Free samples for church flyers

Free samples for all!

2016.02.27 17:20 _ihateeverything Free samples for all!

A collection of the most awesome samples ever. Free for all. EDM? Yup. Acoustic? Why yes. Old 80s drum machines? Of course. Gritty hiphop samples too? You bet. Loops, oneshots, kits - you name it.
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2010.02.14 04:20 Philadelphia Flyers

A hoagie-reddit to discuss the hockey team, the Philadelphia Flyers
[link]


2017.04.21 18:26 EagleStrike411 Ann Takamaki Fan Subreddit

A simple (mostly) image community to post about the best P5 girl, Ann Takamaki. Simple rules go as follow: don’t shill for other churches, no obvious trolling, no rude insults to others even if they are breaking the rules or trolling, and no grossly overdone NSFW. Banner by @EvernightStudio on Twitter
[link]


2024.05.15 16:58 FarmerRemote9850 VITA v302.0.7 MOD APK (Removed Watermark)

VITA v302.0.7 MOD APK (Removed Watermark)
https://preview.redd.it/wv8fbvnytl0d1.png?width=200&format=png&auto=webp&s=3f92d15c1d286853b73afe8bb59003fac6f5c96c
Name VITA - Video Editor & Maker
Publisher SNOW Corporation
Genre Video Players & Editors
Size 102MB
Version 302.0.7
MOD Removed Watermark
https://modyolo.co.in/vita-video-editor-make
👆👆👆👆Download Link👆👆👆👆
Also Join us on telegram
https://t.me/official_modyolo
VITA is a cutting-edge app that provides you with several options that are unique to video editing. This is a brand-new art creation application; users can create impressive movies and various other types of videos. The application includes features for efficient use and a series of suggestions for editing content promptly. The application also encourages you to create cinematic works of art and videos that can be used to inspire other users.

SEVERAL IMPRESSIVE VIDEO SAMPLES

The application provides you with various new video template suggestions that you can use to meet your needs. Choosing a demo video will be a very simple process, and you can choose the best template for your needs by looking through the available options. After you’ve selected it, the application will recommend that you record a separate video in the format that the application provides. Within the confines of this application, you are free to use your imagination to choose the images that best suit your preferences.

You can also make your videos by coming up with ideas and then putting those ideas into action yourself. In the sketchpad provided by the app, you will be able to add new images and make notes about your creations. Uploading images and short videos to the platform allows you to create high-quality videos. The application will also provide you with a plethora of new information suggestions that you can use to tailor to your specific needs.

TOOLS FOR EDITING ARTWORK

The application provides a wide range of cutting-edge video editing tools to meet your specific needs. You can use an innovative formatting tool to correct any photos that are incorrectly proportioned that you upload. When making a new video, you can include a one-of-a-kind image transition feature. The application includes a wide range of tools, such as cropping, aligning, and a unique tool for removing fonts from images.

INCREASES THE NUMBER OF EFFECTS

The application provides access to a wide range of one-of-a-kind effects, which you can use. You can choose the desired effect by typing keywords or writing down the ones you prefer. The application offers a variety of one-of-a-kind animation effects that you can use to create the best movies possible. Users will discover that the application provides exclusive special effects and extras that they will not find anywhere else.

INSERT NEW TEXT

This app allows you to add featured text to the videos you make. Users can add text to videos by selecting text from various sources, copying it, and pasting it into the video. Because this is so simple, it will reduce the time it takes to perfect your video and ensure it is as fresh as possible. This application can also add text effects to music videos and automatic subtitles to film clips. You can change the font as well as the font size to better suit your needs.

STICKERS THAT WERE SHOWN

The application will occasionally suggest stickers for you to use in your videos. You want to hide or remove some elements, but you’re afraid that doing so will ruin the image. Applying one of these stickers to the video will make it more memorable. This application provides you with access to a wide range of new and unique sticker themes, allowing you to choose the option that best suits your needs. The application wants you to use all of the stickers available to you.
submitted by FarmerRemote9850 to Modifiedmods [link] [comments]


2024.05.15 16:56 QuietChemist93 [Sell] [US to US] Alkemia, Bpal, niche, etc - price drops

Hello! I have some samples and a few FS for sale.
•First order gets a free sample of Xerjoff Lira!
[•Add $4.50 for shipping - I ship out same day via USPS•] [Buy 2 FS get free shipping] Any questions feel free to pm me.
~Alkemia~
Gifts of the Magi - 5ml FS $15
As Dark Things Are Meant to Be Loved - 5ml FS $15
Caveau des Innocents - LABDANUM, VANILLA INCENSE, TOBACCO, DARK COFFEE, RUM SOAKED PEARS, CARAMEL, HASHISH, CLOVES ($2) or 5ml FS $15
Cidre d’ Automne - FRESHLY PRESSED HEIRLOOM VARIETAL APPLES AND AUTUMNAL SPICES ($3)
Feuillemort- Dying leaves, Tibetan incense, Smoked autumnal spices, Dried grasses and fungi, Cedar ($2)
~BPAL~
Snake Oil - deep, rich, earthy notes swirled with vegetal musks, sugared vanilla bean, and dark spices. 5ml FS $20
The Jeweled Spider - Cigarillo smoke, spatters of ice cream sundae, a supersized mug of coffee, a pile of fruit, and a little bit of curried goat - (very nice tobacco chocolate scent) 5ml FS $20
TKO - LavendeMarshmallow 5ml FS $20
Old Demons of the First Class - Siberian musk, black clove, opoponax, tonka, black pepper, and neroli. ($2)
Chimera - The fiery, volatile scent of cinnamon, thickened by myrrh, honeysuckle, and copal. ($2)
The Mage- gurjum balsam, Sumatran dragon's blood resin, olibanum, galangal, oleo gum resin, and frankincense. ($2)
Voodoo - a midnight scent, evoking images of flickering golden firelight reflecting off the sheen of glistening skin and the jerking shadows of bodies suffused with spiritual ecstasy. A deep, powerful, resonant blend of myrrh, patchouli, vetiver, lime, vanilla, pine, almond and clove. ($2)
Niche EDP’s:
Hiram Green - Slowdive (all natural honey fragrance, very realistic and smooth) 2.2ml Spray - $10
Olympic Orchids
•Woodcut •Night flyer •Dev 2 •Blackbird •Cafe V 1ml samples - ($2 each)
Kerosene Blackmail 0.7ml $2
Jovoy Fire At Will Sweet, warm, gourmand vanilla. A fairly pure, musky vanilla with a sprinkling of brown sugar and a little ambery browning. 5ml edp spray - $12
Xerjoff Uden - Top notes are Citruses, Lemon and Grapefruit; middle notes are Rum, Guaiac Wood, Sandalwood and Rose; base notes are Vanilla, Coffee, Musk and Ambergris. 5ml edp spray - $15
Penhaligon’s Sartorial 5ml spray - $15
Penhaligon’s Castile 5ml Spray - $15
submitted by QuietChemist93 to IndieExchange [link] [comments]


2024.05.15 16:55 rightkindofweird I will handle Math Stats Econ and Programming

Hello, I'm a professional in Statistics, Econometrics and Mathematics. I can also handle all programming tasks (Java, Python, C++, HTML CSS JavaScript and R) at an affordable price. I usually charge 10$ to 20$ per page/ hour. Feel free to check my profile (pinned posts) for testimonials and samples. programming #essays #statistics #DBMS #Maths #Econometrics No upfront payment. Money back guarantee.
submitted by rightkindofweird to PaidHomeworkHelp__ [link] [comments]


2024.05.15 16:53 AnotherRandomPlebe Recommendations or Sample Letter Text for Canonical Transfer

