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Crypto sell off is over leveraged traders getting liquidated on their trades

After thinking about it, my theory is there was overextensio...
.........,,;,;,;,,,............,,;,;;,.;.
  02/23/21
why are multiyear bitcoin veterans freaking out like their c...
""'""''''
  02/23/21
It's the largest or near largest single day drawdown in abso...
.........,,;,;,;,,,............,,;,;;,.;.
  02/23/21
im up hugely in my actively traded fund. didn't check st...
.,.,...,..,.,..:,,:,...,.::,...,:,.,.:..:.,:,::,..
  02/23/21
yep momentum traders always get wrecked if time horizon is l...
.,.,...,..,.,..:,,:,...,.::,...,:,.,.:..:.,:,::,..
  02/23/21
Lol
Frank Lloyd Wrong
  02/23/21
(sweating, panicking coiner)
Skinny Joey
  02/23/21
...
new forcememe: FBWNT (Fat Boomer With Nubile Teen)
  02/23/21
shouldve DCAed down, cut your losses and wait to short dips ...
nyuug
  02/23/21
How long have you been trading anything? Not just crypto? Yo...
.........,,;,;,;,,,............,,;,;;,.;.
  02/23/21
By his own admission he’s been in crypto for 3 weeks. ...
QueenLaBEEFah
  02/23/21
Holy shit
guy who gets it
  02/23/21
...
P0astradamus
  02/23/21
ITS ALMOST AS IF NYUUG IS ALWAYS RIGHT lmfao
absolutely devastating for board libs
  02/23/21
TO BE FAIR, i had only half my stack in@ ETH 16.5-17 pull...
nyuug
  02/23/21
You RUN SHIT in Virginia bro!
absolutely devastating for board libs
  02/23/21
you mean "16.5-17" hundred, as in you bought at 16...
Sotomayor McCheese
  02/24/21
http://www.autoadmit.com/thread.php?thread_id=4773304&mc...
nyuug
  02/24/21
Date: February 23rd, 2021 9:04 PM Author: nyuug (WGWAG FORE...
Sotomayor McCheese
  02/24/21
Cr he’s late to the party on EVERYTHING and then tries...
buy the dip, short the VIX, fuck Bitcoin
  02/23/21
crypto is nowhere near over im not stopping with this shit t...
nyuug
  02/23/21
(another sweating panicking coiner)
new forcememe: FBWNT (Fat Boomer With Nubile Teen)
  02/23/21
you have like 4-6 months left in this cycle max probably. yo...
P0astradamus
  02/23/21
so if i make 5k overall that is more than enough for me
nyuug
  02/23/21
Is that like 50 hooker sessions in Seoul?
buy the dip, short the VIX, fuck Bitcoin
  02/23/21
considering im still up overall id say im doing quite well f...
nyuug
  02/23/21
To be fair, Whoa whoa whoa--you're "still up overall...
To be fair
  02/24/21
That’s even sadder. How is it even worth the trouble t...
absolutely devastating for board libs
  02/23/21
starting in the red and grinding my way up to $$$$ after 3 w...
nyuug
  02/23/21
Grinding is one way to describe blindly pulling levers in a ...
absolutely devastating for board libs
  02/23/21
...
Frank Lloyd Wrong
  02/23/21
lmfao. wow
P0astradamus
  02/23/21
You don’t get it, which isn’t surprising given h...
QueenLaBEEFah
  02/23/21
...
buy the dip, short the VIX, fuck Bitcoin
  02/23/21
huh
new forcememe: FBWNT (Fat Boomer With Nubile Teen)
  02/23/21
...
P0astradamus
  02/23/21
if anything i would give you a high five just like TT6 is my...
nyuug
  02/23/21
I knew you’d respond with some above-it-all bullshit, ...
QueenLaBEEFah
  02/23/21
To be fair, "Lifting, Pussy, and Now Crypto: The NYU...
To be fair
  02/24/21
...
Sporting Events
  02/23/21
Bump for NYUUG spamming about his 3 week crypto day trading ...
QueenLaBEEFah
  02/25/21
Lmao
Trump Did Nothing Wrong
  02/23/21
there’s also a shitload of people using margin with de...
P0astradamus
  02/23/21
What’s the timeline for this happening?
buy the dip, short the VIX, fuck Bitcoin
  02/23/21
no idea
P0astradamus
  02/23/21
Lmao. What percentage of your stake will they give you as a ...
absolutely devastating for board libs
  02/23/21
i can’t remember the exact numbers it looks like you ...
P0astradamus
  02/23/21


Poast new message in this thread



Reply Favorite

Date: February 23rd, 2021 3:03 AM
Author: .........,,;,;,;,,,............,,;,;;,.;.


