You do realize it's a full moon today, and bitcoin crashed. Was the crash because we are locked in with stocks, because of the full moon, or because Honey Badger doesn't give a fuck?

Unfortunately these guys are lobbyists, with the ear of 35 of the worlds largest hnw gubermint states...... sooooo they wil push for it , least in those states.

May not happen.... but I shared just because of the sigh.


These guys just do not seem to get what they are dealing with ....... orrrrrrrrrr they do and that is why they are shitting bricks.


 

Post 1/2...


Thank you both.  I know WO.  I sometimes see you mad hatters posting memes about people getting wrecked on margin, trying to warn the clueless newbies.  So true!  Why did I suddenly pop up in WO with this name, with my first post being a graphic depiction of some of my losses?  Among other reasons that I consciously intended:  I know that when the green candlesticks start, y’all will use my pathetic, personally embarrassing public display of wreckage and grieving to hammer some sense into n00bs with moons in their eyes.

I took this name, death_wish, because I don’t need to wait for the bull run.  I know damn well that I have lost a fortune!  In a near-total wipeout after repeated liquidations, I have now lost BTC that I reasonably expect to be worth $millions in the future.  I didn’t have a large amount; but I had enough that if I had simply held it, then with no further effort or investment whatsoever, I probably would have achieved what Jay calls “fuck you status” sometime after the 2028 Halving—maybe by 2029–2030.  That’s a conservative price prediction—not a “WEN MOON [rocket emoji]” nonsense hope.

Time flies.  2028 is only as far away now as 2022 was in 2016, when BTC was as low as $300.  I suffered a personal wipeout in 2016 (nothing about markets or trading!), and started the year 2017 flat broke—absolutely flat broke—much worse than now, since I have now retained some emergency backup reserves to avoid facing that situation again.  If I could go back in time to 2016 and “somehow” make sure that I had BTC saved away for 2022, then I would now already have “fuck you status” by Jay’s standards!

I know what’s coming.  When I am not at risk of liquidation, I am never worried about BTC being down.  Now, I am terrified about it going up, leaving me behind.

And it is all so senseless!  DO YOU WANT TO SEE WHAT PAIN LOOKS LIKE!?  YOU DO NOT KNOW WHAT PAIN IS.  Here is some of the hard product of prudence, that I ruined with foolishness:

In January, at the same time as I started getting myself in trouble, I bought 1.0 BTC outright for cash.  It had been a dream of mine, something I intended for a long time:  I slaughtered the fatted calf.  I sold a huge chunk of my most profitable altcoin investment—a position that I had attained by patience and intelligence, not “WEN MOON”.  With the dollar proceeds of sale (why the hell do newer altcoins not have a trading pair with BTC!?), I immediately purchased exactly One Bitcoin in a single market-order BUY 1 BTC.  I did not even look at the price, beyond basically making sure that I had approximately sufficient dollars.  I ticked the “margin” box just in case—whoops, borrowed something like $180—hahah, I could have just paid it off, and withdrawn my shiny new bitcoin to its new home in my wallet where it belonged.

BTC was nominally around $43.5k at the time; I think my order cut through the book to somewhere over $44k, or whatever; who cares, LOL.  Seriously, to have the experience was worth ignoring a little % price impact.  And I must emphasize, I timed this based on the ratio of my altcoin to BTC, not on dollar pricing.  No, I should not have waited for BTC to dip—not unless I wanted to risk holding yucky dollar shitcoins instead of Bitcoin—not unless I wanted to gamble that the dollar would moon against Bitcoin.  (That is what has later happened; but I would not have gambled on it in January.)  I cashed out when my alt was around 0.0048 BTC—now, it is just over 0.0020 BTC.  “Cashing out” means money, i.e. BTC.  I account PnL in BTC.  Not central bank $hitcoins.


I felt like a king, doing that!  It was the moment that I had been envisioning for almost two years of patiently waiting to take profit.

It was pure profit, because I had already long ago recovered 100% of my BTC principal from that investment.  1.0 BTC pure profit.  One new whole bitcoin to HODL forever.  I lived the dream.

Now, it is all gone—that shiny new whole bitcoin is gone, together with almost everything else.  Almost all my BTC lost.  Most alts long gone.  All profits erased—above-depicted profits, and also all other profits.  Prior BTC principal evaporated.  The dream is shattered, replaced with a nightmare.

WHY DID I DO IT!?  So many times, I have asked myself...  If I had just KEPT MY POSITION WITH ALL ASSETS AND NO DEBT, then I would now be laughing and frolicking in the sunshine as the market burns down.  I DGAF.  When my BTC is safe and sound, I DGAF.

