The morning alarm woke up Ghen. With an annoyed sigh, he stretched out his arm and silenced the foul-sounding chirps. Slowly sitting up in bed, he let out a deep yawn and got to his feet. Running a couple of chitinous fingers along his antennae to stimulate them to life, he made his bed and then went to his closet. Today was a work day, so he needed his suit. Once the pants were on, he stretched out his wings so that he could button up the shirt, then relaxing them once all the buttons were secured. Dressing for the day was done, now for the morning meal. Entering his kitchen, he took out the chilled leftovers of the evening meal last night and popped it into the radiator, first defrosting and then slightly cooking it. During that process, he also fished out a ceramic cup and placed it in his brewer, serving himself some synthesized caffeine. His idle thought led him to being amused that, when eaten directly off a plant, it has a concentration that could kill him three times over. But after going through some refinement and roasting, all it does is make him hyper. Once the meal was put together, his plate of heated leftovers and a cup of almost-piping-hot cup of Xia's, he took his time to enjoy it. His communicator vibrated. When he looked, he found it was from his boss. "Hello?" Ghen answered. "Ghen, the meeting's been moved up to a few minutes from now." His boss, Xkik, announced. "Apparently higher up has something important they want to say. We have a terminal ready for you, I'll message the login details." "Wha-, what's so important?" Ghen asked in bewilderment. "Did a water line rupture or something?" "No, nothing like that." Xkik replied with a slight chuckle. "It's actually about the rumors we've been hearing. That human corporation wanting to acquire us? That's what they're talking about." Ghen could feel everything inside his thorax drop to the floor. "That must mean it's true then, right? Did we get sold off by the Queen to this company then?" "Show up to the meeting and you'll get your answer." Xkik said simply. When he finished, Ghen got the notification on his communicator. There's the login details, allowing him to remotely attend the meeting. "They're about to start, hurry up." Once Xkik disconnected, Ghen worked fast to login and set up the remote viewing. Once everything was done, his screen started transmitting the meeting room. It was already packed. And off by the main board, he saw his answer. There was a human, resting against the wall on his two legs. Standing right in the center of everyone's view was the coordinator, Tizx, watching the clock periodically. As soon as the meeting's start time was reached, the coordinator began. "Alright everyone. I realize that this was rather short notice, so I want to say how appreciative I am that you made it. Now then, let's just get right to it. For some time now, many of you have been hearing rumors that a human corporation has been interested in us. Why? We never really knew. We're just an organization responsible for finding, extracting and providing water to the colony here all under the direction of the Queen herself. Well, as of now, I have the answer for you. Why don't I let Ryan say that?" Stepping back, Tizx motioned for the human, Ryan, to take over. With a nod, Ryan practically bounced over and then took the position. "Good morning to you all. I hope my Zazk is passable, heh. Anyways, the answer to those rumors, is yes. Terran Galactic Company is indeed interested in you all. Which now leads to me. I'm here to announce that, effective yesterday evening, this water company is now a subsidiary of Terran Galactic Company, under the name of Zilia Water Delivery." Many other sub-coordinators broke into hushed conversation, no doubt speaking their thoughts with each other about this move. Ghen could only wonder if this was even a good thing. What will the humans do? Will he still have his job? Will he have to learn how to deal with the ruthless humans? "Now, I am well aware this is quite the...uh, change." Ryan continued. "That's why I'm happy to inform you that, no, nothing negative or detrimental will happen to you. You just have new people to answer to. Operations will continue as normal, everybody here will still keep their jobs. The only real change any of you will personally experience is that Coordinator Tizx here will now report to someone else. On behalf of the Terran Galactic Company, we are extremely excited and are looking forward to working with you all. Thank you for your time." A week later. At least Ryan wasn't lying. After the initial shock wore off, things went back as they normally did. There were no terminations, no reductions in annual pay or anything. Nothing really changed. At least until this new meeting was called. Ghen was at the worksite this time, so he took his seat and watched as, once again, Ryan led the meeting. "Hello again, everyone!" He said cheerfully, his Zazk noticeably improved. "I hope I didn't end up looking like a liar, right? Everything's still normal, all that?" All the zazk in the room confirmed, providing comments to their pleasant surprise as well as lingering thoughts. "Awesome! Awesome." Ryan said jubilantly, his fleshy mouth revealing his bone-white teeth. "Now then, you're probably wondering why I'm here again, right? Well, I got another fantastic piece of news for you all! Two, actually. I'll start with the first: Zilia Water Delivery has just completed its IPO. The company is now publicly traded!" Ghen and the others voiced their confusion, having no idea what in the name of the Queen Ryan was talking about. What was Ryan talking about? What's an IPO? And why exactly is being publicly traded such a significant thing? "Oh, you guys don't know any of that?" Ryan asked in surprised confusion. After everybody confirmed, he let out a quick huff as he began his explanation. "Well, to begin, IPO is short for Initial Public Offering. Basically what that means is that, before today, Zilia was privately held. Only certain individuals could buy and sell shares here. But now that we're public? Literally anyone can buy and sell shares in the company, hence us being publicly traded." "Uh, what's a share?" Ghen asked, still completely lost. "Oh, boy..." Ryan muttered under his breath before returning to his peppy image. "To simply put it, a share is short for having a share of ownership in a company. When you buy a share, you're buying a piece of ownership, and when you sell, you're selling that amount." "So wait...if someone buys a share, they're a co-owner then?" One of the other team coordinators asked. "If they get enough, yeah." Ryan nodded. "You need a lot though, and that really depends on the company. If I had to give an answer though? I'd say usually you need to have a lot more shares than a lot of people combined to be officially a co-owner, but we call that being a majority shareholder." "And how do we do that?" Ghen asked, now growing curious but still not understanding why such a concept exists. "Simple. Buy shares." Ryan said simply. "And that leads into the second piece of awesome news. Zilia's corporate has a product in mind, a premium-package of water delivery. Instead of the usual water that you pump out, filter and ensure its potable before delivery, with the premium package, not only will you get that, but you'll also get all of the required nutrients and vitamins the zazk body requires! And they feel you guys have the best expertise and understanding to pull it off! So, here's what we're offering as a good-faith bonus: A 25% increase to your annual salary as well as being given stock options." Ghen wasn't sure about the second part, but the salary definitely got his attention, as well as everyone else's. Although his job was considered to have a good pay, Ghen isn't going to say no to a higher salary. In fact, he's been focusing his work on getting a promotion so he can come home with even more credits in pocket. "What do you mean by stock options?" Ghen asked after some time. Ryan let out that smile again, the one that revealed his teeth. "If you choose to transfer over to the new group, you'll be provided 50,000 shares in Zilia itself. Why's that awesome? Let me walk you through it. Right now, our last closing price per share was 3.02 credits. And if you have 50,000 shares during that time, you're sitting on 151,000 credits, if you cash it out immediately." "And why shouldn't we?" One of the coordinators demanded in an ambiguous tone. "Because the price per share changes a lot." Ryan explained promptly. "When we got done with the IPO? It closed at 2.73 a share. Right now? My money's on the closing price being 2.99 a share. However, we are extremely confident in this premium package being successful. If it does? Well, my bet is that the share price will skyrocket to 3.12 a share. If you hold those shares and the price gets to what my bet was? You'll instead get 156,000 credits. Just by holding onto them, you just made an additional 5,000 credits!" "And what if we have more shares?" Ghen questioned, now getting excited at the prospect of free money. "Even more money!" Ryan laughed a bit. "And don't forget about dividends, but that's for another time. The premium group is gearing up right now, we just need the workforce. If any of you wants in, I'll be back tomorrow with all the forms needed to make it official. Take the day and tonight to think it over, yeah?" Everything else melted into a blur. Ghen was practically on autopilot that whole day. Was this the secret to the humans' incredibly massive economy? How so many of them have amassed so much money out of nowhere? All you had to do was just buy this share out of a company and you get more money without even working? As soon as he got home, Ghen knew what he was going to do during the night. After feverishly looking through the galnet, now having the human race connected to it, he looked and gathered up as many books that were translated into zazk as he could find, all talking about the human economic system. The last time he undertook such an intensive study was during his primary education phase. And during his search, he even found forums on the galnet that were completely dedicated to the human's economy. All of them talking about strategies on what company, or stock, to pick. How to analyze a company's performance to determine if it was worth the money, or it had potential to grow over time. And that was when he discovered the humans found another method to the extremely simple buying and selling process. There were humans and some other immigrated aliens who made five times what Ghen could receive over a simple month just by watching the share prices during trading hours, and then buying and selling them at the proper times. Ghen's mind was just absolutely flabbergasted. He thought it was just some strange concept only aliens could make, but no, not with the humans. They've practically made their economy into an art or a science. No, not even their economy. Everything. If humans can see a way to make money off of it, they'll do it. And if there isn't, they'll look for a way. Healthcare was monetized. Galnet services, transportation, shopping at the store, they even made all of their utilities into profit-oriented companies. And it was there that Ghen paused, the realization slamming into him. Everything was monetized. Which means, if you don't have the money for it, you're not getting it. Right? Are the humans truly that ruthless? So obsessed with making money? To the point that they're willing to deprive their own people of the absolute necessities if it's a source of credits? Ghen let out a scoff. There's no way. Nobody is that cruel and callous. He's never been to the United Nations. He can't rely on what a bunch of random people on the galnet says. He decided that from here on out, he'll only go as far as saying that humans are a little obsessed with credits, nothing more. ... There he was. Ryan, sitting in the office provided to him. And there was a rather large line leading to him. Looks like word got around. Although, the line wasn't as large as he expected it to be. Maybe the others thought it was just a ruse? That there's no such thing as making free money by spending it on such a made-up concept? Ghen only knows that, if it is a ruse, it's an extremely elaborate one, where all of the humans are in on it. And he believes that's just extremely ridiculous. At the end, if he's unsure, he'll just take the transfer for the very real increase in his very real salary. And although he spent a very good chunk of the night reading up on how humans do things, he's still going to play it smart. He'll leave his 50,000 shares alone and see where it goes from there. "Good morning sir." Ryan greeted warmly once Ghen took his seat. "Now, name please?" "Ghen." He answered, barely keeping his nerves down. "Alright...and what's your position at this location?" Ryan questioned after scribbling on his form. "I monitor the pumping stations near the extraction sites." Ghen explained, staying on point. "To be more specific, I check to see if they're in need of maintenance, as well as reading the flow rate that's determined by the calculators installed there. If there's too little for what's needed, I pump out more. And if there's too much, I pull it back a little." "Nice...and how long have you been doing it for?" Ryan complimented with a nod. "As of tomorrow, ten years." Ghen replied, voice quickly changing to minor awe once he realized that fact. "Excellent. Do you have anyone in mind you'd like to replace you here?" Ryan questioned after another scribble. "If you don't have anyone, you're free to say so." Ghen took a moment to think it over. A bunch of names went through his mind, but one stuck with him. "Tilik. He's just been accepted here, but he's learned quickly. Very attentive and he always catches something subtle. I think he'll do really well in my position, even better actually." "Tilik, really?" Ryan questioned with a little shock, going through his completed forms. Ghen felt a short sense of panic in him. Did something happen, or was Tilik actually transferring? His answer didn't take long to reveal itself. "Right, Tilik was actually one of the first people to want to transfer here. He's actually requested to be part of the testing teams specifically. Do you have a second choice?" "Um...no, actually." Ghen replied, feeling a little ashamed. "Tilik was my only choice, to be honest." "Hey, don't worry." Ryan said assuringly with his hands raised. "Nothing wrong with that. Sometimes, there's just nobody up to snuff, right? 'Kay, so, last question. Is there anything specific you'd like to do when given the transfer?" "If you need someone monitoring new pumps, I'd be happy to do that." Ghen stated. "So basically same job but with better payoff, am I right?" Ryan grinned. "I hear you. Sometimes, we're just not paid enough for what we're doing. I know I think that sometimes. Uh, our secret, yeah?" "Yeah, our secret." Ghen nodded, thinking it'd be better to have friendly relations with the human, just in case. "Awesome. Back on topic, that's it." Ryan announced, placing the form on his pile. "We'll give you a call when you're accepted." "Oh, uh, that's it?" Ghen questioned with a shrug in shocked surprise. "What, expecting a question like, why do you want to transfer?" Ryan chuckled a bit as he leaned in his seat. "You can bullshit all you want, but we both know the answer. Sweet money and stock options. Not saying that's a bad answer of course, just that it's pretty obvious." "I suppose it is." Ghen commented, realizing the point. "Also, you mentioned this...dividend? Is that for Zilia shares?" Ryan laughed a little bit before nodding. "Yep, announced before I came here. About 0.43 per share. Want to know why that's awesome? Instead of waiting for the proper price to cash out your shares, now? The company pays you for each share you hold." "A...Are you serious?" Ghen demanded, flabbergasted. Ryan nodded with his now-trademark grin. "Dead serious. If you get the transfer, and get those 50,000 shares? A little head math...right, if you hold onto those, in addition to your salary, you'll now annually be paid 21,500 credits, if you keep it at 50,000 shares. Only you can decide to sell or buy shares." Ghen just stood there silent and motionless, no idea of whether to believe it or not, to which Ryan just laughed. Once he walked out of the room, he managed to snap back to reality. Again, just focus on the very real pay-raise. He'll deal with the other parts later. After he returned to his spot, he spotted Tizx approaching by his desk. The coordinator seems to be as casual as always. "I saw you in that line a bit ago, Ghen." He said as he leaned on the desk. "Guess you're really taking that human's word?" "I mean, I don't know about all this share business or what not." Ghen began with a shrug, his tone sounding a little defensive. "But I mean, having a bigger salary? Course I'm going for it when I can. And if all this magic credits turn out to be real? You realize we can live like the royal servants, right? Get the best cars, the nicest food and all that?" "I'd be very careful, Ghen." Tizx warned in a sudden shift in tone. "Don't trust those humans. The way they just...obsess over money? Come up with more and more insane ways of getting credits? I don't know, it just makes my wings twitch." "You think this is a bad idea?" Ghen asked with a little surprise at the change-in-demeanor. "I think you should be careful, with the humans, and with what you're saying." Tizx replied, straightening his posture. "I wouldn't put it past those Earthmen to backstab you if it gets them a few more credits. And we all know how the royal servants get if any of us lowly commoners start thinking we can break into