Bitcoin and Cryptocurrencies for Beginners

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BitMEX is proud to launch its first optionality products: This marks a very significant milestone in the product development history of the platform.

With futures, swaps, and now options, BitMEX is inching closer to the goal of offering all manner of derivative products for the crypto-coin industry. One of our biggest strengths at BitMEX is in engaging with the community and listening to our customers, and we have heard the roar for such products as the level of sophistication grows in this industry.

The liquidity profile of Bitcoin derivatives trading has changed dramatically over the past 12 months. Average daily trading volumes are in the billions of USD notional. Before non-linear products like options are viable, linear products Perpetual Swaps and Futures must be sufficiently liquid. Also, you do not want your position to be liquidated before your target is reached, irregardless of the intra-week spot movements.

On BitMEX, traders are limited to the margin they deposit on the platform, hence if the seller of the option cannot make good on potential losses, then socialised loss systems will need to be put in place which we want to avoid. Because no leverage is offered to sellers, it is very expensive from a capital perspective to make a market. In order to guarantee tight spreads at sufficient size, the BitMEX affiliated anchor market maker will be the only entity allowed to sell options initially.

Many of you may have concerns that the BitMEX best kept secret bitcoin trading platform 100x leverage huge profits buying selling bitcoin fast entity is the sole market maker, however here are some points to consider: At BitMEX, our top priority is improving the performance of our engine.

Part 1our CTO Samuel Reed explains in detail the issues we face and what we are doing to resolve these issues. However Best kept secret bitcoin trading platform 100x leverage huge profits buying selling bitcoin fast will reiterate some points here. The solution is not as simple as adding more servers or more engineers. The engine has a maximum throughput that is constrained by risk checks and calculations which are performed on each order, position, trade or price change so that we can maintain mathematical consistency on a platform that allows for x leverage.

We have a two-pronged strategy to solve for this unique problem that BitMEX experiences: I want to emphasise that we will not list any products that worsen engine performance until we increase capacity sufficiently.

Additionally, we are scrutinizing which API users cost us the most in resources. I remember how hard I fought as a CEO to convince traders to provide liquidity on our platform. This action pains me deeply and further sharpens my focus on finding a solution to this problem so that anyone who desires to provide liquidity may do so.

We have recently updated our Terms of Service to explicitly clarify the relationship between BitMEX the trading platform, and an affiliated entity that engages in market making. The trading business primarily trades as a market maker. The trading business is organised to be separate and distinct from the platform business. Specifically, no front office personnel are shared between the trading business and the platform, the trading business operates from a separate physical location, and the trading business does not have access to any platform order flow, execution, customer or other information on terms that are not otherwise available to any other platform user.

In addition, unless otherwise set forth in the terms best kept secret bitcoin trading platform 100x leverage huge profits buying selling bitcoin fast a specific BitMEX product, the trading business receives access and trading privileges only on the same terms as are available to any other user. Early on we discovered that market makers are very fickle. They only want to invest the time connecting to a trading best kept secret bitcoin trading platform 100x leverage huge profits buying selling bitcoin fast that already has flow.

Given trades must be collateralised, this reduces their returns. In order to entice others to provide liquidity, we funded an entity that would quote as soon as a new product listed. Right now the activity of this affiliated entity is concentrated on the altcoin contracts. Mission accomplished … for now. Being able to immediately support a new and illiquid product allows us to experiment with products that other platforms without an anchor market maker cannot.

It also speeds up the process to obtaining other 3rd party liquidity providers. The trading entity is a for-profit operation. However, their earnings are comprised of a service fee paid by the business, that is the BitMEX trading platform. If the desk is making too much trading PNL, the business will instruct them to tighten spreads and increase size.

The market making desk earns the most if the exchange earns the most. That also means that dishonest and manipulative behaviour on the part of the market making desk is not tolerated.

As you saw mentioned, the desk sits in a separate physical location. They also have no better information or access than any other trader on BitMEX. If traders feel that the platform is not fair, they will leave, and no one will get paid. The primary trading activity is providing two-sided liquidity on selected BitMEX products. The desk also trades OTC with various counterparties globally. As mentioned earlier, the desk does not engage in manipulative behaviour.

The desk does not front-run customers. The desk does not manipulate either the market on BitMEX or the underlying exchanges for the purposes of stop loss hunting, or causing cascading margin calls. None of this behaviour has occurred in the past, and if such behaviour is discovered, those responsible will be terminated immediately for cause.

The head trader is Nick Andrianov. He is a former Deutsche Bank equity flow and exotics options trader. Nick and I have known each other for over ten years. His integrity is unquestionable. Nick receives the business objectives from various senior members of BitMEX.

The business and the market making desk work closely with the express goal to make every single BitMEX product as liquid as possible. Trading losses incurred by the market making desk will not affect the solvency of the BitMEX trading platform. As stated above, the market making desk sits within a separate entity.

Their goal is to provide liquidity to BitMEX and the wider crypto capital markets. We serve customers all over the world, in five languages, and have become the premier platform for Bitcoin price discovery and liquidity. The BitMEX team has been hard at work improving capacity, building a solid mobile offering, and creating a tech team that is truly best-in-class. We are not resting best kept secret bitcoin trading platform 100x leverage huge profits buying selling bitcoin fast our laurels, enjoying this success for the sake of it.

As was wisely said: InI was speaking best kept secret bitcoin trading platform 100x leverage huge profits buying selling bitcoin fast a web development panel in Hong Kong for General Assemblya coding bootcamp. They wanted to give their soon-to-graduate students a taste of what it was like to work professionally. I took the opportunity to talk about my history: A rather loud personality in the back asked a question: How do you attract great talent in such a competitive atmosphere?

He came up to me after the panel and told me he wanted to do a Bitcoin derivatives exchange. I was that bozo, and Arthur Hayes and I were to become business partners. Without any major funding, we brought an alpha online within six months and started with the BitMEX Trading Challengean no-rules trading competition where we put the exchange through its paces. And it really was no-rules aside from multiple accounts — hacking the site would win you the prize.

Ben and Arthur celebrated separately, in Hong Kong. Notice the original trading interface in both photos. You can still read the original Trollbox messages from that day.

All projects are a product of the time in which they are built. In earlythe crypto ecosystem was reeling from the vacuum Mt. In fact, a question about this was the top-voted comment on our Reddit launch announcement. This rule pervades everything we do at BitMEX. It permeates our policy, even today: For 1, straight days!

At the time, I thought users would resist this. Yes, Bitcoin is better in so many ways than any monetary system that has come before it. But it is weaker too. Custodianship is an unsolved problem that requires constant vigilance. I think our customers know this and appreciate it. In our early days, we received a large number of complaints about withdrawal times.

Today, where we are the largest exchange by volume in the world, we receive barely any. People get it — caring for your deposits this way is not easy.

We do it not because it is convenient, but because it is safe. The following charts show monthly turnover in increasingly large timescales, to highlight detail completely lost in the overall view:.

Ben is a diligent and brilliant mathematician. He built a perfect mathematical model for trading, a constantly-coherent system that continuously audits all trades and always sums to zero. There are entire classes of bugs that are common on other platforms that never occur on BitMEX, and it is that attention to detail that makes all the difference.

This consistent coherency inside the BitMEX engine makes x possible. This provides the safety and speed necessary to not only survive within the razor-thin requirements of 0. Competing firms have insurance funds in the single digits of Bitcoin, despite offering as low as only 20x leverage. But we hear all of you: Since latethe BitMEX team has refocused on engine performance as our highest priority. We have built, and are continuing to build, a team full of the top professionals in the space.

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