After thinking about it, my theory is there was overextension with momentum traders piling on with leverage once BTC broke $50K. These traders often lever up 30-100x turning a 6% move into 50% gains (edit: I know the gains would be larger given 30x leverage) in extended breakouts above old resistance. When the buying dries up, selling pressure picks up as momentum dries out and traders close out their levered positions for profits. This results in a waterfall decline. Your typical rubber band move. Think of these sell offs as healthy. Hopefully price stabilizes as the base of fundamental hodlers just sits on their cryptos. So long as there's a sufficiently large base of hodlers, we'll be okay. It's not like stocks in that their is some valuation based on earnings. The intrinsic value of Bitcoin is based on the collective belief that this is a legitimate store of value.

At least that's what I tell myself so that I can sleep tonight in the face of a 20% sell off.

(http://www.autoadmit.com/thread.php?thread_id=4772598&forum_id=2#41994104)



Reply Favorite

Date: February 23rd, 2021 3:05 AM
Author: ""'""''''

why are multiyear bitcoin veterans freaking out like their cost basis isn't sub 10000, possibly 5000

(http://www.autoadmit.com/thread.php?thread_id=4772598&forum_id=2#41994107)



Reply Favorite

Date: February 23rd, 2021 3:52 AM
Author: .........,,;,;,;,,,............,,;,;;,.;.


It's the largest or near largest single day drawdown in absolute value terms is my guess. Also a 20% decline in a single day will fuck with anyone emotionally including long term hodlers. It's hardwired. Also, even if their cost basis is sub $10K BTC, their losses back then in absolute terms in USD were in the thousands on a similar percentage decline. Today their losses are 5x in absolute terms.

(http://www.autoadmit.com/thread.php?thread_id=4772598&forum_id=2#41994168)



Reply Favorite

Date: February 23rd, 2021 7:08 AM
Author: .,.,...,..,.,..:,,:,...,.::,...,:,.,.:..:.,:,::,..


im up hugely in my actively traded fund.

didn't check stuff that i'm holding long term. that shit is safe anyways.

(http://www.autoadmit.com/thread.php?thread_id=4772598&forum_id=2#41994425)



Reply Favorite

Date: February 23rd, 2021 3:11 AM
Author: .,.,...,..,.,..:,,:,...,.::,...,:,.,.:..:.,:,::,..


yep momentum traders always get wrecked if time horizon is long enough.

(http://www.autoadmit.com/thread.php?thread_id=4772598&forum_id=2#41994112)



Reply Favorite

Date: February 23rd, 2021 3:12 AM
Author: Frank Lloyd Wrong

Lol

(http://www.autoadmit.com/thread.php?thread_id=4772598&forum_id=2#41994113)



Reply Favorite

Date: February 23rd, 2021 3:16 AM
Author: Skinny Joey

(sweating, panicking coiner)

(http://www.autoadmit.com/thread.php?thread_id=4772598&forum_id=2#41994120)



Reply Favorite

Date: February 23rd, 2021 7:09 AM
Author: new forcememe: FBWNT (Fat Boomer With Nubile Teen)



(http://www.autoadmit.com/thread.php?thread_id=4772598&forum_id=2#41994429)



Reply Favorite

Date: February 23rd, 2021 3:33 AM
Author: nyuug (WGWAG FOREVER)

shouldve DCAed down, cut your losses and wait to short dips

things looking very hairy right now

(http://www.autoadmit.com/thread.php?thread_id=4772598&forum_id=2#41994136)



Reply Favorite

Date: February 23rd, 2021 3:53 AM
Author: .........,,;,;,;,,,............,,;,;;,.;.


How long have you been trading anything? Not just crypto? Your advice is almost akin to "buy low sell high."

(http://www.autoadmit.com/thread.php?thread_id=4772598&forum_id=2#41994170)



Reply Favorite

Date: February 23rd, 2021 7:14 AM
Author: QueenLaBEEFah

By his own admission he’s been in crypto for 3 weeks. This genius missed out on the greatest wealth creating event ever, then bought at the top, and is now trying to tell you and me what to do.

