Bitfinex Launches Bitcoin Dominance Perpetual Swaps

Raytheon

full member

Activity: 186

Merit: 253

Quote from: chip1994 on May 07, 2020, 05:19:17 AM

I think it should be margin trading rather than futures. Because the Bitcoin dominance index is not a commodity and it is really difficult to give an accurate index on the exchange. so trading like that would be insecure and the chances of us losing more. Actually we have to follow the house rules but I don't support this kind of bitcoin dominance.

Edited in the OP, it's a perpetual contract:

Quote from: https://www.bitfinex.com/posts/471

We're pleased to announce the following updates to the Derivatives Product Description.

The Product Description now includes the BTCDOMF0:USTF0 (Bitcoin Dominance) product. The Bitcoin Dominance product tracks the change in price of BTC relative to a basket of seven Digital Tokens (ETH, EOS, LTC, XRP, BCH, XTZ and XLM).

chip1994

sr. member

Activity: 868

Merit: 251

HEX: Longer pays better

I think it should be margin trading rather than futures. Because the Bitcoin dominance index is not a commodity and it is really difficult to give an accurate index on the exchange. so trading like that would be insecure and the chances of us losing more. Actually we have to follow the house rules but I don't support this kind of bitcoin dominance.

drlukacs

sr. member

Activity: 854

Merit: 253

l0tt0.com

Quote from: Raytheon on May 06, 2020, 04:56:57 AM

Another creative way to rifle traders' pockets, another bait for the whales to devour each other.

https://www.bitfinex.com/t/BTCDOMF0:USTF0

Do you guys have any thought on this?

This is just a guessing game as well as other types of indicators. Every exchange has different game. they always create new things that are similar to gambling to make more money from investors. I fully support this because it makes a lot of choices for traders. Everyone will be good at different types of indicators so diversifying the game is great.

justdimin

hero member

Activity: 3164

Merit: 675

www.Crypto.Games: Multiple coins, multiple games

Seriously? I mean we are talking about leverages and futures are hurting bitcoin right now and now these guys are offering dominance futures? This is starting to get disgusting man, people are moving the market however they want just so they could make a lot of money with leverages.

Basically we are such a small market right now that someone with a billion dollars could come in, buy whatever he wants with just one tenth of that money, put another quarter on leverages and then do whatever they want, like either sell it to drop the price and make money with short futures that is highly leveraged, or maybe buy a ton to increase the price and make profit from the long futures with leverage. In any case these futures are hurting the market for sure, I really hope they get SEC stop them eventually.

GreatArkansas

legendary

Activity: 2506

Merit: 1394

So fresh, there is still no volume. But I think this is also a good move for Bitfinex, more trading pairs for them, more trading fees, so more money from them. This is my first time to saw a Bitcoin Dominance trading pair in cryptocurrency exchanges, especially it is a futures market.
This is kinda confusing for the beginning and also for some newbie who will try this.

Raytheon

full member

Activity: 186

Merit: 253

Another creative way to rifle traders' pockets, another bait for the whales to devour each other.

Quote from: https://www.bitfinex.com/posts/471

We're pleased to announce the following updates to the Derivatives Product Description.

The Product Description now includes the BTCDOMF0:USTF0 (Bitcoin Dominance) product. The Bitcoin Dominance product tracks the change in price of BTC relative to a basket of seven Digital Tokens (ETH, EOS, LTC, XRP, BCH, XTZ and XLM).

https://www.bitfinex.com/t/BTCDOMF0:USTF0

Do you guys have any thought on this?

Topic: Bitfinex Launches Bitcoin Dominance Perpetual Swaps (Read 120 times)