their circle." "I hear you, I'll be on my guard, promise." Ghen stated with a nod. With a confirming nod of his own, Tizx returned back to his duty, walking past Ghen's desk. Several weeks later. Everything became so much better. Ghen got the transfer. He didn't need to relocate to a new residence either. And after he was walked through into learning how to manage his stock account, and seeing that new form of payment in his hands, he already felt as though he made the best decision. But it was only when he decided to take those shares more seriously that he became privy to what he was given. After receiving the dividend payment, and actually seeing it was real, valid credits after transferring it to his main bank account, all he could describe was the most powerful high he ever felt. While his first thoughts were to buy himself a royalty-class car, some nicer furnishings for his home, or even a better home entirely, he ended up going the smarter route. After going back to his stock account, he discovered that Zilia's shares rose to about 3.22 credits in price. Knowing that this was the easiest money he could ever make, he took all of his dividend earnings and bought more shares in Zilia, bringing him to owning 56,891. And from his new regional coordinator, a human named Dylan, tomorrow is the grand release of the premium package. For just a monthly rate of 14.99 credits, the tap water will now include a sizeable portion of all nutrients and vitamins required in the zazk physiology. Still, Ghen has to admit. He's not entirely sure why anybody would want such a thing, if they'd even go for it. But, as long as he's practically swimming in easy credits, he won't pay much attention to it. And just like when he was intensively studying the basics of how the human economy worked, he barely got any sleep. His mind was constantly thinking about the things he would buy. Or rather, what other stocks to put his credits into. Even now he can still hardly believe it. Just spend your money on some, make-believe thing and, if you wait long enough and picked the right stock, you'll get more than you spent back? His mind even wandered onto what human colonies, or even their homeworld, Earth, was like. If everybody was making so much money, what kind of things would they offer? What kind of ridiculous service or product or item can you get? He's even debating on joining some forum and just asking around. Explain how he's new to how humans do things and was wondering what he should expect if he's successful. By the time he felt like he can go to sleep, the binary-stars of the system were rising from the horizon. After getting out of his bed and changing to clean clothes, his mind returned onto what-ifs. What if he bought better clothes? He's had his eye on that human brand of luxury clothes, Tessuti di Venezia, that's been all the rage amongst the royal servants. Or maybe he can go on vacation and just check out Earth for real? It was a short ride to his workplace from his home. After getting stuff his stuff and preparing to walk through the doors, he heard the roar of a car grow louder. When he looked, he saw the sleekest and quite possibly the coolest looking car he's ever seen. Each time the engine revved it would startle him, both from how harsh it sounded as well as just how intense it sounded. And after it parked, he saw the doors pop out and then slide along the body back. And there, he saw Tilik, the seat literally turning and extending out a bit before he got off. As soon as he saw Ghen staring, he struck a rather prideful pose after putting on his lab coat and then sauntered over to Ghen. "What do you think?" Tilik said, without any doubt inviting praise or compliments. "D...Did you actually buy that?" Ghen asked, unable to tear his eyes away from the car. "You're Queens-damn right I did!" Tilik laughed happily. "Thing takes off like a starship, has temperature-controlled seating, all-in-one center console, barely any bouncing on rough roads. Hoof, best decision I've ever made!" "How much did that thing cost?" Ghen asked after letting out an incredulous laugh. "Five million credits." Tilik replied, earning an absolutely shocked stare from Ghen. "And thanks to the incredible salary I have, in addition to all these shares and dividends, I'll pay back the credits I borrowed in no time!" Ghen needed a few moments before he could speak again. "All I've been doing is buying more shares." Tilik laughed and then patted the now-envious monitor's back. "Smart man. I got a little carried away, yeah, but not anymore. Any spending credits I got, going right back to investing. That's what it's called right, investing?" "Yeah, it is." Ghen nodded, feeling a fire light up in his thorax. "And also? Today's the day that the premium water thing is being released. Here's hoping it starts out well, right?" "Oh it will, trust me." Tilik chuckled as they both began making their way inside the workplace. "Lots of research, lots of study. By the Queen, so much of it...it'll make your head spin." And after hearing that, Ghen had a moment of realization. "Hey, Tilik? How did you get such a nice position anyways? Weren't you just studying under me before the humans came along?" Tilik let out a sigh after opening the door. "I'll be honest, I never wanted your job. Not because it's boring or terrible, just...I didn't suffer so many sleepless nights in the science academy just to be a glorified button pusher. This is what I've always wanted. Doing science, solving problems rather than just applying the solution, you know?" "Wait, you got an academic certificate?" Ghen questioned, completely floored. "How did you end up beneath me then? I should've been answering to you!" "Simple." Tilik gave a heavier sigh. "A royal servant was asking for the same job I was. Take a guess at who got it." "Ouch. Good thing the humans came along when they did, yeah?" Ghen was taken aback. He never heard anything about a servant taking a job at his place. "Looks like you're proving yourself to be well suited." "By the Queen, of course I am." Tilik nodded. "Like I said, I nearly broke my wings through so many nights, got certified top of my class, all just to get pushed to the dirt because someone who was born into a particular family wanted the same thing I did? I know I'm smarter than any of those empty-skull servants back in the Center. I know that, whatever, uh...corporate? Yeah, whatever corporate wants out of science, I will xeek give it to them." "Well, let me know how things go in the lab." Ghen said, admiring his drive as they neared the main office floor. "Because this is where the button pusher needs to go." Tilik let out a laugh as he nodded. "Hey, how about we meet up at Queen's Fine Eatery tonight. I'll pay, yeah?" Ghen, at first, wanted to admonish him for choosing such an outrageously expensive place to go. But he quickly realized that, he truly is good for it, thanks to the humans. "Well, hey, if you're paying for it." ... It was a fantastic opening. After being told what news sites to keep in mind for stocks, he first heard it from Dylan, and then got more detail on Business Today. There was such a massive demand right from the start that Zilia needs to increase extraction just to meet it. But what really got his attention was the effect it had. Zilia Water Delivery's share price just blasted off. After seemingly holding steady at about 3.15, by the time he got home and logged onto his account, it already reached 7.04 a share. The calculator on his account told him that he got a value-gain of 54.26%. Never in his entire life had he felt such...joy. With all of the shares he currently has? He's sitting at 400,512.64 credits. He knows that it is woefully pathetic compared to what the royal servants have just in their pockets, but the fact that he has such money, just by owning some intangible concept? Why even work at Zilia? Why doesn't he just sit at home, figure out what companies to invest in and make his money that way? What's even the point in working a real job, getting a pathetic pay when you can just take the money you have, determine where to spend it, and get triple back? All just sitting on your wings at home, researching? He was so wrapped up in his excited high that he completely forgot he was going to meet Tilik at Queen's. After quickly and haphazardly putting on his nicer clothes, he got to the place only a few minutes late. Tilik was there by the guide, no doubt having been waiting for him. As soon as he strode up, Tilik's wings stiffned out some. No doubt he must've seen the numbers as well. "I can see your wings, Ghen." Tilik began with an excited chuckle. "Made some serious credits?" Ghen let out an incredulous scoff, struggling to find the words for a moment. "Incredible. All I'm going to say." "Likewise." Tilik chortled some before nodding to the table guide. "All here. Table please?" "Right this way, sir." The guide said politely. It was a short walk, travelling between round tables. The vast majority were populated by zazk, but Ghen was surprised at seeing a few humans here as well. No doubt corporate workers checking out the local food. He did spot them having bowls filled with some kind of mass. Some were brown, others white with what looks to be black specks on them. They arrived at their table. A rather nice one, affording a view out the windows into the busy colony streets. Once Tilik and Ghen settled in, the guide handed out the menus. "May I suggest our rather popular option for tonight?" The guide began. "Human ice-cream. Ingredients sourced from Earth itself. Very cold, but incredibly sweet, and coming in many flavors. The most popular amongst us is called vanilla-bean. The vanilla itself soaks in the cream for much of the process, and then the innards sprinkled on top of it near the end. Rumor has it that the Queen herself has demanded personal shipments of such a treat straight from the home of vanilla, an island on Earth named Madagascar." Ghen didn't even spare a single thought. "Vanilla bean ice cream then, please." "Same." Tilik seconded when the guide glanced to him. With a slight bow, the guide proceeded to ferry their orders to the kitchen. Thankfully it was just a short wait before the guide returned, carrying a large plate containing bowls of ice cream. Ghen could feel the saliva on his mandibles as the bowl was placed before them. He could just feel the cold air around that glistening mass of sugary goodness. The white snow decorated with the black dots of vanilla bean. Once the guide left them, Tilik and Ghen both dived in at the same time. As soon as the ice cream entered his mouth, touched his tongue, he exploded in incomprehensible bliss. The sweetness, the smooth and creamy mass, even the taste of vanilla he wasn't sure about was just absolutely delightful. It was so overwhelming that his entire body limped, slumping in his seat as he was forced to ride on the surging tide of joy and happiness sweeping over him. Tilik was no different. He too was taken completely by the effects of the ice cream, his wings fluttering some against the seat. Ghen could hear some noise. It was the humans they passed by. They were chuckling, grinning, and glancing over at them discreetly. Unlike the two zazk, the humans seemingly just enjoyed the ice cream as if it was just another nice dessert to them. Or perhaps they couldn't allow themselves to succumb to the high? And as soon as the wave of indescribable bliss and happiness subsided, Ghen knew. He just knew. This was the life. He wanted this. The ice cream was just the beginning. So many things denied because he didn't have the credits, or worse, not the blood. Because he was just a drone in the great Collective, even if he had the credits, he wasn't allowed because of what caste he was born in. That fire that sparked in him when he saw Tilik's new car? It exploded into a raging firestorm. And when looking into Tilik's eyes, Ghen could see the same. He was on the same page as Ghen was. Both of them were sold. They have the credits. And the humans? If you can pay for it, they'll never discriminate. All they cared about is if you have the money. And by the Queen, Ghen and Tilik will endeavor to amass as much credits as physically possible. The rest of the night faded into a blur. A blur that evokes only one thing. Bliss. It was only when he walked through the door of his pathetic hut that Ghen's mind snapped back to focus. His mandibles felt sticky. And he felt a weight in his stomach. How much ice cream did he eat? Whatever it was, he ate such volume that the lower-section of his throax extended and rounded out, visible even under his shirt. He felt something odd in his pocket. It was a receipt. 43,000 credits for ten bowls of vanilla bean ice cream. Was that ten bowls for both of them? Or individually? Ghen didn't care. He's good for it. Returning back to his calculator, he acted upon the decision that he had made at that eatery. He's acquiring as many books about investing and stock trading as he could find, frequent and study all the discussions and arguments presented by other like-minded individuals such as he, all to ensure he can live the good life. And he had a very good feeling Tilik was doing the exact same thing. Well, first, the gurgling in his stomach, as well as the feeling of something rising demanded his attention. Looks like he'll need to take the night off to let his stomach get back to normal. Three Years Later. Ghen looked out beyond the horizon, seeing the colony that he grew up in. On the far side was where his old house was. With only a simple robe on, made from the finest silk from Earth's nation-state of China, he relaxed in his seat. It was a long road. Stockpiling credits from pre-existing investments and from subsequent pays, he and Tilik made it. From having only half a million in assets and cash, now transformed to over eight-hundred million. And now, his call contracts on American Interstellar? They've just announced a breakthrough in their next generation of warp drives, reducing the speed coefficient even further, resulting in far faster travel. And with that, their stock price climbed sharply. Another hundred million credits in the bank. Soon, very soon, he and Tilik are about to become the galaxy's first zazk billionares. But that's not enough. There are many humans who are billionares. Only those he can count on one hand are considered trillionares. He's going to break into that circle. He and Tilik. Looking beyond the colony, he saw the abandoned building of the workplace he transferred to when the humans arrived. Turns out, the reason for such a high demand was that the humans also slipped in sugar to the tap water. As soon as that broke, many influential royal servants demanded investigations and outright banning of Terran Galactic Company's influence over the former government division. Zilia's stock price plummeted. But thanks to an advance tip from his human coordinator, Dylan, he and Tilik made a put contract. And that's where they struck gold, as the human saying goes. Dylan warned that if they were citizens of the United Nations, they'd be investigated and convicted for insider trading. But, since they weren't, and the Collective were only just introduced to capitalism, there's no risk at all. Now the colony is going through a withdrawal phase, Zilia has been dissolved and reformed back as a government division and are currently at work re-establishing the standard, plain water delivery. "Well, shit." Tilik muttered as he walked up to Ghen's side, taking well to human speech. "Looks like you win. American Interstellar's announcement really was a good thing. There goes a million credits. Ah well, the Royal Shipyards will make it back for me soon." "Oh? Did they just go corporate?" Ghen asked curiously, glancing to Tilik. "Hell yeah they did." Tilik chuckled, sitting down. "Queen and her retard servants fought it hard, but Royal Shipyards is now officially a human-style corporation. And, to a surprise to all the xenophobes in the galaxy, they're already being offered contracts for ship production. That'll raise the stock price pretty good." "What's that human word...?" Ghen muttered, already having a reply in mind. "Dick? Yeah, calls or suck my dick, Tilik." Tilik roared in laughter. "Already made them. Forty credits a share by this day next month." "I have half a mind to go thirty." Ghen chuckled. "Either way, until then, I heard from Dylan that he knows a guy who knows several prime human women who happen to be into zazk." "You're interested in women?" Tilik said as his wings fluttered. "With how often you tell me to suck you off, I'd have thought differently." "Oh, I always thought it was you who was into men." Ghen responded dryly. "Just wanted to be a good friend, you know? Considering how you never seem to make it past, Hey sweet thing, I'm rich you know." "Oh, go fuck yourself." Tilik countered with a little laugh. After he stopped, wings stiffened, he looked to Ghen. "So, know any royal servants we can put the squeeze on for more revenue streams?" "I got just the one." Ghen nodded, sitting up. "Fzik. He's been fighting to control the ice cream trade. Worried it's a corrupting influence. Got done talking with the human CEO of Nestle earlier. If we clear the way, he'll know how to squeeze a little more gains in stock price when he makes the announcement." Tilik's wings stiffened even more, signaling his approval. "Alright, time to throw some credits around, yeah?" AN: Sorry for the period of no updates. College is starting up, lots of stuff to clear and work out. Not sure why but I just got a bug up my butt about incorporating money and the stock market into a short. Here it is. Sorry if it seems abrupt, character limit fast approaching. Let me know how you guys think about it!