First, allow me to preface this by saying that I've been a fairly long-time lurker but first-time poster. I've actually learned quite a bit here, so I'm grateful to everyone here in our sub.
Without getting too much into particulars, I'm canonically Latin at the moment but looking to transfer ascription. I do have a history with the Eastern Churches (so time and advisement aren't issues per my spiritual father, and he has advised that I start getting the ball rolling, so to speak).
For those that did a transfer -- what did you put in your letter, or would someone have a sample letter I could use as a model?
Essentially, I'm looking for pointers, and have a bit of...writer's block.
Edit: grammar.
submitted by AnotherRandomPlebe to EasternCatholic [link] [comments]


2024.05.15 16:52 TrenchCoatOctopus Cranberry Commonwealth

Cranberry Commonwealth
(By Ray Lederer Art)
((IC))
\Flyers are posted at every local bar and waystation with a list of coordinates at the bottom**
~Haven bound. Haven sound. This is the home we found.~
"Welcome to the Cranberry Commonwealth! Are you seeking a tranquil haven away from factional disputes like those of the Brotherhood? Our Commonwealth eagerly embraces newcomers like yourself! Comprised of settlers, former raiders, scavengers, and diverse individuals united in the pursuit of restoring livability. Our scattered communities across the state offer homes and shops, fostering a protective and nurturing environment. Simply choose a location below, and we'll gladly assist you in finding your place among us. Welcome to your new home."
((OOC))
We are a casual RP community just starting out!
The goal of the Cranberry Commonwealth is to give a place for all from former raiders to settlers to join.
We are not affiliated with any specific faction but do welcome all who choose to adhere to the basic IC rules of the group
-Protect and help one another
-Do not turn against your fellow people
-Don't be a jerk
We plan to not only create a place for casual RP but combat and events as well! It may take some time but we have big plans in store!
If you have any questions please feel free to comment here or drop me a message! Especially if the link doesn't work.
Discord Invite: https://discord.gg/kAVRYd45za
Platform: PC
Your Timezone: EST
UsePlayername: Sparkie-Gearward
Discord Username: zeta.stargazer
Language/Rating: English 18+
submitted by TrenchCoatOctopus to Fallout76Factions [link] [comments]


2024.05.15 16:52 rightkindofweird I will handle Math Stats Econ and Programming

Hello, I'm a professional in Statistics, Econometrics and Mathematics. I can also handle all programming tasks (Java, Python, C++, HTML CSS JavaScript and R) at an affordable price. I usually charge 10$ to 20$ per page/ hour. Feel free to check my profile (pinned posts) for testimonials and samples. programming #essays #statistics #DBMS #Maths #Econometrics No upfront payment. Money back guarantee.
submitted by rightkindofweird to HomeworkHelpGurus [link] [comments]


2024.05.15 16:52 rightkindofweird I will handle Math Stats Econ and Programming

Hello, I'm a professional in Statistics, Econometrics and Mathematics. I can also handle all programming tasks (Java, Python, C++, HTML CSS JavaScript and R) at an affordable price. I usually charge 10$ to 20$ per page/ hour. Feel free to check my profile (pinned posts) for testimonials and samples. programming #essays #statistics #DBMS #Maths #Econometrics No upfront payment. Money back guarantee.
submitted by rightkindofweird to examhelprs [link] [comments]


2024.05.15 16:50 rightkindofweird I will handle Math Stats Econ and Programming

Hello, I'm a professional in Statistics, Econometrics and Mathematics. I can also handle all programming tasks (Java, Python, C++, HTML CSS JavaScript and R) at an affordable price. I usually charge 10$ to 20$ per page/ hour. Feel free to check my profile (pinned posts) for testimonials and samples. programming #essays #statistics #DBMS #Maths #Econometrics No upfront payment. Money back guarantee.
submitted by rightkindofweird to examhelprz [link] [comments]


2024.05.15 16:47 rightkindofweird I will handle Math Stats Econ and Programming

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2024.05.15 16:46 rightkindofweird I will handle Math Stats Econ and Programming

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2024.05.15 16:44 rightkindofweird I will handle Math Stats Econ and Programming

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2024.05.15 16:43 rightkindofweird I will handle Math Stats Econ and Programming

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submitted by rightkindofweird to homeworkhelpNY [link] [comments]


2024.05.15 16:43 rightkindofweird I will handle Math Stats Econ and Programming

Hello, I'm a professional in Statistics, Econometrics and Mathematics. I can also handle all programming tasks (Java, Python, C++, HTML CSS JavaScript and R) at an affordable price. I usually charge 10$ to 20$ per page/ hour. Feel free to check my profile (pinned posts) for testimonials and samples. programming #essays #statistics #DBMS #Maths #Econometrics No upfront payment. Money back guarantee.
submitted by rightkindofweird to AssignmentHelp_Reddit [link] [comments]


2024.05.15 16:33 bostonmovingcompany Discover the Hidden Gems: Things to Do in Woburn, MA

Nestled in the heart of Massachusetts, Woburn offers a unique blend of history, natural beauty, and small-town charm. In this blog post, we’ll take you on a virtual tour of this picturesque town and uncover some of its hidden gems. From historic landmarks to outdoor adventures, there’s so many things to do in Woburn, MA.

Things to do in Woburn, MA:

Exploring Woburn’s Historic Charm:

As you wander through the streets of Woburn, it’s hard not to be captivated by its rich history. The town’s well-preserved architecture and quaint storefronts offer a glimpse into its storied past. Take a stroll down Main Street and admire the elegant Victorian buildings that line the road. Stop by the Woburn Public Library, housed in a beautiful Victorian building, to delve deeper into the town’s history and heritage.
Woburn’s history dates back to the early colonial days when it was first settled in 1640. Originally known as Charlestown Village, the town was later renamed Woburn in honor of Woburn, Bedfordshire, in England. Throughout its history, Woburn has played a significant role in shaping the region, from its involvement in the American Revolution to its contributions to the Industrial Revolution.

Nature and Outdoor Activities:

For nature lovers, Woburn offers plenty of opportunities to explore the great outdoors. Head to Horn Pond, a peaceful oasis in the heart of the town, where you can enjoy a leisurely walk along the shoreline or rent a kayak for a paddle on the water. The Middlesex Fells Reservation, just a short drive from Woburn, is a nature lover’s paradise, with miles of hiking trails, scenic overlooks, and opportunities for wildlife spotting.
In addition one of the best things to do in Woburn, MA is visiting parks and recreational areas where you can enjoy outdoor activities such as picnicking, biking, and birdwatching. Whether you’re looking for a peaceful retreat or an adrenaline-filled adventure, Woburn has something for everyone.

Culinary Delights:

After a day of exploring, treat yourself to a delicious meal at one of Woburn’s many restaurants. Whether you’re in the mood for classic New England seafood, international cuisine, or hearty comfort food, you’ll find plenty of options to satisfy your appetite. Be sure to save room for dessert – Woburn is home to several bakeries and sweet shops where you can indulge in a decadent treat.
If you’re a fan of craft beer or fine wine, you’re in luck – Woburn has several breweries and wineries where you can sample locally-made libations. And for those with a sweet tooth, don’t miss the chance to visit one of Woburn’s ice cream parlors or candy shops for a delicious treat.
Important tips: A Guide to Parks in Boston

Conclusion:

As you can see, Woburn is a hidden gem just waiting to be discovered. With its rich history, natural beauty, and vibrant culinary scene, there’s something for everyone to enjoy in this charming New England town. And if you’re planning a move to or from Woburn, be sure to consider Premium Q Moving and Storage for all your moving and storage needs. With our years of experience and commitment to customer satisfaction, we’ll ensure that your move is smooth and stress-free. Remember, at Premium Q Moving and Storage, we move lives, not things.
Contact Your Favorite Local Movers
Experience a seamless moving experience with Premium Q Moving and Storage as your favorite local movers. Get your personalized quote:
Unlock a seamless journey to your new home with our unparalleled moving services. From meticulous packing to expert transportation, trust us to elevate your move to new heights. Say hello to stress-free moving and goodbye to hassle with our top-tier solutions.

