This is a mirror of the original BitMEX trollbox archive that used to be online here.
BitMEX disabled their archive after the DDOS attack so I have decided to make my mirror publicly available.

Well now, a few days after I made this mirror available to the public, the original archive from BitMEX is online again.
But since it is still limited (neutered to the last few hundred messages) I will keep my FULL mirror alive.

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[2015-06-03 12:10:04] cengel : need to hire some woman spy type to infiltrate the company
[2015-06-03 12:10:07] goat : haha i have other posts to go up inbetween
[2015-06-03 12:10:17] goat : i just need time to work ont hem
[2015-06-03 12:11:22] cengel : does settlement no longer appear in Recent Trades ?
[2015-06-03 12:11:39] goat : i emailed the vc firms they claim to have money from, the good news is that they actually did receive vc money... so thats good lol
[2015-06-03 12:11:58] cengel : did you ask for comment about the situation in general?
[2015-06-03 12:12:09] goat : yeah and got none
[2015-06-03 12:12:26] goat : and got no info as to how much they invested
[2015-06-03 12:12:30] cengel : well they are bound to be on to the situation now, so that is something
[2015-06-03 12:12:48] goat : true
[2015-06-03 12:13:19] goat : i obviously would like them to implode on themselves, but my main concern is getting info out as quickly as possible so that as many traders can remvoe their btc as possible
[2015-06-03 12:13:25] goat : before okc runs our or tries to exit scam
[2015-06-03 12:13:31] goat : because we dont need another gox, that would be really bad
[2015-06-03 12:13:41] goat : and i sent all of my research so far to zerohedge
[2015-06-03 12:13:45] goat : so maybe they can help too
[2015-06-03 12:13:49] Kweejee : okcasino better buckleup
[2015-06-03 12:13:54] Kweejee : they ridin dirty
[2015-06-03 12:15:00] goat : they are just so redic
[2015-06-03 12:15:14] cengel : you should send to Bloomberg or WSJ
[2015-06-03 12:15:17] cengel : zerohedge is kind of a joke
[2015-06-03 12:15:18] goat : the number 1 rule of the situation they are in is keep your mouth shut
[2015-06-03 12:15:20] BitMEX_Sam : cengel: It does, see e.g. the settlements for XBU24H and BVOL24H
[2015-06-03 12:15:30] goat : and if they had to say anything, it should be through a lawyer
[2015-06-03 12:15:39] goat : cengel: good idea, im going to email them right now
[2015-06-03 12:15:42] goat : and forbes too
[2015-06-03 12:17:02] cengel : Sam, i guess i had to refresh my bad
[2015-06-03 12:17:30] goat : i also have some really interesting info im tracking through the blockchain
[2015-06-03 12:17:45] goat : someone that i know was sellign coins for 30% over stamp spot price on local btc
[2015-06-03 12:17:57] goat : and looking through the wallet addresses is fucking weird
[2015-06-03 12:18:23] goat : some of them you can track to exchanges hot wallets, and large coin transactions align perfectly with a dump after a few transactions
[2015-06-03 12:18:32] goat : so i was thinking about setting up some kind of alarm to monitor those addresses
[2015-06-03 12:18:52] BitMEX_Sam : Wow that is odd
[2015-06-03 12:19:11] goat : yeah
[2015-06-03 12:20:01] BitMEX_Sam : ofc being linked to an exchange hot doesn't mean much; lots of coins go through there
[2015-06-03 12:20:08] BitMEX_Sam : but the price is odd. why such a premium
[2015-06-03 12:20:12] goat : yeah of course
[2015-06-03 12:20:14] goat : exactly
[2015-06-03 12:20:26] goat : i should have looked into this forever ago, my friend sent me the address months ago
[2015-06-03 12:20:35] goat : and im still cleaning out my inbox from january lol
[2015-06-03 12:23:27] goat : this is one of them that was linked to his.. on my list of things to research - http://btc.blockr.io/address/info/1CvBmeNZY7wgg5fyxfNd6vJzHN6EyhrHPs
[2015-06-03 12:24:54] BitMEX_Sam : interesting, just cleared out
[2015-06-03 12:25:13] BitMEX_Sam : Actually kind of looks like a wash addr
[2015-06-03 12:25:48] BitMEX_Sam : There's a loose monthly pattern there
[2015-06-03 12:25:52] goat : it looks like those are going to multi sig
[2015-06-03 12:25:59] goat : hold on let me get you the other info
[2015-06-03 12:26:42] BitMEX_Sam : Ah yeah. I see that
[2015-06-03 12:26:51] BitMEX_Sam : Seems to be washing out to `3` p2sh addrs
[2015-06-03 12:27:04] goat : this is one of the addresses that my friend was sending to - http://btc.blockr.io/address/info/1K5Kdqi5xJNG4G83s8sWu8vsZtRSiF7zL9
[2015-06-03 12:27:18] goat : those can be traced to a btce wallet
[2015-06-03 12:27:29] goat : but go to the first transaction to that address and go back one step
[2015-06-03 12:27:33] goat : the one for .0001 btc
[2015-06-03 12:28:01] goat : which brings up this - http://btc.blockr.io/tx/info/f68b454a4d726f5188aeaa842460b915b6ca0c4cc431bb2d5fad7a32f93d315f
[2015-06-03 12:28:18] goat : so presumably, the same person was sending .0001 btc to all of those addresses to confirm they were working
[2015-06-03 12:29:17] cengel : if two people have bids at the same price, how does the engine determine who gets filled first ?
