Hey everyone! Glad to see you're all enjoying the project. I'd be glad to answer any questions you have. Let me know!
The only reason he is getting away with doing this for stocks is that Robin hood doesn't charge any per trade transaction costs.
Day trading cryto would kill him in trading fees.
You are overestimating his risk, right now, for stocks.
The current setup isn't likely to lose him much money. Throwing darts to pick your stocks will cause your stock portfolio to be surprisingly diversified.
Random stock pick is actually a not crazy investment strategy that is likely to get you the same amount of return as putting your money in an index fund.
Transaction fees in cryto, on the other hand, would cause him to lose 10k a month.
This is actually HIGHER than the on chain transaction costs.
The main downside is that as soon as Bitcoin goes super volatile Coinbase will go down like clockwork.
I mean, I understand that $50k might not be a lot for you, but if the aim is to see what the majority of random people on the internet feel like buying, while measuring the return of these decisions, this could be accomplished without putting up any actual money.
Two things:
1. This is assuming it was done for the press coverage, and not just as a hobby project
2. If I were to do this, I don't think I'd advertise it was fake money. What's the difference anyway? It's not as if people on the internet benefit at all from the investment return. I always assumed this was more of a "Twitch plays Pokemon" thing than anything more serious.
The more interesting and complicated components are the UI and the scheduling and a publish-subscribe module that I created, tho no plans to open source it anytime soon.
What part of application is that for ?
Game events also get published through it (round end, trade placed, new round, etc)
Was talking with your folks about your project at various recent Langley weddings.
Kudos for a great idea, well-executed!
We should stay in touch though, add me on LinkedIn if you use it:
(And of course pay taxes on any dividends)?
It's kind of ridiculous, but most traders will have some sort of automated solution to help with it. The exchange you use should give you a nice report of your trades.
You worked in AFT Picking, right?
Coming back to Amazon Fulfillment soon. Just couldn't stay away.
Anyway, it's an interesting experiment. Very popular over at /r/wallstreetbets.
I'd actually love to see more dedicated troll attacks. So far the main attack seems to buy $SEB since it's so expensive, but sometimes it later gets sold at a profit.
Personally, I've mentally written off the $50k so, I'll just be enjoying the show.
Good to know you've written of the $50K, because if those guys decide to mess around with this, that money is basically going straight out the window.
It's just as hard to lose money on stocks as it is to gain them (aside from racking up trade fees or something).