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
20,951 Blog Posts

Bitcoin Flash Crashes, As Leveraged Bets Get Washed The Fuck Out

100:1 leverage bets got BTFO this evening, as BTC flash crashed from 60k down to $51k in a matter of minutes. The event was surreal and it took everything down with it. ETH touched down under $2k and I had the opportune to buy more. The alt-coins got submerged in shit and are still dragging lower.

Why did this happen?

You can thank DOGECOIN and the entire SHIT-COIN complex taking off in recent days that defied logic. Into this recency rally, BILLIONS were leveraged — the largest in history — causing the sell off to cascade and snowball. The dislocation in BTC was most representative by the price fluctuations between the exchanges. BTC was trading $2k higher on Coinbase than on Robinhood tonight. Almost every exchange has lower prices than Coinbase. Litecoin went from $290 to $220s in a matter of minutes and then short-squeezed the fuck higher to $295, only to then slide back lower.

What happens next?

If this were a stock market flash crash, I would all but guarantee a retesting of the lows. This isn’t the stock market, so my confidence level isn’t there to make such a prediction. I will say, without doubt, there is now PRICE MEMORY above here, as normies got blown the fuck out tonight and just want their money back. They’re not used to major paper losses and do not want to see the lows again, so they’ll be selling over the next few days.

Bottom line: if you’re like me, buying every first of the month like a robot — this sell off is a gift. We buy more ETH and we’ll trade some SHITCOINS when the momo comes back. I saw this coming and the sell off was warranted — but it’s not over yet.

If by Tuesday we are back above $60k, you can declare the worst to have passed. If we’re wallowing in the mid $50’s — beware of another rug pull.

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“But the Money is Real”

Countless retards have made small plebeian fortunes long DOGECOIN, following Elon Musk since the Super Bowl, enamored, elated even, with themselves for being so clever. I am not one to scoff at the idea of making coin off dumb things — I do so every single day. But this is a new form of dumb, buttressed by the idea of “never selling”. To have “paper hands” is to be weak and also gay. Well, I must admit, this is a brand new shock to my system — the evergreen on these idiots will survive their fortunes — believe me.

“ONE IN THE HAND IS BETTER THAN TWO IN THE BUSH” was a mantra I grew up on — by people who built wealth the old fashioned way — stock market chicanery. The idea of keeping DOGE because, well just because, is plainly dumb but also it REINFORCES the idea that this party we are in now can last forever.

LET ME REMIND YOU OF CHAMATH.

The SPACs were a great idea. How could you lose? You invested in XYZ because the CEO of XYZ had lots of cash and he was going to buy an EV company or a solar company and you’d all being sucking dicks and drinking champagne for eternity. Until it ended and now you’re just left holding your own dick.

Presently the weakest amongst us are embedded in the crypto space. We are talking about kids who don’t know the difference between BTC and DOGE — just long because it’s fun and because it’s trending and because WOW OMG THE DOG LOGO IS SUPER COOL.

Fuck you and fuck your investments. I will see them down 90% and then chuckle at the tragedy, as you figure out ways to pay down the credit card you borrowed from.

A harsh reckoning is coming for all of you. Brace yourselves, as your stupidity is about to get checked.

In other news, BTC will still touch $100k in 2021.

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I’M BACK

And already Mrs. Fly is planning out a new vacation. I had gone years without being disturbed and now it seems I am being uprooted every month. In the end, all I want to do is trade. Speaking of which, I made 27bps while away. For the week I shed 76bps, really nothing.

Charleston is an unbelievable city. I will be moving there at some point in my life, for sure.

In my crypto trading account I went to 100% cash. I cannot think of a more apropos time to liquidate it, seeing DOGE and LTC and BCH shoot thru the roof. The fact is, the cryptos on the Robinhood app have been acting suspiciously. That’s such a fucking God damned piece of shit company. Who know’s what they’re up to over there — handwringing and such, but I know it’s illegal. The CEO should be tossed into jail forever.

I’m exhausted after driving for 6 hours. After driving for 6 hours, I went grocery shopping. The glamorous life of Le Fly is without boundaries.

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The Crypto Rally Has Taken on a Perverse Turn

It’s one thing to HODL and shoot for the moon — but an entirely different thing for it to happen.

Over the past 24 hrs I’ve traded in and out of DOGECOIN successfully about 5 times. My wife and son have traded it, all for “free money.” The coin has spiked from 7 cents to 24 cents and it’s all fun and games. I have traded in and out from 4 different coins today, all for extreme profit. Over the past two months I started buying MKR, AAVE, UNI, LINK and REP to go along with my monstrous ETH position. Go ahead and take a look at what those are doing — MKR up more than 50% the past day.

If this were the stock market I’d be screaming to sell. But to be honest, I really do not have a feeeeel for what cryptos will do next. This run is parabolic of course, but also enticing to plebs. At dinner this evening, in Charleston, I heard a group of young punks discussing their SHITCOIN portfolios. It is pervasive and global.

