Bitcoin Trader Earns Millions on Margin yet Fails
January 25, 2018
Bitcoin trader has lost almost 200 BTC during recent correction on the crypto market.
The ill-fated story posted at Bitcoin Markets SubReddit is a dramatic reminder of how fast whole crypto fortune can be lost. The trader whose account is deleted now claims to have won $3000 in poker and made 200 BTC out of it by banking on the last year bull market.
Trading on margin and making correct forecasts on Bitcoin price rise the user multiplied the funds tenfolds. He could have made 300 BTC (which equaled to nearly 5 mln USD at that moment) if squaring position in a happy hour.
“I thought I was a trading genius, a god”, said the author.
Middle December the trader increased his position and lever as the price per Bitcoin reached 16000. That proved to be the first of some fatal blunders because all 50 positions got fluid as Bitcoin fell down to 12000. As a result, some unlucky transactions made him broke to the wide.
“At this time I am still in shock. The last few months I’ve neglected relationships and school, and I’ve been daydreaming about living the high life rich as f**k with my millions”, the trader added.
Many investors have been carried away by occasional profits of the crypto market in 2017 which made them taking similar reckless decisions. For example, recent survey has shown that up to 20% of investors who bought BTC using credit cards haven’t paid back their loans.