remendnf

[remendnf @rewoltix]

Got some utya:native here

[remendnf @rewoltix]

How can people see this and think, “There’s no way it can go any lower.”

https://t.co/yPtK4KKmZv

[Whale Insider @WhaleInsider]

JUST IN: Over $2,000,000,000 in crypto long positions liquidated in the past 24 hours.

[remendnf @rewoltix]

@ShockedJS @0xRiver8 congrats!

[remendnf @rewoltix]

@RipJalens GOLD GOLD GOLD

[remendnf @rewoltix]

@KookCapitalLLC ?

[remendnf @rewoltix]

Don't cry because it's over, smile because it happened

[remendnf @rewoltix]

@brandank_cr Great Video!

[remendnf @rewoltix]

@ottabag Wow

[remendnf @rewoltix]

@shahh why

[remendnf @rewoltix]

@orangie Judt put them on red atp

[remendnf @rewoltix]

@theunipcs If you made it once, you'll make it again

Rooting for you

[Unipcs (aka 'Bonk Guy') 🎒 @theunipcs]

'the LORD gave, and the LORD hath taken away; blessed be the name of the LORD' — Job 1:21

yesterday's liquidation event is the most brutal i've witnessed in my time in crypto

i got wiped out on ALL my perps positions

literally everything

eight figures: $30 million+ at peak uPnL if realized, or well above $15 million just before the liquidation started

100% of the following perps position got wiped:

- $BONK
- $FARTCOIN
- $POPCAT
- $PNUT
- $CAT
- $APEX
- etc

i lost maybe 80% of my $ASTER position that i used as a collateral on a DeFi lending protocol

i took out the remaining (~$1 million), fully liquidated it and rotated it into $BONK and $4 because i think i get better R/R from both from here on out:

- BONK because i refuse to be a 'bonk guy' without BONK exposure, and i remain convinced in my deca-billion-dollar target for it. i will continue to add more over time, God willing
- $4 because i remain strongly convinced that BNB season continues until the end of this quarter and i think $4 is the most asymmetrical bet to capitalize on that

thankfully the overwhelming majority of my $USELESS coin position is held in spot, so i didn't record significant loss on that — maybe with the exception of mid six figures worth of uPnL i had in perps accounts

i am still resolutely convinced that $USELESS is THE memecoin to watch for outperformance from here on out, that it is a multi-billion-dollar narrative currently trading for pennies on the dollar, and that it will end the cycle being a top 5 memecoin at the barest minimum i.e. certainly has a lot more than 10x upside from here. so i’m glad contagion there was contained for me!

what happened yesterday?

everyone blames the recent Trump-China tariffs, but this isn't the first time we've had that this year

and the Trump tariff comments certainly shouldn't have been responsible for such a massive nukage across almost the entirety of altcoins and memecoins in the space

a lot of altcoins crashed 70 to 99% in minutes, when $BTC and $ETH barely crashed 13%

$ATOM, for example, crashed from $4 to $0.001 on top exchanges like Binance — a 99.9% crash in minutes. no one could have humanly responded to that!

it is also worth noting that this massive altcoin/memecoin crash was EXCLUSIVELY on CEXs. these altcoins did not come close to hitting these levels on spot DEXs, so yesterday's liquidation was almost certainly due to MM/CEX liquidity issues

why it was unprecedented (market mechanics)

many people reported being massively affected, especially since exchange systems broke across the board: stop losses failed, orders didn’t fill, margin couldn’t be added, and platforms became unusable within minutes. the entire liquidation cascade happened so fast that almost no one had time to react, something i don’t think we’ve ever seen at this scale before

i was in front of my screen, took a short break, came back to the screen to see the nasty wick about 10 minutes later, then realized i've been liquidated on EVERYTHING i had in perps

it is the craziest crypto event i have witnessed, ever!

