Author: BitMEX

确保 BitMEX 平台持续合规，2019 年 8 月 19 日

BitMEX

2014 年，HDR Global Trading Limited (HDR) 在塞舌尔马埃岛成立，当时我们是一个由年轻企业家组成的小型团队，专注于一个简单的使命：打造一个加密货币交易平台，首先服务于有经验的交易者。我们专注于打造响应最迅速的界面，呈列最具开创性的产品，由完整和无缝连接的 API 控制，拥有最高的安全性。BitMEX 的成立正是基于这些理想。

市场显然认可了我们：BitMEX 大获成功。我们非常自豪能够建立世界上最具创新性、最可靠和最安全的加密货币平台。

随着 BitMEX 的发展壮大，加密市场欣欣向荣。2013 年，在我们开始的前几个月，比特币刚刚从第二轮重大的牛市中崩盘。建设更大加密货币社区的梦想和投资随之破灭。随之而来的，是一系列新的优先重点：安全、保障和稳定。金融监管机构开始更关注比特币，这是对的。显然，这一新的行业需要新的标准。

自此之后，加密货币的格局大变，如 BitMEX 这样的行业领导者一直与监管机构密切合作，帮助塑造行业的生态，创造有助于推动该新行业成为主流的标准。 

监管机构的介入增加，业内的所有主要企业不仅应该满怀憧憬，更应该热烈响应。确保诚实的居民不受欺骗是良好的监管者职责所在。监管机构肩负确保清晰传达风险、产品设计公平以及征收税收的使命。通过这一过程，我们见证了传统加密货币交易所进入了新纪元：一个市场经营标准得到清晰界定和维持、一个将安全视为高于一切、一个金融储备独立和频繁获得审计的未来。

我们无比坚定地相信这些目标。我们深知，没有什么比您的资金安全和平台的稳定更重要。

为此，我们决定限制 HDR 关联的员工和办公地点所在的司法管辖区的用户对于 BitMEX 的访问。除了司法管辖区列表中已经限制访问 BitMEX 的地区以外，还将加入塞舌尔、香港和百慕大。调整不会对业务产生任何财务影响，也只会影响非常少的用户。BitMEX 团队将联系受影响的用户。 

BitMEX 平台进入了一个崭新而激动人心的时代。我们不再被动的保守行动，而是积极选择。我们希望不仅在创新方面成为行业骄子，而且在标准方面也走在前列。 

  • 我们不断扩大系统的透明度，让用户和利益相关者能够更好地理解 BitMEX 的运行方式。 
  • 我们积极向第三方展示 BitMEX 作为安全交易地点的优势；如何构建创新的合约；为什么需要保险基金；自动减仓机制如何有序和公平地进行；以及我们相信 BitMEX 拥有世界上最安全托管方案之一的理由。 
  • 我们对保险基金、做市活动以及可交易合约结构进行独立审核，希望在不久的将来可以分享这些流程的成果。

我们相信加密货币行业的成功取决于长远的思维而非短视。长期来看，我们相信这一行动过程将为我们提供最好的机会，与监管机构深入、有见地和具成效的探索在加密货币市场的风险与机遇。

BitMEX 不仅仅是最具流动性、最创新的交易地点。而且，也是用户最值得信赖（独立证实）的选择，我们的账户有偿付能力、结算诚实，所有参与者都能享受同等的渠道和机会以交易更多。

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BitMEX (www.bitmex.com)

Ensuring the Continued Compliance of the BitMEX Platform, 19 August 2019

BitMEX

In 2014, HDR Global Trading Limited (HDR) was founded in Mahé, Seychelles as a small, dedicated team of young entrepreneurs focused on a simple mission: to build a crypto trading platform geared toward experienced traders first. We focused on building the most responsive interface, featuring groundbreaking products, controlled by a complete and seamless API, with the tightest security. From those ideals, BitMEX was built.

The market has spoken: BitMEX has succeeded. We are proud to have built the most innovative, reliable, and secure cryptocurrency platform in the world.

As BitMEX grows, so the world grows with it. In 2013, only months before we began, Bitcoin had just crashed from its second major bull-run. The dreams and wallet balances of the greater crypto community crashed with it. A new set of priorities emerged, focusing on safety, security, and stability. Financial regulators started to pay more attention to Bitcoin, and rightly so. It was clear to all of us that new standards were needed for this new industry.

Since then, the cryptocurrency landscape has changed dramatically, and leaders such as BitMEX have been working with regulators to help shape the industry, creating the standards that will help it go mainstream. 

The increased involvement of regulators with all the major players in the industry is not only to be expected, it is to be welcomed. It is the mission of good regulators to ensure that honest citizens are not being cheated. Regulators bear the burden of ensuring that risks are clearly communicated, products are fair, and taxes are collected. Through this process, we will see a new era of legitimacy for cryptocurrency exchanges: a future where market operation standards are clearly stated and maintained, where security is paramount, and where financial reserves are independently and frequently audited.

