Well...I was nearly ruined today. But my willingness to eat a 2 btc loss earlier today and sell 1.5M bts that i was margin long at roughly 100 sats under my entry saved me from destruction. Then I went and posted that as long as one wasnt on margin they were safe...
If I hadnt done it, someone else would have, and my margin call wouldve taken us to 2100 just like what happened.
Cagara saying this morning that he added 250 btc combined with the rapidly declining buy support level spooked me pretty hard. It looked to me like cagara could simply market short 5M bts or something and the price would just go hit 2 satoshis as a result of everyone getting margin called. It didnt help that every bull was announcing in the polo chat that they were fully margin long already and had nothing left to buy with...pretty sure those idiots helped give the shorts the confidence to win this battle. Never tell people when you are margin long or short, NEVER. If you are long fully paid for, no one can ever force you to sell, so you can say whatever you want.
Anyways, I was gone all evening and covered beforehand since I was really starting to panic. I figured nothing might happen and I might look dump when it just rallied to 3500. So I didnt say anything. But coming back to see 2000 was hit...I wouldve lost a ton. Most of what I had on the exchange probably. Like a third of my bts. Wouldve been like getting goxxed.
Back to just withdrawing every day, not planning to do that again. I shouldnt have been lured in by the idea that we could all margin call some short. I was just going to hodl long and do nothing until that all happened. I shouldve ignored it all and hodled. Oh well. Still, made 7 btc on margining from 1950 to 2350 the first leg up. I've given half of it back by now taking too many risks. Done taking risks now, gonna sit on the BTS and keep the remained of the gain nad be happy with it.
Good luck to all. Hope BTS recovers from this. Dont take big margin positions, altcoins are way to small and cant handle them.