THE CRYPTO DUMPSTER FIRE

 

“Blue pill on your left! … Red pill on your right … never a dull moment!”

In my entire professional trader life, which spans decades, I’ve never seen a

more crowded trade, a more overbought trade, a trade with as much “hopium &

hype”, than what is currently being seen in Bitcoin [BTCUSD] … I thought peak

idiocy came back in late Summer when gold went over $2,000 and the spec

public couldn’t get enough … y’all know what happened next! … hell, that’s a

“Boy Scout picnic” compared to crypto … there’s a crypto analytics firm out

there, that according to their most recent data from only a couple of days ago,

98%+ of ALL e-wallet addresses in BTC OWN BITCOIN WITH A PROFIT! … “yup,

I’m pretty sure all of ‘em will make for an orderly exit when that moment comes”!

… and that moment gets closer & closer every 5 minutes … cuz here’s the dirty

little secret about crypto … before the “whales” take it down, the take it up to sell

to you, and when they want to buy, first they take out support on every chart you

can pull up so you hit the sell button, then back the truck up and buy the living

shit out of it … and after they get all the BTFD-ers to pay outrageous bid/offer

spreads and let them make a little coin on some bounces, they move in for the

kill, and one of these “dead cat bounces” is gonna turn ugly quickly, and that

$3,000 drop we saw on Thanksgiving will look like mild “profit taking” [thank

you Bob Pisani, CNBC perma-bull hack], and a whole lot of $600 “FREE” money

from “da Gubermint” just got handed to stronger hands.

Now, it could come in 5 minutes from now, this weekend, or it could come at 30K,

40K, or even 50K+ if we get there … who knows? … but the longer this

“Chumpfest” of every single frickin’ day going up 3%+ in BTC lingers, the worse

it’s gonna be on the downside when literally everybody hits the exit gates at the

same time … any guess where Turnkey’s scumbag HFT LP’s in crypto will make

the bid/offer spread when that moment comes? … you think $300 is bad news

when you want to get off the BTC train, just wait, it’s got the potential to be a

whole lot worse than that … and all I gotta do is remind people of Ripple

[XRPUSD], which lost 70% of its value within a week … granted much different

circumstances cuz of idiot Government, and quite frankly Ripple execs should

have known better than to give the middle finger to the finance arm of the

“Deep State”, and attempt to replace U.S. banking with ODL [on demand

liquidity] … think JPM or Squid was just gonna sit around and accept crypto

victory over 1950’s high fee banking? … bullshit, anybody with a fucking brain

knows the SEC action is prompted by pure financial politics … and that’s what

they get for being inside the U.S., where only Dopes still think it’s a

“fair & honest” system … in other words, they were “centralized” inside the

U.S. … meanwhile, BTC, ETH, and a host of others are ALL decentralized and

are everywhere but nowhere, giving the middle finger to the likes of the SEC

and all the other corrupt alphabet soup agencies with agendas.

Today sees the “Chuckleheads” BTC puke in Asia to the tune of $1,000+ in

seconds, only to rally all the way back up to the highs so they can pull in

European & U.S. traders, cuz they got “buy signals” … oh, you got a buy signal

all right, right straight from the folks who planned all along to give you all you

wanted … then the trap door opens up, panic sets in, spreads go “bat shit

crazy” in every pair, and have a nice New Year’s Eve … nothin’ like 2 times in the

same day! … oh, and thanks for picking up tonight’s champagne tab along with

the little weenies wrapped in bacon … “Hoover Dam” we love those things!

I could post more tick order boxes, but today isn’t any different from the entirety

of the whole week … yes, when SHTF all of the bid/offer spreads in BTC go

“bonkers” … however, at PHEMEX the cash spot market goes back to $4 - $9

very quickly, while Turnkey stays at $50+ … even now, a full hour plus after the

“Thelma & Louise”, the bid/offer spread at Turnkey is over $40 and PHEMEX

spot rate is hovering around $7 - $8 … sure, pony right up an click that button,

I dare you.

And while gold isn’t doing “Mr. Jack Squat”, there is some inverse correlation

between crypto’s meteoric rise and the U.S. Dollar going down … and before

crypto pairs even started their decline today, EURUSD [and to some extent Cable,

although Cable is the wild stallion of FX and doesn’t really correlate well with

anything] was weak and couldn’t hold any rally … something to keep an eye on

as we head into 2021.

