The Long and Short of it. by edicted

View this thread on: hive.blog | peakd.com | ecency.com

hive-167922 · @edicted · Oct 15 '21 (edited)

$79.18

The Long and Short of it.

<center>![bear bull.jpg](https://images.hive.blog/DQmU7W2RPDzW2ypaTL6jwCEVK8nRQXGbZt9bJ6TptL14g11/bear%20bull.jpg)</center>

#### Two days ago I opened a short on Bitcoin at $55750.
Hm yeah, it hasn't played out so well. I logged into Binance today and see that I'm down $272. However, If I'm being honest, I was preparing myself for something more like a $500 loss. How did I get it so wrong?

It was only a few weeks ago that I went long on Bitcoin and was up like $500. That was with borrowing less money and taking less risk. How is it that I only lost about half as much on a short even as Bitcoin continues to knock on $60k's door?

I realized in that moment that shorting an asset is far less risky than going long. No wonder why it is such a popular tool with the powers that shouldn't be to control derivatives markets! Wow!

### Looking at the math...
This all happens because USD is our unit-of-account. We measure all of our gains and losses in terms of a "stable" USD value. When I hold Bitcoin and the price goes up, I make money (obviously). But when I hold USD and the price of Bitcoin goes up, I've lost nothing. This is why it's safer to short an asset than go long.

<center>
![putinbeartopless.jpg](https://images.hive.blog/DQmPqCDgxidH4WJF3rDxmDA9YBqotcxjZWR7zn9nNAPrKYP/putin-bear-topless.jpg)</center>

### Further explanation
Going long or short requires one to take out a loan. When I go long, I use my Bitcoin as collateral to take out a USD loan and buy more Bitcoin. When the price of Bitcoin goes up, both my collateral and loan increase in value. When the price goes down, both lose value.

However, when I go short, I use USD collateral and take out a Bitcoin loan. When the price goes up, only my loan is technically losing value. My collateral remains stable in USD form; worth the same amount that it was before. This is why I was able to do a much more aggressive short and still lose less money than when I was going long.

### Unit-of-Account
All of these concept hinge on the dependence that USD holds a stable value and we can measure with it. If USD was not stable we'd have no idea how much value was gained or lost because the value of both assets would be in flux. There would have to be some mysterious third asset more stable than USD that we could use to measure what happened. This "mysterious" third asset is USD 99% of the time when we are trying to measure two volatile cryptos against each other. (Example: BTC/ETH)

![luckycryptocrashethcyclebubblebearmarket.jpg](https://images.hive.blog/DQmc973ehdr7iLewT6A8Xu6Bjr35u7bw7PXmgRvcNUbwRiV/lucky-crypto-crash-eth-cycle-bubble-bear-market.jpg)

#### BTC/ETH
That's another cool thing we can do with platforms like Binance. Rather than go short on USD or long on Bitcoin, we could go short on Bitcoin and long on Ethereum. Say we believe that Ethereum is going to flip Bitcoin, we could borrow Bitcoin using ETH collateral and dump the Bitcoin for Eth. Now we owe BTC and have a lot of ETH, effectively shorting BTC and longing ETH.

During the bear market we could do the opposite, knowing that BTC will retain its value better than the competition. Because we owe back a volatile crypto that is underperforming USD, it's an even better trade than borrowing USD because we'll owe back less (in theory if everything works out).

For Example, if Hive went x100 and we were like oh shit here comes that brutal crypto winter, we could theoretically borrow Hive, dump it on the market, and hope it crashes into the dirt over the next year. If it did... then we'd owe back hardly any money after everything was said and done.

![tearbearcub.jpg](https://images.hive.blog/DQmdn4FzNiXcFGC33hQvEGAgyrLVqYwwidcbQazVdJBuv6A/tear-bear-cub.jpg)

If Bitcoin breaks this $60k unit-bias level I'm going to take the loss and close my short. Lesson learned: never short Bitcoin during the mega-bubble year. We have an entire year of 2022 to short the market. No need to get greedy just yet.

