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bittenbob (OP)
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January 17, 2012, 11:13:18 PM |
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bitcoinica is Awesome   Shorting 17K bitcoins at 10:1 caused a massive dump of coins on the market (170k) which would fully explain the crash we just experienced happened. I hope someone takes this asshole out by buying and liquidating his position. At first I was thinking this was Zhoutong himself but from this users post it appears to be them. |
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legitnick
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January 17, 2012, 11:16:44 PM |
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FUCK FUCK FUCK FUCK
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StewartJ
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January 17, 2012, 11:17:53 PM |
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Leveraged smack down.
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jojo69
Legendary
 Online
Activity: 3346
Merit: 4644
diamond-handed zealot
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January 17, 2012, 11:20:49 PM |
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shrewd play, anyone could see the bear turn minutes ahead of time
I would have done better, but I made the age old mistake of holding out for a couple more cents on my longs
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This is not some pseudoeconomic post-modern Libertarian cult, it's an un-led, crowd-sourced mega startup organized around mutual self-interest where problems, whether of the theoretical or purely practical variety, are treated as temporary and, ultimately, solvable.
Censorship of e-gold was easy. Censorship of Bitcoin will be… entertaining.
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byronbb
Legendary
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Activity: 1414
Merit: 1000
HODL OR DIE
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January 17, 2012, 11:25:11 PM |
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There was almost no money on the buy side, this was foreseeable imo.
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Vandroiy
Legendary
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Activity: 1036
Merit: 1002
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January 17, 2012, 11:27:17 PM |
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Ahahaha gratz, good job on that!
Put it into your portfolio. "I have triggered a flash crash! Muahaha!"
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Koekiemonster
Sr. Member
Offline
Activity: 321
Merit: 250
Bitbuy.nl!
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January 17, 2012, 11:31:01 PM |
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He is shorting 17k with USD as leverage, he did not cause a 170k dump  |
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copumpkin
Donator
Sr. Member
Offline
Activity: 266
Merit: 252
I'm actually a pineapple
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January 17, 2012, 11:34:15 PM |
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bitcoinica is Awesome Shorting 17K bitcoins at 10:1 caused a massive dump of coins on the market (170k) which would fully explain the crash we just experienced happened. I hope someone takes this asshole out by buying and liquidating his position. At first I was thinking this was Zhoutong himself but from this users post it appears to be them. I've explained this in the other thread. He had $13k of his own money in there, giving him enough leverage at 10:1 and $6 per coin to go short around 21k coins. Don't you think the market might have reacted a bit more violently to 170k coins? The guy made a lot of money, but I know people who had larger short positions who made even more money off of this. It isn't dishonorable; it's just spotting what they think to be bubbles and profiting off of them. At that kind of leverage ratio, they could get completely screwed by a tiny bit of bad luck if the market is a little more exuberant than they think. |
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jojo69
Legendary
Online
Activity: 3346
Merit: 4644
diamond-handed zealot
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January 17, 2012, 11:34:36 PM |
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He is shorting 17k with USD as leverage, he did not cause a 170k dump I disagree, this is certainly possible, the weakness on the tape was palpable...just needed a push |
This is not some pseudoeconomic post-modern Libertarian cult, it's an un-led, crowd-sourced mega startup organized around mutual self-interest where problems, whether of the theoretical or purely practical variety, are treated as temporary and, ultimately, solvable.
Censorship of e-gold was easy. Censorship of Bitcoin will be… entertaining.
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copumpkin
Donator
Sr. Member
Offline
Activity: 266
Merit: 252
I'm actually a pineapple
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January 17, 2012, 11:36:44 PM |
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He is shorting 17k with USD as leverage, he did not cause a 170k dump I disagree, this is certainly possible, the weakness on the tape was palpable...just needed a push Don't you think we might have seen 170k in extra volume today had there actually been a 170k coin dump? Look at his numbers on the screenshot and tell me whether you see 170k coins anywhere. |
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jojo69
Legendary
Online
Activity: 3346
Merit: 4644
diamond-handed zealot
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January 17, 2012, 11:40:06 PM |
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it wasn't him, he was just the trigger
every shrewd operator conscious at the time was jumpy as hell about then, we were making lower highs, lower lows and had broken the long term uptrend
textbook
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This is not some pseudoeconomic post-modern Libertarian cult, it's an un-led, crowd-sourced mega startup organized around mutual self-interest where problems, whether of the theoretical or purely practical variety, are treated as temporary and, ultimately, solvable.
Censorship of e-gold was easy. Censorship of Bitcoin will be… entertaining.
