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Re:IRS Files $44B Claims Against Bankrupt FTX by londons_explore on Thursday May 11, 2023 @03:27PM (#35907196)
> I could have liquidated for money, but the market was pretty far down so I would have had to take a big haircut.

Humans in general cannot 'time the market'. To think that you can is a fool's errand. Therefore, the fact your stocks are down isn't a good reason not to sell them.

Re:IRS Files $44B Claims Against Bankrupt FTX by tombert on Thursday May 11, 2023 @03:43PM (#35907420)
I actually did end up selling some to pay the mortgage. It's not fun to realize a loss in my portfolio no matter what though!
Re:IRS Files $44B Claims Against Bankrupt FTX by robocat on Thursday May 11, 2023 @06:51PM (#35909414)
Blaming SBF is almost pointless because you obviously needed the lesson - you did not learn previously by seeing the mistakes of others. You would have been taught the lesson eventually by some other random, and fortunately your lesson didn’t take you to zero in your retirement.

That said, you clearly also get a lot of other things right: admitting your error, long term savings in a home, a good job, understanding what a portfolio is, plus other obviously smart decisions.

Hopefully we all learn from your mistake - it is so easy to screw up or be beguiled into screwing up.

Re:IRS Files $44B Claims Against Bankrupt FTX by tombert on Thursday May 11, 2023 @07:34PM (#35909818)
I mean, whether or not I needed to learn the lesson, I'm going to be upset with any human that outright steals money from me. I don't think that's weird.

But yeah, fundamentally I suppose it's better for me to have been conned like this while I'm still relatively young, and where I didn't have all my net worth tied up in it.

Honestly at this point, if anyone were to ask me for investing advice, I would tell them to stay the hell away from cryptocurrency.

Re:IRS Files $44B Claims Against Bankrupt FTX by thunky on Thursday May 11, 2023 @04:06PM (#35907700)
> Humans in general cannot 'time the market'. To think that you can is a fool's errand.

OP wasn't trying to time the market. They had a liquidity issue and needed cash.

> Therefore, the fact your stocks are down isn't a good reason not to sell them.

Realizing a loss is the perfect reason not to sell. This is why smart people recommend having an emergency fund, so you don't have to take a hit and damage your long term goals when you find yourself in a short term pinch. Not selling is actually the most important part of owning stocks.