Topic: Guy loses 240-600 BTC trying to short (Read 3735 times)
That is one of the risk of shorting because it is too risky because we can see that the price is very volatile and playing the bitcoin market while bitcoin price is on the top is almost a stupid thing and if you don't know how to minimize your risk then you are an idiot for risking your bitcoins or money to a very risky market like this.
I should have shorted last night but I am way too lazy and always end up HODLing. If you aren't an idiot shorting and buying back can just give you exponentially more profit than HODLing alone can.
BTC240-BTC600?! I can't even imagine how much that all cost! I'm not yet familiar with trading, so how did he lose it? He sold all his BTC in hopes of buying it again for a lower price? I've been looking through the price change, it seems that plunges usually don't last long, it would be really risky to try this approach
It doesn't matter how short they are
That dude most likely had buy orders already in place, so if the price dropped only for a few seconds with just one big-time, wall-crushing sell order (as it often happens), he would have booked enough profits to cover his shorts. But he obviously made a devastatingly typical mistake, i.e. he thought he knew it better. But market always fools such types (and most other types as well, just in case)
BTC240-BTC600?! I can't even imagine how much that all cost! I'm not yet familiar with trading, so how did he lose it? He sold all his BTC in hopes of buying it again for a lower price? I've been looking through the price change, it seems that plunges usually don't last long, it would be really risky to try this approach.
If I have that much bitcoin, how could I grow it other than shorting? I hear about buying cryptos and I somehow understand the concept but do people earn profits there or at least, is the risk smaller?
If I have that much bitcoin, how could I grow it other than shorting? I hear about buying cryptos and I somehow understand the concept but do people earn profits there or at least, is the risk smaller?
it is painfull to see someone loose so many btc's, trading is always risky and shorting is too.
It will be painful if it was my money, when I see someone else losing that amount of money in such a silly trade the only thing I can think is why you took such a decision? When it was very obvious the market did not agree with that vision, you tried to outsmart the markets and now you are paying the consequences.
it is painfull to see someone loose so many btc's, trading is always risky and shorting is too.
It will be painful if it was my money, when I see someone else losing that amount of money in such a silly trade the only thing I can think is why you took such a decision? When it was very obvious the market did not agree with that vision, you tried to outsmart the markets and now you are paying the consequences.it is painfull to see someone loose so many btc's, trading is always risky and shorting is too.
It will be painful if it was my money, when I see someone else losing that amount of money in such a silly trade the only thing I can think is why you took such a decision? When it was very obvious the market did not agree with that vision, you tried to outsmart the markets and now you are paying the consequences.
sorting in this environment is very bad move because we are going to the permanen 2k bull market before we 10k quick rick everybody pofit +
it is painfull to see someone loose so many btc's, trading is always risky and shorting is too.
Yes, it is real shame to see so much money going down the drain like that, trading has been never an easy job and like any quick way to make money on the internet it has a lot of risks involved in it, so if you want to get into trading you need to be careful and know what you are risking. 
it is painfull to see someone loose so many btc's, trading is always risky and shorting is too.
Yup. Engage yourself in margin trading only if you can afford to lose big. It is just like online gambling. Either you lose all your money, or you win big. In my opinion, noobs must refrain from it, before it becomes an addiction.
it is painfull to see someone loose so many btc's, trading is always risky and shorting is too.
Great story. I have little sympathy for the guy. He got greedy. Shorting equities is risky enough, and he dared to short something which is even more volatile. Hopefully, topics such as this one will discourage the noob spammers from posting "trading is a legitimate way to earn Bitcoin" and "gambling and trading are the best ways to earn Bitcoin" around here non-stop.
It was a bet, but people have sympathy because they picture themselves in this situation.
This is a big amount (enough to buy a house in most developped countries): it's a shame he lost it, but I guess he would not complain if he had won
You should not forget that these bitcoins that he sold at a lower price were obviously bought by some trader or a group of traders and likely sold at a higher price. In this manner, why should we sympathize him and not the guys who bought these bitcoins from him and thus profited. What if the price plunged as he had expected and at the right time, whom would we feel sorry for then?
This is a tough game, someone wins, someone lives under the bridge
Great story. I have little sympathy for the guy. He got greedy. Shorting equities is risky enough, and he dared to short something which is even more volatile. Hopefully, topics such as this one will discourage the noob spammers from posting "trading is a legitimate way to earn Bitcoin" and "gambling and trading are the best ways to earn Bitcoin" around here non-stop.
It was a bet, but people have sympathy because they picture themselves in this situation.
This is a big amount (enough to buy a house in most developped countries): it's a shame he lost it, but I guess he would not complain if he had won.
Great story. I have little sympathy for the guy. He got greedy. Shorting equities is risky enough, and he dared to short something which is even more volatile. Hopefully, topics such as this one will discourage the noob spammers from posting "trading is a legitimate way to earn Bitcoin" and "gambling and trading are the best ways to earn Bitcoin" around here non-stop.
at this point i wouldn't call it a gamble, just buy around the $820-$850 range and hold, the chances of going lower than this is very slim and you can place some stop losses if you are that afraid. but the chances of staying here and going up compared to going down is a lot more.
i am not saying $2000, $10000 because it is getting ahead of myself but i am saying this stupid volatile time will end soon and we can see another slow rise like last years.
i am not saying $2000, $10000 because it is getting ahead of myself but i am saying this stupid volatile time will end soon and we can see another slow rise like last years.
How do you know that?
That the chances of going up (or just trading sideways) are higher than going down? I guess it is no more than your feelings. Note that we are not yet reached the early December highs. The price trading in a certain range during the last two days is obviously has more to do with accumulating more liquidity in the market which evaporated (read changed hands) in the recent crash. If most people turn out to be buying now, you can expect the price to go lower eventually (market will fool them again)
Whats IRC?
Internet Relay Chat - something like SMS messaging for browsers
Whats IRC?
240-600 BTC isn't really a big amount when you compare it anything to the big leaves. I have had personal family and friends who have lost as much by trading and investing in options.
Too bad for him though. A rise was totally unexpected, and I feel the 1100 price was the best time to short.
Too bad for him though. A rise was totally unexpected, and I feel the 1100 price was the best time to short.
Okay, let's take a look at the bigger picture:
The price at the top of the rebound (which is pretty pronounced here) was over 1,000 dollars per coin, right now it is a little over 900 dollars. But never mind, we still have a lot of room below to go further down, this may be only the beginning
Or maybe it's the end of the correction and $900-mid $800's is the new floor/consolidated higher price after the $1139 peak... it's all about making the gamble of either holding, or shorting hoping for that $700, or even $600's dip.
What are you going to do? On one hand you have the opportunity to make extra BTC, but you can lose your position if it keeps going up and you'll buy at a loss.
On the other hand, you may lose on that current price to 700-600'ish dip but risk 0% in the long term, and we all know long term for this year means higher than the ATH. How high? Nobody knows, it could be 2000 or it could be 10000... gamble on.
at this point i wouldn't call it a gamble, just buy around the $820-$850 range and hold, the chances of going lower than this is very slim and you can place some stop losses if you are that afraid. but the chances of staying here and going up compared to going down is a lot more.
i am not saying $2000, $10000 because it is getting ahead of myself but i am saying this stupid volatile time will end soon and we can see another slow rise like last years.
What does 'shorting' mean?
Short means going down. And long means going up. They pick the wrong way thats why they pay for it. That would be a huge money if they choose to go long. 
Imagine his profits though if the price where to correct. I'm sure he has several new positions open as we speak.
Jump to: