I believe this whole quote in that article is dead wrong:
"We imagine LedgerX won’t have too difficult of a time moving inventory, considering bitcoin’s astounding run of new record highs persists unabated. In a market starved for volatility, giving the "big boys" the ability to trade with massive leverage on what is already the most volatile asset class in existence is just what some funds need to make their year as they swing for the fences with 20x (or more in) margin."
From the rulebook rules that I last saw, LedgerX does not allow any margin trading. And no shorting.
Actually even without margins, they are technically correct in that options, especially far OTM (out of the money) option have really high leverage if IV (implied volatility) is low.
Of course, given the really high RV (realized volatility) of BTC, IV is going to be really high as well, i.e. BTC options are really expensive. So the actual leverage would not be very high even if you bought far OTM put option (which are not currently available on LedgerX anyway).
As for Risto, I doubt that he got anything from that Crypto Kingdom Game of his. Did he really squander all his BTC with his divorce and lost all his XMR when his MacBook got ninjaed?
