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So if I am personally bearish on the entire "alt-money" movement, how do I turn this into a potential profitable bet? Any tips on where I go to "short" coins?
by brianwawok 9y ago
So if I am personally bearish on the entire "alt-money" movement, how do I turn this into a potential profitable bet? Any tips on where I go to "short" coins?
- bspn 9y agoI'm not aware of any regulated exchanges that currently have Bitcoin futures contracts, but even if you could find one the volatility + leverage would make for a very interesting ride down (assuming you're not immediately stopped out).
- Tepix 9y agoYou can do it on Kraken.com
- ve55 9y agoYou can short these coins in a lot of locations, depending on which ones you want to short. If you want to short larger ones, you should check out bitmex (https://bitmex.com https://bitmex.com), a derivatives platform, or bitfinex (https://bitfinex.com https://bitfinex.com), a very large exchange. If you are expecting platforms as regulated as stock brokers in the US, you are out of luck. There's many other exchanges that will allow you to work with more (lesser value/known) assets. Keep in mind just about everyone who has tried to short these things has lost everything. I've watched coins that I think are completely worthless and have zero real users go from 100 million market cap to 200 million, to 500 million, to over a billion. And they still sit there today. And every step of the way, 'rational actors' are trying to short it, waiting for it to finally correct. I've seen this quote mentioned a lot recently in cryptocurrencies, and it is still not mentioned enough: "the market can remain irrational longer than you can stay solvent".