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I bought $1k of the Top 10 Cryptos on January 1st, 2018 (Oct Update - Month 34)

I bought $1k of the Top 10 Cryptos on January 1st, 2018 (Oct Update - Month 34)

EXPERIMENT - Tracking Top 10 Cryptos of 2018 - Month Thirty-Four - Down -74%
See the full blog post with all the tables here.
tl;dr
  • I'll give the first one to find the four hidden cultural references some moons.
  • What's this all about? I purchased $100 of each of Top Ten Cryptos in Jan. 2018, haven't sold or traded. Did the same in 2019 and 2020. Learn more about the history and rules of the Experiments here.
  • October - BTC and Litecoin had a very good month and crypto as a whole did much better than traditional markets.
  • Overall since Jan. 2018 - Bitcoin still far ahead. And, for the first time since I started this experiment back in Jan. 2018, I'm happy to report: BITCOIN HAS BROKEN EVEN!!!
  • Combining all three three years, Top Ten cryptos is tied with the S&P if I'd taken a similar approach.

Month Thirty Four – Down 74%

2018 Top Ten Summary for October
After an all-red September, it’s nice to see a bit of green this month. Thanks mainly to Bitcoin, the 2018 Top Ten Portfolio finished October with modest gains overall.
But, STOP THE PRESS, what is that!??! Green in the “Total % Change” column!?!? Yes indeed: for the first time in 34 monthly updates, I’m happy to announce that BTC ended October worth more than the price I paid for it on the 31st of December, 2017. Although only up +4% overall, it’s been a long road: this small 2018 Top Ten victory is to be celebrated.

Question of the month:

In October, this global payment service announced it will support cryptocurrency buying, selling, and shopping through its platform.

A) Paypal
B) Square
C) Stripe
D) Alipay
Scroll down for the answer.

Ranking and October Winners and Losers

Rank of 2018 Portfolio - 40% of cryptos are drop outs
Not much movement this month, a bit strange for the 2018 Top Ten Portfolio. Only three cryptos shifted positions in October: NEM’s Top Twenty hopes seem to be fading fast (it dropped from #22 to #24); XLM picked up one spot (#18 to #17); and, much to the relief of long time crypto-ers with a soft spot for the silver to BTC’s gold, Litecoin was able to stop its freefall, rebounding back into the Top Ten nicely, picking up four spots (#12 to #8). Welcome back LTC.
Drop outs: After thirty-four months of this experiment 40% of the cryptos that started 2018 in the Top Ten have dropped out. NEM, Dash, IOTA, and Stellar have been replaced by Binance Coin, Tether, LINK, and most recently, DOT.
October Winners – For the second month in a row, this month’s W goes to Bitcoin, up +25% for the month. Litecoin finishes the month in second place, up 17% and climbing back into the Top Ten.
October Losers – For the second month in a row, this month’s L goes to NEM, down -16%. IOTA finished down -11%, the second worst performer of the month.
For the overly competitive nerds, below is a tally of the winners of the first 34 months of the 2018 Top Ten Crypto Index Fund Experiment. Bitcoin still has the most monthly wins (9) and Cardano in second place with 6 monthly wins. With another poor performance in October, NEM now has 8 monthly losses.
Every crypto has at least one monthly win and Bitcoin is unique as the only cryptocurrency that hasn’t lost a month yet since January 2018.
Ws and Ls - One coin to rule them all

Overall update – BTC far ahead and breaks even, ETH in distant second place. Dash in last place.

So here we are: point break even. On the 31st of December, 2017, I bought $100 worth of BTC (0.008) at $13,170. Nearly three years later that same 0.008 is worth $13,665. Although only 4%, it’s a symbolic victory and one that’s been a long time coming. The initial investment of $100 thirty-three months ago is now worth about $83. A distant second place, Ethereum is down -45% since January 2018.
At this point in the 2018 Top Ten Experiment, Dash is at the bottom. It has lost -93%. The initial $100 invested in Dash 34 months ago is now worth $6.52.
The 2018 Portfolio welcomed LTC back Top Ten in October. September 2020 was the first time since I started the experiment back in January 2018 that Litecoin had fallen out of the Top Ten.

Total Market Cap for the entire cryptocurrency sector:

Total market cap - back over the $400B mark for the first time in over 2.5 years
The crypto market gained about $50B in finished October over the psychologically important $400B mark, a level we haven’t seen since the end of April 2018.

Bitcoin dominance:

BitDom - growing
After a few months of dipping, BitDom shot back up to 63.1% in October. A big move, but for context, it was up over 68% earlier in 2020.
For even more context: since the beginning of the experiment, the range of Bitcoin dominance has been quite wide: we saw a high of 70% BitDom in September 2019 and a low of 33% BitDom in February 2018.

Overall return on $1,000 investment since January 1st, 2018:

2018 Top Ten ROI
The 2018 Top Ten Portfolio gained about $25 bucks in October. Despite BTC breaking even, the portfolio overall is still struggling: if I cashed out today, the $1000 initial investment would return about $264, down -74% from January 2018.
Down -74% sounds bad (and it is), but the overall direction lately has been encouraging and a nice break from the negative eighties. Here’s a look at the ROI over the life of the experiment, month by month, for some context:

2018 Top Ten Monthly ROI - Red, red, red
The absolute bottom was -88% back in January 2019.
So the Top Ten Cryptos of 2018 are down -76%. What about the 2019 and 2020 Top Tens? Let’s take a look:
So overall? Taking the three portfolios together, here’s the bottom bottom bottom line:
After a $3000 investment in the 2018, 2019, and 2020 Top Ten Cryptocurrencies, my combined portfolios are worth $‭3,537‬ ($264+ $1,660 +$1,613).
That’s up about +18% for the three combined portfolios, compared to +11% last month.
Here’s a table to help visualize:
Combined 2018, 2019, 2020 ROI
That’s a +18% (actually +17.9%) gain by investing $1k on whichever cryptos happened to be in the Top Ten on January 1st for three straight years.
But surely you’d do better if you went all in on one crypto, right?
Depends on your choice. Let’s take a look:
Three year club: BTC and ETH tied
Only five cryptos have started in the Top Ten for all three years: BTC, ETH, XRP, BCH, and LTC. Knowing what we know now, which one would have been best to go all in on?
As of this month, it’s basically a tie between BTC and ETH. Both are up +121%, (although BTC is technically $21 ahead of ETH).
So: with $3,000 USD, dropped in $1k chunks on January 1st three times in a row since New Year’s Day 2018, you would be up +121%, by going all in on either BTC or ETH.
The worst choice? At this point in the experiment, that would be XRP, down -32%.

Comparison to S&P 500:

I’m also tracking the S&P 500 as part of the experiment to have a comparison point with other popular investments options. The S&P 500 Index continued its fall from an all time high in August. It ended October up +22% since January 2018.

Monthly S&P since January 2018
The initial $1k investment into crypto on January 1st, 2018 would have been worth about $1220 had it been redirected to the S&P.
But what if I took the same invest-$1,000-on-January-1st-of-each-year approach with the S&P 500 that I’ve been documenting through the Top Ten Crypto Experiments? Here are the numbers:
  • $1000 investment in S&P 500 on January 1st, 2018 = $1220 today
  • $1000 investment in S&P 500 on January 1st, 2019 = $1300 today
  • $1000 investment in S&P 500 on January 1st, 2020 = $1010 today
Taken together, here’s the bottom bottom bottom line for a similar approach with the S&P:
After three $1,000 investments into an S&P 500 index fund in January 2018, 2019, and 2020, my portfolio would be worth $3,530.
That is up +17.6% since January 2018. Compared to a +17.9% gain of the combined Top Ten Crypto Experiment Portfolios. You can compare against five individual coins (BTC, ETH, XRP, BCH, and LTC) by using the table above if you want.
Gentlemen and lady (hello lady, I see you back there) we have a tie.
Well, not quite a tie, crypto is up .3% so crypto gets the win:
Three year S&P vs. Top Ten Crypto Experiments Combined ROI
That’s seven monthly victories for the S&P vs. three monthly victories for crypto. The largest gap so far was a 22% difference in favor of the S&P in June.

Conclusion:

October saw a bit of divergence between crypto and the S&P: crypto up, S&P down. That separation is nice to see when it often seems that crypto moves in tandem with traditional markets. Two more months left in the year. What more will 2020 throw at us? And how will crypto and traditional markets respond?
Thanks for reading and for supporting the experiment. I hope you’ve found it helpful. I continue to be committed to seeing this process through and reporting along the way. Feel free to reach out with any questions and stay tuned for progress reports. Keep an eye out for my parallel projects where I repeat the experiment twice, purchasing another $1000 ($100 each) of two new sets of Top Ten cryptos as of January 1st, 2019 then again on January 1st, 2020.

And the Answer is…

A) Paypal
Paypal announced in October that it will allow customers to buy, sell, and hold Bitcoin and other cryptocurrencies. Customers will also be able to pay with crypto at 26 million merchants on its network starting in early 2021.
submitted by Joe-M-4 to CryptoCurrency [link] [comments]

I bought $1k of the Top 10 Cryptos on January 1st, 2018 (Sept Update)

I bought $1k of the Top 10 Cryptos on January 1st, 2018 (Sept Update)
EXPERIMENT - Tracking Top 10 Cryptos of 2018 - Month 33 - Down -76%
See the full blog post with all the tables here.
tl;dr
  • First one to find the three hidden cultural references gets some moons.
  • What's this all about? I purchased $100 of each of Top Ten Cryptos in Jan. 2018, haven't sold or traded. Did the same in 2019 and 2020. Learn more about the history and rules of the Experiments here.
  • September - BTC, although -8%, outperforms the field this month.
  • Overall since Jan. 2018 - Bitcoin miles ahead of the pack, and only one close-ish to break even point.
  • Combining all three three years, Top Ten cryptos underperforming S&P if I'd taken a similar approach.

Month Thirty Three – Down 76%

2018 Top Ten Summary for September
After a rough start to September, crypto spent the month trying in vain to claw back ground. While a few coins rebounded quite a bit from the monthly lows, most ended up finishing the month significantly down. Out of the 2018 Top Ten group, Bitcoin lost the least, down -8% in September. NEM followed it’s winning August (yes, you read that right) with the poorest performance, down -26%.

Question of the month:

Which cryptocurrency exchange won approval to create America’s first crypto bank in September?

A) Binance B) Binance.us C) Kraken D) Coinbase
Scroll down for the answer.

Ranking and September Winners and Losers

Rank of 2018 Portfolio - 50% no longer in Top Ten
A lot of shuffling in September. On the upside, Bitcoin Cash and Cardano gained one place each landing at #5 and #10 respectively. Cardano gets special mention for re-entering the Top Ten.
Heading the wrong direction were IOTA, NEM, Dash, and Stellar each falling two or three spots.
The big story though, for long time crypto watchers, was the ejection of Litecoin from the Top Ten, down five places from #7 to #12 in just one month. For some context, Litecoin’s absence from the Top Ten is a Top Ten Experiment first. It is also the first time since CoinMarketCap has tracked crypto rankings that Litecoin has not been in the Top Ten.
Drop outs: After thirty-three months of this experiment 50% of the cryptos that started 2018 in the Top Ten have dropped out. NEM, Litecoin, Dash, IOTA, and Stellar have been replaced by Binance Coin, Tether, BSV, LINK, and most recently, DOT.
September Winners – Although it lost -8% of its value, this month’s W goes to Bitcoin. ADA gets second place, down -15% and climbing back into the Top Ten.
September Losers – As most probably expected after an extremely out of character victory last month, NEM came back down to earth in September, bigly, down -26%. Litecoin finished right behind, down -24% and dropping out of the Top Ten.
For the overly competitive, below is a tally of the winners of the first 33 months of the 2018 Top Ten Crypto Index Fund Experiment. Bitcoin still has the most monthly wins (8) and Cardano in second place with 6 monthly wins. With its poor September performance, NEM now has 7 monthly losses.
Ws and Ls - One clear winner
Every crypto has at least one monthly win and Bitcoin is unique as the only cryptocurrency that hasn’t lost a month yet since January 2018.

Overall update – BTC solidly in the lead, followed by ETH. Dash in the basement, LTC drops out of the Top Ten.

Even though BTC took a bit of a detour on its way back to break-even point, it is still far ahead of the field, down -17% since January 2018. The initial investment of $100 thirty-three months ago is now worth about $83. Second place Ethereum is down -49% over the same time period.
At this point in the 2018 Top Ten Experiment, Dash is at the bottom. It is currently worth $70.49, down from a January 1st, 2018 starting price of over $1,000. That’s a loss of -93%. The initial $100 invested in Dash 33 months ago is now worth $6.77.
The big story this month is LTC’s departure from the Top Ten, the first time since I started the experiment back in January 2018. Whether or not it will eventually fend off the new generation of coins remains to be seen, but it certainly is noteworthy to have one of the most well known and long standing cryptos drop out of the Top Ten. Consider pouring one out for Litecoin.

Total Market Cap for the entire cryptocurrency sector:

The crypto market lost over $35B in September and is down -39% since January 2018. The value of the overall crypto market is near where it was in August of this year, just a few months back. As painful as the beginning of the month was, looking at a table like this helps with perspective, especially if you’re panic prone.

Bitcoin dominance:

After steadily dipping for months, BitDom increased a bit in September, up to 57.5%.
For some context: since the beginning of the experiment, the range of Bitcoin dominance has been quite wide: we saw a high of 70% BitDom in September 2019 and a low of 33% BitDom in February 2018.

