109 points

He should have listened to them, if even WSB comes together to tell you how stupid that idea is, you know you’ve got a real stinker on your hands.

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50 points

19 year old doesn’t have a lot of personal savings anyway not a big deal Time to start saving again. ¯_(ツ)_/¯

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77 points

That person had 400$ and now owes 56k

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41 points
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$400 left.Who knows how much he started with initially.

E: started with about $7k

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13 points

Where the hell is a teenager finding 7k? That takes some bootstraps pulling.

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16 points
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That’s what we call an ouchie.

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9 points

I’m pretty sure that can be cleared with a bankruptcy. Considering a 19 year old isn’t likely to have any non-exempt assets, they can go bankrupt with basically no penalty other than having a bankrupcy on their record for the next 7 years.

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7 points

If I understand correctly, they can sell the shares they were forced to buy and get back most of the $56,000 they owe.

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22 points

When you short a stock, you borrow a stock, then sell it, then you buy it back at a (ideally) lower price. Then, you have to give back the stock plus interest. This person can’t sell the stock because they have to give it back. It wasn’t theirs to begin with. They were just borrowing it.

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2 points

P

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He’s in a better financial position than I was coming out of college. And it sounds like we both got a valuable education for our money.

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2 points

Well, not exactly, his brokerage bought 100 shares of SPY and charged him the price of that. He can just sell them.

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31 points

The problem with options trading is you can lose more money than you invest.

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4 points

They are betting that they can make more than they are investing, with the downside of losing more than they are investing.

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45 points

That has got to be the stupidest reasoning for doing something on the stock market that I have ever heard

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21 points

Then this person has won r/wallstreetbets, because the entire sub is a meme

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8 points

Making any kind of profit on this sub is seen as a tragedy

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14 points

Wait till you hear about the gourds…

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32 points

Isn’t it the risk of trying to make money with money? It’s like gambling. If you don’t want to risk losing that money, don’t play that game.

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26 points

The thing is that what this guy did is absolutely gambling. Investments are gambles but the risk is low. This was just putting everything on 00 and when it didn’t pay out, he got as much credit from the casino he could and bet again.

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20 points

it’s not like gambling. it’s gambling. except more stupid because they shorted fucking copper based on their opinion on medals.

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7 points

At least with normal stocks you have an asset at the end. This was options trading though lol. And shorting, which is like the most risky thing. You have finite possible returns but infinite possible losses.

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31 points

19 years old. Life savings. 🙄

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28 points
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i thought it was code for daddy’s money but apparently it was 400 bucks.

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13 points

Boomers keep telling me I should have put $20 in my savings account with every paycheck starting at age 18 and I’d be able to retire at 65. Dude was not going to be able to retire at 65 apparently.

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7 points

the fun part of it is that a combination of inflation and stagnating wages means $20 keeps getting smaller in terms of value but also keeps becoming a larger part of your disposable income.

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7 points
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He had $400 left in his account before the margin call. The trouble with options is that they can be very highly leveraged, meaning you’re trading on credit, and you can lose a lot of money really fast (and likewise, gain a lot of money really fast). Most brokerages don’t even let you trade on options until you can prove you have knowledge of how the market works. So the kid is probably smart, but like many smart 19 year olds, not smart enough.

This guy owes the brokerage $56k.

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5 points

400 bucks you don’t owe for rent is a lot when you’re 19.

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The Internet in Ancient Times

!ancientinternet@lemmy.world

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Welcome to the stone age… or the bronze age… or the iron age… heck, anything with an ‘age’ is welcome, except our modern age or any ages to come.

This is about what the internet was like thousands of years ago back when it all started. Like when Darius the Great hired mercenaries via Craigslist or when Egypt invented emojis.

CODE OF LAWS

1 - Be civil. No name calling, no fighting, keep your flint hand axes inside your leather pouches at all times.

2 - Keep the AI stuff to a minimum. It gets annoying and old fashioned memes are more fun for everyone.

3 - None of this newfangled modern 21st century nonsense. We don’t even know what “21st century” means.

4 - No porn/explicit content. The king is sensitive about these things.

5 - No lemmy.world TOS violations will be tolerated. So there.

6 - There is no rule law 6.

Laws of justice which Hammurabi, the wise king, established. A righteous law, and pious statute did he teach the land. Hammurabi, the protecting king am I. I have not withdrawn myself from the men, whom Bel gave to me, the rule over whom Marduk gave to me, I was not negligent, but I made them a peaceful abiding-place. I expounded all great difficulties, I made the light shine upon them. With the mighty weapons which Zamama and Ishtar entrusted to me, with the keen vision with which Ea endowed me, with the wisdom that Marduk gave me, I have uprooted the enemy above and below (in north and south), subdued the earth, brought prosperity to the land, guaranteed security to the inhabitants in their homes; a disturber was not permitted. The great gods have called me, I am the salvation-bearing shepherd, whose staff is straight, the good shadow that is spread over my city; on my breast I cherish the inhabitants of the land of Sumer and Akkad; in my shelter I have let them repose in peace; in my deep wisdom have I enclosed them. That the strong might not injure the weak, in order to protect the widows and orphans, I have in Babylon the city where Anu and Bel raise high their head, in E-Sagil, the Temple, whose foundations stand firm as heaven and earth, in order to bespeak justice in the land, to settle all disputes, and heal all injuries, set up these my precious words, written upon my memorial stone, before the image of me, as king of righteousness.

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