We believe fervently in these goals. And we understand that nothing is more sacred than the safety of your funds and the stability of the platform.

For this reason, we have decided to restrict access to BitMEX for users in the jurisdictions in which HDR-affiliated employees and offices are located. Seychelles, Hong Kong and Bermuda will be added to the list of jurisdictions already restricted from access to BitMEX. This change will have no financial impact on the business and will affect very few people. The BitMEX team will be reaching out to those who are affected. 

The BitMEX platform is entering a new and exciting era. This conservative action is not taken reactively, but proactively. We want to ensure we lead the industry not just in innovation but also in standards. 

  • We are extending the transparency of our systems so that our customers and stakeholders can better understand how BitMEX operates. 

  • We are showing third-parties why we believe BitMEX is a safe place to trade; how our innovative contracts are structured; why we keep an Insurance Fund; how auto-deleveraging is orderly and fair; how we know all accounts are 100% backed; and why we believe BitMEX has one of the safest custody solutions in the world. 

  • We are working on independent audits of our Insurance Fund, market making activities, and tradeable contract structure and we hope to share the results of these processes in the near future.

We believe success in the cryptocurrency space lies in the ability to think long-term, not short-term. And in that long-term view, we believe this course of action affords us the best opportunity to engage regulators in deep, thoughtful, and productive explorations of the risks and opportunities present in the cryptocurrency market.

BitMEX will not just be the most liquid, innovative place to trade. It will also be one where customers may rest assured – with independent affirmation – that accounts are solvent, settlements are honest, and all participants enjoy the same access and opportunity to Trade More.

BitMEX CEO Gives Bitcoin 101 Talk to Rotary Club of Hong Kong

BitMEX
The talk focused on the basics of what Bitcoin is, what problems it solves, and what BitMEX offers. Although many of the attendees knew very little about Bitcoin before the talk, they asked very probing and intelligent questions.

On June 10, 2014, BitMEX CEO Arthur Hayes gave a talk on Bitcoin 101 to the Rotary Club of Hong Kong.  The event was well attended by club members who are very prominent in the Hong Kong business world.

The talk focused on the basics of what Bitcoin is, what problems it solves, and what BitMEX offers. Although many of the attendees knew very little about Bitcoin before the talk, they asked very probing and intelligent questions.

10June2014_Club Meeting_Guest Speaker_Arthur Hayes (2)
BitMEX CEO Arthur Hayes accepts a gift from Terrill L. Frantz the acting president of the Rotary Club of Hong Kong.

USD Interest Rates Lift BTC Forwards Market

BitMEX
Given the current interest rate regime a one year forward on the price of Bitcoin should be trading over $1,200. If you want to peer into the future, consider that crystal ball.

The most important element in any forecast on the forward value of a currency pair is the interest rate differential between the two currencies. Bitcoin to date does not have a reliable interest rate market. Lending out your Bitcoin is a fools errand. The internet is filled with stories of defaults on peer to peer Bitcoin lending platforms. However, where unsecured USD lending is concerned it’s a different matter.

The most popular unsecured lending market for USD which is then used as leverage to buy Bitcoin is on Bitfinex. Traders can deposit their idle USDs and earn a generous return on them. Currently traders can receive 0.30% per day on their USD, that’s 108% per year!

The rate at which traders are willing to borrow USD to speculate on the future price of Bitcoin goes hand in hand with the market movement. The Bitcoin price has shot up over $200 in the last two weeks and interest rates have spiked as well. Given the current interest rate regime a one year forward on the price of Bitcoin should be trading over $1,200. If you want to peer into the future, consider that crystal ball.

 

Thoughts On China’s “Ban” On Bitcoin

BitMEX
When the dust settles and all the banks and payment processors are in compliance we expect the Bitcoin price to fall to the recent lows of $360 and BTCCNY to be at a 5%-10% discount to BTCUSD. Then buy your coins back at a discount, transfer to an exchange where you can withdraw USD and collect a nice profit.

Last week Caixin posted an article claiming that the PBOC was not satisfied with how banks and third-party payment processors were interpreting it’s ban on financial institutions processing payments related to Bitcoin based businesses. Subsequently a few exchanges announced that their bank accounts at certain onshore Chinese banks were shut. The Bitcoin price fell around 12% after the announcement and then further to around $425 on Bitstamp. The price on the leading Chinese exchanges traded at around a 3-5% discount to Bitstamp.