Overall return on $1,000 investment since January 1st, 2018:

The 2018 Top Ten Portfolio lost -$50 this month. If I cashed out today, the $1000 initial investment would return about $238, down -76% from January 2018.
September broke an encouraging upward trend, but at least the portfolio is taking a break from the -80% range. Here’s a look at the ROI over the life of the experiment, month by month, for some context:
33 Monthly ROIs on Top Ten since Jan 2018
The absolute bottom was -88% back in January 2019.
So the Top Ten Cryptos of 2018 are down -76%. What about the 2019 and 2020 Top Tens? Let’s take a look:
So overall? Taking the three portfolios together, here’s the bottom bottom bottom line:
After a $3000 investment in the 2018, 2019, and 2020 Top Ten Cryptocurrencies, my combined portfolios are worth $‭3,340‬ ($238+ $1,538 +$1,564).
That’s up about +11% for the three combined portfolios, compared to +31% last month.
Here’s a table to help visualize:
Combined ROI on $3k over 3 years - UP +11%
That’s a +11% gain by investing $1k on whichever cryptos happened to be in the Top Ten on January 1st for three straight years.
But surely you’d do better if you went all in on one crypto, right?
Depends on your choice. Let’s take a look:

ETH for the win
Only five cryptos have started in the Top Ten for all three years: BTC, ETH, XRP, BCH, and LTC (unless Litecoin can make a comeback by the 1st of Jan. 2021, it’s not going to make the four year club!). Knowing what we know now, which one would have been best to go all in on?
Ethereum, by a pretty good margin: the initial $3k would be up +104%, worth $6,118 today. The worst choice of a basket to put all your eggs in at this point in the experiment is XRP, down by almost one third.

Comparison to S&P 500:

I’m also tracking the S&P 500 as part of the experiment to have a comparison point with other popular investments options. The S&P 500 Index fell from an all time high in August, but is currently up +26% since January 2018.
S&P since Jan. 2018
The initial $1k investment into crypto on January 1st, 2018 would have been worth about $1260 had it been redirected to the S&P.
But what if I took the same invest-$1,000-on-January-1st-of-each-year approach with the S&P 500 that I’ve been documenting through the Top Ten Crypto Experiments? Here are the numbers:
  • $1000 investment in S&P 500 on January 1st, 2018 = $1260 today
  • $1000 investment in S&P 500 on January 1st, 2019 = $1350 today
  • $1000 investment in S&P 500 on January 1st, 2020 = $1050 today
Taken together, here’s the bottom bottom bottom line for a similar approach with the S&P:
After three $1,000 investments into an S&P 500 index fund in January 2018, 2019, and 2020, my portfolio would be worth $3,660.
That is up +22% since January 2018, compared to a +11% gain of the combined Top Ten Crypto Experiment Portfolios.
That’s an 11% swing in favor of the S&P 500 and breaks a two month mini-streak of wins from the Top Ten crypto portfolios.
S&P vs. Top Ten Crypto Experiments
That’s seven monthly victories for the S&P vs. two monthly victories for crypto. The largest gap so far was a 22% difference in favor of the S&P in June.

Conclusion:

September was a tough month for both traditional and crypto markets. What’s next for the rest of 2020? More volatility is no doubt to come as we enter the last quarter of a truly unpredictable and exhausting year. Buckle up.
Thanks for reading and for supporting the experiment. I hope you’ve found it helpful. I continue to be committed to seeing this process through and reporting along the way. Feel free to reach out with any questions and stay tuned for progress reports. Keep an eye out for my parallel projects where I repeat the experiment twice, purchasing another $1000 ($100 each) of two new sets of Top Ten cryptos as of January 1st, 2019 then again on January 1st, 2020.

And the Answer is…

C) Kraken
According to an official announcement in September, Kraken is “the first digital asset company in U.S. history to receive a bank charter recognized under federal and state law.”
submitted by Joe-M-4 to CryptoCurrency [link] [comments]

I bought $1k of the Top Ten Cryptos on January 1st, 2018. August update, -71%, special NEM EDITION!!

I bought $1k of the Top Ten Cryptos on January 1st, 2018. August update, -71%, special NEM EDITION!!

EXPERIMENT - Tracking Top 10 Cryptos of 2018 - Month 32 (-71%)
See the full blog post with all the tables here.
tl;dr:
  • purchased $100 of each of Top Ten Cryptos in Jan. 2018, haven't sold or traded, repeated in 2019 and 2020, update y'all monthly. Learn more about the history and rules of the Experiments here.
  • August - solid month for the 2018 Top Ten, led by, ladies and gentlemen (or lady singular, there in the back row, I see you) NEM!!!!! Up over +200% in August.
  • Overall - BTC still way ahead and approaching break-even point, ETH gaining ground, alone in the middle. NEM(!!!) finally escapes last place replaced by DASH.
  • Over three years, cryptos outperforming S&P if I'd taken a similar approach.

Month Thirty Two – Down 71%

2018 Top Ten Summary
August was not quite as strong as all-green July, but still a solid month for the 2018 Top Ten Crypto Index Fund Experiment. The gains were led by (I hope you’re sitting down for this one) (drum roll please) (you’re not going to believe this): NEM(!) which finished the month up over +200%. Really!

Question of the month:

The US Justice Department announced in August that it had seized cryptocurrency from terror groups in the Middle East. How much did they confiscate?

A) $2 million B) $4 million C) $8 million D) $32 million
Scroll down for the answer.

Ranking and August Winners and Losers

Rank since January 2018
Lots of movement this month: all but three cryptos moved positions in August and all but one (NEM!) in the wrong direction. Despite gaining in value, Dash had the biggest slide, down four in the rankings from #24 to #28. ADA fell three and has dropped back out of the Top Ten. XRP, Bitcoin Cash, IOTA, and Stellar each lost one place in the rankings. The lone exception is a big one: XEM(!) climbed an unprecedented 9 spots in August. The last time NEM was in the Top Twenty was May 2019.
After thirty-two months, 50% of the cryptos that started 2018 in the Top Ten have dropped out. NEM, ADA, Dash, IOTA, and Stellar have been replaced by Binance Coin, Tether, BSV, CRO, and most recently, LINK.
August WinnersDon’t call it a comeback, NEM‘s been here for years. Up over +200% in August, NEM crushed the rest of the field. A distant second place was ETH, up +32% on the month.
August Losers – Down -13%, ADA was the worst performing crypto of the month, followed by Bitcoin Cash, down -9%.
For the overly competitive, below is a tally of the winners of the first 32 months of the 2018 Top Ten Crypto Index Fund Experiment. Bitcoin still has the most monthly wins (7). Cardano is a close second with 6 monthly wins. Despite its blockbuster August, NEM has the most monthly losses with 6. Every crypto has at least one monthly win and Bitcoin is unique as the only cryptocurrency that hasn’t lost a month in the 2.5+ years of the Experiment.
Ws and Ls

Overall update – BTC in the lead and inching towards break-even point, followed by second place ETH. NEM escapes last place, replaced by Dash.

Although BTC didn’t make any major moves this month, it continued to slowly but surely approach its break-even point. It is down about -10% since my purchase in January 2018. The initial investment of $100 thirty-two months ago is now worth about $90.
Ethereum is all alone in second place. It had a strong August, it picked up a lot of ground, but is still down -35% since January 2018.
The big story this month is at the bottom: NEM(!) gained +200% in August, crushing its counterparts and leaping out of last place, where it was so comfortable for so, so long. Although still down -83% over the life of the experiment, it moved from 10th place to 6th place in just one month. The new king of the basement is Dash, down -91%. The initial $100 invested in Dash 32 months ago is now worth $8.50.

Total Market Cap for the entire cryptocurrency sector:

The crypto market added nearly $43B in August. The last time we saw a similar level in terms of overall crypto market cap was way back in the fifth month of the 2018 Top Ten Experiment: May 2018.

Bitcoin dominance:

After being stuck in the mid-60s for most of 2020, BitDom dropped significantly this month, down to 57%. For context, the last time BitDom was this low was back in June 2019.
For some more context: since the beginning of the experiment, the range of Bitcoin dominance has been quite wide: we saw a high of 70% BitDom in September 2019 and a low of 33% BitDom in February 2018.

Overall return on $1,000 investment since January 1st, 2018:

The 2018 Top Ten Portfolio gained about $17 this month. If I cashed out today, the $1000 initial investment would return about $287, down -71% from January 2018.
While -71% isn’t something to brag about, the monthly trend is encouraging. Here, take a look at the ROI over the life of the experiment, month by month, for some context:
2018 Top Ten Monthly ROI Summary
So, -71% from a bottom of -88% is moving in the right direction.
Or that’s what I tell myself as I cry myself to sleep nightly.
Hopefully the next stop will be in the -60% range, a level this experiment hasn’t seen in years.
So the Top Ten Cryptos of 2018 are down -71%. What about the 2019 and 2020 Top Tens? Let’s take a look:
So overall? Taking the three portfolios together, here’s the bottom bottom bottom line:
After a $3000 investment in the 2018, 2019, and 2020 Top Ten Cryptocurrencies, my combined portfolios are worth $‭3,937‬ ($287+ $1,825 +$1,825).
That’s up about +31% for the three combined portfolios, compared to +23% last month. This marks the highest ROI of the three combined portfolios since I added the metric this year.
Here’s a table to help visualize:
Combined ROI on $3k over three years
A +31% gain by investing $1k on whichever cryptos happened to be in the Top Ten on January 1st for three straight years, not bad. But surely you’d do better if you invested only in one crypto, right? Depends on your choice. Let’s take a look:

Three year club: shoulda gone with ETH
Only five cryptos have remained in the Top Ten for all three years: BTC, ETH, XRP, BCH, and LTC. Knowing what we know now, which one would have been best to go all in on, at least at this point in the Experiment? Ethereum, easily: the initial $3k would be up +160%, worth over $7800 today. The worst performing at this point is XRP, down -17%.

Comparison to S&P 500:

I’m also tracking the S&P 500 as part of the experiment to have a comparison point with other popular investments options. Defying global gloom, the S&P 500 reached an all time high in August and is up +31% since the beginning of the Experiment. The initial $1k investment into crypto on January 1st, 2018 would have been worth about $1310 had it been redirected to the S&P.
But what if I took the same invest-$1,000-on-January-1st-of-each-year approach with the S&P 500 that I’ve been documenting through the Top Ten Crypto Experiments? Here are the numbers:
  • $1000 investment in S&P 500 on January 1st, 2018: +$310
  • $1000 investment in S&P 500 on January 1st, 2019: +$400
  • $1000 investment in S&P 500 on January 1st, 2020: +$90
Taken together, here’s the bottom bottom bottom line for a similar approach with the S&P:
After three $1,000 investments into an S&P 500 index fund in January 2018, 2019, and 2020, my portfolio would be worth $3,800.
That is up over+27% since January 2018, compared to a +31% gain of the combined Top Ten Crypto Experiment Portfolios.
That’s a 4% swing in favor of the Top Ten Crypto Portfolios! As you’ll see in the table below, this is only the second time since I started recording this metric that crypto has outperformed the S&P had I taken a similar investment approach:

3 x $1k crypto vs. S&P
This is a big turnaround from the 22% difference in favor of the S&P just two months ago.
Although it’s fun to see crypto is in the lead, I’ll leave it to you to decide whether the heart condition you may develop by being in the cryptosphere is worth that +4% edge…

Conclusion:

August was a bit mixed compared to July, but still a very solid month for the 2018 Top Ten. Some interesting developments this month: Bitcoin is now within 10% of the price I paid on January 1st, 2018. ETH had solid gains and NEM(!) had a crazy month, tripling in value and finally climbing out of the basement. At the same time, traditional markets are doing well too: the S&P reached an all time high in August. It will be interesting to see how both markets perform during the final third of a very crazy year.
Thanks for reading and for supporting the experiment. I hope you’ve found it helpful. I continue to be committed to seeing this process through and reporting along the way. Feel free to reach out with any questions and stay tuned for progress reports. Keep an eye out for my parallel projects where I repeat the experiment twice, purchasing another $1000 ($100 each) of two new sets of Top Ten cryptos as of January 1st, 2019 then again on January 1st, 2020.

And the Answer is…

A) $2 million
According to federal prosecutors, the US Justice Department seized $2 million worth of cryptocurrency from terror groups in the Middle East including ISIS, al Qaeda, and the al Qassam Brigades.
submitted by Joe-M-4 to CryptoCurrency [link] [comments]

The Future of Doge Coin

Imagine being in the ocean and trying to swim ashore, but as much as you try you are still in the same spot after a while. That is Doge’s current situation. Doge has the potential to be the next big thing or for a lack of better terms the one coin that can completely revolutionize cryptocurrency. For starters, Doge has one of the most unique communities in terms of activity and size. I’m guessing that many of us come from different backgrounds and have different professional experiences. The one thing that unites us is our love for Doge. However, our community needs to take time and analyze the future of Doge. Doge has hit a plateau, which demands immediate attention. By taking a closer look at the numbers we can see that Doge lives in a constant Yo-yo like environment. It goes up a bit and then it corrects itself, never reaching or advancing past its projections. There’s no reason for Doge not to have reached the top 10 or at least be worth more than coins like Ripple.
IF WE DON’T TAKE ACTION THE FUTURE IS BLEAK. We need to define what we want to do with Doge. Do we want a coin that can be potentially life changing for many of us or do we want to keep the status quo where our coin is seen more like a Meme than anything else. It is important to mention that Doge lacks leadership. We lack a figure head that can provide the necessary vision or guidance to help the coin take the next step. We are facing an immediate financial crisis after the Coronavirus Pandemic ends. That means that most people will look for ways to safeguard their assets. Bitcoin is a great coin but it lacks a committed community like ours or the simplicity that Doge provides. Also, I’m sure we have people here that are suffering financially and any jump in price will help them.
MY PROPOSAL: I’m proposing to create the Doge Coin Collective: this collective will look for ways to make Doge coin more mainstream and also for ways to make it more valuable. The second step should be to explore capping Doge coin at least temporarily, this will certainly give us an opportunity to create more valuation and a more centralized approach where we pause and explore better ways to utilize Doge. The cap should be temporary. The Elon Musk effect: Doge has the support of arguably one of the most successful entrepreneurs in history. We should be capitalizing on his endorsement. We should explore the possibility of creating some buzz about Dogecoin using celebrities or influencers. New Dogecoin Market Exchange: Binance, Coinbase or Robinhood haven’t done much to make exchanging Doge easier or more accessible to the amateur trader. Therefore we should explore creating a Doge Market Exchange where trading is easier and where people have more access to the coin. In addition we should redefine how the coin is utilized. Take for example, the current situation where sadly people don’t have access to some of the most basic items. If we had a market where you could exchange Doge for goods or services then it would’ve made life easier for many of us here.
TO FINALIZE: There’s no doubt that Doge coin is very special and have the potential to have a meaningful impact in our daily lives. However if we don’t take immediate action it’s future is bleak at best. I predict that we’ll lose roughly 25-40% of our community within the next 12-24 months given the unpredictability of the current economy. If we enter a recession people will start panicking and will start selling their coins. The would be devastating for Doge. The good news is that we have time and the human capital to take necessary action in order to preserve the future of our beloved coin. Remember this is mere a suggestion and I would love you get meaningful feedback.
submitted by Vhici4096 to dogecoin [link] [comments]

