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<< >> English 中文 Русский 한국어 日本語 Español Français [2016-09-10 02:24:31] mjones : how come lisk and fct have the same market cap but lisk has 3.3x and fct 10x margin trading here @BitMEX_Wally [2016-09-10 02:26:18] mjones : is it because lisk has 11x more coins? [2016-09-10 02:31:45] mjones : i'm interested in all the coins cryptowatch just added. bts market cap is sorta high though but looks to be bottoming out [2016-09-10 02:39:15] laisee : Do you study coin features or just follow market signals and momentum? [2016-09-10 02:42:10] rapidtrades : i'll take door n2 alex [2016-09-10 02:46:55] rapidtrades : tokens back below .50 [2016-09-10 03:12:43] laisee : rapidtrades: i chose boolberry and ducknote based on the cute names [2016-09-10 03:31:53] mjones : i'll check out bitcointalk to see if there is a reason the coin might pump [2016-09-10 04:11:14] mjones : mainly interested in lsk and fct since they are traded here. still want to figure out why lsk is 3.3x and fct 10x here though but i'm going to bed so dont tell me till i'm back [2016-09-10 05:43:30] BitMEX_Wally : FCT has a lending market, LSK does not (on Poloniex) [2016-09-10 06:54:54] omicron : its saying the 24 hr vol for XBT is 1981. Didnt this used to be 10x larger? [2016-09-10 06:55:07] omicron : or did you reset the clock friday [2016-09-10 06:59:51] omicron : i must be growing old. coinmarketcap agreees [2016-09-10 07:02:21] omicron : Oh! it must have been the #contracts thats much larger [2016-09-10 07:58:29] BitMEX_Wally : Yes, 1 contract of XBTUSD is 1 USD which is roughly twice the value of the old XBT24H contracts [2016-09-10 08:29:39] omicron : why the dickens is it called XBT [2016-09-10 08:29:54] omicron : rest of the world calls it BTC [2016-09-10 08:30:31] aethlios : any bitfinex rumors about the terms of the new deal?? [2016-09-10 08:30:42] BitMEX_Wally : XBT is the ISO currency code for Bitcoin [2016-09-10 08:30:47] BitMEX_Wally : Used by Bloomberg etc [2016-09-10 08:31:34] omicron : BitMEX_Wally: oh i see thanks. You know wally, you are the nicest guy in the bitmex team. Greg would have told me to go read some book on finance [2016-09-10 08:32:12] omicron : sam is great too [2016-09-10 08:36:31] omicron : arthur is kinda ok [2016-09-10 08:36:39] omicron : but greg sucks [2016-09-10 08:37:01] omicron : dont know the new guys [2016-09-10 08:39:50] omicron : lisk is yesterday's shiny toy, eh? XMR killed Lisk and the already dead FCT [2016-09-10 08:40:06] omicron : altcoin biz is chasing the next shiny thing [2016-09-10 08:46:10] omicron : wtf is nobody on? [2016-09-10 08:52:27] BitMEX_Wally : Hah, Greg is a nice guy, he refers people to the docs so they get a definitive answer [2016-09-10 09:09:47] BetterNick : BitMEX_Wally: Hey Wally, am I still annoying you guys with me requests? I tried to fix it. [2016-09-10 09:10:01] BetterNick : my* [2016-09-10 09:10:36] BitMEX_Wally : BetterNick: Looks good [2016-09-10 09:40:00] aethlios : 0.018 the support for xmr [2016-09-10 11:54:36] ScottJ : what time is the days withdrawal batch normally processed by? [2016-09-10 11:54:48] ScottJ : is it soon after 13:00 UTC [2016-09-10 11:54:53] ScottJ : or later on? [2016-09-10 12:09:04] rapidtrades : depends how much they drank yesterday [2016-09-10 12:10:26] BitMEX_Wally : We start processing at 13:00 UTC and depending how many there are have them broadcast within 20 minutes [2016-09-10 12:11:07] BitMEX_Wally : 13:00 UTC is in an hour's time [2016-09-10 12:15:05] ScottJ : Thanks for the information :) [2016-09-10 12:58:48] aethlios : bfx 0.56 [2016-09-10 12:59:45] habibi : 589 :) [2016-09-10 12:59:53] habibi : .589* [2016-09-10 13:55:47] rapidtrades : habibi: ? [2016-09-10 16:53:58] aethlios : hello traders?? any news about the future status of xbtusd swap?? are we going back to multiple duration contracts? [2016-09-10 17:07:54] miramm1115 : aethlios: swap will stay, AFAIK they will have JPY inverse futures (weekly, 3 month, 6 month) [2016-09-10 17:08:36] aethlios : miramm1115: testnet has 6 contracts for jpy, 24h 48h 7d 14d 1m 3m [2016-09-10 17:11:33] miramm1115 : I don't think all of them will make it to live [2016-09-10 17:12:28] miramm1115 : Arthur said "full curve" last time, so I guess longer than 3 month will be available too [2016-09-10 17:20:11] lockhedge : miramm1115: did he say if they keep Quoine as single pricing source? [2016-09-10 17:20:40] miramm1115 : lockhedge: didn't say anything about that. so far it's Quoine only on testnet [2016-09-10 17:22:07] lockhedge : miramm1115: are you trading XBJ? [2016-09-10 17:22:25] miramm1115 : I was until yesterday [2016-09-10 17:22:45] miramm1115 : had a small test running [2016-09-10 17:23:12] rapidtrades : inverse...if i want to trade inverse i can do it at okcoiiiiiin [2016-09-10 17:23:38] miramm1115 : yeah, I'll miss quantos but what can you do :-( [2016-09-10 17:24:21] miramm1115 : going out, see you guys later [2016-09-10 17:25:32] lockhedge : see you [2016-09-10 17:30:19] aethlios : miramm1115: they will have them all because the 48h works as roll over to 24h, and 14D to 7D (like okcoin has weekly and next week), I would like to see 6m and 12m also, a full one year curve, we could bet on the slope of the curve!!! [2016-09-10 17:37:44] justinlooking : gl finding mm for 12m! [2016-09-10 17:39:32] aethlios : justinlooking: if is inverse there will be MM because they can hedge with spot, the quanto is the problem [2016-09-10 17:56:18] rapidtrades : plz...mm