it was worse than COVID, which was a black swan event

you could say whatever you want about this event: you can call it manipulation, unnatural, or whatever else

you would be right tbh

however, whether or not manipulation played a role doesn’t change what i have to do next: as a trader, i am only ultimately concerned about things i can actually control

of course it's easier to point out how it all wasn't my fault and how someone else was responsible, but how does that help me grow as a trader? i win if i make money trading, i lose if i lose money trading. end of!

i'm sure we will be hearing more about exactly what happened yesterday night, which will hopefully help give some people closure

i wish i didn't have to write about this:

this will likely be one of the most viral tweets coming out of this event

many have waited for this moment: 'he is so greedy!'

and there will be an army of people mocking me with 'I TOLD YOU SOs'

but write i must, for a few reasons:

1. a key part of the 'bonk guy' persona and identity i have built is one of utmost transparency around my trades, so others can learn

2. while i lost a fortune in the liquidity wipe event, i have a very diversified basket of alts across perps and spot. i'll be fine; my spot assets are safe. but i think there are people who lost literally everything they have right now that might be having very bad and nasty thoughts, and them seeing a voice like mine at this time just might give them hope

i want to be very clear:

1. i do not need your empathy. i appreciate that some would have the thought, but i do not need people messaging me to empathize with me over this

2. i do not need donations or financial support. it was a massive loss, but i'm okay

i also want to emphasize that i'm in a very good mental state right now, as difficult as that might be for many to believe

i've always been very detached from money and material things, and that makes it easy to cope with situations like this

at the end of the day, my $BONK trade was a trade in which i went from $16k to a peak 8-figure PNL

contrary to what seems to be the most common belief here, it isn't my most impressive trade. if i made it before, i can make it once again!

could i have foreseen exchange systems crashing and nuking the most liquid altcoins and memecoins in the market 70 - 90% in mere minutes before anyone could react? no!

could i have maybe done a few things differently leading up to this event? maybe

however, i am a big believer in focusing on what *could* happen and taking action to get there instead of focusing on what *has* happened

the past is the past, and what has happened has happened

there are a lot of changes i’ll be making to my systems as a result of this: less dependence on leverage, sharper risk management, and a stronger focus on protecting my positions from exchange-side risks going forward

all that matters is what happens from here on out...

i remain very optimistic about the market

i do not believe the bull run is over, nor do i think the Q4 rally is out of the picture

so what do i do from here?

lock in more than ever before, be buried deeper in the trenches, and most importantly have fun while i do it!

if there is one thing i have learned after being in this industry for multiple cycles, it is that there is always new opportunities: every day, every week, every month

i have always been one to love a challenge, and i guess this is another one for me and an opportunity to once again prove myself — not to internet strangers, but to myself

this event has not dampened my spirit, not in the slightest. if anything, it has strengthened my resolve to get back in the ring, fight, and win bigger

i will make it all back, and more!

for those who are in a similar situation, who either lost a fortune or lost it all, i have some words for you:

PERSIST

SURVIVE

DON'T GIVE UP

if you need to take a break, please do

if you're struggling to hold it in, please seek help

above all, pay special attention to yourself and focus on your health

i know it will take a while for the gravity of what happened to hit many, but a philosophy that has always helped me to survive massive drawdowns is internalizing all of these crypto gains as just numbers on the screen — until it is realized at least!

i know they can have very real consequences in the real world if/when cashed out, but right now i think internalizing it as just numbers on the screen would make dealing with the loss more bearable

you made it before, so yes YOU can make it again

the most profitable period of the cycle is still well ahead of us

we are all going to make it

and you are going to have me along on this journey with you, if that matters to you!

if there’s one thing this taught me, it’s that no matter how prepared you think you are, you’re never fully protected from systemic shocks — but you can always control your response. i’ll be rebuilding my framework with that truth in mind!

i am once again an underdog, and this is not the end of my story

GOD WILLING

[Ponzi Trader @buyerofponzi]

Some words for the first cycler’s that just got washed:

Fear is simply your doubt in your ability. Losing it all is truly terrifying , but it’s not over. Fear tells you that you were lucky. Optimism tells you it was skill, and it can be replicated. Luck is where opportunity meets preparation.