Hoo.com Founder Ruixi Wang: Dive into Blockchain with Great Ambition

We are counting down for Bitcoin halving 2020.
But this time, the halving seems much more special compared to the previous two with the COVID-19 pandemic and its aftermaths. Bitcoin is facing its first real challenge as well as opportunity.
“The confidence the halving brings is more important than its actual market performance. The COVID-19 pandemic might accelerate the downmarket, but it will also cause a quick reverse of the economy. From that perspective, the halving together with the pandemic will possibly have a positive influence on the crypto space. My prediction is that Bitcoin price will skyrocket to $100,000 by 2021.”
That’s how Ruixi Wang views the Bitcoin halving under the circumstances of the COVID-19 pandemic. What insights and cognition the 30-year-old entrepreneur has on the crypto and blockchain sphere? Why did he predict boldly that the Bitcoin price would reach up to $100,000?
Blocklike had a conversation with Ruixi Wang, founder of Hoo.com, who shared his opinion on the blockchain industry and the “evolution history” of Hoo.com.
The 30-Year-Old “Veteran”
“Not being content with the status quo and always staying curious with new things were the two incentives that got me involved in blockchain. I have a technical background, so I’ve always been keen on technology and its progress, trends and development. I got to know cryptocurrency by chance years ago, and I was deeply attracted by its novel concept right away. But I was in the wave of big data start-ups at the same time. I was a big fan of that too. So I got myself into a dilemma — which one should I pick? But after a few strugglings, I turned to crypto in the end,” Ruixi Wang recalled how he ended up in crypto.
Although he stepped into the space in its infancy, Wang’s blockchain career was not always smooth.
Starting his blockchain trip by building a Bitcoin information navigator, Wang then worked for the mining team of a young talent Kaomao. He took over his mining machines and built his own company when Kaomao suddenly vanished. He also bought out PoW8.com, a cloud computing platform, and established an ICO investment platform before founding Hoo.com. The rapid changes forced Wang to challenge and to break himself. Now Wang has become a true “veteran”with his 8 years experience in the industry .
Looking back on the past, he summed up his experience with “diving into blockchain with great ambition”. He said that his inherent curiosity drove himself forward, during which he had to face more challenges but also gained more opportunities than his fellow peers. At the same time, it is precisely because of his persistence and full confidence in the future of crypto that enabled him to adjust his positioning and quickly adapt to a firm foothold in the rapid change of the industry.
Talking about his feelings about his 8 years in the sphere, Wang said: “What impressed me most was the volatile ups and downs of this industry. I withdrew from a stable job and quickly plunged into a new space. I’ve seen so many new faces pouring into the industry while so many old players leaving at the same time. Only those who are in my shoes would comprehend.”
The “get rich quick” myth is fading away, which leaves a bunch of outstanding companies and talents in the blockchain space. For that, Wang believes that perseverance and confidence are vital. “For the better development of the industry, we need companies and people who are confident in themselves but are always willing to correct themselves at the same time.”
“And it turns out true. Huobi, OKex and Binance merged immediately after BTCC, the first Chinese Bitcoin exchange, fell down. These top exchanges made the industry bigger and better. On the other hand, crypto wallets like Bitpie, have also made great contributions to the safe and sound development of the industry. I believe these people are persistent and confident in what they are doing and I also believe that they will have a bright long future,” explained Wang.
The Road to Hoo.com
When it comes to his latest start-up Hoo.com, Wang feels lucky that he seized the opportunity to do the right thing.
In 2017, Wang ran into the ICO heat when he was seeking for a transformation from the mining industry. With a technical background, he chased the wave and invested in quite many projects and tasted blood until ICOs were completely banned on September 4.
He had to seek another way out. Wang found that there were still gaps to be bridged in the asset management and financial system. He believed “asset management” will be a long-term inflexible demand in the industry. Therefore, Hoo Wallet was born. And that’s the mission of Hoo — to solve the safety issue of asset management as a basic service.
Focusing on the mission, Hoo Wallet launched a Co-management feature, Hoo Custody, Deposits and Lending services, etc. In June 2019, Hoo.com was officially launched as a crypto exchange along with two acquisitions. It aims to be a one-stop blockchain asset service platform covering trading, savings, lending, asset custody and DEX, etc.
There are much more competitors in the exchange field than wallets. How will Hoo stand out given the fact that Huobi, OKEx and Binance have shared almost all of the market? Wang explained that even though Hoo seemed to be a new player as an exchange, they have explored for two years in the savings and lending business as well as the node service for over 20 blockchains.
“The threshold for building an exchange is relatively low. There are too many propogandas and speculations. In fact, exchanges depend heavily on technology and marketing. It is hard to “graduate” in the end. As for Hoo.com, we are well-equipped on the technical side. Apart from that, Hoo.com had a good starting line when we spent $10 million on the acquisition of Chaince and OAX and migrated their users directly,” added Wang.
Besides, Wang is of the opinion that the top exchanges are greatly affected by the pandemic and the March 12 Black Swan event. All the exchanges are back to the starting point to some degree. What they will compete for next would be “service”. It is true that the top players have taken up the market, but from the perspective of the whole crypto financial market, there is still much space to explore. Which means that there’s still a lot to grow for top exchanges and there are huge opportunities for tier 2 and tier 3 exchanges.
The Ambitious Hoo.com
In Wang’s opinion, there are often times when those who speak louder or make more noise seem to be more impressive. As a matter of fact, a start-up cannot live without good products and services.
Calling himself an entrepreneur, Wang now has something to await for the business he built. From savings, lending to spot trading and perpetual contracts, the ambitious Hoo never stopped being just a wallet.
He pointed out: “So far, users seem to be satisfied with our savings, lending and derivatives products. But we still have a long way to go. We are aware of our problems. Anyway, facing up to your shortcomings is the first step to move forward.”
What Hoo.com wants to build as a platform, and what kind of products and services will it provide?
Wang reveals to Blocklike that Hoo.com has two different goals in the medium and long term:
In the medium term, Hoo.com will focus on derivatives including futures, contracts and options. It will not be limited to the crypto space. They will build partnerships with well-known traditional financial organizations.
In the long term, the plan is to build a clearing system, which refers to the clearing between fiat and cryptocurrency. Hoo aims to be a bridge that gaps between the traditional market and the crypto market.
The reason why Wang wants to build this clearing system is also based on his positive expectation on the blockchain industry.
He told Blocklike: “There is a lot of favorable news lately. The central bank accelerated its pace in DCEP adoption. BSN, the state level blockchain service network, is about to be commercialized. Ant Financial open chain was officially launched… Compared to the development of the Internet, blockchain technology will welcome a more competitive state involving companies, countries and even the whole world in the next period and it will prosper like the Internet.”
submitted by Hooexchange to u/Hooexchange [link] [comments]

Huobi Exchange Review

A HISTORY OF HUOBI
Huobi was founded in 2013 by their current CEO and chairman, Leon Li. Li’s background includes having attended Tshingua University, specializing in Automation. Before starting the Huobi Group, Li spent time as a computer engineer at Oracle. In December of 2013, Huobi was named as the largest digital asset exchange operating in China. 2017 saw Huobi extend their limbs into Korea, Singapore, and Japan.
Currently, Huobi has headquarters of various financial sectors based in: Singapore; South Korea; Japan; Australia; Indonesia; Russia; Argentina; Thailand; and China. The company has strived to give customers not only a great exchange, but a great resource for any service one may need. Despite the many difficulties faced with Chinese government in regards to cryptocurrency laws, Huobi has managed to adapt to the changes and thrive globally, eventually branching off into various sectors including venture capital, a cryptocurrency wallet project, and a division dedicated to working with mining pools.

HUOBI'S PLATFORM
spot trading : Huobi offers several different platforms to serve any customer’s needs. For starters, Huobi offers a standard spot trading platform that operates similarly to many other spot trading platforms in the industry. The platform features a multi-timeframe chart, a depth chart, and integration with TradingView (including their tools). Customers are able to view the order book and the asset trading history, as well as their own personal order history. Limit orders, Market orders, and Stop-Limit orders are all available options for traders.
margin trading : For the trader that prefers to trade with a little more volume or risk, Huobi offers a Margin trading platform. Customers can apply for loans through Huobi to trade a greater quantity of cryptocurrencies and profit from the price spread. The original loan must be paid back, and accounts can be liquidated if the risk ratio falls below 110% (calculated as: [(Loaned Amount + Tradable Balance) Total Asset] / [(Interest Payable + Loaned Amount)] x 100%.) Traders can margin trade with Bitcoin; Ethereum; XRP; Litecoin; Bitcoin Cash; and EOS. These assets can be traded with USDT or BTC.
futures trading : Huobi also offers a Futures trading platform. While margin trading can be risky, trading contracts is said to be very high-risk. With that being said, Huobi offers Weekly, Bi-Weekly, and Quarterly contracts in Bitcoin; Ethereum Classic; Ethereum; EOS; Litecoin; Bitcoin Cash; XRP; TRX; and Bitcoin SV.
OTC(P2P) - The OTC, or over-the-counter, section of Huobi offers potential buyers and sellers a way to move large quantities of coins without exposure to the fickle exchange market. Certified merchants can register here, and slippage can be minimized by matching buyers and sellers directly instead of creating market orders.


HUOBI APPS
While you do have the online trading interface, Huobi does have computer programs and mobile apps that you can use.
I found that the PC programmes were more functional as they did not have to rely on the PC browser and were hence much faster. They also have better charting and you are in more control of your trading parameters. These programs are available on Windows and Mac devices.
However, if you are a trader that is always on the go, that is where the Huobi mobile apps come in. These were developed for the main exchange but you can switch to the derivative markets on the futures and swaps platform.
This was a pretty well designed application and you have one-touch ordering as well as some basic charting functionality. The app is available in iOS and Android and you can head on over to the respective app stores to get a sense of the feedback.


EXCHANGE SECURITY
Huobi operates a hot and cold wallet storage procedure. This means that they keep the vast amount of their coin holdings in an offline environment away from hackers. They then have a smaller percentage in “hot” wallets with multisig capability.
They also operate a decentralized server structure around the world which can ensure uptime irrespective of whether one of the servers goes down. You can think of this as effective load balancing.
Finally, they have anti DDoS measures in place. We all know that crypto exchanges are prime targets for Denial of Service attacks and it can be quite frustrating when these are perpetrated in peak market times.


IS HUOBI TRUSTWORTHY?
Huobi, like many exchanges in the space, has had, at one time, some shady history, but for the most part, has managed to maintain a clean reputation. Historically, Chinese exchanges have shown to operate in accordance with different standards, with many exchanges having to suffer at the will and whim of the Chinese government. Some of the controversy Huobi has seen in the past has been a result of this (particularly with the Chinese ban on ICO tokens). It should be noted that in 2017, the exchange did invest into “wealth-management products” using idle customer funds. This sort of activity shouldn’t be taken lightly.
However, with that being said, the exchange continues to turn over a large amount of volume. For the most part, the exchange can be considered a trustworthy platform to trade popular and exotic cryptocurrencies. This does not mean it is entirely safe to store user funds on the exchange, as the exchange (or the user funds) can be susceptible to risk at any given moment. No matter how comfortable one may be with the internet, one should always remember that the internet is not as safe as many would like to believe. Huobi does have measures in place in the unfortunate event that an account is breached, and if verifiable, the customer may be able to retrieve lost funds.
A unique feature offered on Huobi is their Official Media Authenticator. This essentially lets users enter the URL of a content channel to see if the channel is authentic. A feature like this, while seemingly simple, could save anyone from potentially losing their funds due to a scam or phishing website.


HUOBI REVIEW VERDICT
Huobi Global offers a signficant host of features to its users and has maintained its credibility over a long period of time. This is largely one of the main reasons it a ranked as a top 4 exchange by liquidity as its users trust their funds there.
After establishing itself in Asia, Huobi is trying to branch out and take on other areas of the globe which is great news for Western traders. Additionally, the Huobi prime platform could provide some great opportunities for the exchange users moving forward.

