Overleveraged buffoon creates biggest Mexican standoff in Altcoin history

[r0ach]

Someone asked that I make a new topic on this subject, so here it is.  The back story on this event is here from a post yesterday:

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:

Now the progression of the story from yesterday is, the price has increased even higher to 2780ish now and this guy has decided instead of covering his failed short and buying 100btc worth of coins straight off the wall, he has decided to double down and place 11 btc sell walls spaced out on the sell wall to try and prevent it from going higher:




Since BTS 2.0 is about to release in 15 days, the price will likely continue to increase towards that date and this guy will be forced to cover an even bigger short, buying a huge number of coins straight off the sell wall that will probably immediately move the market 400-500 satoshi upwards:



Why am I posting this?  Because the guy is a huge ass and types things like "you're all idiots investing in this stuff, I'm only here to short to make money".  Now that his position is revealed, I can't wait for this guy to lose money and have others profit from the information at the same time.

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[Come-from-Beyond]

Since BTS 2.0 is about to release in 15 days, the price will likely continue to increase towards that date...

Unless the market has already reacted to the news.

[HalFinneysBrain]

Its indeed large but certainly not the largest.

Someone got a 250 btc margin call in ETH a couple weeks back.

[r0ach]

Since BTS 2.0 is about to release in 15 days, the price will likely continue to increase towards that date...

Unless the market has already reacted to the news.

There's a group of 8 or so Vietnamese in a chat room with 500 btc float and a couple bots that are trying to increase the price right now, as well as several long term holders of BTS separately doing their own thing, and a few other parties on top of that.  There's many different groups working against him already and I'm 90% sure it will go over 3500 by Oct 13 and blow this short wide open, forcing it to go even higher when he has to buy off the wall.

[Come-from-Beyond]

There's a group of 8 or so Vietnamese in a chat room with 500 btc float and a couple bots that are trying to increase the price right now, as well as several long term holders of BTS separately doing their own thing, and a few other parties on top of that.  There's many different groups working against him already and I'm 90% sure it will go over 3500 by Oct 13 and blow this short wide open, forcing it to go even higher when he has to buy off the wall.

If you are an experienced trader then you know that if you see someone saying that the price will go up, then he may want to sell, if he is saying that the price will go down, then he may want to buy...

[r0ach]

If you are an experienced trader then you know that if you see someone saying that the price will go up, then he may want to sell, if he is saying that the price will go down, then he may want to buy...

Except I already know where people's positions are so I don't have to guess.

[tat123]

If you are an experienced trader then you know that if you see someone saying that the price will go up, then he may want to sell, if he is saying that the price will go down, then he may want to buy...

Except I already know where people's positions are so I don't have to guess.

Bingo!

[YoyodyneSystems]

Since BTS 2.0 is about to release in 15 days, the price will likely continue to increase towards that date...

Unless the market has already reacted to the news.

It is still reacting. Their reaction is to keep filling in the "BUY BTS" fields with numbers like 177, 50,000, 100,000, and 238,373 on Polo and pressing enter. Almost obsessively so.
And it hasn't seemed to slow down. I think this should be studied.

[r0ach]

I forgot to mention in the original post, the guy wants out of his short position and is waiting for someone to put up a big sell wall to take it, so if you short on top with him, you might get imploded fast when/if he gets out of that short position and it immediately goes up heh.

[DecentralizeEconomics]

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.  

He keeps trying to dump into buy support to stop the rise

Now the progression of the story from yesterday is, the price has increased even higher to 2780ish now and this guy has decided instead of covering his failed short and buying 100btc worth of coins straight off the wall, he has decided to double down and place 11 btc sell walls spaced out on the sell wall to try and prevent it from going higher

the guy is a huge ass and types things like "you're all idiots investing in this stuff, I'm only here to short to make money".

Our hopes and prayers are with you!

[BitcoinNational]

Where can i short BTS?  

Since BTS 2.0 is about to release in 15 days, the price will likely continue to increase towards that date...

Unless the market has already reacted to the news.

CfB is likely right from the looks of that chart. 

And this is only just a sample of what the future has waiting for us ... once you can short XYZ for 10000BTC and couple it with FUD slinging feast from bothsides ... the fun has just begun.  

[onemorexmr]

Where can i short BTS? 

poloniex allows shorting bts

[tat123]

 carga took out a short position at 2700, for 100 BTC. If he wants to cover his short, he has to buy it back. At the time of this post he would be looking at a -30 BTC loss. He is also in a long position looking for whales to flash buy walls to intimidate shorts on a possible squeeze. He claims to be in the green at 25. One trader on Polo shouldn't mean anything if BTS is a sure thing... right?

[Crestington]

Hah, this is great!

Bitshares is way oversold right now, should be some nice profit over the next week.

Well atleast for some...

[Jahvinci]

very exciting

[sumantso]

It does seem a very risky move with the release being only 2 weeks away. regardless of what anyone might think about BTS, short term there is going to be a pump.

If I read it correctly this cagara person needs the price to drop to 0.000022 BTC which I think is too optimistic, especially now that everyone knows the level.

[r0ach]

very exciting

It will go down in the history books right next to the battle of Marathon.

[Crestington]

Interesting, BTS price breaking above 2700 again.

If r0ach is correct about the short position, this guy is already at a 100 btc loss..

[r0ach]

He's now doubling down in an attempt to save his short with....more shorts to try and prevent himself from being wiped out.  I don't think it's going to end well for him.  It's pretty dumb they even enabled margin leverage on any market smaller than Bitcoin.  All it does is allow lunatics to deposit 100 BTC and try and manipulate the entire market.  Even if it doesn't work, it just stalls out the market for days wasting everyone's time until they finally get liquidated.

Once his 100-200 BTC of shorts get plowed through, his buyback is going to pump the hell out of this coin.

[tokeweed]

Maybe he's "revenge trading".