All of the crypto pairs at Turnkey today, once action picked up, a complete joke

… “OK, lemme get this straight … even in LTCUSD, I can trade it and GET PAID

AT PHEMEX, while their “open order book” platform rarely ventures more than

$0.15 cents in the bid/offer for perpetual futures contracts, and if I want to trade

“spot”, the bid/offer is almost always under $0.10 … and you want me to trade

LTCUSD at your dumb ass house, with $0.50+ bid/offer spread PLUS SLIPPAGE

… seriously, some days I think they’re on crack … now, if you can keep it around

$0.15 or so ± a couple of pennies, I can trade it at Turnkey … but looking at the

order ticket tick chart, your quoted spread of about $0.17 currently is a FRAUD

… with slippage in the bid & offer from your thieving LP’s, the spread is at least

$0.30 - $0.40 cents, and if SHTF and market conditions get a bit “messy”, that

spread goes out to almost a full $1.00, as this morning proves … meanwhile, it

stays the same at PHEMEX, and you sit there and are incredulous when I call

them thieves … “WTF bro, you gonna believe me or you lyin’ eyes”!

No trades today in the TURNKEY PAMM / MAM.

No crypto pair they offer is stable today except very early on after the

“Chuckleheads” did their thing and donated a final payment to the crypto market

for 2020 … quite frankly it’s a sick frickin’ joke … eventually, nobody trades it

and the HFT’s are forced to lower spreads, but only when dumb ass specs finally

realize they’re being had … today being New Year’s Eve, I didn’t want to venture

into FX, where it’s obviously “end of year” as well as “end of quarter” and the

flows can be quite haphazard & disjointed as institutions of all stripes close the

books for the year & quarter and position square their holdings … no ranges to

speak of in either Cable or EURUSD, so it’s not like I’m missing anything, and in

prior years I most definitely wanted nothing to do with New Year’s Eve FX trading.

Now that Cable has finally seen the end of the dreaded BREXIT, GBP can get back

to being the orphaned & wild “Widow Maker” it always has been before this 5 year

saga of complete bullshit started and now has ended … quite frankly I’m amazed

anything got done … I guess they finally figured out which POLS & Apparatchiks

are gonna see a drop in graft, bribery payments, & overall corruption and take

less Bitcoin in their e-wallets … so while Cable isn’t a truly “FREE” market like

crypto, it’s much better than the other major FX pairs, and with the end of this

sorry ass chapter in British finance, it’s on to screwing over specs at every turn!

… onto the madness! … of course, all of this means Cable can now be traded by

the PAMM / MAM starting Monday, if crypto keeps up with the bullshit insanity of

outrageous bid/offer spreads they’ve shown this week … so no worries

PAMM / MAM participants, I’ll be trading on Monday … and what’s truly remarkable,

is that the HFT LP’s they have in FX are exceptionally good, and their bi/offer

spreads are as good as you’ll find anywhere, along with meaningless RT

commish … why the hell can’t they be consistent?

For “The Syndicate” today, multiple “market making” trades today in LTCUSD,

and we’re UP APPROXIMATELY 0.48%

A good day with plenty of action, and even though the market was moving

“fast & furious” the spread didn’t balloon much at all even at the height of the

BTC panic move lower … the trading algorithm [MODIFIED TUNNEL TRADE [TT]

METHOD] really nailed some good trades where our bids were hit, and unlike

Turnkey, the conditions here are as good as it gets!

Remember, in order to trade LTCUSD “The Syndicate” holds dollars … can’t have

it any other way on an “open order book” platform … I’m not to worried about BTC

running away to the upside, as I explained earlier in a blog that BTC would have

to go to $5 million in the next 5 years to surpass what “The Syndicate” will make

in the same period … all without the overnight & weekend risk crypto is becoming

infamous for lately … and again I will mention, if any of my readers wants to join

our informal body, you’re welcome to come on board, simply email me for details

… I’m talkin’ those that want to participate, not those simply curious … all I ask is

that whatever you want to put in, it not be more than USD $500 … so far, we are

an informal group … when enough money is made to pay for the legal bullshit, I’ll

pony it up and we can go from there … right now, I know of no “open order book”

platforms that host anything like PAMM / MAM for managed money participation

… if there was one I’d check it out and if reasonable we’d do that … but there

aren’t any … sure, there’s an element of trust here … why, you thinkin’ I’m goin’

somewhere? … cuz here’s the deal folks … ANY platform that has traditional LP’s,

whether they are HFT’s or scumbag banks, are gonna fuck with the spreads, run

stops, and NOT honor limit orders … PLUS, for all intents & purposes, they ARE

THE MARKET, and you have no way to compete with them for trading business,

and for sure THEY DON’T PAY YOU! … so until “open order book” platforms get

some kind of money management programs going, and I know of NONE now, it’s

either join us informally or miss out … it’s that simple … and since these crypto

markets are “bigly & yuge”, we can handle the increase in participation by more

people with ZERO problems, either in terms of trade size or the number of

participants … so, it’s available, and unless Trump can pull the proverbial “rabbit

out of the hat”, the Communist Fraudsters known as “JoeMala” take over next

month, and with the plans they have FOR YOUR MONEY, I might be the “lifesaver”

of your future life! … laugh now, you won’t be laughing later.