Huobi Website: https://www.huobi.com/topic/invited/?invite_code=q7g23
Huobi Indian Community: https://t.me/huobiglobalindia
Huobi Global Community: https://t.me/huobiglobalofficial
submitted by chamithasro to u/chamithasro [link] [comments]

Airdrop Report

Airdrop Report
Dear Airdropbob Comunity
https://preview.redd.it/4smf4bv71ao41.png?width=200&format=png&auto=webp&s=930b2270ba11b0f9f6d3b0b0fe9a55d25ea85ab5
Welcome back to another weekly edition of our airdrop report. Here you will find all the necessary information in one quick session, so you don't have to watch out every day for the best and most rewarding airdrops of the industry! We hope you enjoy the read and find the projects as interesting as we do!
This week started out with the fourth round of the EXY token airdrops by Experty. Experty is a platform specially designed for professional content creators to give them a new way to interact with their audience. Further more the platform enables the creators to fully monetize their knowledge and expertise and gain insight into their interactions thru detailed statistics provided by Experty. And best of all, the token is already listed on Coin Market Cap and currently holds position #752.
On Tuesday we brought to you a new USDT token giveaway by Binance. This new promotion was created in celebration of the release of "Bitcoin Cross Collateral on Binance Futures". And apart from that the Binance exchange offers a wide range of services to their customers. For example there is their own lending and staking service, the option for margin trades and more. And of course the exchange has its own native crypto currency as well. The BNB token is of course already listed on Coin Market Cap and currently holds spot #9.
Later in the week we brought to you the SKO token airdrop by Sikoba. Sikoba is a brand new payment network and the ERC20 based SKO token is their native crypto currency. According to their website their services are designed to boost small and local economies of emerging countries and at the same time give millions of unbanked individuals the opportunity to start establishing a credit history and enjoy all improvements that come with it.
Then we presented to you the BSTKN token airdrop by Boostchain. Boostchain is a brand new blockchain powered incentive centered advertising platform and the ERC20 based BSTKN token is the native crypto currency of the entire network. The token is designed to be used as reward for viewed ads and you can earn them if you refer friends to the network or even to specific advertisers. So if this sounds interesting to you don't wait and check it out yourself!
On Friday we brought to you the MORPHER token airdrop by Morpher. Morpher is a brand new and soon to be launched global trading app designed for fractional investing in stocks, crypto currencies, commodities as well as forex. And the ERC20 based MORPHER token is the native currency of the platform. It is not only the native currency, it is also the main medium of exchange on the platform since every price will be denominated in MORPHER.
And on Saturday we brought to you the HT token airdrop by Huobi. Huobi is among the worlds leading crypto currency exchanges and the HT token is their native crypto currency. The token is ERC20 based and of course is already listed on Coin Market Cap and currently holds spot #15. And apart from their token the exchange offers a wide range of services to their customers, including their own OTC desk, margin trading and even futures for the advanced traders.
And if you want to know more about everything crypto/airdrop related and how to participate, go visit: https://www.airdropbob.com
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#airdropbob #airdrops #crypto #cryptoairdrops
submitted by AirdropBob to AirdropBob [link] [comments]

The world economy is on the verge of crisis again, cryptocurrencies will be strong

Vulnerability refers to the property that things are vulnerable to damage when faced with fluctuations.
-Nassim Nicholas Taleb
In the face of economic fluctuations, it is disadvantageous to hold such a negative view. Every capital market has its own life cycle, which inevitably goes through a process from growth, to peak, and then to recession. Now is no exception. As we emerge from the longest bull market in history, we suddenly find ourselves in a highly vulnerable global economy facing the panicked and perplexed planet unprepared. However, the turmoil has just begun.
Newton's first law, also known as "the law of inertia", means that any object must maintain a constant linear motion or standstill until an external force forces it to change its state of motion. Although this analogy does not perfectly correspond to the capital market (because the market is always changing and developing in different directions), at least one thing is certain that under the action of the market mechanism, the market cycle always appears Trend from peak to valley.
The music box winds up, and the performance of the song sounds, and then it stops after a while. When this happens, the market structure collapses, eventually leading to huge chaos, and then falling into silence. Once external forces force the entire economy into trouble, people will realize the long-standing hidden structural defects in the economy.
Now, the world economy is on the verge of crisis again. All human beings have to face a sudden outbreak of a global epidemic and the resulting shocks in supply and demand in the market. The economies of some countries have stalled. Ironically, the effects of inertia may be prevalent in market fluctuations.
While witnessing the development of the global economy, we still find two simultaneous macro trends:
--1-- USD strong We believe that the strong US dollar is driven by three factors: Investors turn to safe assets: Despite the Fed ’s interest rate cuts and monetary stimulus policies, the market ’s increasing demand for the US dollar has pushed up the US dollar index and hit a new high in 18 years.
US Dollar Financing Issues: Cross-currency basis swaps measure that investors are more inclined to hold the US dollar than the euro or the yen.
On March 17, the euro-dollar basis swap swap premium expanded from -60 basis points to -120 basis points, the highest level since 2011. As of press time, the Euro-US dollar basis swap has rapidly dropped to about -27 basis points, while the US dollar-Japanese yen basis swap has expanded to -70 basis points. Negative basis points indicate greater pressure on the dollar and higher hedging costs for European and Japanese investors.
The reality is that U.S. banks, which are the main source of funding for the U.S. dollar, are storing large amounts of cash instead of actively issuing short-term U.S. dollar loans to foreign banks. Due to recent pressure from the balance sheet, more and more U.S. banks are beginning to reduce credit lines to retain cash. In addition, many foreign banks that lack direct access to the US dollar market can only rely on central bank liquidity swaps for financing. This week, the Fed and several other central banks opened new liquidity swap tools, providing USD 30 billion to USD 60 billion of liquidity, respectively, to ease pressure on USD financing.
Central banks in emerging market countries are taking urgent steps and lowering their benchmark interest rates: Emerging market investors are very worried about the stability of their currencies and are pouring into the dollar market. According to Bloomberg, all major emerging market currencies weakened against the US dollar on January 20, just as the new crown virus began to spread in Asia.
——2—— Treasury liquidity tightening Abnormally performing credit markets: In general, price fluctuations will prompt investors to switch from risky assets (such as stocks) to safe-haven assets (such as bonds). This was indeed the case when the new coronavirus was causing panic. However, the current despair of liquidity (especially cash) by market investors has led to a large-scale sell-off in the global bond market, falling bond prices and rising interest rates.
Repurchase market: The Federal Reserve's rescue measures have not brought the expected results. In the past week, the Federal Reserve announced three repurchases and other measures to release liquidity, hoping to ease the current state of the US Treasury market and reduce the inventory of primary dealers. However, market demand for government bonds remains sluggish.
Let's turn our eyes from the home of the macro economy to the cryptocurrency market. Although they are not necessarily related, we find that the two are closely related.
In the face of volatility, it is particularly important to develop a price action strategy. The CBOE-VIX index, an indicator that predicts the trend of the S & P 500 in the next 30 days, has surged to its highest level since the last global financial crisis. At the same time, we also saw that the 90-day implied volatility of Bitcoin options rose to 6.8% (annualized 130%), which is about 5.9% (annualized 113%) this weekend. As the "Black Thursday" on March 12th, BTC was down 40% and ETH was down 50%, some leveraged positions were forced to close. According to reports, BitMEX alone closed USD 700 million worth of long and short positions. At the same time, the sell-off of ETH dropped the value of the DeFi ecosystem by 40%. The total amount of collateral liquidation of Compound, dYdX and Maker and other lending platforms reached US $ 10 million. But in this turbulent market, not all assets perform so badly.
Although the price of BTC, like the stock market at the beginning, plummeted, falling by 60% from the high price in mid-February, it rebounded by about 50% from the price low on March 12. Over the past period, we have found a large amount of funds flowing from altcoins to BTC. With the spot premium (the spot price is higher than the futures price), the demand for bitcoin lending has increased. The effective fund interest rate also gradually returned to normal as the curve was inverted. In contrast, when futures are at a premium (the futures price is higher than the spot price), there is almost no demand for BTC's lending transactions. At present, the BTC funding rate on various lending platforms has increased from 3-5% to 8%, and the ETH funding rate has increased from 2-4% to 6%.
——3—— Floating profit stablecoin market Since February 14, the entire cryptocurrency market has experienced a large-scale sell-off, with a market value of $ 45 billion evaporated. At the same time, the market value of USDT has risen to nearly $ 5 billion. USDT has emerged from this market volatility and has become a safe-haven asset. This week, the premium rate of USDT prices in China and South Korea is as high as 7%, which is caused by the demand of payment service providers and arbitrage traders. The current over-the-counter USDT supply exceeds supply. At the same time, the market value of USDC climbed to US $ 630 million, a record high. The market value of BUSD is exceeding the US $ 150 million mark, mainly due to the surge in demand for Binance's borrowing and margin trading.
——4—— Near-term outlook We pay close attention to the changing macroeconomic trends and the successive monetary and fiscal policies implemented by governments around the world. Although we cannot predict the specific trend of the market, we still believe that cryptocurrency as an asset class will be strong. In a nutshell, we think:
● Due to the recent sell-off in the market, the value of positions has shrunk sharply, making the distribution of positions in the market clearer.
● With the exit of market makers, the spread between major exchanges has brought more market arbitrage opportunities for retail traders. In particular, the derivatives market (futures and perpetual swaps) has seen a significant discount compared to the spot market, which has pushed up BTC's lending rate.
● By hedging the spot and long futures, market participants can carry out arbitrage trading, which is completely contrary to the market situation we saw last year (the futures price is significantly higher than the spot).
● Over the past six months, trading activities in the options market have grown rapidly. We expect that trading activities in the options market will continue to grow.
● At present, on our platform, institutional clients such as hedge funds, arbitrage traders, crypto companies, etc. have all bought a lot of BTC and USDT.
Market volatility is part of investment. We believe that after a period of time, the economy will re-enter the upward trajectory, please let us work together for it.
submitted by FmzQuant to u/FmzQuant [link] [comments]