Space-time rippled as the Horns of Glory snapped into real space. The normally smooth transition from FTL subspace travel back to the laws of relativity was instead dangerously jarring, as the inertial dampeners struggled to hold the innards of the massive warship in their proper places. After straining mightily for the briefest of moments, they failed, throwing Admiral Halon Va and the rest of his bridge crew violently into their restraining harnesses. The ship shuddered under the immense stress, then settled, drifting silently through space on minimal power. “Tactical, get me a status report for the fleet on screen now. I want updates the instant ships jump in.” The Admiral’s voice was still firm and authoritative; it was taking every last shred of resolve he had to keep it that way. “Lieutenant Roshin, put a detail together and work with medical. I’m sure that re-entry caused more than a few extra injuries. Get as many of the crew patched up and ready for emergency action as fast as you can. I want a full casualty report as soon as possible. And if you find Science Officer Lentith and he’s still alive, send him to the bridge immediately.” Admiral Va settled back into his command chair, drawing creaking sounds from the over-stressed frame as it absorbed the weight of his massive form. The bridge was completely silent now, the command crew entirely focused on the tasks at hand. Or they were too afraid to say anything; Va couldn’t be sure. He was thankful for their silence, though. He didn’t have any answers for them about his failure. Keying in a few commands on the command panel at his station, the damage report for his ship popped up, the bridge lights flickering from the extra power draw. The Horns of Glory floated before him in hologram form. Long and slender, the ship was over two kilometers from bow to stern. At least, it had been a few hours ago. The forward 20 percent of the holographic ship was flashing red, indicating heavy damage. This was inaccurate, however, as the forward 20 percent of the ship simply wasn’t there anymore. The graceful lines and carefully crafted angles of the ship's armor were an unrecognizable slagged mess, and deep gouges had been cut into the inner decks all over the ship. Whole sections were missing amidships, two of the main reactors were offline, all the primary weapon batteries had been completely destroyed, and most of the critical systems were barely functioning. It was a miracle that she had survived the jump. That morning, Horns of Glory had been the greatest feat of Arien’Ra engineering, and it was now a barely functioning hulk. And it had all happened under my command, thought Va. He had no time to wallow in his failures, however, as at that moment tactical finally reconnected to the fleet command systems. The hologram of Horns of Glory quickly scaled down, appearing as a small, flashing, red point of light floating in loose formation with several other points of light. Most of them were flashing red as well. A constant stream of data and various reports scrolled down the right side of the hologram, listing in no uncertain terms the doom that Va had subjected his command to. If Va had thought that the bridge was quiet before, it was nothing compared to the complete stillness that now settled over them. No one so much as moved a muscle, as they all sat in stunned silence, reading the reports. Occasionally, the hologram would flash, and a new point of light would join the formation, adding more data to the pile spelling out their damnation. After 30 ticks, new points of light had stopped appearing. Admiral Halon Va had lost over 60 percent of his fleet, and not a single other dreadnaught had survived the slaughter. His defeat was total, and the Federation navy was crippled. Science Officer Beredarin Lentith had been the first member of his family not to enroll in command school in eight generations. They had been some of the finest members of the fleet the Vorqual race had ever contributed to the Federation. His brothers and sisters had all enrolled, which meant that as far as he was concerned, his family had more than fulfilled their duty to the Federation. Military life wasn’t for him, anyway; he wanted to explore. The Federation had been around for over 3000 years, and there were still vast swathes of the galaxy that they knew nothing about. They were still encountering new species every few hundred or so years, and there was nothing he wouldn’t give to find the next one. That had been the dream that directed him away from the military and into academia. The odds of actually finding a new race were so small, though. There were still at least 200,000,000 unexplored systems in the galaxy. There just wasn’t time to visit them all... He snapped out of his reverie as he stepped over the body, or rather, what was left of the body, of a Zelnassi marine. Most of it was just a green stain on the corridor wall at this point, though there had been enough of the chitinous armored torso to partially obstruct his path. The young lieutenant quickly continued on towards the bridge. If he was being honest with himself, becoming an expert on the area of unexplored space directly between the Federation and it’s largest military rival wasn’t the smartest of ideas. Between his family reputation and his unique knowledge base, he was just asking to get pressed into service. Which was exactly what had happened immediately upon the recent outbreak of hostilities. And now here he was stepping over corpses, marveling at the fact that he had somehow survived this long. He still couldn’t believe the insanity of the Dominion forces. Boarding an enemy ship MID-COMBAT. It was like something out of a youngling’s tale from before space travel. It was pure madness, but there were the bodies to prove that it had happened. He gingerly stepped around the remains of yet another Zelnassi. The signs of battle continued all the way to the bridge, where he found security forces still holding quickly fortified positions around the bridge entrance. There were more Zelnassi bodies at their feet. Berendarin shuddered. He had been closer to death than he thought. He quickly pushed those thoughts out of his mind. He could only imagine why he was needed on the bridge so urgently. The door slid open, and Lentith walked into a completely silent room. Admiral Va was slouched at his command station, his enormous arm propped up on the chair arm and supporting his massive, horned head. Lentith didn’t even know that Arien’Ra COULD slouch. Nevermind that the fastidious Admiral could or would ever do such a thing. Maybe things were somehow worse than he thought. No one seemed to notice him enter, so he announced himself to the Admiral. Though he didn’t shout, his voice echoed in the deathly silent room, startling most of the bridge command. Two of the other Vorqual officers swore, and the tiny Jezren manning the com station let out a high pitched sound somewhere between a squeak and chirp. Berendarin would have found it quite funny if the situation wasn’t so dire. Admiral Va immediately snapped back to being the hulk of muscle and horn that imposed his will on a room just by being in it. His booming voice only added to his authority. “Science Officer Lentith. I’m glad to see you’re still alive. Are you seriously injured?” Berendarin had almost forgotten that he had walked the entire way to the bridge holding a bandage to his head just above his left eye. The drop out of subspace hadn’t been kind to him. He pulled the bandage away, revealing a dark orange stain on the bandage and a crack in the bone plate above his eye. “I’m fine, sir, just one of the outer plates, and the bleeding has already stopped.” “Good. Commander Vortith is currently overseeing the emergency repairs. Take his seat. You are going to help me find a way back home.” “Sir? I’m sorry I don’t understand. Why don’t we just go back the way we came?” “That’s not possible. Most of our supply ships and tenders were destroyed when that third wave of Dominion ships hit our flank. Almost all of our pre-prepared fuel reserves are gone. On top of that, some of our ships are so damaged that they don’t have another long jump in them. And if we run into any enemy ships, the whole rest of the fleet is done for. We barely qualify as a fighting force in the state we’re in.” “Is it really that bad?” “It’s worse, but we don’t have time to get into the details. You’re the expert on this section of the galaxy. I need you to find the fleet a hiding hole. Somewhere away from the known jump routes through the Spur. Any system where we can use the few miners we have left to scavenge up some fuel, and get some critical repairs done while we’re at it. And from there either wait for reinforcements or get ourselves patched up enough to limp home. Wherever it is, it needs to be close. I’m not leaving any ships behind because they can’t make the jump.” “Oh. Just that?” The lieutenant knew that Arien’Ra were strict herbivores, but with the look that the Admiral shot him, he couldn’t help but think about the fact that his head would easily fit into that giant, molar filled mouth. “And away from any known pirate hideaways. Like I said, our fleet can’t take any more fighting. And find it quickly. It won’t be long before the Dominion fleet locates us.” “I. Uh. Sure. I’ll see what I can find.” Berendarin shrank into the commander’s chair next to the enormous Arien’Ra, desperately wishing he had been more professional. If he had acted like a proper soldier, it might soften the blow of telling the Admiral that what he wanted was next to impossible. If he had a few weeks, he might be able to find something. So much of the Spur was still un-surveyed. The odds of there being anything useful to the Admiral in the databases was absurdly low, and there was even less of a chance he’d be able to find it in time for the information to matter. He began pouring through his notes anyway. It was better than waiting around to die, which, if the situation was as dire as the Admiral made it sound, was the only other option. He spent the next hour lost in his notes, finding nothing, while the bridge crew went about piecing the ship and the fleet back together. The young scientist had all but given up on the Admiral’s impossible request when a raucous cheer went up from everyone on the command deck. “Sir,” The coms officer called out, “The Consul’s Pride just dropped out of subspace and is hailing us, sir. The main communication screen lit up, and Berendarin Lentith looked to see the face of his oldest sister on screen, strapped into the captain’s chair of her dreadnaught. He let out a sigh of relief; Baraquen was his favorite sibling. Her uniform was drenched in a deep orange blood stain at the shoulder, and she was covered in what looked like flecks of green gore from a Xelnassi. The artificial gravity was clearly malfunctioning, as the captain’s restraining harness was the only thing keeping her from floating around her bridge. But the bone plates of her jaw were turned as always into her calm, self assured smile “My apologies for the delay in joining you, Admiral Va. We had some… guests shut down our drive mid jump. We had to deal with them before we rejoined the fleet. I assume there is a plan to get us back to federation space?” “It’s good to see you in one piece, Captain Lentith,” the Admiral responded. He was barely able to keep the relief from his voice. “And there is indeed a plan.” Berendarin returned to his research as the two ranking officers in the fleet went over the details of their current predicament. He was glad his sister had survived, and not just because they were close. It would have been a terrible blow to the whole family to have lost not only their future matriarch, but the ship she commanded as well. A member of his family had been commanding that dreadnaught uninterrupted for the last 5 generations. Military service had never appealed to Berendarin, but his family history was certainly still important. And then the solution to the current problem hit him like a driver round. He let out a gasp and tore into his notes with a fervor. Both Admiral Va and his sister’s projection turned to look at him, but he didn’t notice. After a few seconds of curious silence from the rest of the onlookers, Berendarin practically jumped out of his seat. “Admiral, I think I’ve got something that will work.” The young Lieutenant punched a few commands into his datapad, and a set of stellar coordinates popped up on the navigation terminal. “It’s a main sequence star, about 500 light years from us, fairly close to the edge of the Spur. It’s not anywhere near any established jump routes. The Consul’s Pride made me think of it.” He nodded towards his sister’s face on the ship's screen. “Our great, great grandsire took the Consul’s Pride through the system on her shakedown run a little over 300 cycles ago. Chased a band of Qorthi slavers out of the system. The outer four planets are all gas giants. If we can’t find Helium 3 there, I don’t know where else we should look.” On screen, Captain Lentith looked impressed, but Admiral Va clearly didn’t seem too sure. “We’re supposed to be going away from Dominion forces, not into them. What were the Qorthi doing there?” “There are also four rocky inner worlds in the system, Sir, according to reports from the encounter. Apparently, the third planet is a Class 7 Deathworld, and the Qorthi were running some experiments on the primitive lifeforms there. They were caught completely by surprise by the Consul’s Pride, and it was the first time that she fired her weapons in anger. I can’t find any reports of Dominion ships in that section of the Spur since.” There was a long pause before Va responded. “Good work, Lieutenant. I knew my trust in you wasn’t misplaced.” Admiral Va replied, before turning to the rest of the bridge and booming “Coms! Tactical! Get those coordinates to every ship in the fleet. I want every ship we have left formed up and ready to jump as soon as possible. Any captain who feels that his drives can’t make the jump is to focus all repair efforts on getting their drives functioning immediately. I will transfer repair crews from less damaged ships to more damaged ships if that means we jump even a tick earlier. Get to it everyone. I’m not losing any more of my fleet today.” The four revolution long jump to Science Officer Lentith’s newfound sanctuary had done wonders for Halon Va’s mental state. The initial shock of his fleet's terrible defeat had worn off, and he had been able to focus on what came next. Repair crews were able to stabilize most of his ship's core systems, and he was no longer worried about the life support systems cutting out and killing the rest of his crew. There had also been time for him to visit with the wounded. To thank them for their sacrifices. He had expected it to be an act of contrition, maybe even a chance to start begging for forgiveness. But there had been no anger in his crew, and no blame hung on his horns. Most had just been relieved that he had survived, and had expressed as much. He would be forever grateful to them