[2015-06-03 12:29:30] goat : fifo i think
[2015-06-03 12:29:33] BitMEX_Sam : yep
[2015-06-03 12:29:34] goat : from my experience here
[2015-06-03 12:29:39] goat : fucking bfx used to lifo
[2015-06-03 12:29:43] BitMEX_Sam : that's awful
[2015-06-03 12:29:43] goat : so annoying
[2015-06-03 12:29:50] BitMEX_Sam : So you have to replace orders all day if you're market making
[2015-06-03 12:29:56] goat : yeah i would place a bid, someone would place over it and iw ould have to reset
[2015-06-03 12:29:58] goat : yep
[2015-06-03 12:29:59] goat : so annoying
[2015-06-03 12:30:02] goat : but they fixed it now
[2015-06-03 12:30:05] BitMEX_Sam : that's good
[2015-06-03 12:30:08] BitMEX_Sam : part of alphapoint or earlier?
[2015-06-03 12:30:41] goat : way earlier
[2015-06-03 12:30:54] goat : it used to be like that a year ago or more
[2015-06-03 12:31:10] goat : they fixed it a few months to a year ago
[2015-06-03 12:36:31] goat : looks like the bfx market maker is being much less aggressive today
[2015-06-03 12:38:04] BitMEX_Sam : that must have been a holdout from the old code
[2015-06-03 12:38:16] goat : the lifo/fifo thing?
[2015-06-03 12:39:13] BitMEX_Sam : Yeah
[2015-06-03 12:39:41] BitMEX_Sam : Wasn't some of the bfx codebase based on an earlier defunct exchange
[2015-06-03 12:39:56] goat : yeah bitcoinica
[2015-06-03 12:40:01] goat : or however you spell it
[2015-06-03 12:40:07] BitMEX_Sam : That's the one
[2015-06-03 12:40:09] BitMEX_Sam : Couldn't remember the name
[2015-06-03 12:40:19] BitMEX_Sam : Unfortunately some of the bugs came with
[2015-06-03 12:40:52] BitMEX_Wally : The order matching engine was probably built by someone without financial experience. It goes price then time priority in nearly every major market.
[2015-06-03 12:41:05] goat : it was made by a 16 year old lol
[2015-06-03 12:41:07] goat : supposedly
[2015-06-03 12:41:11] BitMEX_Sam : That sounds like bitcoinica
[2015-06-03 12:41:13] goat : then they modified the code
[2015-06-03 12:41:43] BitMEX_Sam : I think they lost more coins than just about anyone other than gox
[2015-06-03 12:41:56] goat : lol
[2015-06-03 12:41:58] goat : hilarious
[2015-06-03 12:42:35] BitMEX_Sam : Not if you had &btc; there... exchanges have such a rough history
[2015-06-03 12:43:15] goat : i agreed with that
[2015-06-03 12:43:23] goat : its just funny it was made by a 16 year old
[2015-06-03 12:43:42] cengel : FIFO is legit
[2015-06-03 12:44:31] BitMEX_Sam : That's how it has to be
[2015-06-03 12:45:14] goat : otherwise there is no incetive for people to keep the order book full
[2015-06-03 12:45:18] goat : and it looks like you have shit liquidity
[2015-06-03 12:46:12] goat : lol looks like virtu is having some fun with USDEUR during this draghi speech
[2015-06-03 13:27:02] Kweejee : wheres da volume
[2015-06-03 13:28:36] BitMEX_Sam : volatility slowing down a bit
[2015-06-03 13:37:03] ilikepies69 : is it me or has there been an increase in bids and ask stacking in the last 2 hrs across board?
[2015-06-03 13:38:02] BitMEX_Sam : ilikepies69: Yes, there has been an increase
[2015-06-03 13:44:30] Kweejee : BitMEX_Sam: serious issue
[2015-06-03 13:44:36] Kweejee : trying to withdrawl a small amount
[2015-06-03 13:44:37] BitMEX_Sam : What's up?
[2015-06-03 13:44:39] Kweejee : and i get Sorry, an error occurred. Please try again
[2015-06-03 13:44:48] Kweejee : when clicking the confirmation link sent to my email
[2015-06-03 13:44:48] BitMEX_Sam : Hmm let me check the logs
[2015-06-03 13:44:52] BitMEX_Sam : Ok
[2015-06-03 13:44:55] Kweejee : the balance is deducted
[2015-06-03 13:45:00] BitMEX_Sam : Thanks for letting me know. I'll make sure it goes through
[2015-06-03 13:45:04] BitMEX_Sam : Don't worry the bitcoin is always still there
[2015-06-03 13:45:21] Kweejee : Oh I know, I trust the system completely
[2015-06-03 13:45:29] Kweejee : Just the confirmation email led to an error
[2015-06-03 13:45:32] Kweejee : No worries at all!