Review: The most thrilling 24 hours in Bitcoin history

From 12:00 on March 12th to 12:00 on the 13th, Bitcoin, the most influential currency in the cryptocurrency industry, suffered two major declines, and its price fell from a maximum of 7,672 USD to a minimum of 3,800 USD (data from Huobi, the next Same), the decline was 50.4%, which means that the price of Bitcoin has achieved a fairly accurate "half price" in these 24 hours.
Previously, Bitcoin's "halving market" was mostly considered to be an increase in market prices caused by Bitcoin's halving production, although many people have questioned the "halving market" as " The price is halved ", but when bitcoin walks out of the current bad market, it still surprises most investors.
First plunge
The bad 24 hours started at 12 o'clock on March 12. Due to the rapid spread of the new crown epidemic in Europe and the United States, the global financial markets have been raining for several days. After several adjustments, the price of Bitcoin has hovered up and down within the range of $ 7600-8200 in the previous three days. However, after 12 o'clock on the 12th, Bitcoin The price fell below $ 7,600 for the first time, breaking the psychological expectations of many investors, entering a rapid decline channel, and dropping to about $ 7,200 at around 18 o'clock.
At this time, the decline of Bitcoin is still around 7%, which is a common occurrence in the history of Bitcoin. However, after 18 o'clock that day, the market turned sharply, and the price of bitcoin plunged again in a short period of time. It fell to US $ 5,555 within tens of minutes, a drop of 28%, and the amount of contractual positions on each platform exceeded US $ 2 billion.
During the decline, most major exchanges such as Huobi, Binance, and OKEx experienced systemic freezes of varying degrees. Many users complained for a long time that the exchange app could not properly display the homepage, market page, and transaction page, and added positions, stops, and withdrawals. Obstacles such as cash withdrawal and cash withdrawal operations have also shown that this situation also highlights that mainstream exchanges still fail to address the ability of their trading systems to respond to extreme conditions.
For this decline, the collective sell-off of large Bitcoin holders is considered to be the main reason. For example, Grayscale Investment, the world's largest crypto asset fund management company, was sold and sold 40,000-50,000 Bitcoins. News from the exchange said that Bitcoin sold 400,000.
For a long time, bitcoin has been called "digital gold" by the blockchain industry, and has good risk aversion properties. During the tense situation between the United States and Iran in January this year and the global stock market fell, Bitcoin rose from $ 7,200 all the way to more than $ 10,000. Bitcoin's safe-haven attributes have been widely recognized in history, but this time caused by the new crown epidemic Under the risk of the global economic downturn, the decline in the price of bitcoin has become the asset with the largest depreciation among various mainstream financial assets, and its high-risk nature will most likely collapse.
Some analysts believe that bitcoin should be further classified as an alternative asset. At a time when liquidity shortage is extremely serious, as a high-risk alternative investment asset with the highest volatility in the world, funds will naturally be drawn from the market by investors. Looking for safer, more liquid assets, prices plummet.
"Everyone in the future will realize that Bitcoin is not digital gold, but" an amplifier of risk. " Its value cannot be anchored. Unlike other asset prices, which are affected by costs and prices, Bitcoin has no normal market value range. As of now, it does not have any convincing valuation basis, more like a swaying boat. Without the anchor, its value fluctuates greatly, and the impact of halving the market and supply and demand on it is far less important than psychological factors. "Said Cai Kailong, senior researcher at the Institute of Financial Technology of Renmin University of China.
However, some people in the industry hold different opinions. "BTC is still the most powerful currency in the history of mankind. It provides liquidity 24 hours a day. This is something that other markets simply can't imagine, but because liquidity is too good, this time it just happened to happen in other markets. When funds are scarce, the first choice for selling supplementary funds has also led to the decline of gold. Of course, the amount of BTC that is currently much lower than gold is certainly unstoppable in a short period of time. "A Weibo blogger" "fhrp".
In addition to the sell-off of large institutions, some mortgage lending platforms have also passively become an important boost for this downturn. In the past six months, the Defi concept has been particularly hot in the blockchain industry, and many cryptocurrency-based cryptocurrency lending platforms were born.
As a result, a large number of large Bitcoin users will pledge the Bitcoin in their accounts to third-party lending platforms and use the USDT to borrow cash to purchase cash, which is equivalent to increasing leverage. However, these platforms are not mature in terms of mortgage rate setting and liquidation mechanisms. Users who increase the mortgage rate of assets have a slower transfer speed on the chain. As a result, during this period of rapid decline in the market, a large number of mortgage orders have lower mortgage assets than loans. As a result, the amount of bitcoin out-of-market positions this time was far more than in the previous period of large market volatility, which further exacerbated the selling pressure of the bitcoin spot market.
From 19:00 on the 12th to the early morning of the 13th, the price of Bitcoin hovered in the range of 5800-6200 US dollars, and the market began to prepare for the next stage of the trend.
Second plunge
On the evening of the 12th, the stock markets of mainstream countries in Europe and the United States successively opened and collectively fell, and the stock markets of at least 11 countries, such as the United States, Canada, and the Philippines, melted down. At the close of the morning on the 13th, both the Dow Jones Industrial Average and the S & P 500 Index had the largest single-day percentage decline since the 1987 stock disaster. The Dow closed down about 2352 points, the largest drop in history.
The bad performance of the stock market quickly passed to the currency market. Beginning at 7 o'clock on the 13th, the price of bitcoin plunged from the position of $ 5,800 once again, dropping all the way, and successively fell below $ 5,000 and $ 4,000.
For the rapid decline of the market, many people in the industry believe that the main factor is not only the panic selling of the market, but also the mutual stepping on of contract investors. Weibo blogger "AlbertTheKing" pointed out that most of the long positions in Bitcoin leverage are in the BitMEX perpetual contract market. The long positions caused by the decline in bitcoin prices caused a series of short positions, which in turn caused arbitrage spreads and spot arbitrage. The party rushed in to open multiple orders and sell spot arbitrage at the same time, thinking it was okay. As a result, I did not expect Bitcoin to fall more and more fiercely, and his own arbitrage and long positions also burst. So at first, the leveraged bulls stepped down on each other, and later became the arbitrage party. .
"Fhrp" also pointed out that because BitMEX only has BTC margin, ETH's permanent liquidation also needs to be undertaken by btc. The profit portion of the hedge order cannot be included in the margin, and BTC is not sufficient because of the card being in serious shortage. The exploding warehouse order was opaque, so that no one dared to pick up the corpse later, fearing that it would become a corpse. Of course, the key is the lack of a fusing system, so that the market can slowly wait for liquidity to keep up.
Under the interweaving of many risks, the price of bitcoin is about 10:15. It has fallen below 3,800 US dollars in many exchanges such as Huobi and OKEx, which is 38% lower than the price of 0 on the day and 50.4% lower than 24 hours ago. This is the highest record in the 24-hour drop since the birth of Bitcoin.
Such a precise decline cannot be doubted as the bad taste of the bookmaker behind the exchange, if the bookmaker does exist. Of course, it is not excluded that this situation is due to the tacit understanding among the main market participants, or a purely natural phenomenon.
But judging from objective facts, there is indeed some evidence that the situation is unnatural. After bitcoin hit a low of $ 3,800, its price quickly rose in the next 20 minutes, rising by 59% to $ 5,250, but then fell rapidly. At the turning point of $ 3,800, which is 10:16, the BitMEX trading system, the largest bitcoin exchange in the cryptocurrency industry, suddenly stopped until 10:40.
It can be seen that the time point when the Bitcoin price stopped falling rapidly and stopped rising rapidly was close to the time point when BitMEX went down and returned to normal. This shows that BitMEX has a huge influence on the secondary market, and it also makes a lot of One suspects BitMEX is manipulating the market.
Sam Bankman-Fried, chief executive of Derivatives Exchange FTX, tweeted that he suspects BitMEX may have intentionally closed transactions to prevent further crashes and to avoid using exchange insurance funds. Mining company BitPico also tweeted yesterday, "According to our analysis, BitMEX Research has closed its long position of $ 993 million with its own robots and capital. Today the manipulation of the bitcoin market is caused by an entity and the investigation is ongoing. "
In response to this incident, BitMEX responded that there was a hardware problem with the cloud service provider, and in a subsequent announcement, it was pointed out that the DDoS attack was the real cause of the short-term downtime.
Why the downtime of the BitMEX trading system is difficult to verify, but from its objective impact, its short-term downtime plays a vital role in curbing the further decline in the price of cryptocurrencies such as Bitcoin, which has eased investment to a certain extent. The panic sentiment created by this has created space for the rebound and correction of cryptocurrency prices such as Bitcoin.
Sam Bankman-Fried even speculated that if BitMEX did not go offline because of a "hardware problem" this morning (February 13), the price of Bitcoin could fall to zero.
If compared with the traditional financial market, the effect of this BitMEX outage event is quite similar to the "fuse" mechanism of the stock market. Trading is suspended for dozens of minutes at the moment when investor sentiment is most panic, so this outage event Also aroused the emotions of many people in the industry.
"BitMEX has helped the currency circle" melt out, "otherwise the chainless stepping will not know where to fall. After the fuse, everyone calmed down and the market returned to normal. Weibo blogger "Blockchain William" posted a blog saying, "The market is not afraid of falling, and it is not afraid of stepping on it. That is why. This is why the global stock market has melted down because investors panic. It is a bottomless pit. Once out of control, there is no bottom Now. "
Of course, the factors that cause the market situation to reverse are not limited to this. According to the feedback from multiple users on social platforms, BitMEX and Binance's major exchanges forced the short positions of multiple accounts to close positions at 10 o'clock on March 13th, that is, the automatic lightening mechanism was in effect.
According to the BitMEX platform mechanism, when investor contracts are forced to close out, their remaining positions will be taken over by BitMEX's strong closing system. However, if a strong liquidation position cannot be closed in the market, and when the marked price reaches the bankruptcy price, the automatic lightening system will lighten the investor holding the position in the opposite direction, and the order of lightening is determined according to the leverage and profit ratio .
Specifically, due to the sharp fluctuations in the price of bitcoin, a large number of long single-series bursts and the scarcity of market liquidity. In order to control the risk, the platform will automatically place some short orders with high profit ratios and high leverage on the market, increasing market flow. It also avoids the risk to the platform caused by the inability of the short-selling order to be executed in a timely manner.
According to BitMEX's announcement, about 200 positions were automatically closed by the system. And Twitter blogger Edward Morra said, "On BitMEX alone, short positions worth about $ 500 million have been liquidated." If this data is true, it means that BitMEX's strong liquidation operation has brought more than 5 to the contract market. The market price of 100 million US dollars has a significant positive effect on the market that is being sold out.
However, as a compensation, BitMEX also stated that it would contact each damaged user and compensate them according to the maximum potential profit that the investor obtained during the automatic liquidation.
In any case, through the operation of exchanges such as BitMEX, the price of bitcoin has entered a recovery channel, and it is still hovering at the $ 5,000 mark, while driving the entire cryptocurrency market to pick up.
After this thrilling 24 hours of bitcoin, the ideal "halving market" has disappeared. The real and brutal "halving market" is coming. Perhaps many investors and investment institutions have expressed their confidence in the crypto assets represented by bitcoin. The understanding will change in this regard, and the confidence of the entire industry needs to be rebuilt. This depends on the application value of bitcoin to be deepened.
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Weekly Update: $PAR events galore, Parachute Treasure Hunt Winner, Arena Match Roadmap, SelfKey on ETHoutlet... – 18 Oct - 24 Oct'19

Weekly Update: $PAR events galore, Parachute Treasure Hunt Winner, Arena Match Roadmap, SelfKey on ETHoutlet... – 18 Oct - 24 Oct'19
Hiya folks! Long time since I shared a weekly update. Let's see if I can catch up with the latest in the next few days. Wish me luck. Here’s your week at Parachute + partners (18 Oct - 24 Oct'19):

This week’s Parena saw rageagainst take home a cool 50k $PAR by beating Ryan in a quick finale battle. The ParJar Battle Royale for our newest ParJar Pilot partners was this week. A ton of fun and a lot of $PAR (and $AMGO) tipped out. The official numbers of the $AMGO airdrop is out. The event which happened few weeks back saw 27k new ParJar wallets receiving the drop. Sweet! In this week’s TTR trivias, we saw 25k $PAR given out in MrPromise’s 10 question physics quiz, folks getting bamboozled in Charlotte’s Math trivia (10Qs, 2500 $PAR each), Doc Victor’s Video Games and War quiz seeing a participation frenzy for a 25k $PAR pot for 10 questions. Plus, Benjamin hosted a 10Q, 25k $PAR pot trivia based on the 2nd edition of the Parachute Post that he wrote. Even if you didn’t win, you definitely know more about Parachute and ParJar now. Thanks Ben!
Jose is making a Parachute CS map (de_parachute). Awesome! Gamers get ready
KellyBoy won 12,500 $PAR in Jason’s first ever raffle. Another first ever this week was Jason’s #WholesomeWed initiative: participants win $PAR for writing “about what they like about where they live”. Higher tips for photos, descriptions, stories, poems. Thank you Andy, Jason, Trojak, Nico B, Jeff Crypto, Gisele, Andhrew666, Reyna, Tavo (Gustavo), Cap, Zion, Lordhades, Marcos, Evangelina, Jose, Doc Victor, Saman, Richi, Shirin, Elena, Charlotte, Borna, Gl1tch, Bose Grace, Naya, Fadlan, Hanabi, dontouchscreen, Martha, Mariuska, Maiden, Jorge, Abdul, Labyb, CF (not Crypto French :p), Rin, Annerys, Mike India, Santhi, Adrian, Alexis, Frank, Glox, Muksin, Shaq Diesel, Alanys, Daniel, Brian, Yoleidis and Alejandro for the pictures! The Parachute Treasure Hunt finally has a winner. Congratulations to Justin Tobin for winning a boatload of crypto! Also, great teamwork by Harry, Edson, Unique, Reuben, Alimam and Doc Vic for getting the 2nd position. Two-for-Tuesday is back! This time in Parachute. This week’s theme was Rap/Reggae/Reggaeton. Super fun as always, Gian!
PARachuter lunch. PAR is everywhere #PARroundings. Pic courtesy: Sebastian
aXpire announced this week that they were joining the Oracle for Startups ecosystem. This initiative helps startups grow by leveraging Oracle’s PaaS and IaaS platforms. Watch the latest weekly update from Joakim by clicking here. The weekly 20k $AXPR burn can be tracked here. The team also opened up a question form for an AMA next month. Last week, we shared that $BAT is now tradeable/spendable/sendable on 2gether. Read more about it here. The latest feature in the app allows you check price history of cryptos. Neat! Participants of the Crypto Talent competition, don’t forget to check out Salva’s video on foundations of the economy. Founding Partner Luis Estrada will be speaking on AI, Cloud and BigData at the eShow in Madrid next week. Following and chatting options are now live in the WednesdayClub dApp. Noice! The latest WandX update covers developments from the strategic front, especially how the team is navigating the challenges of cross blockchain applications and regulations vis-à-vis Dex’es. As mentioned in the previous updates, XIO will not switch to Binance Chain and will continue to remain on Ethereum. Zachary explained in detail the events that lead to the decision in this article and video. There will still be a token swap but it will be an ERC20:ERC20 token swap to filter out inactive wallets. Details on how to do the swap will be shared in future updates. The first set of XIO incubated startups are also slated to be revealed soon. If you wish to receive regular XIO mailer updates, make sure to register as a Citizen here. Uber cool gif, Jimpanze! This week’s community discussions revolved around utility vs adoption, liquidity pool on Uniswap and multi-collateral XIO.
\"First sneak peek at some conceptual UI/UX of $XIO\". Nice!
$HYDRO is now tradeable on Liquid with a $BTC and $EUR pairing. Deploying Hydrogen’s PaaS for your fintech needs could lead to massive cost savings. Read more about it here. Dedicated socials and website for the Hydro Labs were launched this week. Plus, a Turkish blog. The team travelled to Montreal for Fintech Forum Canada and to Madrid for the BBVA Open Summit. Ahead of the 2019 Fintech Awards in which Hydro is a nominee, the project was covered in an article by Benzinga. And a cool shoutout from Bank Innovation. Hydrogen is also a finalist in the Most Innovative Banking Technology Provider category of the Banking Technology Awards 2019. Woohoo! Hydro's webinar on financial wellness happened this week. The Hydro 2FA solution is now integrated in the Barginex trading platform. A sweet bugfix bounty of $10k HYDRO got scooped up within a day of announcement. Click here to catch up on the latest ongoings on the dev front at Silent Notary. Tech nerds, have a read of Sentivate founder Thomas Marchi’s thoughts on QUIC, HTTP, UDSP and have a go at his riddle while you’re around. OST’s Pepo app launched on Product Hunt and app stores this week. As influencers continue to join the platform, this week we got a chance to see Meltem Demirors, NiMA Asghari and Dennison Bertram in action on Pepo. The latest upgrade features browsable hashtags. OST Founder Jason Goldberg’s fireside chat with CryptoOracle co-founder Lou Kerner is scheduled for next week. OST-backed Pepo and Hornet are now live on State of the DApps. Ahead of the San Francisco Blockchain Week, which the team will be attending, a new bounty was released for attendees. Tons of $OST up for grabs! There’s also a cool bounty for 1k $OST for promoting your blockchain article.
With Halloween right around the corner, Hydro office decorations are on point
Click here to watch the Mycro design & development team work on the app’s processes. SelfKey’s $KEY token was listed on ETHoutlet this week. The listing will provide $KEY with an $HKD fiat on-ramp. Additionally, ETHoutlet also joined SelfKey’s Marketplace. ETHoutlet operates a Dealer Exchange (i.e. traders trade with the platform directly instead of P2P) and has a physical store where people can trade OTC by visiting the location. Want to identify an exit scam before it happens? SelfKey crew’s got your back. Check out their article to learn how. Constellation joined the Board of Advisors at the Portland State University this week as part of an accredited Business Blockchain Certificate program which is also the world’s first such university accredited program. Congratulations! BAGS token group had their 6th Bazaar Upcycle event this week. Plus, a ton of $BAGS were given away for trivia and stickers contest. The Arena Match Fall 2019 Roadmap was published. Some of the updates that will go live are – CS:GO ranked matchmaking, replacement of credits with straight cash in/out (with an optional AMGO toggle), enhanced Perks, new UI, on-demand servers etc. Lots in store! Big up to Pynk for winning the Wolves Summit Pitch Competition. Click here and here for pics from the event. Last week we talked about Pynk's feature in BlockMAG published by the Malta Blockchain Summit. Here's the full scoop. Plus, a cool shoutout from Founder Institute. P.S. Pynk is an FI alumnus.
Arena Match new dashboard prototype mockup
Birdchain announced a copywrite contest this week. Cryptowriters assemble! The team also shared its marketing roadmap. Switch partner McAfeeDex now has 10 portals live with more in line for release. The next updates will contain multi chain support + Onion portal. It is also the 37th most popular ETH-based dApp on DappRadar. Plus, a chance to win 1k $ESH. More media coverage of the McAfeeDex from Bitcoin.com, CoinTelegraph, Blockonomi, The Daily Chain podcast and BLOCKTV this week. Plus, the first decentralised IEO was launched on the Dex. If you missed Fantom’s AMA with CryptoDiffer this week, here’s the transcript to get upto speed. The latest research paper from Fantom's partners at Yonsei University talks about The Economics of Smart Contracts. Have a read when you get a moment. Uptrennd will be introducing a more robust verification system for withdrawals to ensure that the platform stays fair and keeps bad actors away. In addition to the Malta Blockchain Summit, Jeff will also be travelling to CMC’s The Capital and BlockShow this month. In case you get to meet him at these events, chances are you could win some $1UP in the process. Woot! Click here to check out the entries to the video intro contest started last week. Uptrennd now has a Subreddit as well. Starting this week, the crew will be publishing regular TA reports based on community votes. 1UP was voted for the first report. Blockport’s $BPT/$ETH trading pair was discontinued from KuCoin this week as requested by the project. The $BTC pairing will continue to operate on the exchanges. Click here to catch up on the latest district weekly from District0x.

