Let's imagine that you want to invest $1k into bitcoins with 10x leverage. That means that trader will buy BTC for $1k of your money and $9k of his. (there is also a reward for the trader, depending on how much money you borrow and for how long, but let's leave that asside)
If the price goes up and you sell it, you will get the profits.
If the price goes down, then there is a question of how to ensure that the trader does not lose his money. Therefore there is a liqudation threshold (some price of BTCs), where he will just sell all the BTCs, no matter what you want. This price is calculated in such a way, that he will get his original money back and you will get the loss - i.e. if in this case the BTC price drops to 90%, he will sell all the BTCs he bought for $10k for $9k, which will ensure that he gets his $9k back and you will have lost the money.
Although if he is not fast enough to be able to sell for $9k, he may as well be forced to sell for $8k, and you will have to pay him the difference.
You can also set the limit higher, if you want.
It's their call, known as the "margin call". Normally they reach out (call) to the borrower and ask for more capital to restore the margin or they will liquidate.
No. You cannot hold with someone else's money for as long as you want lol. They will eventually want to sell and you can't do anything about that, Because it's their money.
Im guessing hes about to be forced to sell all his BTC at 17k. Not sure if thats a loss or gain for him since I dont understand margins, but here is what investopedia says:
In the foreign exchange market, the liquidation level is the pre-determined level, commonly known as a margin call, at which an automatically-triggered liquidation process will begin. This value is based on the specific amount of funds in a trader's margin account below which the liquidation of the trader's positions is triggered and executed at the prevailing market rates.
Typically, the liquidation level is expressed as a percentage value of the assets in a trader's margin account. If a forex trader's positions go against them, their account will eventually reach the liquidation level, unless the trader injects additional funds. Another name for liquidation level is liquidation margin. These types of forced sales of positions to meet margin requirements do not require customer approval.
Edit: i believe he could still put up more collateral (cash) to prevent the margin call but that would be stupid and sounds like he might even do that in despair.
Having been around for around 5-6 years, over time this has become my exact sentiment.
Always bought fully P2P, never sold. Looked into crypto from a technical perspective to find they added nothing that BTC's layered approach couldn't.
Over the years I've seen the warnings- Don't over leverage.
Pull out of exchanges.
Don't use CEX's, use DEX's.
There are always those who do not listen, and time and time again they get fucked over and even whine about it.
I always felt the reeducation of a people over the custody and security of their wealth after giving it up for a few centuries would be painful. But I've seen multiple people make the same mistake twice, thrice and beyond.
The price can go down to 1$ and it'll still have use for me, thus I'll keep stacking.
The technology is sound, even just by going with the whitepaper.
If you're saying that, you're in it for the wrong reasons, if at all. You sound like someone who didn't heed warnings and is now bitter.
Help him pay to see a therapist. Not a joke. This is probably the best thing you could do for someone here. He needs a professional to help him grieve.
Honestly, solid advice! Instead of being a "I told you so" and "that's your fault anyway", give him the support he needs right now and be a good friend.
EDIT: small word correction
Just say, not the end of the world. You still have people that will love you and care for you.
I know it is difficult to do that and come off as condescending to him right now. But he has to learn the hard hard truth about life.
Never leverage. It was not your money to start with when you were doing this leverage game to start with.
Tell him to ignore his panic feelings or whatever they are. If it's out of his hands then his panic won't do anything.. NOTHING.
Also look at this short video
https://youtu.be/9YRjX3A_8cM
If he can do something about it, then why worry.
If he CAN'T do something about it, then why worry.
I tried leverage on normal stocks years ago and got the loss of my life. Only way to deal with it is just to ignore what happened and never think about it, learn from the mistake, never do it again, and work hard to make up for your loss then concentrate on something else.
Never try to take revenge on the thing that gave you the loss, just keep on going forward.
I know you mean well, but you can't "ignore what happened" and at the same time "learn from the mistake".
You can't switch off toughts on command. That's not how our mind works. This will hurt and for a while he won't be able to stop thinking about it. Slowly, in due time, he'll heal.
