Overleveraged buffoon creates biggest Mexican standoff in Altcoin history

[r0ach]

Maybe he's "revenge trading".

He doesn't know how any of these coins work and thought the price just went up for no reason and shorted it.  He doesn't know the price will probably be stable somewhere between 0.00003000 to 0.00009000 after BTS 2.0 release and thinks he can just stall the market here until he wins.

[1715059546]

1715059546

[1715059546]

1715059546

[tokeweed]

Maybe he's "revenge trading".

He doesn't know how any of these coins work and thought the price just went up for no reason and shorted it.  He doesn't know the price will probably be stable somewhere between 0.00003000 to 0.00009000 after BTS 2.0 release and thinks he can actually just stall the market here until he wins.

That's not a sure thing.  This is trading first and foremost, and one thing I learned thru experience is nothing is a sure thing in trading. 

[Habeler876]

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.

Has he admitted those are his walls, or are you guessing?

What price does he require BTS to go down to?

I read on Bitsharestalk that he had a long position on ETH which got called. In that case these very grim days for him.

[hcf27]

The most important question here is, how do we know this are his orders and that he is telling the truth about his trading actions?... I have seen cargara trading at polo for a while and seems to be an experienced trader, i dont think he will be telling every1 what he is doing, most likely he is doing the opposite, but the fact is that we dont know what the hell he is doing, just what he is saying!

[shanem]

Maybe he's "revenge trading".

He doesn't know how any of these coins work and thought the price just went up for no reason and shorted it.  He doesn't know the price will probably be stable somewhere between 0.00003000 to 0.00009000 after BTS 2.0 release and thinks he can just stall the market here until he wins.

How do you know the person putting up the sell walls is him. It could be someone else and there is no evidence he is behind all these sell walls.

[hcf27]

Maybe he's "revenge trading".

He doesn't know how any of these coins work and thought the price just went up for no reason and shorted it.  He doesn't know the price will probably be stable somewhere between 0.00003000 to 0.00009000 after BTS 2.0 release and thinks he can just stall the market here until he wins.

How do you know the person putting up the sell walls is him. It could be someone else and there is no evidence he is behind all these sell walls.

That is exactly my point, this is all speculation over speculation!

[chryspano]

Maybe he's "revenge trading".

He doesn't know how any of these coins work and thought the price just went up for no reason and shorted it.  He doesn't know the price will probably be stable somewhere between 0.00003000 to 0.00009000 after BTS 2.0 release and thinks he can just stall the market here until he wins.

How do you know the person putting up the sell walls is him. It could be someone else and there is no evidence he is behind all these sell walls.

That is exactly my point, this is all speculation over speculation!

Some more speculation about this guy...

https://bitsharestalk.org/index.php/topic,16894.msg239407.html#msg239407

[r0ach]

I was told a while ago there was some big player that was going to buy lots of Bitshares, but he was waiting until after 2.0 release to do so because "that's just the way they do business".  I think I've put together the pieces of the puzzle for who that is:

"The first, a non-profit called Blockchain Labs, was co-founded by Buterin, BitShares co-founder Bo Shen and Feng Xiao, vice chairman and executive director of Wanxiang Holdings, the company's investment arm.

The Blockchain Labs launch is to be followed by the creation of a $50m venture capital fund that will invest broadly in applications for blockchain technology and for which Wanxiang will be the sole limited partner (LP).
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In interview, Chao noted that Wanxiang now has roughly 10 subsidiaries in financial sectors including insurance, banking, futures and asset management, and that the investments provide it with the ability to look for ways to apply blockchain technologies to its business lines."

http://www.coindesk.com/china-wanxiang-blockchain-50-million-fund/


Then we have the Larimers going to China 2 days after BTS 2.0 release to give presentations to these people:

"Shanghai, China - October 15-16  Blockchain Summit

Stan Larimer and several other BitShares personalities*.

Blockchain Labs, China’s first professional blockchain technology institution, has invited selected "geeks, entrepreneurs, academic experts, investors, executives from financial institutions, and regulatory policy makers to join the summit and discuss the business applications and opportunities of blockchain technology in industry, such as Payment, Internet of Things, Securities Trading, Digital Assets Management. We expect that there will be around 200 guests from the financial industry, including banking, payments, securities and commodities, as well as other industries such as IoT and manufacturing."

https://bitsharestalk.org/index.php/topic,18638.0.html

[Spoetnik]

Hah, this is great!

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

Well atleast for some...

Too bad I am not a Korean with $1.175 million dollars USD cash to play around with (in Bitcoin)
..must be nice 

and this is part of the reason why I quit this trading stuff long ago.
big money walks in and controls the game..
which sort of spits in the face of the very concept of Bitcoin in the first place.

