statement. Further anything I say regardless of what I say, is likely to be used by one party or the other at the Chandran trial.

In every trial there is a plaintiff and a defendant. and I being a person who has knowledge beyond the scope of most am simply not allowed to express any of this... Just yet. As any expressions may be used by one side or the other to their benefit and harmful to the other side.

I want you to know my belief in this program and sharing it with you has cost me more than any man should have to pay.  Even many professional relationships based on mutual respect and trust are now gone. 

I have been asked by many and frequently to 'fess up' and tell the world of my wrongdoings.  So let me ask you this question:

If you believed what I told you, why would anyone have such a hard time accepting that I believed what I was told?

I am saddened over these personal relationship losses. These gifted and intelligent people have in my opinion failed to practice just one of Dr. Steven's Covey's "Seven Habits of Highly Effective People."

It of course is, "Seek first to understand."  Something I have been doing religiously since 1989 after having read Dr. Covey's book.

This habit has prevented me from making terrible assumptions about others and losing which would otherwise have cost me dearly with so many personal relationships.

Lastly, I want to thank God I was born in the U.S. a country where we have a judicial system to sort things out. And a constitution that limits the powers of government.

Many people think the constitution exists for the purpose of granting citizens 'rights.'  It does NOT!

The U.S. Constitution was written by our Founder Fathers to limit the powers of government, including preventing the government from simply determining a guilt and assessing penalties without an avenue for "defense."

As unbelievable as it is, there are still places on this globe where government is allowed to run rampant and do as they choose.

Email again

I wanted to save this email I received from Deb as I have a special comment at the end of it.

Ah Mike…. I have four words for us ‘God give us strength’….

I found the information and it’s a ‘complaints litigation’.  Very different from the rubbish about you being arrested.   As usual people are talking rubbish.  I’d like to use stronger words to describe these nasty people!

The quicker this is all over the better for everyone.  I know you cannot say much - you just cannot trust anyone.  I’m just wondering if you think it’s been a long enough time for the judge to start thinking about a trial hearing at the next update hearing?  

This just needs to end, for your reputation, for the people who are backing you and trying to hold on and for Neil (guilty or not guilty he needs an ending to).   It’s been too long.  

Stay strong Mike

Here's my comment:  And you will see more testimony regarding this after we continue.

The SEC lawsuit claims (it does not name me as the alleged culprit), money was used for cars, real estate, and a boat.

For your edification please realize I had been informed those cars were all (the indictment clarifies this) Teslas, all electric vehicles.   The seller was building a company to be included in the bundle being sold - remember I was told this - This company was planning to compete with a slightly different business model with Uber and Lyft.  But... appealing to the 'green' market. 

The real estate I was told was acquired by our seller to somehow provide tangible assets for the issuance of planned NFTs.  I have no knowledge of the boat other than what the indictment says, an 18 footer. Something you would trailer around for a weekend at the lake.  And to my knowledge it was also purchased used as a personal possession of the seller.   On this topic I am not 100% certain.

The big question

I have something special to share with you in a moment but first this is the big question no one, including the government, seems to ask,

"If Mike G intended to cheat people out of their money why would he also put his own money - over $100,000 - in this deal, over a time span of six months and two weeks, before ever inviting anyone to join the program? Why would Mike G send the money to someone else instead of keeping it all?"

Indeed just asking that question obliterates any logic of this statement, "Mr. Glaspie is frauding people."

The answer to this question will finally provide a new and much needed perspective avoiding the bias of the "he must be guilty" (a  bias so many begin with).

By the way, if I did direct funds for personal use would someone please remind where I put the money, I can't seem to find it.  :-)

I'm sure the hater club will find glee in my new suffering.  So be it.  I am not going to throw in the towel, I am not going to accept any deal, and I am not a fraudster.

Letter to my lawyer / SEC lawsuit

Below is a slightly modified letter for contectual purposes and with a couple of things added which were sent to him seperately, which I sent to my lawyer so he may, for our discussion, answer the lawsuit which has yet to be received from the SEC, although posted online.

J - perhaps you may find this summary useful?

Yes I accepted loans from loan partners. Not investment money from investors. Proof these funds were loans rests in the worst case scenario where I promised to repay these loans at 7% interest per annum over three years. This language as you know appears on the agreement loan partners were required to read and sign, of which you have a copy. You and I have discussed these loans are not securities (investments are not tendered with a repayment guarantee).  And the 3 years at 7% worst case scenario, I am working on this very thing in case I need to invoke it but will need to wait until the legal dust settles.

Yes I sent a great deal of money to an employee. (I believe the Five Million the suit talks about).  It was his professional crypto exchange account which allowed for large transactions , so we could then pay to Chandran in crypto and avoid the issues banks have with frequent large wires.

If the SEC had dug 2 levels deeper they would have seen this. ALL of the crypto funds first sent to him every dime, were sent to Chandran, ALL of it . Any profits as a result of having any portions of it in crypto for a few weeks  were also sent to Chandran .None of it was diverted or misappropriated .  If he has not already interviewed about this he will testify to this .

Yes I kept some of the money for expenses . I said I would on the agreement every one was required to read , the same agreement where I explained the guarantee.  This deal consumed the majority of my time and resources and as I had announced and made clear I would cover my costs.

The promised returns to me were always about  twice what my promised pay out to loan partners was. I was careful about this . I always made certain there was room for a substantial cushion of funds. So even in the worse case the deal was some how cut in 1/2 my loan partners would get paid.

I have not have taken a vacation since this all began. My wife and I used to take a week long cruise every year . Not wanting to be away if I was needed for this deal and not wanting to spend any money I might need for this deal I have not taken any vacations.