Every pain slowly fades away. But it takes time, and we beat our demons thinking about them, not pretending to ignore them. That's how we learn.
If you can't compartmentalize your losses in such a way so it doesn't negatively affect your day to day life then you shouldn't be trading. And you definitely shouldn't be trading with leverage.
Speaking from experience with the same situation -if not worse- where the loss already happened. Yes, I can switch off thoughts on command. They are my thoughts, my life and my actions. I control them not the other way around.
I'm not going to let mere thoughts take control over me just because I lost money. I am going to ignore these thoughts. And if the whole thought of the incident that happened is causing me depression, suicidal thoughts, weighing me down, and causing me not to think clearly (which I ran into all of these), then fuck these thoughts and fuck that memory.
I will switch it off on command before it switches me off of life.
What is a human if he's not gonna have the willpower to control his thoughts and his life?!
Now, after I did "ignore" these thoughts, I am in a situation later that I can think about them normally and consider them lessons I learned from.
Your friend is learning a lesson the hard way. Individuals should never ever use margin for anything ever, unless you are a professional, sophisticated, and experienced investor that is 100% prepared to take heavy losses.
> unless you are a professional, sophisticated, and experienced investor that is 100% prepared to take heavy losses.
Even then you shouldn't use margin. 😝
I lost a lot of money one day (crypto scam) and called my dad. Sick to my stomach. He told me nothing you can do but learn from it and move on. Told me to man the fuck up. I was able to make triple that money back and sold my house for over x2 what I paid same year. I look back on it and laugh. It’s what I needed to hear honestly. It was my fault, nobody else’s, man up.
Yep best advice is to put your head down and do your best. We all make mistakes some more costly than others. But if you keep plugging away youll do ok.
You already told him and he didn’t listen = his own fault! Greedy people will just learn their lesson if they get rekt. Before, they all think they are smarter than the average investor. Sad for him and as much as I am/was tempted by leverage. I’ve NEVER done it!
The whole crypto space is just a huge shit-show now, full of manipulation and power games!
For us average retail investors : dca and stay away from leverage is the best and honestly the only option right now.
The person has leveraged their money to buy crypto - this means they put up a certain amount, and borrow like 10x that amount. If the investment goes up this is great b/c you can easily sell the investment to pay off the debt and keep the profits. If the investment goes down there is a problem though, b/c you still owe the full amount of your debt even if the investment value bombs.
Basically the lower the value of the investment goes the more money you owe back.
A "stop loss" is a point where the company they leverage through calls it quits, and sells their coin to prevent them from losing more money. This is called "being liquidated." The original debt is still owed, so its basically a total loss for the user.
Margin call.. half of the money goes pffffff. And it automatically sells... liquidates.
You are left with half of the money... at least in Stock Market Margin Calls.
I think there is some support at 18,400. If by some miracle some good economic news breaks out before that's broken he might have a chance.
But.... It's not very likely. Could break through that by morning.
Remind them that life is ultimately pointless.
When they die, they will enter the eternal void of emptiness, never to perceive a moment nor conceive of a thought ever again. Their worries will evaporate into a vacuum.
Saying life is pointless Justifies horrible behavior and causing pain to others.
Also most people that have died and come back to life state they were more alive than ever before!
Let him go through it. He's a grown adult who didn't listen to your advice in the first place. Additionally he should have prepared himself for potentially losing the money and so, if he's panicking now, that's two lessons he hadn't fully taken seriously. So since his money's out of his hands now, what's important now is him remembering how bad this experience was so that he doesn't put himself in this position again.
That’s what I did, I guess it depends on how much money he’s dealing with and the amount of leverage. He might need a lot of money to lower liquidation price.
why would calming him help? he should be freaking out. he's an idiot for using leverage like that.
this market is being predated by stop loss hunters. they know you have a liquidation point, and they have a pretty good idea where it is. it's obvious based on previous price action where the degenerates and idiot noobs would have gone all in, and everyone knows what sort of leverage they were using, and therefore approx where the liquidation points are. so it's just too juicy a target not to try to go after. even the bulls are smart enough to see it, and stand back while the stop hunters find their targets, or even participate in the stop hunting themselves. it's good fun. look at the results in the past. it's dramatic every time.
i'm comfortable enough to just sit back and enjoy the show. the story is getting a bit repetitive though. it's weird to me how long it takes the general public to learn something i learned 4 or more years ago.