for that. Most importantly, the four revolutions in hyperspace had given the admiral time to really think about what had gone wrong in the nebula. He had barely rested in the preceding four revolutions, spending every scrap of spare time in his office, pouring over records from the battle. That’s where he found himself now, tucked behind his massive ceramic and titanium alloy desk of Tellarim design. It had been custom made for him upon his promotion to this command, a gift from the high admirals and the council. It was the only luxury that Va allowed in his office. The rest of Va’s space he kept strictly utilitarian. There were no trophies adorning his walls, as was customary for other members of his species. The plain bulkheads of his office were instead lined entirely with screens, and each of them were now filled with footage and reports from the battle, running on loop. Va soaked it all in. The more he watched, the more a singular conclusion crystallized in his mind. He had done everything right; he was sure of that now. 1000 years of doctrine and theory for fighting the Dominion had gone into his preparation for that battle, and he had followed it to the letter. And he had been winning. Then that attack on his flank by the Zelnassi had blown all of that out of the airlock. Something significant had changed in the way the Dominion fought... Commander Vortith’s voice rang out over the com system. ”Admiral Va, we’ll be transitioning back to real space in moments.” “Thank you. I’ll be there shortly. And get Science Officer Lentith to the bridge. I want him nearby just in case. He’s the only one who has any idea of where we are.” The Admiral pulled himself from his desk. He would have to leave the rest of his analysis for later. There was just enough time for him to reach the bridge and settle into his command chair before the Horns of Glory snapped back to real space. This time, the inertial dampeners held. “Tactical, status report.” “All ships accounted for, Admiral. Though the Consul’s Pride, several cruisers, and three of our escorts are all reporting massive failures in their Drive Cores. They won’t be jumping anywhere anytime soon.” “Wonderful.” Va wasn’t sure if he meant that sarcastically or not. “Get scans up and running and deploy the pickets that aren’t crippled in a standard scouting formation. How close are we to the nearest gas giant?” “We’re approximately half a light tick from the system’s innermost gas giant, sir.” “Excellent. Deploy the rest of the fleet. Put us in a high orbit around the planet in a defensive formation, and get our miners working immediately. Once our orbit is stable, I want every hand, paw and hoof in the fleet working on repairs.” “Yes sir.” Admiral Va settled into his command chair for a long shift. It would be a drawn out, boring process to refuel the ships. With his fleet limping along, and only two functioning miners, it would take far longer than it should. After all the chaos of the last few revolutions, boring would be a welcome change of pace. Va started to relax, sinking into his chair’s acceleration padding. His fleet and his crews were finally safe. The first priority would be to get one of the subspace beacons repaired and to get word back to the Federation that the fleet still existed. And hopefully call for aid. He was sure to be stripped of his rank as soon as contact was made, but hopefully he would avoid a Tribunal. That was an unpleasant prospect… “Sir, we have unidentified ship signatures appearing from around the planet we’re approaching.” Va had never heard panic in the voice of his young sensors officer before, but it was certainly there now. Va understood the sentiment, though. He found it difficult to keep the panic from his own voice as he started issuing orders “Bring the fleet up to combat status immediately. How many ships are there?” “I’m showing 35 individual signatures. All approaching us at combat speed and still accelerating. At current speeds, they will intercept us in just over 30 ticks, sir.” “I want details as soon as you have them, Lieutenant. Size, make, estimated firepower. Who they are. And keep scanning the system. Find out where they came from.” The panic had partially subsided for Va. 35 unknowns was not too terrible a threat. He still had almost 240 warships under his command. Still, if there was a way to avoid combat, he had to try. His fleet couldn’t suffer any more losses. “Coms, any attempt by these unknown ships to contact us?” “I”m not sure, sir,” the diminutive Jezren at the coms replied. “There’s nothing on standard communications channels. The ships are transmitting something, but I can’t figure out what it is.” “Admiral,” the Lieutenant at the sensors station called out. “I think I might have an idea of where these ships came from. Preliminary scans show there is extensive urbanization on the third and fourth planets, as well as what appear to be habitation sized artificial satellites around the second and sixth planets. One of the moons of the gas giant we’re approaching shows signs of habitation as well. All of them are emitting significant signal pollution. This system clearly already belongs to someone, and they’re broadcasting everywhere.” Halon Va, High Admiral of the Combined Federation Fleets, turned, slowly and with as much composure as he could muster, to face the young science officer seated to his left. Berendarin sat, mouth agape, staring transfixed at the sensor readouts in front of him. Va had never seen a Vorqual more confused in his life. “I want answers, Officer Lentith.” “I… I don’t.. This doesn’t make any sense,” the young science officer stammered. “There shouldn’t be anything here.” “Admiral,” The comms officer cut in, “The signal that we’re picking up from the unknown ships is definitely some kind of communication. I managed to put together audio from it.” “Play it,” commanded Va. A series of short, guttural, and completely unintelligible sounds came over the speakers in reply. There was a short pause before the sounds repeated themselves again. “Coms, what was that?” “No idea, sir, but it’s being transmitted on loop. If it is intended as a communication, our translators have no idea what to do with it.” “Admiral.” The voice came from Va’s left, and was barely audible. Va turned yet again to look at the young science officer. His gaze was locked on the tactical readout, and there something in his eyes that Va couldn’t recognize. A mixture of pure terror and something else. Was it wonder? The young Vorqual’s voice was still barely above a whisper when he continued to address the admiral: “I think we should run the transmission through First Contact Protocols.” Captain Benjamin Alvarez-León slammed against his restraining harness as the USCS Aurora started it’s decel burn. He had pushed the engines on the outdated cruiser to their limits, and the ship groaned in protest as it started counteracting his rather zealous acceleration orders. He hoped that his mad scramble with his small squadron of outdated ships had been an overreaction. The alternative was something he’d rather not think about. All Ben had was the reserves; the rest of the fleet was on maneuvers at Sirius. The Admiralty had wanted to test the new, fully modernized fleet’s maneuvering abilities in the gravwell of a binary system. And, in their infinite wisdom, they decided they needed ALL of the new fleet assets, leaving nothing in Sol except for the handful of cruisers and escorts that couldn’t match the capabilities of the modern ships. A handful of cruisers and escorts that were now hurtling towards more than 200 unknown contacts. It was the unknown part of all of this that was unnerving Ben. There were no familiar energy signatures. No familiar scan data. No IFF. No signals coming off the contacts of any kind for that matter. Two of the contacts were too big to even be ships. If it wasn’t for the fact that they were moving towards Jupiter in formation, Ben wouldn’t even think they WERE ships. “So what do you think, Alexi?” Ben asked, turning towards his second in command. “You and the rest of the bridge crew are always making inane bets. Have you whipped up an over-under for what we’re throwing ourselves at yet?” “Haven’t had time,” came the quick reply from Ben’s right. The short, stocky man from Vladivostok was missing his trademark joviality. “Though, my money is on them being Ithacan, sir.” Ben bristled at Alexi calling him sir. They’d been friends for twenty years, damnit, and had been practically joined at the hip since going through the Academy together. Outranking him still felt a little off. Now was hardly the time to worry about formalities, though. “What makes you think they're from Ithaca?” “It’s the only thing that makes sense. The locals have been getting increasingly radical, and Ithaca is the only sector where reports of piracy have been increasing.” “Yeah, I could see a rebellion coming from Ithaca,” Ben added slowly, turning over that scenario in his head. “But there’s no way they could swing something of this magnitude. There aren’t even any shipyards in the sector. And even if there were, there’s no way they could keep the construction of over two hundred ships a secret.” Alexi could only offer him a shrug in response. It was at that moment that the coms station informed him there was a transmission incoming from the unidentified ships. Ben instructed the ensign to play it, and the bridge was suddenly filled with a stream of grotesque bleating noises and strange grunts, with the occasional recognizable syllable interspersed throughout the transmission. Ben thought he picked out ‘dentify’ from the mess, but he wasn’t sure. There was a long moment of silence on the bridge. “What the hell was that?” When no one had any answers for him, Ben tapped his command console and recorded a new message to broadcast. “This is Captain Alvarez of the USCS Aurora. Unidentified ships, please clarify. Your transmission is badly garbled. We did not receive your identification. You are still trespassing in Commonwealth space and are on an unauthorized course towards Jupiter. Begin decelerating immediately and re-identify yourselves.” He wouldn’t admit it to the crew, but Ben was profoundly unsettled. Something was deeply, deeply wrong about this whole situation. Not only was he vastly outnumbered by these things, but they were unwilling to communicate properly. He was almost believing this whole thing was some kind of bizarre prank. “How much longer before we can get a decent visual on these things? “Any moment now, sir.” A new transmission arrived just then, and Ben had it played back immediately. This time, instead of almost bovine bleats and grunts, the sounds coming over the speakers were mostly intelligible. Or, they would have been, if any of the syllables were in the right order. It was almost like a toddler was rattling off all of his new favorite sounds, spitting them out in a random order and not knowing how they went together. There were still a few heavy grunts sprinkled in, just for good measure. Before Ben could process this new joke of a transmission, the contacts finally started slowing. In a matter of moments, the strange wall of contacts was hanging lazily in Jupiter’s orbit, barely moving fast enough to keep their orbit from decaying. They were still in perfect formation. “Huh. Well, I guess that’s something.” With nothing to do but sit back and wait as his ship closed the distance, Ben tried to relax and began running over all of the possibilities in his mind of what the new contacts could be. He came up with nothing. Well, nothing feasible, anyway. He took a series of long, calming breaths, trying to clear his mind and focus. This was no time for his imagination to be running wild. But he couldn’t shake the feeling that logic was failing him. Something was off. Something… “Captain, bringing visual of the unknown contacts up on screen now.” Ben actually felt his jaw drop. Every contact on his display was clearly a ship. Most were long and spindly, wrapped in layers of some kind of highly reflective armor; a fleet of crystalline arrows hanging in the darkness. The two largest contacts, which Ben had just moments ago thought were too big to be ships, were large enough on the screen for him to clearly see details. In addition to their immense size and strange armor, both ships were dotted with what were clearly weapons platforms, though what kind, Ben couldn’t tell. Noticeably, almost all of the ships on his screen were heavily damaged. Chunks were missing from some ships, and most had deep lines gouged into their hulls. Any form of decorative paint or markings had been burned away. Something had put these ships through absolute hell. But still, the damage could not take away entirely from the elegance of the ship’s designs. They were graceful and sleek, completely different from anything Ben had ever seen before. It was all so different. So strange. So very, very… Alien. Despite every effort he had made to avoid the word, it finally forced itself to form inside Ben’s mind, and forced him to acknowledge the reality that legitimate, extra-Solar life was hanging in the darkness in front of him. It forced him to acknowledge the screams he had been suppressing in the back of his mind. The screams of his imagination crying out in glorious triumph over reality. And with those screams came a deluge of accompanying thoughts and emotions. He was a child again, staring up at the stars above Armstrong and wondering what else, and who else, was out there. He was a teen again, signing his name to the Academy enrollment paperwork, determined to get out there between the stars and see the galaxy himself. He was a young officer again, screaming and pleading with the Admiralty to at least consider a modern First Contact scenario. He was sitting in his command chair now, hurtling towards honest-to-god aliens, all of his dreams made manifest in an instant. He was overwhelmed. He was terrified. And he had never imagined that he could feel such elation. It was the young warrant officer at the coms that snapped Ben out of his reverie. “Sir, the contacts are hailing us on all standard channels, requesting a video feed.” She sounded very, very nervous. Ben immediately stood up, straightening his uniform as best he could. “If they’re anything less than genocidal monsters, I’m going to offer them aid and repairs. As long as they’re peaceful, there’s no reason not to extend them the full hospitality of humanity.” “Ben,” Alexi asked, clearly choosing his words carefully, “Are you sure that’s the… Wisest course of action? How will the Admiralty respond to Goddamned alien ships docking at Hephaestus?” “Alexi, in the 250 years the Commonwealth has existed, the First Contact protocols haven’t been updated since the charter was signed. No one has cared. This has been nothing but a fantasy for most people. I am NOT letting this opportunity get away. Every child that has ever looked up at the stars and wondered finally got an answer, and I will not waste this moment. We’re making friends, the Admiralty and the government be damned.” “You do realize you’re potentially deciding the fate of our entire species on a whim, right?” “Is there someone else you’d prefer to have making this call?” Alexi, apparently deciding that there was not, stood up and straightened his uniform, standing next to his friend as he ordered the connection of the video feed. The channel connected, and the human bridge crew found themselves looking at the bridge of a ship crewed by not one, but three alien races. The largest alien in the center of the screen opened its mouth to speak. This time, instead of bleats and grunts, a choppy, mechanical voice that didn’t sync up to the alien at all proclaimed from the bridge speakers in broken, stuttering English: “I. Am Admiral. Halon. Va. Of the Federation of. Sentient Races. Greetings and. Welcome. To the. Galaxy.” Ben couldn’t suppress his smile. “On behalf of the United Solar Commonwealth, and all of Humanity, greetings, and welcome to Sol. Your ships look like they’ve had a bad time on your way here. If there’s any way we could aid with your repairs, we’d be happy to help.” Slave 782 slammed his right appendage onto the control console hard enough to rupture his outer membrane and smear ichor over the panel. It had been four days since the battle in the nebula, and with the latest round of reports, he finally had to admit that the rest of the Federation fleet had escaped him. It was a minor frustration, all things considered, but the escape prevented this from being a total victory. Still, he had proven his worth to his owners in this battle, and his experiments with the Zelnassi had paid dividends beyond his wildest imagination. He had earned a command today, and with every success in that command, his ability to bargain for his people's freedom only increased. For what he would be asking, it might take the total defeat of the Federation to earn that kind of leverage. Also frustrating, but not a task that he couldn’t handle. It would be a long war, he was sure, but like his owners, he was patient. He would earn his freedom, even if it meant reducing the entire Federation to glass. NEXT