Posted Using [LeoFinance <sup>Beta</sup>](https://leofinance.io/@edicted/the-long-and-short-of-it)

👍 broncnutz, edicted, leo.voter, jphamer1, yabapmatt, mcoinz79, trumpman, solominer, solarwarrior, bagholders, steemychicken1, geekgirl, brianoflondon, jamesbrown, hodlcommunity, papilloncharity, abh12345, glastar, lordbutterfly, borran, therealyme, whangster79, blue.rabbit, scripsio, penguinpablo, kenny-crane, preparedwombat, tazi, tobetada, tdre, itchyfeetdonica, perceive, brofi, jamesbattler, urun, nateaguila, netaterra, daltono, primalamusica, steemflagrewards, vlemon, dcityrewards, ruth-girl, erikah, sharkthelion, arcange, operahoser, nuthman, fbslo, nnaraoh, ew-and-patterns, mysearchisover, allcapsonezero, marcocasario, cst90, bil.prag, alphacore, dendendenden, wiseagent, amitsharma, lestrange, whatsup, cryptomaniacsgr, slwzl, and 297 others

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whatsup	106,431,706,554	27%
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yogacoach	6,653,140,532	6.3%
drax	85,670,324,800	20%
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roleerob	27,051,155,479	6%
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caladan	40,620,861,518	5.35%
karinxxl	7,414,105,180	25%
mightpossibly	11,930,294,641	12%
mtl1979	1,953,810,453	50%
chekohler	16,268,606,177	5%
hendersonp	635,014,709	6.3%
tazi	360,091,346,503	50%
b00m	2,448,884,493	7%
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elderson	3,645,999,894	6.5%
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rombtc	649,513,315	15%
wiseagent	112,983,295,397	9.9%
cryptonized	43,910,518,626	12%
daltono	259,989,494,631	13%
r351574nc3	7,491,738,802	15%
tdre	352,758,385,897	100%
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nnaraoh	173,385,362,607	100%
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tobias-g	4,836,401,746	18.75%
steemflagrewards	226,142,471,798	60%
mproxima	56,897,620,564	100%
unconditionalove	711,552,219	3.15%
orlandumike	11,578,868,027	20%
operahoser	185,082,602,033	100%
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moeenali	6,498,312,641	1%
zelenicic	3,491,756,371	100%
pkocjan	5,046,753,958	5.04%
mysearchisover	146,631,648,134	100%
bozz	44,135,027,310	5%
cst90	133,655,120,024	100%
movement19	8,488,518,913	25%
ladysalsa	1,054,156,270	6.3%
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slwzl	105,698,356,322	100%
erikah	187,091,185,418	14%
nervi	17,434,386,255	100%
salty-mcgriddles	5,150,225,648	15%
bil.prag	127,426,179,170	20%
bestboom	1,606,953,171	6.3%
onepercentbetter	14,360,657,850	12%
manniman	68,776,089,441	11%
goldvault	4,756,478,410	11%
mrchef111	47,365,963,223	30%
knowhow92	21,231,021,998	50%
juanmanuellopez1	1,395,360,423	6.3%
freddio	6,540,152,917	15%
abdulmath	14,557,034,621	50%
roshansuares	9,320,159,359	100%
gadrian	59,342,995,208	37%
lordbutterfly	742,689,398,491	100%
julialee66	8,498,400,165	6%
xawi	10,989,271,511	50%
kennybot	24,533,156,559	100%
russiandownload	768,714,700	54%
solominer	3,246,901,464,474	100%
steem.services	3,745,189,074	1.57%
eii	4,846,739,941	10%
cryptomaniacsgr	106,005,649,493	50%
crystalhuman	2,100,692,841	100%
pladozero	30,604,399,142	10%
nateaguila	271,640,915,756	8%
davidesimoncini	8,121,086,596	31.8%
spamfarmer	1,060,085,935	14%
fernandosoder	36,062,348,761	100%
solarwarrior	2,393,419,188,502	100%
merlion	594,124,604	12%
dirasurjan	0	100%
linco	10,400,248,914	5.67%
swisswitness	3,914,357,145	6.3%
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agathusia	770,938,960	100%
olumzy	12,631,279,682	3.6%
emsonic	497,986,276	3.15%
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rilo	1,104,772,885	6%
liberlandpress	15,676,124,200	45%
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smartvote	46,481,466,264	2.2%
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dlike	39,602,075,454	6.3%
cleanplanet	3,604,753,997	0.35%
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otp-one	2,627,370,466	35%
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palasatenea	40,939,407,153	100%
silverkey	2,131,364,006	11%
silvervault	4,657,273,126	11%
cryptycoon	2,346,547,476	11%
harpreetjanda	565,132,212	2%
berthold	1,791,387,670	6%
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brianoflondon	1,504,109,966,725	100%
kabasakal	1,457,826,679	100%
followjohngalt	1,980,524,480	5.67%
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cakemonster	3,298,171,108	3.15%
