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Hey Nerds: Blockchain

Preston said:
So what's the short-term bull case? @CH1 give me your views. Go!
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I don’t have one (yet)

wanna see last man standing AAPL suffer before I get interested in scooping up bargains (might not happen, though it has dropped $15 since yesterday)

what are you doing marketwise lately
 
CH1 said:
I don’t have one (yet)

wanna see last man standing AAPL suffer before I get interested in scooping up bargains (might not happen, though it has dropped $15 since yesterday)

what are you doing marketwise lately
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I've been out of the loop for a good year now. I was looking to buy property so I pulled a lot of funds out in Oct. 2021 and am still largely doing nothing but holding cash and letting it rot in my trading accounts. I sold property and bought property this summer and honestly this DraftKings thing has taken a lot of my attention for the better part of the last couple of months (and I think that is slowly wrapping up as my fun is nearing an end so that gravy train will mostly be over soon). But anyway.. haven't had much time to look at charts this year but my time is slowly returning so was looking to get some opinions.

There are a lot of hot takes out the market and honestly more than ever, I'm clueless. Genuinely no clue what to do, when to hop back in the market and how aggressive to go, etc. I feel very behind on what's going on and that makes me uncomfortable!!
 
Clueless cash is a position! And sometimes a good one during turbulent times. Market has taken a back seat for me too (nursing some green SPY puts from a while back)

Been pretty busy with work projects — I haven’t had time to wade into the sport betting arbitrage — but I want to. Is there a churningcanada equivalent where I can pick up the basics and stay on top of the latest bonus offers?
 
I have literally not made one move this year.

That said, I think this buy and hold strategy may be stale and no good for modern investing because I got crushed relying on it. Maybe 3 years from now validates it, but wouldn't I have been better off selling at one point in the highs and just sitting tight for a while and buying back in low? Sure, I don't get the high high, and I won't pick the low low, but to just see so much gain evaporate has been a very painful experience for me.
 
CH1 said:
Clueless cash is a position! And sometimes a good one during turbulent times. Market has taken a back seat for me too (nursing some green SPY puts from a while back)

Been pretty busy with work projects — I haven’t had time to wade into the sport betting arbitrage — but I want to. Is there a churningcanada equivalent where I can pick up the basics and stay on top of the latest bonus offers?
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Yeah. Honestly it started off pretty good. It's basically the same in that it's all in the welcome bonuses that you've gotta churn through. Also similar in that some welcome bonuses have worsened since the start but it's still great. I've been in contact with @Deckie007 and he seems to be crushing it.

I think after the welcome bonuses are done profits may be limited... Not sure how sustainably lucrative it'll be but you can make 20-25k with a p1/p2 partnership pretty easily just doing welcome bonuses. After that I'd imagine it'll be beer money mostly.


But the real game changer for me was this absolutely moronic VIP referral offer where they literally hand out tens of thousands of dollars for free. I know someone who has been on DraftKings for years in Philly and has hustled to make his money and even he was stunned by this offer. I think the program is on its last legs unfortunately. Can't imagine any program that hands people $30,000 would last long anyway. And I've spoken to some who were offered $150,000 (if they deposited 500k). It has been a gamechanger for me and at the end of this year I'm likely to reach six figures largely because of this program between my p1 and p2.

Tldr: short $DKNG. Cathie Wood is fucking insane.


Edit: some resources include

https://forums.redflagdeals.com/ontario-bookies-promo-megathread-2534576/

And
 
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CH1 said:
folks are skeptical Zuck can pivot to something called the meta verse

I will bet with zuck at some point … waiting for lower prices
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They still seem to be revenue pumping machines, but their free cashflow now all appears to be going to that Metaverse thing. Seems like a boom or bust potential kinda deal and this is environment where things are gonna extend unreasonably to the downside at some point (if not already).

I'll be waiting too!
 
I think I saw something that they were doing something with a crypto project called Polygon/Matic.

Yep, looks like they will be offering nft sales through fb/ig and Polygon will be the L2 (on eth), that offers it.

Instagram integrations provide a boost to MATIC and Arweave token prices

Meta has announced that Instagram will be integrated with Polygon and Arweave to allow users to create and store non-fungible tokens.
www.kitco.com

Just a generic article talking about it.
 
Preston said:
They still seem to be revenue pumping machines, but their free cashflow now all appears to be going to that Metaverse thing. Seems like a boom or bust potential kinda deal and this is environment where things are gonna extend unreasonably to the downside at some point (if not already).

I'll be waiting too!
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That was why it fell so hard last week because with earnings it was reported that they allocated a ton of cash to meta buildout and revenue from it was less than expected too. But for it to be destroyed like this when it’s still a monster is really a joke. But it’s dropped to the magic 17/18 PE figure where the slide seems to stop for most of them.
 
Yeah.. Sorta feels like tech has peaked in many ways. Speaking with a few in the field and we can't recall the last truly innovating product after a decade+ of crazy advancements. At least Zuck is trying something!

I know a couple software engineers who work for FAANG that are shitting bricks right now; plenty of layoff rumors getting to them. There's a feeling that this is largely mostly only gonna be a tech recession and honestly I didn't think it was too difficult to see it coming considering the insane run-ups they had the last several years. Eventually the growth in their businesses were gonna slow and eventually the bubble was gonna pop in their share prices. Inflation was the catalyst but IMO not the underlying cause.

In truth I sorta wanted this to happen because I didn't feel like the stock market was investable in 2020/2021. Nothing about that was healthy or normal and while it generated amazing wealth for a lot of people, those weren't years I was keen on buying and holding.


TLDR: LETS MAKE THE STOCK MARKET INVESTABLE AGAIN!!!
 
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It might be an interesting recession where a bunch of high salaried techies lose their job but plumbers in buttfuck America get hefty raises for the first time in their lives.

a course correction in wealth inequality is long overdue
 
I was the buy and hold master. There was no bad shit I couldn’t wait out - for a period of no more than six months or so, mind you. This year long shit fest is new territory and I don’t like it one bit. I’d probably be buying some names in a big way if I was all cash right now, but then I would’ve bought them weeks ago and been down now. So I have no clue where the bottom is but 17/18 seems to be the marker at this point in time.
 
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