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[magichans]

Pretty much, who would even be the market maker in such a scenario to enable liquidity? I pray to god this is a troll thread because he is going to lose every cent he borrowed, especially if he's paying $31k just to have a website designed. His whole plan is terrible and shows a complete lack of understanding of how markets work.

aren't futures also specifically designed to work for commodities like hundreds of billions of dollars worth of oil? and aren't they leveraged to ridiculous magnitudes?

Wait, well, I guess you're just a hater that doesn't realize in a year the OP will get enlisted in the Chicago Board of Trade and Saudi Arabian Sheikhs will place orders from their computers for Magic: The Gathering Cards in $100,000 batches.

 

[MidgarBlowedUp]

Open a robin hood account.
Invest 20k in GSL @ 1.28~1.29
Limit sell @ 1.31~1.32
Profit $400~800 by Friday.

GSL is now $1.46

So if you bought $10k at $1.30, when I made that post, and sold it today at $1.45 you would have made 15 cents a share.

7692 shares x .15 = $1,152 profit in less than a week.

 

[Jack Scofield]

Where's the Reddit post that some people are referencing?

 

[PSYGN]

Take an L and return the money. They gave you that money for your proposal, right? Wouldn't it be illegal to turn around and use it on something completely different or was nothing signed (never asked for money like that from a bank).

 

[MikeyB]

Your creditors would love to hear that your market research is goddamned NeoGaf.

 

[fabricated backlash]

Pay off your loans immediately and bail the fuck out Jesus Christ dude.

Yep this. Pay back the 40k and the interest on it as fast as possible.

 

[Peltz]

I'm 100% in the "return your money" camp.

OP, be smart about this. Your idea didn't pan out, so don't start spinning your wheels because you got a loan.

You're letting the tail wag the dog here. Return the money and regroup while you can.

 

[ThLunarian]

Since this ill conceived thread won't die, I'll go ahead and give an update. After some research and consulting, I found a way to overcome the obstacle that was in the way of my original idea, so I'm going through with it and I don't need a backup plan anymore.

Thanks to everyone who gave me constructive advice.

 

[Tempy]

Since this ill conceived thread won't die, I'll go ahead and give an update. After some research and consulting, I found a way to overcome the obstacle that was in the way of my original idea, so I'm going through with it and I don't need a backup plan anymore.

Thanks to everyone who gave me constructive advice.

Good luck.

 

[hipbabboom]

Sometimes I read a post and then see the avatar picture and things just feel right

 

[hydragonwarrior]

Or you could go crazy - lottery tickets! You never know!

 

[CitizenVectron]

I sincerely wish that we will not see a follow-up post in 6 months asking how to get out of paying a defaulted bank loan...but I am not hopeful.

 

[Shadax the wizard]

Put them towards BoB’s gofundme.

 

[Cirerus]

You should invest on a Twitch stream and YouTube channel.

Spoiler

don't do it

 

[LumpOfCole]

If I had a $40,000 loan suddenly fall into my lap, I’d probably buy a bunch of non-contracted iPhone 8s (or iPhone Xs if possible, but that’s probably not possible) to resell somewhere overseas like Lebanon or Vietnam. I’d make a trip out of it and probably make a small profit after factoring in the travel costs.

 

[ThLunarian]

I sincerely wish that we will not see a follow-up post in 6 months asking how to get out of paying a defaulted bank loan...but I am not hopeful.

Most new businesses have a very small chance of success. Most famous, successful entrepreneurs have a history of failures at the start of their careers.

Yes, it'll suck if I fail and go bankrupt or something (I won't lose my houses. They are not at risk in this venture). But even if that happens, I'll gain a ton of experience that I'll be able to leverage if I need to go back to working for someone else. And if I eventually have another idea worth pursuing, I'll have a much better idea what not to do.

Everyone who said it was a bad idea to scramble to find an alternate business idea was right. But on this idea, I've done my homework and I am excited about it. Whatever happens next, I have no regrets.