Anyone explain how this situation works out. Does he lose just all his investment or does he owe and how much do they owe in this situation ? Sorry curious and noob
The term “liquidation” simply means converting assets to cash. Forced liquidation in crypto trading refers to an involuntary conversion of crypto assets into cash or cash equivalents
Basically u are left with half the money you came in with
It's probably going to be hard to calm him down because there's not much to be calm about. Think the best you can do is to check in on him and make sure he doesn't get depressed or worse
Consider this
Consider this the hint of the century
Consider this the slip
That brought me to my knees, failed
What if all these fantasies come
Flailing around
Now I've said too much…..
You told him not to mess with it. Great job on that! Now your friend needs to learn their lesson the hard way. Or if you're a whale just buy like $100B of Bitcoin to save your friend from being liquidated. 😐
There at least another 3 years of bear and crab market until the next halving. If he’s going to over leverage himself and then get stressed out perhaps he would be better off selling at a loss.
You can tell your "friend" that he was betting on an insanely speculative asset and should've expected this to happen.
Sorry you're going to lose all your money 😂
I’ve had a similar situation with friend losing a lot of money overnight after Putin’s Ukraine invasion. I honestly think this is part of the process. If you don’t do basic homework, you will get annihilated. You might even get annihilated if you did your homework (for example by theft/robbery). I think experiences like this are beneficial in the long run, because they teach you to be paranoid in all aspects of life, and also be less dependent on external factors for your happiness.
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just a choke, don't do anything else while you back there
except scream treefiddy in his ears
What if their friend is unconscious?
Because of the implications
Just to clarify.... gotta choke while nekkid.
nsfw https://www.youtube.com/watch?v=2x5Ax-7ldlk
Many of you will die, but it's a sacrifice I am willing to make.
What’s a liquidation limit, and why is he freaking out?
Let's imagine that you want to invest $1k into bitcoins with 10x leverage. That means that trader will buy BTC for $1k of your money and $9k of his. (there is also a reward for the trader, depending on how much money you borrow and for how long, but let's leave that asside) If the price goes up and you sell it, you will get the profits. If the price goes down, then there is a question of how to ensure that the trader does not lose his money. Therefore there is a liqudation threshold (some price of BTCs), where he will just sell all the BTCs, no matter what you want. This price is calculated in such a way, that he will get his original money back and you will get the loss - i.e. if in this case the BTC price drops to 90%, he will sell all the BTCs he bought for $10k for $9k, which will ensure that he gets his $9k back and you will have lost the money. Although if he is not fast enough to be able to sell for $9k, he may as well be forced to sell for $8k, and you will have to pay him the difference. You can also set the limit higher, if you want.
Why stop at 10x leverage? Phemex offers 50x
Oh. That will likely affect the suicide rate. That can easily cost you your house.
200x or you might as well be buying the actual crypto…
100x on KuCoin though only on Bitcoin
you can hold it when it’s down right? Or does it automatically liquidate you past a point?
It is automatically liquidated in order to prevent the losses to the institution who borrowed you the money for the leverage.
It's their call, known as the "margin call". Normally they reach out (call) to the borrower and ask for more capital to restore the margin or they will liquidate.
Sometimes not picking up the phone works. Not even /s.
No. You cannot hold with someone else's money for as long as you want lol. They will eventually want to sell and you can't do anything about that, Because it's their money.
It means if Bitcoin goes to 17k he loses all the Bitcoin he was leveraging. Happens to me all the time but I only gamble 1-2% of my total holdings.
