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this post was submitted on 05 Sep 2024
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The Internet in Ancient Times
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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 Hammurabi, the protecting king am I. I have not withdrawn myself from the men, whom Bel gave to me, the rule over whom Marduk gave to me, I was not negligent, but I made them a peaceful abiding-place.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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19 year old doesn't have a lot of personal savings anyway not a big deal Time to start saving again. ¯_(ツ)_/¯
That person had 400$ and now owes 56k
$400 left.Who knows how much he started with initially.
E: started with about $7k
Where the hell is a teenager finding 7k? That takes some bootstraps pulling.
I don't know how this one got $7,000 but I do know that some teenagers have jobs and it isn't very hard to save money when your needs are taken care of due to living with your parents.
I had about 8k saved up when I was 17, mostly for college.
There are a lot of upper middle-class kids who start out adulthood with tens of thousands of dollars.
You can make $7k by 19 relatively easily if you never spend money on stuff and your family is large and generous with the birthday cards
If you're working full time and still living with your parents then $7k is easy to save up.
That's what we call an ouchie.
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.
If I understand correctly, they can sell the shares they were forced to buy and get back most of the $56,000 they owe.
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.
Yeah, but the big number (-$56k) is not from a short, it's from a call getting assigned. He sold it naked (didn't have shares to back it) it expired ITM, and he has to cover. The broker is going to give the shares to the call buyer, and OP is out maybe a couple hundred bucks whatever the difference between spy close price, and the strike he sold *100 shares depending on what SPY closed at that day. He's not -$56 k on that trade.
P
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.
Well, not exactly, his brokerage bought 100 shares of SPY and charged him the price of that. He can just sell them.
The problem with options trading is you can lose more money than you invest.
They are betting that they can make more than they are investing, with the downside of losing more than they are investing.