You all are getting excited because of a 10$ increase ?
The higher it goes, the less margin you need to short it and not get a margin call due to volatility to the upside, before the implosion. Another gift from perma-bull-tards.
Note gold also inched higher, but small cap global private assets are still in bearish mode.
Again no guarantees. But obviously I feel confident enough that I sold to dollars at $315 all Bitcoin.
It's not only risky for those reasons, it's just generally risky to leave Bitcoins on exchanges long term no matter what, at least until a serious exchange like Gemini where you can trust it will not disappear overnight is available. Until then, leaving long term positions opened specially with serious amounts of Bitcoin is simply insane for my taste. Good luck tho, im sure there is big money to be made by taking such risks, but there is also tons of money to be lost, as always. Id rather hold trough it.
Agreed it much safer to sell to dollars. Even if Bitcoin goes up, you didn't lose your dollar value. And the dollar is appreciating.
Trading large positions on margin with a time frame of 'several months' is not a good idea for multiple reasons.
Interest rates will eat away at your money and it is very risky to leave your position open for that long.
Interest rates will eat away at your money and it is very risky to leave your position open for that long.
I did that calculation for holding 3 months it was roughly 4X leverage if I put up $70 of margin at $315, i.e. 400% potential gains over just selling to dollars.
Had I entered the trade at $315, and exited recently in the $260s, that was incredible leverage. I actually was arguing with someone who talked me out of doing the trade. Perhaps I should trust my own instincts, but he was correct that my upside is my coding talent and I shouldn't get defocused.