[2015-06-03 13:55:03] Kweejee : still nothing showing on the blockchain
[2015-06-03 13:55:08] ilikepies69 : BitMEX_Sam: cool re: order increase, lets hope its not just one mm ; D
[2015-06-03 13:55:51] BitMEX_Sam : Kweejee: pushing it through shortly
[2015-06-03 13:55:59] BitMEX_Sam : We're signing
[2015-06-03 13:56:31] Kweejee : gunna miss this forex trade :x
[2015-06-03 13:57:01] BitMEX_Sam : Sorry - usually withdrawals only process at 12 GMT anyhow
[2015-06-03 13:57:03] BitMEX_Sam : Hope you were aware of that
[2015-06-03 13:57:35] BitMEX_Sam : Kweejee: Just hit the blockchain
[2015-06-03 13:58:25] Kweejee : BitMEX_Sam: I didn't notice that until now, thanks for pointing it out
[2015-06-03 13:58:41] BitMEX_Sam : It's a security matter. We handle all withdrawals by hand and offline
[2015-06-03 13:58:58] BitMEX_Sam : We have seen too many exchanges lose customer money this way to hook any wallets up to live servers
[2015-06-03 13:59:41] BitMEX_Sam : In the future we will deploy a hybrid system that will allow withdrawals to go through quicker based on amount / volume, but in essence the faster your withdrawal is the more chance that something can go wrong
[2015-06-03 14:36:02] Kweejee : meh trading bvol is pointless
[2015-06-03 14:36:03] Kweejee : right now
[2015-06-03 14:36:37] Kweejee : bid/ask wayyy out of wack
[2015-06-03 14:36:50] BitMEX_Arthur : make it tighter :)
[2015-06-03 14:37:33] Kweejee : why the hell would anyone buy 2.49 on the ask
[2015-06-03 14:37:39] Kweejee : no open interest, no bag holders to buy from
[2015-06-03 14:38:23] BitMEX_Wally : Someone might get liquidated
[2015-06-03 14:38:51] Kweejee : until then, sitting and waiting :P
[2015-06-03 14:40:22] cengel : but youre thinking only about holding to settlement
[2015-06-03 14:45:37] Kweejee : I don't see the risk/reward paying off buying 2.49
[2015-06-03 14:46:03] Kweejee : Or anything sub 1.90
[2015-06-03 14:46:32] BitMEX_Arthur : then i guess u should hit the bid
[2015-06-03 14:47:37] Kweejee : but then i'd have to buy back at a better cost ;)
[2015-06-03 14:47:42] Kweejee : screwed both ways
[2015-06-03 14:47:58] BitMEX_Arthur : or wait until expiry
[2015-06-03 14:48:03] Kweejee : a better entry will come
[2015-06-03 15:05:23] cengel : the first 6-8 hours are awkward to trade
[2015-06-03 15:17:02] Kweejee : yep
[2015-06-03 15:17:07] Kweejee : ive learned that the hard way
[2015-06-03 15:17:08] Kweejee : haha
[2015-06-03 16:44:37] goat : http://shitco.in/2015/06/03/bears-dump-on-bitlicense/
[2015-06-03 17:45:42] goat : http://shitco.in/2015/06/03/the-blockchain-a-double-edged-sword/
[2015-06-03 17:51:05] Swedishnut : Storming so hard here I may lose power... sigh
[2015-06-03 18:25:44] Swedishnut : anyone here looking into NXT dividends and such?
[2015-06-03 18:57:06] cengel : goat, nice
[2015-06-03 19:24:40] goat : are you guys updating the affiliate program to lifetime?
[2015-06-03 19:37:28] BitMEX_Sam : goat: We are still having that discussion internally
[2015-06-03 19:40:50] goat : ok cool :D
[2015-06-03 19:59:56] SnackyCoins : just so it's clear, nobody cares that the 10% discount drops off after 6 months. Hell, make it 3 months if it means lifetime affiliate status
[2015-06-03 20:00:29] SnackyCoins : I signed up to twitter in 2012 and just started using it a month ago
[2015-06-03 20:03:52] Murch : SnackyCoins: New people who sign up probably care. And I care that they care because all that's left for this to become a great exchange is having enough people trading here.
[2015-06-03 20:04:16] BitMEX_Sam : Yeah the 10% carrot is important IMO, affiliates need something to dangle, otherwise users have no reason to click their links
[2015-06-03 20:04:21] BitMEX_Sam : It gives them a way to market as well
[2015-06-03 20:04:40] SnackyCoins : Don't get me wrong i love that it's there absolutely
[2015-06-03 20:04:51] SnackyCoins : its a great conversion surprise
[2015-06-03 20:05:10] SnackyCoins : but I didn't want it misunderstood that "the 10% discount also needs to be lifetime"
[2015-06-03 20:05:16] BitMEX_Sam : Right
[2015-06-03 20:05:21] Murch : And I'm pretty confident that most people who see what this exchange is like after signing up will be blown away. Gotta attract as many as possible! :D
[2015-06-03 20:05:34] SnackyCoins : yeah i mean just place a few trades and you'll love it here
[2015-06-03 20:05:43] BitMEX_Sam : I understand your position on it. We based our program on many other programs we have experience with, the vast majority of which are not lifetime
[2015-06-03 20:06:12] BitMEX_Sam : However we have different requirements and payouts, so I understand 100% where you guys are coming from.
[2015-06-03 20:06:29] BitMEX_Sam : Thanks for the kind words re: the exchange by the way
[2015-06-03 20:06:41] BitMEX_Sam : How do you guys feel about the UI? Is it too complex for you - overwhelming at times?
[2015-06-03 20:06:53] SnackyCoins : It was at first
[2015-06-03 20:08:22] Murch : BitMEX_Sam: No problem, it's worthy of praise. I haven't been too overwhelmed. I was very used to trading at OKC so nothing here feels out of the ordinary.
[2015-06-03 20:08:51] BitMEX_Sam : I've started work on a simplified UI - the existing UI will live on as an "Advanced" mode
[2015-06-03 20:08:58] Murch : I actually like how compact the layout is. I don't have to navigate to many different pages to do what I want.
[2015-06-03 20:09:23] BitMEX_Sam : Yeah, that's the idea. I think traders who trade often like the compact layout, but newcomers just get bombarded by too much information
[2015-06-03 20:09:37] BitMEX_Sam : Not to mention, from non-finance types, we have a lot of confusion about our symbols, like `XBUM15`
[2015-06-03 20:09:48] Murch : Fair enough, having both options seems like a good idea.
[2015-06-03 20:10:27] Murch : I haven't really learned what each means but by having a description next to each in a dropdown I don't have to.
[2015-06-03 20:10:35] Murch : So I really like that.
