Crypto Trader Digest – Apr 11

Tech In Asia – Singapore 2016

For those of you in Singapore, BitMEX will be pitching and has a booth at the Tech In Asia Singapore conference on April 12-13. Please stop by our booth and say hello.

If you would like to hear our pitch, please attend one of the following:

April 12th: FinTech Stage, 13:00 – 14:30

April 13th: Main Stage, 15:00 – 16:30

The Summer Of Love: European 2016 Edition

In case you didn’t hear, the Dutch people rejected an EU – Ukraine treaty that called for closer ties. Yet, even in the face of popular disdain for disastrous policies of the EU, their vote will be largely ignored. EU President Jean-Claude Juncker said “The Commission remains strongly committed to the development of its relations with Ukraine.” [Reuters] Much like the Greeks, the popular will is discarded if the outcome is not desirable to those in charge.

The Greeks are back to their naughty ways. The turncoat PM Alexis Tsipras refuses to endorse the tax hikes and pension cuts that the Troika (ECB, IMF, and World Bank) demanded in return for the next tranche of their bailout funds. Below is a schedule of upcoming Greek payments this summer:

Barclays has begun the Grexit scaremongering. They warn that a 2016 Grexit is back on the table. The recent IMF leak didn’t do European stability any favours either.

The playbook by now is very established. The Greeks rattle the cage and say they can stand no more. The ECB and Bundasbank stand firm that “austerity” must be enacted. Each side bickers, the financial markets enter risk-off to sufficiently scare the Greeks into line, then the Greeks begrudgingly accept more “austerity”.

A new “programme” is put forward where the Greeks promise with all their heart to inflict more misery upon their people so that the Troika can give money to Greece, which Greece then hands back to the Troika as interest payments. The Troika gets to keep holding Greek debt at par, and the Greeks have the pleasure of remaining in the EU with all its benefits.

What of Bitcoin?

Bitcoin will rally as the markets enter the risk-off “Oh My God! The EU is over” phase. I can just hear the benevolent billionaire George Soros chastising the Greek people for refusing to agree to his EU-centric world view. If 2016 follows 2015’s chain of events, once the Greeks cave again, Bitcoin will crash back to where it started.

2016 is interesting – a rich EU member put an EU treaty to a vote, and the result was No. The odds of Brexit are still quite low at 33%.

As we approach June, many things may change. Don’t forget the ongoing migrant crisis, an attempt to find more suckers to pay into underfunded pensions for a bunch of old Europeans. Get your Depends ready, because you will certainly be babysitting Bitcoin this summer.

USDJPY: I Choose Violence

If you haven’t seen the trailers for season 6 of Game of Thrones, take a few minutes to watch them. The manic gyrations of USDJPY and the pain inflicted upon traders, reminded me of Cersei’s forethcoming battle against the High Septon.

Koruda-san was overjoyed that Grandma Yellen decided to begin raising rates. The Yen would be weaker, and it wouldn’t require more bullets from the BOJ. Unfortunately, the Fed has begun to backtrack their commitment to raise rates further. Currently, many traders believe a dovish Fed is back, and rates will be back at 0% or even negative by year-end.

As a result, the Yen strengthened violently, and the Nikkei is crashing. Adding to the BOJ’s troubles is a populace who in the face of NIRP is hoarding cash, not spending it. More 10,000 Yen notes are being produced to satisfy the demand for cash [Japan Times]. Abe-san and Koruda-san will not go quietly. Japan is walking back its commitment not to engage in competitive devaluations [Zerohedge]. Verbal central bank jawboning is more effective than actually entering the market.

Ever since the BOJ decided to go negative, they are the laughing stock of the FX community.

Instead of a weaker JPY, the BOJ’s actions sparked a surge in the Yen and the amount of cash hoarded by its vassals. When the BOJ finally intervenes to trash the Yen, the success of their efforts will be short lived.