https://github.com/gridcoin-community/Gridcoin-Research/releases/tag/220.127.116.11 Finally! After over ten months of development and testing, "Fern" has arrived! This is a whopper. 240 pull requests merged. Essentially a complete rewrite that was started with the scraper (the "neural net" rewrite) in "Denise" has now been completed. Practically the ENTIRE Gridcoin specific codebase resting on top of the vanilla Bitcoin/Peercoin/Blackcoin vanilla PoS code has been rewritten. This removes the team requirement at last (see below), although there are many other important improvements besides that. Fern was a monumental undertaking. We had to encode all of the old rules active for the v10 block protocol in new code and ensure that the new code was 100% compatible. This had to be done in such a way as to clear out all of the old spaghetti and ring-fence it with tightly controlled class implementations. We then wrote an entirely new, simplified ruleset for research rewards and reengineered contracts (which includes beacon management, polls, and voting) using properly classed code. The fundamentals of Gridcoin with this release are now on a very sound and maintainable footing, and the developers believe the codebase as updated here will serve as the fundamental basis for Gridcoin's future roadmap. We have been testing this for MONTHS on testnet in various stages. The v10 (legacy) compatibility code has been running on testnet continuously as it was developed to ensure compatibility with existing nodes. During the last few months, we have done two private testnet forks and then the full public testnet testing for v11 code (the new protocol which is what Fern implements). The developers have also been running non-staking "sentinel" nodes on mainnet with this code to verify that the consensus rules are problem-free for the legacy compatibility code on the broader mainnet. We believe this amount of testing is going to result in a smooth rollout. Given the amount of changes in Fern, I am presenting TWO changelogs below. One is high level, which summarizes the most significant changes in the protocol. The second changelog is the detailed one in the usual format, and gives you an inkling of the size of this release.
Note that the protocol changes will not become active until we cross the hard-fork transition height to v11, which has been set at 2053000. Given current average block spacing, this should happen around October 4, about one month from now. Note that to get all of the beacons in the network on the new protocol, we are requiring ALL beacons to be validated. A two week (14 day) grace period is provided by the code, starting at the time of the transition height, for people currently holding a beacon to validate the beacon and prevent it from expiring. That means that EVERY CRUNCHER must advertise and validate their beacon AFTER the v11 transition (around Oct 4th) and BEFORE October 18th (or more precisely, 14 days from the actual date of the v11 transition). If you do not advertise and validate your beacon by this time, your beacon will expire and you will stop earning research rewards until you advertise and validate a new beacon. This process has been made much easier by a brand new beacon "wizard" that helps manage beacon advertisements and renewals. Once a beacon has been validated and is a v11 protocol beacon, the normal 180 day expiration rules apply. Note, however, that the 180 day expiration on research rewards has been removed with the Fern update. This means that while your beacon might expire after 180 days, your earned research rewards will be retained and can be claimed by advertising a beacon with the same CPID and going through the validation process again. In other words, you do not lose any earned research rewards if you do not stake a block within 180 days and keep your beacon up-to-date. The transition height is also when the team requirement will be relaxed for the network.
Besides the beacon wizard, there are a number of improvements to the GUI, including new UI transaction types (and icons) for staking the superblock, sidestake sends, beacon advertisement, voting, poll creation, and transactions with a message. The main screen has been revamped with a better summary section, and better status icons. Several changes under the hood have improved GUI performance. And finally, the diagnostics have been revamped.
The wallet sync speed has been DRASTICALLY improved. A decent machine with a good network connection should be able to sync the entire mainnet blockchain in less than 4 hours. A fast machine with a really fast network connection and a good SSD can do it in about 2.5 hours. One of our goals was to reduce or eliminate the reliance on snapshots for mainnet, and I think we have accomplished that goal with the new sync speed. We have also streamlined the in-memory structures for the blockchain which shaves some memory use. There are so many goodies here it is hard to summarize them all. I would like to thank all of the contributors to this release, but especially thank @cyrossignol, whose incredible contributions formed the backbone of this release. I would also like to pay special thanks to @barton2526, @caraka, and @Quezacoatl1, who tirelessly helped during the testing and polishing phase on testnet with testing and repeated builds for all architectures. The developers are proud to present this release to the community and we believe this represents the starting point for a true renaissance for Gridcoin!
Most significantly, nodes calculate research rewards directly from the magnitudes in EACH superblock between stakes instead of using a two- or three- point average based on a CPID's current magnitude and the magnitude for the CPID when it last staked. For those long-timers in the community, this has been referred to as "Superblock Windows," and was first done in proof-of-concept form by @denravonska.
Network magnitude unit pinned to a static value of 0.25
Max research reward allowed per block raised to 16384 GRC (from 12750 GRC)
New CPIDs begin accruing research rewards from the first superblock that contains the CPID instead of from the time of the beacon advertisement
500 GRC research reward limit for a CPID's first stake
6-month expiration for unclaimed rewards
10-block spacing requirement between research reward claims
Rolling 5-day payment-per-day limit
Legacy tolerances for floating-point error and time drift
The need to include a valid copy of a CPID's magnitude in a claim
10-block emission adjustment interval for the magnitude unit
One-time beacon activation requires that participants temporarily change their usernames to a verification code at one whitelisted BOINC project
Verification codes of pending beacons expire after 3 days
Self-service beacon removal
Burn fee for beacon advertisement increased from 0.00001 GRC to 0.5 GRC
Rain addresses derived from beacon keys instead of a default wallet address
Beacon expiration determined as of the current block instead of the previous block
The ability for developers to remove beacons
The ability to sign research reward claims with non-current but unexpired beacons
As a reminder:
Beacons expire after 6 months pass (180 days)
Beacons can be renewed after 5 months pass (150 days)
Renewed beacons must be signed with the same key as the original beacon
Magnitudes less than 1 include two fractional places
Magnitudes greater than or equal to 1 but less than 10 include one fractional place
A valid superblock must match a scraper convergence
Superblock popularity election mechanics
Yes/no/abstain and single-choice response types (no user-facing support yet)
To create a poll, a maximum of 250 UTXOs for a single address must add up to 100000 GRC. These are selected from the largest downwards.
Burn fee for creating polls scaled by the number of UTXOs claimed
50 GRC for a poll contract
0.001 GRC per claimed UTXO
Burn fee for casting votes scaled by the number of UTXOs claimed
0.01 GRC for a vote contract
0.01 GRC to claim magnitude
0.01 GRC per claimed address
0.001 GRC per claimed UTXO
Maximum length of a poll title: 80 characters
Maximum length of a poll question: 100 characters
Maximum length of a poll discussion website URL: 100 characters
Maximum number of poll choices: 20
Maximum length of a poll choice label: 100 characters
Magnitude, CPID count, and participant count poll weight types
The ability for developers to remove polls and votes
[18.104.22.168] 2020-09-03, mandatory, "Fern"
Backport newer uint256 types from Bitcoin #1570 (@cyrossignol)
Implement project level rain for rainbymagnitude #1580 (@jamescowens)
Upgrade utilities (Update checker and snapshot downloadeapplication) #1576 (@iFoggz)
Provide fees collected in the block by the miner #1601 (@iFoggz)
Add support for generating legacy superblocks from scraper stats #1603 (@cyrossignol)
Port of the Bitcoin Logger to Gridcoin #1600 (@jamescowens)
Implement zapwallettxes #1605 (@jamescowens)
Implements a global event filter to suppress help question mark #1609 (@jamescowens)
Add next target difficulty to RPC output #1615 (@cyrossignol)
Add caching for block hashes to CBlock #1624 (@cyrossignol)
Make toolbars and tray icon red for testnet #1637 (@jamescowens)
Add an rpc call convergencereport #1643 (@jamescowens)
Implement newline filter on config file read in #1645 (@jamescowens)
Implement beacon status icon/button #1646 (@jamescowens)
Add gridcointestnet.png #1649 (@caraka)
Add precision to support magnitudes less than 1 #1651 (@cyrossignol)
Replace research accrual calculations with superblock snapshots #1657 (@cyrossignol)
Publish example gridcoinresearch.conf as a md document to the doc directory #1662 (@jamescowens)
Add options checkbox to disable transaction notifications #1666 (@jamescowens)
Add support for self-service beacon deletion #1695 (@cyrossignol)
Add support for type-specific contract fee amounts #1698 (@cyrossignol)
Add verifiedbeaconreport and pendingbeaconreport #1696 (@jamescowens)
Add preliminary testing option for block v11 height on testnet #1706 (@cyrossignol)
Add verified beacons manifest part to superblock validator #1711 (@cyrossignol)
Implement beacon, vote, and superblock display categories/icons in UI transaction model #1717 (@jamescowens)
Report to appropriate authorities - Report the case to the appropriate authorities, for them to be able to have it looked into.
Change your login details - If you are still able to login to your account then follow the normal procedure to reset your password and other security information. Enable two-factor authentication. This should lock the criminal out of the account.
Notify the exchange/provider - If you have purchased or are storing your currency with a service provider then let them know about the breach and the fraudulent transactions. They may be able to retain some information about the transaction that could come in useful in an investigation.
Will I Recover my Stolen Bitcoin? Once your virtual currency has been stolen it is incredibly unlikely that you will be able to recover it. In theory, it’s possible to track your stolen bitcoin by monitoring the blockchain – in practice, however, this is made difficult by both the anonymous nature of the currency and the fact that the thief will most likely use a bitcoin exchange to trade the currency for normal cash straight away. However, money does leave a trail and you may be able to follow it to the identity of the criminal. How to Recover Stolen Bitcoin and Cryptocurrency
Check your devices for malware - It is worth considering that a malicious software infection may have led to the hacker accessing your currency. Scan the devices you use to handle your currency and make sure they are clean. You can follow our guide on checking for and removing malware here.
Call your bank - If the transaction had related costs that hit your bank accounts - such as transaction fees or deposits - then contact your bank immediately and let them know it is an unauthorized/fraudulent transaction.
Follow the money - You can follow the transactions of the wallet address that your funds were scammed into. If you notice the scammer attempt to transfer funds from the wallet to cryptocurrency exchanges to sell for fiat currency, report to the relevant exchanges immediately. An opportunity to catch the scammer is to follow the money trail through blockchain explorers and trace your lost funds. You can use browser-based blockchain exploring software such as https://blockexplorer.com to ‘follow’ the payment through to an end bitcoin address. Once you have this address you can check whether the owners of the end address(es) appear on http://bitcoinwhoswho.com/. In order to trade crypto to regular money on most popular exchanges, the thief would need to submit KYC (Know Your Customer) information, such as names, addresses, and ID information. Contacting the exchanges can potentially help you to track down the scammer’s identity. This is another reason why it is important for you to file a police report as soon as the incident has taken place.