[2015-06-03 20:11:03] BitMEX_Sam : Right. The month codes are industry-standard but I'll be honest, they can be difficult to remember
[2015-06-03 20:12:19] SnackyCoins : It would be nice if there was a bit more eye leading to important info, like if you widened the center column a little to make the chart & order controls bigger (for noobs). +1 for the tooltips murch they are fantastic here
[2015-06-03 20:12:47] SnackyCoins : but then again noobs (like myself) should probably learn to get with the symbols and info bombardmant
[2015-06-03 20:13:01] SnackyCoins : i mean, what am i doing trading derivitives if i cant
[2015-06-03 20:13:40] BitMEX_Sam : :) That's a good attitude. Unfortunately there are a lot of traders out there who don't know what they are trading
[2015-06-03 20:14:04] cengel : as long as we can still choose to have nothing different I dont protest :)
[2015-06-03 20:14:38] SnackyCoins : I would sincerely hope that the end goal for all crypto traders is to be able to trade "normal" markets as well
[2015-06-03 20:14:40] BitMEX_Sam : cengel: Yeah of course. I love the UI as-is, I don't want to change it.
[2015-06-03 20:14:50] cengel : the month codes are easy for people who trade ES
[2015-06-03 20:14:55] cengel : or any other standard futs
[2015-06-03 20:16:49] cengel : but okay good no change for those who dont want change
[2015-06-03 20:18:11] cengel : are you going to let them do shit like hold concurrent opposite positions?
[2015-06-03 20:18:18] SnackyCoins : Yeah no time needed on the UI ;) plenty of other stuff to do that'd be better
[2015-06-03 20:18:36] SnackyCoins : logged into mobile last night cause my internet went out and it looked great and felt fully functional
[2015-06-03 20:18:41] BitMEX_Sam : cengel: Haha no.
[2015-06-03 20:18:57] BitMEX_Sam : At least not in the same contract of course. The trading logic will not change one bit
[2015-06-03 20:18:59] cengel : they love to do that, they call it "hedging" i shit you not, they don't even know what that word means
[2015-06-03 20:19:12] BitMEX_Sam : Yikes.
[2015-06-03 20:19:39] BitMEX_Sam : SnackyCoins: Yeah this is how I've avoided having to make a mobile app. It is 1000% easier to just make the site responsive and not have to maintain two applications.
[2015-06-03 20:20:17] SnackyCoins : heh i used to do that but i didn't call it that. if i ever feel a "long&short" situation then it is just time to go long BVOL & done
[2015-06-03 20:21:10] cengel : http://www.learningmarkets.com/the-nfa-forex-anti-hedging-rules/
[2015-06-03 20:21:42] cengel : it's only gamblers who think that's not dumb :)
[2015-06-03 20:25:40] SnackyCoins : i see where they're coming from on a consumer protection standpoint
[2015-06-03 20:26:03] SnackyCoins : however OKC "futures" has no interest :)
[2015-06-03 20:27:01] SnackyCoins : combined with 20x and clownshoes movements you could get margin called on your "hedge" and still win (back when btc actually moved more than $5)
[2015-06-03 20:27:25] SnackyCoins : of course 20x is also dumb ;)
[2015-06-03 20:28:04] SnackyCoins : and 200x is just fun :)
[2015-06-03 21:51:50] Murch : Are conditional and other algorithmic type orders in the pipeline?
[2015-06-03 21:54:20] Murch : I don't know about others but being able to use boolean operators would be really helpful for me. Like 'if fair price < X & highest bid > Y then set Z order'
[2015-06-03 22:03:47] BitMEX_Sam : Yeah, there are some more advanced types on the way
[2015-06-03 22:04:06] BitMEX_Sam : We're working on increasing leverage right now, then we will be introducing stops and a few other advanced types
[2015-06-03 22:21:52] Murch : Awesome, looking forward to it.
[2015-06-03 23:10:23] wjschafer : anyone around?
[2015-06-03 23:11:10] BitMEX_Sam : Hey @wjschafer
[2015-06-03 23:11:17] wjschafer : yo
[2015-06-03 23:11:23] wjschafer : just getting going here
[2015-06-03 23:11:30] BitMEX_Sam : Sure, anything I can help with?
[2015-06-03 23:11:30] wjschafer : and pretty noob
[2015-06-03 23:11:53] wjschafer : need some help thinking though some heding
[2015-06-03 23:11:59] wjschafer : hedging*
[2015-06-03 23:12:15] BitMEX_Sam : Sure.
[2015-06-03 23:12:23] wjschafer : so i've built a wallet
[2015-06-03 23:12:23] BitMEX_Sam : Well if you're hedging bitcoin price, XBU is where you want to be.
[2015-06-03 23:12:28] wjschafer : right
[2015-06-03 23:12:46] wjschafer : trying to figure out how to approach the analysis
[2015-06-03 23:13:07] BitMEX_Sam : Okay, go ahead
[2015-06-03 23:13:28] wjschafer : so let's say i've got $50k in BTC that I'm exposed to price fluctuation
[2015-06-03 23:14:08] wjschafer : so i look at historical volatility (I think) and i think it's 15%
[2015-06-03 23:14:10] wjschafer : or rather
[2015-06-03 23:14:43] wjschafer : my biz model wont work if i take a 10% drop
[2015-06-03 23:15:01] wjschafer : so could lose $5k
[2015-06-03 23:15:12] wjschafer : am i good so far in my thinking?
[2015-06-03 23:15:38] BitMEX_Sam : Right
[2015-06-03 23:15:42] wjschafer : so i buy the $50k worth of BTC
[2015-06-03 23:16:02] wjschafer : let's say it's at $100 USD to 1 BTC
[2015-06-03 23:16:15] wjschafer : i'm worried it will go to $90
[2015-06-03 23:16:40] wjschafer : here's where I get confused
[2015-06-03 23:16:45] wjschafer : i sell XBU
[2015-06-03 23:17:11] wjschafer : what price makes sense for me?