It is why I felt compelled to create this forum account, at a time when I had only just sold a total of 0.5 BTC to avoid liquidation of the rest:


That was a loss of 0.5 BTC.  I mentally account 0.5 BTC as “future >= $500k”.  That is conservative.  By Saylor’s expectations, it is a future few $million that I threw away for nothing.

I only started selling BTC when my back was against the wall.  In the months before that, I dissipated my other previously not-insignificant assets to avoid selling any BTC in this money-eating sinkhole of a margin account.  A few days before I started selling BTC, I had poured into that account another $4,200 by selling off most of the already-gutted remains of my best-performing altcoin position, plus another few $thousand from my stablecoin reserves, plus piles of scraps from dumping every little shitcoin I had collected (airdrops, freebie rewards, etc.), plus...  I did not yet even account for it; I was just frantically grabbing, dumping, and throwing in dollars as BTC dropped.  I guesstimate that I wasted at least another $10k in total, in my last-ditch effort to shore up my position as BTC plummeted down to $30k.

Then, nominally around $29,500, I sold 0.5 BTC (with my orders cutting through the book as low as about $28,500 IIRC—need to look back).  At least, I very much still had non-shrimp status.  I still had probably enough for Jay to proclaim my “fuck you status” by the end of the decade.

Two days later, I was liquidated so that I had only about 0.5 BTC left.

Now, after more futile sales to avoid liquidation and two more liquidations, I have been crushed down to less than 0.05 BTC.  Which is still at risk, if the bottom is not in.  This is ridiculous!

Well, now I only need to come up with about $877 to free my remaining itty-bitty bitcoin dust.  Whoopee.  I may dip into the emergency reserve, which I promised myself I would not touch for this.  Thinking it over now.  I am in a state of shock, not good for making financial decisions (with inaction also being a decision).  [Edit before posting:  I wrote this earlier, then realized I should take care of some business...  Slightly different situation now.]

I knew all of this all along.  It is why after I got myself trapped, I spent months struggling to save my BTC.  This has been ongoing since January.  Since mid-February, I have more or less just been trying to survive without selling any BTC, while trying to minimize losses to my alts.  By sacrificing most of my alts piece by piece, slowly bleeding out my assets, throwing good money after bad, I managed to avoid losing any BTC until May.

This margin account took over my life.  Ironically, if I had given up on my BTC months ago and not wasted time trying to save it, I could have saved more of it by dumping/covering at a much higher price, and spent my time making dollars to buy more BTC right now.  But I devoted my life to salvaging my BTC.  For months.  Manually juggling a contorted mess of accounts, that perpetually got messier and lossier.  Watching the distressed Bitcoin account day and night, in February and March.  I only had a brief reprieve in April, at which time I ignored the market, and started working on a moneymaking code project—the thing that was supposed to save my BTC from a mountain of piled-up unrecoverable debt, which I could not otherwise repay without selling BTC.  It takes time to develop.  Too late!

Of many mistakes, my worst mistake was adding BTC collateral to avoid losing BTC.  Until I was all-in.  If I had cut my losses early, then my BTC loss would have been painful (any loss of BTC is painful!), but not catastrophic.  This goddamn margin account ate my BTC piece by piece, ate my other assets piece by piece... death by a thousand cuts... insert curse words here.

I HAVE BEEN LIVING IN HELL FOR THE PAST FIVE MONTHS, IN TORTURE DAY AND NIGHT, BECAUSE OF A FEW LITTLE MISTAKES THAT GOT ME TRAPPED.  I FOUGHT TO SAVE MY BTC.  IT BECAME THE SINGULAR PURPOSE OF MY LIFE, FOR MONTHS.  AND AFTER ALL THAT I FOUGHT TO SAVE IT...  I LOST IT ALL ANYWAY.

And if I, of all people, got wrecked this way, then newbies are affirmatively foredoomed in the moment that they touch margin.

You might find the honey badger starts fighting with the lions.

LOVE IT

Meanwhile back at the ranch....


You guys seen this shit ?



Uganda says exploration results show it has 31 million tonnes of gold ore

https://www.mining.com/web/uganda-says-exploration-results-show-it-has-31-million-tonnes-of-gold-ore/


Big if legit.


Whaddya raccoon (love raccoons) that much yellow rock/metal is worth ?


#NoBestiality   

Basically..... someone needs to send Peter Schiff a MacDonalds application form

Wow, mortgage is 6.28% compared with about 3.25% early in 2022.
https://www.cnbc.com/2022/06/14/30-year-mortgage-rate-surges-to-6point28percent-up-from-5point5percent-just-a-week-ago.html

btc should start shining at some point, right?