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heres a foolproof get rich scheme: -go to a blackjack table -place a $100 bet -if you win, place another -if you lose, double your first bet. repeat until you win its impossible to lose more than like 3 or 4 times in a row so this is basically a license to print money
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Apr 15, 2021 21:16
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Vomik posted:so i get the invite and we get free stock? - bet those robinhood bastards are gonna be mad when they meet a true hacker on the battlefield - i can make gmail addresses all day theyre gonna have to be patriot act compliant and ask for your social and poo poo. or not. its robinhood theyre not very good at what they do
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Apr 16, 2021 00:59
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indigi posted:is that Patriot ACt I thought it was typical KYC/AML bullshit i don't know the full details but apparently part of the patriot act updated kyc laws
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Apr 16, 2021 05:27
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Ytlaya posted:I've been blessed with whatever the opposite of a gambler's mindset is. When I think of investing/trading, all I see in my mind's eye is me opening my account to massive losses and feeling terrible about it. what are you buying thats so volatile you think you could get cleaned out overnight
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Apr 16, 2021 20:52
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Victory Position posted:anything. I don't enough money ever to even begin to cover a loss even if a stock sinks by like -2% as pookbear pointed out, you dont have to sell when the price goes down. one of the simplest ways to invest is to just buy an index fund and hold it. you would actually generate cash while doing this because it would pay dividends (and far more than you would get from leaving it as cash in the bank)
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Apr 19, 2021 19:48
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Nonsense posted:can you do this with Robinhood or does it have to be through a legit brokerage? I’ve seen indexes on RH but only the crazed ones. i dont know about robinhood but unless you want to buy crypto you should open an account at Fidelity, Schwab, TD Ameritrade, or any other mainstream brokerage. equity trades should be free and you have access to people who can actually help you with your account 24/7. from what i understand robinhood's customer service is poo poo or non-existent. Cold on a Cob posted:i guess i can talk earnestly here without getting yelled at as much for being a class traitor capitalist time in the market is what generates results over the long run. several years down the line youll be glad you bought in. cumshitter has issued a correction as of 22:55 on Apr 19, 2021 |
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Apr 19, 2021 22:51
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Aglet56 posted:https://twitter.com/stoolpresidente/status/1268542454086750208 he announced that he was going to invest half a million on 3/23 of last year, which was the absolute bottom of the market, and somehow he still lost money day trading like assuming he bought in on 3/23 he could have thrown darts at a wall covered with random S&P 500 stocks and made money
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Apr 19, 2021 22:57
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indigi posted:I’m saving money every week to give my nephew when he turns 18 (~12 years). is it stupid to keep in a high yield savings account as opposed to parking it in some index or mutual fund yes, incredibly stupid
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Apr 21, 2021 01:26
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no, gently caress you. also just putting it in a high yield checking account wouldnt even keep pace with increasing tuition rates, your money would lose purchasing power in terms of how much college it buysindigi posted:what’s the diff between voo and like SPY or SPYX (I like to not invest in fossil fuels because I’m a stupid bitch) SPY just models the S&P 500, which includes energy sector companies. SPYX does the same but doesnt include companies that own fossil fuel reserves heres a summary of the fund from state street's fact sheet on the fund. this is how they define stocks as being fossil fuel free quote:The S&P® 500 Fossil Fuel Free Index is designed to measure the performance of companies in the S&P 500 Index that are “fossil fuel free”, which are defined as companies that do not own fossil fuel reserves. For purposes of the composition of the Index, fossil fuel reserves are defined as (i) thermal coal reserves, (ii) other non-metallurgical coal reserves (e.g., coal for chemical biproducts, coal briquettes, residential use, liquid fuel, cement production, paper manufacturing, pharmaceutical, alumina refineries, ferrochrome, anthracite) (iii) conventional or unconventional oil reserves (e.g., natural gas liquids, oil sands, condensates and liquid petroleum gas), (iv) natural gas reserves, (v) shale gas reserves, and (vi) oil and gas reserves that have not been disclosed transparently as specific types of oil or gas, or are disclosed as one aggregate quantity of oil and gas reserves combined . The Index is a subset of the S&P 500 Index (the “Underlying Index”), which serves as the initial universe of eligible securities for the Index. The Underlying Index focuses on the large capitalization U.S. equity market, including common stock and real estate investment trusts (“REITs”). but it doesnt really matter. unless you purchase a stock or bond at the time its issued youre not giving money to the underlying company or supporting them in any way other than that your tiny purchase created buying pressure, which pushes the price upwards and may benefit shareholders and highly compensated employees. but your impact on this as an average, individual investor is so minisicule that its like worrying about whether blowing up an atomic bomb will change the earth's orbit
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Apr 21, 2021 01:38
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indigi posted:he’s not allowed to spend it on college well i was going to add you can avoid gift tax filings by paying for tuition directly (gift tax is a bit of a misnomer unless you plan to die with an 8 digit estate). when you give him the cash make sure you notify your accountant to see if you gave above the annual exclusion. you wont pay any taxes that year if you do, but its not much hassle to file the additional forms to ensure youre square with the IRS quote:yeah I said I was a dumb bitch. I guess I should put it into an index fund then? yes. in SPYX if you want, its performance actually looks slightly better than SPY over the past few years but overall theyre very similar. which isnt surprising, if i recall correctly energy hasnt been doing great for the past 5 years or so.
