Please don't listen to this post!

They shorted all the way down, then all the way up while a logical person would have taken longs at the bottom.

Hindsight 20 20. When your at a bottom, it's difficult to know it is a bottom! Also, one can easily imagine a scenario where someone shorts the market before a brexit vote WHERE THEY THINK THAT BRITAIN WILL STAY AND BTC WILL GO DOWN.

Stop trying to speculate on a market. You may be right, but these markets are hard to predict and are not rational. For example, who would buy at 1200 a pop when the price is parabolic? People did!

Regarding your friend, what was the excuse that finex gave?