Except for making this thread. I do regret that

 

[Earthbound64]

Since this ill conceived thread won't die, I'll go ahead and give an update. After some research and consulting, I found a way to overcome the obstacle that was in the way of my original idea, so I'm going through with it and I don't need a backup plan anymore.

Thanks to everyone who gave me constructive advice.

Good luck

 

[Zaraki_Kenpachi]

Most new businesses have a very small chance of success. Most famous, successful entrepreneurs have a history of failures at the start of their careers.

Yes, it'll suck if I fail and go bankrupt or something (I won't lose my houses. They are not at risk in this venture). But even if that happens, I'll gain a ton of experience that I'll be able to leverage if I need to go back to working for someone else. And if I eventually have another idea worth pursuing, I'll have a much better idea what not to do.

Everyone who said it was a bad idea to scramble to find an alternate business idea was right. But on this idea, I've done my homework and I am excited about it. Whatever happens next, I have no regrets.

Except for making this thread. I do regret that

Well, congrats on losing $40k I guess... Just because SOME successful entrepreneurs have failures early on doesn't mean you blindly push ahead on a bad plan that you have no way of executing. I feel sorry for you man.

 

[Earthbound64]

'Tis better to have had 40k and lost, then to have never had 40k at all.

 

[JackDT]

Best of luck. It doesn't seem easy to make money in the secondary magic market in any capacity.

 

[TheExodu5]

As long as you're not putting yourself under financial stress to do this, go for it. Only bet what you're willing to lose, etc...

 

[ZackieChan]

Since this ill conceived thread won't die, I'll go ahead and give an update. After some research and consulting, I found a way to overcome the obstacle that was in the way of my original idea, so I'm going through with it and I don't need a backup plan anymore.

Thanks to everyone who gave me constructive advice.

Most of the people on the hate train would never have the courage or the smarts to start their own business. It's evidenced in every thread here where entrepreneurship is brought up.
This isn't what I would have done as a business, but who knows - it could be a hit. Good luck dude. Hope it works out!

 

[FyreWulff]

Your idea was already done and is no longer in business

return the money

 

[MThanded]

Most new businesses have a very small chance of success. Most famous, successful entrepreneurs have a history of failures at the start of their careers.

Yes, it'll suck if I fail and go bankrupt or something (I won't lose my houses. They are not at risk in this venture). But even if that happens, I'll gain a ton of experience that I'll be able to leverage if I need to go back to working for someone else. And if I eventually have another idea worth pursuing, I'll have a much better idea what not to do.

Everyone who said it was a bad idea to scramble to find an alternate business idea was right. But on this idea, I've done my homework and I am excited about it. Whatever happens next, I have no regrets.

Except for making this thread. I do regret that

As the site owner stated and from what I've looked into it would be illegal in more than 2 ways to set up an unregulated futures market on mtg cards. To to a regulated one would be impractical because the fees associated with a futures market are potentially tens to hundreds of thousands of dollars, far more than you could make running such a site. Assuming Wizards didn't take legal action to stop a futures market, you would need to solicit at bare minimum 4 million dollars in contracts taking a 5% cut. Long term competition would force that to 1% and you'd likely need closer to 100 million in contracts yearly.

https://www.reddit.com/r/mtgfinance/comments/1n1bo4/where_can_i_buy_mtg_futures/

How do you solve the legality problem? Honestly setting up regulated futures market for 40K might be infeasible.

 

[Zaraki_Kenpachi]

https://www.reddit.com/r/mtgfinance/comments/1n1bo4/where_can_i_buy_mtg_futures/

How do you solve the legality problem? Honestly setting up regulated futures market for 40K might be infeasible.

You're just a hater without the courage or smarts to start your own business. For shame.

Your idea was already done and is no longer in business

return the money

There's no way people have thought of using collectible cards/card games as a stock market of sorts. Impossible.

 

[ThLunarian]

https://www.reddit.com/r/mtgfinance/comments/1n1bo4/where_can_i_buy_mtg_futures/

How do you solve the legality problem? Honestly setting up regulated futures market for 40K might be infeasible.