misterengagement	1,932,886,648	22.5%
khan.dayyanz	43,409,526,671	100%
lestrange	110,348,633,977	100%
mrsbozz	13,580,094,592	60%
navyactifit	3,662,682,700	6%
flyingbolt	848,293,556	12%
lallo	21,136,198,371	44%
idiosyncratic1	11,495,062,976	100%
jamesbattler	292,678,997,036	100%
leosoph	26,491,919,505	47%
leeyh2	20,999,497,430	100%
hungrybear	515,578,903	12%
steemstreems	29,293,905,249	40%
scripsio	469,012,746,286	90%
doze	3,571,869,688	25%
bagholders	1,957,425,487,813	100%
mfblack	3,181,759,187	5.98%
pervitin	2,323,642,116	100%
d-company	26,312,113,694	100%
blue.rabbit	571,436,469,958	50%
krunkypuram	1,124,691,447	100%
erikahfit	15,328,157,084	100%
poliwalt10	1,804,865,936	55%
imagenius	6,223,462,252	6.3%
oxoskva	2,234,555,774	100%
cheer-up	956,181,737	5.04%
queengaga	48,939,415,595	100%
dalz1	576,247,723	50%
imbartley	558,992,145	18.5%
milu-the-dog	2,827,956,000	6.3%
triplea.bot	1,813,779,093	6.3%
tiffin	1,827,088,101	5.04%
steem.leo	34,757,668,974	6.3%
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bala-leo	8,903,686,613	100%
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tomhall.leo	1,628,026,754	100%
claudio83.leo	629,139,358	100%
urun	276,996,261,749	100%
shtup	29,709,234,846	100%
emeka4	748,553,347	100%
ibelin	20,734,115,540	70%
therealyme	692,646,876,144	10%
enison1	537,541,635	100%
blocktvnews	2,411,153,172	50%
sumatranate.leo	5,232,417,477	100%
chicoduro	2,217,520,562	15%
ribary	2,165,508,928	3.15%
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bilpcoinbpc	1,187,958,802	5%
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fengchao	5,908,327,313	2%
leofinance	11,416,931,795	12%
laruche	30,579,957,417	0.7%
jskitty	53,040,625,802	50%
flowerbaby	3,374,854,175	13%
nulledgh0st	89,039,358,289	100%
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polish.hive	9,959,802,610	6.3%
f0x-society	640,151,649	25%
babalor	2,862,391,516	100%
monster-burner	518,807,603	3.15%
hodlcommunity	1,094,846,517,751	50%
dcityrewards	218,806,064,125	6.3%
hive-143869	1,293,195,161	0.7%
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enricgr	66,582,895,238	50%
josepgs	65,868,714,829	48%
hivecur	11,863,466,798	6.3%
name0	52,886,174	100%
damadama	17,863,994,124	100%
splinterstats	14,433,310,498	45%
zkalemiss.leo	1,880,122,368	100%
recoveryinc	28,200,598,478	50%
liz.writes	1,044,334,986	50%
rezoanulv.leo	5,020,158,949	100%
groverafter	586,161,137	25%
dying	31,156,554,331	100%
cmplxty.leo	62,822,124	65%
discohedge	4,907,917,165	4%
soyalex	29,325,156,010	100%
dknkyz.leo	889,326,990	50%
officialhisha	167,148,843	100%
psicologiaexpres	7,702,025,814	30%
tamiapt6	41,086,036,190	100%
leoline	17,150,890,262	100%
rupinder	139,375,852	2%
netaterra.leo	938,271,802	25%
leoschein	1,384,409,868	63%
gualteramarelo	30,676,318,858	63%
jmsansan.leo	142,491,499	25%
godfather.ftw	3,237,917,552	100%
sharkleo	586,650,244	25%
dcrops	35,099,831,305	3.15%
leo.tokens	1,027,475,537	12%
erikahskitchen	7,792,603,253	100%
potpourry	1,138,632,226	30%
hykss	934,332,904	5%
specific	9,081,630,928	100%
moeen.leo	1,082,700,567	100%
resiliencia.pal	1,921,130,931	100%
trumpikasleo	608,590,234	100%
badbitch	23,477,820,925	100%
cielitorojo	5,780,956,357	6%
samrisso	58,629,529,115	50%
meowcurator	1,167,216,022	60%
kriszrokk	6,989,248,740	100%
fundacoven	4,056,151,567	10.8%
thebeardflex	75,145,009,154	96%
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megaleoschein	851,821,237	50.4%
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dugsix	1,001,451,387	63%
zdigital222	442,700,919	96%
nyxlabs	10,355,626,867	33.6%
brofi	332,078,580,430	4%
nbabets	522,966,835	100%
antonym	3,000,701,811	100%
creodas	1,780,431,980	72%
bhealy	1,212,954,731	63%
drricksanchez	41,086,008,377	10%
regenerette	3,901,119,936	33.21%
cryptololo	1,208,309,643	10.8%
generatornation	615,198,994	63%
darinapogodina	1,061,754,485	63%
impurgent	638,271,663	40%
maurofolco	1,000,825,938	63%
meesterleo	1,677,616,370	100%
dendendenden	119,231,869,743	100%
primalamusica	242,766,355,158	50%
hivehydra	33,013,084,122	90%
ahheus	1,403,163,670	90%
solominer.stake	556,862,925	63%
solominer.leo	635,480,366	100%
jocieprosza.leo	2,134,889,715	50%
cryptoccshow	9,699,370,651	50%
bitchbag	522,172,387	100%
steveparma	4,872,133,245	90%
jerrythefarmer	2,693,497,622	100%
williamtboy	515,996,847	18%
cryptokungfu	6,015,713,514	100%
imanf	0	100%

