Siexpert
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Activity: 42
Merit: 0
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May 21, 2015, 09:09:36 AM |
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i smell a bear trap  More than 100,000 Monero was dumped on the market last 2 days, yet the price is down only by 10%. The liquidity is very good (at least at the buy orders), just imagine dumping 100,000 BTC on the BTC/USD market, I think it it would bring the price under 100$. I don't know how many bears are left there and how much Monero is available for loan to be used as shorts, especially after the current KYC regulation on Poloniex. Once a few shorts will be closed, it can trigger a liquidation wave + if others start to buy back, then 0.003 will be reached faster than you can log in to Poloniex to close your shorts If you were able to short above 0.004, then you are lucky, and you might wait and hope that the price can break under 0.0019. But to enter in a short position now, just because they were made avaliable these days on Polo is not a good risk/revard trade at all. |
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lyth0s
Legendary
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Activity: 1260
Merit: 1000
World Class Cryptonaire
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May 21, 2015, 09:39:33 AM
Last edit: May 21, 2015, 10:19:24 AM by lyth0s |
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Without attempting to disrespect anyone, keeping any significant amount of coins on an exchange has always been a bad idea. A major purpose of bitcoin/monero is that you are able to be your own bank and are free of the pitfalls from seizures, bail-ins, bankruptcies etc.
Add the cryptocurrency ideology on top of us living in the post Mt Gox world and you really have to ask yourself why you decided to keep any amount of wealth on an exchange that you didn't plan to immediately trade and then withdraw again.
"Fool me once, shame on you. Fool me twice, shame on me".
As far as lending any sizeable amount of Monero for shorting I'd advise against it. You're compounding the effects of another Mt. Gox possibility with the addition of a large and quick squeeze with the potential for not enough liquidity for you to get your monero back (I think this happened to huboi or some other chinese bitcoin exchange a while back).
Edit: Especially for an exchange that claims to be located in the US but is somehow slipped under the radar for KYC/AML for a very long time, sounds fishy right from the start.
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Febo
Legendary
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Activity: 2744
Merit: 1288
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May 21, 2015, 10:00:22 AM |
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Maybe Poloniex is getting prepared to get hacked. So they set verification level that made some to withdraw founds. This way they will have to repay less. |
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mrkavasaki
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May 21, 2015, 10:50:40 AM |
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i smell a bear trap I smell bull trap |
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obit33
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May 21, 2015, 10:53:15 AM |
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i smell a bear trap I smell bull trap I smell bullshit  |
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kazuki49
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May 21, 2015, 04:07:23 PM
Last edit: May 21, 2015, 04:19:16 PM by kazuki49 |
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i smell a bear trap More than 100,000 Monero was dumped on the market last 2 days, yet the price is down only by 10%. The liquidity is very good (at least at the buy orders), just imagine dumping 100,000 BTC on the BTC/USD market, I think it it would bring the price under 100$. I noticed that as well, and it was not the first time, I find the XMR support bullish in itself. |
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generalizethis
Legendary
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Activity: 1750
Merit: 1036
Facts are more efficient than fud
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May 21, 2015, 05:33:37 PM |
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I smell a room filled with Greater Fools.
Atrolla the Hun! A fool to rule the great Troll horde. |
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americanpegasus
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May 21, 2015, 05:34:23 PM |
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I smell a room filled with Greater Fools.
I smell a wolong alt getting ready for a XMR summer pump |
Account is back under control of the real AmericanPegasus.
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dreamspark
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May 21, 2015, 06:11:11 PM |
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Eventful few days. Im very glad I had no funds on Polo as I would have been one of the people having to choose to give up my anonymity or commit fraud to withdraw a fairly sizable chunk of btc I withdrew just before going on holiday.
Im with smooth here, fuck Polo how dare you ransom funds on such short notice.
Short to mid term is still downwards for me as I've been saying for at least a month or two now. Being able to short this on margin is very very tempting.
