[Daily Discussion] Wednesday, August 01, 2018 Bitcoin Markets |
- [Daily Discussion] Wednesday, August 01, 2018
- [Altcoin Discussion] Wednesday, August 01, 2018
- The $415 Million Elephant In the Room (OKex Futures Unfilled BTCUSD Liquidation)
- Could the $400 Million Liquidation have been an elaborate whale trick to create synthetic Put option for 0 premium abusing OkEX socialized loss and liquidation system ?
- zyado.com has been holding my almost €3000 and does not talk
- MT4 to Bitfinex bridge or MT4 CFD broker with sensible spreads/commission?
- Crypto scammer Jimmy Birer
- Noob thoughts on trading fees
- Coinscovery, the most user friendly crypto tool to discover coins
| [Daily Discussion] Wednesday, August 01, 2018 Posted: 31 Jul 2018 09:06 PM PDT Thread topics include, but are not limited to:
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| [Altcoin Discussion] Wednesday, August 01, 2018 Posted: 31 Jul 2018 09:06 PM PDT Thread topics include, but are not limited to:
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| The $415 Million Elephant In the Room (OKex Futures Unfilled BTCUSD Liquidation) Posted: 31 Jul 2018 02:49 PM PDT The past couple days, everyone in the bitcoin Futures market has been following the trials and tribulations of Mr. OKex #1 Top Contract Holder, who accumulated a $460 Million Long position on BTCUSD Quarterly Futures before getting liquidated. My man RJ from Whalepool documented the rise of the $460 Million position https://twitter.com/RobertJandeJong/status/1024180713686491136 ...and the fall https://twitter.com/RobertJandeJong/status/1024278308672946176 Great laughs, big dumb rich guy gets rekt being wreckless... ...the only problem is that this liquidation did not get filled in the market, and theres now a $420 Million overhang in this weekly settlement period that impacts all three maturities on BTCUSD Futures: https://twitter.com/whalepool/status/1024366915001769987 At current prices (~$7850) this will cause -950 BTC in "system losses" (in Futures, the shorts pay the profits of longs and vice versa, so if a bankrupt trader is forced out of position in a low liquidity market, their counterparty is earning profit from a corpse). But have no fear, the OKex insurance fund is backing the system as a safeguard, right? Wrong. The insurance fund (consisting of the maintenance margin salvaged from liquidated traders) has a whopping 10 BTC, which is not quite enough to cover the tab. As a result, if the price stays at this level, the profitable traders since last Friday until this Friday will have their gains dented by 940 BTC (950 loss minus the 10 BTC of insurance coverage), as per their socialized loss clawback system https://support.okex.com/hc/en-us/articles/360000139652-Forced-Liquidation This is catastrophic. The open interest of the Quarterly contract is $800 Million now, and more than half of this amount in Short positions has PNL that goes uncovered due to this bankrupt #1 Contract Holder trader. While it is not clear how much profit or loss has been exchanged in this period thus far (plenty of people could open, close positions and earn profit which goes unsettled until Friday), this massive Loss could end up causing the largest clawback in history. If the market recovers before Friday's settlement (2018-08-03 16:00:00 Hong Kong Time), then the 4,160,000 Contract Sell wall at $8020.49 (representing the unfilled liquidation) may get filled, which would make the system whole, i.e., 0% clawback. But if the market continues to drop, the loss on the unfilled order will continue to get worse, moving the clawback rate higher and higher (as bad as 40-50% potentially) In the past, OKCoin (as they were called back then) would make special cases in periods like this to provide some form of a backstop to maintain the integrity of the markets (see example https://np.reddit.com/r/BitcoinMarkets/comments/3snqiq/okcoin_adds_extra_100_btc_into_insurance_fund/ ). Will they allow a potential huge clawback to occur, and replenish the Insurance Fund to start fresh (and potentially losing lots of traders) or intervene to rectify this specific case? EDIT: Be careful, 90% of the replies are from people who have no clue what they are talking about and spreading incorrect information about how Futures and Socialised Losses work in this context. Maybe some other time I can do an AMA to respond to intelligent questions [link] [comments]  |