And that’s a wrap for this week in Parachuteverse. See you again soon. Cheerio!
submitted by abhijoysarkar to ParachuteToken [link] [comments]

Craig Steven Wright is Satoshi Nakamoto

A couple of years ago in the early months of the 2017, I published a piece called Abundance Via Cryptocurrencies (https://www.reddit.com/C\_S\_T/comments/69d12a/abundance\_via\_cryptocurrencies/) in which I kind of foresaw the crypto boom that had bitcoin go from $1k to $21k and the alt-coin economy swell up to have more than 60% of the bitcoin market capitalisation. At the time, I spoke of coming out from “the Pit” of conspiracy research and that I was a bit suss on bitcoin’s inception story. At the time I really didn’t see the scaling solution being put forward as being satisfactory and the progress on bitcoin seemed stifled by the politics of the social consensus on an open source protocol so I was looking into alt coins that I thought could perhaps improve upon the shortcomings of bitcoin. In the thread I made someone recommended to have a look at 4chan’s business and finance board. I did end up taking a look at it just as the bull market started to really surge. I found myself in a sea of anonymous posters who threw out all kinds of info and memes about the hundreds, thousands, tens of thousands of different shitcoins and why they’re all going to have lambos on the moon. I got right in to it, I loved the idea of filtering through all the shitposts and finding the nuggest of truth amongst it all and was deeply immersed in it all as the price of bitcoin surged 20x and alt coins surged 5-10 times against bitcoin themselves. This meant there were many people who chucked in a few grand and bought a stash of alt coins that they thought were gonna be the next big thing and some people ended up with “portfolios” 100-1000x times their initial investment.
To explain what it’s like to be on an anonymous business and finance board populated with incel neets, nazis, capitalist shit posters, autistic geniuses and whoever the hell else was using the board for shilling their coins during a 100x run up is impossible. It’s hilarious, dark, absurd, exciting and ultimately addictive as fuck. You have this app called blockfolio that you check every couple of minutes to see the little green percentages and the neat graphs of your value in dollars or bitcoin over day, week, month or year. Despite my years in the pit researching conspiracy, and my being suss on bitcoin in general I wasn’t anywhere near as distrustful as I should have been of an anonymous business and finance board and although I do genuinely think there are good people out there who are sharing information with one another in good faith and feel very grateful to the anons that have taken their time to write up quality content to educate people they don’t know, I wasn’t really prepared for the level of organisation and sophistication of the efforts groups would go to to deceive in this space.
Over the course of my time in there I watched my portfolio grow to ridiculous numbers relative to what I put in but I could never really bring myself to sell at the top of a pump as I always felt I had done my research on a coin and wanted to hold it for a long time so why would I sell? After some time though I would read about something new or I would find out of dodgy relationships of a coin I had and would want to exit my position and then I would rebalance my portfolio in to a coin I thought was either technologically superior or didn’t have the nefarious connections to people I had come across doing conspiracy research. Because I had been right in to the conspiracy and the decentralisation tropes I guess I always carried a bit of an antiauthoritarian/anarchist bias and despite participating in a ridiculously capitalistic market, was kind of against capitalism and looking to a blockchain protocol to support something along the lines of an open source anarchosyndicalist cryptocommune. I told myself I was investing in the tech and believed in the collective endeavour of the open source project and ultimately had faith some mysterious “they” would develop a protocol that would emancipate us from this debt slavery complex.
As I became more and more aware of how to spot artificial discussion on the chans, I began to seek out further some of the radical projects like vtorrent and skycoin and I guess became a bit carried away from being amidst such ridiculous overt shilling as on the boards so that if you look in my post history you can even see me promoting some of these coins to communities I thought might be sympathetic to their use case. I didn’t see it at the time because I always thought I was holding the coins with the best tech and wanted to ride them up as an investor who believed in them, but this kind of promotion is ultimately just part of a mentality that’s pervasive to the cryptocurrency “community” that insists because it is a decentralised project you have to in a way volunteer to inform people about the coin since the more decentralised ones without premines or DAO structures don’t have marketing budgets, or don’t have marketing teams. In the guise of cultivating a community, groups form together on social media platforms like slack, discord, telegram, twitter and ‘vote’ for different proposals, donate funds to various boards/foundations that are set up to give a “roadmap” for the coins path to greatness and organise marketing efforts on places like reddit, the chans, twitter. That’s for the more grass roots ones at least, there are many that were started as a fork of another coin, or a ICO, airdrop or all these different ways of disseminating a new cryptocurrency or raising funding for promising to develop one. Imagine the operations that can be run by a team that raised millions, hundreds of millions or even billions of dollars on their ICOs, especially if they are working in conjunction with a new niche of cryptocurrency media that’s all nepotistic and incestuous.
About a year and a half ago I published another piece called “Bitcoin is about to be dethroned” (https://www.reddit.com/C\_S\_T/comments/7ewmuu/bitcoin\_is\_about\_to\_be\_dethroned/) where I felt I had come to realise the scaling debate had been corrupted by a company called Blockstream and they had been paying for social media operations in a fashion not to dissimilar to correct the record or such to control the narrative around the scaling debate and then through deceit and manipulation curated an apparent consensus around their narrative and hijacked the bitcoin name and ticker (BTC). I read the post again just before posting this and decided to refer to it to to add some kind of continuity to my story and hopefully save me writing so much out. Looking back on something you wrote is always a bit cringey especially because I can see that although I had made it a premise post, I was acting pretty confident that I was right and my tongue was acidic because of so much combating of shills on /biz/ but despite the fact I was wrong about the timing I stand by much of what I wrote then and want to expand upon it a bit more now.
The fork of the bitcoin protocol in to bitcoin core (BTC) and bitcoin cash (BCH) is the biggest value fork of the many that have occurred. There were a few others that forked off from the core chain that haven’t had any kind of attention put on them, positive or negative and I guess just keep chugging away as their own implementation. The bitcoin cash chain was supposed to be the camp that backed on chain scaling in the debate, but it turned out not everyone was entirely on board with that and some players/hashpower felt it was better to do a layer two type solution themselves although with bigger blocks servicing the second layer. Throughout what was now emerging as a debate within the BCH camp, Craig Wright and Calvin Ayre of Coin Geek said they were going to support massive on chain scaling, do a node implementation that would aim to restore bitcoin back to the 0.1.0 release which had all kinds of functionality included in it that had later been stripped by Core developers over the years and plan to bankrupt the people from Core who changed their mind on agreeing with on-chain scaling. This lead to a fork off the BCH chain in to bitcoin satoshis vision (BSV) and bitcoin cash ABC.

https://bitstagram.bitdb.network/m/raw/cbb50c322a2a89f3c627e1680a3f40d4ad3cee5a3fb153e5d6d001bdf85de404

The premise for this post is that Craig S Wright was Satoshi Nakamoto. It’s an interesting premise because depending upon your frame of reference the premise may either be a fact or to some too outrageous to even believe as a premise. Yesterday it was announced via CoinGeek that Craig Steven Wright has been granted the copyright claim for both the bitcoin white-paper under the pen name Satoshi Nakamoto and the original 0.1.0 bitcoin software (both of which were marked (c) copyright of satoshi nakamoto. The reactions to the news can kind of be classified in to four different reactions. Those who heard it and rejected it, those who heard it but remained undecided, those who heard it and accepted it, and those who already believed he was. Apparently to many the price was unexpected and such a revelation wasn’t exactly priced in to the market with the price immediately pumping nearly 100% upon the news breaking. However, to some others it was a vindication of something they already believed. This is an interesting phenomena to observe. For many years now I have always occupied a somewhat positively contrarian position to the default narrative put forward to things so it’s not entirely surprising that I find myself in a camp that holds the minority opinion. As you can see in the bitcoin dethroned piece I called Craig fake satoshi, but over the last year and bit I investigated the story around Craig and came to my conclusion that I believed him to be at least a major part of a team of people who worked on the protocol I have to admit that through reading his articles, I have kind of been brought full circle to where my contrarian opinion has me becoming somewhat of an advocate for “the system’.
https://coingeek.com/bitcoin-creator-craig-s-wright-satoshi-nakamoto-granted-us-copyright-registrations-for-bitcoin-white-paper-and-code/

When the news dropped, many took to social media to see what everyone was saying about it. On /biz/ a barrage of threads popped up discussing it with many celebrating and many rejecting the significance of such a copyright claim being granted. Immediately in nearly every thread there was a posting of an image of a person from twitter claiming that registering for copyright is an easy process that’s granted automatically unless challenged and so it doesn’t mean anything. This was enough for many to convince them of the insignificance of the revelation because of the comment from a person who claimed to have authority on twitter. Others chimed in to add that in fact there was a review of the copyright registration especially in high profile instances and these reviewers were satisfied with the evidence provided by Craig for the claim. At the moment Craig is being sued by Ira Kleiman for an amount of bitcoin that he believes he is entitled to because of Craig and Ira’s brother Dave working together on bitcoin. He is also engaged in suing a number of people from the cryptocurrency community for libel and defamation after they continued to use their social media/influencer positions to call him a fraud and a liar. He also has a number of patents lodged through his company nChain that are related to blockchain technologies. This has many people up in arms because in their mind Satoshi was part of a cypherpunk movement, wanted anonymity, endorsed what they believed to be an anti state and open source technologies and would use cryptography rather than court to prove his identity and would have no interest in patents.
https://bitstagram.bitdb.network/m/raw/1fce34a7004759f8db16b2ae9678e9c6db434ff2e399f59b5a537f72eff2c1a1
https://imgur.com/a/aANAsL3)

If you listen to Craig with an open mind, what cannot be denied is the man is bloody smart. Whether he is honest or not is up to you to decide, but personally I try to give everyone the benefit of the doubt and then cut them off if i find them to be dishonest. What I haven’t really been able to do with my investigation of craig is cut him off. There have been many moments where I disagree with what he has had to say but I don’t think people having an opinion about something that I believe to be incorrect is the same as being a dishonest person. It’s very important to distinguish the two and if you are unable to do so there is a very real risk of you projecting expectations or ideals upon someone based off your ideas of who they are. Many times if someone is telling the truth but you don’t understand it, instead of acknowledging you don’t understand it, you label them as being stupid or dishonest. I think that has happened to an extreme extent with Craig. Let’s take for example the moment when someone in the slack channel asked Craig if he had had his IQ tested and what it was. Craig replied with 179. The vast majority of people on the internet have heard someone quote their IQ before in an argument or the IQ of others and to hear someone say such a score that is actually 6 standard deviations away from the mean score (so probably something like 1/100 000) immediately makes them reject it on the grounds of probability. Craig admits that he’s not the best with people and having worked with/taught many high functioning people (sometimes on the spectrum perhaps) on complex anatomical and physiological systems I have seen some that also share the same difficulties in relating to people and reconciling their genius and understandings with more average intelligences. Before rejecting his claim outright because we don’t understand much of what he says, it would be prudent to first check is there any evidence that may lend support to his claim of a one in a million intelligence quotient.

Craig has mentioned on a number of occasions that he holds a number of different degrees and certifications in relation to law, cryptography, statistics, mathematics, economics, theology, computer science, information technology/security. I guess that does sound like something someone with an extremely high intelligence could achieve. Now I haven’t validated all of them but from a simple check on Charles Sturt’s alumni portal using his birthday of 23rd of October 1970 we can see that he does in fact have 3 Masters and a PhD from Charles Sturt. Other pictures I have seen from his office at nChain have degrees in frames on the wall and a developer published a video titled Craig Wright is a Genius with 17 degrees where he went and validated at least 8 of them I believe. He is recently publishing his Doctorate of Theology through an on-chain social media page that you have to pay a little bit for access to sections of his thesis. It’s titled the gnarled roots of creation. He has also mentioned on a number of occasions his vast industry experience as both a security contractor and business owner. An archive from his LinkedIn can be seen below as well.