I have a lawyer who specializes in small businesses. He contacted the SEC as well as several state-level SEC equivalents, and all of them said that they don't care about what I want to do as long as I avoid doing certain things (won't be a problem).

Also, my lawyer and the SEC have a lot more information about the details of what I'm doing. My one-sentence blurb in this thread is over-generalized and simplified. Like I said, I've done my research and I've come up with a plan that I'm comfortable with.

That's why I'm not really sweating the naysayers in this thread. They don't have enough information to form a valid opinion on it.

 

[Cyanity]

GSL is now $1.46

So if you bought $10k at $1.30, when I made that post, and sold it today at $1.45 you would have made 15 cents a share.

7692 shares x .15 = $1,152 profit in less than a week.

You know, it's funny, because I considered following your advice from the OG tweet, but the whole "poor college student" thing really kicked me in the ass there.

 

[turmoil]

Nvm

 

[MemoryHumanity]

Shouldn't you have, like, uhhh...thought about your business idea before borrowing $40k?

 

[pigeon]

I'm sorry but you have zero clue at all in regards to what you're talking about. Yes, it's a hassle for banks to seize property but that doesn't mean they won't make loans because of it. Multiple banks give are giving loans for houses, cars, etc. based mostly on the assets the person has since they wouldn't normally be able to get a loan given their circumstances. So yes, they absolutely will give loans depending on the amount of assets you have, even if it's annoying to seize property.

I don't think you understood my post at all.

The OP already specified he received a SBA loan. Those are not handed out based on collateral.

 

[Ron Mexico]

I don't think you understood my post at all.

The OP already specified he received a SBA loan. Those are not handed out based on collateral.

There are several SBA products that are secured by collateral. I'd go so far as to say the majority but that's more anecdotal on my end.

In reality, you're both right about the real estate bit. Lenders don't want the time, effort and money involved in taking the real estate. It's still often times the best asset since it's playing on the psychology of the borrower. Covering the debt that secures the roof over your head is going to be a top priority if times were to get tough. It's also why 2nd homes/investment properties are priced higher. Less to lose from the borrower=more risk to the lender.

As for the business, I stand by the apprehensive approach. I think WotC and Hasbro will be much more of a concern than the SEC and if the lawyer providing this advice were worth their salts, the retainer would eat further into the $40k.

I've had friends make money in MtG and completely believe there's money to be made. I just don't think the powers that be will look upon this kindly-- especially assuming you're likely scraping the data from WotC licensed resellers.

 

[Deleted member 13876]

There's no way people have thought of using collectible cards/card games as a stock market of sorts. Impossible.

I'm sad no one responded to my joke about that earlier in the thread.

 

[Quikies83]

Well this thread has taken a turn for the worst.

 

[LyleLanley]

I feel like you would have been better off without a business plan as opposed to making a futures market for MTG cards.

 

[MThanded]

I have a lawyer who specializes in small businesses. He contacted the SEC as well as several state-level SEC equivalents, and all of them said that they don't care about what I want to do as long as I avoid doing certain things (won't be a problem).

Also, my lawyer and the SEC have a lot more information about the details of what I'm doing. My one-sentence blurb in this thread is over-generalized and simplified. Like I said, I've done my research and I've come up with a plan that I'm comfortable with.

That's why I'm not really sweating the naysayers in this thread. They don't have enough information to form a valid opinion on it.

Interesting...

Godspeed.

Hopefully we get followups.

 

[Wulfric]

Where's the Reddit post that some people are referencing?

https://www.reddit.com/r/mtgfinance/comments/6vjk00/upcoming_tool_to_speculate_on_cards_without/

Here is the thread he made. MTG players are a naturally analytical/cynical bunch, even if he got the infrastructure in place, marketing would be a PITA.

I'm impressed by your tenacity OP, but have you accounted for Hasbro potentially giving you the stink eye? Pucatrade worked out because they didn't assigned dollar values to cards, but "points".

