Actually they do this.
Many vatican officals and cardinals meet in a room in the Vatican City. They do so in the next 15-20 days. They have candidates for the next pope. Then each person in the room casts a vote for a candidate. Once one candidate wins a 2/3 majority, he is declared winner. From there, they burn the white ballots in a fire place, letting off white smoke as a signal, to a new pope being elected.
That should clarify some misinformation given.
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