hedge very small part of their inventory [2016-09-10 18:06:39] aethlios : bfx to 2.5 usd soon??? market cap of finex 250 mill. [2016-09-10 18:07:06] rapidtrades : wat [2016-09-10 18:10:42] aethlios : just do the math. [2016-09-10 18:11:25] aethlios : 2.5 usd for bfx the new floor. [2016-09-10 19:29:27] rapidtrades : ur math skillz must be better then mine [2016-09-10 19:48:33] BitMEX_Sam : Keep smoking that hopium. [2016-09-10 20:02:53] BTCDJS : Give me some of that hopium too. Still bag holding startcoin since last year. [2016-09-10 20:04:09] BTCDJS : Buy startcoin they said. $1 in 2016 they said. [2016-09-10 20:08:48] rapidtrades : what is it now [2016-09-10 20:10:00] BTCDJS : 0.018c [2016-09-10 20:10:03] BTCDJS : lol [2016-09-10 20:10:12] rapidtrades : and where did u buy it [2016-09-10 20:10:23] BTCDJS : 0.037 [2016-09-10 20:11:05] rapidtrades : welp... [2016-09-10 20:11:15] BTCDJS : its a pump and dump shitcoin so I'll hold till I'm blue in the balls [2016-09-10 20:11:59] rapidtrades : k [2016-09-10 20:17:14] rapidtrades : BTCDJS: so how's trading [2016-09-10 20:19:41] BTCDJS : Sad thing is I bought at 37 and it pumped to 72 but I did not sell because I got greedy [2016-09-10 20:21:07] rapidtrades : i'd rather get out late then early [2016-09-10 20:22:39] BTCDJS : It's hit 0.19 before so I was banking on it going higher that time [2016-09-10 20:26:49] rapidtrades : this is taking so slow man...i should learn to code [2016-09-10 20:27:04] arbitrage001 : BTCDJS: trading needs to have entry and exit plan [2016-09-10 20:27:18] arbitrage001 : and discipline to execute the plan [2016-09-10 20:27:55] BTCDJS : Well my exit plan for start was above 0.18 [2016-09-10 20:28:32] justinlooking : what u need coded rapid? [2016-09-10 20:29:34] rapidtrades : justinlooking: a breakout strat accross several coins...want to see the portfolio effect [2016-09-10 20:30:46] justinlooking : so what is taking ages? are u backtestng by hand? [2016-09-10 20:30:57] rapidtrades : yes [2016-09-10 20:31:32] justinlooking : yikes [2016-09-10 20:31:53] rapidtrades : there are some interesting tools on Trading view but they don't show total as risk % [2016-09-10 20:32:12] rapidtrades : only in absolute figures...and it's not really accurate for altcoins with 00000000 [2016-09-10 20:32:45] rapidtrades : and u can only do it for 1 coin at a time, so no portfolio effect [2016-09-10 20:35:39] rapidtrades : BTCDJS: if ur exit plan was to wait for 18 then u followed it [2016-09-10 20:36:05] BTCDJS : That's my point mate ? [2016-09-10 20:36:12] rapidtrades : look at the bigger picture, don't just focus on the losers [2016-09-10 20:36:28] BTCDJS : K [2016-09-10 20:37:22] BTCDJS : rapidtrades: have you seen the startcoin chart? [2016-09-10 20:37:47] BTCDJS : Chances are if I hold it will all work out ok [2016-09-10 20:40:16] rapidtrades : symbol ? [2016-09-10 20:40:35] BTCDJS : START [2016-09-10 20:40:59] BTCDJS : USD or BTC Bitrex [2016-09-10 20:41:31] BTCDJS : Can't load pictures here from iPhone [2016-09-10 20:42:23] rapidtrades : not gonna lie mate, that's some ugly as chart [2016-09-10 20:42:31] rapidtrades : ass* [2016-09-10 20:43:10] rapidtrades : it's knocking on doom right now [2016-09-10 20:43:22] BTCDJS : Yup. [2016-09-10 20:44:14] BTCDJS : my current trading plan involves holding with fingers and toes crossed lol [2016-09-10 20:44:56] rapidtrades : u bought it last month? [2016-09-10 20:46:13] BTCDJS : 23/9/15 [2016-09-10 20:46:30] rapidtrades : wat [2016-09-10 20:46:49] rapidtrades : it's almost ur anniversary mate [2016-09-10 20:46:50] BTCDJS : 23 September 2015 [2016-09-10 20:47:11] BTCDJS : sad ain't it [2016-09-10 20:48:30] rapidtrades : idk...do ur winners make up for the losers? [2016-09-10 20:49:33] BTCDJS : No wait. It was March 2016 actually [2016-09-10 20:49:59] rapidtrades : oh good [2016-09-10 20:51:55] BTCDJS : because the shpiel was that it would reach $1 iby the end of 2016. But I was holding for 0.25 ish cause I didn't believe it. But as it dropped I was too stubborn to get out. Lesson learned [2016-09-10 20:54:04] rapidtrades : that's how i got myself in a losing eur/jpy short [2016-09-10 20:55:34] BTCDJS : So it still happens every now and again? [2016-09-10 20:56:10] rapidtrades : it happens to undisciplined traders yeah [2016-09-10 20:56:45] BTCDJS : Oh [2016-09-10 21:03:24] Tetsuo : ETH moon--->soon [2016-09-10 21:06:27] Tetsuo : XMR on the verge of collapse! [2016-09-10 21:07:31] BTCDJS : I think dash should be on bitmex [2016-09-10 21:07:34] bitwampa : And what makes you think that? [2016-09-10 21:07:45] bitwampa : Tetsuo [2016-09-10 21:08:23] Tetsuo : coz solid TA says so [2016-09-10 21:08:50] bitwampa : Is that so? [2016-09-10 21:09:08] Tetsuo : once XMR starts to crash, scamcoin money will go back to ETH which has been in accumulation mode for quite some time, also too many people in profits @XMR [2016-09-10 21:09:30] bitwampa : How is Monero a scamcoin? [2016-09-10 21:10:19] Tetsuo : All coins are scamcoins, even BTC [2016-09-10 21:10:35] BTCDJS : Oh really [2016-09-10 21:10:41] bitwampa : hahaha [2016-09-10 21:11:37] BTCDJS : Well I guess then so is £ $ ¥ € [2016-09-10 21:11:41] bitwampa : If you think crypto is a scam then why are you here? [2016-09-10 21:12:55] Tetsuo : coz i like $ ? [2016-09-10 21:13:11] FREN : DID YOU REALLY MAKE £ , [2016-09-10 21:13:20] FREN : Sorry* did u really make $? [2016-09-10 21:13:31] Tetsuo : yes [2016-09-10 21:14:10] Tetsuo : anyways, nice candles and volume@ETH [2016-09-10 