I tried to buy an actual barrel of crude oil (2015) • Hacker News Board

Re: I tried to buy an actual barrel of crude oil (2015)

#161

Post by invalidOrTaken » Wed, Apr 22, 2020, 5:03 AM UTC

kart23 wrote: post #160

HeyLaughingBoy wrote: post #158

Earlier quoted context omitted.

I think in most states, if you are the original owner of the debt (i.e. you or your business lent the money), you can just go collect it. But in a case where you're collecting a debt you did not originate, you'll need a debt collector's license in the state where you plan to operate. The license isn't hard to get, but typically there is a very large bond that needs to be posted. And you're right: if you have the stom…

Thanks for giving some insight into that process. I'd rather be patient and take on 'human' risk, which for some reason I feel more comfortable with. I'm probably being overly idyllic, but I just imagine being friendly and reasonable with people and their situations might go a long way, especially reaffirming that you're not some massive bank that doesn't give a shit.

1. Buy cheap debt.

2. Call debtors and offer to teach them to code.

3. Walk them through interviews, etc.

4. Collect!

I don't know if that particular path is viable, but I am somewhat taken by the idea of making money by/while helping people out.

Re: I tried to buy an actual barrel of crude oil (2015)

#162

Post by kart23 » Wed, Apr 22, 2020, 6:36 AM UTC

invalidOrTaken wrote: post #161

kart23 wrote: post #160

Earlier quoted context omitted.

Thanks for giving some insight into that process. I'd rather be patient and take on 'human' risk, which for some reason I feel more comfortable with. I'm probably being overly idyllic, but I just imagine being friendly and reasonable with people and their situations might go a long way, especially reaffirming that you're not some massive bank that doesn't give a shit.

1. Buy cheap debt. 2. Call debtors and offer to teach them to code. 3. Walk them through interviews, etc. 4. Collect! I don't know if that particular path is viable, but I am somewhat taken by the idea of making money by/while helping people out.

I like the concept.

Honestly I think the toughest part is buying the debt. I tried to do some research, but I'm even more confused how people do it. Do they just call up a bank and ask for some debt? Is there some online exchange for debt? California doesn't require a license or anything to buy debt, so in theory I should be able to, but I'm not sure exactly how to.

Re: I tried to buy an actual barrel of crude oil (2015)

#163

Post by HeyLaughingBoy » Wed, Apr 22, 2020, 10:23 AM UTC

kart23 wrote: post #162

invalidOrTaken wrote: post #161

Earlier quoted context omitted.

1. Buy cheap debt. 2. Call debtors and offer to teach them to code. 3. Walk them through interviews, etc. 4. Collect! I don't know if that particular path is viable, but I am somewhat taken by the idea of making money by/while helping people out.

I like the concept. Honestly I think the toughest part is buying the debt. I tried to do some research, but I'm even more confused how people do it. Do they just call up a bank and ask for some debt? Is there some online exchange for debt? California doesn't require a license or anything to buy debt, so in theory I should be able to, but I'm not sure exactly how to.

I did some quick research and it does look like it's a lot harder to buy debt these days than it used to be. Which is a good thing: there were/are a lot of shady characters involved. Anyway, links:

https://proleadbrokersusa.com/cheap-debt-portfolios-for-sale...

https://www.accountsrecovery.net/portfolios-for-sale/

https://www.debttrader.com/buy/

Caveat emptor.

Re: I tried to buy an actual barrel of crude oil (2015)

#164

Post by bluGill » Wed, Apr 22, 2020, 12:39 PM UTC

jessaustin wrote: post #156

bluGill wrote: post #154

Earlier quoted context omitted.

What if you don't know if it is 2 months or 2 years? There are great investments either way, but some investments only work with one and lose badly in the other. Thus if you are not sure you can't invest.

You describe a different situation than thread parent described.

Not exactly. I'm sure the glut will go away, but my error bars are large enough that I'm not comfortable betting on it.

Re: I tried to buy an actual barrel of crude oil (2015)

#165

Post by ShamelessC » Wed, Apr 22, 2020, 7:17 PM UTC

recursive wrote: post #58

entangledqubit wrote: post #37

Earlier quoted context omitted.

Unfortunately, right now it seems that there is incentive out there for oil to "go missing" for a profit -- presumably at the cost of the environment. I'm curious if anyone is thinking about trying to replace their fracking fluid with oil for a while...

Why don't the producers turn down the output? Does it cost more money to produce less? Is it mutually assured destruction? A game of chicken? This is so weird.

I heard on NPR yesterday that oil producers are concerned that output will be dampened by "turning down the output" because it can make flow rates lower when they reopen.