Listen/Watch Life Beyond Boxes Podcast Episodes Below

Catch the latest episode of the Life Beyond Boxes podcast now! Tune in for captivating conversations and eye-opening insights:
Don’t just exist – thrive! Listen to Life Beyond Boxes podcast now on your favorite podcast platform and embark on a journey of self-discovery and empowerment.
Subscribe now for a smoother, stress-free move and a brighter new chapter in your life. Let’s go beyond boxes together!
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2024.05.15 16:31 SpacePaladin15 The Nature of Predators 2-36

First Prev
Star Crossed [Multiple Free Sample Chapters] Patreon Subreddit Discord Paperback NOP2 Species Lore
Memory Transcription Subject: Elias Meier, Former UN Secretary-General
Date [standardized human time]: July 13, 2160
The irritability coursing through my psyche was palpable. Every sound was dialed up to eleven, stabbing at the core of my sensory processing. Constant awareness grated on me after days without sleep, never having any break from the stream of information I needed to digest. There was no way to shut the world off and reset, and no reprieve from the unsettling reality of my physical experience. I was curled up in a ball on the floor, rocking back and forth; I wasn’t sure how much longer I could go on like this.
Virnt scuttled over to me in the spaceship, jostling my shoulder. “Elias? Would you like to turn back from this mission?”
I remembered how I’d spent most of the trip, standing under the water in the shower. There was a special shampoo they’d provided for synthetic hair, like a wig. I held out my phony hand and emptied most of the bottle’s worth of goop, zoning out; I was trying to soak in the distant sensation of liquid running down my spine. Once upon a time, this had been the most relaxing time of my day—letting muscle tension fade away and cleansing grimy skin oils. Now, I knew neither of those two still existed in my day-to-day life to assuage.
Did it even matter to slap soap on some metal frame? There were no consequences of letting hygiene go by the wayside. I didn’t sweat in order to start to reek, and I couldn’t get skin conditions or be affected by bacteria. It could be that I was bathing out of habit, clinging to my old lifestyle, that I kept going to wash up. Perhaps the shower had become my favorite haunt because I felt disgusting in this body. Everything was a reminder that I was an inhuman scrap pile, and it was wearing on my sanity. It wasn’t like anyone related to what I was going through.
I used to spend so much time fussing over making my suits look crisp and perfect—immaculate ties, UN pins adjusted just right. The heavy jackets would trap my body heat in the summer; now, it no longer had that effect. I could bundle up as much as I wanted in 40 degree Celsius heat, unless there was some limit that would fry my circuits. Shit, I might not need a spacesuit in the vacuum of space—I couldn’t freeze or suffocate, after all. Being left out in the void for all eternity didn’t sound that much different from my present experience.
I hate what I’ve become. I hate what they’ve done to me; all I do is think, and every part of my new self lives in the uncanny valley. There’s nothing positive. Maybe it’s time to call it…death was better than this. I can’t bear another day of this hell.
“Hey, stay with me! Distractibility, depression, being unable to maintain concentration—these are natural consequences of sleep deprivation. I’m surprised it carries over without a physical mechanism to grow tired…but I’m working on a sleep suite, I promise,” Virnt said, glossy eyes staring at me.
I groaned. “I’m not tired, but it’s just nonstop. I…I’m having trouble remembering what I read.”
“Here, I’m going to try a temporary fix. You look like you need it. I don’t want you to suffer; just turning you off and on isn’t the same. I’m going to emulate GABA, uh, shut off your optic sensors, decrease the activity in your prefrontal cortex, and simulate delta waves for an hour. We can see if it somewhat fills the need for deep sleep, okay? Relaxation, no processing: worth a shot, right?”
I nodded mutely, staying in the fetal position. I didn’t have the will to move, and I didn’t want to get my hopes up that Virnt’s plan would be any mercy. The sensation of the Tilfish tinkering with my settings was strange, as if my brain was being overridden in the moment. There was no process of falling asleep to give it the air of naturalness. Suddenly, I was blind, trapped in darkness—and a modicum of drowsiness kicked in, limiting my movement. Thoughts died down, offering much-need relief; I faintly wished I could remain in this state.
When I came to, there was a sudden influx of information as the rest mode was switched off; it was hardly a seamless waking, but I’d take it. Peace in my own head was something I’d never take for granted again. I hadn’t thought myself to be a weak-minded individual, but I hadn’t realized how much it wore on you: feeling out of place in your own body every waking second, and not trusting your senses. Brain function had been restored enough that I could get a grip on myself, and rise in my disheveled state. A peek out the window revealed we’d completed our intra-atmosphere transit to the Duerten embassy.
I rubbed my eyes on reflex, but there were no gifts from the Sandman there. “Why couldn’t you have just added everything to start with, Virnt?”
“The humans I talked to said they wouldn’t want to sleep, unless they had to! I put the most focus on your emotional matrix and your facial expressiveness, since I thought that has the highest importance of what makes you human,” the Tilfish replied.
“You could’ve made it at least optional.”
“I sent the option to your holopad for the future, to trigger this program for as long as you’d like. This is a learning process, so I’m sorry for anything that’s off. All trial and error here, but it’s only going to get better! That’s the positive.”
“There are a lot of patches needed. For starters, you’re missing two of the senses: taste and smell. In spite of that, ever since I walked past the Terra Technologies staff eating tater tots, I’ve been craving them at random intervals. I’m not hungry—I can’t consume food!”
“Predator instincts,” Virnt teased. “The Federation was right.”
“I’m serious! Why on Earth would that be a thing? I literally can’t satisfy it, so it’s almost cruel.”
“It’s psychological, Elias. I looked into it after I saw it in your transcript. When humans are under a lot of stress or otherwise feeling down, you seek dopamine from food. It’s something familiar that activated your memories, and promised emotional comfort. That’s why you have the phrase ‘comfort food.’”
“I can already see how the Federation remnants would spin that. A predator’s so-called emotions are tied to food, and stimulate appetite to fulfill their whims.”
“You seem in better spirits. To add to your improved mood, we announced the success of your memory transplant to the world. The response was overwhelmingly positive—history looked back fondly on you. You got a lot of well-wishes, and I was able to get almost all of your social media re-activated. At least, the platforms that are still active.”
“I’m…allowed to share my honest experiences?”
Virnt eased me out of the shuttle, into the sunlight; cameras were waiting, causing me to stiffen. “Of course you can. I’m not here to muzzle you, my friend. Quite the opposite, in fact: I want your experiment documented as thoroughly as possible! You’re the spokesperson for—”
I shielded my face from the reporters, who were lobbing questions. “What is this? I don’t have a prepared statement. This is an ambush.”
“Terra Technologies has a mission of transparency, and improving sapients’ quality of life through digital means. We had to announce such a monumental breakthrough, but you’re under no obligation to speak with them.”
“Good,” a warm voice chimed in from next to me, making me jump. “The poor guy’s come back from the dead, Virnt. Give him a break. He’s here to speak with the Duerten Forum and their ambassador, for some semblance of his old life.”
I turned my head, beaming as I recognized her. “Erin? Oh, sorry: that’s Secretary-General Kuemper, isn’t it? You’ve moved up in the world. The United Nations is in good hands.”
“It’s good to see you, Elias. I bawled my eyes out at your funeral. You cared so much for peace and taking the high road; there isn’t a person out there who could’ve handled first contact with more grace. You inspired me, and an entire generation of future diplomats.”
I embraced Erin, who’d once been a passionate SETI researcher giving me all of the bad news about aliens. As we flailed about in the dark to save humanity and adjust to the galaxy, finally acquiring a few friends, she’d become my Secretary of Alien Affairs. I’d trusted her to do whatever it took to stabilize our extraterrestrial relations. It was a bit of a relief to see a positive reaction from someone I knew; I wasn’t sure how my friends would take my return, but I hadn’t been expecting a welcome with open arms. It brought me solace and comfort to know about the legacy I’d left behind, and the ripple effects my tenure had on the United Nations.
It is strange to see how much she’s aged. That’ll be the reality of anyone that used to be an acquaintance of mine.
The alarm bells pinging in my head faded into the backdrop, and I forgot that the wind gusting against my face only felt like a dull push. My mind slipped away from food cravings that failed to get my mouth to water, how there was no feeling of tightness from my dress shoes, and the stillness of my non-existent diaphragm. I was simply happy to see someone I cared about and enjoyed working with, in my old life. There was safety in having a person I trusted to be on my side. My brain snapped back into diplomat mode, falling into a familiar flow of conversation. If I had nothing else, I still had my social skills—an ability to navigate various cultures.
“So the Duerten Forum agreed to meet with the two of us. They know about the Sivkit attack, but not the full threat,” I spoke aloud, after breaking away from the rather soul-affirming embrace. “I read the strategy meetings for briefing them, and I’m on-board to appeal to nostalgia; humanity saving their homeworld was after my time, but close enough to it that I could serve as a reminder. A blast from the past.”
Erin nodded, her security forming a wall between us and the cameras as we walked toward the embassy. “I always wondered what you’d think of modern Vienna, Elias. All of the aliens willing to be here on our world, and to treat us like people. Friendship used to seem like a pipe dream; we were happy if they’d allow us to exist, tolerate us to that extent. Look at us now.”
“I almost gave up hoping that they could care about us, or stand beside us at all. We couldn’t do it alone then. It’s time we remember to stand together—to rise to the occasion once more. I can’t bear the thought of anything threatening our home, or our friends. I saw enough needless death twenty-four years ago.”
“That pain is a lot more recent to you. It’s completely okay to be wrestling with grief. A billion of ours died.”
“We didn’t become the monsters they thought we were, and we pulled through. We revealed their hatred and treachery, and have chosen a future set on rectifying every right they trampled. I’ll always mourn what we lost, but I’ve never been more proud of humanity in my life.”
Kuemper patted my shoulder. “You sound like yourself, my dear old friend. It’s very good to have you back; you were much better at smiling while they spit in your face than I ever was. Let’s do what’s necessary to get the ball rolling with the Shield.”