Hire a Verified Recovery Expert - If you are willing to pay a decent amount for the return of your funds there are websites where you can post a bounty. Experienced blockchain searchers will investigate the theft and see if they can recover the funds for a price. Check out the list of verified recovery experts.
How to Avoid your Cryptocurrency Being Stolen in Future
Don’t talk publicly about owning virtual currency - If it is easy to work out that you own a cryptocurrency from your social media activity then you are much more likely to be a target.
Use multi-factor authentication - Ensure that you have multi-factor authentication enabled. Use an authenticator app rather than the SMS option. If the option to disable SMS authentication exists then do it.
Use a new email address and complex password to set up the account - A new, clean email address that you will only use for the virtual currency account is best. This reduces the chance of you being targeted via your email account.
Usea ‘cold-wallet’ - Keep your cryptocurrency off the internet, in a "cold wallet." "Cold wallet" is not a brand, it's a concept of storing bitcoins offline (not connected to the internet) so that it reduces the opportunities for hackers to steal via online techniques.
Spread your investments across exchanges - A number of exchanges have been breached. Spread your investments across exchanges to minimize the impact.
Get secure - Take time to improve your general online security. Use sites like getting Safe Online and Cyber Aware to understand what good security looks like and make changes. I was personally able to recover my lost bitcoin with the help of Express Recovery Pro – [email protected]
I decided to completely rewrite the long form piece on my transition and detransition. I kind of feel like it barely scratches the surface, but it's almost 2,500 characters long, so I can't add to it without taking anything out. Feedback much appreciated.
I was born in 1983, and as I sit writing this, I am 36 years old. I am female. I have always been female, but for nearly a decade, starting in my mid-teens, I was in denial of this fact, and I took drastic measures to conceal it, including testosterone injections commencing shortly after my 18th birthday, a double mastectomy shortly after my 20th birthday, and cumulating in a second surgery on my chest, which was supposed to correct the poor aesthetic outcome of the first surgery, but instead was so badly botched that it threw me into a crisis which fortunately led to my detransitioning, although this word did not exist at that time, and I was, for all intents and purposes, in uncharted territory. In retrospect, I am glad that I experienced this wake up call when I did, and did not remain on testosterone any longer, because, unbeknownst to me at the time, the testosterone had caused me to develop vaginal and uterine atrophy, which led to a pelvic organ prolapse, which I will be dealing with for the rest of my life. If I had remained on testosterone longer, and my pelvic organ prolapse had been diagnosed while I was still under the care of gender doctors, I think it is very likely that I would have ended up having a hysterectomy. Today, as the mother of a toddler age son, I am very grateful that I did not lose my fertility. At the time though, it was impossible for me to imagine any kind of future for myself, all I knew was that I could not follow the transgender path any longer. I had been indoctrinated by the nascent transgender ideology into believing that transition was the only effective treatment for gender dysphoria, and that those who could not transition, or who "failed" at transition, inevitably committed suicide. Simultaneously I had been made to understand that it was unacceptable for trans people who had been harmed by botched surgeries or the side effects of hormone treatments to talk openly about their experiences, or to express regret, because this would supposedly result in other trans people being denied these "lifesaving treatments". I, who had once loudly advocated for "trans rights", and against "gatekeeping", and the requirement to wait until turning 18 to begin medical transition, now found myself voiceless. It seemed that my only option was to disappear. In the aftermath of my botched second chest surgery, I became addicted, first to prescription painkillers, and then to heroin. Eventually I came to two realizations, firstly, that I needed to stop harming my body, whether through transition, through drugs, or whatever, because I would probably be alive a long time, wether I liked it or not, and the unhealthier I made myself, seeking to avoid suffering, the more I would actually have to suffer. Secondly, that I needed to take accountability for my actions, because my self-destructive behavior was not merely self destructive, but rather the direct and indirect cause of harm to others, often through the glamorization of self-destructive behavior, which seemed to come naturally to me. When I got clean, I was fortunate to get support from other recovering addicts who shared their experience, strength and hope with me, and showed me by example that another way of life was possible, even for those, like myself, who had plumbed the depths of depravity. The first step was getting honest with myself, and I did. I became aware of the myriad ways in which my unwillingness to accept reality, and my struggle to manipulate reality, which I had once regarded as necessary, and even as heroic, had resulted in my descent to ever increasing levels of hopelessness and despair. For me it became clear that my unwillingness to accept reality, my attempt to escape into fantasy, and my willingness to harm myself and others to maintain an illusion of control, had begun in childhood, and that my identification as male, my involvement in extremist antifa and anarchist groups, and my drug use had all been different ways of acting out this same dysfunctional approach. This awareness, and the belief that another way of life was possible, restored me to sanity. I had been relieved of a colossal burden, the belief that I had to control everyone and everything in order to survive, but life for me as a detransitioned woman was not always easy. Not only did I have ongoing health problems as a result of the harm that medical transition had done to my body, but my deep voice and lack of breasts caused me to stick out from other females, resulting in me sometimes being mistaken for a transwoman. The difference was that, unlike when I was attempting to "live as male", I did not inflate these experiences and allow them to occupy every waking moment of my life. I found that it was possible to practice self acceptance, even while still experiencing regret. Despite my desire to find a man, fall in love, and start a family of my own, I discovered that the changes I had made to my body had rendered me unattractive to most men, and that those few men who were attracted to me often had pedophile tendencies or other paraphilias, such as an amputation fetish. For this reason, I remained single, and largely celibate. I was also still struggling with some of the problems which had perhaps contributed to my belief that transition would help me, such as my undiagnosed autism spectrum disorder. It is possible that even if I had not transitioned, that I would have been unable to find a husband, because of my poor social skills, but I will never know. One thing I have come to understand is that I have no control over the past, and that it is pointless to speculate over "alternative timelines" which do not exist. Freed from the self obsession which had dominated my life in my trans days, I was able to pursue things outside myself which were infinitely more interesting, such as teaching myself German, reading lots of books, including medieval literature, and especially Icelandic sagas, developing an appreciation of obscure baroque era composers, and learning to identify all of the flowering plants native to the Washington, D.C. Metropolitan Area while photographing them in their natural habitats. Several years ago, I noticed that the transgender ideology was no longer a fringe phenomenon, as it had been when I first encountered it, and in retrospect still was when I escaped it. Not only was it becoming omnipresent in the mainstream media, but many people who I had previously told of my traumatic experience with transition, who had reacted sympathetically at the time, were now being reeducated to think that it was bigoted to bring the "triumphal narrative" of transition into question, the way I did by simply talking about my own experiences. Some tried to pressure me into identifying as "non-binary", others suggested that I attend a "transgender support group" when the subject of my chronic health problems came up. I felt support being quietly withdrawn. I was on the defensive. I felt put on the spot when people would ask for my pronouns, or otherwise go out of their way to imply that they assumed I must somehow be transgender. I did not know how to deal with this. I thought that I had more or less successfully managed to leave this chapter of my life in the past, but now it seemed to have caught up with me. It was for this reason, in part, that I made the decision to leave the US, where I had been born, raised, and had all my experiences with transition and detransition, behind, and to remain here in Austria, after visiting in the summer of 2015, because I believed the transgender ideology to be a uniquely American phenomenon, and I naively assumed that things here were different. Unfortunately, I was wrong. The transgender ideology may be largely a US invention, but it has been exported and adopted worldwide. Over the past few years symbols of the transgender ideology began to appear on the streets of Vienna, first as graffiti, then as signs in store windows. When I was pregnant with my son and attempting to find breast milk donors for him online, I discovered that many women active in the "alternative" mother scene online in Germany and Austria were raising their toddler age children as transgender, and that any other mothers who dared to question the wisdom of this were swept away in a flood of politically correct criticism. I was appalled. At the same time, I learned that many people who prided themselves on being supportive of "trans rights", including the insistence that young children should be allowed to determine their own "gender" and then be placed on a medical pathway before puberty if their chosen "gender" happened to clash with their "assigned sex", were in reality so ignorant of the primitive state of transgender medicine that they actually believed the doctors would be able to change the children´s sexes. They did not understand that "sex change" is a trans medical industry propagated myth, and that the children would actually be subjected to cosmetic procedures, which could go very wrong, and even best-case scenario would be left infertile and dependent on lifelong medication. Multiple people who I interacted with while pregnant, including some who worked in social services or in doctors’ offices, believed that I was a transwoman, despite the fact that they knew I was pregnant. How could this be? I realized that the apparent adoption of science and reason as guiding principles by current societies was extremely fragile and superficial. Under the surface teemed a bottomless sea of medieval superstition. Most people were not engaging in scientific thinking, but merely passively accepting as truth whatever claims were made by credible seeming authorities, and these messages were rapidly being corrupted by ideology. Last winter I stumbled upon a word that I had never seen before online, and that word was "detransitioner". For the first time, I saw other women, younger than myself, who had been through something like what I had been through, and were talking about it publicly, at a panel in Great Britain. I reached out to some of them online, and soon after I made a twitter account and posted a few videos on YouTube, talking about my story. After all of those years, I was thrilled to no longer be alone with my experience, but quickly I realized that these people, who had found the courage to speak about their experiences, were only the tip of the iceberg. Over the past couple of years, while I had been preoccupied with trying to get pregnant, being pregnant, crying over not being able to breastfeed, and caring for a baby, the number of young people, particularly girls, who were medically transitioning had skyrocketed, resulting in a building tsunami of regret, which trans activists were doing their best to suppress, terrified that thousands of voices sharing stories which called the triumphal narrative of transition into question would result in the rollback of institutional changes which had been rapidly enacted by night and fog. I became familiar with the concept of "Rapid Onset Gender Dysphoria", and although it seemed to be a useful way of explaining how perhaps the majority of teenage girls who are currently transitioning were caught up in the transgender drag net, I was dismayed to see "ROGD teens" contrasted with young children whose gender non-conformity began before puberty, with the implication that this later cohort was "truly trans" and should be put on a medical pathway. When I declared myself to be a "gay male" at the age of 16, changed my name, and socially transitioned, around the turn of the millennium, I did not know any other young people who were on this path. For this reason, which excludes social contagion as a trigger of my trans identification, as well as the fact that I was gender non-conforming as a child, and already experienced persistent thoughts, sometimes expressed verbally, which would easily fall into the category of "gender dysphoria", prior to puberty, I don´t think my experience could be accurately described as "Rapid Onset Gender Dysphoria", despite some superficial biographical similarities with many apparent "ROGD cases", such as having been sexually harassed starting at puberty. I think it´s very likely that if I had been born 20 years later, that I would have been diagnosed with Gender Dysphoria as a child and placed on puberty blockers, which would have prevented my reproductive organs and brain from ever maturing, and would have never had the opportunity for a "rethink" that I, and many ROGD cases, who also, like myself, never took puberty blockers and did not start cross sex hormones until our puberties were largely completed, have had. I also wonder to what extent the apparent onset of "ROGD" in adolescence could be explained by the fact that most detransitioners who were apparent "ROGD cases", although significantly younger than myself, are old enough to have first come in contact with transgender ideology as teenagers. I think it is entirely possible that many, if not most, of them would have also become "trans" in childhood, if they had been exposed to the trans ideology at that point. With the ongoing trend to introduce this ideology to children at younger and younger ages, I wonder if the average age at which minors identify as trans will sink drastically to reflect this. Even if my hypothesis proves to be incorrect, I do not see professionals who speak out against medical transition for dysphoric teens, but seek to burnish their "moderate" credentials by simultaneously supporting medical transition for dysphoric children, as allies. I am neither a radical feminist, nor a "traditionalist", nor do I believe that anyone is "truly trans". My opponent is not trans identified people, but the trans medical industry, and all of it´s enablers, most of whom are not themselves "trans". I object to the medicalization of "gender identity" on ethical grounds. It has been suggested to me that I stick to talking about my own direct experiences, and while I acknowledge the utility of this approach in the context of a support group, I did not decide to start talking openly about my experience with transition and detransition primarily as an aid to processing, but rather to effect change. I reserve the right to form my own opinions, and express them as I see fit, speculating and making generalizations when necessary. This uncompromising approach has unfortunately already resulted in my voice being censored on reddit and other platforms, but after everything I have been through, I can not stand to be dishonest.
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Now that the excitement has simmered down a bit, let's discuss the expansion as a whole. The main thign I liked about this expansion was the theme and the design of the set (and by design, I do not necessarily mean balance, but we will get to that). In fact, many things I really liked.
The cards that give you constant trickle effects while order is not used is really cool.
Evolving cards are a very interesting design. With the Order cards mentioned above, you have a dynamic that encourages patience for a bigger payoff.
Devotion, much like highlander, gives deck-building options that diverge from the usual, something I am a big fan of.
Expanding on underused and underepresented like Firesworn and Wild Hunt were fleshed out to the delight of many. Infact, Wild Hunt is one of the cooler archetypes I have seen in Gwent.
Echo is a really cool design that allows you to use the cards in R1 or 2, instead of hoarding it.
