Excuses

OK, I'm currently living on the road, and I don't get to babysit my account every second of the day, because I actually have to work for a living. I build things. I am currently building a new power plant. Fun Stuff. Excuses.

Careless Actions

So the other week, when the entire crypto universe shit the bed, and BTS tanked by 55% in one day, I got margin called on my account, because I had done something really, UTTERLY stupid. As BTS kept rising, I ratcheted up a few thousand BitUSD in debt, shorting them for BTS, intending to sell the BTS, grab a quick profit, and settle my debt. I didn't settle the debt, and since my BTS were wrapped up in my loan as collateral, I just watched it plunge, hoping against all hope that the price would not cross my margin call. Well, I got blown out of the water, and my account was shaved by about two-thirds. One thing I noticed on the way down was this: there were other account holders (whales) who were actively shorting the market, to force these margin calls, and they continued to sell further, so that the huge margin share order would diminish in value... then, all of a sudden, $15 million BitUSD of value was gobbled up. The market corrected itself and a few whales made off with a fortune in discounted bitshares.

If you feel sorry for me, that is great. Upvote and resteem this post :)
If you DON'T feel sorry for me, that's OK too. just Upvote this.

What have I been doing for the last couple weeks? Licking my wounds, yes. Thinking about the future? Yes. Planning how I will get back my lost Bitshares? YES.

The thing is, as the market collapsed, as Bitconnect vaporized, as bitcoin transaction fees maintained their moonshot, as everything fell apart, the Bitshares Decentralized Exchanged JUST KEPT HUMMING ALONG. For those unfortunate souls such as myself whose debts were weighed and found wanting, the system quite mercilessly wiped us out. It was breathtakingly efficient, and the exchange just let it happen.

This all happened to me on January 17th - a dark day - and the same thing is happening today, February 5th.

There is a tremendously large amount of margin called positions, and they all get wrapped up into one yellow order... at the moment, they are all bundled up into one sell order, hovering around the BitUSD $0.19 mark.

You see this order right? We're looking at over $8 Million USD that have effectively been seized by the Decentralized Exchange, because a bunch of folks are underwater on their debts. They borrowed BitUSD, sold it, and now they are getting called.

People: DO NOT USE MARGIN UNLESS YOU ARE GONNA TREAT IT LIKE THE DANGEROUS ANIMAL THAT IT IS.

IT IS THE KING COBRA THAT IS WATCHING YOU, WAITING FOR YOU TO TURN ASIDE SO THAT IT CAN STRIKE AT YOU.


There are those who are looking at the blockchain, scrutinizing YOUR account, waiting for your weak margin position to get called, so that they can wipe you out. DO NOT GET CAUGHT!

Keep accumulating BTS... get back on the train if you just got forced off... don't stop. This is just getting started!