“I’m right behind you.”
The exterior of the Duerten embassy had a distinct construction style, with metal and concrete forming the bulk of the outside structure; on Kalqua, sturdiness was at the foremost of their priorities. Winds on a normal day could ratchet up to what we’d consider a tropical storm, according to my brief review of their culture. The door was evidently heightened to facilitate foot traffic from humans, despite the exit hatches on the upper floor which seemed frequented by the avian staff. Their personnel could literally fly away during an emergent situation. I tailed Kuemper into the lobby, and noted how much of the inside’s floor was concrete as well. It was resilient and easy to clean, a perfect surface to avoid being marred by talons.
Most of the gray avians used perches instead of chairs, with several staffers working on paperwork at their desks; in private areas, some met with any humans who had business with the Duerten Forum. The lack of reaction to a predator’s approach was new to me, but a welcome change. Kuemper confidently led the way to an elevator, which had the English and German words for “Welcome to the Duerten embassy!” written above the opening. The generic Shield logo was painted on both sides of the door, and emblazoned with a representation of Kalqua. There were no buttons inside, apart from an emergency exit; a camera surveyed us, before a watching staffer summoned the car upward. I felt a jolt as we reached the top floor.
“To be visited by two Secretary-Generals: one of whom is a ghost! Let me express the Duerten Forum’s honor and delight. Not, of course, that I don’t cherish Ambassador Hannah Marston’s visits.” A silver-feathered head poked out of a door at the end of the hallway, past a spacious lounge; his beak was the precise yellow of corn. “Please, come in. Make yourselves at home. Can I get you anything to drink?”
Kuemper shuffled forward, giving me a knowing look. “Water would be lovely for me. Thank you for the warm welcome, Ambassador Korajan.”
“I second that gratitude. Enchanted to meet you. I’m sure you know, but I’m Elias Meier.” Taking a gamble that the ambassador was more than acquainted with our customs, I extended a hand. Korajan strode forward with confidence, ensnaring my palm in his wingtip. “We appreciate you taking the time to sit with us, Ambassador.”
“Just Korajan,” the avian said, feeling my artificial hand with undeniable curiosity. He finally released my grip, and waited for us to get seated. “There’s no need for formalities, especially when I’m in such esteemed company. What can I do for you?”
“We’ve come to seek your assistance in the fight against the Sivkits’ assailants. The Sapient Coalition needs allies to back us against these menaces,” Kuemper stated. “Any help we can get would make a difference.”
“I see. I heard about your unfortunate defeat in your prior engagement, but I don’t see how it involves or concerns us. The Duerten, as you well know, aren’t in the position we used to be. We’ve turned our focus inward for years, shoring up our defenses to watch out for our beloved planet. The potential benefit it might offer you is so negligible that it’s hardly worth increasing our vulnerability. The risk far outweighs the rewards for any party.”
I studied the avian, careful to avoid a direct stare. “I understand that it’s a lot to ask. However, small bits of help from across the Shield can accumulate to be a massive difference maker. We want to stop this genocidal force from getting anywhere near Kalqua; if we play our cards right, you won’t need defenses.”
“Elias—sorry, may I call you Elias?” Korajan asked, continuing after I nodded. “We’re, of course, concerned to have a predatory species with such power and intentions, outside our known terrain. They bear a striking resemblance to the Arxur, and my government does appreciate the advance warning from the SC so we can make preparations. Yet the Forum is concerned by several of your recent initiatives, which would make us doubly unwilling to back your cause.”
“Go on. What initiatives have unsettled you?” I hope he doesn’t mean me, with resurrecting dead humans; that’d hit close to home, and I don’t know how to defend it. “Perhaps we can clear up our rationale and intentions, ensuring that there are no misunderstandings.”
“I hope I’m not impolite to point it out, but my government is beginning to see a pattern in your recent connections to carnivores. The Sapient Coalition is attempting an uplift on one race, despite what we all know happened on Wriss, and has brought them into your mix while they are at war with each other. We’re also aware of these Osirs—a race you are resurrecting to live among you, despite having no idea what they’re capable of. Present company excluded, species that need meat are not trustworthy types. These Osirs are weapons: look at the fangs.”
“Anything is a weapon in the wrong hands. Respectfully, we don’t feel that it’s right to judge a species for their diet. If I’m not mistaken, your own kind were once omnivores, Korajan.”
The Duerten fluttered his wings in acknowledgement. “The Federation changed us greatly—some things for the better, others to erase our intellect. We’re an individualist species, and they tried to make us…what do you humans call it? A ‘hive mind.’ Hive minds, of course, are fiction, yet they tried to make it real. Still, sometimes when you’re changed enough, it makes it impossible to go back to how things were.”
“I of all people grasp that sentiment,” I sighed, without moving an abdominal muscle, reflecting how my life would never be the same in this state. “We believe all sapients deserve a chance at life and happiness. Equality isn’t a principle we withhold based on any factor, and we don’t change species to fit our own whims.”
“This is why we’re content with our relations as is: separate, so we’re not connected to your disputes or obligated to get involved. The Duerten will always have differences between what are considered acceptable behaviors, and our guiding principles and overarching goals.”
Kuemper tapped her fingers on her knee. “Regardless, our choices with the Bissems and Osirs will have no impact or tangible effects on the Duerten. Nor is it a reason to shy away from protecting herbivores, the mandate that led you to stand up to the Federation in the past.”
That cost us everything. Kalqua took a beating worse than Earth did. We don’t set out to attract the ire of powerful enemies these days.”
“We saved Kalqua. We were there when you needed our help to keep your innocents safe,” I reminded him, knitting my eyebrows with earnestness. “We answer when others call for our help to stay alive; the Duerten know what drives us to answer the bell. Isn’t that worth a smidge of reciprocation?”
“If Earth, or for that matter, Leirn were under siege, we would come. However, it appears to us that you entered their territory, not the other way around.”
“Think of the type of species…no, the kind of governments that would glass worlds. The old-school Arxur Dominion. The Kolshian shadow caste when they were defied. The Krakotl extermination fleet because they hated us. That’s what we see in the Osirs, and the gluttonous killing of Sivkit civilians while refusing to speak. We can’t turn a blind eye.”
“I’m sorry, Elias. Even if I wanted to help you, I don’t have the authority. I’m expressing my government’s position, and I’ve been told the Duerten Forum isn't going to war under any circumstances. I apologize that I can’t be of more use, and regret if you might feel your time has been squandered, leaving empty-handed.”
I shared a look with Kuemper, recognizing that we had been stonewalled; there was an implication in Korajan’s last statement that the discussion on this matter was over. The Forum hadn’t given him any negotiating room, so I didn’t get the sense I could do better than asking for him to take a message. If this was the most friendly party we’d be interacting with, I wasn’t off to a good start wrangling support for an alliance. There were a few other Shield races we could try, but an endorsement from the founders might’ve gotten the whole union on board. We had to find another angle—negotiating with the Fed remnants would be impossible without the Shield as an intermediary.
“Of course we don’t feel that way. The back-and-forth was enlightening, productive communication, as much as humanity would love to stand side-by-side in this endeavor,” I offered. “We appreciate you hearing us out, and do hope you’ll pass along our rationale to the Forum, for clarity.”
“I will,” the Duerten responded. “Your words, as always, deserve to be heard and treated with respect.”
Kuemper followed my lead, rising as I stood. “Korajan, I want you to know I deeply appreciate what you said about coming to Earth’s aid should we ever fall on hard times. That stood out to me, as a reason why our cooperation is so precious and beautiful.”
“I agree wholeheartedly. I do wish you the best of luck in your future engagements; my people hope you emerge victorious.”
“Thank you. Our door will always be open if you have a change of heart.”
In my mind, I had already vacated the Duerten embassy, but it was necessary to retrace my steps to depart the ambassador’s office. Aliens were much more diplomatic in rebuffing us now than in my era, which was the proper way to express disagreements between nations. It wasn’t lost on me that the differences in “behaviors” and “principles” Korajan meant were things such as hunting, omnivory, accepting carnivores, exterminators, and predator disease facilities. The Forum still clung to much of their old lifestyle; the gray avian had stated that some Federation changes were “for the better.” That was telling about how much of their ideology they’d yet to shed.
“Forgive my impertinence, but before you go, Elias…may I ask a personal inquiry? It’s not on my behalf of my government,” Korajan called, as our shoes cleared the threshold of his office.
I turned around, giving him an encouraging smile. “Of course. Go ahead.”
“What…what was it like? To die…to be dead?”
“It wasn’t like anything. It was a singularity of all outcomes: all I ever was, and all I ever could be, condensed to nothing. There are no words to describe emptiness and infinite rest. It’s a peace that knows no equal.”
The Duerten dipped his head. “Thank you. It gives me some…personal solace, to know…to know my daughter is resting peacefully. She died in so much pain after only a short period of remission. Ahem…if you’ll excuse me, I…”
“We’ll leave you in peace,” Kuemper replied, softness in her voice.
I folded my hands behind my back, mulling over the choked-up ambassador’s words. How could I let a few days of mental suffering defeat me, when kids suffered through such terrible diseases—never getting to reach adulthood? This program could give children like Korajan’s daughter a chance to grow up, and be a kid, free from pain. As soon as I was alone, I knew I’d be cast back into a maddening state of consciousness, with my brain struggling to stay tethered to this reality. Where I’d been ready to give up before Virnt’s quick fix, the avian’s story made me want to remain in the fight.
The Tilfish had been right: there was the potential for the technology that had brought me back to do a lot of good, and save others a great deal of heartbreak and suffering. No personal sacrifice was too great to ensure that one day, no parent would ever have to bury their child.
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2024.05.15 16:05 healthmedicinet Health Daily News May 14 2024

