I have been actively trading crypto currency for about six months (actively meaning everyday all day) and as most know the first thing to do when investing is to do your research on the coins you want to invest in. That is when I found Bitshares and fell in love with the clearly far superior technology behind it. So I immediately started buying in (at the time right around 5000 sats). It did not take long for me to see that some "whale" had a large short position on it and was driving the price down. So when it finally got to 3800 sats I just sold all of my position and started the short. As you now know that paid off very well, I closed it out between 1000 and 820 sat and immediately bought as much as I could and decided to just wait it out.
As any holder of BTS knows, it has been a roller coaster ride. I have always blamed Poloniex for bringing the price down because of the amount of coins dumped at critical points was mind boggling. But up until now that was pure speculation. Well after the recent events of China adding BTS to their platforms and the price going up consistently, I could not figure out why the Poloniex price was not moving.
- Why would they have the
BTS is currently under maintenance or experiencing wallet/network issues. Deposits and withdrawals will remain disabled until a solution is found, which may require an update from the BTS team. Any updates must be tested and audited before enabling.
for now 12 days, with all the rest of the exchanges not suffering from "BTS problems". And according to a very good source -Poloniex has not even responded to any of the core devs emails.
2- How many traders actually have that amount of coins that is being dumped consistently at critical moments- IT IS A Massive Amount (see big red lines on just the last 24 hours)?
3-Any good trader that had a short position would obviously check around and find that the world wide price of BTS is 15 cents and climbing with the volume increasing. It would be blatantly obvious to close out the short immediately. Not add millions to it. ESPECIALLY GIVEN THE FACT THAT AS SOON AS THEY OPEN UP THE WALLETS, EVERYONE WOULD BE BUYING IT FOR 11 CENTS AND SELLING IT FOR 16 CENTS DRIVING THE PRICE UP IN ABOUT 30 MIN. And if I was not affiliated with Poloniex I would have absolutely no idea when this would occur.
4- If it was a "whale trader" with access to millions and millions of BTS levevarge , how many times do you think I would expand my short position by millions only to watch it come back 15 min to and hour later to the point in which I dumped. I certainly do not think I would do it 8 times in a 14 hour period. Because doing so would only increase my leverage position astronomically to no real avail. I would not be a whale for long.
Really it is no doubt in my mind that Poloniex's trading bots are the ones behind this. What will be interesting too see is how they are going to cover the millions and millions of BTS that they have a "short position in". The only way to close out a short if you are a trader is to buy. And look at those BIG RED Sell lines on graph. It would send BTS to 3000-5000 sats in a matter of minutes. We all know that when trading on any exchange you actually use that exchanges version of the token you traded not the real one. They only pay you in the real one when you request withdrawal. So in essence they would not even have to buy the millions of coins that they have dumped because it is not the real BTS anyway.
Bottom line is that their is only one reason to dump that large amount of coins everytime BTS comes out of the handle and is getting ready to pop. And that is to keep the price down. Well any smart trader would have closed it way before now, so I have a very hard time believing anyone with access to that much leverage would be foolish enough to maintain their short position. My bet is that they actually go on the Chinese exchanges next and start dumping the real coins they have access to ( they are one of the largest holders of BTS becaus of everyone who keeps it in their exchange )forcing the price down globally. It really is their only option at this point. The buyside pressure is so immense that they would have to drop the price globally to have ANY Chance of this whole charade playing out. It is no doubt in my mind mind that if BTS were not on Poloniex it would be over $1 by now.
I mean look at IOTA, almost the exact same circulating coins but yet IT IS PRICED AT 91 cents and they have BTS at 11 cents. It just does not logically make any sense that anyone other than Poloniex's trading bots have been manipulating the price of BTS for quite a while now.
I would love to hear your thoughts on this, agree disagree etc.
BOTTOM LINE - BTS is a superior cryto in every way and they can not keep that wallet closed for ever. So every time they dump- quess who is right there scooping them up at a bargain price. And as soon as they open up the wallet I will be transferring them into my Bitshares account. This experience has left a sour taste for Poloniex in my mind, and I am sure all of those who have watched them drag one of the best crypto's in the world to bargain basement prices.