okay, I'm relatively new to bitcoin, just got in this last October. Can someone explain the whole "rekt" concept to me? Are people shorting BTC and losing their shorts, or what? Just fear selling when BTC drops a little against the dollar?
Discussion
Using leverage for longs or shorts especially if putting up Bitcoin for that leverage is almost always a bad idea. Panic selling happens but forced selling is nasty. Bitcoin is volatile. It's a great savings vehicle for the medium to long term but can be unpredictable in the short term.
Stay humble stack Sats is the way to go.
Rekt in the simplest way, is you lost a lot of money, or you lost everything.
It's similar to the surfer/skater lingo of "wipe out" where you fell off your board, or the internet version of "Owned/Pwned" which means someone beat you at something drastically.
If you have telegram -- there's a group called 'rekt plebs'.
Its mostly shitcoiners that get rekt btw 😂
Yes basically, also welcome to nostr!