[2015-06-03 23:17:18] BitMEX_Arthur : the market price
[2015-06-03 23:17:24] BitMEX_Arthur : as soon as you buy spot bitcoin
[2015-06-03 23:17:31] BitMEX_Arthur : you hedge immediately with a XBU future
[2015-06-03 23:17:37] wjschafer : got that
[2015-06-03 23:17:42] wjschafer : so in your interface
[2015-06-03 23:17:50] wjschafer : Order Controls
[2015-06-03 23:17:56] wjschafer : Price (USD)
[2015-06-03 23:17:58] wjschafer : Sell
[2015-06-03 23:18:05] wjschafer : now 227.4
[2015-06-03 23:18:13] wjschafer : currently
[2015-06-03 23:18:18] wjschafer : I sell $5k worth
[2015-06-03 23:18:25] wjschafer : for example
[2015-06-03 23:18:27] BitMEX_Arthur : let's look at `XBUM15` current Bid is $225
[2015-06-03 23:18:32] wjschafer : right
[2015-06-03 23:18:38] BitMEX_Arthur : for $5k worth of exposure
[2015-06-03 23:18:43] BitMEX_Arthur : you sell 50 contracts
[2015-06-03 23:18:49] BitMEX_Arthur : because each contract is worth $100
[2015-06-03 23:18:50] BitMEX_Arthur : of Bitcoin
[2015-06-03 23:18:53] wjschafer : got it
[2015-06-03 23:19:14] wjschafer : how do i calculate what this will cost me?
[2015-06-03 23:19:29] BitMEX_Arthur : what type of cost?
[2015-06-03 23:20:23] wjschafer : well all in i guess
[2015-06-03 23:20:33] BitMEX_Arthur : so you would pay our exchange fee
[2015-06-03 23:20:36] wjschafer : so let's say in 30 days
[2015-06-03 23:21:01] BitMEX_Arthur : In 30days regardless of where the price is you will have $5k of Bitcoin
[2015-06-03 23:21:12] wjschafer : I need to sell the BTC
[2015-06-03 23:21:28] BitMEX_Arthur : so when you want to un-hedge
[2015-06-03 23:21:33] BitMEX_Arthur : you buy back the futures contract
[2015-06-03 23:21:41] wjschafer : ok
[2015-06-03 23:21:47] BitMEX_Arthur : then your Bitcoin holdings are fully exposed to the market price
[2015-06-03 23:21:48] BitMEX_Arthur : again
[2015-06-03 23:21:57] wjschafer : so buy the XBU
[2015-06-03 23:22:14] wjschafer : and I keep doing that as I'm buying and selling my BTC
[2015-06-03 23:22:19] BitMEX_Arthur : right to lock in the USD value initially, SELL, when you want to spend your Bitcoin then BUY back
[2015-06-03 23:22:20] wjschafer : to put in peoples wallets
[2015-06-03 23:22:25] BitMEX_Arthur : correct
[2015-06-03 23:22:50] wjschafer : and the amount is based on what I think the monthly volatility will be
[2015-06-03 23:22:59] BitMEX_Arthur : no
[2015-06-03 23:23:06] wjschafer : k
[2015-06-03 23:23:08] BitMEX_Arthur : if you have $10k USD of Bitcoin
[2015-06-03 23:23:18] BitMEX_Arthur : and you want to lock that value in, you sell 100 Contracts
[2015-06-03 23:23:21] wjschafer : i really appreciate this btw
[2015-06-03 23:23:29] BitMEX_Arthur : nw we are here to help educate
[2015-06-03 23:23:32] BitMEX_Arthur : only way people can learn
[2015-06-03 23:24:17] BitMEX_Arthur : If the price goes up, you miss out, but if the price goes down you have a locked in value
[2015-06-03 23:24:31] wjschafer : right
[2015-06-03 23:24:34] BitMEX_Arthur : I think you might be confusing options, when you trade options the volatility comes into play
[2015-06-03 23:24:40] BitMEX_Arthur : with futures it's a 1:1 hedge
[2015-06-03 23:24:53] wjschafer : so in my model i'm constantly buying and sellin BTC
[2015-06-03 23:24:59] wjschafer : in pretty large chunks
[2015-06-03 23:25:07] wjschafer : ahh
[2015-06-03 23:25:11] wjschafer : yes that's righ
[2015-06-03 23:25:13] wjschafer : t
[2015-06-03 23:25:13] BitMEX_Arthur : right so is your working capital split btw USD and Bitcoin?
[2015-06-03 23:25:25] wjschafer : sort of
[2015-06-03 23:25:31] wjschafer : trying to figure that out now
[2015-06-03 23:25:39] BitMEX_Arthur : so if you are running an operation say like a localbitcoin sellers
[2015-06-03 23:25:39] wjschafer : i need btc to fill wallets
[2015-06-03 23:25:50] wjschafer : but i only want enough to do so
[2015-06-03 23:25:51] BitMEX_Arthur : you split your working cap (wc) into two pots
[2015-06-03 23:25:54] BitMEX_Arthur : USD and Bitcoin
[2015-06-03 23:26:07] BitMEX_Arthur : the Bitcoin you hedge with XBU contracts to lock in the USD value
[2015-06-03 23:26:16] wjschafer : my concern is i have this exposure to a significant swing
[2015-06-03 23:26:20] BitMEX_Arthur : you post a portion of Bitcoin as margin for the futures contract 30% of the value
[2015-06-03 23:26:24] wjschafer : right
[2015-06-03 23:26:27] BitMEX_Arthur : then the 70% you use to trade
[2015-06-03 23:26:33] wjschafer : yes
[2015-06-03 23:26:35] BitMEX_Arthur : as soon as you sell Bitcoin, you just buy back spot with USD
[2015-06-03 23:26:41] BitMEX_Arthur : so you never have to touch your futures hedge
[2015-06-03 23:27:03] BitMEX_Arthur : whenever you get an order, provided you auto execute on your spot exchange, you have no price risk
[2015-06-03 23:27:14] BitMEX_Arthur : and you maximise your USD returns
[2015-06-03 23:27:30] wjschafer : this is funny
[2015-06-03 23:27:37] wjschafer : just when i think i've got it
[2015-06-03 23:27:48] wjschafer : i realize i don't
[2015-06-03 23:28:17] wjschafer : self realization is a good thing
[2015-06-03 23:28:43] wjschafer : i think i'm going to need to start doing this with some minor ammounts
[2015-06-03 23:28:43] BitMEX_Arthur : if you run your buying and selling operation in this way
[2015-06-03 23:28:51] BitMEX_Arthur : you don't have to charge as high of spreads
[2015-06-03 23:28:56] BitMEX_Arthur : because u have no price risk
[2015-06-03 23:29:02] BitMEX_Arthur : lower spreads, increase turnover
[2015-06-03 23:29:09] wjschafer : that's what i'
[2015-06-03 23:29:13] wjschafer : m going for
[2015-06-03 23:30:02] wjschafer : any way to set up a paper account?
