Bitcoin Forum

I took a short position in BTC last night.

Short -10 BTC.

Let's see how it plays out. Im expecting it to go to $200 and lower.

Say goodbye to your collateral  :'(

Who knows in the short term which way the price will blow. But after a 76% decline good luck with that.

On which site and which ratio?

Ahhh either way it doesn't matter, consider your collateral gone.

you should know that historically bitcoin has never dropped below the previous ATH of the last bubble. so in this instance that would be the april 2013 peak of $266. i highly doubt it will act differently this time.

30k bitcoin bought at $300. Cmon man....

If I were a gambling man, I would rather go short then long with the recent price action.

Ever rally gets sold off.

Only reason price is at this level is due to short coverings.

I definitely believe it could drop further, but that's a hefty risk shorting 10BTC after all this support in the mid 300 price. I think it's more likely to slowly rise than to fall. But who knows this is bitcoin!

i think you are a little late to the bear party.

you should have probably shorted a couple of months ago

Very true... the price swings will be too crazy now & he will probably lose all his collateral

Say good bye to your 10btc, it is going higher next week..

Is there someplace I can short this short ?

Yea, Buy more coins.......

Fuck, do you know Bitcoin will be murdered by people like you?

Im glad I dont know the ins and outs of short and long postitions. I know what they are, but I dont know how to "bet" shorting or long positions. Ill probably learn one day, but ill have to make sure I dont have access to my coins. but shorting 10 coins, not sure how much you are going to lose or win, but Id say that was a very ballsy bet.

bitcoin does not give a slightest crap about how much dollars people are giving it away for. really, does not. you or he or bill gates can not kill it by shorting, don't worry. a guy with 30+k of shorting didn't make anything but a tiny one-day dent in the price, and bitcoin-the-idea didn't even notice he ever existed. if bitcoin-the-idea survived mtGox - the million coin scam op - others are just peanuts.

How much have you lost already ?

Never trade with leverage in a flat market and NEVER short in a flat market.

Even if the market does end up going your way in the end (and I believe that it will), you will get shaken out of that position, I can almost practically guarantee it.

I can only agree on this one.

Thankfully Matt I don't listen to a single word of your advice. Infact, doing the opposite of your advice is a pre requisite for me.

So the price has moved down a little since I took the position, but other than that no big changes. I'm waiting for a break downwards. I'm thinking of donating my profit to a charitable cause, please feel free to post your suggestions.

how you feel ?

At what price did you short? I got a feeling its bad time to short right now..

While I am expecting it will go lower than 200, I am not as brave as you.

The price can go to 800 first before dropping back and go below 200.

Today will be the deciding point... If we can't hold 390 then we are now starting to hit lower highs, bad long bets, I might start selling/shorting some myself. Today is the decider day

...and now it is has moved right back up above where you bought it.....that glittering $100 profit or whatever that you could have had has went up in smoke. Now you are underwater by a pennies.....and so it will continue...

the market will very likely crush your balls before it takes its next leg down proper.

You will sell, and you will realise a loss.


I will keep my fingers crossed on a little break out up to $450 for you.......ya fkn broke prick.

Matt, since when could you predict the future?

Are you going to update this thread after every 1 cent price move, to try and re-enforce your point?

I suggest you stfu and get a life.

Are you basing this trade on the technicals (last few months price points down), or the fundamentals?

If it is the technicals, why not take the last few weeks which point up, or the overall multi year trend which points at alpha centauri?

Genuinely interested why anyone would short bitcoin, a hyper volatile commodity with a history of increasing price tenfold, especially with an entry after a >70% decline from a recent ATH. Surely there are better entry points?

Me advising that "one should never short in a flat market", wasn't exactly predicting the future, but more a general bit of common knowledge advice, similar in principle to "Never walk across a road with your eyes closed"

It pleases me that you are so clearly fucked b4 you have even begun.

What would please me more would be if you could go and max out some credit cards or something and put it all into Bitcoin investing.

Cut your losses  :D

i bought 1 BTC today just to do my part and make this guy eat his shorts!  8)

Matt it seems your only purpose for existence is to troll the forums correct?

Seriously get a better hobby!!!!

Close your short once bitcoin drop 5-10$. Lower risk...

Wow this is incredible

The speed of the decline on huobi is something else.

Nice little profit already realized. Bigger move to come though.

Yeah man, that $10 drop was insane!