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Apr 21, 2021 02:12
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Gazpacho posted:tbh i don't like being in the position of telling someone else how to take risks with someone else's money with a 12 year timeline its highly unlikely that even if we had another 2020 crash when he liquidated and transferred the money that any index fund would fail to outperform CDs or bank interest by a significant amount. the bigger concern is doing more research and figuring out what indigi's risk tolerance is and how confident they feel about maintaining allocation discipline with a simple investment scheme like buying Vanguard Total Bond Market and SPYX. also the tax implications from capital gains associated with periodic rebalancing and the eventual liquidation of the account before the cash is given to the nephew. it sounds like indigi just opened an individual account in their name, so everything that happens in it is under their tax ID and treated as personal investing. working with an accountant and figuring out what your expected tax bill will be in the year of liquidation would be smart. nobody would fault indigi for retaining some of the cash to cover his tax bill.
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Apr 21, 2021 02:20
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nothing like an RESP plan where theres government matching funds. depending on the state you can start a 529 pland and either purchase future college tuition at today's rates or open a tax-deferred investment account where no taxes are paid so long as all of it is used for qualifying expenses like tuition, books, room and board up to a certain point, etc.
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Apr 21, 2021 02:43
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indigi posted:oh yeah. poo poo. I guess I’ll start putting some money aside for that too yeah but you need to do some research and figure out what youre comfortable with. you want higher volatility and more equities early on in your 12 year investing timeline. as you get closer to the end or as you approach an amount youre satisfied with giving to your nephew youll want to reallocate a higher portion to bonds google sheets is good for this. it has a function that pulls current price within 15 minutes or so, and you can just periodically update your cost basis and number of shares to determine your current gains and performance. hopefully this will help you visualize what im talking about. below is a performance report i pulled from a long time client's account some time back. S&P w/inc means the S&P 500 index with dividends reinvested. B/C GC I means the Barclay's Intemediate Government/Credit (treasuries and corp bonds) index. or bonds with a maturity date of greater than 1 year and less than 10. its also with interest reinvested. these are yearly, non-cumulative returns  as you can see the S&P is much more volatile, which is good when you have a longer investment horizon and you dont anticipate that you will need the money anytime soon. the barclays is far less volatile, but offers lower returns. what portion of your portfolio do you want to be exposed to potential 30% +/- on a yearly basis? what portion do you want slower, but steadier less risky growth for? this is something youll have to examine every year or two. youd have far more money if you had been 100% S&P 500 for 15+ years. but that doesn't mean much if you cant sleep at night
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Apr 21, 2021 04:35
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indigi posted:oh yeah big volatility swings won’t bother me much at all yet considering the decade-plus time frame but I’ll definitely want to start rebalancing things in 5-6 years. I mean it’d suck if the account went -99% or something but the good news is he doesn’t know about it so I can just pretend like nothing ever happened and give him a hundred bucks when he turns 18. bumping this because im curious what you ended up doing. give me your money
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Apr 25, 2021 03:38
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Alobar posted:i had a moment a few months ago where i wanted to invest more money into dogecoin but only had a few hundred dollars, and the same thing is happening to me with safemoon. except this time, the few hundred dollars of safemoon is millions of safemoon, not thousands of dogecoin. i have no idea what you are talking about but dont let hindsight cloud your vision. saying you dont want to miss out on the next big thing is no different from thinking "i would have bet more last hand if i had known i would be dealt a blackjack."
