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> Dont want donations not posting an address dont PM me Lol, was this going to happen if they didn't post that disclaimer?
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Jan 24, 2018 01:52
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I'm bad with money because I just put $3,000 into cryptocurrencies
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Jan 24, 2018 02:23
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GoGoGadgetChris posted:I'm bad with money because I just put $3,000 into cryptocurrencies So you bought 3 graphics cards and made a rig right?
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Jan 24, 2018 02:37
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bob dobbs is dead posted:i know a guy running a book at goldman for 1000x and 10,000x leveraged s&p 500 derivatives Here was me thinking 100x leverage in 1929 was bad. When it comes to 10000x leverage that's the good stuff.
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Jan 24, 2018 03:02
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quote:After the dump from 19k to 11k I went long at the bottom, and kept adding to my position on the bounce to 12k 13k, 14k. Then, at the 16k dead cat, my position was a further 100 BTC in profit. Instead of closing then and having a total 300 BTC, I increased leverage and increased my position size. This entire position was liquadated on the drop back to 12k, because my entry had moved up so much. I lost 100 btc paper profit and nearly 50 BTC margin. I was devasted, and down to 150 BTC total. From what I understand, through "investing" he obtained 100 BTC. Using those 100 BTC as leverage, he essentially loaned a bunch of money to trade more than he actually had (the margin). BTC crashes, he over stretched himself and now he's broke. Correct?
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Jan 24, 2018 04:02
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The brokerage lends you money to trade on “margin.” In return they have the right to liquidate your position if it drops too far to protect their loan, called a “margin call”. Leverage is great on the way up but not so hot on the way down and particularly silly in a volatile market. If the price drops 50% but shoots up 1000000% a few moments later, you’ll never realize those gains because the margin call will liquidate your position on the drop.
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Jan 24, 2018 04:08
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Suspicious Lump posted:Can someone please explain trading jargon? Pretty much. Long = betting the price will go up; short = betting it will go down. "Margin" and "leverage" = borrowing money so you can make bigger bets. This magnifies both gains and losses, so if you bet wrong, it's possible to lose more than you started with. To prevent your account from going negative, brokers will force-sell your positions ("liquidate") at certain trigger points. When the price was 16K, he bet that the price would go up, but it went down to 12K, and he got liquidated. Then he bet that it would keep going down, making additional bets as it rose to 12,13,14,15K. It kept going up to 17K and he got liquidated again. Then he bet that it would keep going up, but it went down to 13K. Liquidated again, and this time he had lost everything.
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Jan 24, 2018 04:41
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What's the grace period on a margin call, again?
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Jan 24, 2018 05:29
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I'm sure if you ask really nicely the brokerage will refund your losses. After all they have so much money and you have so little.
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Jan 24, 2018 05:38
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Hoodwinker posted:What's the grace period on a margin call, again? Zero seconds in the bitcoin ecosystem (and for regular folks, sometimes in real life, too). Unless you're real important, it's less a call and more a "you got liquidated" email after-the-fact.
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Jan 24, 2018 05:52
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Hoodwinker posted:What's the grace period on a margin call, again? This was a great thread title, does anyone have the original post?
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Jan 24, 2018 06:03
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quote:3 BTC to 200, to 0 This story is a great anecdotal validation of my theory that anyone crazy/greedy enough to make gently caress-you money off of a small investment in a short time period is necessarily going to be crazy/greedy enough to subsequently lose all of it in a similar time.
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Jan 24, 2018 06:35
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Speaking of elderly medical care, I got to learn that if you're basically anything except for the perfect old person / income stream, no quality elder care facility will even give you a price because you're a "fall risk" or whatever and you have to go to the same default facility that everyone else goes to. Dear God, please don't let me die like that.