21:14:14] omicron : A50 is delisted? [2016-09-10 21:14:28] omicron : Was there any notice? Not that I ever traded it [2016-09-10 21:15:04] Tetsuo : i think not a single person did, so no need for a notice [2016-09-10 21:15:37] omicron : yes, i dont think any non-chinese even know wtf A50 is [2016-09-10 21:21:25] BitMEX_Sam : We may bring it back in the future, but for now it will remain delisted due to inactivity. [2016-09-10 21:23:16] omicron : BitMEX_Sam: strategically, idea was good tho. get into chinese market. I guess there wasnt enough marketing in china, so they did not trade it [2016-09-10 21:23:34] BTCDJS : BitMEX_Sam: what about DASH? Any plans? [2016-09-10 21:23:34] omicron : and non-chinese unlikely to trade it anyway [2016-09-10 21:23:46] BitMEX_Sam : Not yet re: DASH. We'll be watching it. [2016-09-10 21:23:58] BitMEX_Sam : omicron: We'll be releasing a Chinese version of the site very soon which should help quite a bit. [2016-09-10 21:24:18] Tetsuo : that is actually great news! [2016-09-10 21:24:29] Tetsuo : chinks will love the high leverage in here [2016-09-10 21:24:34] omicron : BitMEX_Sam: i hope you have a plan to market it aggressively in china [2016-09-10 21:24:40] BitMEX_Sam : omicron: We do. [2016-09-10 21:24:46] omicron : great! [2016-09-10 21:25:12] omicron : chinese market is the largest anyway, cant ignore [2016-09-10 21:25:16] BitMEX_Sam : We're hoping to see large liquidity boosts as that ramps up. In other news, internationalizing a website s a tedious bear. [2016-09-10 21:25:50] omicron : yea internationalizing, esp chinese and hebrew/arabic is non-trivial task [2016-09-10 21:26:11] BitMEX_Sam : Absolutely - actually Chinese is one of the easiest due to relatively sane number, date, and plural formats [2016-09-10 21:26:26] BitMEX_Sam : But *everything* has to go through the proper i18n helpers or it will come out wrong. [2016-09-10 21:27:06] omicron : so what its been a six month effort so far? i reemember you guys mentioned chinese internationalization here long ago [2016-09-10 21:28:44] BitMEX_Sam : omicron: Pretty much. We've had other features & updates in the meantime so it hasn't been full-time work, but we're a small team regardless so a project of that magnitude takes time. [2016-09-10 21:30:38] omicron : BitMEX_Sam: you guys are a good team overall. [2016-09-10 21:30:52] omicron : good work [2016-09-10 21:31:00] Bacon futures trader : Bitmex has by far the best architecture for crypto leveraged trading but fills can be difficult for more illiquid markets [2016-09-10 21:31:07] Bacon futures trader : Would be nice to see some more people join [2016-09-10 21:31:26] omicron : bacon futures, now that i would trade lol [2016-09-10 21:31:57] Bacon futures trader : :) [2016-09-10 21:32:13] omicron : i would probably only go long tho [2016-09-10 21:41:00] Tetsuo : Nothing can stop the ETH train --->0.028 soonish [2016-09-10 21:48:40] rapidtrades : are there enough idiot money left in this space to hand 70mil to buttfinex? [2016-09-10 21:54:54] BitMEX_Sam : Their valuation is ludicrous [2016-09-10 21:55:16] BitMEX_Sam : They're valuing themselves at $200M. Not a chance. [2016-09-10 21:58:14] rapidtrades : they only way this works is if they fool enough people to convert their 'tokens' to 'shares' [2016-09-10 22:00:12] rapidtrades : they don't even have customers deposits worth 200mil [2016-09-10 22:20:59] omicron : typical evaluation is 10x revenue. so to evaluate themselves at 200mil they should have 20mil revenue. I think they did have around 10mil [2016-09-10 22:21:48] omicron : so 100mil may not be out of bounds, if they did not suffer a security breach. After the security breach, I would say it takes out 50% of their value. so i would value them at 50mil [2016-09-10 22:22:24] omicron : but i get why they are going for 200mil, there needs to be room for them to hold some equity and get at least 70mil in cash [2016-09-10 22:23:53] rapidtrades : not sure how u came up with 10x but it certainly doesn't apply to companies in distress [2016-09-10 22:23:58] mjones : here we go. eth 33.3x long [2016-09-10 22:24:28] omicron : 10x is based on the fact that PE ratio of 10 is considered a value. [2016-09-10 22:25:21] omicron : but yes, any investor will see the company is in distress and undervalue it [2016-09-10 22:25:51] rapidtrades : the problem has been all along that they don't want to lose control [2016-09-10 22:26:08] rapidtrades : so they have to value it at 200mil [2016-09-10 22:26:14] omicron : yes [2016-09-10 22:26:38] rapidtrades : funniest thing is they will prolly not give actual shares [2016-09-10 22:26:52] rapidtrades : cos that will reqiure a restructuring of their company [2016-09-10 22:27:11] rapidtrades : so u exchange one fakeass token for one fakeass share [2016-09-10 22:27:15] omicron : im not sure bvi ibc can even issue shares to public [2016-09-10 22:27:30] rapidtrades : not under the current structure no [2016-09-10 22:27:47] omicron : it will be effectively a profit sharing agreement. [2016-09-10 22:27:48] rapidtrades : and since they want to launch by sept15, they won't be actual shares [2016-09-10 22:28:00] omicron : wow sep 15? thats 5 days [2016-09-10 22:28:17] rapidtrades : yeah checkout r/bitcoinmarkets [2016-09-10 22:28:58] omicron : i give them credit tho, they did not shutdown and wash their hands off, at least trying to do something for bagholders [2016-09-10 22:29:05] rapidtrades : that's why ther was a insider tokens pump and btc pump too [2016-09-10 