I'm not sure what you mean by physical tokens, but the rest sounds about right. And they can downvote me all they want, as you say I am factually correct, beca

I'm not sure what you mean by physical tokens, but the rest sounds about right. And they can downvote me all they want, as you say I am factually correct, because factually Cede literally and technically owns the stock and everyone else just has varying degrees of contractual rights, but most importantly in no way could that lead to physical possession or even technical ownership of the stock from Cede. And I will not even go down the rabbit hole of contractual rights, but obviously includes legitimate ideas of economic interest and voting rights, but as the comment above noted about brokers, that is were things get very interesting, because then often times people don't even own contractual rights, or alternatively many party's simultaneously have varying degrees of contractual rights over the same stock (often times leading to factual inconsistencies and legal impossibilities).