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Started By
Message
Confession time for one of you guys!!
Posted on 2/8/23 at 10:36 am
Posted on 2/8/23 at 10:36 am
7
Posted on 2/8/23 at 10:50 am to Im4datigers
Who was the guy touting risk free returns with crypto on Celsius
Posted on 2/8/23 at 11:07 am to Im4datigers
quote:
A fool and his money are soon parted
Posted on 2/8/23 at 11:11 am to Im4datigers
I feel when someone is pitching you and it includes "options trading" they should get an automatic "no".
Posted on 2/8/23 at 11:21 am to DiamondDog
quote:
I feel when someone is pitching you and it includes "options trading" they should get an automatic "no".
I totally disagree with what this character did, but why would you give options trading a “no” in particular? Just curious.
Posted on 2/8/23 at 11:30 am to Jag_Warrior
Yeah I'm interested in that assertion as well.
On topic, I don't think I would ever invest or trade on the behalf of someone else unless I established a legitimate hedge fund and were charging a management fee for services rendered.
Anyone that can provide a useful service isn't doing it for free, so that's on those family members for giving their money away.
On topic, I don't think I would ever invest or trade on the behalf of someone else unless I established a legitimate hedge fund and were charging a management fee for services rendered.
Anyone that can provide a useful service isn't doing it for free, so that's on those family members for giving their money away.
This post was edited on 2/8/23 at 11:39 am
Posted on 2/8/23 at 11:55 am to UltimaParadox
quote:
Who was the guy touting risk free returns with crypto on Celsius
That would be rocket31. He infamously said 'zero risk' (LOL) and touted us as morons for not putting our money in Celsius.
RIP in peace my dawg.
Posted on 2/8/23 at 11:56 am to skewbs
Well AT wouldn't have put his Hancock behind his promises.
Posted on 2/8/23 at 12:10 pm to Im4datigers
quote:
What’s the best way to mend and repair the relationships with friends and family?
To what extent could I be faced with punitive legal action?
Re-reading William Bernstein’s Four Pillars of Investing. Dude should have read it first, among any other finance book.
Risk and expected return go hand in hand.
Market history - sometimes markets and investing public go crazy
Financial psychology - tendency to be over confident, pay too much for certain classes of stocks, trade too much at great costs, and irrational buy/sell decisions.
Brokers are not your friends.
Hopefully dude learned that ego and lost friendships are far more expensive than this book.
Posted on 2/8/23 at 3:46 pm to Jag_Warrior
quote:Because options trading is a lot higher risk for huge losses in a short time span compared to just trading stocks. And the guy probably isn't some options guru with a lots of long term success in options trading if he's hitting up friends and family to "invest" in it. If he was really good at options trading, he'd have made plenty of money at it and put his own capital at risk instead of needing to solicit his friends to fund it.
but why would you give options trading a “no” in particular?
Posted on 2/8/23 at 3:59 pm to skewbs
quote:
RIP in peace my dawg
I doubt it. Most coin people split deposits into 3 or 4 stablecoins. Plus he had a six fig bag of degods, as just one position.
This post was edited on 2/8/23 at 4:08 pm
Posted on 2/8/23 at 4:46 pm to down time
quote:
Plus he had a six fig bag of degods, as just one position.
Curious, how do you know this?
Posted on 2/8/23 at 5:20 pm to Tiger Prawn
quote:
Because options trading is a lot higher risk for huge losses in a short time span compared to just trading stocks.
Not really. The risk level in options trading is strategy dependent. The only ways one could really suffer “huge losses” would be through YOLOing a boatload of OTM long calls or puts (inherent limited risk - but tend to lose over time) or shorting naked calls (unlimited risk). Don’t get me wrong, you can certainly lose money with long, short or neutral options trading. But my guess is, this fellow for the most part set his account on fire with his attempt at futures trading. Newbies and those who know just enough to be dangerous can lose their houses playing with futures. My “smarter than everybody else in the world” cousin stands as Exhibit A.
quote:
And the guy probably isn't some options guru with a lots of long term success in options trading if he's hitting up friends and family to "invest" in it. If he was really good at options trading, he'd have made plenty of money at it and put his own capital at risk instead of needing to solicit his friends to fund it.
I agree. He even referred to himself as a “budding” trader. Probably just hit a few home runs during the bull run when even a blind chimp could make money playing with meme stock options. If he actually had a proven track record and was a strategic trader (not a shoot from the hip cowboy), SMB or some other prop shop would have probably agreed to take him on and fund him. A 10% average annual return with conservative premium selling strategies is very attainable and not highly risky (though dependent on strategies). But it was foolish to sign a promissory note guaranteeing 10% to his family and friends investors. He’ll have plenty to think about while driving an Uber to pay them back - unless he declares bankruptcy.
Posted on 2/8/23 at 6:40 pm to UltimaParadox
quote:
Who was the guy touting risk free returns with crypto on Celsius
ROCKET31
Posted on 2/8/23 at 6:41 pm to skewbs
quote:
That would be rocket31. He infamously said 'zero risk' (LOL) and touted us as morons for not putting our money in Celsius.
RIP in peace my dawg.
Posted on 2/8/23 at 6:44 pm to down time
quote:
Plus he had a six fig bag of degods, as just one position.
not sure if that amount is accurate but i do remember him saying he had those NFT's. did those crash also?
I DO remember he said he had a huge 6 figure amount into celsius when it crashed so he lost his arse and he admitted as much.
This post was edited on 2/8/23 at 7:04 pm
Posted on 2/8/23 at 6:47 pm to Im4datigers
This was the exact start of Madoff’s scheme.
He just kept recruiting more new money to pay the 10%.
He just kept recruiting more new money to pay the 10%.
Posted on 2/8/23 at 6:50 pm to Goldrush25
quote:
Anyone that can provide a useful service isn't doing it for free, so that's on those family members for giving their money away.
He’s not really doing it for free.
His idea was take in money, invest it, make returns > 10%, payout the 10%, keep the spread.
The appeal of the deal for investors is 10% “risk free”.
The appeal to him is if he has huge returns.
Obviously he did not factor in risk at all though.
Posted on 2/8/23 at 7:04 pm to Weagle25
quote:
The appeal of the deal for investors is 10% “risk free”.
They learned a valuable lesson about counterparty risk.
This post was edited on 2/8/23 at 7:05 pm
Posted on 2/8/23 at 8:29 pm to Im4datigers
I had all the answers, man. I couldn't lose...until I did.
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