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Hey Nerds: Blockchain

CH1 said:
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
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I’m reading Norm’s book and he has a line in there where he says the richest guy in his little Ottawa hometown was the barber.

Might be headed back to that.
 
PLOT TWIST: I never read it so I have no idea what happens with the barber
 
Treat his book like you treat Darren Dreger. Take everything he writes with a big, giant grain of salt and enjoy the ride.
 
Preston said:
Treat his book like you treat Darren Dreger. Take everything he writes with a big, giant grain of salt and enjoy the ride.
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I saw Letterman months ago say he started reading it and thought it was real until he got a little further in and realized a lot of it was made up.
 
He hated memoirs. And hated that it was promoted as one. He made sure everyone knew that it was a fiction novel in every appearance he made leading up to the release.
 
Preston said:
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.
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Yeah it's gone pretty well. I've exhausted all the signup bonuses, so I've moved onto positive ev betting. I've been able to build up my bankroll. I doubt it'll ever be much more than "beer money", but even a $1000 per month tax free supplemental income is pretty nice.
 
The stock market is laying me off. Wake up every day to see I’m down many times more than I can possibly earn in a day. Fun times for the buy and hold crowd.
 
CH1 said:
buy and hold works if you keep buying
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If I’d bought more of literally anything I hold at any time in 2022, other than a couple of them where they fell for a minute a few months ago, I’d be down even more now. Did you hold too, and buy more of your holdings?
 
LeafOfFaith said:
If I’d bought more of literally anything I hold at any time in 2022, other than a couple of them where they fell for a minute a few months ago, I’d be down even more now. Did you hold too, and buy more of your holdings?
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His point is that it won't go down forever. If you keep buying robotically your average will get low enough that your positions will eventually be profitable.

Though it depends on what you buy. I think this strategy is more of a "sure" thing for certain ETFs, less so for individual companies.
 
Preston said:
His point is that it won't go down forever. If you keep buying robotically your average will get low enough that your positions will eventually be profitable.

Though it depends on what you buy. I think this strategy is more of a "sure" thing for certain ETFs, less so for individual companies.
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exactly...this "time might be different" (as they say) but the SPY has never had a 10 yr period where it lost
 
Preston said:
His point is that it won't go down forever. If you keep buying robotically your average will get low enough that your positions will eventually be profitable.

Though it depends on what you buy. I think this strategy is more of a "sure" thing for certain ETFs, less so for individual companies.
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I get it, but it’s a question of timing now because there’s apparently no bottom in the near term. Also I do the math on them almost every day. Hmm, if I buy more of X now, how much will it bring down my cost basis. And it’s not much at all unless I add an extra 50% to the position, and which of them do I do that with when all of them look similarly poop? And what if it goes down another 20%, as it would’ve a few times had I done it at various points during the meltdown? If I need to spend a bunch to bring my price on something down from $270 to $260, when it’s $90 right now, it feels like a risk with little reason behind it.

Whenever I start to think about it, the only way it makes sense is to think about it as two people’s portfolios. One is old crushed me who has to just sit on it and suffer till it goes back to $270. The other is current me who can dive in and buy something for $90 and hope it doesn’t drop to $50. But combine those two positions and there’s barely a dent in the cost basis, unless I want to burn up all remaining cash to double down on a few names I’m holding. And each time I’ve considered it on one, I wait and watch it drop down even more and thank the heavens I didn’t buy more.
 
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