To close out those shorts coins have to be bought back. They have around 20K coins on finex for sell. It was a joke about million dollar coins, but just wanted to point out there are more shorts than can be closed. Or am I missing something?
If I borrow something and sell it, and then I have to buy back in able to return what I sold but there isn't enough out there no matter the price, what do I do?
Also, I don't need bitcoin to be above 300. I want as many coins as possible, shorters are helping me accumulate. But seeing the order books I would not short myself.
That would be assuming the shorters don't short again after closing position or that people in long positions don't close their longs as the price rises. However as the price begins to rise from other closing their position new asks will be placed on the orderbook.
As I said in the wall observer thread, I understand this, but if it's cascading there is no time for any of that to happen. 30K shorts will close into 20K asks before a single trader with a long decides to sell, a shorter decides to reopen, or new asks appear on the order book. This happened at bfx before with the long squeeze to 100. Although unlikely, still dangerous.
Anyways, I'm out, hopefully we have some fun tomorrow!