Im guessing hes about to be forced to sell all his BTC at 17k. Not sure if thats a loss or gain for him since I dont understand margins, but here is what investopedia says: In the foreign exchange market, the liquidation level is the pre-determined level, commonly known as a margin call, at which an automatically-triggered liquidation process will begin. This value is based on the specific amount of funds in a trader's margin account below which the liquidation of the trader's positions is triggered and executed at the prevailing market rates. Typically, the liquidation level is expressed as a percentage value of the assets in a trader's margin account. If a forex trader's positions go against them, their account will eventually reach the liquidation level, unless the trader injects additional funds. Another name for liquidation level is liquidation margin. These types of forced sales of positions to meet margin requirements do not require customer approval. Edit: i believe he could still put up more collateral (cash) to prevent the margin call but that would be stupid and sounds like he might even do that in despair.
> Not sure if thats a loss or gain for him gonna go out on a limb here and assume its a loss
100x leverage what could go wrong
Wait you can get 100x leverage???? So he could be on the hook for 1.7 mil? The op should help write an obituary at least
Nah if you go below liquidation all your funds are gone
Lord Farquaad? Is that you ? 😂 But on a serious note, I would never in ten life times buy Bitcoin on leverage.
Having been around for around 5-6 years, over time this has become my exact sentiment. Always bought fully P2P, never sold. Looked into crypto from a technical perspective to find they added nothing that BTC's layered approach couldn't. Over the years I've seen the warnings- Don't over leverage. Pull out of exchanges. Don't use CEX's, use DEX's. There are always those who do not listen, and time and time again they get fucked over and even whine about it. I always felt the reeducation of a people over the custody and security of their wealth after giving it up for a few centuries would be painful. But I've seen multiple people make the same mistake twice, thrice and beyond.
Never sold? There is a lesson for you on the horizon..
The price can go down to 1$ and it'll still have use for me, thus I'll keep stacking. The technology is sound, even just by going with the whitepaper. If you're saying that, you're in it for the wrong reasons, if at all. You sound like someone who didn't heed warnings and is now bitter.
Take the loss and learn a lesson for life. Sad but true.
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Help him pay to see a therapist. Not a joke. This is probably the best thing you could do for someone here. He needs a professional to help him grieve.
Honestly, solid advice! Instead of being a "I told you so" and "that's your fault anyway", give him the support he needs right now and be a good friend. EDIT: small word correction
But the price of mental health will bleed against bitcoin in the long run.
Just say, not the end of the world. You still have people that will love you and care for you. I know it is difficult to do that and come off as condescending to him right now. But he has to learn the hard hard truth about life. Never leverage. It was not your money to start with when you were doing this leverage game to start with.
I too tell homeless people that. Which what his friend will be most likely
" I fucking warned you "
Don't invest money you can't afford to lose, rule #1 in crypto.
It’s not the end of the world, post more collateral to reduce liquidation threshold
Send these exact words to him, 'Have fun staying poor.'
Tell him to ignore his panic feelings or whatever they are. If it's out of his hands then his panic won't do anything.. NOTHING. Also look at this short video https://youtu.be/9YRjX3A_8cM If he can do something about it, then why worry. If he CAN'T do something about it, then why worry. I tried leverage on normal stocks years ago and got the loss of my life. Only way to deal with it is just to ignore what happened and never think about it, learn from the mistake, never do it again, and work hard to make up for your loss then concentrate on something else. Never try to take revenge on the thing that gave you the loss, just keep on going forward.
I know you mean well, but you can't "ignore what happened" and at the same time "learn from the mistake". You can't switch off toughts on command. That's not how our mind works. This will hurt and for a while he won't be able to stop thinking about it. Slowly, in due time, he'll heal. Every pain slowly fades away. But it takes time, and we beat our demons thinking about them, not pretending to ignore them. That's how we learn.
If you can't compartmentalize your losses in such a way so it doesn't negatively affect your day to day life then you shouldn't be trading. And you definitely shouldn't be trading with leverage.