I drive the same vehicle I purchased in 2016 . I have never had a car this long before .If I misappropriated funds , where are they ? There are no bank records showing any funds were some how siphoned off . Its the bank records and the exchange account records which tell the whole truth .

I'm now convinced the Gov't has all along been looking at me with a " he is guilty bias". Hence every event they look at and every answer I have provided while being fully cooperative, they interpret wrongly.  If they were to assume my innocence first , looking thru a new prism, then ask the questions they would see things differently .

Just one example : When asked about my comment "He Is Not
the person you think he is " they assumed I was denying it was Chandran.
However if they assumed I was innocent first , the correct view might be accurate. I was saying to that person , people change . I am not the same person I was 25 years ago . Physically, emotionally, and cognitively.

I believed he was a changed man . He was NOT the Same Person she thought he was. He had been in jail and I was convinced with Garry's perspective also he indeed had changed. He had learned his lesson. Hence I said "He is not the person you think he is" as she was assuming I
was supporting a crook .

I was even told 5 billionaires also vetted him!

They need to ask themselves, why would a man like Mike Glaspie
turn into a fraud monster .  Perhaps they need to know a little more?

I could share dozens of stories, but four will I think help make my point.

Years ago I made an arrangement with the editor of the local community newspaper, sent to about 60 thousand homes every week . He would every year hand me , confidentially I might add , he was not supposed to, 10 or so of the most heart wrenching letters to Santa the post office gave the paper .

He could not for privacy reasons publish names , but he privately gave them to me . For years I would pic one letter,  hire a man in full regalia dress like Santa  , big red bag and all.

I filled that bag with the toys , and the groceries for a first class Christmas meal and an envelop with several hundred dollars in it . Some times a lot more.( this was in the 80's). He then Christmas Morning showed up at the door . One rule: he was never to mention my name not to the family, not to anyone . He then shared with me his experience . Just writing this makes me well up all over again.

One year I took 2 employees with me to a toy store . I purchased every toy in one aisle . I remember it , it was a stack of boxed toys with the "age appropriate" on each box and about 20 feet long and 5 feet high, 4 feet wide. The store manager opened a check out lane just for me . It tool 45 minuets to check out , then he had his staff help load a pick up truck to over flowing inside and out and 2 cars filed to max capacity . He asked for my name . He did not get it and I paid cash so no credit card receipt with my name on it. I wanted anonymity.

My guys delivered this cargo to the local fire station. Then when the captain saw what they were bringing for the "Toys For Tots" program he had his crew of firemen help unload . I was told a few of these tough men were teary eyed. Me too.

I was elected as a township trustee for two consecutive four year terms . I was the only candidate of 7 on the ticket who spent no advertising money . The local paper printed my interview on the issues and I received more votes than the other 6 combined . This position was not paid. Trustees received a stipend per meeting attended. I never missed a meeting and studied the issues to be debated well before hand . This was just one more way for me to serve the people.

I was elected President of the Michigan Rental Housing Association two times for one year terms . About 3,200 members from 16 area chapters around the state .  I drove 90 Minutes every month to the association offices for the state wide meetings . All with no pay. One of me first actions was changing the name from The Michigan Landlord association  to The Michigan Rental Housing Association . I felt then and still do "landlord " was archaic, medival and implied dominance over others .( The etymology originates to about 1000 BC in North England and Ireland, where Land Lords held tight control over workers of the land in exchange for food and a place to live, very nearly slave like circumstances. They were called surfs )

I worked closely with our full time lobbyist, even took fishing trips with him . A wonderful Attorney and an outstanding person.  Arthur Clyne was his name. In this role I had two private meetings with the Governor . Just me , no staff or my lobbyist. And I co authored with One other member legislation which I believe stands still today in the state .

This Bill provided for prospective tenants on welfare to be able to rent decent housing . Up till this bill , property owners typically would not rent to welfare receipts for fear of non payment etc. My Bill allowed the tenant to "voluntarily" agree to have a portion of their monthly assistance be sent directly to the property owner . The bill provided for this mechanism. Thus preserving the "dignity" of the tenant . It was the voluntary direct payment which made the bill acceptable in congress and opened up the rental market for the underprivileged.

J - If people would look at me first they would have ask themselves: Why would a man like this ,doing good for others all his life , suddenly decide to cheat and defraud ? To become a monster?

I truly believed this deal would help people and generations of their families and so many others . It would change the world . Nearly every update spoke to the importance of philanthropy.

Remember this quote from me was in every issue:
"We as a group of like minded and generous people, coming together
for a common goal, can and will change the world in ways we cannot
even imagine today"

Also point out in the lawsuit response , they need to ask this question: Why would any one who was intent or planning a strategy to defraud people, for  6 months and 2 weeks (You have the bank records of this and these records are easily available) put his own money in the deal , about $127,000. Before Ever even mentioning this deal to anyone or inviting anyone to join me. This action defies the logic of a conspiracy to defraud claim.

If they were right in their allegations I would be putting  my own money into something that did not exist!! I would be defrauding my self! This would be insane! They must see this , they will see this and if it comes to it any jury will see this .

Please help me help them to see me for who I am. I don't ask for pity or sympathy, but please ask them to know my physical pain every day . About 8 major surgeries so far with two more needed and now over due.  I'm just 4 years away from being the oldest living Glaspie male in the family tree. I know whats coming .  I must be permitted to finish this for everyone's benefit. I pray I am not leaving the legacy they are painting for me.

I appreciate all you do for me . Thank You
Mike G 

This entire update was written and posted online by me personally.

Till next time.

With gratitude,
Mike G.