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Jan 24, 2018 07:49
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Blinkman987 posted:Speaking of elderly medical care, I got to learn that if you're basically anything except for the perfect old person / income stream, no quality elder care facility will even give you a price because you're a "fall risk" or whatever and you have to go to the same default facility that everyone else goes to. I'm not sure how things compare nationwide, but around here assisted living places that are 'private pay' range from about $4-6k per month. They can definitely give you ballpark numbers based upon care needs. I've delt with a mother in law in declining health, it's a rough deal.
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Jan 24, 2018 07:56
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n8r posted:I'm not sure how things compare nationwide, but around here assisted living places that are 'private pay' range from about $4-6k per month. They can definitely give you ballpark numbers based upon care needs. I've delt with a mother in law in declining health, it's a rough deal. Here in Minnesota, a middle-of-the-road assisted care facility will run you about $8k, a 'good' home is double that. After you see a family member go through living in one of those places, assisted suicide begins to make sense. 
BigDave fucked around with this message at 08:14 on Jan 24, 2018 |
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Jan 24, 2018 08:09
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That sounds... really high. You sure about that? When I google Minneapolis assisted living prices I got average prices of $3500
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Jan 24, 2018 08:41
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SlapActionJackson posted:Then he bet that it would keep going down, making additional bets as it rose to 12,13,14,15K. It kept going up to 17K and he got liquidated again. What do you mean by this part? How can you bet on the price going down in a market? And how would it lead to liquidation? I get the part about margin calls and how he lost money when the price dropped but now how he lost money when the price increased.
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Jan 24, 2018 12:28
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Puseklepp posted:What do you mean by this part? How can you bet on the price going down in a market? And how would it lead to liquidation? Someone might explain this better than me, but a short is betting on the price going down. You borrow some shares, or bitcoins in this case, with the promise to pay them back at a later date, sometimes at the end of the day. If the price goes down then you make money. For example: Borrow 100 BTC and sell them immediately at $18/each - $1,800 total Price goes down to $16 You give back the 100 BTC, but now it only costs you $1,600 to buy them, and you make $200 on the difference. Problem becomes if the price goes up. Same scenario, but the price goes from $18 up to $21. Now when you give back the BTC, it costs you $300. Take that number and add a bunch of zeroes to it, and you can see how someone can get in real trouble.
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Jan 24, 2018 13:38
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EAT FASTER!!!!!! posted:How do I get a taste of this deliciousness? you have to run a book for a hedge fund like, a >5 billion hedge fund, that goldman actually gives a poo poo about so go do finance at harvard or wharton mba, i guess or do undergrad and master's at stanford like my bud did
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Jan 24, 2018 13:43
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n8r posted:That sounds... really high. You sure about that? Bill for my mom's last 30 day stay at Hillcrest in Wayzata, $8k.
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Jan 24, 2018 15:14
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n8r posted:That sounds... really high. You sure about that? My grandmother paid $1800 for a shared room at a decent facility (I've learned all nursing homes and rehab centers smell like piss regardless of quality). Her pension + Social Security was about $1900 so it got deposited directly into her 'account' and she ended up with $100 left over for the beauty parlor or extras . I'm pretty sure the $1800 was after her Medicare benefit, but I'm not certain. So it's entirely possible that it costs $3k a month if you're paying out of pocket. Contrast that with my mom, who is in at-home hospice care. Medicare pays 100% for drugs, durable medical equipment, supplies and nurses assistants that come to her home 3 times a week to bathe, change sheets, etc. So it looks like Medicare is trying to encourage people to stay at home when possible. That probably has something to do with the fact that 30% of Medicare's costs occur with 5% of patients in their last year of life. It's cheaper to give you everything you need at home for a year than risk 3 weeks in an ICU before you croak. Americans are pretty hosed up when it comes to end-of-life care. Hopefully this is a step in the right direction.
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Jan 24, 2018 15:49
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Medicare doesn't cover long term care in a facility. They will cover up to 100 days in skilled nursing (with a 20% coinsurance after day 30). You have to spend down your money and go on Medicaid for long term care.