As dejected traders watch carry trades explode in their faces (traders borrow Yen cheap as funding for speculative trades in other asset classes), they will have to reduce their exposure to risky assets or face the wrath of margin calls. Evidence of this is the record number of foreigners shedding Japanese equities. According to Bloomberg, foreign investors have sold $46 billion worth of Japanese equities.

Japan has spent the last almost three decades fighting deflation. They will go where no nation has gone before. They are currently experimenting with fingerprint enabled cash transactions. If they can effectively ban cash, then NIRP can work its inflationary magic. Combine that with basic income, or helicopter money, and you have a recipe for toilet paper Yen.

Japan’s feared housewife FX punters, the Mrs. Watanabe’s, won’t accept this theft without a fight.

First the large cash safes will disappear from the market. Then they will begin exchanging their domestic toilet paper for any other currency, commodity, or real asset they can electronically. Bitcoin and digital currencies will become very attractive. Much like XBTCNY, XBTJPY is a much watch pair. The Japanese are at the forefront in implementing destructive and ineffective monetary policies. The BOJ’s desperation is palpable as they enter their fourth decade fighting the deflationary boogieman.

Want to trade the Yen? The BitMEX Bitcoin / Yen Futures contract, XBJ24H, will soon be live. Using XBJ24H, traders will be able to express a pure view on Japan’s monetary chicanery.

Ether: Bitcoin 2013 Redux

From the beginning of 2016, to it’s peak at 0.0372 ETH/XBT, Ether went up over 1,700%.

Bitcoin, from the start of 2013 to its first peak of $250 in April 2013, was up over 1,900%. Ether dropped over 52% its the all-time-high (ATH) to a low of 0.0176 ETH/XBT last night. Much like it, Bitcoin, after peaking in April 2013, dropped by 80%.

We all know how the story of Bitcoin in 2013 ended. There will be many traders attempting to project a similar movement onto Ether. An 80% retracement from the all-time high necessitates a bottom at 0.00744. Given the Ethereum project has much more positive press and institutional involvement at this stage than Bitcoin had in early 2013, I don’t expect a collapse to those levels.

Do traders believe a repeat of Bitcoin’s 2013 breakout will occur with Ether in 2016? The Bitcoin halving this July will play a crucial role in determining Ether’s price trajectory. If the Bitcoin price crumbles due to issues arising from the halving, you can expect Ether to receive a massive boost. However, a resurrected Bitcoin will put the Ether party on hold for a bit longer.

Never underestimate greed and FOMO. Many $1,000 Bitcoin bag holders desire redemption. Getting in “early” on an Ether 2016 mega bubble is on their minds. Their itchy trigger fingers might just make it happen.

Risk Disclaimer

BitMEX is not a licensed financial advisor. The information presented in this newsletter is an opinion, and is not purported to be fact. Bitcoin is a volatile instrument and can move quickly in any direction. BitMEX is not responsible for any trading loss incurred by following this advice.

币界新闻择要 – 四月四日

BitMEX改用 Kaiko指标作为交割价格基准

上年我们的交割价格指标从Bitfinex改成了 Tradeblock XBX指标。Tradeblock的XBX指标提供了更大的交割指标稳定性。不过不少做市商反映他们希望有一个更简单的指标来方便对冲,为了提升我们交易所的流动性,从4月29日起,的比特币期货合约将会改成以Kaiko指标交割




BitMEX 和 Kaiko 为了建立公平的指标密切合作,指标将会从原本的5家改为3家,其中包括 Bitfinex Bitstamp OKCOIN USD。







更多关于Kaiko指标的资讯,请参考 Kaiko.





