The devastating bit coin bubble

[StreetScooby 5]

On 4/3/2013 at 3:45 PM, ManagingPrime said:

 

Thay would be an example of dealing with a single counterparty. Apparently there are p2p bitcoin loan programs already in place.

I'm a fan of people putting their money where their mouth is. If you think it's a good short, go for it. Baring any future Cyprus type events I think it could be a great short candidate.

The fact we are even having this exchange demonstrates that it's a potentially viable alternative currency. I don't doubt there are some decent size shorts out there already.

How many people ten years ago "would never give" thier credit card info online? Times change.

 

Baring any future Cyprus type events I think it could be a great short candidate.

I've been on the street now for 30+ years.  For most investors, finding a clearing house that will lend you securities for shorting simply does not happen.  And, for good reason.  You can lose way more than your initial investment if the market moves up if you've shorted it.

Many years ago, I worked for a small money management company in NYC.  They had about 30 employees, and the firm managed ~$6 billion dollars.  One of the partners shorted Amazon at $30.  Bear Stearns, their clearing company, called him at $60. 

I was in the office usually around 6am.  That next morning, he walked into the kitchen while I was getting coffee.  I don't have words to describe what he looked like.  Whatever words you would use had to include some facsimile of utter shock.

[base698 15]

$89,000.  If you bought $5000 worth when this thread started you could have bought a Caravan and opened a DZ or bought a house next to Grimmie in Costa Rica.

[jakee 1,498]

Or it could have bought Sam Bankman-Freid another house.

[base698 15]

1 minute ago, jakee said:

Or it could have bought Sam Bankman-Freid another house.

Sir, this is a Bitcoin thread, not a shitcoin thread.

[SethInMI 174]

18 hours ago, base698 said:

$89,000.  If you bought $5000 worth when this thread started you could have bought a Caravan and opened a DZ or bought a house next to Grimmie in Costa Rica.

coulda shoulda woulda. c'est la vie.  Entertaining to read those first few posts back in 2013. I see your name on one. Did you buy and hold any from back then? 

[base698 15]

54 minutes ago, SethInMI said:

Did you buy and hold any from back then?

Yes, but not enough to be bragging from a Challenger Jet on my way to Santorini.  At my peak I had 200, when I made $30k I thought I was a genius.