So onto the New Year, it would be nice if Turnkey can get their HFT LP’s in crypto

to get their shit together, but only time will tell … in any event, if they don’t and

crypto becomes laughably untradeable, Cable will do nicely now that the

nightmare of BREXIT is O.V.E.R. … meanwhile over in “The Syndicate”, I’ll

continue to trade the alt-coins under trading conditions most would/should drool

over.

I’ll be trading over the 3 day weekend in LTCUSD and I’ll update results tomorrow

if I trade, otherwise on Sunday’s blog update … stay safe tonight on New Year’s

Eve and have a blessed New Year to all ...  I’m outta here … I’m full steam

ahead! … Onward & Upward!! 

-vegas

ALL THE BTC LP’S NEW YEARS EVE CHAMPAGNE IN ONE M1!

 

“Use a sell stop they said … what can possibly go wrong in Bitcoin?!”

Welcome to crypto trading, where the thieving never stops, even after they set

bid/offer spreads to such outrageous levels, and they still fuck you without so

much as a kiss! … nothing like a $700 powder brick right in the face, where any

& all sell stops got filled at the bottom … and if you’re one of ‘em, congrats cuz

you just paid the tab for these scumbags New Years Eve champagne … “oh, we

filled you a little lower too, cuz we all like those weenies with bacon wrapped

around ‘em for munchies … thanks & come again soon”!

Say whatever you want, but they made off within 90 seconds more than most

people make in 10 years, and it’s all brought to you by “fair & honest” markets

from your friendly HFT, where increasingly the evidence mounts they’re 100X

worse than the scumbags LP-ing over in “Stock Bellies” & FX … and again we

go to the order tick chart for some random bids & offers directly below.

“Oh, want to buy BTCUSD? … great, here’s a $10 up spike in the offer for no

reason cuz we can, & enjoy your fill … OH you want to sell it? … great here’s

another $10 spike lower in the bid, congrats you sold the low … and what this

proves is that the bid/offer you’re seeing on the screen as it flashes by IS A

COMPLETE SCAM”! … like I said yesterday, $20 at a minimum, and it could be

$50+ if SHTF … and if you somehow think you can make consistent money

trading BTC with shit “vig” like this, they’re looking for you in Las Vegas for any

table game you wanna play!

How ‘bout ETHUSD? … directly below.

Buy it, and get filled at the offer top guaranteed … sell it and get filled at the bid

bottom guaranteed … all told almost a REAL $1 spread versus quoted around

50 cents … “these are your Turnkey “fair & honest” HFT LP’s at work thieving

their way into your account … and it’s not even busy as I write … when SHTF, the

poor dears cry, “DUH, market conditions, DUH!” and rape you even more … what

a complete scam.

How ‘bout LTCUSD?

“Well now, isn’t that drop in the bid special, blowing out the spread for what

exactly? … nothing other than pure unadulterated GREED cuz they can” … and

when attempting to trade LTC, this is the kind of shit you have to watch out for,

cuz if you’re long and it starts to roll over, don’t think for a second these assholes

are going to make a fair market … “I don’t see anything in “Liquidity Provider” that

says “fair” & reasonable fill” …  you have to SELL on the way up and live with the

consequences, otherwise you hit the sell button and get a shit fill at the bottom

bid … and when you & others are done, it goes right back up! … “thank you,

come again”! [“Pssst! … we just love those weenies wrapped in bacon”!]

And it’s been over an hour & a half since the “Great M1 Slaughter” in BTC, and

of course the market can’t exceed or extend anything even close to the tips of that

M1 clusterfark! … so Skippy, tell me how you make money with a $20 - $40+ spread

and come out alive? … cuz what’s happening now is that the M1

“Thelma & Louise” red spikes from hell on the downside, are suckering in the

Dopes to BTFD with impunity … very, very soon one of these is gonna be followed

by a “dead cat bounce” and what happened on Thanksgiving when it went down

over $3,000 will look like mild profit taking [thank you Bob Pisani, CNBC permabull

hack] when the other shoe drops … and from where I’m sittin’, the air up here in

BTC is getting awfully thin … cuz the dirty little secret is, there isn’t any warning

when it comes, and the entire world is like “deer in headlights”, with about 99.999%

of all specs long out the wazoo! 

Without some kind of impetus, sidestepping the LP crooks is a very tough battle

… it would also help if any of this crypto shit actually moved while I’m awake!

… I’m pretty fucking sick & tired of waking up every “Hoover Dam” day and seeing

algorithm moves either right before, during, or at the end of the Asian session, as

the “Chuckleheads” panic buy, then panic sell, rinse & repeat the night away, and

I’m either eating, running errands, or sleeping … and maybe we get one move in

the early European session, or an M1 slaughter with no follow through like today,

but for the most part it’s pissing me off greatly!

