Thursday, January 3, 2019

BitMEX REKT me - and it will probably REKT you too...

If you've been active in the crypto-sphere for more than a passing moment you'll likely at least have heard of BitMEX, the popular crypto-trading exchange that allows its users to trade with up to 100x leverage.  On popular cryptocurrency like Bitcoin, and Ethereum.

And having heard the stories of REKT from almost everybody and their mother in crypto, most all of which had resulted in the telling of loss of considerable funds at the hands of Bitmex's liquidation-engine, I'd always steered well clear of the exchange.  Until I didn't.  


Buying into the whole "you're not a true crypto degenerate until you've been REKT at BitMEX" philosophy, while high, drunk, and flush with a little BTC to spare from a recent profitable trade, I finally ventured over and decided to give it a shot, to see what it was all about.  And needless to say, like a fool, I was soon parted from my hard-earned profits...


High-Leverage Bitcoin Trading

Being able to trade with multiples of the stack you actually possess is addicting, and dangerous, in equal measure.  The potential rewards near unlimited should you succeed in beating the system, but your chances increasingly slim, and your chances of being liquidated, and losing you stack entirely, increasingly strong, the higher the leverage you choose to "gamble" with.  And after starting off tentatively for the first hour or two, it wasn't long before I was clicking the x25, x50, and x100 leverage options for my trades like a maniac, despite my better judgment.  Like a kid in a Bitcoin-candy store.  With my first few high-leverage trades paying off handsomely.  With BitMEX, like a meth-pusher offering free-samples to reel me in.  Before swiftly, shortly after, doing a complete 360, ridding me of all my precious BTC, effortlessly, before booting me out into the alley to give hand-jobs to old men, like a crack-addict, in a desperate bid to try and recoup some of my lost coin - with which to get back in the game. 

Ultra-Kill


While mine were losses sacrificed to the God's of crypto, going long on BTC high-leverage, while everybody else was shorting, an offering, and a show of faith.  If you follow the BitMEXREKT bot over at Twitter, or within BitMEX's troll-box, you'll witness people losing sizeable stacks all-day long.  With such catchy annotations as "Ultra-Kill", and "God-like".  To further pour salt upon open-wounds.

Meaning that while BitMEX can be a useful platform for the more seasoned and conservative traders to take advantage of the exchanges volume to maximize profits on lower leverage, or no leverage at all.  BitMEX, seems to be intentionally designed to rid "noobs" of their crypto.  Enticing with the promise of fat-gains, but almost always taking from you everything you'd care to risk (and/or have).  With many believing that trading on the platform is powered by A.I. designed for this specific purpose.  Something I can seemingly attest to having endured watching BTC dip literally one dollar below my liquidation point, before in the very next moment shooting up $500 bucks in a giant green candle, to in turn liquidate the highly-leveraged shorts.  


A True Crypto Degenerate

Regardless though I had some fun, learned something about myself, and arguably more about trading in the day or two I spent there, than I did elsewhere in years of trading.  In particular, my weaknesses.  My losses, while not entirely-insignificant, were bearable.  And reportedly, for what it's worth, I can now finally wear the stripes of a bona-fide crypto-degenerate proudly, and without fraud.  Bruised but unbroken.  And while I won't personally be heading back there any time soon, should you wish to test your own metal in the baptizing flames of crypto degeneracy, reaching for mad-stacks, and likely losing all...

*don't do it.  

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