DAY: MAY 14, 2024

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2024.05.15 15:54 Pixa253lulu ArGIS Pro deep learning error "NoData" during training [2.8]

ArGIS Pro deep learning error
Hello reddit! I'm turning to you as I couldn't find any place where this issue was answered.
I'm working on ArcGIS Pro during my internship and i've been asigned the task of creating a classification of a map ground (exemple: Corine Land Cover)
Here's what happen when I train my model. (I use U-Net here as this is the type of model that seems the most reliable for this job).
https://preview.redd.it/93p64owvcl0d1.png?width=517&format=png&auto=webp&s=a543796f01cb0546d71a7eb1f15918eccec5d4cb
For my training data, i'm using a Sentinel image and using the training sample manager tools i've created some data for each class:
https://preview.redd.it/hfsjqxhjel0d1.png?width=1556&format=png&auto=webp&s=c0ffce2eaf516fd88c5d241ae5fa22ac94ca1dfa
When using the tool "Export training data for deep learning", I do not encounter any issue, and my classified tiles seems to cover every part of my training data set.
I have no idea on why this is happening and I'll be glady taking any help/suggestion. Also if you need any more information on anything, please feel free to ask, i'll be glad to give you more on my situation.
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Payment is acceptable in multiple ways but PayPal and direct bank transfers are preferred. We do not accept payment in crypto. Also, I'll need at least some payment upfront.
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2024.05.15 15:16 Xciv Tips for others after 50 Hours of fun