No one ever talks about why these coins are going up and what revenues these elaborate science projects are expected to make. The vast majority of people are amateur technical analysts, shit-buying shit coins based on shitty ideas — myself included. Over the past year my crypto account has risen by 1,200%. What started out as a joke and a complete experiment is now real and from time to time I begin to believe in the hype — because recency bias is a powerful tonic.

Nevertheless, I assure you this cannot last.

Aside from that, I made 173bps in the market today, left Savannah for Charleston and will be concluding my “fun filled” family vacation with my angsty uneasy children tomorrow, heading back to NC where I will continue to toil about and work hard to get Stocklabs to the people next week.

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To Hell With Stocks — I’m a Crypto Guru Now

I took a bicycle tour of Savannah today, on one of those big barreled assed beach cruisers, mingling with the plebs from here and there — taking a view of all of the fancy houses. Oh how wonderful it was to imagine SLAVE QUARTERS and Cotton Barons traversing antebellum Savannah, ordering their blacksmiths to make their iron decor even more ornate. It’s a funny thing about the south — had slaves once upon a time and made money off people and today they still make money off those people by telling their stories. I can’t help but to feel slightly uneasy about the order of things in both Savannah and Charleston. Might I add, the only black folk I see here are either homeless or roaming around on drugs, or catering to people inside antebellum era eateries.

We depart for Charleston tomorrow and I can honestly say Savannah is one of the most beautiful cities I’ve ever seen, specifically because of the live oak trees branched out far and wide, festooned with Spanish moss. I have never seen anything quite like it — but the city on a whole borders on being one giant shit-hole.

On the issue of investments, I shed 140bps today, as the NASDAQ poleaxed into the afternoon session. I was not around to stem any tides or make trades to improve upon my position. I did, however, execute numerous crypto trades — all for extreme profit.

I bought a bunch of DOGECOIN before a shower and sold it after I came out for a $2k profit. I bought and sold XLM for +20k. I made coin in my core holdings — based around ETH now about $2,400. I had a massive trading position in ADA — booked a gain in that too. I am presently long a lot of MATIC — and I intend to book gains there as well. I’ve always hated the idea of certain alt-coins and recoil with embarrassment when hearing novices discuss their crypto ideas and strategies. Nonetheless, this is like how people used to talk during the stock market early days of the 1800s or early 1900s. No one knew what the fuck was going on, other than price. Eventually it all shit the bed and people FESTOONED themselves all over the pavements, amidst lost fortunes and shattered egos. I, however, do not value money too greatly. But I want to collect as much of it as I can.

There are many crypto gurus out there — but most of them are shit-tiered technical analysis retards who do YT livestreams discussing the next moves for Bitcoin and Cardano. I am here to tell you we are in a parabolic hyper-move in an asset class that is understood by none and the sky is the limit — but it’s all predicated around confidence. When that vigor dissipates, you will be left holding a horrible bag of flaming shit.

So take profits fast and do not be afraid to book losses, even though the HODL mantra has been something of a marvel when it comes to sage advice.

My concluding thoughts on cryptos is simple:

There isn’t a chance in hell BTC doesn’t bust thru $100k this year. At 30:1 ratio, ETH will be north of $3500. I suspect many of your alt-coins will be 100-300% higher. You will feeeeeel wealthy — but remember you can’t buy a wife in Decentraland and your kids’ college tuition cannot be paid with BTC.

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CRAZED BANANA RUN UNDERWAY IN CRYPTOS, PLUS VACATION UPDATE

Do not fuck with me, as I am an ethereum millionaire who possesses the foresight to understand the trends and also the lines and also all of the others things that make for a great investor. I both HODL and trade because I am man of multiple tasking abilities and someone, I might add, who is involved in this moment of grande asset collections and rising of the olde net worth. I will have you know, as it may be, that I also have warmed to the raping city of Savannah, in spite of its numerous indecorous troglodytes sifting throughout the city, especially around the edges. I had toured the cemetery and I must admit it was the finest cemetery experience I’ve ever had, even though it’s entirely morbid to say so. To drive thru Bonaventure cemetery is a disservice. You must walk through it to understand the experience I speak of.

Presently I am long ETH, LINK, MKR, AAVE, REP and have a large trading position in ADA. I do all of this because I can and I will continue to do it until it stops working.

On the other hand, while I was away traversing the garbaged streets of Savannah, I made 53bps in my brokerage — mostly due to my FNGU position. Stocks in comparison to cryptos are boring now — but we beat on, boats against the current, borne back ceaselessly into the past, hoping for an effervescent magnificence to shine through all of the black smoke shrouding stocks from its former glory.

With regards to Stocklabs:

We are operational. Our thousand plus members are inside testing it out and enjoying its many comforts and space aged tools. Since I am on vacation, we have delayed beta trials until next week. During this period, we are NOT accepting new Exodus members. If you want to try SL for free for 5 days, sign up to the beta and wait for your invite. We have two pricing tiers, one for basic and another pro — ranging from $59 – $99 p/m. The project started two years ago and it has exceeded everything I ever wanted it to be; but the work isn’t done. Unlike every other fuckhead who attempts a data platform, I have the pedigree and the expertise to make it work for real and trade for a living and make tools for my trading, not to appeal to retards from Twitter. The markets haven’t been great the past month. But, I find solace in knowing I have traded great before and will trade great again. Nothing you will ever learn can replace the fish I serve on a daily basis and no one can ever match my indomitable command of market trends; but I will never teach you anything on purpose. So if you’re looking for a place to chill and learn, fuck off.

