BMan posted:

Wait, they straight up told him "we're defrauding our investors and we need a figurehead dev"? This loving "space"

Boxturret posted:

please sir i need to borrow .000023 picocents to finish reading this future nightmare world article

quote:

Shorting Bitcoin led to my investment loss of about 1.5 million Euro within months. Entire family inheritance reserved for a special project to benefit humanity is ruined. (self.Bitcoin)
submitted 2 hours ago by bignation24redditor for a day

I signed up in March 2017 with IG Markets to open several CFD and stock trading accounts through a London based introducing broker. Not realizing that I have just made the biggest mistake of my life, I started trading with Forex and shares. Mr. Justin from the introducing broker guided me on how to trade with IG web-based platform. He requested to constantly monitor my trading accounts. Whenever I need help, he was always available to give assistance. I developed trust that he cared about my success. I was doing average with my trading and not taking risks.

Through active trading on a CFD account and gradual injection of inherited funds from my family bank brokerage accounts, my portfolio grew to about 400k within few months. I was confident that my trading strategy of holding on to positions to earn interests or dividends whenever market turn against me will be better than cutting out positions with losses. I wanted to invest short term or long term to take profits only or leave positions till losses turn to profits. I did not want to just speculate but I carefully traded with instruments that earned me interest or dividends. At this point, Mr Justin from the introducing broker took more interest in my trading and offered to visit me in Vienna. His reason was to help install L2 Dealer, a downloadable DMA platform for advanced traders. I found it very strange and felt uncomfortable that he will be flying from London to Vienna just for that. Not wanting to be impolite, I met him at Vienna airport and took him to the apartment where I worked day trading. He told me he is married with an Austrian and they have a grown-up boy. This removed my initial doubts and I developed trust and likeness after few hours together. After several unsuccessful attempts to download and install the L2 dealer on my computer, he called a technician at IG for assistance. The person instructed him to install a program on my computer that will enable him to control the L2 dealer installation from UK. After the installation was complete, Mr. Justin showed me how it works but I found it complicated unlike the web-based platform. I drove him to the airport and we kept good contact. Few days later, he sent me an email to trade with Bitcoin. I have heard of Bitcoin from friends and I was not interested since I knew very little about it. After few days of not reacting to his suggestion to trade with Bitcoin, he called me and convinced me that I should look at it with claim that the price action is fantastic. Out of politeness and trusting that he wanted my good, I checked IG Bitcoin product details, trading conditions and margin requirements which was at 12.5% in May 2017 for retail clients. I took a position which I closed same day with good profit. I was impressed and started reading everything I could find online about Bitcoin. It was few weeks before Bitcoin Cash fork.

Two major factors that led to my losses:

BITCOIN FORK CONDITIONS: Statement concerning fork conditions for holders of Bitcoin was not on IG website prior to the fork. I never came across it on any of several crypto websites (Cointelegraph, Coindesk etc.) I was reading for information. Without this vital information and believing the fork shall translate to reduction of value for Bitcoin, I held several short Bitcoin positions through the fork which led to being credited with negative Bitcoin Cash positions by IG Markets. Worldwide Bitcoin communities, fans, longtime followers and enthusiasts were aware that holders of Bitcoin will be credited with free positive Bitcoin Cash after the fork. These much experienced insiders accumulated and built up positive Bitcoin positions to earn equivalent free Bitcoin Cash. Resulting short squeeze in combination with much hype and other forks drove Bitcoin price to about 20,000 USD. My trading strategy of never wanting to cut out positions at losses was playing out to be wrong. At the same time, I was convinced that the price was either being manipulated or being artificially driven up by large players that were somehow able to communicate with each other behind the scenes. I believed the price must reverse hard at a certain point. With this believe in mind, I kept pumping in more funds to secure my positions. It was at this point that a second factor I had not known or reckoned with was applied against me.

TIERED MARGIN: During the run up of Bitcoin, IG had been gradually increasing Bitcoin margin requirement till it eventually reached 100%. Margin requirement was also increased on Forex and stock positions I was holding. Up to that point, I was not aware of tiered margin and the accompanying rights IG had reserved for themselves through the signup terms. As margin increase was gradually being applied on my opened positions, I was covering with hundreds of thousands of Euro in constant stress to save my positions. I sold stocks on family brokerage accounts and pumped the money to IG. My trading account exploded to over one million Euro. Slowly realizing by December 2017 that something was not right, I finally found out about the tiered margins and the negative effects it was having on my CFD trading account. Mr. Justin and IG explained the rule (which I found very unfair) that IG reserve rights to increase margin on opened positions till 100% while charging and keeping up expensive CFD financing costs. I ended up financing the instruments 100% while being charged full financing costs for positions I opened at 12.5% margin. In my own opinion and conclusion which I communicated, IG was employing these and several other methods to trade against me, to force me into giving up my positions at losses when Bitcoin reversal was imminent or obvious. Accepting my fate, I finally stopped pumping money to IG, closed the positions and ended up with about 1.5 million Euro in losses.