And speaking of being pissed off, the assclowns at TradingView are doing a

“bang up” job of getting underneath my skin … I need 5 “reputation” points to

post there with charts … “OK, how the fuck do you get these points”? … scanned

their entire bullshit website and there is ZERO … and of course, with ZERO

customer support and no email support or live chat support, how the hell am I

supposed to figure these byzantine house rules out? … screw ‘em … and unless

some of you that are now “following” me over there can tell me via email WTF to

do, my stay at TradingView is gonna be super short … what a bunch of asshats.

Quite frankly folks, what with me dealing with the “Locust Hordes” eating me out

of house & home, crypto markets not behaving while the HFT LP’s become bigger

crooks than the scumbag banks, and having to deal with all of the other hassles

in my life, it’s a wonder I don’t just walk out into the ocean and try to swim to

Europe … “oh but wait … I got FREE Gubermint money coming! … what a

completely fucked up world”!

OK, back to normal now, and you can wipe the tear from your eye … here’s a

tissue … come next week, if crypto stays “messed up” like it is now, and spreads

are the hot mess I’m looking at as i write, I’m not just gonna sit here and rot, I’ll

trade either GBPUSD [BREXIT now over thank goodness] or EURUSD for the

PAMM / MAM… cuz what we’re seeing right before New Years is complete

bullshit … maybe cuz it’s the Holiday, I dunno, but we’ll see come next week.

Again today, no trades in the TURNKEY PAMM / MAM.

I know, what is it I’m supposed to do here exactly, right? … simply nothing to do

with outrageous crypto bid/offer spreads … as I said yesterday, only LTCUSD is

anywhere near tradeable, and at times [see above again the tick chart] it goes off

the reservation and can’t help itself, blowing out right along with the rest of them

… since I hit the screen at about 4 AM Island Paradise Time [3 AM EST New York],

LTCUSD except for about 2 seconds has around a $3 range … some correlation

with BTC, especially on the downside, but BTC rallies aren’t giving any boost to

LTC, and that should make you wary of being long in this “Flying Wedge of Death”

[FWD] clusterfark inside a tiny range … you know what happens to crypto pairs

inside tiny ranges? … they become big ranges in about 1 nanosecond and

everybody not in the LP loop gets “monkey hammered” while the spread blows

out even further, and you’re either screaming blood or your winners are getting

major league short changed cuz of the highway robbery … end result is nobody

is happy … like I said, maybe it’s the Holiday period, I certainly hope so.

For “The Syndicate” multiple algorithm “market making” trades today in LTCUSD

… UP SLIGHTLY LESS THAN 0.10%

Bids & offers appear & disappear as fast as they’re posted … gee, do ya think

anybody is trying to “spoof” the “open order book” platform? … we scratched

out slight profits, but overall LTC remains thin and unless BTC does something

big, it drifts … the almost double in price since Thanksgiving is giving way to

consolidation … resistance above $134 feels formidable, but get it up there as

BTC is screaming through 29K, and who the hell knows where it ends up … all in

all, though, I’m extremely happy with PHEMEX and the range of markets offered

on the “open book platform” … almost ALL of our trades both entry & liquidation

couldn’t have been possible over at Turnkey cuz we either ARE THE BID, or we

ARE THE OFFER, and there’s no competition from scumbag banks, where we

have to always buy their offer and sell their bid to get in … that, and here at

PHEMEX, “limit orders” really are LIMIT ORDERS, and the scumbag LP can’t run

stops and then come back and say to you, “Ahhh yea, we tried to fill your limit

sell at 79 but couldn’t [even though it went to 87 bid], so we sold it at 59 for you

at the next available bid”! … seriously, what a fucking joke that is, but that’s what

you get on the MT4 or MT5 … and did I mention we GET PAID for making a

market? … does that ever happen at Turnkey? [bwahahahaha]

Checking the “spot” markets in crypto at PHEMEX, today sees BTC have $4 - $8

ranges between bid & offer, and when it gets “nutso” it balloons as well, but

comes back very quickly to that normal spread … sure makes paying $20 - $40+

at Turnkey seem like a great deal right? … sure, for the HFT LP but not for you

[again the weenies with bacon! … we love ‘em!] … over in LTC, the “spot” rate is

usually between $0.05 - $0.10, and is more consistent than the perpetual futures

contracts which see the “basis” fluctuate wildly … other alt-coins are equally

good, but ETHUSD [Ethereum] & BCHUSD [Bitcoin Cash] suck no matter where

you’re at.

I’m outta here … until tomorrow’s New Years Eve … can we just get 2020 over &

done with please? … Geesh what a shit year on so many levels … I’m full steam

ahead! … Onward & Upward!!

-vegas