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Apr 26, 2021 10:17
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Smythe posted:pretty sure its a literal ponzi scheme, but it's transparent and up-front about it lol. pretty cool. ive been meaning to "get in" as they say the bitcoin forums had an "honest ponzi" section specifically for ponzis and people who knew they were ponzi schemes
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Apr 26, 2021 22:09
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indigi posted:how much of a loving headache would all this poo poo be come tax time? like if I'm not opposed to the idea of speculating on nonsense I definitely am opposed to doing more paperwork it would be annoying because i doubt some small altcoin is going to send you a 1099. you would treat it like stocks and just record the day and price you paid and what you sold it for to calculate loss/gains and whether they were long/short term. you might also get slightly more complicated by declaring individual trades LIFO or FIFO (last/first in first out) in first out to get extra control over the way you generate gains
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Apr 29, 2021 08:07
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Cloks posted:lol, didn't realize that this is a good sign. you just have to sell before everyone else. and to do that you only need to be a little bit smarter. this is basically free money
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May 5, 2021 20:53
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here is anohter one: buy pumpkin stocks shortly after haloween when they are cheapest. this is also a good time to pick out a costume for cheap if you dont mind committing so far in advance
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May 5, 2021 21:11
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Snake Dance posted:cumshitter I left my savings ($2,417) in a brown paper bag under the tree at the corner of 19th and 4th. Please invest it for me wisely. thank you i have put it to good use
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May 5, 2021 22:11
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i say swears online posted:political betting markets seem way more fun and a better way to spend my time not looking at janky graphs tbh its the modern version of a bucket shop, which was basically gambling on the stock market (or one could call it unregulated derivative trading). if i wasnt prohibited from opening a brokerage account with robinhood i might throw $50 or a $100 at it but also i realize the thing that sucks about coin trading is that the market never closes. i dont know why that is touted as a positive. if youre leveraged or a compulsive gambler betting money you cant afford to lose then its like having access to a casino on your phone. you have to watch it 24/7 because who knows when the price would crater. at least with stocks and bonds you can ignore it on the weekend. its short term, high risk investing. and the casino never closes, so youre watching that graph nonstop, or watching the price flip back and forth between green and red. it sounds like it could be fun as hell or incredibly nerve wracking depending on your disposition
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May 6, 2021 08:25
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like i dont think id face any legal repercussions if i did it but i wouldnt want it on whatever record is held somewhere. a surprisingly large portion of the financial industry is regulated by not-for-profit corporations. i work for a FINRA (Financial Industry Regulatory Authority) regulated company so i have to report my trades to a third party auditor every quarter. if you remember how jacob wohl was banned from trading futures, that was done by the National Futures Association. both FINRA and the NFA have .org websites and describe themselves as self-regulatory. wohl wasn't banned from futures trading by the courts, but a private self-policing organization that is supposed to keep the derivatives market fair
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May 6, 2021 08:32
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Yossarian-22 posted:you will lose so much money with this attitude if you aren't careful but i enjoy the sincereposting lol lol do you have to do Know Your Customer stuff with any of these various places youre transferring money or is this completely fly by night poo poo?
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May 7, 2021 18:49
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Yossarian-22 posted:basically KYC is only if you actually buy poo poo. thats not accurate. if youre registering an account with a service/brokerage/bank or whatever you want to call it that helps you exchange cash for stocks (which the IRS considers crypto to be, for tax purposes) then you need to have your identity verified to open it. regardless of whether you actually end up placing trades assuming you want to be square with the IRS, if a company isnt demanding that information from you then it's on you to track it. exchanging cash to bitcoin, bitcoin to altcoin, and altcoin to altcoin are all tax events that require tracking. it is no different from exchanging cash for stock and then shares of stock for other stocks. even if you have no plans to report it its probably a good idea to keep your own (secure, hidden) records in case of a future audit. also just so you have data on your own transactions cumshitter has issued a correction as of 10:48 on May 8, 2021 |
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May 8, 2021 10:44
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Yossarian-22 posted:i'm aware that none of what i'm doing is anonymous but by no kyc i mean they literally didn't have me verify my identity in any way aside from giving my email/number. the tax issue will definitely be daunting down the line if it comes up so i'll have to plan ahead. i imagine once i check that box confirming that, yes i did buy crypto in the past year, the floodgates are basically all open yeah? yeah so if theyre not verifying your identity dont expect them to keep accurate records of your trades. i dont know what the IRS thinks of it if you check the crypto box but my barely educated guess would be that unless they have proof that youre living beyond your reported means (from employers, banks, brokerages, etc. who all file tax forms with them) theyre not going to care quote:i've heard that it's less of an issue if you just don't sell anything but idk if that's bullshit or not, and i definitely wouldn't want to be caught lying to the irs, so it's definitely an issue that concerns me if you never sell anything you never realize gains or losses, which are the tax terms the IRS applies to the selling of stocks. the IRS doesnt care when you use post-tax dollars to buy a stock the same way they dont care if you buy a bottle of shampoo. but if you buy a stock or a bottle of shampoo and sell it at a significant markup then thats a taxable event. if there is no sale there is no gain to tax on your investment.