I am broken, devastated and sad. Who are the players behind last year Bitcoin run up? Is it possible that exchanges, brokerages and big players were combining to manipulate last year events that caused Bitcoin run up? Can government regulators be of assistance in case of foul play?

I need helpful advice and comments.

D. John

...! posted:

Resulting short squeeze in combination with much hype and other forks drove Bitcoin price to about 20,000 USD.

Djeser posted:

the question is: is the trip to germany worth being around buttcoiners for two days

...! posted:

sfyl, dumbass

...! posted:

Entire family inheritance reserved for a special project to benefit humanity is ruined

...! posted:

sfyl, dumbass

Weatherman posted:

calling turbo bullshit on that. gently caress me the poo poo people will spin to fish for sympathy

...! posted:

sfyl, dumbass

quote:

He told me he is married with an Austrian and they have a grown-up boy. This removed my initial doubts and I developed trust and likeness after few hours together.

Boxturret posted:

the scambots are just getting lazy now

i guess they peaked at the pape?

quote:

Better understanding the fiat 'fanatics'. (self.Bitcoin)
submitted 2 hours ago * by Btcyodaredditor for 3 months

I just recently realized WHY I have such a heated debates with non crypto owners: we are talking about religion in a masked way. Fiat and all forms of money can only exist because we all trust in the value and to be more precise, the constant value over time.

I realized that the trust factor makes it for most people just as emotional as other 'believes' and money has a much bigger impact for everyone using it in everyday life than a religion has for most of the believers of such a religion (extremists aside...)

Said more bluntly "most of the fiat users can be called FANATICS when it comes to the currency the use, even though it is forced upon them and it is not the best alternative they could use (stockholm syndrome anyone?).

The problem with fiat is that it is forced upon us and abused just that much that most can stand the pain (inflation, paying for bank services, taxes, etc). We have sane alternatives, gold silver, but in the current economic landscape it is very cumbersome compared to fiat.

But now there is BTC it has the usability of fiat without most of the downsides and it is as sane as PM. We are on the gaining trust / adoption phase and it will be a hell of a fight if government will decide to fight it. In this phase BTC must also find its value and thus become stable, I do not see any other way for a sane form of money than it has to go through such a natural adoption and price discovering phase. But if BTC succeeds in becoming the global, reserve, currency we will look back at the 2018 top and just smile at the insignificantly of that top, just zoom out to all previous tops, they are hardly visible while at the time they happened they were just as breath taking as the last top.

But in telling most fiat users this you often find this religious 'wall'. We are trying them to change their religion, and not just any religion but the one that is by default one of the most impacting aspect in their lives.

So the next time you spread our 'believe' please be aware how the other person might hear your argument, you are invading their beliefs.

Once you can step over your emotions and just rationally judge all factors most will be able to understand why BTC is a way better alternative, but remember most humans have a very hard time to do that as is painfully visible once you start discussing a belief with an average person.

...! posted:

I ended up financing the instruments 100% while being charged full financing costs for positions I opened at 12.5% margin.

Djeser posted:

i'm culturally fiat but i'm not really religious

Weatherman posted:

someone post the brain damage story again

Djeser posted:

i'm culturally fiat but i'm not really religious

Paladinus posted:

My (other) friend is being courted by an Ethereum-based microlending start-up for a position of dev lead. The company doesn't have any plans of ever making profit, but they've got several millions from investors that they reckon will last them at least a couple of years. My mate doesn't know much about blockchains and cryptos apart from the funny links I periodically share, but the company is willing to fly him to Germany for two days, all expenses paid, just for a job interview. Do you think he should be afraid for his kidneys?

...! posted:

sfyl, dumbass

quote:

Max_Findus [score hidden] 2 hours ago

I suggested Satoshi for my half-Japanese kid. Wife was not happy, and he got another name.

...! posted:

...! posted:

what if im not in range of london

quote:

Shower thought.... nuclear sub as bitcoin mining farm. (self.Bitcoin)
submitted 5 hours ago by N52W6

Has power, has cooling, no neighbours to complain or taxes to pay.

Might be a bit of ambition DIY project.

quote:

N52W6[S] 1 point 5 hours ago

I think of it as a form of recycling. it would solve the wasteful mining argument!

...! posted:

KnifeWrench posted:

all this time, the counterargument to waste was "if you waste nuclear energy, it's basically recycling"

divabot posted:

if you're in range of London and you're free Tuesday afternoon, you should definitely go to this. I can't make it, but it should be awesome.

https://twitter.com/edmund_schuster/status/1035521605043216384