Bitcoins are officially donkdown

[rum dick]

I just realized I'm pretty sure I bought some ecstasy way back in with the day with bitcoin that would now be worth about 900k.

Also, I woke up to being up 1k.

This is dumb as hell

[sonatine]

What you’re omitting is the leverage issue. Some people are simply dead now.

Well no offense to anyone on the forum who may be in that situation, I am not going to laugh at their misfortune, but to borrow money you can't afford to pay back and putting it into an extremely speculative asset is just fucking stupid beyond stupid.

thats not what hes talking about really. leverage is the principle driving force behind the price of btc. there are a literal handful of retail traders who arent trading on margin. the overwhelming majority of btc positions are levered more than you could possibly suspect. the crypto millionaires (many times over) got there because sites like bitfinex (iirc?) were letting them lever up 100x with zero paperwork pretty much.

seriously.

subtract all that leverage and btc would probably be trading at about $1k top range, providing cryptards wouldnt have gotten bored with their $17 a day profit and chunked it off on flash blackjack games while it traded sideways.

[sonatine]

one of the common themes ive seen pop up in the last 72 hours is 'thank god i had 4 accounts... 3 of them got liquidated but the 4th is doing great. if i had just one account id have no dry powder for the dip etc etc'.

[sonatine]

according to latest figures... 800,000 accounts were liquidated in yesterdays flush.

#leverage

[BetCheckBet]

according to latest figures... 800,000 accounts were liquidated in yesterdays flush.

#leverage

Is there some Bitcoin or dogecoin message board where I can read posts from all these millennials who are learning about what margin accounts actually are? I’d love to see the real time posts.

[sonatine]

according to latest figures... 800,000 accounts were liquidated in yesterdays flush.

#leverage

Is there some Bitcoin or dogecoin message board where I can read posts from all these millennials who are learning about what margin accounts actually are? I’d love to see the real time posts.

yeah its this wild new site called twitter innit

[sonatine]

watched all my coinbcase videos for $3 and up 30% so far.

[Sanlmar]

Yeah, leverage is just leverage. It does not imply whether you can afford the loss or not.

What it does imply is that gains are magnified - which is the point .... and so too losses are magnified. Big losses in asset price can mean you get tapped out. You don’t “ride it out” cause you are dead.

Leverage is a signature of our times. Everyone is levered. Sonatine can prolly insert a fun fact or figure here.

Old degen takes the microphone now. After the dot com crash in 2000 people took their remaining stake and moved from stonks to another asset class - real estate. 6 years later that wild speculation got corrected too.

The feel now and dot com is precisely the same. I can relate a myriad of stories from people I watched first hand. Dot com was similarly reckless, spectacularly rewarding and devastating.

This pattern has not occurred to me until recently. It’s personally amusing because I took what I felt was the best leverage option of our times - free 30 year mortgage money and am gambling real estate. Of course it too is a speculative market. We will see how nimble we are.

[Cerveza Fria]

Anyone who uses margin to buy crypto or stocks is a fucking fool. Don't be Artie Bucco (from the Sopranos). Don't gamble with money you don't have.

[Sanlmar]

Ask yourself this remedial question. What is more significant - Bitcoin or the blockchain?

I highly encourage you to wet your beak with DeFi. Even if you are only looking to run it up you wil be able to tell the kids you remember when.

It’s like being able to say you used that old Pedo’s DOS 3.1 back in the day.

Not all Dot com companies went away after 2000. Amazon and it’s kin worked out. CMGI did not. So too will the blockchain and smart contracts survive like online commerce did.

Bitcoin is Netscape

[Sanlmar]

Savage move.

I admit I bought some yesterday. Insert money on fire gif here

[TheXFactor]

I need to time travel back to 2012 so I can buy Bitcoin for $4 each.

[Sanlmar]

Permissionless money lulz

I was sharing how in the past week I recently got my account cancelled on an exchange. I was given privileged info - instead I just said fuck off

[DJ_Chaps]

Anyone who uses margin to buy crypto or stocks is a fucking fool. Don't be Artie Bucco (from the Sopranos). Don't gamble with money you don't have.

Or, you could, you know.... trade well. Margin is a bloody god send, so long as your not a new school redditard “trader”.

[sonatine]

seriously its just a decision like any other.

if youre comfortable with being liquidated and possibly taking a 7 year nap while the bankruptcy falls off your credit report in exchange for making millions of fucking dollars, you know, do that dance.

[Sanlmar]

Anyone who uses margin to buy crypto or stocks is a fucking fool. Don't be Artie Bucco (from the Sopranos). Don't gamble with money you don't have.

Or, you could, you know.... trade well. Margin is a bloody god send, so long as your not a new school redditard “trader”.

It’s why god invented prop trading, if I recall.

[JACKDANIELS]

DISCO CHAPS IS A PRO PLAY MONEY TRADER SO WHAT HE SAYS GOES IM ON TEAM #DISCOCHAPS

[NickyPipes]

Anyone who uses margin to buy crypto or stocks is a fucking fool. Don't be Artie Bucco (from the Sopranos). Don't gamble with money you don't have.

Or, you could, you know.... trade well. Margin is a bloody god send, so long as your not a new school redditard “trader”.

Chaps is a broke guy, barely makes minimum wage living in a studio apartment spending his meager income on drugs!

[DJ_Chaps]

DISCO CHAPS IS A PRO PLAY MONEY TRADER SO WHAT HE SAYS GOES IM ON TEAM #DISCOCHAPS

I mean, I WAS an actual trader at one time... and managed a solid size acct.

[DJ_Chaps]

Or, you could, you know.... trade well. Margin is a bloody god send, so long as your not a new school redditard “trader”.

Chaps is a broke guy, barely makes minimum wage living in a studio apartment spending his meager income on drugs!

Blah blah blah lol. You’re talking to yourself kid.