Topic: [ANN] BitMEX - Bitcoin Mercantile Exchange Official Thread - page 2. (Read 7445 times)

Will they ever release an iOS app?

up

Nooo this can't be true

So I am responsible what other traders are doing in the exchange
Leads easily to a situation where my hard earned profits or even whole account may be wiped even I am a profitable and in a good position.

Holy cow this place started to look a very dangerous place...

EDIT:
After lookin more carefully this exchange I now started to realize how it is working and why. Now this "others may be in charge of trading produced by you" rule/mentality/practice does not look as ugly as it did at the first place.

When it hits you of course you got angry and it is wrong you feel but if you think this: happens quite rarely and you actually have a real limited risk in your own trading the things started look a bit different.

You must remember in traditional derivatives markets such for example the stock index and currency futures are your liability is not limited to the funds you deposited. If markets goes badly against you and you're not able to liquidate your positions traditional houses will come after you and you have to pay more to get out of the situation. Here in BitMEX this is not goin to happen. By knowing this you may tune your strategies a bit more riskier if you want and allways when there is more risk there is more possible rewards too.

This all of course will rise the risk of the exchange business (and your money in your account) but I think they can handle this quite well by carefully planning their own hedging strategies.

All this what I am writing is IMHO so please be free to correct/comment me.

Thank you for your replies in this post, now I clearly see that 1:100 leverage by Bitmex is simple kind of marketing trick to attract more traders. After I read your replies and their ADL policy, I've come to the clear conclusion that Bitmex is a trash exchange.

Bitmex is really a great exchange. 10 thumbs up!

BitMEX, the community of Nexus would greatly appreciate your add of Nexus to your Markets.  Nexus is growing organically and the community continues to expand and draw in real talent. Colin has made an excellent coin, has an excellent plan, and is going to grow Nexus into a top contender cryptocurrency. Outside investors are already entering into the crypto market through Nexus. Please take careful consideration and add Nexus to your exchange. Thank you!

https://bitcointalksearch.org/topic/nexus-pure-sha3-cpugpu-npos-15-active-innovations-more-to-come-657601 Nexus Thread


SHA3
571 bit keys
Decentral Checkpoints
New difficulty adjustments
CPU + GPU fair mining
Distribution Reward System
Reward Curve
Time Clocks
10x faster then bitcoin
Variable Proof of Stake(Interest) based on Trust, time and weight
Trust Keys
Lower Level Protocol
Lower Level Databases
Merkle Chains, Reversible Transactions and Cube Satellites broadcasting the blockchain to earth from space.

Nexus Earth - Crypto = Bitcoin Cube Satellites

https://www.youtube.com/watch?v=S-aRpb735rI

Went to sleep, woke up - 33% profit adjustment. Exactly as I predicted.

Good bye Bitmex. Call me back when you have max 1:5 leverage.

TLDR: You will NEVER have perfect hedge on BitMEX

I must admit that Bitmex is the best exchange from technological viewpoint out there.

However, you must understand what is https://www.bitmex.com/app/dynamicProfitEqualisation and how you will suffer from it.

When BTC jumped from 585 to 632 I was long and made some $$$ after rebalance in the afternoon exchange took away 19.97% of my profit.

Why? because somebody was using sky high leverage and exchange could not liquidate his position.

20% was the rate when price went up - imagine how big adjustment will be during price decline - my estimate 30-50%

For example, you have 5 BTC and price is 600. Your USD holdings are 3000 USD. You go and sell 3000 contracts XBTUSD.

Next morning BTC is 400 USD and you think you are hedged. But if there is 50% adjustment to profits - you have only $2500 in you account.

My question was to BitMEX - "Why do you allow such big leverage? 5x is enough". They told it attracts liquidity.

IMO it only attracts kamikaze traders who want to blow up account and pushes other traders away.

.

BitMEX Launches 50x Leveraged Daily Bitcoin Futures
https://blog.bitmex.com/bitmex-launches-50x-leveraged-daily-bitcoin-futures/

They also recently launched weekly XBT options and also an LTC product

I moved my entire futures trading balance from 796 Exchange to Bitmex this week. I sacrificed volume/liquidity/familiarity for better reassurance that my btc isn't going to disappear ... lol, a better designed platform, and more responsive management.

If at the end of the month commissions come back but volume remains anemic I'll prolly have to go back to 796 ... hope Bitmex takes off. Hedgers and traders should be using Bitmex' futures rather than trading coins directly. It is a great product.