Today was a test of your ability. No matter how low your stack is now, if your ability is there, then have no fear.

I’ve been zero’d, and I’m much further than that zero today.

You now have an opportunity to build more, test your ability, and scale your character.

Games not finished.

[Yazan 🇵🇸 @YazanXBT]

If I see anyone grave dancing on anyone that lost money on yesterday's crash, I will instantly block you.

While I always advised against trading leverage, this is not a "I told you so moment".

There is nothing funny about other people losing their hard earned money and their life savings.

If you were affected by the crash, I highly recommend keeping an optimistic outlook and looking at the big picture instead.

You are not alone and it's not over.

As long as you are alive and healthy, everything else doesn't really matter.

I lost everything to my name leverage trading twice in 2020.

It was a reset, I know how bad I felt back then.

I never touched leverage trading since then, all I do is trade spot.

I put my all my effort into making as much money as humanly possible to make it all back.

I was doing 2 full-time jobs for at least 2 years.

It took multiple years for me to get back on track.

I'm not the best trader, in fact, I might be one of the worst traders on the market, but I figured out a way that worked for me over the long-term.

If I can do it, you can do it.

It is best now to spend as much time as possible with your friends and family while building up a comeback plan.

No matter how much you think a comeback isn't possible, it is.

You will come out of this stronger than you ever will.

You will make better decisions than you ever did before.

You will not miss out on anything.

There are great opportunities almost every single month.

Most of us here are in their 20's or there 30's.

CZ himself didn't make a million dollars until he was ~37 years old.

Even if you are in you in your 40's or even in your 50's.

You have a chance to recover.

If you have lost everything, you have got nothing left to lose, up only from here. While it's not a good spot to be at, you know it cannot get worse.

Stay focused and never give up on the mission.

The mission is financial freedom.

Don't give up.

I have faith in you.

[remendnf @rewoltix]

@ottabag Ty bro saved me.

[Unipcs (aka 'Bonk Guy') 🎒 @theunipcs]

i don't know who needs to hear this

but the best thing you can do right now is take a break

shut it all down: laptops, mobile phones, social media, etc

resist the urge to revenge trade, to open new leverage positions, or to try to make it all back immediately

today's liquidation event is the biggest altcoin liquidation event i've ever seen in my time in crypto

a lot of altcoins crashed 70 - 80% in minutes, most exchanges weren't working, stop losses didn't work for many, and many reported their buy orders weren't going through

we're going to be hearing a lot more about today's event: funds and market makers that got carried out, individuals that got liquidated on all they had, and people whose financial fortune has been drastically reversed

i wish i could tell you that i wasn't affected by this event, but i took a pretty big hit as well on leveraged positions

we can't always control events that happen to us, but we can always choose to take it in stride

do i think it is okay to buy the dip?

i think yes. a lot of coins are down massively and i do not believe the bull run (or Q4 rally) is over

however, please only buy spot and don't touch leverage if you have to buy the dip

i understand the temptation to long the 'bottom,' especially with many altcoins down massively. but if they can nuke 70–80% once in minutes without any bounce or relief, they can do it again

take as much break as you need right now, and pay very special attention to your mental health

tune out social media, because there will be a lot of insensitive comments flying around — and more toxicity that could compound your mental state isn't what you need right now

realize that if you made it once, you can make it all back again — and more!

but only if you survive and are in the best state of mind

'the LORD gave, and the LORD hath taken away; blessed be the name of the LORD' — Job 1:21

[remendnf @rewoltix]

All jokes aside, I really think some people need to read this:

Please never hurt or kill yourself in any way.

There are people who have lost up to 80% of their net worth and are mentally struggling right now.

I just want to say that everything will get better.

[remendnf @rewoltix]

@cz_binance @notthreadguy wow

[remendnf @rewoltix]

Don't cry because it's over, smile because it happened

[remendnf @rewoltix]

@theunipcs GOD WILLING