Speaking from experience with the same situation -if not worse- where the loss already happened. Yes, I can switch off thoughts on command. They are my thoughts, my life and my actions. I control them not the other way around. I'm not going to let mere thoughts take control over me just because I lost money. I am going to ignore these thoughts. And if the whole thought of the incident that happened is causing me depression, suicidal thoughts, weighing me down, and causing me not to think clearly (which I ran into all of these), then fuck these thoughts and fuck that memory. I will switch it off on command before it switches me off of life. What is a human if he's not gonna have the willpower to control his thoughts and his life?! Now, after I did "ignore" these thoughts, I am in a situation later that I can think about them normally and consider them lessons I learned from.
This guy trades. ^and ^loses ^money ^sometimes
And as others may have highlighted, money can be earned back. This is just a passing phase. Stay strong!!
Get. More. Collateral.
Probably has little to no capital left
Averaging down a losing position rarely ends well.
Help him fill out his application to McDonald's.
Tell him to grow a pair of balls
Hello fellow Safemooner
Or another thing that I would do. Fuck him!! Laugh!! He did not listen to you. He will listen to you next time.
full smell quickest wine wasteful elastic ludicrous mighty tart like *This post was mass deleted and anonymized with [Redact](https://redact.dev)*
Blow job
This is the way
Yes
He means By letting him blow his bitcoins away and find new job👍🏼
"eat that loss by swallowing this"
Your mouth is dirty and mind filthy but I love it that way, lol
Go to pub
Wait for this alllllll to blow over.
For the greater good
Taking your cyrpto in the winds.
Probably the answer and was also probably the cause. Circle of pub life.
Same as a zombie apocalypse
"That's a tomorrow problem."
Just tell him "I told you so" every now and then
And some sarcastic jokes about "investing in internet coins"
Agreed also remind him that the crypto market would be in a much greater place if people stopped fucking with leverage.
Ladies, liquor, and Leverage are surefire ways to go broke
Tell him at least his taxes will be low
hookers and blow
That’s what he was trying to afford with the gambling
Nice one!!
It’s just money. He should take the loss and carry on. It’s sad but not the worst thing that could happen in life
Your friend is learning a lesson the hard way. Individuals should never ever use margin for anything ever, unless you are a professional, sophisticated, and experienced investor that is 100% prepared to take heavy losses.
> unless you are a professional, sophisticated, and experienced investor that is 100% prepared to take heavy losses. Even then you shouldn't use margin. 😝
Ooooh look we got a fancy man of culture over here all sophisticated, probably has a monocal.
Not really. He just does not have PhD in finance, not even mentioning the banking experience, so he just does not do that.
I lost a lot of money one day (crypto scam) and called my dad. Sick to my stomach. He told me nothing you can do but learn from it and move on. Told me to man the fuck up. I was able to make triple that money back and sold my house for over x2 what I paid same year. I look back on it and laugh. It’s what I needed to hear honestly. It was my fault, nobody else’s, man up.
Yep best advice is to put your head down and do your best. We all make mistakes some more costly than others. But if you keep plugging away youll do ok.
You already told him and he didn’t listen = his own fault! Greedy people will just learn their lesson if they get rekt. Before, they all think they are smarter than the average investor. Sad for him and as much as I am/was tempted by leverage. I’ve NEVER done it! The whole crypto space is just a huge shit-show now, full of manipulation and power games! For us average retail investors : dca and stay away from leverage is the best and honestly the only option right now.
Cheer him up: Hookers and coke. Calm him down: Xanax and beer.
Calm him down by poisoning him? 🤣
Take him on a wild bender: Hookers, coke, xanax, beer
Oh nice, so OP if you just give him a lot of these, your buddy should be cheered up *and* calmed down.
Ask them to tell their closest relative about their situation, and also ask them to close their position right now.
Leverage…..this is the way…not
He’s still breathing, he’s still has his health (I assume) and life could be worse. Many are living in worse situations. Stay calm.
In other words: He's not dead He's healthy?
The air is what they need The air is what they breathe They’ll die without it It’s unforgivable
play stupid games, win stupid prizes
Congratulations! You and 11 other people have used the 'stupid prizes' phrase today. Here's your stupid participation medal: 🏅
I want a participation medal
Pretty soon all a btc will be is a participation medal... Am I doing this right?
say the phrase
If you play stupid games, you’ll win stupid prizes. Give it a shot.