提供个希腊的支援不会在 Troika 满意希腊的紧缩措施前出现。 经过12个月辛苦的资本管制之后,也许2016年就是希腊人终于忍不住的时候了。他们在去年夏天还没有就范,但是如果更多类似这样的对话出现的话,恐怕希腊人民的临界点就会被触发了。




首先,CNBC基本上引用了纽时的文章报道了一次,并提到了Google Venture曾经为这个项目的价值标了5亿美元的实质,当时应该不少人会质疑这个数值,不过现在他们都应该为这个重新报价。我们能够肯定的是圈内不少人着迷于块练科技多余比特币本身,而以太币就是能够切合这群投资者需求的认识。



Crypto Trader Digest – Apr 4

The BitMEX Kaiko Index

Last year we moved from Bitfinex to the TradeBlock XBX Index as the underlying of our Bitcoin / USD futures contracts. The TradeBlock XBX Index was a great improvement over using a singular exchange for settlement. However, many large market makers and arbitrageurs wanted a simpler index. In order to increase liquidity, effective Friday April 29 12:01 UTC the underlying for any Bitcoin / USD futures contract will be the Kaiko BitMEX Index.

Why The Change

Many market makers and arbitrageurs complained that it was impossible to forecast the weights of the exchanges that comprised the TradeBlock XBX Index. Weightings constantly changed due to liquidity and price deviations of the member exchanges.

It is impossible to accurately match the settlement price when the weights cannot be known for certain. As a result, many market makers and arbitrageurs provide less liquidity to BitMEX than they would if the weights were known in advance. BitMEX is committed to providing the tightest spreads for all traders, and we had to find a solution to this problem.

The Kaiko BitMEX Index

BitMEX and Kaiko worked closely together to construct an index that would be fair, transparent, and easy to replicate.

Instead of five member exchanges, there will now be three (Bitfinex, Bitstamp, and OKCoin USD).

Weights will be fixed throughout the calendar month based on the past share of 30 day volume. No exchange may have a weight above 50%.

Exchange API Outages

It is not uncommon for Bitcoin exchanges to experience periods where their API is unresponsive. If an exchange’s API is down, its price will be the last price broadcast. Once the API is live again, the price will update as per normal. Exchanges will not be down-weighted during an API outage.

Exchange Price Divergence

An exchange’s weight will not be altered if its price differs greatly from the other member exchanges.

More Information

For information about the index and about receiving market data, please visit Kaiko.

The Greeks On Their Knees Again

Less than a year has elapsed since the Greeks were humiliated into taking further sustenance from their European masters. The Greeks still naively believe they have a voice in the future of their country. A leaked conversation laid bare the fact that supranational organisations such as the IMF hold all the cards. Wikileaks published a conversation between two IMF staffers advocating a credit event in Greece to force further haircuts on their debt burden.

While Greece desperately needs a reduction in their tribute to Frau Merkel, a Greek credit event won’t be a welcome development for many European banks and governments. A credit event is a polite word for default, and many are outraged that the IMF would advocate such a thing. It is even more ironic since said credit event would surely imply a haircut on the Greek debt the IMF currently holds and counts as performing loan.

This leak couldn’t have come at a worse time for the European project. The upcoming EU membership referendum in Britain is only three months away. Do the people really want to hand over part of their national sovereignty to organisations that covertly plot the demise of certain member states?

The next tranche of sustenance for Greece will not be released until the Troika is satisfied with Greece’s austerity measures. After twelve months of capital controls and suffering, maybe 2016 is the year the Greeks finally flip the bird to the EU and leave. They were sufficiently scared into submission last summer, but if more conversations like the one leaked from the IMF become known, the Greek people might finally reach the breaking point.

Brexit or Grexit may or may not happen this summer. However I am certain that it is not a foregone conclusion that the EU will exist in it’s current form. This uncertainty will cause volatility to increase across all asset classes including digital currencies. The Grexit scare last summer resulted in an over 30% price spike in Bitcoin, followed by a nasty crash once the Greeks caved. 2016 could finally be the year when Greeks rediscover their backbone, and if they do you better own some Bitcoin.

Wikileaks Reveals IMF Plan To “Cause A Credit Event In Greece And Destabilize Europe”

Get Aboard That ETH Train!

