Show IH: A way to bet against Tesla without the risk of shorting.
Website: https://betagainst.fun/
After seeing a few videos about Tesla and the shenanigans of Elon Musk I wanted to bet against Tesla Stock. But short selling and put options were too risky for my taste. So I started to search for alternatives.
I came to the conclusion that investing in inversely correlated stocks would be an interesting way of profiting from falling Tesla stock. So I searched to find stock correlations, but except of correlations against indices, I couldn't find anything helpful.
So I thought, how hard could it be to mine and provide correlations of securities. After researching a few APIs I decided to create a website with asset correlations.
It took my 6 weeks, including the birth of my son, to finish the Bet Against MVP for. I worked mostly nights and weekends, and I build the whole thing in WordPress, Bulma and AlpineJS.
I chose WordPress because there are so many batteries included I don't want to think about, like a blog, SEO, etc.
I would love to get some feedback from Indie Hackers and see what they think about the premise to "short" securities by finding inverse correlations!
I like the idea, and have thought about similar products in the past.
Not sure how to market this, but the apes of r/wallstreetbets might get a kick out of this. :)
What are you ideas to make money with this? My best idea right now would be to keep the website free, but charge for individual alerts (similar to e.g. https://stockalarm.io/).
I don't know yet. It depends on the traffic.
Primarily, I built the suite for myself, because I really wanted to bet against Tesla.
Alarms are a good, I didn't think of it before. The other one would be a member dashboard with individual sets of correlations.
Thanks for the tip with r/wallstreebets. I will definitely post it there.