 

[Zaraki_Kenpachi]

https://www.reddit.com/r/mtgfinance/comments/6vjk00/upcoming_tool_to_speculate_on_cards_without/

Here is the thread he made. MTG players are a naturally analytical/cynical bunch, even if he got the infrastructure in place, marketing would be a PITA.

I'm impressed by your tenacity OP, but have you accounted for Hasbro potentially giving you the stink eye? Pucatrade worked out because they didn't assigned dollar values to cards, but "points".

Woof, this makes it sound like he's the one betting against people's bets rather than being someone who processes the trades and is a matchmaker. He's going to lose over $40k if that's the case. Nothing about this scheme makes sense and shows a complete lack of understanding of financial markets. You can't set prices for options using black scholes (LMAO at what that formula would even look like) and then not be the person on the other end of the deal where the person has now tripled his money and now has to pay out. Hopefully his site doesn't get much attention because it sounds like he's going to lose his shirt now with those explanations.

 

[Rygar 8 Bit]

return it before the interest destroys you if you do not have an idea that will produce profit for you now then return the money before you dont own those 3 houses anymore the bank will

 

[……forgetit]

Invest in beanie babies.

 

[veryslowhand]

I want to open an online shop, you can be my associate.

 

[Trail Guide]

That's why I'm not really sweating the naysayers in this thread. They don't have enough information to form a valid opinion on it.

In a thread about your personal situation we only have the information that you provide. So of course you're going to be incessantly mocked when you start a thread talking about how you borrowed $40K and are "looking for ideas". You want real answers then you need to provide real information and not vague statements. It's easy to ignore the naysayers when you're the one controlling the flow of information and chose what information to provide.

 

[Pesmerga00]

Invest in beanie babies.

You say this jokingly, but my brother thought it was a sound investment. Some 2 grand worthed stuffed into a storage unit. He eventually lapsed on his payments. The center cleaned everything out. He didn't tell me until a few years later. I would have payed the cost out of my own pocket. There were heirlooms from our Great Grandfather in there. Just Ehhhhh...fuck.

 

[HF2014]

Your already have two houses which you are making money. How about evaluating them, put some renovation in them to increases value and try to make a bigger profit? A 20k investment in each house could do somthing good. Evaluation of a house with new life in there can be up. Or 40k on one. Best i can see u can do. But if you got no skills, youll have to pay for all the work.

 

[Yankee Ruin X]

Buy $40000 worth of decent crypto currencies and turn it into $400k by the end of the year, easy.

 

[GodOfVG103]

Good luck OP, I believe in you.

 

[DKPOWPOW]

Im gonna let you steal my idea since it seems you're in a bind (plus I can't get a loan like that till God knows when).

Okay, spinner bottle opener.

Yes I know it's already been done, but not the right way...

*ahem*

Think like this, but with the spinner bearing in the middle.

 

[Lucario]

Im gonna let you steal my idea since it seems you're in a bind (plus I can't get a loan like that till God knows when).

Okay, spinner bottle opener.

Yes I know it's already been done, but not the right way...

*ahem*

Think like this, but with the spinner bearing in the middle.

there are like thirty variants of this on aliexpress

 

[Ooccoo]

I work for an LGS with three associated who invested $20k to open their doors. With $40k the place would be a lot better. I don't see how that tool won't backfire, and that's coming from someone who watches r/mtgfinance mtgstocks and other websites daily. You'd be better off buying and selling collections at this rate for a profit by flipping them on ebay, cardsphere, etc. Hell, you could even have your own website or shop for $40k.

 

[DKPOWPOW]

there are like thirty variants of this on aliexpress

They're all too small. I choose my picture for a reason, these are the bottle openers nearly every bartender prefers using because they are big, light and easy to reach from your pocket. Throw a spinner in it and you suddenly made our favorite tool more fun.

 

[///PATRIOT]

'Tis better to have had 40k and lost, then to have never had 40k at all.

OK this got me

and also, Godspeed OP.