(http://www.autoadmit.com/thread.php?thread_id=4772598&forum_id=2#41994436)



Reply Favorite

Date: February 23rd, 2021 7:17 AM
Author: guy who gets it

Holy shit

(http://www.autoadmit.com/thread.php?thread_id=4772598&forum_id=2#41994440)



Reply Favorite

Date: February 23rd, 2021 7:18 AM
Author: P0astradamus



(http://www.autoadmit.com/thread.php?thread_id=4772598&forum_id=2#41994442)



Reply Favorite

Date: February 23rd, 2021 7:32 AM
Author: absolutely devastating for board libs

ITS ALMOST AS IF NYUUG IS ALWAYS RIGHT lmfao

(http://www.autoadmit.com/thread.php?thread_id=4772598&forum_id=2#41994458)



Reply Favorite

Date: February 23rd, 2021 7:35 AM
Author: nyuug (WGWAG FOREVER)

TO BE FAIR, i had only half my stack in@ ETH 16.5-17

pulled out at 16. still up overall so its all good. i got super super lucky by pulling out last weekend at 22 after making 10%. im also the only one on xoxo who openly discusses actual trades - not unlike how open and honest about i am about how ive fucked 1070+ girls

still looking to trade dips



(http://www.autoadmit.com/thread.php?thread_id=4772598&forum_id=2#41994462)



Reply Favorite

Date: February 23rd, 2021 7:48 AM
Author: absolutely devastating for board libs

You RUN SHIT in Virginia bro!

(http://www.autoadmit.com/thread.php?thread_id=4772598&forum_id=2#41994482)



Reply Favorite

Date: February 24th, 2021 2:08 AM
Author: Sotomayor McCheese

you mean "16.5-17" hundred, as in you bought at 1650-1700, or $16.50-17, like a lot of the real traders here got in?

you want to openly talk trades? I bought BNB at $1.95 in 2017, TOMO at 16 cents in 2018, and SOL, which hopefully does the same, at $3.11 a month or so ago. for the past couple weeks i've been aping into Binance-based DeFi shitcoins, like FUEL, CAKE, BSCEX, and HYPR (formerly THUGS, about as retarded as it sounds, and still mooned). Bangarang, Gangnam Playboy. Your turn.

(http://www.autoadmit.com/thread.php?thread_id=4772598&forum_id=2#42000428)



Reply Favorite

Date: February 24th, 2021 2:12 AM
Author: nyuug (WGWAG FOREVER)

http://www.autoadmit.com/thread.php?thread_id=4773304&mc=3&forum_id=7

(http://www.autoadmit.com/thread.php?thread_id=4772598&forum_id=2#42000432)



Reply Favorite

Date: February 24th, 2021 12:05 PM
Author: Sotomayor McCheese

Date: February 23rd, 2021 9:04 PM

Author: nyuug (WGWAG FOREVER)

TOP TRADES AT THE MOMENT:

OPEN CONDITIONAL BUYS:

ETH@ 890

MKR@ 1055

LINK@ 14

------------------------------------------------------------

oh, you set limit buys at half the current value? how brave. or is that what you're holding and your current cost basis?

(http://www.autoadmit.com/thread.php?thread_id=4772598&forum_id=2#42001821)



Reply Favorite

Date: February 23rd, 2021 7:39 AM
Author: buy the dip, short the VIX, fuck Bitcoin

Cr he’s late to the party on EVERYTHING and then tries to overcompensate

Couldn’t get laid in HS or UG so became a feral fillanderer picking up STDs from hookers like a 90s kid collecting Pokémon

Now saw everyone getting rich on crypto so became a bag holder while trying to flaunt his “TA skills”

When people move to the next big thing you can rest assure that he will be several years late to that party as well



(http://www.autoadmit.com/thread.php?thread_id=4772598&forum_id=2#41994465)



Reply Favorite

Date: February 23rd, 2021 7:39 AM
Author: nyuug (WGWAG FOREVER)

crypto is nowhere near over im not stopping with this shit till i make it BIG, for someone who is 3 weeks into it and still up $$$$ i am perfectly happy with grinding out trades

(http://www.autoadmit.com/thread.php?thread_id=4772598&forum_id=2#41994467)



Reply Favorite

Date: February 23rd, 2021 7:41 AM
Author: new forcememe: FBWNT (Fat Boomer With Nubile Teen)

(another sweating panicking coiner)