@badbitch · Oct 15 '21

$0.07

I wish I could tell if ETH will flip BTC, that could be super, But hey, I must say I've learnt an amazing trick now, I just need something to pump hard, so I borrow it and dump on the market, wait for others to dump too, buy back, return and get my USD with profits from the dumping, haha, it's funny but works like magic.

Thanks for sharing this knowledge.

👍 edicted

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@bozz · Oct 15 '21

It will be nice when we don't have to measure everything in relation to the USD.  I still do it myself.  I think a lot of people do.  Besides those maximalists who only deal with Satoshis.  That's just too much math for me!

Posted Using [LeoFinance <sup>Beta</sup>](https://leofinance.io/@bozz/re-edicted-7w4hd)

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@ghua · Oct 15 '21

$0.07

water under the bridge ;)

👍 edicted

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@jfang003 · Oct 15 '21

$0.40

Well...shorting is way more dangerous. It's good that you have a stop loss since you aren't going to be stubborn and lose multiple times your investment.

Posted Using [LeoFinance <sup>Beta</sup>](https://leofinance.io/@jfang003/re-edicted-6sf4bd)

👍 anthonyadavisii, steemflagrewards, anthonyadavisleo

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@mistakili · Oct 15 '21

$0.07

I’m seeing $60,066 on CoinGecko, how much more break are you looking at?

Posted Using [LeoFinance <sup>Beta</sup>](https://leofinance.io/@mistakili/re-edicted-28ungx)

👍 edicted

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@edicted · Oct 15 '21

already liquidated that bullshit and pumped it all into LEO
bought 13.6k coins got 70k powered up again.

👍 jerrythefarmer

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@jerrythefarmer · Oct 16 '21

Probably the best thing to do right now tbh. Once BTC is done dominating alts will have to skyrocket like never before.

Posted Using [LeoFinance <sup>Beta</sup>](https://leofinance.io/@jerrythefarmer/re-edicted-35lphq)

👍 anddumbcunts

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@mistakili · Oct 15 '21

Hehe sweet! Like a champ! 

Posted Using [LeoFinance <sup>Beta</sup>](https://leofinance.io/@mistakili/re-edicted-22wgrq)

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@preparedwombat · Oct 15 '21

$0.07

I’m just going to hodl and not sell until well into six figures. If all goes well, buy back in during the next bear winter. Well, that’s the plan anyway.

👍 edicted

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@edicted · Oct 15 '21

Stick to the plan, stan.

👍 anthonyadavisleo

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