I want to apologize to all my followers and shareholders for my recent long position on RAVE.
Here's why I went long: the on-chain whales had offloaded a bit, but over 90% of the supply was still concentrated. There was a lot of hype around it, and I thought what happened with Siren dropping 90% wouldn't happen to RAVE. At that time, a whale pulled out $10K calling for an internal investigation, and both Binance and Bitget responded immediately with oversight (if no one else is responding, wouldn't they self-audit?). I felt that the bad news was just a shakeout.
Additionally, the funding rate flipped from negative to positive for a while, which indicated some short covering and liquidation happening. So I decided to go long and keep averaging down, thinking there could still be some upside.
As it turns out, my thesis was completely off. The positions I bought at high prices are now worth almost nothing. I've been burned by altcoins before, and I can't afford to have any emotional attachment to them. I dodged the 312-519-1011 events, but I ultimately couldn't escape coins like Luna and RAVE that are clearly manipulated.
Trading on exchanges is fundamentally gambling. It's all about finding a good risk-reward ratio, but when exchanges intervene, or even manipulate, it's incredibly unfair to retail traders.
Either get rid of all the altcoins already, what were they waiting for? 😪
Let's take this as a lesson, at least the mainstream coins can still survive.
Here's why I went long: the on-chain whales had offloaded a bit, but over 90% of the supply was still concentrated. There was a lot of hype around it, and I thought what happened with Siren dropping 90% wouldn't happen to RAVE. At that time, a whale pulled out $10K calling for an internal investigation, and both Binance and Bitget responded immediately with oversight (if no one else is responding, wouldn't they self-audit?). I felt that the bad news was just a shakeout.
Additionally, the funding rate flipped from negative to positive for a while, which indicated some short covering and liquidation happening. So I decided to go long and keep averaging down, thinking there could still be some upside.
As it turns out, my thesis was completely off. The positions I bought at high prices are now worth almost nothing. I've been burned by altcoins before, and I can't afford to have any emotional attachment to them. I dodged the 312-519-1011 events, but I ultimately couldn't escape coins like Luna and RAVE that are clearly manipulated.
Trading on exchanges is fundamentally gambling. It's all about finding a good risk-reward ratio, but when exchanges intervene, or even manipulate, it's incredibly unfair to retail traders.
Either get rid of all the altcoins already, what were they waiting for? 😪
Let's take this as a lesson, at least the mainstream coins can still survive.