Veil is great new status.
The card art is ABSOLUTELY GLORIOUS. Kudos to the guy who did the art of Smuggle and Dies Irae. That's some Renaissance goodness right there!
So, the ideas were good. Many were great, in my opinion. The theme and feel of the expansion is fatastic. However, the execution was far less optimal. The seasonal tree is probably one of the worst I have seen thus far. Quests like playing 45 bombs or winning rounds by 20 points do not encourage certain aspects of deck building and isn't something you can just do easily as the season goes by. What ended up happening is that players specifically designed stupids decks to get those nodes out of the way, which is not fun. The next issue is the severely skewed balance, giving the impression that many things were not fully playtested. Skellige is probably the worst offender with CDPR stubborny holding on to Second Wind (and other double play abilities), despite it being shown time and time against that they break the game. Scenarios and arguably poison are still as oppressive as before and many of the old binary interactions still exist, despite CDPRs promises to remove those. Some factions really got the short end of the stick in some aspects. For example, Viraxas seems to be the least used and useful of all the evolving cards, Firesworn as an archetype has many design flaws and Echo cards like Dies Irae and the Frost card are very underwhelming compared to the glory of Amphibious Assault and Blood Eagle. Gaunter's Ultimate Challenge is a decent idea of paper that encourages players to explore different factions, and after CDPR reworked the quests, they are also doable by newer players. This part is cool. However, yet another economy nerf, which went unannounced overshadowed that. While CDPR did introduce the daily RP gain, verdict is still out on whether it was a genuine move or a "sorry we got caught" one. In either case, this represents a major problem that has been evolving, which is the growing distance between CDPR and the players. Communication is sorely lacking, changes come unannounced and many of the statements are PR statements. This comes in addition of player feedback being regarded as less relevant, instead referring to algorithms for balancing, which has been shown to be a bad idea. To sum up my thoughts, the ideas, themes and aethetics of the expansion were fantastic and extra kudos to the artists and art design team. However, while the spirit was there, the execution was lacking, both on a technical level, as well as balancing. While the unique situation we are in definitely accounts of some of the issues, I feel like poor practices are taking root and communication is receeding. Once glaring balancing issue have been dealt with, I am sure the expansion will be fine. I am enjoying it so far. But I am becoming increasingly worried about the future and I hope and the Cyberpunk release, as well as Covid are responsible for most of the missteps. Let's your your thoughts of the expansion. And please, be civil and constructive.
Instead of dual wielding, what about paired weapons?
TLDR: what if there were dedicated weapons that came in sets of 2 as a replacement for freeform dual wielding. More of a thought exercise here than a real hope for the next game, but I had a thought about the weird history of dual wielding in the Halo series and how it could be "fixed." Dual wielding has always occupied a weird spot of balance versus functionality, where there's supposed to be a tradeoff of not being able to use grenades or melee in favor of doubled firepower. You still could though, just by dropping the lefthanded weapon in the process. Not much of a drawback, really. The idea of pairing two types of weapons together (plasma pistol and SMG, plasma rifle and pistol) works great in theory, but then those weapons on their own have to not do as much as they do together, so in multiplayer the DMR reigned supreme because it just plain did everything. Or maybe it's entirely broken instead, like two needlers, or just unrelentingly "good enough" like two SMGs beating a shotgun up close. So in Halo 3 things were shuffled around a little, you couldn't pick up two needlers anymore and there's this new spiker thing, but the damage was already done, and the new addition of equipment was yet another reason to not bother with dual wielding because you'd just have to drop it to throw out your bubble shield anyway. The concept was then dropped from most subsequent Halo games. The feature's a neat one, but we see time and time again in all sorts of shooters that doubling someone's firepower, even with "weaker" weapons, is a pretty binary choice between "way overpowered" or "literally not good enough to bother with." Those of you old enough to remember what the phrase "Dual 1886s" means, raise your hand. If you'll excuse a quick genre-hop, I'd like to bring up Dark Souls 2. Please don't leave. Dark Souls 2 introduced something called "powerstancing." It was dual wielding. Any two weapons could be dual wielded if you had a high enough Strength stat, and in theory, it was supposed to reward high-Str builds with this cool option for all their weird weapons. In practice, it did not. See, in Dark Souls, a big draw of using different weapons, even those in the same class (swords, axes, hammers, etc) is that they have different movesets. Dual wielding more or less removed that uniqueness, because while you could have someone powerstancing two swords and maybe make a cool moveset for that, it wouldn't make sense for people powerstancing a sword and a hammer, or an axe and a spear. So, everyone got the same moveset with very minor variations, and as a result, the feature was largely ignored because weapons with cool, useful moves lost all of those and everything played the same. Except for hammers. Hammers were entirely broken and in PVP would stunlock another player so hard that they would simply die, unable to do anything, before you ran out of the ability to continue attacking. It was miserable. So again, the binary choice. Dark Souls 3 ditched dual wielding and introduced something called paired weapons. These were weapons built from the ground up to be dual-wieldable. They had their own special movesets that were totally unique to each other, some had cool special abilities that took the twin nature of weapons into account, and ultimately all the balance issues were solved (or at least solved enough for this post). There were twin straightswords, twin hammers, twin spears, twin katanas, and more, all with their own identity and uses. So my question is, could Halo benefit from the same? Bungie and 343 both have experimented with a heavier version of the plasma rifle with the plasma repeater and the storm rifle, and the idea seemed like you could have this heavier version in place of dual wielding plasma rifles, but then you couldn't actually do that. So what if in some future Halo game, it changes from "Picked up a Plasma Rifle" to "Picked up a pair of Plasma Rifles?" That would let the devs play around with a heavy version while still having the lighter version for faster burst fire. Imagine being able to choose from a single Halo 1 magnum or a pair of Halo 2's Glock-alikes, or each Mauler coming in a set of 2 for the ultimate close-range nightmare, while allowing the poor shotgun to get at least a little bit of range back. And for a bit of fun, each paired weapon could have its own couple unique assassination animations or something. I feel that with the Infinite demo showing off more new additions to Halo's arsenal than we've seen in over a decade, something like paired weapons could make a lot of sense for the future. It would be a way to bring a series-defining feature back while eliminating basically all of the balance issues the mix-and-match nature of it historically has had. Give me thoughts and/or condemnations, Halo fans.
What are SPACs? A special purpose acquisition company (SPAC) is a company formed solely to raise capital through an initial public offering (IPO) for the purpose of acquiring an existing company. SPACs are also called “blank check companies” because they IPO without having any actual business operations. SPACs are generally formed by investors, or sponsors, with expertise in a particular business sector, with the intention of pursuing deals in that area. The founders generally have at least one acquisition target in mind, but they don't identify that target to avoid extensive disclosures during the IPO process. A SPAC generally has two years to complete a deal (by a “reverse merger”) or face liquidation. Companies aiming to go public with this route are typically 1x-5x larger in terms of market cap than the SPAC itself. The SPAC Process The money SPACs raise in an IPO is placed in an interest-bearing trust account. These funds can’t be used except to complete an acquisition or to return the money to investors if the SPAC is liquidated. So, in practice, these companies will typically have a $10 floor on their share price, as that is what must be paid out to holders of shares if the company does not successfully reach a deal. If the deal is not completed in time, the warrants expire worthless and the remaining funds are distributed back to the shareholders. After a SPAC has completed an acquisition the SPAC then trades as any other company listed on an exchange. If you came across a SPAC stock several years after the acquisition, you would likely have no idea it ever started as a SPAC unless you did some research into the company’s history. Finally, the SPAC symbol and name will change to reflect the company that has been purchased. Often the SPAC takes on the name of the new company, but that is not always the case. If you own either common shares or warrants in your brokerage account, those shares will automatically be converted to the new name/symbol. The SPAC is Back SPACs were popular before the financial crisis, but use of SPACs declined following the market meltdown. Recently, though, an excess of capital has led investors to seek out merger and acquisition opportunities more aggressively, and that's led to the return of SPACs. More SPACs went public in 2018 than in any year since 2007, raising more than $10 billion in capital for use in searching for investment opportunities. In 2019, the figure was even higher $13.6 billion —more than four times the $3.2 billion they raised in 2016. SPACs have also now also attracted big-name underwriters such as Goldman Sachs, Credit Suisse, and Deutsche Bank, as well as retired or semi-retired senior executives looking for a shorter-term opportunity. Through May 2020, $9.8 billion has been raised in 21 SPAC IPOs. Recent High Profile SPACs Example 1: SPCE. Before it was Virgin Galactic, it was a SPAC trading under the ticker IPOA. Social Capital Hedosophia raised over $650 million in 2017. Example 2: DKNG. Before it was Draft Kings, it was Diamond Eagle Acquisition Corp. The SPAC originally raised $350 million in May 2019, listing its units under the symbol DEACU, which comprised common shares and 1/3 warrants. When the investors approved the merger, the SPAC's common shares traded at $17.53, a 75% return from the $10 offer price. Example 3: NKLA. Before it was Tesla-killer Nikola, it was VTIQ. VectoIQ Acquisition raised $200 million in a May 2018 IPO. In March 2020, the SPAC agreed to merge with Nikola Corp at an implied enterprise value of about $3.3 billion. The rest is history. Units, Shares and Warrants Units When the IPO occurs, a SPAC generally offers Units – generally at $10 per Unit. These Units are comprised of one share of common stock (Share) and a Warrant (or portion of a warrant) to purchase common stock (generally exercisable at $11.50). Depending on size, prominence/track record of sponsors, and investment bank leading IPO, Units may consist of one Share of common stock plus one full Warrant, ½ of one warrant or ⅓ of one warrant. Shortly after the IPO, the common stock (Shares) and Warrants included in SPAC Units become separable. At that point, the Warrants and Shares trade separately alongside the unseparated Units. Shares SPAC common stock is linked to the SPAC’s secure trust account. SPACs are structured such that the trust account contains at least $10.00 per public share. Liquidity may be limited in the open market for Shares but the defined liquidation term of SPAC common equity can provide for a relatively attractive yield with an option to own a SPAC's future acquisition target. If the SPAC fails to complete a business combination in the required timeframe, all public shares are redeemed for a pro rata portion of the cash held in the trust account. Companies will typically have a $10 floor on their share price, as that is what must be paid out to holders of shares if the company does not successfully reach a deal. Warrants A warrant is like an option but traded like a stock. Warrants provide the owner the right (but not the obligation) to purchase one share of the underlying company at a predetermined price per warrant – typically at $11.50. Almost all SPAC Warrants have a five-year term after any merger has been consummated. However, SPAC warrants, expire worthless if the SPAC can't close a business combination, are thus a binary bet on a five-year warrant on a hypothetical future company. Warrants become exercisable only if the SPAC completes a business combination transaction before the specified outside date. The speculative nature of this Warrants tends to lead to wild price swings. SPAC Tickers SPAC Shares typically trade with a four-character ticker – eg. MNCL The SPAC Units are identified as the Share ticker plus “U” at the end – eg MNCLU Finally, the Warrants are the Share ticker plus “W” at the end – eg MNCLW.