22:29:27] rapidtrades : omicron: they should've shut down though, now they're just criminals [2016-09-10 22:29:41] omicron : how are they criminals [2016-09-10 22:30:15] rapidtrades : they stole 36% of everyone's asset [2016-09-10 22:30:41] omicron : oh you mean non-btc assets [2016-09-10 22:31:10] rapidtrades : yes [2016-09-10 22:31:16] omicron : well technically when you deposit assets with a financial institution, its no longer yours. its theirs and you get an iou in return [2016-09-10 22:31:18] rapidtrades : actual BTC losses were 48% [2016-09-10 22:31:29] rapidtrades : omicron: yeah right [2016-09-10 22:32:03] rapidtrades : u know when a company is insolvent there's a legal process for it called liquidation [2016-09-10 22:32:20] rapidtrades : u get an outside audit and devide assets fairly [2016-09-10 22:32:34] rapidtrades : like an actual auditor [2016-09-10 22:32:35] omicron : right. [2016-09-10 22:32:53] omicron : but banks get bailed-out and bailed-in all the time [2016-09-10 22:33:01] rapidtrades : right...so u don't have situations like this one where 2 of the top 10 holders are executives of bifinex [2016-09-10 22:33:12] omicron : and the only difference is that finex is not under the too big to fail label [2016-09-10 22:33:28] rapidtrades : im too busy to argue but ur dead wrong [2016-09-10 22:33:39] omicron : 2 of the top 10 holders of bitfinex tokens? [2016-09-10 22:33:59] omicron : no rapidtrades, im not arguing, im glad you are sharing your knowledge with me [2016-09-10 22:34:21] rapidtrades : yes they traded on their own exchange [2016-09-10 22:34:36] omicron : yes, that is a big conflict of interest [2016-09-10 22:34:49] omicron : they probably see all the hidden orders and such [2016-09-10 22:35:51] rapidtrades : bbl [2016-09-10 23:05:08] Boontjie : rapidtrades: bought some tokens there [2016-09-10 23:05:24] Boontjie : cause I think the execs will redeem at 'par' on the stolen tokens [2016-09-10 23:07:53] rapidtrades : we'll see...it may be out of their hands [2016-09-10 23:08:09] rapidtrades : is Ripple an actual tradable coin? [2016-09-10 23:24:39] rapidtrades : anyone heard of CoinsBank [2016-09-10 23:49:36] mjones : damn should have longed eth a few hours ago at 0.0185 [2016-09-10 23:50:22] REKT : Liquidated short on `ETHXBT`: Buy 163 @ 0.01960 [2016-09-11 00:03:35] mbaril : any admin ? [2016-09-11 00:03:50] mbaril : @bitmex_sam [2016-09-11 00:04:06] mbaril : BitMEX_Sam: are you available ? [2016-09-11 00:04:39] rapidtrades : did u guys have a cutoff point for altcoins? like u will only trade top 20 or whatever [2016-09-11 00:04:59] mbaril : hey @rapidtrades can you help on questions ? [2016-09-11 00:05:20] mbaril : I did a trade and did a small gain 0.04 but I only get a rebalance of 0.016 ? any idea why ? [2016-09-11 00:05:43] jordanbitfort : probably taker fee [2016-09-11 00:05:55] mbaril : I was a maker [2016-09-11 00:06:04] jordanbitfort : hmm [2016-09-11 00:06:05] mbaril : this is why I dont understand [2016-09-11 00:06:13] mbaril : not the first time this happen to me on bitmex [2016-09-11 00:07:01] jordanbitfort : looking at unrealised pnl on your position isnt accurate bc its calculated based on mark price not actual price [2016-09-11 00:14:03] FREN : tell me where i can find the actual price: is it the index price" ? the "last price" ? the "mark price" ? [2016-09-11 00:14:39] aaa : i love this question [2016-09-11 00:16:08] FREN : dont laught [2016-09-11 00:17:57] BitMEX_Greg : FREN: What are you referring to when you say "actual price"? [2016-09-11 00:18:10] BitMEX_Greg : Which instrument are you referring to? [2016-09-11 00:19:41] FREN : if i want to close a position with on the price market [2016-09-11 00:24:14] BitMEX_Greg : If you close a position, the price you receive will be the executed price [2016-09-11 00:28:06] FREN : where can i see this ? [2016-09-11 00:36:36] BitMEX_Greg : You can see executed fills in your trade history: https://www.bitmex.com/app/tradeHistory [2016-09-11 00:39:59] miramm1115 : rapidtrades: I've used coinsbank for virtual cards couple times [2016-09-11 00:58:25] mbaril : BitMEX_Greg: still there ? [2016-09-11 01:15:24] BitMEX_Greg : mbaril: Hi yes still here [2016-09-11 01:40:16] rapidtrades : geez Greg, u took your sweet time [2016-09-11 01:41:49] BitMEX_Greg : rapidtrades: Had to heat up the popcorn for a fun night infront of the troll box [2016-09-11 02:53:48] Rado : rapidtrades: I only trade top 4-5 coins [2016-09-11 02:53:55] Rado : 20 is way to much [2016-09-11 04:40:39] TraderStefan : Is there somewhere I can see the historical or recent funding rates? [2016-09-11 04:42:39] Tetsuo : only if you subscribe to VIP mode [2016-09-11 04:49:43] BitMEX_Wally : TraderStefan: https://www.bitmex.com/app/fundingHistory [2016-09-11 04:50:18] TraderStefan : thanks [2016-09-11 06:44:41] subjective : BitMEX_Wally: Any plan to add 3M ETH contract if Okc adds ETH support? we need a long term contract that will suck up all your balance with funding [2016-09-11 06:45:36] subjective : Swap + 3M would be a perfect combo to do short term and long term trades. So we don't have to juggle between exchanges [2016-09-11 06:51:00] BitMEX_Arthur : subjective: Why do you want a 3m contract, why not just trade the swap for 3m? [2016-09-11 06:54:31] Mm bot : BitMEX_Arthur: funding fee would drain it to zero [2016-09-11 06:55:20] subjective : Exactly, Fees are much lower on Polo/Okc to leave a position open for couple of weeks. High leverage swap fees has a high price to