[2015-06-03 23:30:18] BitMEX_Arthur : yes
[2015-06-03 23:30:22] wjschafer : cool
[2015-06-03 23:30:28] BitMEX_Arthur : https://testnet.bitmex.com
[2015-06-03 23:30:28] wjschafer : i need to dig in a bit
[2015-06-03 23:30:39] BitMEX_Arthur : create an account there, it uses testnet Bitcoin
[2015-06-03 23:30:46] BitMEX_Arthur : all the same contracts and API calls are there
[2015-06-03 23:30:46] wjschafer : there?
[2015-06-03 23:30:57] wjschafer : ah
[2015-06-03 23:30:59] wjschafer : link sorry
[2015-06-03 23:31:23] wjschafer : we've built an sms wallet
[2015-06-03 23:31:31] wjschafer : i'm kinda stoked about it
[2015-06-03 23:31:43] BitMEX_Arthur : do you have a link
[2015-06-03 23:32:00] BitMEX_Arthur : you are a target client, if you are running a value storing service using Bitcoin as the rails
[2015-06-03 23:32:04] wjschafer : it's still kinda cheesy
[2015-06-03 23:32:04] BitMEX_Arthur : you should absolutely be using our products
[2015-06-03 23:32:13] wjschafer : yeah
[2015-06-03 23:32:19] wjschafer : i'm glad i stumbled on you
[2015-06-03 23:32:26] BitMEX_Arthur : how did you hear about us?
[2015-06-03 23:32:34] wjschafer : i forget
[2015-06-03 23:32:42] wjschafer : i think i googled bitcoin options
[2015-06-03 23:32:48] wjschafer : or something like that
[2015-06-03 23:33:08] BitMEX_Arthur : https://blog.bitmex.com/crypto-trader-digest-may-18/
[2015-06-03 23:33:10] wjschafer : got my wallet when BTC was $10.42
[2015-06-03 23:33:17] BitMEX_Arthur : read "Why ATM operators need derivatives" section
[2015-06-03 23:33:21] BitMEX_Arthur : a step by step example
[2015-06-03 23:33:27] BitMEX_Arthur : of what you are basically doing
[2015-06-03 23:33:35] wjschafer : excellent!
[2015-06-03 23:33:58] wjschafer : i think you emailed me when i signed up
[2015-06-03 23:34:03] wjschafer : that was very professional
[2015-06-03 23:34:16] wjschafer : this is still very much the wild west
[2015-06-03 23:34:43] BitMEX_Arthur : for sure, we are trying to bring some standards and help businesses use Bitcoin and increase adoption
[2015-06-03 23:35:13] wjschafer : I hope to have site up in a couple weeks
[2015-06-03 23:35:28] wjschafer : been grinding on the product for awhile
[2015-06-03 23:35:42] wjschafer : starting to onboard customers
[2015-06-03 23:35:53] BitMEX_Arthur : awesome
[2015-06-03 23:36:02] BitMEX_Arthur : can't wait to try it out
[2015-06-03 23:36:06] wjschafer : yeah
[2015-06-03 23:36:13] wjschafer : customers break all kinds of things
[2015-06-03 23:36:19] wjschafer : try stuff you never thought of
[2015-06-03 23:36:22] wjschafer : it's great
[2015-06-03 23:36:41] wjschafer : ok - hey thanks for your time. I'm sure I'll have more questions
[2015-06-03 23:36:56] BitMEX_Arthur : feel free to email us support@bitmex.com
[2015-06-03 23:37:01] wjschafer : will do
[2015-06-03 23:37:02] BitMEX_Arthur : if no admin is in the chat
[2015-06-03 23:37:02] wjschafer : thanks!
[2015-06-03 23:37:12] wjschafer : Trollbox
[2015-06-03 23:37:13] wjschafer : love it
[2015-06-04 00:05:42] BitMEX_Arthur : https://blog.bitmex.com/bitlicense-same-same-but-different/
[2015-06-04 00:32:13] goat : BitMEX_Arthur: nice, good read
[2015-06-04 00:32:17] goat : i like the connection you made
[2015-06-04 00:32:40] goat : did you see the one I made earlier
[2015-06-04 00:36:11] BitMEX_Arthur : yeah
[2015-06-04 00:36:13] BitMEX_Arthur : just read it
[2015-06-04 00:36:18] BitMEX_Arthur : waiting ur next okc installment
[2015-06-04 00:38:48] goat : haha
[2015-06-04 00:38:57] goat : i really like that they left that part out of the new bitlicense
[2015-06-04 00:39:00] goat : that was super sketch to me
[2015-06-04 00:39:05] goat : and did you watch the video?
