Okay so i dont know how else to describe it, it looks like a UFO
Chain needs to be tightened, went to loosen the right rear axle nut, in place of the nut there is a round, silver object with two holes in it. About the size of a half dollar.

? what the heck is that? On the opposite side of the bike there is a nut, with a kotter pin in it, but i thought to tighten the chain, you loosened the nut on the right side of the bike (the side with the foot brake). Yes this once again is for the 74 CB550. I swear i must be the dummest person on this board when it comes to bikes. Thanks so much guys i swear i couldnt live without yall!!