pay. [2016-09-11 06:58:25] BitMEX_Arthur : Well funding fee is paid btw longs and shorts [2016-09-11 06:58:36] BitMEX_Arthur : You have to pay margin fees to trade on leverage on polo for alts [2016-09-11 06:59:13] subjective : I tend to use 7D Alt. 3M BTC here for larger positions, because fees are lower. [2016-09-11 07:01:49] subjective : compound 0.3% funding every few hours for 3 days straight is quite a bit [2016-09-11 07:08:58] BitMEX_Arthur : Ok good feedback [2016-09-11 07:20:00] arbitrage001 : to have 200m valuation [2016-09-11 07:20:22] arbitrage001 : i would expect bfx to have at least 16m profit per year [2016-09-11 07:21:15] arbitrage001 : if profit is less than that amount, would rather redeem at 1 usd [2016-09-11 07:28:06] aethlios : 200 mill. looks high now, but we are in a very fast grow sector, new coins btc above 1000 could make fee reveneu to multiply, S&P500 p/e now 24, if finex thiis year 15 mill. in profit and multiply *24= 360 mill. [2016-09-11 07:31:29] arbitrage001 : aethlios: there are many exchanges these days [2016-09-11 07:31:49] arbitrage001 : and I dont believe profit will go linearly with bitcoin price [2016-09-11 07:32:02] Kalman : aethlios: S&P p/e 24 is bubble theritory [2016-09-11 07:32:29] aethlios : Kalman: true [2016-09-11 07:32:29] arbitrage001 : and they still havent figure out thow they got hacked [2016-09-11 07:33:52] Kalman : ^territory [2016-09-11 07:36:18] aethlios : I guess most people will accept the stock coin, so anyone who will keep current bfx will get paid soon in full with an almost 100% prob. [2016-09-11 07:50:00] arbitrage001 : aethlios: doubtful [2016-09-11 07:50:12] arbitrage001 : investors with deep pocket isnt stupid [2016-09-11 07:50:30] arbitrage001 : they will not exchange token for equity [2016-09-11 07:50:50] arbitrage001 : so all outstanding tokens still need to be funded somehow [2016-09-11 07:51:20] arbitrage001 : rational banker/financial will not take this kind of risk [2016-09-11 07:51:33] arbitrage001 : where are they going to get the money from? [2016-09-11 07:51:42] arbitrage001 : dao investors? [2016-09-11 07:54:28] aethlios : arbitrage001: I estimate 50 mill. of 70 mill. will be exchanged, also maybe there is an option for new investors to get in and offer new capital. so the finex debt will be reduced to 20 mill. an could immediately redeem a % using new cash. With those in play the bfx price could jump to 0.95 usd. [2016-09-11 07:55:33] arbitrage001 : aethlios: i am not that optimism on bitfinex future, will gladly redeem all my tokens at 0.85 [2016-09-11 07:55:43] arbitrage001 : optimistic [2016-09-11 07:59:51] aethlios : arbitrage001: we are in a hyped sector, and finex coin will be the first equity coin. Noone could imagine dao earn 100 mill. [2016-09-11 08:00:17] arbitrage001 : aethlios: yes, hyped [2016-09-11 08:00:30] arbitrage001 : reason why i hope token will hit 0.85 or higher [2016-09-11 08:00:35] arbitrage001 : so i can get out [2016-09-11 08:00:44] arbitrage001 : and not to deal with the mess later [2016-09-11 08:04:33] aethlios : arbitrage001: the coin bfx could hit above 1 because in 15 Sept. we learn the terms, from that time there will be a period to exchange it, so the bfx coin in 15 Sept. has new rights, is basically an option to make it a stock, so is a different asset with a new value. Just wait for the terms. [2016-09-11 08:05:08] arbitrage001 : aethlios: will do, of course [2016-09-11 08:05:30] arbitrage001 : regardless of the term, i am going to reduce my risk by cutting my position [2016-09-11 08:05:46] aethlios : arbitrage001: I mean don't place an order 0.85 and then price jumps to 1.5. [2016-09-11 08:05:49] arbitrage001 : have been buying in the 0.28-0.35 range [2016-09-11 08:06:29] aethlios : arbitrage001: I have 53.000 from the hack, so I am glad finex tries to pay back. [2016-09-11 08:07:03] arbitrage001 : 53 or 53 thousands? [2016-09-11 08:08:05] aethlios : arbitrage001: thousands, so I try to think carefully my strategy, many dumped in 0.30 from fear. [2016-09-11 08:08:36] arbitrage001 : you put a lot of faith on finex pre hack [2016-09-11 08:09:23] arbitrage001 : i only have 20k token when they open [2016-09-11 08:09:30] arbitrage001 : bought all the way to 70k token [2016-09-11 08:09:42] arbitrage001 : in the 0.28-.0.35 range [2016-09-11 08:10:15] arbitrage001 : after the valuation comes out, it is time to sell [2016-09-11 08:11:29] aethlios : arbitrage001: Good bet!! I tried to buy first day at 0.10 but couldn't place orders for half an hour, then price jumped. So just keeped my coins and use them now to have margin to trade other coins. So are useful while waiting for price t go to 1. [2016-09-11 08:12:27] arbitrage001 : aethlios: i am spreading my fund on multiple exchanges now [2016-09-11 08:12:36] arbitrage001 : not going to make same mistake again [2016-09-11 08:13:10] arbitrage001 : when finex went down, 80% of my liquid usd is there [2016-09-11 08:15:09] aethlios : arbitrage001: Maybe you could keep a few stocks, in the future I believe we will see many companies raising cash using crypto and have their stock in a coin form tradeable 24/7 in crypto exchanges, also future contracts etc. so there will be some 10 or 20 established coins and then real IPO's from small companies wanting to raise capital. A new era of P&D's. So finex could have 100 stocks + 5 crypto coins traded in 5 years. [2016-09-11 08:15:55] aethlios : finex is the first company to issue it's stock in coin and earn fees from the trades [2016-09-11 08:15:56] arbitrage001 : aethlios: there were such exchanges and ipo [2016-09-11 08:16:12] arbitrage001 : it was shut down by sec [2016-09-11 08:16:44] omicron : yes. illegal in usa, but you can probably offer elsewhere [2016-09-11 08:18:25] aethlios : you can trade this new form of stock anywhere, in a cafe sell them to a friend for cash, you hold it and not another entity, lower cost and fees. You can trade a stock 24/7 is safer, you don\t wake up with -20% on the open. [2016-09-11 08:19:15] lockhedge : aethlios: what makes you believe that finex equity will be a coin? are you talking about their bnktothefuture pitch? [2016-09-11 08:21:00] aethlios : lockhedge: It will be useful, transferable and earn fees from trading, if they legally can do it then they should. [2016-09-11 08:21:49] arbitrage001 : aethlios: i think you are still quite new in the crypto scene [2016-09-11 08:22:21] aethlios : arbitrage001: 3 years trading full time. [2016-09-11 08:22:32] arbitrage001 : aethlios: is it in crypto? [2016-09-11 08:22:50] lockhedge : bnktothefuture takes 5% fees for creating an offshore SPV. you can invest in that SPV but will very likely not able to transfer ownership rights easily [2016-09-11 08:22:53] arbitrage001 : almost all crypto companies are shady [2016-09-11 08:23:39] aethlios : arbitrage001: In crypto 3 years trading full time, and 10 years in the markets (worked 4 years in a brokerage firm in the beginning) [2016-09-11 08:28:29] BitMEX_Arthur : This bitfinex token to equity swap is very interesting [2016-09-11 08:28:37] BitMEX_Arthur : The valuation is hilarious [2016-09-11 08:28:56] omicron : BitMEX_Arthur: what would be a reasonable valuation, in your opinion [2016-09-11 08:29:48] aethlios : BitMEX_Arthur: How much do you sell BITMEX??? [2016-09-11 08:31:08] BitMEX_Arthur : They have 72mm of debt basically [2016-09-11 08:31:18] BitMEX_Arthur : but they don't ever have to pay that back [2016-09-11 08:31:36] BitMEX_Arthur : so i guess there are two directions here, basically they could never ever pay back a cent of bfx tokens [2016-09-11 08:31:36] omicron : so effectively they have no debt [2016-09-11 08:31:43] BitMEX_Arthur : then they have no debt [2016-09-11 08:31:51] arbitrage001 : BitMEX_Arthur: some token holders not going to swap for equity [2016-09-11 08:31:52] BitMEX_Arthur : but they have eroded their goodwill [2016-09-11 08:31:53] BitMEX_Arthur : asset [2016-09-11 08:32:12] BitMEX_Arthur : or they can make the decision to pay back the 72mm they lost [2016-09-11 08:32:12] arbitrage001 : i certainly will not accept their valuation [2016-09-11 08:32:28] BitMEX_Arthur : they are a profitable company [2016-09-11 08:32:40] BitMEX_Arthur : arguably the most profitable exchange right now [2016-09-11 08:32:44] BitMEX_Arthur : pre-hack [2016-09-11 08:32:45] omicron : BitMEX_Arthur: no one can tell exactly, but ballpark figure where do you think valuation becomes reasonable territory [2016-09-11 08:32:59] arbitrage001 : BitMEX_Arthur: i doubt they make 16m per year in profit pre hack [2016-09-11 08:33:23] BitMEX_Arthur : No but they have no obligation to pay back a cent [2016-09-11 08:33:34] BitMEX_Arthur : so let's ignore the 72mm "debt" [2016-09-11 08:33:43] BitMEX_Arthur : let's say they make $5-$10mm per year [2016-09-11 08:34:05] BitMEX_Arthur : on a P/E basis exchanges like the NYSE trade at 30-40x [2016-09-11 08:34:31] BitMEX_Arthur : so let's say their EBITDA is $2.5-$5mm [2016-09-11 08:34:44] BitMEX_Arthur : $5mm on a 30x pe, is $150mm pre money [2016-09-11 08:35:03] omicron : ok so 75 to 150 [2016-09-11 08:35:21] omicron : yea, i see they padded it to 200 so that they retain control on dilution [2016-09-11 08:35:23] BitMEX_Arthur : Then you tack on your estimate of goodwill impairment [2016-09-11 08:35:42] aethlios : the more people accept the stock coin, the debt will go equally down. [2016-09-11 08:36:05] BitMEX_Arthur : arguably bfx should be worth more than coinbase pre-hack [2016-09-11 08:36:20] BitMEX_Arthur : last round on coinbase was 400mm pre-money [2016-09-11 08:36:25] BitMEX_Arthur : coinbase doesn't make a profit [2016-09-11 08:36:34] BitMEX_Arthur : but coinbase is regulatory compliant [2016-09-11 08:36:52] BitMEX_Arthur : which is why their valuation is so high, cause valley types can invest without losing sleep the CFTC, SEC, DOJ won't shut it down [2016-09-11 08:36:56] BitMEX_Arthur : or perp walk the founders [2016-09-11 08:37:01] aethlios : twitter has 12.7 billion market cap and half billion loss every year [2016-09-11 08:37:07] BitMEX_Arthur : exactly [2016-09-11 08:37:20] BitMEX_Arthur : so i would say $200mm is cheap, pre-hack [2016-09-11 08:37:42] omicron : so it all depends on goodwill damage, which is so abstract no one can quantify [2016-09-11 08:37:58] omicron : therefore 200m is not ridiculous [2016-09-11 08:38:01] BitMEX_Arthur : the problem with bfx is they don't know how they got hacked, and their trading engine sucks dick [2016-09-11 08:38:01] omicron : ? [2016-09-11 08:38:20] BitMEX_Arthur : these things will catch up with them eventually if they don't put money into fixing it [2016-09-11 08:38:36] aethlios : BitMEX_Arthur: What if btc goes above 1200?? Also now we have 7 coins above 100 mill. cap, 2 year ago only btc ltc had that. market is very growth so pe's of 20 or 25 are low. [2016-09-11 08:38:55] BitMEX_Arthur : i agree [2016-09-11 08:38:58] omicron : i've never traded on bitfinex, so someone tell me how does their engine suck [2016-09-11 