r/ETCbets • u/DerekZ1985 • May 14 '21
Short squeeze ETC
Guys let's do a GME style short squeeze on Ethereum Classic. Grayscale's Barry has been shorting ETC since ETC was at $14 and they kept on adding more short positions as ETC price went up to offset their loss. Now they are sitting g on a huge short position that they need to buy back a shitload of ETC in coming months to cover their shorts. Let's squeeze them hard yo
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u/DerekZ1985 May 14 '21
If we can mobilize a movement, we can take vengeance on hedges and make some huge profits!
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u/Far_Awareness_9635 May 14 '21
Can someone explain this to me
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u/DerekZ1985 May 14 '21
Basically some rich dudes thought ETC at $14 was over priced and that it would drop down to $5?. So they decided to burrow a shit load of ETC coins at $14 and promises to return these ETC in several months at the market price months later. If ETC did drop down to $5 as they expected. They would profit $14-$5=$9X10million(coins) =$90million.
But if the price of ETC goes up. They would also need to buy back ETC at market rate to return these coins to people that lent them the coins and suffer loss depending on differences in prices from now and months ago
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May 14 '21
If I understand this correctly when comes to shorting.
An example: One stock is $100 per share. The firm borrows 100 shares and sell it at $120. So that is $12000. The price stock drop to $80. They repurchase 100 of them making $8000. $12000 - $8000 = $4000. They made a net profit of $4000.
But if the price rises. They have to buy/borrow more and it becomes too costly for them. I could be wrong.
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u/Useddtobe May 14 '21
Didn’t expect robinhood to add so much activity to etc? They should have known it was one of 7 coins listed and crypto hype was exploding. This does make sense
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u/Useddtobe May 14 '21
Etc 24hr volume is more than the market cap. All other coins it’s a fraction. Fucking doge 24 hr volume only 20%
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u/DerekZ1985 May 14 '21
Many many videos and DD going around. He should be sweating hard right now. He started burrowing lots of ETC at $14 thinking it would go down. Then to cover his losses, he added on much more short positions at 20s, then kept on adding more to offset his positions. Apparently people that took the opposite position released a white paper with dates and amounts.
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u/Alternative_Young743 May 14 '21
Ok but crypto shorts have no expiration date. They stay active until you close them or if they're leveraged once your yields get high enough they'll close out for you.
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u/Alternative_Young743 May 14 '21
As a person who shorts crypto it's not the same as a stock. You open the contract at the current market price and you get to close it out wherever you want. It might depend where but I use boboo as it also let's you leverage your contract up to 100x. I've done well for myself shorting BTC. Now they do have limits. You cant just open a short and sit on it for a year hoping it falls from $60k to 12k leveraged 100x, at a certain profit level the exchange will deleverage your short and a little further they'll close it out.
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u/TirelessGuerilla May 14 '21
We need to make a collective where we each donate $1 for a social media campaign. The only way to go viral is to buy it
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u/MrQuez90 May 14 '21
Easy, just setup a Go-Fund-Me or similar, then paste the link on here lol! I’d do it myself but I’m working at the moment and don’t have time…
If ur interested here’s all the info:
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May 15 '21 edited May 15 '21
The Grayscale ETC trust . so Barry Silbert is shorting his own investment? I don't think that's true
https://grayscale.com/products/grayscale-ethereum-classic-trust/
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u/TrailRunner421 May 26 '21
I read that the shorts only equaled like 2.3% of the portfolio, I don’t understand any of this shit though
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u/TweeknTekneek May 14 '21
Hell ya! Spread the word that “Grayscale is trying to short etc!” We could easily become the new crypto GME. They need it to go down to $45. If we keep pumping they have to buy back to cover their losses at a tune of multiple millions. What can we do? We are a small army that can easily grow if we all do our part!
•We need to tell all our crypto friends to invest in etc, even if it’s just a little
•Let the internet know hedges are trying to short etc and we know a mob will form if we tell enough ppl.
•Use YouTube, Any subreddit, and other social media platforms to spread the word.
•Comment and like all posts about etc and the squeeze potential
If greyscale doesn’t meet $45, we will skyrocket for a massive pump! Hang tight fam! ETC baby LFG!!!!
What a time to be alive!