Putting it down for now while waiting patiently for the game to be finished!
Big list of tips after roughly 3 playthroughs:
Economy:
  1. Make sure you have enough Oxen for all the work in your village. Work with Ox includes: construction, sawmill, and plowing fields if you perk into it. Prioritize that 2nd Ox so you can simultaneously make planks and build buildings. If you're poor and stuck with one Oxen, either pause your Sawmill or pause construction if you want to prioritize doing one or the other. If you go heavy into farming I recommend 4 oxen.
  2. Burgages with sizeable vegetable gardens solve your food problems. My first playthrough was plagued with chronic food shortages, until I figured out the power of vegetable Burgages. But do remember that the larger your vegetable plot, the less that family works their assigned job. So make sure they're working low priority jobs, like Mining and Ox handling, rather than critical full time jobs, like Trading or managing the Stockpile.
  3. I start each village with four 0.5 Morgen vegetable gardens with double families, which covers your basic food needs. You can force two families per Burgage plot by clicking the minus icon to have larger plots. Use farming fields to measure 0.5 Morgen with precision.
  4. Roads are free, use roads to force Burgage plots into the exact shapes and sizes you want.
  5. You can use farm fields (free to put down and delete) to shuffle Hunting zones around. Keep shuffling that deer around different patches of forest until they're where you want them.
  6. Trade is king. Even if you do not spec into it, one of the first jobs among your first 10 families should be a trader. Sell literally anything you don't immediately need that can generate some town wealth. I prefer berries and hides. This initial town wealth is invaluable because it can buy Burgage extensions, which keeps your food income self-sufficient. One of the biggest pitfalls is an expanding population without an equally expanding source of food.
  7. Farming is for 3 things: (1) Ale for Level 3 Burgages // (2) Linen for Gambesons and Clothing variety // (3) Wheat for Bread for food variety and food security for large populations. So counterintuitively, do not build farms until late game. It is only for late game when you're pushing your village to Tier 3. Also because of this, I recommend building your largest town (300+ population) in a zone with good farming fertility. Farming has a lot of more complex supply chains that require a lot of people. Do not start farming in the early game, prioritize getting a Manor and Church up, first, with stable food supply from Extensions.
  8. If you have a ton of resources but some households are still not being supplied (I have 10 months worth of firewood but a house is not getting firewood???), it's because your Market is not being stocked. To stock more to the Market you need to build more Stockpiles and Granaries. People assigned to these will open market stalls and transport goods to them, which will then supply your town.
  9. Houses get stocked with resources in a priority system based on distance to the market. Close to market get stocked first, so try to plan your town where your Tier 3 houses are hugging closest to your market as they have the greatest demands for resource variety.
  10. Distance to the Church and Wells DO matter, at least from what I've observed. Villagers physically travel to wells and the church (correct me if I'm wrong and it's just cosmetic), so make sure to build multiple wells, and have the church centrally located.
  11. Build a Manor ASAP. Your Retinue are your standing army and using them against bandits does not interrupt your economy. You want your Retinue ASAP. They are also powerful fighters.
Warfare:
  1. The Baron gets Influence from killing bandits, and he uses this influence to claim provinces and contest your provinces. If the Baron runs out of provinces to claim and contests your home province before you manage to build a large enough army, it's GAME OVER. So it is of vital importance to beat the Baron to bandit camps and monopolize the glory and loot from the camps for yourself.
  2. As soon as bandit camps appear, you want to beeline over there and beat the Baron to killing these camps. You can manage this with the starting 20 Spear Militia by building 2 units of Spears, splitting this 20 into 10 and 10. Always choose to send the spoils of the looted camp to your Personal Wealth.
  3. Use this to purchase temporary Mercenaries to clear future camps (it's a net gain in Personal Wealth if you fire the mercenaries so you only pay them for one 30 day period, and more importantly, you deny the Baron Influence and keep your Militias alive). You can rely on mercenaries this way until you have your Retinue up and running.
  4. Having more units is better. Six units, 10 men each, is more tactically valuable than having two units, 30 men each. The reason is if you surround an enemy unit from multiple sides, they get the Surrounded debuff, which reduces Efficiency by -40%. So if you surround a unit from 3 sides they get a whopping -80%, making them basically useless in combat. So if it's 30 vs. 30 units of equal quality, you can whoop them by splitting up into three groups of 10.
  5. Spears are good for tanking. Swords are all-rounders. Polearms are good for offense but are made of paper. Retinue are good at fighting but baaaad at running around (they lose stamina faster). My personal preference is to hold the center line with Retinue, and work the flanks with Spears and Polearms.
  6. As soon as you unlock a 2nd province and you have enough Personal Wealth to do so, start building your 2nd village. Beeline it to that 2nd Manor, which instantly spawns 5 men of Retinue for free. Remember, having two units of Retinue, 5 men each, is stronger than having one Retinue of 10, because of flanking debuffs. Three Retinues is the magic number that will see you through the whole game, but more is always merrier.
  7. The hardest battle in the game has you facing 7 enemy units, one of which is a 36-soldier Retinue unit. This is why I recommend having 3 Retinue of your own along with your 6 Militia. Due to a bug you might be limited to 5 Militia, in which case just colonize one more village and bring 4 Retinues for an easy victory!
  8. Use stances to maximize situations. If you're in a 1v1 against a stronger unit (Spear Militia vs. enemy Retinue), use the defensive stance. If you've surrounded an enemy on three sides use offensive stance.
  9. Do not sprint all over the map unless you absolutely need to get somewhere fast. You want to save stamina for combat. At the start of combat, assuming your units start at full stamina, turn on sprint for all your units. Tactically getting somewhere a little faster and getting those juicy surrounds is worth more than getting to a position late but with full stamina. You can toggle sprint with the R key.
submitted by Xciv to ManorLords [link] [comments]


2024.05.15 15:08 WhatCanIMakeToday Operational Efficiency Shares: Rehypothecating 🐇🐇🐇🐇 And Breaking Free Of Chains [WalkThrough] (4/n)

Operational Efficiency Shares: Rehypothecating 🐇🐇🐇🐇 And Breaking Free Of Chains [WalkThrough] (4/n)
From the prior DD in this series [1], we know that ComputerShare can “give” the DTC registered DSPP shares to hold onto for operational efficiency which are then “given back” as shares beneficially owned “for the benefit of” (“FBO”) DSPP Plan Participants at ComputerShare, as illustrated in this diagram:
From The Prerequisite DD
It’s time to explore what “operational efficiency” benefits may be gained by DSPP shares going around this roundabout. At first glance, shares are basically just going in a big circle from DSPP Plan Participants with registered ownership DSPP shares at ComputerShare heading to the DTC, who hands shares to ComputerShare’s broker who maintains those shares for the benefit of ComputerShare who holds those shares for the benefit of Plan Participants. While I think it’s unlikely that shares just go around in a big fat circle for no reason, I do remember people getting onto flights to literally go nowhere a few years ago [CNN, NYT]; so maybe these operational efficiency shares simply miss hanging out at the DTC?
Let’s look more closely… While title is held by a registered DSPP Plan Participant, ComputerShare is giving the DTC possession [1] of registered DSPP shares to the DTC to hold for operational efficiency which then ultimately end back in the possession of ComputerShare’s broker (who isn’t lending out shares) for the benefit of ComputerShare for the benefit of Plan Participants. If we treat the DTC’s operations as a big black box, we see registered shares going into the DTC black box and beneficially owned shares coming out of the black box to ComputerShare for Plan Participants.
DTCC Black Box: Inputs vs Outputs
Investopedia says that shareholders have rights, with a list of 6 main rights including:
  1. Voting power on major issues.
  2. Ownership in a portion of the company.
  3. The right to transfer ownership.
  4. Entitlement to dividends.
  5. Opportunity to inspect corporate books and records.
  6. The right to sue for wrongful acts.
By contrast, beneficial owners only need to have or share 2 of those rights (bolded) according to the definition of beneficial owner in Rule 13d-3: the power to vote and the power to dispose of the security (e.g., sell).
§ 240.13d-3 Determination of beneficial owner.
(a) For the purposes of sections 13(d) and 13(g) of the Act a beneficial owner of a security includes any person who, directly or indirectly, through any contract, arrangement, understanding, relationship, or otherwise has or shares:
(1) Voting power which includes the power to vote, or to direct the voting of, such security; and/or,
(2) Investment power which includes the power to dispose, or to direct the disposition of, such security.
ComputerShare basically confirms this list (except for the right to sue as that’s probably not one their issuer customers would emphasize) and adds that beneficially held shares may be lent by brokers generally (but not by ComputerShare’s broker).
Registered Shareholder Rights vs Beneficial Owner Rights
Maybe you’ve had different experiences from me, but I’ve never known Wall St to deliver more than the bare minimum they’re contractually obligated to. Which means the DTC black box is very likely watering down shareholder rights from the 6 that go in down to the 2 which come out. (And yet, we’re supposed to believe that all shares are equal. 🙄)
Dividends (#4 on the list) [2] may be the clearest example of a watered down shareholder right. Registered shareholders have the right “to directly receive share dividends” [CS FAQ] which means if a company (e.g., GameStop or OverStock) issues a dividend, registered shareholders have the right to directly receive the dividend as issued. If the company issues a crypto dividend (as OverStock tried to do), registered shareholders have the right to directly receive the issued crypto dividend. Beneficial shareholders would get an issued dividend, if available, or a cash equivalent if not. Historically, stock and other dividends to beneficial shareholders could easily be delivered as a cash equivalent, a watered down form. Crypto dividends don’t scale well with shorts (both naked and legal via, for example, share lending and borrowing) because crypto tokens are unique which makes it abundantly clear why a crypto dividend was nixed for a heavily shorted idiosyncratic stock like GameStop; especially given GameStop’s particularly active shareholders.
Ownership (#2 on the list) may be the second clearest example of a watered down shareholder right as more security interests to shares exist in the DTC’s beneficial ownership system than there are shares; with the SEC saying beneficial shares get a pro rata interest in the securities of that issue held by DTC. [See End Game Part Deux: Problems at the DTCC plus The Bigger Picture, particularly the section “The Pie Is Shrinking: Get Out (And DRS) While You Can”]
Voting (#1 on the list) is also an example watered down shareholder right; this one having a long history on this sub with, for example, BroadRidge tossing 7B votes and bragging about it. (Beneficial owners only need to get shared voting rights per Rule 13d-3 above so those 7B “shared” votes just lost out to who they shared with.) Unlike other beneficially held shares, voting rights for DSPP shares are not watered down as ComputerShare sends registered holders their voting forms.

