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Tuesday, October 29, 2019 2:49:14 PM
"Does it sound like a good idea? Yes. Will it still serve the purpose I intended? Yes, it will still force tens of thousands of people to get wallets for digital securities. It will get people trading digital securities."
-- The TZero app is a crypto wallet, and the digital preferred shares do not trade on it. They trade on Dinosaur, which is a super-shitty brokerage web site. Does Byrne really not know this? Anyway, yeah, let's "force" everyone to set up an account with a crappy broker.
"It will also generate for T0 trading commissions. I suspect that currently there are $200,000/day being generated with the trading of OSTK on NASDAQ. If That could all be shifted to T0, and priced at 50%, it would still generate $100,000 per day for T0. So that would be awesome."
-- Apparently he hasn't heard the news that many brokerages are cutting commissions to $0. Meanwhile, the commission on Dinosaur appears to be 1%, which for nearly all purchases people make is substantially more than what brokerages were charging before.
"Ultimately the plan was to create some way for people to arbitrage between the market on NASDAQ and the market on T0, given that what was trading on each was a nearly identical package of rights. Then that arbitrage would create and expand the wormhole between the two universes."
-- The bid/ask spread for OSTK on the Nasdaq at this moment is 2 cents. The spread for OSTKO on Dinosaur is $14. The only way anyone gets a good deal on the Dinosaur side is to have the person on the other end of the transaction get a bad deal. How is this good for Dinosaur? Regardless, there is no arbitrage opportunity since there is no way to convert from one platform to the other. (This is probably a more complicated question than I'm making out to be, but let me ask, are any of us who are already signed up with Dinosaur doing this arbitrage business now?)
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