Re:I watched a friend of mine pump a shitcoin on Binance by ...
by otherme123 on Tuesday July 12, 2022 @10:46AM
(#32070764)
If the coin is trading at whatever price (say $100 a piece), you can leverage by 100x doing this:
- Put $100 as deposit.
- They borrow you 10k to buy 100 shitcoins for $100 each (instead of 1 you can really afford), so 10k of shitcoins with the condition that if the coin price falls below $99 your position is liquidated and you lose all.
Note that there's no seller saying "the coin is worth X", it just trades at that price.
- Put $100 as deposit.
- They borrow you 10k to buy 100 shitcoins for $100 each (instead of 1 you can really afford), so 10k of shitcoins with the condition that if the coin price falls below $99 your position is liquidated and you lose all.
Note that there's no seller saying "the coin is worth X", it just trades at that price.