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The market fluctuated before the halving, and the "big short" in the crypto circle GCR said: This is a great opportunity to increase positions

24-04-15 12:18

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Original title: "Market crash, but legendary big short GCR encourages everyone not to surrender"

Original source: TechFlow

Note: This article only represents the personal views of the original author, for learning and communication only, and does not provide investment advice. Crypto investment should be cautious, DYOR.

Before the halving, the market experienced an unexpected plunge.

Bitcoin once fell to the 60,000 mark, and altcoins suffered even more. Many people once again lamented that one day in the currency circle is one year in the human world, and short-term frustration and loss began to brew.

Long and spot players have suffered actual and nominal losses. It stands to reason that this is the time when shorts should be secretly happy.

However, the "big short" in the crypto circle, the well-known legendary trader GCR posted on social media, warming every injured leek with words of encouragement:

"If you have been marginalized, this is a good opportunity to increase your position in the tokens you are sure of; if you have already invested in full, then stick to it, stick to your spot position and don't surrender; someone once said that liquidation is the forced transfer of wealth from leveraged traders to wealthy spot buyers."

GSR also bluntly stated that he had long "retired" from social media, and the purpose of posting was not to see his brothers being eliminated when the future was still so bright, which can be said to be concerned about the leeks.

Obviously, the leeks who were hit hard by the plunge generally gained faith recharge and emotional value from it. GCR's post has been liked on Twitter for more than 40,000 times and has been widely circulated.

At the same time, a large number of newcomers are puzzled by the popularity of this post, and there are more and more posts asking Who is GCR?.

The consensus in the currency circle is very interesting. Not everyone's chicken soup tastes good. Leeks believe more in the chicken soup of legendary figures who have keen judgment of the market and have made a lot of money.

If you are also a newbie who doesn't know GCR, here is a brief introduction.

The big short who is hostile to the public, became famous in one battle

GCR is one of the most famous traders in cryptocurrency. Named after his alias "Gigantic-Cassocked-Rebirth" on the closed exchange FTX, he is well-known on crypto Twitter for his proven top trading performance, many successful predictions and clever writing.

From 2021 to 2022, he frequently appeared on FTX's top trader list and beat many other market participants to become one of the exchange's top overall profit and loss.

Although his identity remains unknown, he claims to have built his wealth from almost nothing, solely through trading.

And looking back at GCR's experience over the past 3 years, you will find that his insight into the market is different from ordinary people.

In the second half of 2021, GCR predicted a bear market and began to trade in reverse, going against the mainstream sentiment when the public was optimistic and firmly shorting altcoins.

In July, GCR predicted in Telegram:

"The local bottom will be around 20k...Macro/stocks will peak in 2022, and most altcoins will reach -95% or -99%."

In the crypto craze of 2021, zoos are flying around and air coins are rampant. GCR's position is not complicated, but it is contrary to the "general market narrative".

What really made GCR famous was the sniper bet on the collapse of LUNA.

On March 14, 22, GCR and Luna founder Do Kwon (who had not yet entered the game) publicly bet $10 million, believing that the price of Luna would be lower than the price at that time within a year, and shorted it with actual actions.

Do Kwon really went out to gamble, and the bet funds of the two were managed by the account of another big boss Cobie.

Everyone knows what happened later, UST decoupled, LUNA death spiral, and air stablecoins eventually fell into the abyss; 2 months later, GCR revealed that the betting position had made a profit of 2.3 million US dollars.

Betting right once may be luck, but successive successes must contain profound logic.

At the end of 22, CGR issued a reminder that with the development of the 2022 bear market, hackers and scams from bad actors and project teams will increase... Therefore, it will firmly short some tokens in the bear market.

Then in November, the FTX bankruptcy incident that shocked the circle inside and outside the circle occurred, bringing the currency circle into a deep bear trough; and SBF and his group did indeed carry out fraud.

The prediction came true, and the legend of the big short trade was born.

GCR's Top Ten Crypto Investment Tips

After the collapse of FTX, GCR may have earned his freedom and permanently stopped posting on the @GiganticRebirth account.

His alternative account @GCRClassic provides fewer personal trading updates, but more trading methodologies and insights.

Therefore, when GCR encourages "don't surrender" in the face of the crypto market crash today, everyone will believe and absorb the emotional value in it.

After all, if a trading tycoon who has experienced many ups and downs reminds you not to give up, then the bear market may not really come yet.

At the same time, Twitter user @0x_Lens also summarized GCR's ten core crypto investment suggestions and experiences in recent years. We compiled them and shared them with everyone.

1. Holder or Trader?

I continue to hold a large spot BTC + ETH position because I believe we have bottomed out in November and remain optimistic about the future; the goal is to reach 10k ETH by 2030.

90% of people are actually better off as a Holder.

Note that this advice is only relevant to Degens who speculate on the narrative rotation of altcoins.

2. The biggest positive for Meme is "Never Deliver"

Ironically, the most optimistic path for $DOGE is that Twitter will never actually integrate it into anything. This will be the object of Musk's riddles, hints, taunts, riddles, jokes, just saying that there has been a master plan for many years to let people's imaginations run wild. We call it Hoskinson; never deliver.

3. It doesn't matter whether the crypto news is true or false, but the length of time it affects is more important

When news affects prices, market participants often focus on whether it is true.

Many times, the authenticity of the headline does not matter.

The market’s reaction to the news and how long it lasts is more instructive.

4. Fast early and slow late

General trading principles as we watch meme tokens rise:

In an altcoin cycle, you should increase your risk considerations at the first trend reversal and begin to gradually protect capital over time.

People fail because they do the exact opposite; slow down when investing early and gradually go all-in with increasing greed over time.

5. Bet on Ponzi when the environment is good

The cost of flying to Macau or Las Vegas to gamble is too high for the average person.

When we make easy money and the macroeconomic environment is risky, decentralized casinos and/or decentralized Ponzi schemes are always the fastest horses.

6. The internal logic of speculating on new rather than old

New coins: full of hope, lack of holders, the team is still not rich, of course there is motivation to speculate.

7. Consider profit

Try to imagine the Ponzi scheme as a professional boxer fighting for prize money rather than tokens; in a boxing match, the winner gets the prize money and the loser gets nothing.

But people often make such decisions: when an investment performs well, they will sell it (cut their winners), and when another investment performs poorly, they will continue to invest (add to their losers), instead of seeking professional help to deal with the emotional problems they may have due to the loss of money.

8. Other people's money is disturbing, and profit-taking is the real

I have sent some suggestions before, and some people made a lot of money because of the suggestions, and then you received news that others made a lot of money.

However, wealth is only wealth when it is actually realized.

When trading volume is larger than market capitalization, it often means that the price increase has reached the final stage.

9. The worst token design and the best market performance are not contradictory

Some of the best performing tokens will be the ones with the worst token economics, from the most predatory teams.

Many teams that launched at the peak of the bear market have been anxiously waiting for more favorable conditions so that they can perform their tricks and perform some market manipulation.

10. The lower the unit price, the more aggressive the transaction

No matter how many times people have seen it, they still underestimate the attraction of the "low unit bias effect" to retail investors.

(Note, low unit bias refers to this bias that people tend to think that stocks or currencies with lower unit prices are more valuable because they can buy more "units", although the actual value may be average)

This is the most attractive thing in the cryptocurrency world.

Think about it, why would a mentally sound person go to buy 100 coins with a higher unit price? They could have 1 million other coins with a lower unit price.

Finally, reviewing the past to learn new things, the success of top traders may not be imitated, but their views can guide everyone to move forward more cautiously in the crypto world.