Pirate's last chance?

[BadBear]

There is still time to get back in before we get to $20...  

And if we don't?

If you don't get in before 20? Well I suppose there's always time to get in before we get to $30. 

[ElectricMucus]

There is still time to get back in before we get to $20...  

And if we don't?

If you don't get in before 20? Well I suppose there's always time to get in before we get to $30.  

Damn you,  how are you even a bear


seriously we might see a 50% decrease before the next 100% increase.

[jwzguy]

There is still time to get back in before we get to $20...  

And if we don't?

If you don't get in before 20? Well I suppose there's always time to get in before we get to $30.  

Damn you,  how are you even a bear


seriously we might see a 50% decrease before the next 100% increase.

Seriously, we might see a 100% increase before the next 50% decrease.

[Raize]

Pirate didn't "short" BTC, he moved the exchange price to where he wanted and loaded up more. Anyone could tell that, aside from his walls, the support levels in the $9 range were thin on the day this occurred, hell I even made ~$2,000 playing the volatility and I am small potatoes. He sold only about 5k BTC and moved the price down to the $7.50 range where he saw the support return (outside of his own). His only mistake was continuing to sell into someone's bot-like support there of about 15k BTC. Once he realized he was selling into a support level he spent the next couple days buying his 20k BTC back. It really wasn't that huge of a loss and I'm sure he's made that back and then some. It'll be interesting to see if he actually tries the "get on IRC and sell" tactic again.

A lot of people seem to be stuck on this impression that he shorts Bitcoin, what he's doing is more arbitrage and risk mitigation, not your typical "shorting". The loaned coin (to my knowledge) isn't being sold on MtGox, instead it appears to be going to miners on GPUMax.