LinkedIn - https://archive.is/Q66Gl
https://youtu.be/nXdkczX5mR0 - Craig Wright is a Genius with 17 Degrees
https://www.yours.org/content/gnarled-roots-of-a-creation-mythos-45e69558fae0 - Gnarled Roots of Creation.
In fact here is an on chain collection of articles and videos relating to Craig called the library of craig - https://www.bitpaste.app/tx/94b361b205196560d1bd09e4e3b3ec7ad6bea478af204cabfe243efd8fc944dd


So there is a guy with 17 degrees, a self professed one in a hundred thousand IQ, who’s worked for Australian Federal Police, ASIO, NSA, NASA, ASX. He’s been in Royal Australian Air Force, operated a number of businesses in Australia, published half a dozen academic papers on networks, cryptography, security, taught machine learning and digital forensics at a number of universities and then another few hundred short articles on medium about his work in these various domains, has filed allegedly 700 patents on blockchain related technology that he is going to release on bitcoin sv, copyrighted the name so that he may prevent other competing protocols from using the brand name, that is telling you he is the guy that invented the technology that he has a whole host of other circumstantial evidence to support that, but people won’t believe that because they saw something that a talking head on twitter posted or that a Core Developer said, or a random document that appears online with a C S Wright signature on it that lists access to an address that is actually related to Roger Ver, that’s enough to write him off as a scam. Even then when he publishes a photo of the paper copy which appears to supersede the scanned one, people still don’t readjust their positions on the matter and resort back to “all he has to do is move the coins or sign a tx”.

https://imgur.com/urJbe10

Yes Craig was on the Cypherpunk mailing list back in the day, but that doesn’t mean that he was or is an anarchist. Or that he shares the same ideas that Code Is Law that many from the crypto community like to espouse. I myself have definitely been someone to parrot the phrase myself before reading lots of Craig’s articles and trying to understand where he is coming from. What I have come to learn from listening and reading the man, is that although I might be fed up with the systems we have in place, they still exist to perform important functions within society and because of that the tools we develop to serve us have to exist within that preexisting legal and social framework in order for them to have any chance at achieving global success in replacing fiat money with the first mathematically provably scarce commodity. He says he designed bitcoin to be an immutable data ledger where everyone is forced to be honest, and economically disincentivised to perform attacks within the network because of the logs kept in a Write Once Read Many (WORM) ledger with hierarchical cryptographic keys. In doing so you eliminate 99% of cyber crime, create transparent DAO type organisations that can be audited and fully compliant with legislature that’s developed by policy that comes from direct democratic voting software. Everyone who wants anonymous coins wants to have them so they can do dishonest things, illegal things, buy drugs, launder money, avoid taxes.

Now this triggers me a fair bit as someone who has bought drugs online, who probably hasn’t paid enough tax, who has done illegal things contemplating what it means to have that kind of an evidence ledger, and contemplate a reality where there are anonymous cryptocurrencies, where massive corporations continue to be able to avoid taxes, or where methamphetamine can be sold by the tonne, or where people can be bought and sold. This is the reality of creating technologies that can enable and empower criminals. I know some criminals and regard them as very good friends, but I know there are some criminals that I do not wish to know at all. I know there are people that do horrific things in the world and I know that something that makes it easier for them is having access to funds or the ability to move money around without being detected. I know arms, drugs and people are some of the biggest markets in the world, I know there is more than $50 trillion dollars siphoned in to off shore tax havens from the value generated as the product of human creativity in the economy and how much human charity is squandered through the NGO apparatus. I could go on and on about the crappy things happening in the world but I can also imagine them getting a lot worse with an anonymous cryptocurrency. Not to say that I don’t think there shouldn’t be an anonymous cryptocurrency. If someone makes one that works, they make one that works. Maybe they get to exist for a little while as a honeypot or if they can operate outside the law successfully longer, but bitcoin itself shouldn’t be one. There should be something a level playing field for honest people to interact with sound money. And if they operate within the law, then they will have more than adequate privacy, just they will leave immutable evidence for every transaction that can be used as evidence to build a case against you committing a crime.

His claim is that all the people that are protesting the loudest about him being Satoshi are all the people that are engaged in dishonest business or that have a vested interest in there not being one singular global ledger but rather a whole myriad of alternative currencies that can be pumped and dumped against one another, have all kinds of financial instruments applied to them like futures and then have these exchanges and custodial services not doing any Know Your Customer (KYC) or Anti Money Laundering (AML) processes. Bitcoin SV was delisted by a number of exchanges recently after Craig launched legal action at some twitter crypto influencetalking heads who had continued to call him a fraud and then didn’t back down when the CEO of one of the biggest crypto exchanges told him to drop the case or he would delist his coin. The trolls of twitter all chimed in in support of those who have now been served with papers for defamation and libel and Craig even put out a bitcoin reward for a DOX on one of the people who had been particularly abusive to him on twitter. A big european exchange then conducted a twitter poll to determine whether or not BSV should be delisted as either (yes, it’s toxic or no) and when a few hundred votes were in favour of delisting it (which can be bought for a couple of bucks/100 votes). Shortly after Craig was delisted, news began to break of a US dollar stable coin called USDT potentially not being fully solvent for it’s apparent 1:1 backing of the token to dollars in the bank. Binance suffered an alleged exchange hack with 7000 BTC “stolen” and the site suspending withdrawals and deposits for a week. Binance holds 800m USDT for their US dollar markets and immediately once the deposits and withdrawals were suspended there was a massive pump for BTC in the USDT markets as people sought to exit their potentially not 1:1 backed token for bitcoin. The CEO of this exchange has the business registered out of Malta, no physical premises, the CEO stays hotel room to hotel room around the world, has all kind of trading competitions and the binance launchpad, uses an unregistered security to collect fees ($450m during the bear market) from the trading of the hundreds of coins that it lists on its exchange and has no regard for AML and KYC laws. Craig said he himself was able to create 100 gmail accounts in a day and create binance accounts with each of those gmail accounts and from the same wallet, deposit and withdraw 1 bitcoin into each of those in one day ($8000 x 100) without facing any restrictions or triggering any alerts or such.
This post could ramble on for ever and ever exposing the complexities of the rabbit hole but I wanted to offer some perspective on what’s been happening in the space. What is being built on the bitcoin SV blockchain is something that I can only partially comprehend but even from my limited understanding of what it is to become, I can see that the entirety of the crypto community is extremely threatened as it renders all the various alt coins and alt coin exchanges obsolete. It makes criminals play by the rules, it removes any power from the developer groups and turns the blockchain and the miners in to economies of scale where the blockchain acts as a serverless database, the miners provide computational resources/storage/RAM and you interact with a virtual machine through a monitor and keyboard plugged in to an ethernet port. It will be like something that takes us from a type 0 to a type 1 civilisation. There are many that like to keep us in the quagmire of corruption and criminality as it lines their pockets. Much much more can be read about the Cartel in crypto in the archive below. Is it possible this cartel has the resources to mount such a successful psychological operation on the cryptocurrency community that they manage to convince everyone that Craig is the bad guy, when he’s the only one calling for regulation, the application of the law, the storage of immutable records onchain to comply with banking secrecy laws, for Global Sound Money?

https://archive.fo/lk1lH#selection-3671.46-3671.55

Please note, where possible, images were uploaded onto the bitcoin sv blockchain through bitstagram paying about 10c a pop. If I wished I could then use an application etch and archive this post to the chain to be immutably stored. If this publishing forum was on chain too it would mean that when I do the archive the images that are in the bitstragram links (but stored in the bitcoin blockchain/database already) could be referenced in the archive by their txid so that they don’t have to be stored again and thus bringing the cost of the archive down to only the html and css.
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Beginner’s Guide to BitMEX

Beginner’s Guide to BitMEX

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Founded by HDR Global Trading Limited (which in turn was founded by former bankers Arthur Hayes, Samuel Reed and Ben Delo) in 2014, BitMEX is a trading platform operating around the world and registered in the Seychelles.
Meaning Bitcoin Mercantile Exchange, BitMEX is one of the largest Bitcoin trading platforms currently operating, with a daily trading volume of over 35,000 BTC and over 540,000 accesses monthly and a trading history of over $34 billion worth of Bitcoin since its inception.

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Unlike many other trading exchanges, BitMEX only accepts deposits through Bitcoin, which can then be used to purchase a variety of other cryptocurrencies. BitMEX specialises in sophisticated financial operations such as margin trading, which is trading with leverage. Like many of the exchanges that operate through cryptocurrencies, BitMEX is currently unregulated in any jurisdiction.
Visit BitMEX

How to Sign Up to BitMEX

In order to create an account on BitMEX, users first have to register with the website. Registration only requires an email address, the email address must be a genuine address as users will receive an email to confirm registration in order to verify the account. Once users are registered, there are no trading limits. Traders must be at least 18 years of age to sign up.
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However, it should be noted that BitMEX does not accept any US-based traders and will use IP checks to verify that users are not in the US. While some US users have bypassed this with the use of a VPN, it is not recommended that US individuals sign up to the BitMEX service, especially given the fact that alternative exchanges are available to service US customers that function within the US legal framework.
How to Use BitMEX
BitMEX allows users to trade cryptocurrencies against a number of fiat currencies, namely the US Dollar, the Japanese Yen and the Chinese Yuan. BitMEX allows users to trade a number of different cryptocurrencies, namely Bitcoin, Bitcoin Cash, Dash, Ethereum, Ethereum Classic, Litecoin, Monero, Ripple, Tezos and Zcash.
The trading platform on BitMEX is very intuitive and easy to use for those familiar with similar markets. However, it is not for the beginner. The interface does look a little dated when compared to newer exchanges like Binance and Kucoin’s.
Once users have signed up to the platform, they should click on Trade, and all the trading instruments will be displayed beneath.
Clicking on the particular instrument opens the orderbook, recent trades, and the order slip on the left. The order book shows three columns – the bid value for the underlying asset, the quantity of the order, and the total USD value of all orders, both short and long.
The widgets on the trading platform can be changed according to the user’s viewing preferences, allowing users to have full control on what is displayed. It also has a built in feature that provides for TradingView charting. This offers a wide range of charting tool and is considered to be an improvement on many of the offering available from many of its competitors.
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Once trades are made, all orders can be easily viewed in the trading platform interface. There are tabs where users can select their Active Orders, see the Stops that are in place, check the Orders Filled (total or partially) and the trade history. On the Active Orders and Stops tabs, traders can cancel any order, by clicking the “Cancel” button. Users also see all currently open positions, with an analysis if it is in the black or red.
BitMEX uses a method called auto-deleveraging which BitMEX uses to ensure that liquidated positions are able to be closed even in a volatile market. Auto-deleveraging means that if a position bankrupts without available liquidity, the positive side of the position deleverages, in order of profitability and leverage, the highest leveraged position first in queue. Traders are always shown where they sit in the auto-deleveraging queue, if such is needed.
Although the BitMEX platform is optimized for mobile, it only has an Android app (which is not official). There is no iOS app available at present. However, it is recommended that users use it on the desktop if possible.
BitMEX offers a variety of order types for users:
  • Limit Order (the order is fulfilled if the given price is achieved);
  • Market Order (the order is executed at current market price);
  • Stop Limit Order (like a stop order, but allows users to set the price of the Order once the Stop Price is triggered);
  • Stop Market Order (this is a stop order that does not enter the order book, remain unseen until the market reaches the trigger);
  • Trailing Stop Order (it is similar to a Stop Market order, but here users set a trailing value that is used to place the market order);
  • Take Profit Limit Order (this can be used, similarly to a Stop Order, to set a target price on a position. In this case, it is in respect of making gains, rather than cutting losses);
  • Take Profit Market Order (same as the previous type, but in this case, the order triggered will be a market order, and not a limit one)
The exchange offers margin trading in all of the cryptocurrencies displayed on the website. It also offers to trade with futures and derivatives – swaps.

Futures and Swaps

A futures contract is an agreement to buy or sell a given asset in the future at a predetermined price. On BitMEX, users can leverage up to 100x on certain contracts.
Perpetual swaps are similar to futures, except that there is no expiry date for them and no settlement. Additionally, they trade close to the underlying reference Index Price, unlike futures, which may diverge substantially from the Index Price.
BitMEX also offers Binary series contracts, which are prediction-based contracts which can only settle at either 0 or 100. In essence, the Binary series contracts are a more complicated way of making a bet on a given event.
The only Binary series betting instrument currently available is related to the next 1mb block on the Bitcoin blockchain. Binary series contracts are traded with no leverage, a 0% maker fee, a 0.25% taker fee and 0.25% settlement fee.

Bitmex Leverage

BitMEX allows its traders to leverage their position on the platform. Leverage is the ability to place orders that are bigger than the users’ existing balance. This could lead to a higher profit in comparison when placing an order with only the wallet balance. Trading in such conditions is called “Margin Trading.”
There are two types of Margin Trading: Isolated and Cross-Margin. The former allows the user to select the amount of money in their wallet that should be used to hold their position after an order is placed. However, the latter provides that all of the money in the users’ wallet can be used to hold their position, and therefore should be treated with extreme caution.
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The BitMEX platform allows users to set their leverage level by using the leverage slider. A maximum leverage of 1:100 is available (on Bitcoin and Bitcoin Cash). This is quite a high level of leverage for cryptocurrencies, with the average offered by other exchanges rarely exceeding 1:20.

BitMEX Fees

For traditional futures trading, BitMEX has a straightforward fee schedule. As noted, in terms of leverage offered, BitMEX offers up to 100% leverage, with the amount off leverage varying from product to product.
However, it should be noted that trading at the highest leverages is sophisticated and is intended for professional investors that are familiar with speculative trading. The fees and leverage are as follows:
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However, there are additional fees for hidden / iceberg orders. A hidden order pays the taker fee until the entire hidden quantity is completely executed. Then, the order will become normal, and the user will receive the maker rebate for the non-hidden amount.

Deposits and Withdrawals

BitMEX does not charge fees on deposits or withdrawals. However, when withdrawing Bitcoin, the minimum Network fee is based on blockchain load. The only costs therefore are those of the banks or the cryptocurrency networks.
As noted previously, BitMEX only accepts deposits in Bitcoin and therefore Bitcoin serves as collateral on trading contracts, regardless of whether or not the trade involves Bitcoin.
The minimum deposit is 0.001 BTC. There are no limits on withdrawals, but withdrawals can also be in Bitcoin only. To make a withdrawal, all that users need to do is insert the amount to withdraw and the wallet address to complete the transfer.
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Deposits can be made 24/7 but withdrawals are processed by hand at a recurring time once per day. The hand processed withdrawals are intended to increase the security levels of users’ funds by providing extra time (and email notice) to cancel any fraudulent withdrawal requests, as well as bypassing the use of automated systems & hot wallets which may be more prone to compromise.