08:39:00] BitMEX_Arthur : which is why i think 200mm is cheap [2016-09-11 08:39:09] BitMEX_Arthur : search reddit about the frequent outtages [2016-09-11 08:39:29] omicron : ah, the outages. thats when they moved to the new datacenter. [2016-09-11 08:39:32] BitMEX_Arthur : they were down for 24hr earlier this year, they routinely have issues with their databases getting out of synch [2016-09-11 08:39:33] aethlios : new finex investors should make a lifting to finex, fix the bad software and hire people. [2016-09-11 08:40:13] BitMEX_Arthur : i think 200mm is cheap [2016-09-11 08:40:35] BitMEX_Arthur : but it's cheap because you have legal risk, security risk, and trading engine risk [2016-09-11 08:40:47] BitMEX_Arthur : eliminate those three risks, and 200mm is a buy [2016-09-11 08:40:49] omicron : "BitMEX_Arthur: The valuation is hilarious" [2016-09-11 08:40:51] aethlios : finex after hack still 1st on btcusd pair. [2016-09-11 08:41:01] omicron : you said hilarious and now you say cheap [2016-09-11 08:41:11] aethlios : they should follow a model like poloniex, more coins and more flexible. [2016-09-11 08:41:12] BitMEX_Arthur : yeah look at the three risks i posted [2016-09-11 08:41:19] BitMEX_Arthur : those are very big [2016-09-11 08:41:19] omicron : ah right [2016-09-11 08:41:44] omicron : well legal risk is pretty big, but their corporate structure may protect them [2016-09-11 08:41:48] BitMEX_Arthur : if the wrong person feels slighted in the US and gets the ear of a regulator they could make life hell for bfx [2016-09-11 08:42:02] omicron : regulators already know about this, i would think [2016-09-11 08:42:03] BitMEX_Arthur : well some of the senior management live in the us [2016-09-11 08:42:38] BitMEX_Arthur : ofc they do, but after your company is on the front page of bloomberg getting hacked then the desire to do something becomes larger [2016-09-11 08:42:38] omicron : security risk is real [2016-09-11 08:42:50] BitMEX_Arthur : and that's when regulators feel pressured to do some work [2016-09-11 08:43:21] omicron : well, you guys did the smart thing and kept us users out [2016-09-11 08:43:27] omicron : too much trouble [2016-09-11 08:43:46] lockhedge : how can new finex investors prevent the senior management from paying themselves high salaries instead of dividends? [2016-09-11 08:43:54] BitMEX_Arthur : they can't [2016-09-11 08:44:08] laisee : once socccer mums are invested in BFX, direct or not, then US regulators will be all over them for first issue - secuity, trading, etc [2016-09-11 08:44:26] arbitrage001 : lockhedge: how much dividend you think you can get at 200mm valuation [2016-09-11 08:44:52] BitMEX_Arthur : there is no incentive for mgmt to give a shit about minority investors [2016-09-11 08:45:07] zanza : https://bfxdata.com/sentiment/longshort.php Finex is at about 1/5 of prehack volume now [2016-09-11 08:45:26] lockhedge : arbitrage001: there will be no dividends unless they redeemed all tokens afaik [2016-09-11 08:45:26] BitMEX_Arthur : Yeah but volatility is low so we won't really know until the price pumps or dumps [2016-09-11 08:45:30] omicron : where did all the volume go? [2016-09-11 08:45:40] omicron : back to bitstamp? kraken? [2016-09-11 08:45:41] BitMEX_Arthur : Volumes are down across the board [2016-09-11 08:45:44] BitMEX_Arthur : except for the alts [2016-09-11 08:45:55] omicron : ya, i think alts are the real winners and polo [2016-09-11 08:46:01] BitMEX_Arthur : polo is killing it [2016-09-11 08:46:07] BitMEX_Arthur : they make way more money than bfx [2016-09-11 08:46:12] BitMEX_Arthur : and fly more under the radar [2016-09-11 08:46:25] omicron : ya, they have US market [2016-09-11 08:46:28] zanza : you had so 20K + days here [2016-09-11 08:46:32] zanza : a few* [2016-09-11 08:46:34] laisee : XBT has stalled ... awaiting some real news on technical solutions for scaling [2016-09-11 08:46:45] BitMEX_Arthur : zanza: yeah but our fees are a fraction of the spot exchanges [2016-09-11 08:47:15] omicron : when you say 20K do you mean 20K BTC volume [2016-09-11 08:47:22] BitMEX_Arthur : yeah [2016-09-11 08:47:26] zanza : yeah omicron [2016-09-11 08:47:29] omicron : damn thats nice [2016-09-11 08:47:56] omicron : but yes btc is stalled bro. someone scale it so we can move to 1000+ [2016-09-11 08:48:01] BitMEX_Arthur : We will be launching our Chinese platform in a few weeks so we hope liquidity will grow quickly [2016-09-11 08:48:21] omicron : will the trollbox be in chinese [2016-09-11 08:48:33] omicron : i mean mix chinese english or two separate trollboxes [2016-09-11 08:48:42] zanza : did you ever consider making bitmex also have exchange functions also Arthur (like Poloniex) [2016-09-11 08:49:04] BitMEX_Arthur : omicron: There will be a separate toolbox afaik, but not 100% on that one [2016-09-11 08:49:05] zanza : give Sam some extra coffee :) [2016-09-11 08:49:26] omicron : zanza: if they do that they have to manually sign withdrawals in every coin [2016-09-11 08:49:36] omicron : its not practical with bitmex security setup [2016-09-11 08:49:37] BitMEX_Arthur : zanza: No because there are clear market winners, and we don't want to deal with the regulatory issues surrounding transferring value [2016-09-11 08:49:48] zanza : got it [2016-09-11 08:50:07] zanza : specialize in high leverage is good positioin [2016-09-11 08:51:20] jordy : hi [2016-09-11 08:51:30] omicron : see the next btc pump will bring in huge volume [2016-09-11 08:51:35] zanza : hi jordy [2016-09-11 08:51:38] omicron : 20K days will look like nothing [2016-09-11 08:52:00] jordy : why there is a 100XBT margin requirement ajustment? [2016-09-11 08:52:24] zanza : yeah, 132 billion $ in Gold is mined per year for perspective [2016-09-11 08:52:44] zanza : to prevent big liquidations [2016-09-11 08:52:55] zanza : at the same price [2016-09-11 08:53:01] omicron : what does "100XBT margin requirement" mean [2016-09-11 08:53:09] omicron : sorry for being ignorant [2016-09-11 08:53:31] zanza : you mean the Risk Limit? [2016-09-11 08:53:51] omicron : oh you cant trade bigger than a given size? [2016-09-11 08:54:03] jordy : if your position is above 100XBT in either side, the inital and maintenance margin increases by 0.5% to 2.5% and 1% [2016-09-11 08:54:23] BitMEX_Arthur : https://www.bitmex.com/app/riskLimits [2016-09-11 08:54:27] BitMEX_Arthur : Read this for more details [2016-09-11 08:55:03] omicron : yes, thats just initial and maintenance margins [2016-09-11 08:55:12] omicron : for higher risks the margins are more [2016-09-11 08:55:50] omicron : im guessing the risk is your entry price - liq price [2016-09-11 08:56:21] omicron : is 100 XBT on order value or order cost? [2016-09-11 08:57:08] omicron : i see order value [2016-09-11 08:57:35] aethlios : When we make a new ATH in btc, epic months will follow..... [2016-09-11 08:59:16] zanza : idk, my faith in the new Bitcoin COre team is being tested [2016-09-11 08:59:21] jordy : should be based on entry price [2016-09-11 09:05:19] laisee : zanza: I don't beleive Core has any intention of growing TX volume in any way - until their side chain project is ready. [2016-09-11 09:07:06] BitMEX_Arthur : Get ready for Zcash [2016-09-11 09:07:14] BitMEX_Arthur : We are very bullish on that coin [2016-09-11 09:07:31] BitMEX_Arthur : And you will be able to trade it shortly via a futures contract on BitMEX, so read up on it [2016-09-11 09:07:34] laisee : Zcash! yayyy ... thats exciting news ... ;-) [2016-09-11 09:08:31] habibi : BitMEX_Arthur: hey, u will add it as soon as polo will or basically any exchange with any volume? [2016-09-11 09:08:39] zanza : will do, thats the second or third referene i heard today about it [2016-09-11 09:09:52] aethlios : zcash hyped to the bone, no supply, noobs buy at 70 to 100 usd, then slowly going down as supply grows and hype goes away because a new coin will come. ETH>LSK>ETC>XMR>Zcash. [2016-09-11 09:10:47] habibi : thats my question, if we will be able to trade here in first 30 days after zcash launch when supply is so fucked up and speculation would be even better [2016-09-11 09:11:41] laisee : good trading on vol, no telling if the coin willbe survive and thrive [2016-09-11 09:12:09] BitMEX_Arthur : You will be able to trade it here before the spot [2016-09-11 09:12:14] BitMEX_Arthur : We are targeting this week [2016-09-11 09:12:17] BitMEX_Arthur : So stay tuned [2016-09-11 09:12:22] aethlios : maybe zcash a good buy after a year around 3 to 5 usd. [2016-09-11 09:12:34] jordy : how bullish are you ? [2016-09-11 09:12:38] omicron : wow how can you trade it here before spot? where is the index from? [2016-09-11 09:12:55] jordy : 100000 usd/btc? [2016-09-11 09:13:00] aethlios : BitMEX_Arthur: that's beautiful!! [2016-09-11 09:13:04] BitMEX_Arthur : It will most likely expire at the end of December, so by that time it will be trading [2016-09-11 09:13:13] BitMEX_Arthur : it will be ZEC/XBT pair [2016-09-11 09:13:25] BitMEX_Arthur : so similar to XMR7D [2016-09-11 09:13:29] BitMEX_Arthur : in terms of structure [2016-09-11 09:14:00] habibi : BitMEX_Arthur: this week? when zcash starts in 2 months? [2016-09-11 09:15:08] jordy : wah....sign...your bitcoin futures has a 14 usd spread....beautiful [2016-09-11 09:16:10] aethlios : BitMEX_Arthur: that's good news, since no polo spot, you could attract major volume, will be the first ahead of the first. [2016-09-11 09:16:21] BitMEX_Arthur : aethlios: That's the goal [2016-09-11 09:16:53] BitMEX_Arthur : jordy: Trade `XBTUSD` the spread is 1 cent [2016-09-11 09:17:46] jordy : any good product your recommend ? [2016-09-11 09:17:54] jordy : any other good product I mean [2016-09-11 09:18:11] jordy : by the way, how's the funding rate be determined? [2016-09-11 09:19:01] BitMEX_Arthur : jordy: https://www.bitmex.com/app/swapsGuide [2016-09-11 09:19:13] BitMEX_Arthur : That will explain everything in detail [2016-09-11 09:21:01] aethlios : Ok traders, what price do you expect xcash to start here on bitmex. Place your bets. [2016-09-11 09:21:03] lockhedge : BitMEX_Arthur: when will you launch the new XBJ futures? [2016-09-11 09:22:15] BitMEX_Arthur : lockhedge: No ETA on that, Quoine is working on a new UI so we need to wait for them to finish that before we launch them [2016-09-11 09:22:56] aethlios : BitMEX_Arthur: will you have all six contracts that run on testnet now?? [2016-09-11 09:23:51] miramm1115 : aethlios: 1 zcash = 1 bitcoin [2016-09-11 09:24:22] aethlios : miramm1115: great I can short it!! [2016-09-11 09:24:25] BitMEX_Arthur : aethlios: Not sure yet [2016-09-11 09:25:19] aethlios : BitMEX_Arthur: 48H and 14D will work as roll over, are useful and especially 48H since most volume will be on 24H. [2016-09-11 09:39:15] aethlios : next week bfx terms and zcash launch + possible black Monday on stocks will be interesting. [2016-09-11 09:44:22] REKT : Liquidated long on `ETC7D`: Sell 500 @ 0.002185 [2016-09-11 09:44:46] mjones : Zcash sweet [2016-09-11 09:45:27] jordy : https://www.bitmex.com/app/swapsGuide