My coworker called me an 'idiot bagholder' in July.
Then he borrowed against his car to short Bitcoin. 'Easy money,' he said.
This week the market liquidated $2.7 BILLION of shorts. His position was one of them.
Today he asked me how to explain the car to his fiancée. I'm typing this from the office bathroom so he can't see me laughing. 👇
the thesis:
(coffee machine, every morning, for a month)
"the crash isn't over. obviously"
"anyone still holding is exit liquidity"
"I'm not holding, I'm thinking"
what he shorted:
BTC, now 77,831, +8.2% in a day
ETH, 2,396, +5.0%
XRP, the one he was loudest about. 1.38, +19.3% in a day, +37.8% on the week. he sized that one up the most because "XRP is the most obvious one"
what he borrowed against:
the car
what he didn't have:
a stop. stops are for "people who aren't sure". he was SO sure
what the market did about it:
accepted the donation. $2.7 billion of shorts gone in one surge. his was somewhere in the pile. so was the car
lessons, his, but he won't be writing them:
the most expensive sentence in crypto is "it's obviously going lower"
"obvious" and "leveraged" don't go in the same trade
verdict: I held. I got called an idiot. I feel sorry for him and I'll be done feeling sorry in about a minute🤝
He asked how to explain the car. I said start with the word "obviously" and let her work out the rest🤡
Press F for the shorters in the comments — or defend them if you dare. Are you team LONG or team SHORT for September? Loser buys the winner a coffee in 30 days, screenshot this.
Not financial advice. Just a eulogy.
#ShortSqueeze #BTC #Liquidations
Then he borrowed against his car to short Bitcoin. 'Easy money,' he said.
This week the market liquidated $2.7 BILLION of shorts. His position was one of them.
Today he asked me how to explain the car to his fiancée. I'm typing this from the office bathroom so he can't see me laughing. 👇
the thesis:
(coffee machine, every morning, for a month)
"the crash isn't over. obviously"
"anyone still holding is exit liquidity"
"I'm not holding, I'm thinking"
what he shorted:
BTC, now 77,831, +8.2% in a day
ETH, 2,396, +5.0%
XRP, the one he was loudest about. 1.38, +19.3% in a day, +37.8% on the week. he sized that one up the most because "XRP is the most obvious one"
what he borrowed against:
the car
what he didn't have:
a stop. stops are for "people who aren't sure". he was SO sure
what the market did about it:
accepted the donation. $2.7 billion of shorts gone in one surge. his was somewhere in the pile. so was the car
lessons, his, but he won't be writing them:
the most expensive sentence in crypto is "it's obviously going lower"
"obvious" and "leveraged" don't go in the same trade
verdict: I held. I got called an idiot. I feel sorry for him and I'll be done feeling sorry in about a minute🤝
He asked how to explain the car. I said start with the word "obviously" and let her work out the rest🤡
Press F for the shorters in the comments — or defend them if you dare. Are you team LONG or team SHORT for September? Loser buys the winner a coffee in 30 days, screenshot this.
Not financial advice. Just a eulogy.
#ShortSqueeze #BTC #Liquidations