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Comment by buttcoinslol | Hacker News Reader

I shorted the S&P instead and made a 12% return on that position today, protecting my long positions.

Bitcoin is down 12% today with no sign of stopping it's movement downwards, and all crypto prices are tied to bitcoin.

Traders more conservative than myself moved into bonds today. Other traders chose gold. Very few chose cryptocurrencies.

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Friday before last I moved 70% out of stocks and bought PUTs in July as insurance on the rest. However, as my history has shown me - one doesnt assume this makes them smart. Could just have been lucky, this time.

I like to think that you can't time the market, but you get lucky sometimes.

> However, as my history has shown me - one doesnt assume this makes them smart.

No doubt. In my case, I still need to close out my short position so I'm only halfway there.

When did you short S&P? Was it because you saw it starting to go down, or did you have some way of telling ahead of time this was going to happen?

Around noon, there were 2 days of losses in a row going into Monday and the S&P was moving down after being up slightly at the start. I figured it'd be another losing day with possible losses continuing into the week, so I made a move.

The move in crypto is tied to the move in the markets.

The SP500 has much more to fall yet.

I think it has always been a reasonable assumption that a fall in the real economy would cause cryptos to fall. Play money gets liquidated first when real money (in 401k and stocks) evaporates. And the lack of liquidity in cryptos would cause it to fall faster.

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