How to go full yolo degen with your bitcoin

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Updated: August 15, 2020

Now that you have bought some bitcoin what are you going to do with it? You could Hodl and wait for number go up. Do you want to do that? Do you want to just wait sitting on your hands waiting for the bitcoin number to go up or do you want to use your bitcoin in the new degenerate realms that it offers of shitcoins and high leverage trading, and when the price is not moving 10 leg parlays? Where do you get these “shitcoins” and WTF is a bucket shop? Let me take you to the bucketshop, time for you to prove you’re not a loser, no leverage you ant gonna get her.

What the fuck is leverage?

It is hard to open a bottle without a bottle opener, the bottle opener uses leverage to multiply the force and pop goes that top. If you have one bitcoin and trade with 10x leverage, you are trading as if you have 10 bitcoins. If you have one bitcoin and are trading at 100x leverage that means you are trading as if you have 100 bitcoin. If the bitcoin price is 10,000USD and you have one bitcoin collateral in your account, and you make a trade at 10x long and bitcoin goes to 11,000 you now made 10,000$! If the bitcoin price is 10,000 USD and you make a trade at 10x long and bitcoin goes to 9,000 you now lost 10,0000 and have zero in your account, you are rekt. This is how leverage works, cheapish?

What the fuck are Shitcoins?

A shitcoin is anything that is not Bitcoin, yes Ethereum is a shitcoin don’t get your panties in a bunch. It is not some kind of bitcoin maximalist manifesto, it is just trader slang for anything but bitcoin. Shitcoins are the penny stocks of crypto, in this modern age of crypto there are small-cap and large-cap shitcoins. Even large-cap shitcoins can be very volatile and low cap shitcoins are the ones that can go 100x either direction. Don’t forget, if you don’t sell you never made a loss, said the bagholder.

What the fuck is a bucketshop?

A bucketshop is a self-mocking word for a place where you can do some serious high leverage trading. A place that “serious” investors mock, a place where degenerates are welcome. In short not only can you trade bitcoin here, but you can trade stocks, Forex, indexes, gold, silver, etc all using the derivative form CFD. In short a way to bet on all these things with up to 500x leverage, yes 500x leverage. You think Trump is going to pump the US stocks and you want to jump on the ride at 500x leverage or you want to short the world in your version of the big short, this is where you do it.

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