Operational Efficiency Shares, Whatcha Doing In There?

A big black box is a pretty good description of the DTC which does not want us to know the ins and outs of what’s going on. Black holes are a pretty good example of a big black box and, most importantly, we know a lot about black holes even though they can’t be directly observed. Just as we learned about black holes without direct observation, we can similarly learn a lot about the Operational Efficiency shares even though we can’t directly observe them in the DTC habitat.
Even though we can’t look inside the DTC’s big black box, it turns out we don’t really have to in order to identify some benefits from these operational efficiency shares taking their roundabout trip to nowhere.
Locates A few commenters have suggested that OE shares could be used for locates so I’ll address this first. Possible, yes. But I don’t view this as the most interesting use for OE shares. Brokers are supposed to “locate” securities available for borrowing before short selling. [Wikipedia)] Basically, before selling short a broker is supposed to find a source to borrow. The “locate” requirement does NOT require the security to be borrowed before short selling which can result in a legal naked short.
You may be wondering why I don’t view “locates” as particularly interesting for OE shares if short sellers need to locate shares to borrow before shorting. Well, market makers are also exempt from this requirement as long as they’re market making. 🙄 On top of the market maker exemption, remember House Of Cards? In House Of Cards 3 [SuperStonk], we learned about the now 🤦‍♂️ hilarious F**3 key **- yeah, the one on a keyboard. Brokers like Goldman found the locate requirement simply too much work so they would press the F3 key and their system would auto-approve the locate requirement based only on the number of shares available to borrow at the beginning of the day; regardless of whether those shares were still available to borrow or not.
House Of Cards 3
Meaning as long as there were some shares available to borrow at the beginning of the day for their share copying system, brokers could just smash the F3 key to make as many copies of shares as they need. Even if only 1 share was available to borrow at the beginning of the day, a broker could simply smash the F3 key 100 times to approve the locate requirement for 100 shares.
So while OE shares could be used for locates, they wouldn’t need many shares each day to make an unlimited number of copies - even just 1 is enough.
Lending shares on the other hand…
Rehypothecation Rehypothecation is the reuse of customer collateral for lending. Per a 2010 IMF Working Paper, The (sizable) Role of Rehypothecation in the Shadow Banking System,
Rehypothecation occurs when the collateral posted by a prime brokerage client (e.g., hedge fund) to its prime broker is used as collateral also by the prime broker for its own purposes.
This IMF paper defined a “churning factor” to measure how many times an asset may be reused; and then estimated a churning factor of 4 noting that it could be higher because international banks (e.g., HSBC and Nomura) were not sampled. This IMF paper found a single asset may be lent and borrowed 4 times, or more; an average which could be higher globally.
https://preview.redd.it/ymr3j03zri0d1.png?width=795&format=png&auto=webp&s=1555314cefd520658a4f78dc4745867063e3bf34
Churn Factor Could Be Higher Globally
How much higher? We may have seen a churn factor as high as 10 for a less idiosyncratic meme stock per my prior post, Estimating Excess GME Share Liquidity From Borrow Data & Churn Factor. Presumably, the idiosyncratic meme stock would have a higher churn factor (but not that important for this post).
More recently (2018), the Federal Reserve published this Fed Note on ​​The Ins and Outs of Collateral Re-use studying how often collateral is reused (i.e., rehypothecated) for Treasury & non-Treasury securities [3] with a beautiful figure illustrating how “for any given moment in time, one security can be attributed to multiple financial transactions” where a share could be posted multiple times through Security Financing Transactions (SFTs) and sold short. [4] Sounds familiar, right?
https://preview.redd.it/zsztmji4si0d1.png?width=1530&format=png&auto=webp&s=f222dfe50929f668af8f8f0b39514a7d862db9c9
Figure 6c of this Fed Note shows a Collateral Multiplier over time illustrating how “PDs [Primary Dealers] currently re-use about three times as many securities as they own for non-Treasury collateral and seven times as many securities as they own for U.S. Treasury securities”.
AKA \"Money Multiplier\"
The Fed Note describes their Collateral Multiplier as a “money multiplier” (Seriously, I couldn’t have made this up in a million years.),
In a sense, our Collateral Multiplier is akin to a "money multiplier," as it compares private liabilities created by a firm with the amount of specific assets held to create those liabilities. [​​The Ins and Outs of Collateral Re-use]
And, of course, the Collateral Multiplier aka “money multiplier” ratio goes up when there’s less collateral available and down when there’s more collateral available. (Can I get one of these multipliers?)
Intuitively, we expect the ratio to increase when collateral is scarce and to decrease when collateral is more abundant.
Which means Primary Dealers [Wikipedia has a list of familiar names including Deutsche Bank, JP Morgan, Morgan Stanley, Nomura, BofA, Citigroup, TD, UBS, and Wells Fargo; amongst others] can simply kick securities around a few extra times (e.g., with SFTs and short sells) to effectively multiply the amount of money and/or collateral they have any time they need it. (Within limits, I hope…)
Thus, rehypothecation is a very interesting use of Operational Efficiency shares from ComputerShare as various primary dealers can simply “multiply” the number of shares they have – a concept that we’re already quite familiar with. As rehypothecation, short sells, and securities financing transactions are all perfectly legal, rehypothecating more GameStop shares provided to the DTC via operational efficiency satisfies Ground Rule #2 [defined in (1/n) in this series],
  1. All parties involved are all generally attempting to operate within the bounds of the laws and regulations wherever possible. (I know we often scream “crime”, but why break a law when money can simply [re]write laws to make activities legal. Regulatory failure is the reason why something that should be criminal, isn’t. And regulatory failure happens when armies of lawyers are paid to create and exploit loopholes so that actions which should be criminal, are instead legal.)
We can update our conceptual model to include rehypothecation to more clearly illustrate how Operational Efficiency shares held in the DTC can be rehypothecated (e.g., with SFTs and short sells) until a watered down share is delivered to ComputerShare’s broker to hold FBO ComputerShare, who holds the watered down share FBO DSPP Plan Participants.
https://preview.redd.it/bt3gnx99si0d1.png?width=4764&format=png&auto=webp&s=7b0b72b935f740e8a3036f88e1a4e1dfb57dd46c
You might notice from this illustration that ComputerShare has been telling the truth satisfying Ground Rule #1 [defined in (1/n) in this series]. Neither ComputerShare’s nor their broker lend or need to lend shares. All the rehypothecation happens “upstream” amongst other DTCC and NSCC Participants until shares are finally delivered to ComputerShare’s broker at the end of the “Churn Chain”. ComputerShare has made no representations about what the DTC can or can not do with the shares in their possession. And, realistically, ComputerShare is in no position to make any representations about what happens within the DTCC system – ComputerShare is only responsible for themselves and, to some extent, their broker.
The Fed Note and IMF paper found assets may be churned and reused 3-4 times (overall market average) which means the end of the chain is typically around D3 or D4. (If my prior DD estimates are correct, there were signs a less idiosyncratic meme stock may be churned up to 10 times ending the chain at D10 which suggests a potentially longer chain for GME, the idiosyncratic meme stock.) If there is no collateral reuse for an asset, the chain would have zero length meaning Operational Efficiency shares go straight from the DTC directly to ComputerShare’s broker. (Programmers almost certainly understand zero length chains very well – go find one if you need an explanation.)
GameStop is idiosyncratic, thus atypical. Per the IMF paper, collateral reuse increases when collateral is scarce and decreases when collateral is abundant (quoted above). If we consider GameStop investors have been direct registering shares (i.e., DRS) and registering shares (e.g., DSPP) thereby removing title and/or possession of shares from the DTC/DTCC/Cede & Co, then GameStop share availability has been becoming more scarce and the “Churn Chain” for GME should be longer than average representing a higher collateral multiplier and churn value.
While we may not know the exact length of the Churn Chain for GameStop shares, we can pretty well surmise that it’s not a zero length Churn Chain where there is no collateral reuse based simply on scarcity. After all, a shortage of available shares is, by definition, required for any short squeeze (including MOASS). Requests by brokers to enable Share Lending [5] is another example indicator that GameStop shares are scarce.
In addition, according to Investopedia [6], “Banks, brokers, or other financial institutions may navigate a liquidity crunch and access capital by rehypothecating client funds” and we’ve seen indicators showing us banks are in deep trouble:
The downside to rehypothecation is the higher leverage increases risks of default and a single collapse can start a chain reaction knocking down others like dominos.
There are also leverage considerations that increase that risk of default. Overleveraged investments often face covenants; when specific conditions are met, trading accounts may receive a margin call or face debt default. As a row of dominos fall after a single collapse, a single margin call may cause other debts to fail their account maintenance requirements, setting off a chain reaction that places the institution at higher risk of overall default. [6]
This risk for rehypothecation sounds exactly like what the Options Clearing Corporation was complaining about to the SEC when the ​​OCC Proposed Reducing Margin Requirements To Prevent A Cascade of Clearing Member Failures [SuperStonk] early 2024. If the OCC can eliminate margin calls, then no dominos get knocked down. (Thankfully, apes have done a phenomenal job in convincing the SEC that this OCC proposal is a very bad idea. Support the SEC’s rejection of this as Simians Smash SEC Rule Proposal To Reduce Margin Requirements To Prevent A Cascade of Clearing Member Failures!)
Most importantly, it may be tough to regain possession of an asset when someone in the rehypothecation chain defaults. Remember from the prior DD the expression about possession: Possession is nine-tenths of the law.
Clients must be aware of rehypothecation as it is technically their own assets that have been pledged for someone else's debt. This creates complicated creditor issues where an investors shares may longer be in their possession due to their custodian's default. [6]
We know assets are rehypothecated 3-4 times on average, GameStop shares are scarce, banks are in trouble, stock loan volume is skyhigh, and the risks of rehypothecation are real. So it’s pretty clear that rehypothecation is happening generally with pretty darn good reason to expect GameStop’s Churn Chain is at least of non-zero length (i.e., GameStop stock is being rehypothecated).