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Jan 24, 2018 15:57
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Bird in a Blender posted:Someone might explain this better than me, but a short is betting on the price going down. You borrow some shares, or bitcoins in this case, with the promise to pay them back at a later date, sometimes at the end of the day. If the price goes down then you make money. For example: In addition, there's the margin call, which leads to liquidation. When you trade on margin, you borrow money to trade with. It basically amplifies your gains/losses. But what happens is if you lose too much, your positions are sold for a loss (even if you think it will go back up and otherwise would have held). For example, you put up 10k and borrow 10k. You are required to keep a certain percentage of the investment in your account, in this case let's say 25% (5k). If your investments loses 50% of the value, i.e. total value goes to 10k, this means your actual equity is at 5k, because you still owe the 10k you borrowed. If your investments loses any more than 50% of the value, you would be forced to sell your holdings and thus realize your losses. If it had been entirely your money, you could have held on and wait for prices to go back up.
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Jan 24, 2018 20:09
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How to invest a 250k personal loan?quote:My dad is taking out a loan of ~250k with an interest rate of 3.1%. He wants to invest this money with the hopes of a return equal to or greater than the interest and fees associated with investing for the next 2-3 years. At that point he'll likely use the money to purchase a new house and cover expenses until he's able to sell his current home. Note: Nobody has suggested bitcoin yet.
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Jan 24, 2018 21:06
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> He wants to invest this money with the hopes of a return equal to or greater than the interest Pretty solid idea, imo.
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Jan 24, 2018 21:07
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It's almost guaranteed that his dad mortgaged his house or something to that effect. Also, 3.1% is pretty low, but 3.1% + inflation = anywhere between 5-7% returns needed to break even, which is pretty close to historical returns in the stock market. OTOH, market returns in the last few years have been bonkers. OTOtherOtherH, past performance =/= future returns so we're back to just straight gambling. totalnewbie fucked around with this message at 21:37 on Jan 24, 2018 |
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Jan 24, 2018 21:12
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Here’s another - idiot gets scammed and doesn’t realize it, news at 11: After winning a promotional offer over the radio, I was billed $299 when I didn't know I had to pay for that upfront. I want my money back, what can I do? quote:Like the title says, after I won a promotional offer over the radio, I was billed $299 when I didn't know I had to pay for that upfront. quote:This was my first time participating in these things. I was just naive -- I thought it was normal to provide the debit card info. Oof, I just realized this person’s username is maria_survivor and is probably desperate for anything 
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Jan 24, 2018 21:19
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Introducing the CashBet Coin which will allow you to gamble with cryptocurrency while you gamble on cryptocurrency! They have also apparently struck some sort of deal with Arsenal football club. CashBet posted:"Through its incorporation of novel blockchain technology into its revolutionary iGaming platform, CashBet intends to become the undisputed leader in enterprise software for the crypto-casino market."
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Jan 24, 2018 21:45
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totalnewbie posted:It's almost guaranteed that his dad mortgaged his house or something to that effect. When dealing with borrowed money, don't you subtract inflation from the nominal rate of interest?
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Jan 24, 2018 22:01
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https://www.reddit.com/r/legaladvice/comments/7rg45m/texas_invested_my_company_money_in_ponzi_and_lost/?st=JCQB8Z5D&sh=49a47982quote:I invest my companys funds in a ponzi and they run wit da money. I need money for March when we havin the car show. I gots to pay my workers and staff. Can I lawsuit the ponzi people for my money back? I need it by March. THX quote:I am owner of my company. We have investors that pay us to throw car show. I took funds and invest in BITCONNECT in DEC 2017. They run wit money n I dunno what to do. quote:I didnt do nothin wrong tho. I just invest money to make more money for show. Was sposed to get 30% more money each month. quote:There are videos of him online and he speaks exactly as he types. He runs the "donk contest."
