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10 sats \ 3 replies \ @BeefCurtin 19 Jun 2022
I think its safe to say almost everyone on any platform with a loan is getting collateral called right now. A lot of these loan services didn't even exist at price points lower than 25k. Most came online within the past 2 years. I have a loan that is going to get called soon but its not a big loan vs my holdings. I think the silver lining is even when it gets liquidated I can buy it back over a short span of time. I don't think we'll see a price recovery soon unless an event happens that decouples Bitcoins price. That said after reading around it appears the on-chain metrics disagree. As Clemente says you have to ask yourself: "Is this time different?"
Never risk more than you're willing to lose! I am not going to be hurt by getting the collateral I have posted liquidated but I am seeing so many stories of people losing everything and that's frightening. The current sentiment I am seeing across the board is extreme panic and I have not seen panic like this ever in Bitcoin.
I think considering loan platforms are blowing up or showing signs of collapsing, it is not a good idea to post more collateral. Way better to just be liquidated if you are confident you can buy it back within the next few months.
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292 sats \ 2 replies \ @ethanrose 19 Jun 2022 freebie
I had 4 BTC liquidated by Nexo today, just barely touched the LTV :-( I "sold" even though I never would have dreamed of selling if it was up to me / if I was willing to post more collateral. But I'll buy them back soon...
I believe a good chunk of the downward pressure was likely from people in similar situations to mine -- bitcoin hyper bulls who got forced to sell.
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25 sats \ 1 reply \ @BeefCurtin 19 Jun 2022
God damn!!
Have some ascii porn. Good luck!
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21 sats \ 0 replies \ @zuspotirko 19 Jun 2022
lol
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21 sats \ 0 replies \ @random_ 18 Jun 2022
"... as cascading liquidations become self-reinforcing and prompt wholesale deleveraging of the entire crypto sector, pushing Bitcoin to the most oversold weekly level in history!"
"On the other hand, so far in its brief history bitcoin has survived three 70% drawdowns in its history - this will be the fourth one - and it has always come out stronger on the other side without the Fed's help..."
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1 sat \ 0 replies \ @siggy47 18 Jun 2022
Very good, detailed article which explains a lot about the current turbulence.
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0 sats \ 0 replies \ @TheBTCManual 19 Jun 2022
This thing is forcing out all leverage, margin calls all around, you can see the on-chain loans on wBTC people are trying to keep upping collateral to keep it from liquidating, I can't speak for the off-chain agreements but wow, if its anything like on-chain people are getting cleaned out big time.
I can see 15k easy unless something breaks in the traditional market first and the Fed has to back track
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