Back to the streets of Savannah.

Ciao.

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The Vaccine, FANG, Wheeled Chaired Vampires, and $ADA

The more I use fancy Airbnb’s the more I miss hotels. Unlike Airbnb’s, hotels are run by professionals who understand how to clean and keep things in order. Plus you don’t have to deal with homeless men haranguing you for spare quarters whilst trying to unpack your shit at 10pm in the dark.

I’m only buying FANG stocks now, own a massive ADA trading position in cryptos, and have negative feeeeeeelings against the vax. The market is shit, overall, so I’m opting for the biggest capped tech. The cryptos markets have busted loose, so I’m opting for a high beta big cap approach to crypto. The COVID-19 virus doesn’t scare me, because I’ll never get it and the vaccine all but guarantees I’ll get sick from the vaccine so no thanks.

See bro, it’s not about trusting the science, because I do. It’s also not about being scared of needles, because I’m not. I just don’t care that much for elderly fat fucks. My uncle died from COVID, BUT we weren’t allowed to see the body and NYC swept him into one of their mass burial programs, so I assume he was a crisis actor and is now living somewhere nice amidst plush scenery.

If you get the vax, great for you. You’re doing your best to herd yourselves into the barn so that society can get back to stuffing their fat fucking faces with donuts and living out weakly late into their 80s, draining the youth of their future, like ancient vampires in wheeled chairs. I respect your decision to vaccinate yourselves and willingly get sick because, bro, COVID is a killer and my god the death toll is nothing less than staggering. We haven’t seen a death toll like this since the Black Death wiped out 1/3rd of Europe and I am grateful for the “heroes” who work at hospitals for expediting the demise of so many people who would otherwise drain society like wheeled chaired vampires.

Nevertheless, I’m still not taking the fucking vaccine…bro.

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I’ve Arrived at my Destination, Entreated By the Homeless of this Vagrant City

Perhaps in the morning I will warm to the boarded up building I parked my rented minivan in front of; or I might begin to enjoy peanut butter and jelly chicken wings and panned cake tacos of fried chicken and strawberries FESTOONED with white sauce on it. I can eagerly report back to you that General Sherman would’ve done the citizens of Savannah a great mercy had he decided to simply burn the town down and salt the earth.

I do enjoy to look upon the SPANISH MOSS’d trees and the old buildings made during an era when people cared about craftsmanship. However beautiful this city may be, it is crawling with potential rioters and homeless men of a sordid demeanor, reeking of cheap gin. I would be wise to leave. However, I am stuck here for several days, before heading back to Charleston for a day, in this Airbnb that looked much better in the photos, domiciled in one of the less than savory parts of town. My wife wanted to accompany me to park the car, for fear I’d be shot and then robbed. I told my daughter “if that should happen to me, it’d make for a fine origin story for you to become Batman and then seek vengeance on the city of Savannah and finally burn it down.”

Maybe tomorrow will be better.

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Bubble Stocks in FREEFALL As Fly Vacation Looms

Here we go again. I leave for enjoyment and markets collapse thru the floorboards. It’s the age old tale that keeps repeating itself, haunting me as I traverse this plane.

I sold all of my down stocks this morning in attempt to stem the tide. Too late, already down 160bps. Both cataclysm and doom is around the bend. I am tempted to trade, but should not, as I will be on the road for the next 5hrs.

I can do nothing now but watch, as I sink into oblivion or rise due to miracle.

I am 67% cash, halfway angered, halfway amused by the circumstances of the market. If we are following the 2014 pattern, we bounce hard in May and then collapse again. The overall market is fine. The problem we have now are within the once very fun and very overvalued bubble stocks.

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CRYPTOS BUST LOOSE!

There has always been some confusion about my writing and now my tweets. Some believe it is simply a wanton display of bias or talking my book. Nothing could be further from the truth. I’m well past the age of giving a fuck and I really have no one to impress. While I’ve never reached BILL HWANG levels of success, I’m somewhat content with my level of work and now just spend my days and nights either trading, building Stocklabs, or creating fear into the hearts and souls of everyone who reads me. Through this fear, you will begin to be hardened and when the fires come, and they will come believe me, their blazing malevolence will not engender any emotion inside you. You will be prepared, all thanks to yours truly.

My writing is my writing and my trading is another thing, always has been and will be.

On the topic of ETH, I’ve been the most bullish on this crypto for over a year now and have amassed some massive gains thru my monthly purchases programme. I’ve expanded that program in Jan, 2021, to include other alt coins: REP, AAVE, LINK, UNI, and MKR.

Presently I have trading positions in EOS and MANA, as well as a small one in STOR. I had one in BSV, but sold it at 6am today. As you can see, I keep myself quite busy.

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