For the Win - Cory Doctorow (best pdf ebook reader .txt) 📗

and nervous, his cheer transparently false.
"What's wrong?"
"Cut to the chase, huh, man?" Ira's voice was so tight it twanged. "You're such a straight-shooter. It's why you're my favorite customer."
"What's wrong, Ira?" Command Central roared around him, a buzz of shouts and conversations and profanity.
"So, you remember those bonds we took you into?"
Connor's chest tightened. He forced himself to stay calm. "I remember them."
"Well, they were paying out really well -- you saw the statements. Eight percent last month --"
"I saw the statements."
"Well."
"Ira," Connor said. "Stop being such a goddamned salesman and tell me what the hell is going on, or I'm going to hang up this phone and call your boss."
"Connor," Ira said, his voice hurt. "Look, we're buddies --"
"We're not buddies. You're a salesman. I'm your customer. I'm hanging up now."
"Wait! Come on, wait! OK, here it is. There's a little...liquidity crisis in the underlying assets."
Connor translated the broker-speak into English. "They don't have any money."
"They don't have any money this month," he said. "Look, the coupon on this contract has been through the roof for more than a year. Ultimately, it can't lose, either, because of how we've packaged it with a credit-default swap. But right now, this instant, they're having a tough one-time-only squeeze."
After the first month's interest had paid out, Connor had liquidated several other holdings and bought more of the bonds, bought big. So big that the brokerage had FedExxed him a bottle of Champagne. He'd lost track of how much he had tied up with Ira's "fully hedged" scheme, but he knew it was at least $150,000. That had seemed like such a good bet --
"What kind of one-time-only squeeze?"
"Nintendo," the broker said. "They've loosened up their monetary policy lately. The star-farmers in Mushroom Kingdom are bringing up huge crops, and so Mario coins are dropping off in cost. But the word is that this is just a temporary gambit because they've had such a huge rush of new players who can't afford to keep up with the old-timers, so they're trying to lower commodity prices to keep those players onboard. But once those players catch up and start demanding more power-ups, the prices'll bounce back."
It sounded plausible to Connor. After all, they'd done similar things in their own games. The experienced players howled as inflation lowered the value of their savings, but a player who'd been honing his toon for two years wasn't going to quit over something like that. The new blood was vital to keeping the game on track, replacements for the players who got old, or bored, or poor -- any of the reasons behind the churn that caused some players to resign every month.
Churn was one of his biggest economic problems. You could minimize it in lots of sneaky ways: email a former player to tell him that you were about to delete the toon he hadn't touched in a year and there was a one-in-three chance that he'd sign up to play again, rather than doom this forgotten avatar to the bit-bucket. But ultimately some players would leave, and the only thing for it was to bring new players in.
The broker was still droning on. " -- so really, we expect a huge surge in four to eight weeks, more than enough to make up for the drop. And if things go bad enough, there's always the prince and his bets --"
"What's the bottom line?" Connor said.
"Bottom line," Ira said. "Bottom line is that there's no coupon this month. The underlying bonds are selling at a 20 percent discount off face value." He swallowed audibly. "That's sixty percent off what you paid for them in this package. But if things get bad enough, you'll recoup with the insurance --"
Connor tried to keep listening, but his breath was coming in tight little gasps. Sixty percent! He'd just had more than half his net worth vanish into thin air. The worst part was that he had other obligations -- a mortgage, payments due on some of the little startups he'd bought into, money to pay the contractors who were fixing up the holiday cottage he'd bought as a rental property in Bermuda. Without the cash he'd been expecting from these investments, he could lose it all.
Oblivious, the broker kept talking. "-- which is why our recommendation today is to buy. Double down."
"Excuse me?" Connor said, loud enough that the people closest to him in Command Central looked up from their feeds to stare at him. He scowled at them until they looked away. "Did you say buy?"
"There's never been a better time," the salesman said. Connor pictured him in his cubicle, a short-haired middle-aged guy in an old suit that had once been tailor made, a collection of bad habits glued to a phone, chewed-down fingernails and twitching knees, a trashcan beside him filled with empty coffee cups, screens everywhere around him flickering like old silent films. "Look, any idiot can buy when the market is up, but how much higher does the market go when it's already at the top? The only way to make real money, big money, is to bet against the herd. When everyone else is dumping their holdings, that's the time to buy, when it's all down in the basement."
Connor knew that this made sense. It was the basis of his Prikkel equations, it was the basis of all the fortunes he'd amassed to date. Buying stuff that everyone else wanted was a safe, uninteresting bet that paid practically nothing. Buying into the things that everyone else was too dumb to want -- that was how you got rich.