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Mushoz
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January 17, 2012, 11:40:57 PM |
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He is shorting 17k with USD as leverage, he did not cause a 170k dump I disagree, this is certainly possible, the weakness on the tape was palpable...just needed a push Don't you think we might have seen 170k in extra volume today had there actually been a 170k coin dump? Look at his numbers on the screenshot and tell me whether you see 170k coins anywhere. People are actually saying 170k dump was _not_ needed. There was actually a lot less needed to dump the price to these levels and cause a panic sell. That's why 17k USD with some leverage was enough to cause this crash. |
www.bitbuy.nl - Koop eenvoudig, snel en goedkoop bitcoins bij Bitbuy!
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copumpkin
Donator
Sr. Member
Offline
Activity: 266
Merit: 252
I'm actually a pineapple
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January 17, 2012, 11:43:59 PM |
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He is shorting 17k with USD as leverage, he did not cause a 170k dump I disagree, this is certainly possible, the weakness on the tape was palpable...just needed a push Don't you think we might have seen 170k in extra volume today had there actually been a 170k coin dump? Look at his numbers on the screenshot and tell me whether you see 170k coins anywhere. People are actually saying 170k dump was _not_ needed. There was actually a lot less needed to dump the price to these levels and cause a panic sell. That's why 17k USD with some leverage was enough to cause this crash. Except it wasn't, because as I said, I know at least another guy who was a lot more short than this guy. This might have triggered bitcoinica to balance its books and dump onto mtgox, but the guy in the screenshot didn't have that much of an effect. |
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Mushoz
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January 18, 2012, 12:10:47 AM |
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He is shorting 17k with USD as leverage, he did not cause a 170k dump I disagree, this is certainly possible, the weakness on the tape was palpable...just needed a push Don't you think we might have seen 170k in extra volume today had there actually been a 170k coin dump? Look at his numbers on the screenshot and tell me whether you see 170k coins anywhere. People are actually saying 170k dump was _not_ needed. There was actually a lot less needed to dump the price to these levels and cause a panic sell. That's why 17k USD with some leverage was enough to cause this crash. Except it wasn't, because as I said, I know at least another guy who was a lot more short than this guy. This might have triggered bitcoinica to balance its books and dump onto mtgox, but the guy in the screenshot didn't have that much of an effect. Yeah, but when did the other guy start his position? Because the order book used to be a LOT less shallow a few days ago, so it wouldn't effect the market nearly as much as it did now, because the order book was so shallow. Also, did he go short in one go, or did he slowly build up his huge short position? Big difference there as well. The OP went short in one big dump. |
www.bitbuy.nl - Koop eenvoudig, snel en goedkoop bitcoins bij Bitbuy!
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old_engineer
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January 18, 2012, 02:02:08 AM |
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Wow, what an epic thread, with an epic smackdown when he was liquidated. This is far more entertaining than some TV drama.
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bittenbob (OP)
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January 18, 2012, 02:06:28 AM |
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Wow, what an epic thread, with an epic smackdown when he was liquidated. This is far more entertaining than some TV drama.
It made my day when he said he got liquidated. Now its hilarious because he says he is calling the cops |
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SlaveInDebt
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January 18, 2012, 02:11:49 AM |
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Wow, what an epic thread, with an epic smackdown when he was liquidated. This is far more entertaining than some TV drama.
It made my day when he said he got liquidated. Now its hilarious because he says he is calling the cops If he gambles with that money the responsibility is on him. You decide who to trust no one else. One of many misconceptions in this day and age. |
"A banker is a fellow who lends you his umbrella when the sun is shining, but wants it back the minute it begins to rain." - Mark Twain
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Andrew Bitcoiner
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January 18, 2012, 03:10:07 AM |
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Wow, what an epic thread, with an epic smackdown when he was liquidated. This is far more entertaining than some TV drama.
It made my day when he said he got liquidated. Now its hilarious because he says he is calling the cops sorry I missed the source of this, link? |
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Eveofwar
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January 18, 2012, 03:44:14 AM |
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Wow, what an epic thread, with an epic smackdown when he was liquidated. This is far more entertaining than some TV drama.
It made my day when he said he got liquidated. Now its hilarious because he says he is calling the cops sorry I missed the source of this, link? Mods moved it, it looks like. https://bitcointalk.org/index.php?topic=59969.0 |
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bittenbob (OP)
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January 18, 2012, 04:52:32 AM |
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If someone took advantage of the fact this guy posted his position and that I posted it on here please let me know. I think it is awesome what you did liquidating him and would like to congratulate you. I'm sure there's a number of us who would like to thank you.
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