Fast-forward to today on the eve of the Labour Day weekend holiday and the Bitcoin price has recovered around $25 to $450 and the Chinese exchanges are trading slightly more expensive than Bitstamp. Even after all of this noise from the PBOC you can still fund  your Bitcoin account with CNY at certain exchanges using Bank of China. How this is possible when the PBOC has repeatedly said that financial institutions cannot process Bitcoin based payments is very puzzling.

The Caixin article postulates that the new “deadline” for compliance is May 10th. We at BitMEX are in the business of facilitating betting men and women. If we were in your shoes, we would be opening accounts at the leading Chinese Bitcoin exchanges such as OKCoin and BTCChina and buying coins on Bitstamp transferring them to a Chinese exchange and selling Bitcoin for CNY. A four day bank holiday is the perfect time to force compliance with the central bank’s directive. When the dust settles and all the banks and payment processors are in compliance we expect the Bitcoin price to fall to the recent lows of $360 and BTCCNY to be at a 5%-10% discount to BTCUSD. Then buy your coins back at a discount, transfer to an exchange where you can withdraw USD and collect a nice profit.

Good luck, and happy trading!

Bitcoin Derivatives, How Much Are They Costing You? A Primer On CFDs

BitMEX
Make sure you read the fine print; not all derivatives exchanges and brokers are created equal. You might believe that Bitcoin is going to $10,000 per coin or to $0, but if you are trading CFDs and the market isn't moving you are going to be up the creek without a paddle.

The next frontier in Bitcoin trading is certainly the derivative space. Traders are actively looking for exchanges that allow them to trade futures, options and other derivatives. A host of FX brokers and exchanges have opened up recently and are offering derivative products. By far the most popular offering is a Contract For Difference (CFD).

According to Investopedia a CFD is:

This is generally an easier method of settlement because losses and gains are paid in cash. CFDs provide investors with the all the benefits and risks of owning a security without actually owning it.

What makes CFDs so popular is the extreme leverage that different brokers will offer clients. As of right now there are CFD brokers offering up to 20x leverage on Bitcoin vs. the US dollar. Unfortunately this enhanced leverage comes a cost, and most likely a very great one that many investors just don’t realize.

To trade a CFD a trader will need to post margin to fund his position. The lower the margin the higher the leverage (e.g. 10% margin requirement leads to 10x leverage). There are two numbers traders need to pay attention to, the initial margin and the maintenance margin. The Initial Margin (IM) is the amount you must deposit with your broker or exchange to initiate a position long or short. The Maintenance Margin (MM) is the bare minimum amount of margin you must have against your portfolio. If you breach this level, your broker or the exchange will margin call you and close all of your open positions.

The margin process is pretty straight forward. So now let’s look at how CFD brokers are making money. Your broker will normally charge you a daily funding charge. Essentially this is the interest rate you pay to borrow money from the broker and gain access to higher leverage. These usually range from 0.10% to 1.00% per day on the total notional of you position. For example, you have a long Bitcoin vs. USD position with a Bitcoin notional of 100 BTC. You deposit 10 BTC for initial margin and if your margin balance drops below 5 BTC you will be margin called and the broker will close you positions. The daily funding charge is 0.50% per day which equals 0.50 BTC per day of fees (0.50% * 100 BTC Notional Position).  If the BTCUSD rate does not move, you will be margin called in 25 days just from the funding charges alone; you have a 5 BTC cushion (10 BTC IM – 5 BTC MM) therefore 5 BTC / 0.50% Daily = 25 days. Talk about a usurious interest rate, you are paying over 500% annualized in interest just to trade this derivative ((1 + 0.005)^365 – 1 = 502%).

Make sure you read the fine print; not all derivatives exchanges and brokers are created equal. You might believe that Bitcoin is going to $10,000 per coin or to $0, but if you are trading CFDs and the market isn’t moving you are going to be up the creek without a paddle.

CEO Arthur Hayes To Speak On Bitcoin Derivatives At Inside Bitcoins Hong Kong

BitMEX
BitMEX CEO Arthur Hayes will be speaking on the 25th of June from 3:00 PM to 3:45 PM on Bitcoin derivatives and the current market structure.

BitMEX CEO Arthur Hayes will be speaking on the 25th of June from 3:00 PM to 3:45 PM on Bitcoin derivatives and the current market structure.

Bitcoin Derivatives: What Are They? And Why We Need Them

While trading volumes on spot exchanges have risen dramatically since early 2013, the derivative market remains nascent and grossly underdeveloped. Many high profile figures in the Bitcoin community have been calling for a liquid derivatives market. This panel will examine what is meant by a Bitcoin derivative, the different uses of derivatives by different market participants, and the benefits to having a liquid and robust market. We will examine the current landscape of derivatives products and help attendees grasp the different uses and risks with trading different types of derivatives. We will also look to the established market of fiat currency derivatives to gauge what sort of market growth is needed to develop a healthy ecosystem.

Inside Bitcoins Hong Kong