Everything You Always Wanted To Know About Swaps* (*But Were Afraid To Ask)
Hello, dummies It's your old pal, Fuzzy. As I'm sure you've all noticed, a lot of the stuff that gets posted here is - to put it delicately - fucking ridiculous. More backwards-ass shit gets posted to wallstreetbets than you'd see on a Westboro Baptist community message board. I mean, I had a look at the daily thread yesterday and..... yeesh. I know, I know. We all make like the divine Laura Dern circa 1992 on the daily and stick our hands deep into this steaming heap of shit to find the nuggets of valuable and/or hilarious information within (thanks for reading, BTW). I agree. I love it just the way it is too. That's what makes WSB great. What I'm getting at is that a lot of the stuff that gets posted here - notwithstanding it being funny or interesting - is just... wrong. Like, fucking your cousin wrong. And to be clear, I mean the fucking your *first* cousin kinda wrong, before my Southerners in the back get all het up (simmer down, Billy Ray - I know Mabel's twice removed on your grand-sister's side). Truly, I try to let it slide. Idomybit to try and put you on the right path. Most of the time, I sleep easy no matter how badly I've seen someone explain what a bank liquidity crisis is. But out of all of those tens of thousands of misguided, autistic attempts at understanding the world of high finance, one thing gets so consistently - so *emphatically* - fucked up and misunderstood by you retards that last night I felt obligated at the end of a long work day to pull together this edition of Finance with Fuzzy just for you. It's so serious I'm not even going to make a u/pokimane gag. Have you guessed what it is yet? Here's a clue. It's in the title of the post. That's right, friends. Today in the neighborhood we're going to talk all about hedging in financial markets - spots, swaps, collars, forwards, CDS, synthetic CDOs, all that fun shit. Don't worry; I'm going to explain what all the scary words mean and how they impact your OTM RH positions along the way. We're going to break it down like this. (1) "What's a hedge, Fuzzy?" (2) Common Hedging Strategies and (3) All About ISDAs and Credit Default Swaps. Before we begin. For the nerds and JV traders in the back (and anyone else who needs to hear this up front) - I am simplifying these descriptions for the purposes of this post. I am also obviously not going to try and cover every exotic form of hedge under the sun or give a detailed summation of what caused the financial crisis. If you are interested in something specific ask a question, but don't try and impress me with your Investopedia skills or technical points I didn't cover; I will just be forced to flex my years of IRL experience on you in the comments and you'll look like a big dummy. TL;DR? Fuck you. There is no TL;DR. You've come this far already. What's a few more paragraphs? Put down the Cheetos and try to concentrate for the next 5-7 minutes. You'll learn something, and I promise I'll be gentle. Ready? Let's get started. 1.The Tao of Risk: Hedging as a Way of Life The simplest way to characterize what a hedge 'is' is to imagine every action having a binary outcome. One is bad, one is good. Red lines, green lines; uppie, downie. With me so far? Good. A 'hedge' is simply the employment of a strategy to mitigate the effect of your action having the wrong binary outcome. You wanted X, but you got Z! Frowny face. A hedge strategy introduces a third outcome. If you hedged against the possibility of Z happening, then you can wind up with Y instead. Not as good as X, but not as bad as Z. The technical definition I like to give my idiot juniors is as follows: Utilization of a defensive strategy to mitigate risk, at a fraction of the cost to capital of the risk itself. Congratulations. You just finished Hedging 101. "But Fuzzy, that's easy! I just sold a naked call against my 95% OTM put! I'm adequately hedged!". Spoiler alert: you're not (although good work on executing a collar, which I describe below). What I'm talking about here is what would be referred to as a 'perfect hedge'; a binary outcome where downside is totally mitigated by a risk management strategy. That's not how it works IRL. Pay attention; this is the tricky part. You can't take a single position and conclude that you're adequately hedged because risks are fluid, not static. So you need to constantly adjust your position in order to maximize the value of the hedge and insure your position. You also need to consider exposure to more than one category of risk. There are micro (specific exposure) risks, and macro (trend exposure) risks, and both need to factor into the hedge calculus. That's why, in the real world, the value of hedging depends entirely on the design of the hedging strategy itself. Here, when we say "value" of the hedge, we're not talking about cash money - we're talking about the intrinsic value of the hedge relative to the the risk profile of your underlying exposure. To achieve this, people hedge dynamically. In wallstreetbets terms, this means that as the value of your position changes, you need to change your hedges too. The idea is to efficiently and continuously distribute and rebalance risk across different states and periods, taking value from states in which the marginal cost of the hedge is low and putting it back into states where marginal cost of the hedge is high, until the shadow value of your underlying exposure is equalized across your positions. The punchline, I guess, is that one static position is a hedge in the same way that the finger paintings you make for your wife's boyfriend are art - it's technically correct, but you're only playing yourself by believing it. Anyway. Obviously doing this as a small potatoes trader is hard but it's worth taking into account. Enough basic shit. So how does this work in markets? 2. A Hedging Taxonomy The best place to start here is a practical question. What does a business need to hedge against? Think about the specific risk that an individual business faces. These are legion, so I'm just going to list a few of the key ones that apply to most corporates. (1) You have commodity risk for the shit you buy or the shit you use. (2) You have currency risk for the money you borrow. (3) You have rate risk on the debt you carry. (4) You have offtake risk for the shit you sell. Complicated, right? To help address the many and varied ways that shit can go wrong in a sophisticated market, smart operators like yours truly have devised a whole bundle of different instruments which can help you manage the risk. I might write about some of the more complicated ones in a later post if people are interested (CDO/CLOs, strip/stack hedges and bond swaps with option toggles come to mind) but let's stick to the basics for now. (i) Swaps A swap is one of the most common forms of hedge instrument, and they're used by pretty much everyone that can afford them. The language is complicated but the concept isn't, so pay attention and you'll be fine. This is the most important part of this section so it'll be the longest one. Swaps are derivative contracts with two counterparties (before you ask, you can't trade 'em on an exchange - they're OTC instruments only). They're used to exchange one cash flow for another cash flow of equal expected value; doing this allows you to take speculative positions on certain financial prices or to alter the cash flows of existing assets or liabilities within a business. "Wait, Fuzz; slow down! What do you mean sets of cash flows?". Fear not, little autist. Ol' Fuzz has you covered. The cash flows I'm talking about are referred to in swap-land as 'legs'. One leg is fixed - a set payment that's the same every time it gets paid - and the other is variable - it fluctuates (typically indexed off the price of the underlying risk that you are speculating on / protecting against). You set it up at the start so that they're notionally equal and the two legs net off; so at open, the swap is a zero NPV instrument. Here's where the fun starts. If the price that you based the variable leg of the swap on changes, the value of the swap will shift; the party on the wrong side of the move ponies up via the variable payment. It's a zero sum game. I'll give you an example using the most vanilla swap around; an interest rate trade. Here's how it works. You borrow money from a bank, and they charge you a rate of interest. You lock the rate up front, because you're smart like that. But then - quelle surprise! - the rate gets better after you borrow. Now you're bagholding to the tune of, I don't know, 5 bps. Doesn't sound like much but on a billion dollar loan that's a lot of money (a classic example of the kind of 'small, deep hole' that's terrible for profits). Now, if you had a swap contract on the rate before you entered the trade, you're set; if the rate goes down, you get a payment under the swap. If it goes up, whatever payment you're making to the bank is netted off by the fact that you're borrowing at a sub-market rate. Win-win! Or, at least, Lose Less / Lose Less. That's the name of the game in hedging. There are many different kinds of swaps, some of which are pretty exotic; but they're all different variations on the same theme. If your business has exposure to something which fluctuates in price, you trade swaps to hedge against the fluctuation. The valuation of swaps is also super interesting but I guarantee you that 99% of you won't understand it so I'm not going to try and explain it here although I encourage you to google it if you're interested. Because they're OTC, none of them are filed publicly. Someeeeeetimes you see an ISDA (dsicussed below) but the confirms themselves (the individual swaps) are not filed. You can usually read about the hedging strategy in a 10-K, though. For what it's worth, most modern credit agreements ban speculative hedging. Top tip: This is occasionally something worth checking in credit agreements when you invest in businesses that are debt issuers - being able to do this increases the risk profile significantly and is particularly important in times of economic volatility (ctrl+f "non-speculative" in the credit agreement to be sure). (ii) Forwards A forward is a contract made today for the future delivery of an asset at a pre-agreed price. That's it. "But Fuzzy! That sounds just like a futures contract!". I know. Confusing, right? Just like a futures trade, forwards are generally used in commodity or forex land to protect against price fluctuations. The differences between forwards and futures are small but significant. I'm not going to go into super boring detail because I don't think many of you are commodities traders but it is still an important thing to understand even if you're just an RH jockey, so stick with me. Just like swaps, forwards are OTC contracts - they're not publicly traded. This is distinct from futures, which are traded on exchanges (see The Ballad Of Big Dick Vick for some more color on this). In a forward, no money changes hands until the maturity date of the contract when delivery and receipt are carried out; price and quantity are locked in from day 1. As you now know having read about BDV, futures are marked to market daily, and normally people close them out with synthetic settlement using an inverse position. They're also liquid, and that makes them easier to unwind or close out in case shit goes sideways. People use forwards when they absolutely have to get rid of the thing they made (or take delivery of the thing they need). If you're a miner, or a farmer, you use this shit to make sure that at the end of the production cycle, you can get rid of the shit you made (and you won't get fucked by someone taking cash settlement over delivery). If you're a buyer, you use them to guarantee that you'll get whatever the shit is that you'll need at a price agreed in advance. Because they're OTC, you can also exactly tailor them to the requirements of your particular circumstances. These contracts are incredibly byzantine (and there are even crazier synthetic forwards you can see in money markets for the true degenerate fund managers). In my experience, only Texan oilfield magnates, commodities traders, and the weirdo forex crowd fuck with them. I (i) do not own a 10 gallon hat or a novelty size belt buckle (ii) do not wake up in the middle of the night freaking out about the price of pork fat and (iii) love greenbacks too much to care about other countries' monopoly money, so I don't fuck with them. (iii) Collars No, not the kind your wife is encouraging you to wear try out to 'spice things up' in the bedroom during quarantine. Collars are actually the hedging strategy most applicable to WSB. Collars deal with options! Hooray! To execute a basic collar (also called a wrapper by tea-drinking Brits and people from the Antipodes), you buy an out of the money put while simultaneously writing a covered call on the same equity. The put protects your position against price drops and writing the call produces income that offsets the put premium. Doing this limits your tendies (you can only profit up to the strike price of the call) but also writes down your risk. If you screen large volume trades with a VOL/OI of more than 3 or 4x (and they're not bullshit biotech stocks), you can sometimes see these being constructed in real time as hedge funds protect themselves on their shorts. (3) All About ISDAs, CDS and Synthetic CDOs You may have heard about the mythical ISDA. Much like an indenture (discussed in my post on $F), it's a magic legal machine that lets you build swaps via trade confirms with a willing counterparty. They are very complicated legal documents and you need to be a true expert to fuck with them. Fortunately, I am, so I do. They're made of two parts; a Master (which is a form agreement that's always the same) and a Schedule (which amends the Master to include your specific terms). They are also the engine behind just about every major credit crunch of the last 10+ years. First - a brief explainer. An ISDA is a not in and of itself a hedge - it's an umbrella contract that governs the terms of your swaps, which you use to construct your hedge position. You can trade commodities, forex, rates, whatever, all under the same ISDA. Let me explain. Remember when we talked about swaps? Right. So. You can trade swaps on just about anything. In the late 90s and early 2000s, people had the smart idea of using other people's debt and or credit ratings as the variable leg of swap documentation. These are called credit default swaps. I was actually starting out at a bank during this time and, I gotta tell you, the only thing I can compare people's enthusiasm for this shit to was that moment in your early teens when you discover jerking off. Except, unlike your bathroom bound shame sessions to Mom's Sears catalogue, every single person you know felt that way too; and they're all doing it at once. It was a fiscal circlejerk of epic proportions, and the financial crisis was the inevitable bukkake finish. WSB autism is absolutely no comparison for the enthusiasm people had during this time for lighting each other's money on fire. Here's how it works. You pick a company. Any company. Maybe even your own! And then you write a swap. In the swap, you define "Credit Event" with respect to that company's debt as the variable leg . And you write in... whatever you want. A ratings downgrade, default under the docs, failure to meet a leverage ratio or FCCR for a certain testing period... whatever. Now, this started out as a hedge position, just like we discussed above. The purest of intentions, of course. But then people realized - if bad shit happens, you make money. And banks... don't like calling in loans or forcing bankruptcies. Can you smell what the moral hazard is cooking? Enter synthetic CDOs. CDOs are basically pools of asset backed securities that invest in debt (loans or bonds). They've been around for a minute but they got famous in the 2000s because a shitload of them containing subprime mortgage debt went belly up in 2008. This got a lot of publicity because a lot of sad looking rednecks got foreclosed on and were interviewed on CNBC. "OH!", the people cried. "Look at those big bad bankers buying up subprime loans! They caused this!". Wrong answer, America. The debt wasn't the problem. What a lot of people don't realize is that the real meat of the problem was not in regular way CDOs investing in bundles of shit mortgage debts in synthetic CDOs investing in CDS predicated on that debt. They're synthetic because they don't have a stake in the actual underlying debt; just the instruments riding on the coattails. The reason these are so popular (and remain so) is that smart structured attorneys and bankers like your faithful correspondent realized that an even more profitable and efficient way of building high yield products with limited downside was investing in instruments that profit from failure of debt and in instruments that rely on that debt and then hedging that exposure with other CDS instruments in paired trades, and on and on up the chain. The problem with doing this was that everyone wound up exposed to everybody else's books as a result, and when one went tits up, everybody did. Hence, recession, Basel III, etc. Thanks, Obama. Heavy investment in CDS can also have a warping effect on the price of debt (something else that happened during the pre-financial crisis years and is starting to happen again now). This happens in three different ways. (1) Investors who previously were long on the debt hedge their position by selling CDS protection on the underlying, putting downward pressure on the debt price. (2) Investors who previously shorted the debt switch to buying CDS protection because the relatively illiquid debt (partic. when its a bond) trades at a discount below par compared to the CDS. The resulting reduction in short selling puts upward pressure on the bond price. (3) The delta in price and actual value of the debt tempts some investors to become NBTs (neg basis traders) who long the debt and purchase CDS protection. If traders can't take leverage, nothing happens to the price of the debt. If basis traders can take leverage (which is nearly always the case because they're holding a hedged position), they can push up or depress the debt price, goosing swap premiums etc. Anyway. Enough technical details. I could keep going. This is a fascinating topic that is very poorly understood and explained, mainly because the people that caused it all still work on the street and use the same tactics today (it's also terribly taught at business schools because none of the teachers were actually around to see how this played out live). But it relates to the topic of today's lesson, so I thought I'd include it here. Work depending, I'll be back next week with a covenant breakdown. Most upvoted ticker gets the post. *EDIT 1\* In a total blowout, $PLAY won. So it's D&B time next week. Post will drop Monday at market open.
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