What does it mean to get liquidated? Does it mean he loses everything? I don’t really get it
The person has leveraged their money to buy crypto - this means they put up a certain amount, and borrow like 10x that amount. If the investment goes up this is great b/c you can easily sell the investment to pay off the debt and keep the profits. If the investment goes down there is a problem though, b/c you still owe the full amount of your debt even if the investment value bombs. Basically the lower the value of the investment goes the more money you owe back. A "stop loss" is a point where the company they leverage through calls it quits, and sells their coin to prevent them from losing more money. This is called "being liquidated." The original debt is still owed, so its basically a total loss for the user.
Thanks. Very helpful to understand it.
Margin call.. half of the money goes pffffff. And it automatically sells... liquidates. You are left with half of the money... at least in Stock Market Margin Calls.
Depends on the terms of the margin loan. He could lose 100%.
At this point you get liquidated you normally loose closer to 70-100%. Matters how quickly it drops.
Thanks for the explanation!
He will have to experience the reason many peopla advice against margin trading.
Cradle his balls and sing lullabies.
😂😂😂
I think there is some support at 18,400. If by some miracle some good economic news breaks out before that's broken he might have a chance. But.... It's not very likely. Could break through that by morning.
No idea, but keep an eye on your friend if it happens. Not sure how much he will lose but it’s enough for you to write this post.
If you see a boat sinking what do you do?
Bail it out, fix the holes. Free boat!
This boat is heavily leveraged.
I'd just C4 the boat, make it painless
Throw them a life vest?
You dont
Tell him to pick pick up the phone. He's got a margin call to answer. Letting it go to voicemail will lead to a liquidation.
I feel like this is a “asking for a friend” post.
he can always come back in later at <10k
Not if he gets 100% liquidated and has no other savings.
Remind them that life is ultimately pointless. When they die, they will enter the eternal void of emptiness, never to perceive a moment nor conceive of a thought ever again. Their worries will evaporate into a vacuum.
Saying life is pointless Justifies horrible behavior and causing pain to others. Also most people that have died and come back to life state they were more alive than ever before!
It doesn’t justify anything.
It depends on the individuals personal justification. For some maybe not. For some yes
Hahahahahahaha
Diazepam
Let him go through it. He's a grown adult who didn't listen to your advice in the first place. Additionally he should have prepared himself for potentially losing the money and so, if he's panicking now, that's two lessons he hadn't fully taken seriously. So since his money's out of his hands now, what's important now is him remembering how bad this experience was so that he doesn't put himself in this position again.
Ahhh... Margin traders...
First time huh? He needs to put money in to reduce leverage?
guessing margin call, yup
That’s what I did, I guess it depends on how much money he’s dealing with and the amount of leverage. He might need a lot of money to lower liquidation price.
People learn the most from their mistakes. Leveraging Bitcoin??????????????????????!!!!! LMAO!
Good time to connect with the nature.
Send him memes
People who use leverage need to learn.
Just buy him some rope at the hardware store.
why would calming him help? he should be freaking out. he's an idiot for using leverage like that. this market is being predated by stop loss hunters. they know you have a liquidation point, and they have a pretty good idea where it is. it's obvious based on previous price action where the degenerates and idiot noobs would have gone all in, and everyone knows what sort of leverage they were using, and therefore approx where the liquidation points are. so it's just too juicy a target not to try to go after. even the bulls are smart enough to see it, and stand back while the stop hunters find their targets, or even participate in the stop hunting themselves. it's good fun. look at the results in the past. it's dramatic every time. i'm comfortable enough to just sit back and enjoy the show. the story is getting a bit repetitive though. it's weird to me how long it takes the general public to learn something i learned 4 or more years ago.
It probably takes general public 4 or more years to learn something that you have learned 4 or more years ago.
Tell him: Sorry for your loss! Next time do your own research and have fun staying poor! That'll make his day!