| Posted: 31 Jul 2018 05:28 PM PDT Imagine this :
So in short, if someone did this, he would profit as long as BTC goes below 8020 (the wall's liquidation price), and if BTC goes over that he loses 0 (only transaction fees). So basically a put option, except if someone really did this, he would have paid 0 premium for them. Am I being conspirationist here or could this have been possible ? [link] [comments]  |
| zyado.com has been holding my almost €3000 and does not talk Posted: 01 Aug 2018 03:07 AM PDT It's kind of a warning to other people, but also a question if anyone has been in a similar situation. Seeing that the price on zyado.com was a bit higher than on other BTC/EUR markets (e.g. kraken, bitstmap), since I have had a verified account there for years, I decided to sell 0.5 BTC there. Selling was easy - but then I requested EUR withdrawal.. First it was marked as "Queued", in which case I could cancel it, buy back BTC and withdraw the crypto... Unfortunately I did not do this. Instead I sent an email to their "customer support" complaining that it's been taking too long. They never answered the email, but then the status of my withdrawal changed to "Executed". Which would have been great, if not for the fact that it was executed on 14th of July and I still have not received a single penny onto my bank account. Since then I've sent like half a dozen of emails to contact[at]zyado.com, but not single one of them was answered or even acknowledged. And they don't have any phone number, or any other means to communicate. I'm not quite sure what to do now. The exchange has always seemed legit, many people trade there, I've used it myself in the past... I doubt they'd just steal a couple thousands of euro from me. But the fact that they keep my money while not answering my emails for weeks is making me feel quite uncomfortable. I guess at some point I will have to give up waiting and just go report it at the police. Just hoping it wont be necessary. Does anyone know what the hell is going on with these folks at zyado? Has anyone had a successful SEPA withdrawal from there recently? Because just the fact that one bitcoin is 20-40 EUR more expensive on zyado than anywhere else, suggests that the EUR withdrawal is a wider problem there. [link] [comments]  |
| MT4 to Bitfinex bridge or MT4 CFD broker with sensible spreads/commission? Posted: 01 Aug 2018 07:09 AM PDT Hello all! Are there any MetaTrader 4 solutions to connect and trade directly on exchanges like Bitfinex or Poloniex? If not, are there any MT4 CFD brokers offering BTC/USD with reasonable spreads and low commission? The best one CFD broker I've found has like $2 spread on BTC/USD combined with 1% round-turn commission. I would prefer to reduce my trading costs at least in half. Thank you for your suggestions! [link] [comments]  |
| Posted: 31 Jul 2018 12:56 PM PDT |
| Posted: 31 Jul 2018 06:10 PM PDT I'll pretend it's Noob Monday, shall I? I have a small thought, about fees. Right now I'm trading a BTCUSD CFD on Evolve. 0.075% commission, spread of about 1.50 USD, 1967 mBTC per BTC daily swap for longs. I have a job and, occasionally, a life. I'm much more likely to swing trade than anything else. I don't use MQL5 bots. Which means I might be in a long for days. Maybe weeks. Given that, I am thinking I have been a fool to do that with leverage. Sure counterparty risk is lower, but I might just as well stick the amount I want to trade onto Coinbase Pro, pay 0% maker, and not worry about swaps nibbling away at me. Short is another matter, leaving some funds on Evolve to be able to play a short may still make sense. 1944 mBTC per BTC daily swap on shorts. Do you concur? Am I better off to just trade the coins outright for longs, on something like Coinbase Pro? I should add, I am a US resident. Related thought about taxes. CFDs are handled like swaps with ordinary realization by IRS. So tax payment is deferred, as opposed to just trading into and out of USD. I'm not bothered by that; whether I pay tax now or much later is pretty much the same difference in the end. [link] [comments]  |
| Coinscovery, the most user friendly crypto tool to discover coins Posted: 31 Jul 2018 07:13 PM PDT Hello /r/BitcoinMarkets! I developed a free, all in one crypto tool, for the community. This is my small contribution to help with crypto adoption.
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