[2015-06-04 00:39:41] BitMEX_Arthur : no
[2015-06-04 00:39:51] goat : its really good
[2015-06-04 00:40:14] goat : i considered investing in palantir in like 2011 when they first got listed on secondmarket
[2015-06-04 00:40:19] goat : i didnt and regret it to this day
[2015-06-04 00:59:59] wjschafer : hey guys
[2015-06-04 01:00:08] BitMEX_Arthur : hola
[2015-06-04 01:00:14] wjschafer : yo
[2015-06-04 01:00:24] wjschafer : i tried to import your key
[2015-06-04 01:00:37] wjschafer : it got rejected by my app
[2015-06-04 01:00:57] wjschafer : says it needs a blank line between header and key and footer
[2015-06-04 01:01:11] wjschafer : i took care of it
[2015-06-04 01:01:16] wjschafer : on my end
[2015-06-04 01:01:23] wjschafer : ever get that one before?
[2015-06-04 01:01:51] wjschafer : maybe you need to edit it
[2015-06-04 01:02:00] wjschafer : it's awesome that you guys even provide that
[2015-06-04 01:02:02] wjschafer : btw
[2015-06-04 01:27:52] BitMEX_Sam : wjschafer: Thanks, just a newline issue
[2015-06-04 07:05:41] krach : for some reason iframe did not work to embed the charts
[2015-06-04 13:46:01] rhk : BitMEX_Arthur: any chance you could process my withdrawal request? just realized I forgot to put it in before lunch and missed the cutoff
[2015-06-04 13:46:13] BitMEX_Sam : rhk: Yeah we can do it.
[2015-06-04 13:46:14] BitMEX_Arthur : You need to confirm
[2015-06-04 13:46:14] BitMEX_Arthur : via email
[2015-06-04 13:47:00] rhk : just did.. thx
[2015-06-04 13:48:08] cengel : thats cool you guys aren't strict about it
[2015-06-04 13:48:26] BitMEX_Sam : Nah. Our policy is that we process at least every day at 12 GMT
[2015-06-04 13:48:44] BitMEX_Sam : If someone has a good reason to get something out sooner and enough of us are around we can occasionally push it through
[2015-06-04 13:53:32] BitMEX_Sam : rhk: You're good to go
[2015-06-04 13:55:56] rhk : thanks
[2015-06-04 14:29:59] BitMEX_Arthur : https://blog.bitmex.com/bvol24h-earn-the-volatility-premium/
[2015-06-04 16:26:18] cengel : according to Arthur's post there is bids that are well above average premium on order book!
[2015-06-04 17:13:51] BitMEX_Wally : cengel: Yep, and people also lift high offers
[2015-06-04 18:03:38] Kweejee : Bvol more like novol
[2015-06-04 18:03:39] Kweejee : xD
[2015-06-04 18:04:03] Kweejee : Good thing Ive been tied in the office or I'd be going insane with the lack of anything happening
[2015-06-05 00:53:09] goat : BitMEX_Arthur: http://parasec.net/transmission/order-book-visualisation/
[2015-06-05 00:59:35] BitMEX_Arthur : wow
[2015-06-05 01:50:20] goat : sick right
[2015-06-05 01:51:39] BitMEX_Arthur : when i have more time i i will take a greater look at it
[2015-06-05 01:53:56] BitMEX_Sam : Wow @goat quality link
[2015-06-05 02:07:10] goat : BitMEX_Sam: thanks man, its such a good read
[2015-06-05 08:06:14] cengel : did that wick catch? lol
[2015-06-05 08:26:54] cengel : Finex being Finex i guess
[2015-06-05 08:29:48] gaoMex : Did Greece default?
[2015-06-05 08:30:42] BitMEX_Arthur : no
[2015-06-05 08:30:56] BitMEX_Arthur : they will bundle all June IMF payments into one due June 30th
[2015-06-05 08:31:31] gaoMex : I'm just wondering what caused the spike in Finex. ;)
[2015-06-05 08:31:41] BitMEX_Arthur : stop hunting?
[2015-06-05 08:32:04] cengel : who's stops would get hit at 229 ? youd have to be short from below 200 on finex's leverage
[2015-06-05 08:32:12] BitMEX_Arthur : yeah but doesn't mean u don't cover
[2015-06-05 08:32:14] BitMEX_Arthur : when u see a train coming
[2015-06-05 08:32:30] cengel : true
[2015-06-05 08:32:44] cengel : was hoping one of those spikes would be caught in the 5min snaps but no luck
[2015-06-05 08:33:22] gaoMex : Order book seems to stacking up on the bids side.
[2015-06-05 08:34:33] BitMEX_Arthur : I think u fade this
[2015-06-05 08:35:42] BitMEX_Arthur : China barely got above 1400 on the spike
[2015-06-05 08:35:50] BitMEX_Arthur : looks like a fat finger to me
[2015-06-05 08:36:47] cengel : no way, not when 1500 coins were moved twice, 5 minutes apart
[2015-06-05 08:36:48] Murch : China started rising 5 minutes earlier it looks like to me.
[2015-06-05 08:37:47] cengel : i think exchanges should have not just "wallet" but also like "bank" where the funds are segregated, so big accounts dont feel as exposed to fat finger
[2015-06-05 08:38:11] BitMEX_Arthur : fat finger doesn't really expose anyone
[2015-06-05 08:38:19] BitMEX_Arthur : just means the buyer paid way too much
[2015-06-05 08:39:22] cengel : no i mean if someone accidently does this because of typo or whatever
[2015-06-05 08:39:31] cengel : and they keep like 100btc in their wallet
[2015-06-05 08:39:46] cengel : seems sensible to be able to just park it in a different area on the site that is not open to orders
[2015-06-05 08:40:42] cengel : okcoin sort of does that with how they separate spot and futures
[2015-06-05 08:41:26] gaoMex : cengel: Who do you think speak the truth? CZP or Star?
