Blog: Secrets of the Bitmex Masters is the fourth instalment of the Cry...
by Neil Cummings

Secrets of the Bitmex Masters

But it kept reappearing in my mind. It was a hit with all of the wealthy traders I met. Some people just traded it. And my students wanted me to tell them what I felt about it and whether or not they should do it as well?

Date:   5/18/2021 5:36:26 PM   ( 4 mon ) ... viewed 42 times

“Are you Mexican?” 
As the sun set in the late summer twilight, I heard those words whispered to me on an elite crypto trader website.

It sounded like the drug dealers' chant from when I was a kid at NYU and they used to chase me around Washington Square Park.

“Smoke?” says the narrator. Is there any smoke? Hello there. Do you take a cigarette? You're Mexican, right? ”

Pablo is curious if you are Mexican.

I locked my gaze on the monitor. Was he just attempting to sell me drugs over a trading channel?

“What in the world are you on about?” ” I declared.

“Mexico. Do you have a Bitmex account? ”

“What is that?” says the narrator. ”

“It's a conversation.”

“All right. So, what's the point? What makes it so appealing? ”

“It provides up to 100 times leverage.”

“You're f**king insane.”

“It's true. It's sort of like that, but it's still a little addictive.”

And that was the last time I considered it for a while.

But it kept reappearing in my mind. It was a hit with all of the wealthy traders I met. Some people just traded it. And my students wanted me to tell them what I felt about it and whether or not they should do it as well?

It was incomprehensible to me. Why would anyone use a leverage factor of 100?

When you're only buying and selling in the wild west of crypto, it's difficult enough to control your risk. With a lot of leverage, the danger is amplified to frightening new heights.

I became even more suspicious when I overheard traders discussing being liquidated as though it were a badge of honour.

A dealer who is liquidated has lost all of the money they put up on a single deal. Let's say you put 10 Bitcoin on the line with a 10X leverage. When you place a trade on Bitmex, you will be given a liquidation price. If the market turns against you, it can really turn against you. You just vaporised those 10 Bitcoins if you hit the liquidation price.

That's a 100 percent loss if you're not paying attention.

To me, that didn't sound like trading. It seemed to be a game of chance.

And, despite my belief that all trading is gambling, there are good casino games, such as poker, where you can even the odds with the house, and poor casino games, such as slots, where you might as well just set your money on fire to save time.

Mex looked like a slot machine.

Nonetheless, I received an increasing number of requests to investigate Bitmex and give my thoughts on the wildest exchange in the wild west. I began asking around to see if the hype was justified.

What I discovered piqued my interest indefinitely.

So join me as I lead you down the rabbit hole of offshore tax havens and mega crypto whales wreaking havoc on the world's poorest traders.

We'll also go through the tactics you'll need to thrive on the world's most advanced and efficient crypto exchange.

In the Indian Ocean, there is a tiny island.

But, before we go any further, let's start with some bad news.

Unfortunately, Bitmex is not open to traders in the United States.

And, yeah, I'm aware that people do it in a variety of ways, but I'm not here to show people how to violate the law. It's entirely up to you if you want to do so. You can find me on Reddit or 4Chan, but don't bother asking me because you'll get the cold shoulder.

Because Bitmex is based in the Seychelles, a tiny island nation in the bright blue of the Indian Ocean that doesn't bother with the kind of strict laws that the rest of the financial world has come to love and loathe, the exchange is closed to US traders. There are no minimum capital requirements, no audits, and businesses pay no income tax in this jurisdiction.

Oh, and they don't do KYC, or Know Your Customer, the pernicious and inconvenient legislation enacted around the world as anti-terrorism fever swept through the world's legislative bodies.

If the Seychelles sounds like a place where the super-rich hide their wealth, that's because it is: a top-tier tax haven.

Of course, despite the sensationalism of the Panama Papers and other high-profile leaks exposing the intricate network of financial instruments used by the wealthy and famous to hide their assets, not every business or person who puts their money there is a criminal. The wealthy are simply better at playing a high-stakes game of finance. Almost every individual or organisation on the planet would love to take advantage of the tax cuts and legal loopholes that the world's wealthiest use on a daily basis.

And don't get me wrong. I'm not denying that there are horrible and hideous people hiding money in tax havens around the world. There are, of course. That is a well-known fact that no one can dispute. That is to say, not every business that operates out of a tax haven is Evil Corp.

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Secrets of the Bitmex Masters  4 mon

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