Yeah a lot of English speakers trade futures. Okcoin has quite the volume.

Yeah small contract sizes are nice on Bitmex. They also have 25x leverage. They're also using the XBT quanto series which means you profit more when the price goes up and lose more when it goes down. And all the contracts are set for much longer time frames. 1 month, quarterly, half year.

I think it's good that Bitmex is differentiating themselves. They aren't exactly competing directly. Also they're a great alternative and place to go if people want a site that they can trust.

Also Bitmex has 0% fees for a month which is amazing. (And if you sign up with referral codes you get 10% off for a half a year). And they're not going to have crazy high fees like some other sites

Also speaking of differentiating, Bitmex will be launching a new product soon. I'm really excited for it.

OkCoin

Thanks - volume is improving. We've traded nearly 1k BTC in the last 24hr and momentum is increasing.

While spreads are large, there is significant money to be made market making, and at 0 fees it can be done quite profitably.

We have a reference marketmaker bot on GitHub. It's free to use and can be tested first on our Testnet.

Hope to see you on the exchange.

Site looks really good ... I like the new UI, and that your contracts are so small ($1 per) ... so when volume picks up it should trade like butter. So discouraging to see you not have any volume right now. I guess that is my hang up here. 796 Exchange has the volume, and I'm comfortable there. I guess mostly Chinese speakers trade on 796, and English speakers don't trade futures yet? Hmmm .... that could change ...

The feedback in the last 24hrs on the Whaleclub Teamspeak, Reddit, Twitter and other channels has been incredible.

We just launched:

0% Fees

All contracts trade with no fees until September. It's the perfect incentive to give BitMEX a try.

25x Leverage

Trade our XBT-series contracts at a whopping 25x leverage! Our industry-leading Dynamic Profit Equalisation (DPE) system ensures safe and transparent risk management.

New, simplified UI

BitMEX's interface, while always powerful, was confusing to new traders just getting started with derivatives. Our new simplified interface is designed to get you right into trading with a minimum of confusion.

https://i.imgur.com/exJsBYm.jpg

As always, contact us any time at [email protected] or on the site chat itself. You can also talk to us live on the Whaleclub Teamspeak channel (ts.whaleclub.co).

Today we've launched BVOL7D, the compliment to our recently-released BVOL24H contract.

BVOL24H settles on daily volatility calculated using 288 snaps per-day from Bitfinex (one every five minutes). It settles daily at 12:00 GMT. It can be traded on leverage and is very volatile. Settlement prices in the last two weeks have ranged from 4.13 to 0.95.

BVOL7D is similar to BVOL24H but settles on 2016 snaps (288 per day * 7 days) every Friday at 12:00 GMT. It is useful for hedging volatility and is more gentle than BVOL24H. Backfill of the last few weeks shows settlements ranging from 7.60 to 3.34.

Both of these contracts are a lot of fun to trade even in a sideways market and are a hedger-friendly alternative to binary options. With leverage, it is possible to quadruple your money if volatility takes a sudden turn intraday.

Fees on BVOL24H are our lowest-ever: 0% Maker / 0.03% Taker. BVOL7D is very reasonable at 0% Maker / 0.10% Taker.

Feel free to talk to us in chat or on the Whaleclub Teamspeak if you have questions about these contracts.

At this time, the Hedger and Insurance fees will remain as-is. They are set as necessary to ensure that the exchange can continue to run and pay its bills.

BitMEX already offers contracts available on no other exchange (such as BVOL), and the gap will widen in the coming months.

Not all contracts are subject to our Trader/Hedger scheme; we are investigating the addition of faster-moving contracts that fill the needs of day traders and short-term hedgers, such as those hedging blockchain confirmations.

To that end, a few days ago we launched XBU24H. This is an inverse futures contract, which means it is always worth $1 of Bitcoin. It is very similar to our other XBU contracts, but is settled daily.

Our current Trader/Hedger scheme is not appropriate for a short term contract such as XBU24H so we have moved to an even more generous scheme: 0% maker, 0.03% taker, no insurance fees. See our XBU24H Fees Reference for more details.

Within 4 days of opening you reduced your trading fees a hundredfold. Please let us know when it becomes possible to reduce your hedger & insurance fees (applied three times everyday 7 days a week).

Thanks