iBankCoin
18 years in Wall Street, left after finding out it was all horseshit. Founder/ Master and Commander: iBankCoin, finance news and commentary from the future.
Joined Nov 10, 2007
20,864 Blog Posts

CRYPTOS COLLAPSE AGAIN, DIAMOND HANDED INVESTORS ENDURE SEVERE DRAWDOWNS

Just a few days ago ETH-heads were popping champagne corks into each other’s faces. Today they’re all crying in their showers, wondering when it all went wrong. The truth is, the magnificent decline of 30% in cryptos these past few days is more or less part and parcel of investing in an asset class that has gone ape-shit to the upside. The parabolic nature works both ways and I suspect it will not bounce back right away.

This is good news for people who missed out the first and second time and always wanted back in. The blockchain and cryptos aren’t going way, so view this misery as nothing more than a pause en route to greatness. There are few asset classes that I have complete and total conviction in — ETH is one of them. This dive lower, although disheartening, has done nothing to disturb me because my expectation is for substantially higher prices over the long term. The money I am investing into it is not needed by me and I am fixed on investing in ETH on a monthly basis.

This malovolent move lower is having a deleterious effect on stocks too, as risk on behavior morphs into fear. This does not feel like the end, sadly. I do believe we’ll be placing in a bottom soon, off and away again to Neverland cavorting with unicorns and gay giraffes.

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Stairs Up, Broken Cable’d Elevator Down

This is what happens to the bulls when they get that exuberance going. I was SMASHED TO PIECES in my crypto, long term, and Quant accounts today — amidst heavier than life selling. We had it coming and no one with an IQ higher than 50 is surprised by today’s pin action. I relish the dips in ETH and I relish the dips in everything I don’t own.

My trading was exemplary today, as I bobbed and weaved and turned out +170bps to the good. Naturally, and this goes without saying, my net worth DECREASED today since most of my assets traded lower. However, my trading account is attached to my cock and my cock grew 4 inches today and I will always err on the side of size in the matter of male instrumentation.

I do not offer you advice on this uncertain day, but happy tidings as I am in a most fortunate mood.

I will see you fuckers bright and early — 4am trading as usual.

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When Markets Get Shattered, The Fly Shines Best

When you were panhandling for supper as a boy outside your housing tenements, Le Fly was navigating markets — undergoing severe lessons of a most caustic nature. I still have the scars about my face and head — ancient wars fought by an idealist Fly. These days I am grizzled and accustomed to chicanery and I see it coming.

Alas, as the indices swoon and your SHITCOINS get babooned, I am +230bps — positioning keenly and also smartly in inflation plays. In other words, I’m an oil man again — always have been ever since birth — traversing the bitumen fields with my balls and my glove.

My prognosis for the markets is mixed. I believe I shall persevere and do well, while at the same time I fear your time is up. The margin clerks are coming and will soon liquidate your bullshit brokerages, sending you back to work where you belong.

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SHITCOINS COLLAPSE

This weekend I had an impromptu ETHEREUM $2k party over Fizzy-Whig cocked tails. I was rather enamored with myself for having the psychic abilities to foresee the rise in ETH. Why it was glorious and it was of course just getting started. To celebrate, I even bought some ETHEREUM CLASSIC, in spite of it being a regular 51% hacking victim and overall waste of space. I was elated and felt somewhat invincible.

Chatter at House Fly was grandiose, with all members of the family looking to get involved, wire funds into their SHITCOIN accounts in order to partake.

And then it all collapsed. Since I’ve been a beaten dog so many times in my investment career, I knew to let go of the classic nonsense, but I am still very much long ETH. As a point in fact, I am emboldened by it now. I’d like to see it CRASH 90% amidst fires and tumult, because I have cash and lots of it. I can fashion myself into your crypto wallets and STEAL your coins from you when you’re most desperate.

As for stocks, I’ve been trading since 4am man. I took gains bitches and now am up nearly 100bps for the day. I haven’t checked. What’s the markets doing now pal?

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BEHOLD THE COMMODITY SUPER CYCLE

This shit is going to eventually kill you and your families. The one thing you cannot stop is suicidal megalomaniacs who print and print and print. They are printing your own demise right now, satiated by higher prices and floating digitized measures of paper wealth. Your gains will all be for nothing, once a single tomato costs you $100 at the local bodega. Your neighbors will eat each other for sustenance and your investments will be worth quite a lot because your national currency will be debased to nothing.

BEHOLD a Carnivale of perfidy, the Great Big Titted Commodity Super-Cycle is upon you.

