The state of crypto - The only serious thread on the subforum

[r0ach]

I think you're about to see the largest margin call in Poloniex history.  

Some guy named Cagara opened a 100btc short on Bitshares around 0.00002700 sometime around Sept 23rd.  He thought the price was going to go down to 0.00002200 but it didn't, the price went to 2450 or so then recovered to 2700 again while his short is still open.  

Now this guy has to buy 100 BTC worth straight off the sell wall or wait for the price to go higher and get margin called.  Depending if he manually covers his short or waits to get margin called, the price is immediately going to go somewhere between 2900-3100 relatively soon.

There's also nobody selling for him to cover his short either because a double sell off wave just happened.  He keeps trying to dump into buy support to stop the rise just digging himself deeper in the hole:

[kelsey]

I think you're about to see the largest margin call in Poloniex history.  

relevant how  

[r0ach]

relevant how 

The politics of crypto are even more interesting than the actual coins sometimes.

[kelsey]

relevant how 

The politics of crypto are even more interesting than the actual coins sometimes.

trading sub forum at best.

[r0ach]

relevant how 

The politics of crypto are even more interesting than the actual coins sometimes.

trading sub forum at best.

I tried to sell a Kelsey but nobody would buy it !

[Habeler876]

I think you're about to see the largest margin call in Poloniex history.  

Some guy named Cagara opened a 100btc short on Bitshares around 0.00002700 sometime around Sept 23rd.  He thought the price was going to go down to 0.00002200 but it didn't, the price went to 2450 or so then recovered to 2700 again while his short is still open.  

Now this guy has to buy 100 BTC worth straight off the sell wall or wait for the price to go higher and get margin called.  Depending if he manually covers his short or waits to get margin called, the price is immediately going to go somewhere between 2900-3100 relatively soon.

There's also nobody selling for him to cover his short either because a double sell off wave just happened.  He keeps trying to dump into buy support to stop the rise just digging himself deeper in the hole:

I agree this is off-topic so create a new thread for it. I am finding this fascinating and would like to see what happens.

How did you get all the details? Can you see other members shorts?

[Bisha]

I think you're about to see the largest margin call in Poloniex history.  

Some guy named Cagara opened a 100btc short on Bitshares around 0.00002700 sometime around Sept 23rd.  He thought the price was going to go down to 0.00002200 but it didn't, the price went to 2450 or so then recovered to 2700 again while his short is still open.  

Now this guy has to buy 100 BTC worth straight off the sell wall or wait for the price to go higher and get margin called.  Depending if he manually covers his short or waits to get margin called, the price is immediately going to go somewhere between 2900-3100 relatively soon.

There's also nobody selling for him to cover his short either because a double sell off wave just happened.  He keeps trying to dump into buy support to stop the rise just digging himself deeper in the hole:

Any estimation on % of losses he might have?

[onemorexmr]

I think you're about to see the largest margin call in Poloniex history.  

Some guy named Cagara opened a 100btc short on Bitshares around 0.00002700 sometime around Sept 23rd.  He thought the price was going to go down to 0.00002200 but it didn't, the price went to 2450 or so then recovered to 2700 again while his short is still open.  

Now this guy has to buy 100 BTC worth straight off the sell wall or wait for the price to go higher and get margin called.  Depending if he manually covers his short or waits to get margin called, the price is immediately going to go somewhere between 2900-3100 relatively soon.

There's also nobody selling for him to cover his short either because a double sell off wave just happened.  He keeps trying to dump into buy support to stop the rise just digging himself deeper in the hole:

Any estimation on % of losses he might have?

people... please be aware... polo does not show its margin positions. its impossible to tell if this is a margin position or a normal sell.
as bitshares was MUCH higher in the past its very likely this is an old holder cashing out...

can we go back to topic please?

[Nxtblg]

I think you're about to see the largest margin call in Poloniex history.  

Some guy named Cagara opened a 100btc short on Bitshares around 0.00002700 sometime around Sept 23rd.  He thought the price was going to go down to 0.00002200 but it didn't, the price went to 2450 or so then recovered to 2700 again while his short is still open.  

Now this guy has to buy 100 BTC worth straight off the sell wall or wait for the price to go higher and get margin called.  Depending if he manually covers his short or waits to get margin called, the price is immediately going to go somewhere between 2900-3100 relatively soon.

Wow! FYI, the term you're looking for is "short squeeze".

[r0ach]

I agree this is off-topic so create a new thread for it.

Made a new thread for it here, will be intersting to see how this turns out because he's currently digging himself a deeper hole:

Overleveraged buffoon creates biggest Mexican standoff in Altcoin history

https://bitcointalk.org/index.php?topic=1194800.0

[r0ach]

It appears we have already reached full blown collusion in Bitcoin.  I suspect this would eventually lead to a US vs China vs Russia vs Europe arrangement:

“It is obvious that block propagation is too slow already,” Wuille said. “A recent software update revealed that several mining pools maintain arrangements where they share block headers – the minimal required part of an actual block – the moment they find a new block. All miners in on the deal then start mining on top of that block header instead of waiting for the full block to propagate over the network – waiting would cut into their profits too much.”

https://bitcoinmagazine.com/articles/decentralist-perspective-bitcoin-might-need-small-blocks-1442090446

[tokeweed]

Funny I didn't notice this.  Bookmarked it for later.  Thanks for the write up, r0achie. 

[Piston Honda]

Wildbeastbitcoin $WBB and 1EX.Trade will hopefully bring about some much needed positive change and legitimacy to crypto and alts!  just saying!  

[Blawpaw]

Great thread and very nice article.
thank you!
I totally agree with you! I also found a very similar article mentioning another point of view:

http://www.makeuseof.com/tag/current-state-cryptocurrency/

[sidhujag]

any update

[stoat]

Subtle anti ethereum fud.