(http://www.autoadmit.com/thread.php?thread_id=4772598&forum_id=2#41994472)



Reply Favorite

Date: February 23rd, 2021 7:45 AM
Author: P0astradamus

you have like 4-6 months left in this cycle max probably. you aren’t going to make shit. i know your retort will be that you’ll start shorting but it’ll only be a matter of time before you get liquidated. id say it will be hilarious but you’re too much of a faggot to honestly poast about it

(http://www.autoadmit.com/thread.php?thread_id=4772598&forum_id=2#41994477)



Reply Favorite

Date: February 23rd, 2021 7:46 AM
Author: nyuug (WGWAG FOREVER)

so if i make 5k overall that is more than enough for me

(http://www.autoadmit.com/thread.php?thread_id=4772598&forum_id=2#41994478)



Reply Favorite

Date: February 23rd, 2021 7:48 AM
Author: buy the dip, short the VIX, fuck Bitcoin

Is that like 50 hooker sessions in Seoul?

(http://www.autoadmit.com/thread.php?thread_id=4772598&forum_id=2#41994484)



Reply Favorite

Date: February 23rd, 2021 7:51 AM
Author: nyuug (WGWAG FOREVER)

considering im still up overall id say im doing quite well for myself. people saying im in the red dont realize i made some pretty crucial trades: selling@ 22, catching a HUGE 16.5 wick during the first dump

you cant win every trade. ive learned my lesson and will bounce back. never give up man

(http://www.autoadmit.com/thread.php?thread_id=4772598&forum_id=2#41994496)



Reply Favorite

Date: February 24th, 2021 1:36 AM
Author: To be fair (Semi-Retired)

To be fair,

Whoa whoa whoa--you're "still up overall" several months into the biggest bull market in the history of cryptocurrency (which is almost certainly the single biggest wealth generator your generation will ever experience)? Stop the presses, we got a hot shot here!

(http://www.autoadmit.com/thread.php?thread_id=4772598&forum_id=2#42000369)



Reply Favorite

Date: February 23rd, 2021 7:49 AM
Author: absolutely devastating for board libs

That’s even sadder. How is it even worth the trouble to open an account much less poast and fuss every day to make 5k?

(http://www.autoadmit.com/thread.php?thread_id=4772598&forum_id=2#41994489)



Reply Favorite

Date: February 23rd, 2021 7:55 AM
Author: nyuug (WGWAG FOREVER)

starting in the red and grinding my way up to $$$$ after 3 weeks of this shit is good enough for me man. rome wasnt built in a day

(http://www.autoadmit.com/thread.php?thread_id=4772598&forum_id=2#41994505)



Reply Favorite

Date: February 23rd, 2021 8:01 AM
Author: absolutely devastating for board libs

Grinding is one way to describe blindly pulling levers in a casino yes.

(http://www.autoadmit.com/thread.php?thread_id=4772598&forum_id=2#41994525)



Reply Favorite

Date: February 23rd, 2021 8:30 AM
Author: Frank Lloyd Wrong



(http://www.autoadmit.com/thread.php?thread_id=4772598&forum_id=2#41994584)



Reply Favorite

Date: February 23rd, 2021 7:51 AM
Author: P0astradamus

lmfao. wow

(http://www.autoadmit.com/thread.php?thread_id=4772598&forum_id=2#41994494)



Reply Favorite

Date: February 23rd, 2021 7:48 AM
Author: QueenLaBEEFah

You don’t get it, which isn’t surprising given how dense you are and your lack of self awareness. Let me break it down in a way you can understand.

Imagine if, after years of seeing your sexual exploits (I know people here don’t believe you but everyone should bear with me) I decided fuck it, I want in, so I leave my wife and kids, fire up tinder, and start chatting up Korean 4s / US -3s. After three weeks I manage to bag one methhead and a landbeast.

Then, I go into your threads and starting giving you dating advice. You need to be more aggressive s with these hos, NYUUG. The ethnicities in your harem are all off, NYUUG. It’s well documented you can’t stand that sort of criticism and will embark on subthread wastelands as a result, so hopefully this sinks in.

TLDR; fuck off NYUUG.

