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Author Topic: First Short Selling Success In History  (Read 3366 times)
kiba
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November 04, 2010, 02:52:42 AM
 #1

I made my first short selling earning a total somewhere around 14 bitcoins. Booya.

Recommend nanotube as the to-go guy for your first short selling loan.

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nanotube
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November 04, 2010, 03:06:44 AM
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I made my first short selling earning a total somewhere around 14 bitcoins. Booya.

Recommend nanotube as the to-go guy for your first short selling loan.

great to hear that, kiba! Smiley

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bober182
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November 04, 2010, 04:58:31 AM
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What do you mean by short selling

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kiba
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November 04, 2010, 05:06:59 AM
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What do you mean by short selling

Something that will piss off communists like you.  Wink

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November 04, 2010, 05:43:04 AM
 #5

What do you mean by short selling

Something that will piss off communists like you.  Wink

*pimp slap
grondilu
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November 04, 2010, 06:06:14 AM
 #6

I made my first short selling earning a total somewhere around 14 bitcoins. Booya.

Recommend nanotube as the to-go guy for your first short selling loan.

I'm not sure you should be proud of that but somehow I think it is good that this kind of thing is possible.

It gives liquidity to the market.  Plus, it's fun.

Although I would not do this kind of thing, I won't blame you.
ribuck
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November 04, 2010, 11:20:34 AM
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What do you mean by short selling
If you think the price of BTC will go up, it's easy to make a profit. You simply buy some BTC for dollars, then sell them back after the price goes up.

If you think the price of BTC will go down, it's not quite so straightforward. But you can make a profit by doing this:

1. Sell BTC for dollars at the current, high price.
2. Borrow BTC from someone else, and deliver those BTC to your buyer.
3. After the price goes down, buy some BTC at the cheaper price and use those BTC to repay the person you borrowed BTC from.

Selling BTC (or stocks) that you don't own, but which you will buy later, is called short selling.

It's a gamble for the short-seller, because if prices go up instead of down they must buy later for a higher price than they sold, thereby making a loss. In addition, they must pay interest to the person who lent them the BTC.

Short selling has gained a bad reputation (because short sellers are often people with "inside knowledge" that prices are about to drop), but it does add liquidity to the market, and it tends to push prices towards their "true" value, by making the market price reflect that "inside knowledge".
nanotube
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November 04, 2010, 04:18:05 PM
 #8

If you think the price of BTC will go up, it's easy to make a profit. You simply buy some BTC for dollars, then sell them back after the price goes up.

If you think the price of BTC will go down, it's not quite so straightforward. But you can make a profit by doing this:

1. Sell BTC for dollars at the current, high price.
2. Borrow BTC from someone else, and deliver those BTC to your buyer.
3. After the price goes down, buy some BTC at the cheaper price and use those BTC to repay the person you borrowed BTC from.

Selling BTC (or stocks) that you don't own, but which you will buy later, is called short selling.

According to the current SEC regs, you have to borrow first, before you can sell. selling first is called 'naked short' selling, which is no longer allowed. You can google/wikipedia for the associated problems with it and why it is no longer legal (in the usa, at least).

Short selling has gained a bad reputation (because short sellers are often people with "inside knowledge" that prices are about to drop), but it does add liquidity to the market, and it tends to push prices towards their "true" value, by making the market price reflect that "inside knowledge".

Inside knowledge doesn't really have any special relationship to short selling. People with inside knowledge of bad news, can short, people with inside knowledge of good news can go long.

But besides that, yes, short selling does add liquidity, and sanity, to the market, by allowing people to trade both on expected gains and expected losses.

Selling BTC? I'm buying. Send a PM and we'll see what we can work out.

just fyi, you could try http://bitcoin-otc/ for your OTC transactions. Smiley

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nanotube
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November 04, 2010, 06:48:24 PM
 #9

just fyi, you could try http://bitcoin-otc/ for your OTC transactions. Smiley
Yes I will be doing that, just as soon as I figure out this oldfangled irc thingie again (it's been a few years).

Heh, irc is where all the action is! Smiley

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Bimmerhead
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November 06, 2010, 11:36:53 PM
 #10

BTC at $0.50.  Looks like we might be having our first short squeeze in history. Grin

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kiba
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November 06, 2010, 11:42:32 PM
 #11

BTC at $0.50.  Looks like we might be having our first short squeeze in history. Grin

Yes, I got burned.

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November 06, 2010, 11:44:17 PM
 #12

BTC at $0.50.  Looks like we might be having our first short squeeze in history. Grin

Yes, I got burned.

I hope it wasn't too much.

The recent price action has certainly been wild.

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zaigon
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March 02, 2014, 01:46:55 PM
 #13

at this time are somes exchangers that allow you to do shortselling?
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