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Jan 24, 2018 22:18
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totalnewbie posted:It's almost guaranteed that his dad mortgaged his house or something to that effect. Invest your HELOC in $WEED for 2 years. Retire rich. Rich from drugs.
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Jan 24, 2018 22:30
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FrozenVent posted:When dealing with borrowed money, don't you subtract inflation from the nominal rate of interest? Well the 5-7% returns is in nominal terms, so you include inflation in that value. If you were to adjust for inflation then it cancels out on both sides and you would need, clearly, 3.1% real returns to break even. But it's pretty hard to tell what of your gains are real and what is inflation, so. Solice Kirsk posted:Invest your HELOC in $WEED for 2 years. Retire rich. Rich from drugs. Marijuana is going to be a huge industry and there are going to be a lot of people who make a lot of money from it.. eventually.
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Jan 24, 2018 23:29
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Think my company that drug tests will let me put my 401(k) into one of the marijuana index funds?
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Jan 24, 2018 23:33
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I didn't see this posted. 1 in 6 Millennials have over $100k in savings and nearly half have $15k saved up. https://www.usatoday.com/story/money/2018/01/23/millennials-1-6-now-have-100-000-socked-away/1053803001/ Kind of interesting to see the savings threads for Millennials during the period of time most people are taking on debt and making lots of stupid mistakes like Ford Mustangs and condos.
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Jan 24, 2018 23:37
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Krispy Wafer posted:I didn't see this posted. 1 in 6 Millennials have over $100k in savings and nearly half have $15k saved up. I saw that the other day. That seems contrary to everything I’ve read about millennials saving, what with student loans, the inability to get good paying jobs and wage stagnation. However, if true, it’s a good thing and most certainly GWM.
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Jan 24, 2018 23:56
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Cacafuego posted:I saw that the other day. That seems contrary to everything I’ve read about millennials saving, what with student loans, the inability to get good paying jobs and wage stagnation. However, if true, it’s a good thing and most certainly GWM. Keep in mind it’s a “self reported” survey, in other words: completely worthless.
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Jan 24, 2018 23:59
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Cacafuego posted:I saw that the other day. That seems contrary to everything I’ve read about millennials saving, what with student loans, the inability to get good paying jobs and wage stagnation. However, if true, it’s a good thing and most certainly GWM. If you use the age bracket they use (which is reasonable), 32-37 year-olds (the upper portion of "Millennials") having saved $100k isn't unreasonable; they've been working for 10-15 years. They would have started working before the Great Recession, had student loan rates much lower than today, and have had the more recent few years of booming markets to build their investments. Starting a 401(k) in 2008 or 2009, as a working 31 or 32 year old would have, basically meant buying in at the bottom. Starting just before that means the big crash took out a big percentage, but of only a year or two of contributions.
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Jan 25, 2018 00:03
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Dogcow posted:Keep in mind it’s a “self reported” survey, in other words: completely worthless.
* Very huge * Pretty huge * Definitely huge * Seriously dude, you gotta see this thing
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Jan 25, 2018 00:04
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Virtue posted:The brokerage lends you money to trade on “margin.” In return they have the right to liquidate your position if it drops too far to protect their loan, called a “margin call”. Leverage is great on the way up but not so hot on the way down and particularly silly in a volatile market. If the price drops 50% but shoots up 1000000% a few moments later, you’ll never realize those gains because the margin call will liquidate your position on the drop. SlapActionJackson posted:Pretty much. Thank you, both. So, to summarise: he placed wrong bets at every turn. WOW
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Jan 25, 2018 00:05
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| # ? May 17, 2024 20:06 |
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Krispy Wafer posted:I didn't see this posted. 1 in 6 Millennials have over $100k in savings and nearly half have $15k saved up. Wasn't the savings rate of people who grew up through the Depression higher also? Makes sense that some people would be a bit more cautious after seeing a lot of people lose everything in the late 2000s.
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Jan 25, 2018 00:10
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