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May 8, 2021 11:06
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as a CFA and a doctor of money who teaches financial physics, i predict that the price will rocket upward soon. the audience members are simply too enraptured by SNL, but as soon as its over theyll get right to buying
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May 9, 2021 05:46
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i say swears online posted:are you actually a phd cumshitter? what was your thesis on? money
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May 9, 2021 07:55
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Yossarian-22 posted:i've heard that it's less of an issue if you just don't sell anything but idk if that's bullshit or not, and i definitely wouldn't want to be caught lying to the irs, so it's definitely an issue that concerns me i want to circle back to this. what do you mean its not an issue if you dont sell? how do and the people youre conversing with about taxes define selling? i ask because it sounds like youre getting advice from people in the crypto community about taxes and that is the last place i would go for tax advice.
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May 9, 2021 10:24
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Yossarian-22 posted:i imagine that selling one crypto for another or for crypto tether bucks is a transaction worth recording it is. its beyond my understanding because i am not an accountant. but if you are exchanging things that have value with another party then you need to account for what you have gained or lost. even if it's a perfect $0.00 exchange you need to document it, because you are exchanging things the IRS considers to be securities like stocks
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May 9, 2021 11:46
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you dont have any gains until you realize them so like, you know, cash out a little
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May 11, 2021 09:43
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Yossarian-22 posted:The equivalent of that in crypto is usdt (tether) and I always think... well what if this is as much as a house of cards as crypto as a whole and even that collapses one day? I wish somebody who knew more about it could tell me one way or the other if stable coins are necessarily foolproof. Obviously they aren't actual U.S. dollars ????? that is just a derivative investment that strives to maintain a perfect 0.00% rate of return. its itchy & scratchy land money. its money, but fun why do i want to exchange dollars for a perfect 1:1 ratio dollar backed derivative? i would just keep the dollar. there isnt even the idea that its an investment, its just banking but dumber and the bank takes money and gives you chuck e. cheese prize tickets
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May 11, 2021 10:41
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money is just too inconvenient to hold so im going to exchange it for an equal sum of $1 amex gift cardsYossarian-22 posted:usdt is the short term way i keep my poo poo from moving up and down when playing with my ridiculous amount of funny money. 1:1 is the point ok i see how it works in the context of coin trading. it just sounds like stepping away from the tables and hitting up the buffet though
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May 11, 2021 10:49
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wolfs posted:so I need a pancake swap account if I want to do hokey coin bullshit huh these are legitimate investments that threaten my posiition and future career in legacy finance
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May 12, 2021 01:24
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indigi posted:@cumshitter your advice has cost my nephew over one hundred and fifty dollars so far. I hope you’re proud of yourself. value can not be created or destroyed. think of it as a time to buy the market only has two modes: Good: prices are down, time to buy Better: better buy before its too late we are in a time to buy market
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May 13, 2021 01:07
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who cares about some dead dumb rear end in a top hat's opinion. if htey were smart they would be alive and rich
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May 13, 2021 01:25
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Yossarian-22 posted:i think tesla shareholders hate elon and recognize that bitcoin is bad for their environmental image and longterm future. i highly doubt he wanted this i think its more about how they want dollars and not volatile stocks as payment for their cars
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May 13, 2021 07:02
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you can lose the loss portion if you violate the 30 day wash rule. or if you sell a security and buy it back within 30 days. its meant to stop people from selling things at a loss and then immediately buying them back, getting the taxable writeoff while still holding the investment. if youre constantly trading between coins you might be getting this.
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May 13, 2021 17:00
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the IRS and most (if not all) brokerages will assume FIFO unless you direct them or state otherwise.
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May 13, 2021 17:18
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Yossarian-22 posted:this is the best time to buy or the worst ?????????? the point of disciplined investing or gambling is that you will never know the peak price or if you were going to be dealt a blackjack until it's over. which is why it's a good idea to incrementally realize gains. at least for no other reason than to cover your initial investment nobody ever lost money realizing gains
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May 14, 2021 07:17
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Yossarian-22 posted:got into a presale called taste nft on dxsale and made a ridiculous amount of money on it. leaving some in just in case is a presale just the word they accidentally bumbled onto when they were rediscovering an initial public offering?
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May 17, 2021 05:20
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