When to close out my short position on Bitcoin?

Negotiator

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217
Do we have enough data on the tulip bubble to say that?
I think the whole Tulip analogy is not comparable. The Tulip bubble last something like 1 year, in contrast BTC is nearly 10 years old and has gone through lots of ups and downs.

For fear of getting this post deleted I will keep it on topic. If you are so convinced that BTC is heading to zero then I would cash out at around $1500 and leave a bit of money on the table (never any harm in this). If you cash out at any levels that are considerably above this then you are simply losing your belief that it will crash to zero.
 
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tecate

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563
I will repeat: The final destination is zero. I just can't tell what the path to that will be nor do I know the ETA.
Brendan
Why not sit back patiently and wait for it to bomb down to near zero then?

I understand the idea of profit taking. However, if you're 100% confident that it will arrive at zero, then surely you hold out until then?
 

Brendan Burgess

Founder
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I have reflected on this since as the price has dropped a bit.

My rough plan is to close out when it drops to $3,000.

It wouldn't surprise me if it were to rise again after that and I might short again, if it were to rise to $12,000.

Brendan
 

MrEarl

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It seems the demand for hot air has risen of late.....

An opportunity missed perhaps ?
 

MrEarl

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Hello Mr. Burgess,

What's that saying about someone never going broke by taking a profit ? :)

I have great admiration for you for taking the financial position that you took against Bitcoin, but I just hope that you've not become so entrenched in your views on cryptos in general, that you've missed an opportunity here.

Out of interest, did you ever post details on how and where you took your position (not specific personal financial details, just info. on where you bought the short, requirements before you could buy, charges etc.) ?
 

Brendan Burgess

Founder
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38,156
Yes.

I still plan to close out when it reaches $3,000 although I know that I will be tempted to stay in.

I also had a bet on Betfair that it would be below $5,000 at the 31 December. I was confident in this bet when I placed it at the start of the year, but although the price of BTC fell, the time to reach $5,000 was reducing, so it was becoming more a gamble than in investment. It will eventually reach zero, but it might well be over $5,000 on 31 December this year. So I layed off that bet at a small profit.

Brendan
 

noproblem

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As one commentator once famously said, "They think it's all over", "It ?????????????. Or maybe not!
 

joe sod

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To paraphrase from a famous quote about Brazil, "bitcoin is the currency of the future and always will be"
 
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