[2015-06-05 08:41:39] cengel : CZ
[2015-06-05 08:41:48] cengel : Star has villain written all over him
[2015-06-05 08:42:26] gaoMex : Sam view. I withdrew all my coins from OKCoin.
[2015-06-05 08:42:41] gaoMex : Won't trade there again.
[2015-06-05 08:42:55] cengel : it should have been obvious when so many employees left months ago
[2015-06-05 08:43:09] cengel : so what is happening now is more a continuation of that same story that we never got complete
[2015-06-05 08:44:00] gaoMex : Which is?
[2015-06-05 08:44:33] cengel : well, major shareholder /CTO could not even look at his own company's bank statements? his name was forged on documents?
[2015-06-05 08:44:44] cengel : there's crimes being committed there
[2015-06-05 08:45:04] cengel : but my experience on China business in general is low so i can't say how normal that is
[2015-06-05 08:45:34] cengel : so maybe im having a western overreaction
[2015-06-05 08:46:44] gaoMex : I'm not surprised at how Chinese do business.
[2015-06-05 08:47:39] gaoMex : Trading at OKCoin seems unaffected though, activity level still high.
[2015-06-05 08:49:01] cengel : yea. makes you wonder just how small a segment of the trading community reddit and stuff actually represents
[2015-06-05 08:49:35] cengel : also people who kept depositing to old hacked addresses on Bitfinex, days after it happened.
[2015-06-05 08:49:43] cengel : how can you be dealing with hundreds of coins and not staying on top of shit
[2015-06-05 08:53:11] cengel : now wtf is bitsamp doing
[2015-06-05 08:53:28] gaoMex : Keeping price down, as usual ;)
[2015-06-05 08:53:40] gaoMex : Price cannot go up, remember?
[2015-06-05 08:55:31] cengel : sub 220
[2015-06-05 08:55:38] cengel : on bitstamp
[2015-06-05 08:56:02] BitMEX_Arthur : What is going on at birstamp
[2015-06-05 11:38:44] cengel : 1 hour NFP
[2015-06-05 11:43:26] cengel : 222K is forecast. hoping for a beat
[2015-06-05 12:38:35] rhk : BitMEX_Arthur: have another withdrawal that I put in yesterday but hasn't gone through yet. can you check?
[2015-06-05 12:39:23] BitMEX_Wally : rhk: Checking now
[2015-06-05 12:45:29] BitMEX_Wally : Sorry about that, the transaction needs one more signature
[2015-06-05 12:59:22] rhk : got it thx
[2015-06-05 15:05:02] Kweejee : BitMEX_Wally: SAme issue. I did a withdrawl today. Confirmed it with my email. Balance disappeared. Now the balance is back in my wallet
[2015-06-05 15:06:42] BitMEX_Wally : Kweejee: Withdrawal requests get auto-canceled if not confirmed within 30 minutes
[2015-06-05 15:06:48] BitMEX_Wally : Let me check with Sam to see what happened
[2015-06-05 15:06:59] Kweejee : I confirmed it lol
[2015-06-05 15:07:20] Kweejee : The link that was sent to my email led to an error but the balance still disappeared
[2015-06-05 15:07:32] Kweejee : This happened last time and sam forced it through
[2015-06-05 15:07:48] BitMEX_Wally : A pendingDebit is immediately deducted from your balance, even if not confirmed
[2015-06-05 15:08:23] BitMEX_Wally : I can force it through now, but we need to investigate what went wrong with the confirmation link
[2015-06-05 15:08:43] Kweejee : "403 error" when clicking the confirmation link sent to email
[2015-06-05 15:08:45] Kweejee : Just tried it again
[2015-06-05 15:11:20] BitMEX_Sam : Kweejee: You had this issue earlier, right?
[2015-06-05 15:13:11] Kweejee : Yessir
[2015-06-05 15:13:23] Kweejee : Link sent to my confirmation email never works. Always leads to a 403 error
[2015-06-05 15:13:29] Kweejee : I can screen shot it if that would be helpful
[2015-06-05 15:13:36] BitMEX_Sam : Thanks, we have the logs
[2015-06-05 15:13:39] BitMEX_Sam : I just broadcast your withdrawal
[2015-06-05 15:13:57] BitMEX_Sam : I'll take a closer look at it. Other users aren't having problems so I suspect it has something to do with a header your browser is sending
[2015-06-05 15:14:12] BitMEX_Sam : We have pretty significant risk checks in place to prevent request spoofing, but it appears in this case it got a little out of control
[2015-06-05 15:14:31] Kweejee : Haha no worries. I trust the system completely
[2015-06-05 15:14:43] Kweejee : You guys are on your game so I have no issues
[2015-06-05 15:15:08] BitMEX_Sam : Thanks. Of course we don't like these kinds of bugs. We don't want to give anyone the idea we're intentionally holding on to deposits
[2015-06-05 18:37:57] BitMEX_Sam : Looks like we're back to a sideways market
[2015-06-06 02:27:38] BitMEX_Arthur : Hello
[2015-06-06 11:15:43] cengel : Arthur you see that dollar whipsaw yesterday on NFP beat
[2015-06-06 11:19:04] cengel : shot up like 60 pips before dumping 200 pips
[2015-06-06 11:19:18] cengel : enough to wrek the super highleverage lshorts
[2015-06-06 12:03:52] cengel : BitMEX_Sam: is it possible to make the font of the order controls editable by user? its hard to see the decimal sometimes
[2015-06-06 12:36:19] cengel : anyone get errors using the Excel addon? there might be a memory leak in it
[2015-06-06 19:58:04] SnackyCoins : @cengel press F11 in chrome, click the "console" tab and paste this/press enter $('.orderControls').css('font-family', 'arial');