AKA: The rich get richer

[Crestington]

Hah, this is great!

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

Well atleast for some...

Too bad I am not a Korean with $1.175 million dollars USD cash to play around with (in Bitcoin)
..must be nice 

and this is part of the reason why I quit this trading stuff long ago.
big money walks in and controls the game..
which sort of spits in the face of the very concept of Bitcoin in the first place.

AKA: The rich get richer

Big money only can control the game to an extent, you still have to be able to sell when holding large amounts so the more you have the bigger the gain that needs to be to be able to liquidate it.

[Crestington]

Looks like someone tried shorting with a fairly large amount of Coin where some 130-140 btc worth were dumped into buy orders all at once.



The thing that is interesting is that if you really wanted to sell that amount of Coins, why would you just dump all at once instead of selling over a longer period?


I guess if considering getting in or not, this may be a good chance to get in at a low level.

[tokeweed]

Maybe someone from the inside knows something.

[Crestington]

Maybe someone from the inside knows something.

I wanna figure out how Bitshares will be able to manage 100k TPS. Realistically, if it does what it says then it's the first Blockchain that can compete with Visa so 12-15 mil marketcap is nothing when you can run entire corporations on the Blockchain.

[tokeweed]

Maybe someone from the inside knows something.

I wanna figure out how Bitshares will be able to manage 100k TPS. Realistically, if it does what it says then it's the first Blockchain that can compete with Visa so 12-15 mil marketcap is nothing when you can run entire corporations on the Blockchain.

I meant the recent dump.  BTS 2.0 is coming out which is supposedly good..  Then someone dumps.  Does not compute.

So maybe someone inside knows something?

[Crestington]

Maybe someone from the inside knows something.

I wanna figure out how Bitshares will be able to manage 100k TPS. Realistically, if it does what it says then it's the first Blockchain that can compete with Visa so 12-15 mil marketcap is nothing when you can run entire corporations on the Blockchain.

I meant the recent dump.  BTS 2.0 is coming out which is supposedly good..  Then someone dumps.  Does not compute.

So maybe someone inside knows something?

I think it would be to try to margin call people and pick up more shares at a cheaper price.

[Marlo Stanfield]

Maybe someone from the inside knows something.

I wanna figure out how Bitshares will be able to manage 100k TPS. Realistically, if it does what it says then it's the first Blockchain that can compete with Visa so 12-15 mil marketcap is nothing when you can run entire corporations on the Blockchain.

I meant the recent dump.  BTS 2.0 is coming out which is supposedly good..  Then someone dumps.  Does not compute.

So maybe someone inside knows something?

I don't know, but as soon as I read this thread with all the 'sure thing' posts about how it was going to go up, I couldn't help but think this was exactly what was going to happen.

[r0ach]

Here's the reason the price crashed.  I was right there during the whole thing:

The price of BTS on Poloniex is entirely controlled by 2 parties, one single bot (with Goldman Sachs levels of btc that is either raising or lowering price at all times) and Cagara.  I saw the bot dumping into buy walls while putting up sells lower than market rate to try and drive down price on purpose, then right after that, it or someone else removed 100+ BTC buy support so there was like 70 BTC buy support only.  I instantly closed my long because I knew something was up and after I did, like 10 people got margin called and price imploded.  Then I bought back in.

If I stayed in, price would have only gone to 2300-2400 probably, but I wasn't going to lose money during an orchestrated shakeout when I see it coming a mile away

If you were trying to time the bottom and buy on the crash, it was very hard to grab coins.  Lowest anyone was really getting in was 2200 and not in any significant quantity.  The biggest buy I saw anyone get in the 2200-2250 range was 10btc, so I highly doubt Cagara cleared his short at all yet.  Now buy wall support is back to like 300 btc again.  Buy to sell ratio was 35:3 at 0.00002200 so you can sleep pretty well on buying back in after the crash.  So yea, the shakeout wasn't caused by me, but I wasn't going to stay in and get raped while it happens.

[Crestington]

I wanna figure out how Bitshares will be able to manage 100k TPS. Realistically, if it does what it says then it's the first Blockchain that can compete with Visa so 12-15 mil marketcap is nothing when you can run entire corporations on the Blockchain.

yawn... old news.. announced over a month ago..  Wait until you see what's coming out in November...zzzzzzz...

What's coming out in November?

[Crestington]

lol so your friend Cargara said he closed his shorts now and made a +92 BTC profit.

[Marlo Stanfield]

lol so your friend Cargara said he closed his shorts now and made a +92 BTC profit.

Not such a "buffoon" after all I guess.