(http://www.autoadmit.com/thread.php?thread_id=4772598&forum_id=2#41994483)



Reply Favorite

Date: February 23rd, 2021 7:48 AM
Author: buy the dip, short the VIX, fuck Bitcoin



(http://www.autoadmit.com/thread.php?thread_id=4772598&forum_id=2#41994485)



Reply Favorite

Date: February 23rd, 2021 7:49 AM
Author: new forcememe: FBWNT (Fat Boomer With Nubile Teen)

huh

(http://www.autoadmit.com/thread.php?thread_id=4772598&forum_id=2#41994486)



Reply Favorite

Date: February 23rd, 2021 7:50 AM
Author: P0astradamus



(http://www.autoadmit.com/thread.php?thread_id=4772598&forum_id=2#41994492)



Reply Favorite

Date: February 23rd, 2021 7:53 AM
Author: nyuug (WGWAG FOREVER)

if anything i would give you a high five just like TT6 is my nigga. sorry bro i dont resent other peoples success, no matter how minor they may be vis a vis my own

lifting, pussy, and now crypto. its all about dedication. i sacrificed a lot to get good at the first two, now im making my bones to master the latter. couldnt have fucked 1070+ girls without 10,000 (a conservative estimate) rejections bro

(http://www.autoadmit.com/thread.php?thread_id=4772598&forum_id=2#41994502)



Reply Favorite

Date: February 23rd, 2021 8:27 AM
Author: QueenLaBEEFah

I knew you’d respond with some above-it-all bullshit, which was why I preempted it in my poast. Your crazy back and forth and grudges with poasters who criticize your lifestyle are all well documented. LOL @ the idea that you’d tolerate some upstart fucking up your mongering threads with nonsense. You are so deluded.

(http://www.autoadmit.com/thread.php?thread_id=4772598&forum_id=2#41994579)



Reply Favorite

Date: February 24th, 2021 1:37 AM
Author: To be fair (Semi-Retired)

To be fair,

"Lifting, Pussy, and Now Crypto: The NYUUG-At-35 Story"

Sounds fulfilling!

(http://www.autoadmit.com/thread.php?thread_id=4772598&forum_id=2#42000372)



Reply Favorite

Date: February 23rd, 2021 7:54 AM
Author: Sporting Events



(http://www.autoadmit.com/thread.php?thread_id=4772598&forum_id=2#41994503)



Reply Favorite

Date: February 25th, 2021 4:25 AM
Author: QueenLaBEEFah

Bump for NYUUG spamming about his 3 week crypto day trading gains

(http://www.autoadmit.com/thread.php?thread_id=4772598&forum_id=2#42005999)



Reply Favorite

Date: February 23rd, 2021 8:30 AM
Author: Trump Did Nothing Wrong

Lmao

(http://www.autoadmit.com/thread.php?thread_id=4772598&forum_id=2#41994585)



Reply Favorite

Date: February 23rd, 2021 7:15 AM
Author: P0astradamus

there’s also a shitload of people using margin with defi this time around, i.e. locking up their eth, taking a loan against it, and buying more eth. the cascading liquidations if this goes low enough will be ugly and hilarious

(http://www.autoadmit.com/thread.php?thread_id=4772598&forum_id=2#41994437)



Reply Favorite

Date: February 23rd, 2021 7:42 AM
Author: buy the dip, short the VIX, fuck Bitcoin

What’s the timeline for this happening?

(http://www.autoadmit.com/thread.php?thread_id=4772598&forum_id=2#41994473)



Reply Favorite

Date: February 23rd, 2021 7:53 AM
Author: P0astradamus

no idea

(http://www.autoadmit.com/thread.php?thread_id=4772598&forum_id=2#41994501)



Reply Favorite

Date: February 23rd, 2021 8:07 AM
Author: absolutely devastating for board libs

Lmao. What percentage of your stake will they give you as a loan?

(http://www.autoadmit.com/thread.php?thread_id=4772598&forum_id=2#41994537)



Reply Favorite

Date: February 23rd, 2021 8:16 AM
Author: P0astradamus

i can’t remember the exact numbers

it looks like you can take a loan of half of your stack, though that would be pretty damn risky

https://medium.com/defi-saver/liquidations-in-defi-how-they-happen-and-how-to-prevent-them-9caddd52de71

In Maker, the most important value for a CDP/Vault is the collateralization ratio, as this is what the system considers as the liquidation point and each collateral type has its own minimum collateralization ratio.

For ETH specifically that’s 150% (and you can check all others at DeFi Explore). Allowing your position to fall below the minimum collateralization factor will result in your CDP being liquidated.

(http://www.autoadmit.com/thread.php?thread_id=4772598&forum_id=2#41994556)