"Ira," Connor said, "I hear what you're saying, but you've seen my accounts. I can't afford to double down. I'm maxxed out."
"Connor, pal," he said, and Connor heard the smile in his voice and he smiled himself, a reflex he couldn't tamp down even if he'd wanted to. "You're not tapped out. You've got a liquidity problem. You have a relationship with this brokerage. That's worth something. Hell, that's worth everything. We got you into this problem, and we'll get you out of it. If you need some credit, that's absolutely do-able. Let me talk to our credit department and get back to you. I'm sure we can make it all work."
Connor was overcome by an eerie, schizophrenic sensation. It was as if his brain had split into two pieces. One piece was shaking its head vigorously, saying Oh no, you're out of your mind, there's no way I'm putting more money into this thing. No, no, no, Christ, no!
But there was another part of his mind that was saying He's right, the best time to buy is at the bottom of the market. These things have been paying out big-time. The explanation makes sense. Just think of how you'll feel when you don't buy in and the security bounces back, all that money you'll miss out on. Think of how you'll feel if you clean up and can buy a bigger house, another income property, a new car. Think of how all these jerks will drool with envy when you make a killing.
And his mouth opened and the words that came out of it were, "All right, that sounds great. I'll take as much as you can sell me on margin." On margin: that was when you bought securities with borrowed money, because you were sure that the bets would pay off before you had to pay the money back. It was a dangerous game: if the margin call came before the bets paid off -- or if they never paid off -- it could wipe you out.
But these were not bets, really. The way that the brokerage had packaged them, they were fully hedged. The worse the underlying bonds did, the more the bets against them from the Prince paid off. There might be some minor monthly variations, but when it was all said and done, he just couldn't lose.
"Buy," he said. "Buy, buy, buy."
Through the rest of the day, he was so preoccupied with worry over his precarious position that he didn't even notice when every other executive in Command Central had a nearly identical conversation with their brokers.
#
Wei-Dong's mother was the perfect reality check when it came to games and the Webblies. He'd never appreciated it before he left home, but once he'd gone to work as a Turk, his mom had tried to re-establish contact by clipping stories about games and gamers and emailing them to him. It was always stuff he'd absorbed through his pores months before, being reported to outsiders with big screaming OMG WTF headlines that made him snicker.
But he came to appreciate his mom's clippings as a glimpse into a parallel universe of non-gamers, people who just didn't get how important all this had become. The best ones were from the financial press, trying to explain to weirdos who invested in game-gold exactly what they had bought.
And those clippings were even more important now that he'd come to China. Mom still thought he was in Alaska, and he made sure to pepper his occasional emails to her with references to the long nights and short days, the wilderness, the people -- a lot of it cut-and-pasted verbatim from the tweets of actual Alaska tourists.
Today, three weeks into the strike, she sent him this:
A UNION FOR VIDEO-GAMERS?
They call themselves the Industrial Workers of the World Wide Web, and they claim that there are over 100,000 of them today, up from 20,000 just a few weeks ago. They spend their days and nights in multiplayer video-games, toiling to extract wealth from the game-engines, violating the game companies' exclusive monopoly over game-value. The crops these "gold farmers" raise are sold on to rich players in America, Europe and the rest of the developed world, and the companies that control the games say that this has the potential to disrupt the carefully balanced internal economies --
Wei-Dong spacebarred through the article, skimming down. It was interesting to see one of his mother's feeds talking about Webblies, but they were so... old school about it. Explaining everything.
Then he stopped, scrolled back up.
...mysterious, influential pirate radio host who calls herself Jiandi, whose audience is rumored to be in the tens of millions, creating a rare and improbable alliance between traditional factory workers and the gamers. This phenomenon is reportedly repeating itself around the Pacific Rim, in Indonesia, Malaysia, Cambodia and Vietnam, though it's unclear whether the "IWWWW" chapters in these countries are mere copycats or whether they're formally affiliated, under a single command.
Wei-Dong looked up from his screen at the mattress where Lu and Jie had collapsed after staggering in from the latest broadcast, Jie's face so much younger in repose. Could she really be this famous DJ that Mom -- Mom, all the way across the world in Los Angeles -- was reading about?
There was more, screens and screens more, but what really caught his attention was the mention of the "market turmoil" that was sending bond and stock prices skittering up and down. He didn't understand that stuff very well -- every time someone had attempted to explain it to him, his eyes had glazed over -- but it was clear that the things that they were doing here were having an effect, a massive effect, all over the world.
He almost laughed aloud, but caught himself. Matthew was sleeping all of six inches from where he sat,