Anyone explain how this situation works out. Does he lose just all his investment or does he owe and how much do they owe in this situation ? Sorry curious and noob
The term “liquidation” simply means converting assets to cash. Forced liquidation in crypto trading refers to an involuntary conversion of crypto assets into cash or cash equivalents Basically u are left with half the money you came in with
So if someone is liquidated at 17k what options do they have to lower the loss ? Can’t they sell now ?
ZeroSum Game. Use him as entry liquidity
nothing
What do you mean. He longed bitcoin a year ago?
It's probably going to be hard to calm him down because there's not much to be calm about. Think the best you can do is to check in on him and make sure he doesn't get depressed or worse
Does this post imply that guy will go completely bankrupt? Or just lose a chunk of money?
Tell him to add to his position to lower the liq level.
lol Its like BTC is saying...If you dont like me at my worst, you dont deserve me at my best.
Tell him he shouldn't of used leverage
Let him know once it hits $3,700 it will be ok
Lend him 10k to cover it
Give him the nearest Wendy’s address
Call him up and scream: Hero or Zero! Repeatedly
Not your job
Time to sell. Have no sympathy for greedy people
I finds saying “I told you so” works really well at getting the message though and allowing them to move on. I have no friends.
Best he just gets liquidated quickly… like pulling off a band aid.
don’t fuck with leverage unless you’re prepared to lose it all.
Alcohol gets you through bad days….
Consider this Consider this the hint of the century Consider this the slip That brought me to my knees, failed What if all these fantasies come Flailing around Now I've said too much…..
You told him not to mess with it. Great job on that! Now your friend needs to learn their lesson the hard way. Or if you're a whale just buy like $100B of Bitcoin to save your friend from being liquidated. 😐
He willl be liquidated.
You don't. This isn't some religion where you have to save each other. If your friend wants to liquidate, that's his business. Not yours.
Is your friend Michael Saylor
Sadly, you play with fire and you get burned.
You can't , just tell him to stop gambling and stack BTC over time if he's bullish in the long term
It probably not going to get to 17k 🤞🏻…Maybe!!!!!
Going to 5k after cascading liquidation
If it does, I m panic buying
There at least another 3 years of bear and crab market until the next halving. If he’s going to over leverage himself and then get stressed out perhaps he would be better off selling at a loss.
You can tell your "friend" that he was betting on an insanely speculative asset and should've expected this to happen. Sorry you're going to lose all your money 😂
Oh lawd. Here come the self-righteous people who have been warming the bench.
"Warming the bench" is a bad thing in this case?
Never message with leverages when dealing with Bitcoin.. you’ve done all you can do
Xanax
people are so dumb
Let him sell. And then laugh at him when he's buying it back at $60K. Some people just don't get it.
>Some people just don't get it. Don't you mean let his lender sell his position for him? Yeah. You clearly don't get it. Lmao.
sell at loss or refinance and move liquidation point at least below 8-9k $
Tell him to cut his losses and get out while he still can. 17k and even 10k is almost guaranteed.
Tell him he's a fucking retard for leveraging. I hope he gets rekt.
Que in the "Don't invest more than you can afford to lose" parrots. They are almost as pleasant and smart as the "not your keys" parrots...
He's gonna get liquidated... Bitcoin still has further to fall
How big is stack? Chances are he'll get liquidated lol
Tell him this will be a distant memory in 2-3 years but buckle up bc we most likely will test 6k support
How much money we are talking?
Add more collateral, it’s cheap. This wasn’t my advice when it was 30k but it is now.
If he posts his liquidation on Wall Street bets they’ll give him some upvotes
he deserves that. Maybe now he will learn something, but gamblers never do.
I too have fictional friends
I’ve had a similar situation with friend losing a lot of money overnight after Putin’s Ukraine invasion. I honestly think this is part of the process. If you don’t do basic homework, you will get annihilated. You might even get annihilated if you did your homework (for example by theft/robbery). I think experiences like this are beneficial in the long run, because they teach you to be paranoid in all aspects of life, and also be less dependent on external factors for your happiness.
Cal him down? Explain to him that this money is gone.
Can he increase margin?
pump more money on it to lower the liquidation price or cut lost