I have made a 25% return this week trading *against* the pirate

[BitPay Business Solutions]

Pirate likes to buy high and sell low, with other people's money.

if you buy at 8.00 or below, and sell at 9.00 or above, you can make money trading against pirate too.  I've done that x6000 coins this week, earning me about a 25% return on my investment trading against pirate.

EDIT: if anyone wants to buy some goxUSD from me to take advantage of the buying opportunities, email me at tony@bitpay.com

[Valalvax]

Wait........

....


Hold the fuck up



You make money by buying low and selling high?


WHAT THE FUCK IS THIS SHIT! I've been doing it wrong all this time



I'm assuming your original post was sarcastic, this is sarcasm in return...

[Serge]

how does pirate make money if he buys high and sells low

[BitPay Business Solutions]

how does pirate make money if he buys high and sells low

How does a ponzi make money?

[Serge]

how does pirate make money if he buys high and sells low

How does a ponzi make money?

even assuming he runs a ponzi, buying high and selling low still doesn't make any sense )

[BitPay Business Solutions]

even assuming he runs a ponzi, buying high and selling low still doesn't make any sense )

Agreed.  But he admits he buys above 9 and sells below 8. It really doesn't matter what he's doing with other peoples money, when it's so easy to profit yourself just by trading against him.

[Serge]

he only admitted to one crush sale few days ago, the first one following the huge rally, in terms of warnings as far as i know. everything else was senseless spec by others.

there are other large players on the market now except pirate

[bg002h]

even assuming he runs a ponzi, buying high and selling low still doesn't make any sense )

Agreed.  But he admits he buys above 9 and sells below 8. It really doesn't matter what he's doing with other peoples money, when it's so easy to profit yourself just by trading against him.

I presume he's the volatility maker...things need to move  a certain amount up and down for anyone to make money in a system where there is no intrinsic safety buffer provided by short selling. He needs to recycle his cash on each swing.  He makes each swing happen by using a small amount of funds to drive the price down and a larger amount to drive it up. The hyper-reactive lemmings do most of the dirty work for him by accepting the new price he sets and push the trend up or down farther than pirate has funds for. Then he capitalizes by trading against himself, much like the OP has been doing. I made 10% in one day by following similar logic (I used 8 and 8.75 as targets).

[pirateat40]

how does pirate make money if he buys high and sells low

How does a ponzi make money?

Ooooooo... It's game on now.  Good luck!

[jimbobway]

how does pirate make money if he buys high and sells low

I am thinking if it goes up, pirate buys driving it up more creating hype.  Hype will cause other people to jump on the bandwagon and buy too.  Then after they buy he sells.  This hype and psychology also works when bitcoin goes down, and then pirate causes panic by selling it down further..

[teflone]

Hey, Pirate, do me a favour, keep it high till you see me in Vegas, Im doing a btc trade to cash on Thursday morning with Tuxavant.. 

Thanks brother..    Love your work! See ya soon!

[Stephen Gornick]

He makes each swing happen by using a small amount of funds to drive the price down and a larger amount to drive it up. The hyper-reactive lemmings do most of the dirty work for him by accepting the new price he sets and push the trend up or down farther than pirate has funds for.

Whatever the cause, there sure is some absolutely idiotic trading occurring.  A good chunk of the sell volume occurred at the price at the bottom when it was dumped followed shortly by buying occurring mostly at prices at the top end when there was the spike.  Volatility of 15% in a matter of hours is not sane trading by anyone, if that was the same party pushing both directions.


 - https://ferroh.com/chart?t=24h

Also, left completely out of all of this were the other exchanges.   The trading at Intersango. BTC=e. BitFloor, CampBX. etc. was minimal.  None of them spiked to levels anywhere near what the markets on Mt. Gox did.  This is wasteful lunatic selling and buying.   It is making great money for anyone that didn't panic though (and who panics nowadays anyway, with no leveraged trading options after Bitcoinica is gone, the exchange rate seems to always return to a certain trajectory).

[Serge]

how does pirate make money if he buys high and sells low

I am thinking if it goes up, pirate buys driving it up more creating hype.  Hype will cause other people to jump on the bandwagon and buy too.  Then after they buy he sells.  This hype and psychology also works when bitcoin goes down, and then pirate causes panic by selling it down further..

ha! i've been had, took OP too seriously, the whole buy high, lol

[BitPay Business Solutions]

It looks like I sold a large number of BTC on the spike above 9.  so that will probably put my return for the week closer to 35%.  thanks pirate!

[smoothie]

I've made about a good 35% in the past week trading. Only difference is I've sold at $9.20 and i refuse to buy back in any higher.

I've made my profit for now, if another opportunity presents itself I may buy back in. But until then GOOD LUCK pirate!

Thanks for the profit!

Edit: If there is not opportunity, then I'm happy anyway because total profit for me is close to 900% since march. Of course I leveraged in with LTC when the price was much lower and btc was much lower...

[smoothie]

how does pirate make money if he buys high and sells low

How does a ponzi make money?

Ooooooo... It's game on now.  Good luck!

As if the game was never on? LOL....

[ArticMine]

This looks like Bit-pay Merchant Solutions (bull) just caught pirateat40 (bear) in a short squeeze. Very nicely done.

[Cluster2k]

This was going to happen sooner rather than later.  People see one large trader's tendencies and start betting against them, reaping a nice return.  Let's face it, when the market is stagnant and moving up or down in 1 cent increments every hour no one is really making any money.  Now that someone has come in who is willing to pump the price up by 50c instantly it's just a case of setting range trades and reaping the rewards.

The main question now is will pirate change his tactics or continue on?

[Raoul Duke]

Pirate likes to buy high and sell low, with other people's money.

if you buy at 8.00 or below, and sell at 9.00 or above, you can make money trading against pirate too.  I've done that x6000 coins this week, earning me about a 25% return on my investment trading against pirate.

EDIT: if anyone wants to buy some goxUSD from me to take advantage of the buying opportunities, email me at tony@bitpay.com

Will you also come and brag about it when you lose 25%? lol

[ArticMine]

how does pirate make money if he buys high and sells low

How does a ponzi make money?

He does not buys high sells low, he just sells at whatever.

His strategy is sell high first, then buy low. This was very profitable in the great Bitcoin bear market of July 2011 - December 2011. Now the situation is different and he can end up sell low first then, buy high.