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Closing Out the Week a Loser

My MTD gains have been reduced to just +30%, following a week of tumult — which fleeced me for 325bps. I cannot say for sure what was the prime mover in my disconnection from the Matrix, but I will insist upon success next week and for the foreseeable future, in order to cleanse myself from this feeling of fail.

The spectacle of having to endure losses is something I am not accustomed to in recent days — but know full well the manifestations of momentum and when one loses his initiative in markets.

Intra day, I weighted into more traditional names focused on inflation and trade with China. I have numerous speculative positions on, one of which is a 15% weight. My intent is to be reckless because failure is often met with desperation. I know how this story ends, since I have played it out innumerable times. But in the midst of the heated moment, it always feeeeeeels different.

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No Crash, Just a Slump

I closed out my SQQQ position shortly after 4am. I’m experimenting with trading at that time. I view it mostly as an advantage to the plebs who have to wait until 8am. I was able to save money on that exit.

Markets are straight up this morning but I’m still managing to lose coin, off by 50bps. I’m mostly cash and the stuff I have simply isn’t working. I need new stuff, but really don’t feel like it. Maybe later.

I’m up 119% YTD and have traded like a lunatic for months, so maybe I’m a little mentally stupid now, sort of mean reverting back to pedestrian.

My quant and other accounts are sharply higher, all except my trading. I’ll get around to it later today. Perhaps after a pot of coffee I’ll feel enamored by it again.

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CRASH EEEET

Small Caps were de-legged today, off by 3%. The world kept spinning and mega caps barely felt the difference between today and last week. All the while, the disruption in momo stocks has taken on a 3rd day. Some might argue that this time will be no different from before. I ended up down 200bps, in spite of having 50%+ cash the whole day. I made a quick sojourn into LGHL at a 15% weighing and came out +11%. If it wasn’t for that, I’d be down more than 3%.

Into the bell, I hedged via SQQQ, another 3 times the size position. I did this, not because I wanted to hedge, but because I want the market to crash.

Now my timing on inverse ETFs has been perfect as of late, perfectly dreadful. Each and every time I buy — market places the bears onto a skillet and SEERS them. To be honest, I expect nothing different this go around. Nonetheless, I remain steadfast in my ability and willingness to bet against this market every single chance given to me.

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An Update on my Crypto Holdings

Bears think it’s over. Bulls think we’re pausing. Ethereum just doesn’t give a shit. The move in cryptos is palpable and you’d be insane not to recognize all of the hallmarks of a move about to head into hyper-drive. Having said that, I’d like to reiterate my position on ETH as the dominate player for the blockchain — but also bring up a salient point about purchasing SHITCOINS.

It’s perfectly all right, especially if you’re buying into the fever and have bought into coins that correlate with major cryptos. In other words, there’s no point in being a crypto snob — thinking your project is better than the next. When we are trading asset classes we only care about making money. Along that point, there are several smaller coins that correlate perfectly with ETH and offer even greater returns. I have not really delved much into them because I am a firm believer in the efficient market theory. Nevertheless, I think it’s a foregone conclusion that BTC wants $100k. At 27.5 to 1 BTC to ETH ratio, ETH will trade at around $3750 at $100k BTC. Digging deeper, I can say with utmost certainty that smaller coins like LINK, UNI, and OMG will perform even better than ETH, as we march towards $100k. Naturally fraud or something fucked up can change the dynamics — but trading asset classes isn’t complicated and you don’t need to be an expert on cryptos to understand the dynamics of fear and greed and correlation.

I have a substantial fortune in ETH, only because I am up 10x. I have smaller holdings in a pastiche of cryptos and intend on creating a SHITCOIN basket on March 1st — because, as I said before, BTC to $100k is a trivial bet at this point and nothing in the world can stop it.

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MARKETS COLLAPSE

I’ve never felt better about losing 1.5% in a portfolio that is 80% cash than I do today. Seeing the NASDAQ -200 brings such joy to my soul — because I know so many out there are suffering under the pangs of exposure and I’ll soon be able to purchase their margin calls.

Yes I know I too am losing money and BOO-HOO quite sad. However, let’s look at the bigger picture here. I’m well equipped to withstand the sand storms that approach and will be offered safe passage when the time arises. The market is now filled with rank amateurs and people like me do not like them fiddling with prices and would prefer they go back to work.

It’s very likely the market does nothing what I want and rebounds. However, if it doesn’t, just know, Le Fly will be quite pleased to make a small monetary sacrifice in order to clean the market of its excesses.

Note: ETHEREUM IS ABOVE $1900.

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