Breaking The Chains

While some may like chains and being tied up, I’m not one of those apes. Especially as a Churn Chain waters down my shareholder rights and may make regaining possession of DSPP stock difficult in the event of a cascade of defaults, as warned by the OCC. (If you like chains, feel free to skip this section.)
As it turns out, we don’t need to know exactly how long the Churn Chain is for GameStop stock. Simply knowing a Churn Chain exists with non-zero length means there is a chain. Where there is a chain, it’s possible to break the chain. (Even if you don’t know how much health) your enemy has in a game, you still try to take your enemy out. Right?)
A churn chain that starts from ComputerShare holding DSPP shares in DTC for operational efficiency can easily be broken as “[a]n investor can, at any time, withdraw all or part of their shares in DSPP book-entry form and have them added to their DRS holding”. [ComputerShare] See also [7]. Quite possibly one of the easiest chains in the world to break as the Churn Chain is weak to DRS. Simply DRS the DSPP shares to take away the head of the chain and the rest of the chain falls apart. (And, DRS-ing "street name" shares cuts chains into pieces too!)
One side effect of breaking a Churn Chain is that all shares attributed to transactions in a broken chain (e.g., SFTs and short sells) need to be reallocated to other chains, effectively making other chains longer and increasing the risks from a default.
Analogy: Think of the shares as a deck of cards. If you deal 52 cards to 4 players (A, B, C and D), each player gets 13 cards. Each stack of 13 cards is basically a Churn Chain. But if you take out a stack by removing the bottom card from A and distribute the remaining 12 cards from A to B, C and D then B, C and D each now have 17 cards. If at any given time a card can cause a player to lose the game, it's better to have fewer cards than more. And, the players who get out early won't lose.
Any party in the Churn Chain who defaults will make it hard for the original owner to regain possession. Longer chains include more transactions and more parties so there’s more risk of default on longer chains than shorter chains. Thus we see another vicious cycle setup where incentives are aligned such that DSPP and beneficial shareholders may want to avoid the impending default and rehypothecation risk from their shares being held in DTC. In order to avoid the impending default and rehypothecation risks, shareholders are incentivized to Directly Register shares to ensure having both title and possession. (Shares held in “street name” have little or no protection from rehypothecation risk and simply registering shares in DSPP doesn’t guarantee possession [1].) As with the other vicious cycle, any remaining shareholders in DTC share a shrinking pie of diluted ownership so it is in their best interest to get out and DRS; thereby shrinking the diluted ownership pie even more which is more reason for remaining shareholders to get out. These vicious cycles will eventually leave few, if any, remaining shares at the DTC for beneficial shareholders. Nobody knows what will happen if this ♾️🏊 happens.

Footnotes

[1] If you haven’t already, please read the prerequisite DD in this WalkThrough Series to understand how ownership of property is separated into two concepts: title and possession. [See, e.g., StackExchange] Understanding the differences between title and possession are particularly important here where it’s worth being extra careful identifying how an entity is in control of an asset.
  1. DSPP is technically different from DRS [WalkThrough] (1/n)
  2. Definitely DIFFERENT "DRS Counts" [WalkThrough] (2/n)
[2] Dividends have been heavily discussed on SuperStonk with many DD posts, including for OverStock and the precedent OverStock set which would have allowed GameStop to issue their own crypto dividend, possibly as an NFT.
[3] Footnote 16 of the Fed Note itemizes various classes of non-Treasury collateral which includes equity which, per Investopedia, is a synonym for stocks.
[4] While short selling is pretty well known, Security Financing Transactions (SFTs) may be more obscure despite discussion of them in the past so here’s some historical SuperStonk links for you (where you may notice some well known OG DD apes):
[5] Simply search SuperStonk for share lending. Don’t make me Google That For You.
[6] https://www.investopedia.com/ REMOVE_FOR_AUTOMOD terms/r REMOVE_FOR_AUTOMOD /rehypothecation.asp
[7] Withdrawing whole DSPP shares into DRS seems to make a lot of sense as doing so guarantees possession. Selling fractionals, less so. If you intend to keep buying, I would think adding to the fractionals to later withdraw whole shares makes more sense. As for the concern about fractionals tainting the whole account, I’ll cover that in another post. For now, you do you.
submitted by WhatCanIMakeToday to Superstonk [link] [comments]


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