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kazuki49
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May 21, 2015, 06:56:40 PM |
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Huge dump just happened, this time my orders got filled and they were pretty low.
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infovortice2013
Legendary
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Activity: 1176
Merit: 1000
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May 21, 2015, 07:00:47 PM |
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time to natural correction in xmr price, everybody waiting the 0.0012  |
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generalizethis
Legendary
Offline
Activity: 1750
Merit: 1036
Facts are more efficient than fud
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May 21, 2015, 07:02:40 PM |
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That's one freaky ass looking red wave.
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pinky
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May 21, 2015, 07:07:17 PM |
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Wow. Some big players are cashing out. I wonder who?
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dEBRUYNE
Legendary
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Activity: 2268
Merit: 1141
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May 21, 2015, 07:08:15 PM |
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Wow. Some big players are cashing out. I wonder who?
I think it's more a case of market manipulation with the help of the margin trading system. |
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kazuki49
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May 21, 2015, 07:14:41 PM |
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i smell a bear trap More than 100,000 Monero was dumped on the market last 2 days, yet the price is down only by 10%. The liquidity is very good (at least at the buy orders), just imagine dumping 100,000 BTC on the BTC/USD market, I think it it would bring the price under 100$. I noticed that as well, and it was not the first time, I find the XMR support bullish in itself. I hope to have contributed to this, everytime I comment about how Monero market is strong someone tries to prove me wrong, all I wanted was your XMR  |
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Siexpert
Newbie
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Activity: 42
Merit: 0
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May 21, 2015, 07:37:10 PM |
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Wow. Some big players are cashing out. I wonder who?
I think it's more a case of market manipulation with the help of the margin trading system. I think a few people (including myself) were building up long positions in the 0.002-0.0022 zone, but with the downspike those positions were liquidated at the market price, causing the last selloff from 0.00195 to 0.00167. These kind of stop loss runs are quite common on the Bitcoin market, now that margin trading is possible we should get used to it at Monero as well. If that wall at 0.00165 is real, than it could be the bottom, if not, the next support is at 0.0014 but a retest of the 0.001 level is also a possibility. |
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Kuriso
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May 21, 2015, 07:38:43 PM |
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I smell a room filled with Greater Fools.
I smell a wolong alt getting ready for a XMR summer pump lol how does it feel to have bought monero at 230+ when it hit 167 so far today. I told you it was coming down. |
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nutildah
Legendary
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Activity: 3206
Merit: 8648
All memecoin relaunches have been scams so far.
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May 21, 2015, 07:42:06 PM |
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I smell a room filled with Greater Fools.
I smell a wolong alt getting ready for a XMR summer pump lol how does it feel to have bought monero at 230+ when it hit 167 so far today. I told you it was coming down. Pegasus how much money are you down in the last 3 days? The timing of your arrival with this substantial price drop is no coincidence. I tried to tell you guys Pegasus is bad for Monero. |
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thefunkybits
Legendary
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Activity: 1218
Merit: 1000
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May 21, 2015, 07:42:34 PM |
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Wow. Some big players are cashing out. I wonder who?
Nah margin call...good time to buy as the longs have been cleared out and shorts can now be squeezed |
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TrueCryptonaire
Legendary
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Activity: 1092
Merit: 1000
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May 21, 2015, 07:50:03 PM |
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I smell a room filled with Greater Fools.
I smell a wolong alt getting ready for a XMR summer pump lol how does it feel to have bought monero at 230+ when it hit 167 so far today. I told you it was coming down. Pegasus how much money are you down in the last 3 days? The timing of your arrival with this substantial price drop is no coincidence. I tried to tell you guys Pegasus is bad for Monero. I agree. It is not good for the coin to have pumpers right before the dump. I tried to warn people about the coming dump but I was ridiculed here.  And I am afraid we have not touched the bottom yet... I am expecting a bloodbath and obviously the short sellers will celebrate... |
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