29th September 2022 > > Scam alert!

tl;dr

The Merge scam alert

Market Snap

Market Wrap

If you only looked at the lurid headlines you could be forgiven for thinking markets are all in a rout. That simply is not true, as you can from the indicators above. Sterling is virtually unchanged from the panic induced sell-off after Friday’s mini-budget and is up nearly 5% from the lows.

Curious Cryptos’ Commentary – Technical analysis (TA)

Proponents of TA do set themselves up for us all to have a laugh at.

For instance, Material Indicators stated:

“The BTC/USD chart on major exchange Binance shows brown Mega Whales dumping into BTC support to minimize slippage.”

Yeah, whatever mate. You are speaking nonsense. You just do not know anything.

You don’t even know how to spell minimise.

Curious Cryptos’ Commentary – Quantitative Easing (QE) is back in town

The CCC remains fiercely apolitical, for obvious reasons.

The Bank of England has restarted QE in the long end, coupled with the threat of raising short term interest rates.

If your objective is to cause a recession, that is the ideal combo.

…

A buyer of unlimited resources hoovering up long-dated gilts is clearly the biggest market manipulator of all time. Anyone else doing this would be dealt a very long jail sentence, but Andrew Bailey, Governor of the BoE, will simply expect a larger bonus. Real bankers, not technocrats like Bailey, who tried to manipulate the short end of the curve have been incarcerated, and rightly so.

That will not be Bailey’s fate, though perhaps it should be.

The executives of the BoE are above the law and behave as they wish.

…

Other central banks may follow suit, leading to further asset rises (the rich get richer, the poor get poorer) and a possible reversal in the dollar’s stellar performance of 2022.

This uncertainty created by QE – and associated Modern Monetary Theory aka Magic Money Tree - distorts markets in ways which are very bad for everyone.

Except for those who are crypto enthusiasts.

Curious Cryptos’ Commentary – Scam alert

Users of MetaMask may receive the email shown below.

The link takes you to a webpage that asks for your 12-word secret phrase for your MetaMask wallet.

Anyone doing so will IMMEDIATELY lose all their funds from that wallet.

Anyway, I filled in the form and clicked submit with the following 12-word phrase:

“you ****ing scumbag scammer we all hope you die painfully and soon”.