Wow, Anybody Short COIN?

Tags: Short Selling, So Hot Right Now

I’m sitting in the Minnesota airport, watching COIN and this market get annihilated. Anybody lucky enough to short COIN? This is why traveling sucks for traders–who knows if I could’ve even gotten any shares to short, but just watching it drop 20% inside of an hour (which was completely predictable once it cracked $11.50, as I’ve posted numerous times) is fun enough.

I guess I’ll just have to be content that all these longs are getting wrecked. Greed, leverage and lack of transparency are the cause and I look forward to seeing how much more pain is in store for all long-term investors.

UPDATE: Shorted 1,000 COINZ at $3.43–it was the only one of the COIN family available to short. Might be arriving late to the party, actually, I’m definitely late, but in my experience, these stocks continue to fall hard for days, even if I’m usually too much of a baby to stick around after I take my 10-20% profit. Ideally, I’d wait until the end of the day today to see whether COIN rebounds or breaks through the day low, but I have another flight in a half hour, so no time to wait. This is definitely a risky trade, but I think the odds are pretty good, especially if I have the patience to hold a few days out. Either way, it’ll be a great learning experience for all of us!

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