Supported Currencies

BitMEX operates as a crypto to crypto exchange and makes use of a Bitcoin-in/Bitcoin-out structure. Therefore, platform users are currently unable to use fiat currencies for any payments or transfers, however, a plus side of this is that there are no limits for trading and the exchange incorporates trading pairs linked to the US Dollar (XBT), Japanese Yen (XBJ), and Chinese Yuan (XBC).
BitMEX supports the following cryptocurrencies:
  • Bitcoin (XBT)
  • Bitcoin Cash (BCH)
  • Ethereum (ETH)
  • Ethereum Classic (ETC)
  • Litecoin (LTC)
  • Ripple Token (XRP)
  • Monero (XMR)
  • Dash (DASH)
  • Zcash (ZEC)
  • Cardano (ADA)
  • Tron (TRX)
  • EOS Token (EOS)
BitMEX also offers leverage options on the following coins:
  • 5x: Zcash (ZEC)
  • 20x : Ripple (XRP),Bitcoin Cash (BCH), Cardano (ADA), EOS Token (EOS), Tron (TRX)
  • 25x: Monero (XMR)
  • 33x: Litecoin (LTC)
  • 50x: Ethereum (ETH)
  • 100x: Bitcoin (XBT), Bitcoin / Yen (XBJ), Bitcoin / Yuan (XBC)

Trading Technologies International Partnership

HDR Global Trading, the company which owns BitMEX, has recently announced a partnership with Trading Technologies International, Inc. (TT), a leading international high-performance trading software provider.
The TT platform is designed specifically for professional traders, brokers, and market-access providers, and incorporates a wide variety of trading tools and analytical indicators that allow even the most advanced traders to customize the software to suit their unique trading styles. The TT platform also provides traders with global market access and trade execution through its privately managed infrastructure and the partnership will see BitMEX users gaining access to the trading tools on all BitMEX products, including the popular XBT/USD Perpetual Swap pairing.
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The BitMEX Insurance Fund

The ability to trade on leverage is one of the exchange’s main selling points and offering leverage and providing the opportunity for traders to trade against each other may result in a situation where the winners do not receive all of their expected profits. As a result of the amounts of leverage involved, it’s possible that the losers may not have enough margin in their positions to pay the winners.
Traditional exchanges like the Chicago Mercantile Exchange (CME) offset this problem by utilizing multiple layers of protection and cryptocurrency trading platforms offering leverage cannot currently match the levels of protection provided to winning traders.
In addition, cryptocurrency exchanges offering leveraged trades propose a capped downside and unlimited upside on a highly volatile asset with the caveat being that on occasion, there may not be enough funds in the system to pay out the winners.
To help solve this problem, BitMEX has developed an insurance fund system, and when a trader has an open leveraged position, their position is forcefully closed or liquidated when their maintenance margin is too low.
Here, a trader’s profit and loss does not reflect the actual price their position was closed on the market, and with BitMEX when a trader is liquidated, their equity associated with the position drops down to zero.
In the following example, the trader has taken a 100x long position. In the event that the mark price of Bitcoin falls to $3,980 (by 0.5%), then the position gets liquidated with the 100 Bitcoin position needing to be sold on the market.
This means that it does not matter what price this trade executes at, namely if it’s $3,995 or $3,000, as from the view of the liquidated trader, regardless of the price, they lose all the equity they had in their position, and lose the entire one Bitcoin.
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Assuming there is a fully liquid market, the bid/ask spread should be tighter than the maintenance margin. Here, liquidations manifest as contributions to the insurance fund (e.g. if the maintenance margin is 50bps, but the market is 1bp wide), and the insurance fund should rise by close to the same amount as the maintenance margin when a position is liquidated. In this scenario, as long as healthy liquid markets persist, the insurance fund should continue its steady growth.
The following graphs further illustrate the example, and in the first chart, market conditions are healthy with a narrow bid/ask spread (just $2) at the time of liquidation. Here, the closing trade occurs at a higher price than the bankruptcy price (the price where the margin balance is zero) and the insurance fund benefits.
Illustrative example of an insurance contribution – Long 100x with 1 BTC collateral
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(Note: The above illustration is based on opening a 100x long position at $4,000 per BTC and 1 Bitcoin of collateral. The illustration is an oversimplification and ignores factors such as fees and other adjustments.
The bid and offer prices represent the state of the order book at the time of liquidation. The closing trade price is $3,978, representing $1 of slippage compared to the $3,979 bid price at the time of liquidation.)
The second chart shows a wide bid/ask spread at the time of liquidation, here, the closing trade takes place at a lower price than the bankruptcy price, and the insurance fund is used to make sure that winning traders receive their expected profits.
This works to stabilize the potential for returns as there is no guarantee that healthy market conditions can continue, especially during periods of heightened price volatility. During these periods, it’s actually possible that the insurance fund can be used up than it is built up.
Illustrative example of an insurance depletion – Long 100x with 1 BTC collateral
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(Notes: The above illustration is based on opening a 100x long position at $4,000 per BTC and 1 Bitcoin of collateral. The illustration is an oversimplification and ignores factors such as fees and other adjustments.
The bid and offer prices represent the state of the order book at the time of liquidation. The closing trade price is $3,800, representing $20 of slippage compared to the $3,820 bid price at the time of liquidation.)
The exchange declared in February 2019, that the BitMEX insurance fund retained close to 21,000 Bitcoin (around $70 million based on Bitcoin spot prices at the time).
This figure represents just 0.007% of BitMEX’s notional annual trading volume, which has been quoted as being approximately $1 trillion. This is higher than the insurance funds as a proportion of trading volume of the CME, and therefore, winning traders on BitMEX are exposed to much larger risks than CME traders as:
  • BitMEX does not have clearing members with large balance sheets and traders are directly exposed to each other.
  • BitMEX does not demand payments from traders with negative account balances.
  • The underlying instruments on BitMEX are more volatile than the more traditional instruments available on CME.
Therefore, with the insurance fund remaining capitalized, the system effectively with participants who get liquidated paying for liquidations, or a losers pay for losers mechanism.
This system may appear controversial as first, though some may argue that there is a degree of uniformity to it. It’s also worth noting that the exchange also makes use of Auto Deleveraging which means that on occasion, leveraged positions in profit can still be reduced during certain time periods if a liquidated order cannot be executed in the market.
More adventurous traders should note that while the insurance fund holds 21,000 Bitcoin, worth approximately 0.1% of the total Bitcoin supply, BitMEX still doesn’t offer the same level of guarantees to winning traders that are provided by more traditional leveraged trading platforms.
Given the inherent volatility of the cryptocurrency market, there remains some possibility that the fund gets drained down to zero despite its current size. This may result in more successful traders lacking confidence in the platform and choosing to limit their exposure in the event of BitMEX being unable to compensate winning traders.

How suitable is BitMEX for Beginners?

BitMEX generates high Bitcoin trading levels, and also attracts good levels of volume across other crypto-to-crypto transfers. This helps to maintain a buzz around the exchange, and BitMEX also employs relatively low trading fees, and is available round the world (except to US inhabitants).
This helps to attract the attention of people new to the process of trading on leverage and when getting started on the platform there are 5 main navigation Tabs to get used to:
  • **Trade:**The trading dashboard of BitMEX. This tab allows you to select your preferred trading instrument, and choose leverage, as well as place and cancel orders. You can also see your position information and view key information in the contract details.
  • **Account:**Here, all your account information is displayed including available Bitcoin margin balances, deposits and withdrawals, and trade history.
  • **Contracts:**This tab covers further instrument information including funding history, contract sizes; leverage offered expiry, underlying reference Price Index data, and other key features.
  • **References:**This resource centre allows you to learn about futures, perpetual contracts, position marking, and liquidation.
  • **API:**From here you can set up an API connection with BitMEX, and utilize the REST API and WebSocket API.
BitMEX also employs 24/7 customer support and the team can also be contacted on their Twitter and Reddit accounts.
In addition, BitMEX provides a variety of educational resources including an FAQ section, Futures guides, Perpetual Contracts guides, and further resources in the “References” account tab.
For users looking for more in depth analysis, the BitMEX blog produces high level descriptions of a number of subjects and has garnered a good reputation among the cryptocurrency community.
Most importantly, the exchange also maintains a testnet platform, built on top of testnet Bitcoin, which allows anyone to try out programs and strategies before moving on to the live exchange.
This is crucial as despite the wealth of resources available, BitMEX is not really suitable for beginners, and margin trading, futures contracts and swaps are best left to experienced, professional or institutional traders.
Margin trading and choosing to engage in leveraged activity are risky processes and even more advanced traders can describe the process as a high risk and high reward “game”. New entrants to the sector should spend a considerable amount of time learning about margin trading and testing out strategies before considering whether to open a live account.

Is BitMEX Safe?

BitMEX is widely considered to have strong levels of security. The platform uses multi-signature deposits and withdrawal schemes which can only be used by BitMEX partners. BitMEX also utilises Amazon Web Services to protect the servers with text messages and two-factor authentication, as well as hardware tokens.
BitMEX also has a system for risk checks, which requires that the sum of all account holdings on the website must be zero. If it’s not, all trading is immediately halted. As noted previously, withdrawals are all individually hand-checked by employees, and private keys are never stored in the cloud. Deposit addresses are externally verified to make sure that they contain matching keys. If they do not, there is an immediate system shutdown.
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In addition, the BitMEX trading platform is written in kdb+, a database and toolset popular amongst major banks in high frequency trading applications. The BitMEX engine appears to be faster and more reliable than some of its competitors, such as Poloniex and Bittrex.
They have email notifications, and PGP encryption is used for all communication.
The exchange hasn’t been hacked in the past.

How Secure is the platform?

As previously mentioned, BitMEX is considered to be a safe exchange and incorporates a number of security protocols that are becoming standard among the sector’s leading exchanges. In addition to making use of Amazon Web Services’ cloud security, all the exchange’s systems can only be accessed after passing through multiple forms of authentication, and individual systems are only able to communicate with each other across approved and monitored channels.
Communication is also further secured as the exchange provides optional PGP encryption for all automated emails, and users can insert their PGP public key into the form inside their accounts.
Once set up, BitMEX will encrypt and sign all the automated emails sent by you or to your account by the [[email protected]](mailto:[email protected]) email address. Users can also initiate secure conversations with the support team by using the email address and public key on the Technical Contact, and the team have made their automated system’s PGP key available for verification in their Security Section.
The platform’s trading engine is written in kdb+, a database and toolset used by leading financial institutions in high-frequency trading applications, and the speed and reliability of the engine is also used to perform a full risk check after every order placement, trade, settlement, deposit, and withdrawal.
All accounts in the system must consistently sum to zero, and if this does not happen then trading on the platform is immediately halted for all users.
With regards to wallet security, BitMEX makes use of a multisignature deposit and withdrawal scheme, and all exchange addresses are multisignature by default with all storage being kept offline. Private keys are not stored on any cloud servers and deep cold storage is used for the majority of funds.
Furthermore, all deposit addresses sent by the BitMEX system are verified by an external service that works to ensure that they contain the keys controlled by the founders, and in the event that the public keys differ, the system is immediately shut down and trading halted. The exchange’s security practices also see that every withdrawal is audited by hand by a minimum of two employees before being sent out.

BitMEX Customer Support

The trading platform has a 24/7 support on multiple channels, including email, ticket systems and social media. The typical response time from the customer support team is about one hour, and feedback on the customer support generally suggest that the customer service responses are helpful and are not restricted to automated responses.
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The BitMEX also offers a knowledge base and FAQs which, although they are not necessarily always helpful, may assist and direct users towards the necessary channels to obtain assistance.
BitMEX also offers trading guides which can be accessed here

Conclusion

There would appear to be few complaints online about BitMEX, with most issues relating to technical matters or about the complexities of using the website. Older complaints also appeared to include issues relating to low liquidity, but this no longer appears to be an issue.
BitMEX is clearly not a platform that is not intended for the amateur investor. The interface is complex and therefore it can be very difficult for users to get used to the platform and to even navigate the website.
However, the platform does provide a wide range of tools and once users have experience of the platform they will appreciate the wide range of information that the platform provides.
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Binance Margin Trading Wrecks Bitcoin's Price and Ethereum To Adopt Bitcoin Cash

Bitcoin Price Jumps, Massive Power Grab, Binance In China, Ripple + Santander & Games On Tezos The Modern Investor. Loading... Unsubscribe from The Modern Investor? Cancel Unsubscribe. Working ... Bitcoin 2020 Price, Stellar Inflation Rate, Binance + TRON, Ripple Acquisition & Cardano Sneakers ... Swiss SIX Bitcoin ETP & Binance Vs Gemini - Duration: 31:42. The Modern Investor 16,289 views ... Bitcoin Price briefly went below $10,000 before going back to the $10,600- $11,000 range and one question remains; Is the correction over? New reports also reveal that OGs aren't selling BTC ... 🟡Binance Futures 10% Off Fees Code: https://accounts.binance.com/en/register?source=futures&ref=sunnydecree 🟡Binance Signup 20% Off Fees for Altcoins: https:... Binance Margin Trading Live 1:38:50 The Trump Dump Professional Mentors, Exclusive Signals and Setups, Custom Indicators & Strategies, Educational Material, and much more. @binance #Crypto #cryptocurrency #CryptoNews #Coin #trading #tradingstrategy #FBvANT #bensenicoksevdim #ASCOM #BTC #bitcointrading #bitcoin #bnbstickers Accurate forecast of Binance / BNB coin price. Amazon Affiliate Link - (If You Buy Something On Amazon, I Get A Small Commission As A Way To Support The Channel) - (There is NO extra cost for you) https://amzn.to/39MXp4q Computer I Use To ... Some information about Binance, its native cryptocurrency Binance Coin, related news and my price predictions. What are your thoughts about these price predictions and the information contained ... Bitcoin Price Steady, Crypto Spring, BTC Vs Banks, Tezos In Store & Ripple Cross Border The Modern Investor. Loading... Unsubscribe from The Modern Investor? Cancel Unsubscribe. Working ... In today's video, we take a look at the binance expected acquisition of coinmarketcap and whether or not this is good for crypto. If you would like to be highlighted on my channel please reach out ...

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