Lol

10 dollars drop was insane if someone is using huge leverage.

Based on today price, shorting seems to have pay off for him.

If it really drop to 200, I might buy some and treat it like lottery ticket.

Yep paid off, still paying as we speak

That's what Im talking about!!! $$$!!! Cashing out all day today, tomorrow should be a nice pop after all these covers

Not much buying pressure, we need another Cyprus in Spain or Italy :)
Shorting seems to be a good idea

Yep for sure

By the way, anyone from coindesk want to give an interview to me, the successful bitcoin short seller? Im also available to speak about my market predictions. Guys from Coindesk, feel free to PM me.

You are a very funny guy

What is your risk reward setup? Where is your margin call aka stoploss?

PM me

Congrats to you sir. I definitely expect down, but not so soon. I still cant see this pushing much lower without ~$500 first.

The selling pressure will subside for a while... Buyers will have a "omfg cheap coinz" reaction soon. Shorts covered!  8)

I would rather have it in the open... if you were open enough to tell everyone you shorted why not go the rest of the way?

Pity on you man, but you can do whatever you want.

The bears are running out of ammo, this tiny down on price shows it.

If I were you I would wait 1 or 2 weeks to make a good position.

Shorting Bitcoins reminds me of Warren Buffett's quote on whether he would buy apple or google stocks... Of which he replied:

“I would not be at all surprised to see them be worth a lot more money 10 years from now but I would not buy either one of them.”
“I sure as hell wouldn’t short them either.”

Good luck shorting Bitcoins!

Shorting is notoriously difficult to do. You might know the right trend, but If you mess up your timing you can still lose money.

Exactly that's the risk that is amplified to an extreme by trading on leverage. The vast majority of all traders loose money. It's not worth to risk capital and mental health in such a game.

Shorting Bitcoin is even riskier, because the market often moves unpredictably and extremely fast. The volatility is very high. Doing that leveraged is insane.

ya.ya.yo!

I thought you were from coindesk. Im only interested in talking to experienced journalists. Further I do not post my entire strategies online, just proof that I am successful. However even if I did people would probably just attack them instead of accepting them as valid, despite the fact that they work as illustrated by my profits. That is to say that they are different to the way most traders operate.

Do I sense a little jealously my friend? Why cant you respect success instead of immediately getting on the attack?

Success based on one trade? I am just trying to help If I knew your risk reward it would aid in my understanding if you are worth following or just a one hit wonder like many before you... with your response I have gotten everything I needed to know.. you are a long ways away still :)

Yep.

Leveraged trading (or even just plain old trading) does very strange things to the mind. Just cos a person is generally pretty good at sensing which way the market is going to go when his capital is sitting on the sidelines, doesn't mean he is capable of being a good trader. It also just takes one of those vicious volatile swings to come right in out of knowhere, to decimate a trader's capital and then he is sitting staring at the charts, stung and numb, and desperately seeking revenge. It all goes down hill even more from that point and previous lucrative gains can soon turn into net losses. That is the nature of this game and trading volatile assets in general.

How is this difference when people are going long using leverage?

Shorting when there is blood in the streets..

The rothschilds would LLLLOVE you.

Shorting on a double bottom... OP you have balls of steel.

OP shorted when price was around 390$, so if he closed his short he has done well.

If he hasn't... BTC could really jump ot $600 in a matter of seconds... it probably won't but it could.

Lke I said.. balls of steel.

No it can't jump in a matter of seconds, to reach 600$ in the bullish scenario it would take several weeks.

At a 4.5 billion market cap.. yes yes it could.  Some people shit that.

How's it looking? underwater yet?

Good luck... with whats going on in Russia right now.. BTC may make a comeback.. according to Yahoo Finances.

Correct, a few million dollars thrown into an exchange would be an insane jump but as of right now it would take tens of millions to get up to $600 that fast! Possible but not likely unless a major currency collapse. Fast rises like that don't last though! We need nice slow gains now everyday like the stock market used to be like back in the good ol' days. That's what will last and cause more shorters that are in denial to cover more shorts everyday causing a nice rocket to the moon for BTC

....

Shorting bitcoin is a thing of the past... a lot of shorters are covering... look at the amount of bitcoin available to borrow for shorting... its insane!

Yeah Still around making some good cash money from this one

Congrats man! Good call

That ended today. Today's low, so far, was $255.