Companion Post on LGB Coins

Read this, it's important.

Due to the constraints of the Substack platform, I can only have a post that is so long. I want to talk a lot more about the particulars of the coin and sending it.

First off, this coin is NOT a security. It is a meme coin. It has been made to have no real value. If it gets some value, that’s just a function of markets, not anything having to do with the design. Dear SEC commish, we are having fun. Signed, the creators.

Second, you must have a decentralized finance (DeFi) wallet to get and send coins. I used Metamask, but there are other wallets. No one associated with this coin cares which wallet or exchange you use. We are just looking to have fun.

Third, there are three hundred and thirty trillion coins (330 trillion). No one is getting rich off this effort. It’s not designed like Bitcoin or Ethereum to build wealth, be an inflation hedge or anything like that. It’s fun!

Fourth, I got involved for a few reasons. One major reason is that I am very interested in exposing all kinds of people to crypto. This is a great way to do it.

Fifth, when you decide to send coins to someone, you do incur “gas fees” that are payable in ether. Those fees can vary from $30-$70 depending. Ether is the Ethereum coin. Ethereum miners make the money, not the coin people. I own a small amount of Ethereum via Coinbase but believe me when I tell you if this is wildly successful it won’t make a difference to my net worth at all.

Sixth, this isn’t a payment rail, a payment network, or designed to be anything in finance at all. It’s just a meme coin and we are having fun.

Seventh, we are certainly poking fun at the current President. He deserves it. He’s created a mess. The people that he appointed are largely unqualified for what they are doing. His ideas and his staff’s ideas have been backward and moronic.

We aren’t poking fun at any group, anyone else or trying to be “hateful” to anyone. Let’s Go Brandon has an abbreviation, LGB, which in today’s jargon people think LGBTQ+ etc…The LGB is purely coincidental.

If there is anything that James stood for in his fight to get people’s money back from the Corzine fraud it was advocating for transparency which never came. I have made transparency a core value of everything I do, so I wrote this companion post to be as transparent as possible to everyone.

Again, I urge you to read my blog post again and Francine McKenna’s. Francine bats from the left side of the plate and I bat from the right side but we have reached similar conclusions on this issue. Corzine is a bad dude. I think he committed fraud. I don’t think Francine would go that far, but maybe I am wrong.

I highlight this part of her post to show the damage Corzine caused.

Instead the floor was spooked by the news, in the rumor mill for weeks, that MF Global would file for bankruptcy. The news of an impending bankruptcy was already rampant in Asia when New York traders wandered in, before dawn, at the New York Mercantile Exchange, also owned and operated by CME Group of Chicago. The Singapore Exchange had already told the traders that MF Global agreed to cease entering into new transactions on Monday. When Australian customers woke up they found their accounts frozen.  

Given MF Global’s huge presence in the open outcry trading pits of exchanges all over the world, every MF Global employee and customer on a global basis soon found themselves cut off from access to the futures exchanges. Most were already on the Chicago trading floors when the news that MF Global Holdings shares had been halted since about 6 am eastern time came over the wires. The Federal Reserve Bank of New York had announced earlier that morning that the firm was suspended from its role as a primary dealer, one of 22 firms allowed to make a market in Treasury securities and trade directly with the Fed.

MF Global employees who attempted to enter the CBOT trading floors after 7:00am were blocked — security badges didn’t work and electronic access to the CME's Globex trading software had been cut off. MF Global employees already on the trading floor attempted to conduct business as usual but were soon escorted off the trading floor by exchange security personnel.

In New York, the InterContinental Exchange ordered MF Global employees to leave the trading floor and began limiting trading by the firm’s customers to liquidation transactions only. Outside of NYMEX in downtown Manhattan, the mood among traders and floor employees was also grim. "Everybody's running for the door," trader who had previously been clearing through MF Global told a reporter. Floor traders rushed to find new clearinghouses. "A lot of guys left, cleared out," a reporter quoted one natural gas trader. They left in fear of a major whiplash market move as a result of the bankruptcy news.

An unintentional loss of connection to the CME Globex trading software is called an "ungraceful disconnect."Active orders are canceled and the exchange freezes your trading positions. It was a nightmare, one veteran trader wrote a few years later, calling that what happened on Halloween morning a "disgraceful disconnect."

Don’t forget, there were entities and people on the opposite side of MF Global trades that didn’t know if they had good trades or DK’ed trades. Out trades couldn’t get settled. Entire books of orders were washed out.

If I was clearing MF, I would have had to go to another clearing firm, fill out paperwork, get it through the relevant exchange, NFA, and CFTC offices, and fund accounts to get going again. This wasn’t a snap your fingers and make it happen process. If I had money at MF, I was SOOL.

I cannot for the life of me figure out why Corzine never served jail time. A $5MM fine is a slap on the wrist to a person like him. Lifetime ban of trading is no big deal. He’s got millions and millions of dollars. He doesn’t trade to make money. He trades to play the game. The only conclusion I have is he got cover from political friends that he owes favors to now.

Now, let’s have fun!