Even though the price appreciation of ETH/BTC has slowed down significantly, Ethereum is getting a lot of notice in the public eye and becoming a serious contender to Bitcoin. I spoke at lengths last week about the New York Times praising Ether as the next digital currency to watch, however since then there has been more interest.

To start, CNBC essentially quoted the NYT article after it came out and has also recently released another article about the valuation of Ether, noting that back in 2014 it was privately valued at around US$500m with Google Ventures interested. No doubt there would have been multiple skeptics of that number back two years ago, however now I am sure those same people are probably thinking that this is a low number for the project. It is clear that a number of industry players are more interested in blockchain technology than Bitcoin, and this is something Ethereum can offer – in fact the CFTC commissioner spoke at lengths about blockchain technology (digital ledger technology specifically), and not once throughout his whole speech did he mention Bitcoin.

Microsoft recently announced that it has signed up to R3, providing Azure’s online services to the partnership. This could be a good sign for Ether, if not price wise initially, but for publicity since Azure recently offered the Ethereum Blockchain as a Service (E BaaS) to deliver enterprise business solutions.

So what does this all mean for the price? I personally think it is a bullish thing – there’s no such thing as bad publicity and Ether is getting nothing but good publicity. Looking at the price on a technical level, price action has been flat recently with volumes dropping. In the past, the price spiked up by about by about 100% (early Feb to early March) after a similar quiet period. Are we overdue for another move up? Technical conditions and this publicity make an up move more likely than a down one. Set tight stops on the downside, and take advantage of this sideways price action to build your position. At BitMEX we offer 25x leverage on ETH with great volumes, also don’t forget that if you ever want to request a quote for a certain size then hit us up on the chat and we will reach out to the market makers!

币界新闻择要 – 三月二十八日

下一个轮到… 日元?







我知道你们大多都不是日本人,但是这不代表BitMEX没有提供给你看空日本而赚钱的机会。我们即将挂牌 比特币/日元 日交割合约 XBJ24H,而如果你拥有 Quoine 交易所的账户,你更加可以直接从Quoine交易这张合约,当然,你也能够直接在BitMEX投资这个合约。

Japan Goes Full Krugman: Plans Un-Depositable, Non-Cash “Gift-Certificate” Money Drop To Young People








Brexit Referendum Betting Odds





以前常见的方法是使用中国银联卡在香港买的保险。很多的中国人到香港保诚和AIA外大排长龙。健康和旅行保险十分受欢迎,因为他们可以合法地购买超过$ 50,000(即每年法律上的外汇限制)。

要停止不良行为,现在银联设立了每笔海外交易$ 5,000的限制。加入你有一百万美元保险,但有一个交易限额的话,理所当然的事就是慢慢刷,五千五千的刷够100万。



一家在香港的中国河南券商保险公司,提供去香港旅程,包括免费机票和住宿,让在中国大陆地区的客户购买的保险产品。价值50多万元($ 77,000美金)的合约就附送头等舱机票加两晚的五星级酒店。这样的买家将需要刷至少15次卡。

“我们会引导他们完成整个过程,我们已经告诉他们要带一个以上的信用卡,因为如果某一张刷不到的话,他们也能够刷另一张试试。 “






币界新闻择要 – 三月二十一日






现在就轮到100欧罗了,Larry Summers表示希望欧央也同时将它非流通化,不少存户都拥有100欧罗。当美国也开始进入负利率的时候,100欧罗也是放到砧板上的时候了。

即使你真的这么有远见把电子货币换成现钞,政府只会把你的现钞非合法化,然后你又要去银行办你的兑钞手续了。1000万的100欧罗钞票重量大概是100公斤,容量大概是103公升。试想象把他们换成20欧罗钞票….. 祝你好“运”吧,呵呵…..




Greek Banks Admit To Charging Customers To Exchange Big Bills For Smaller Ones

How Much Does A Million Dollars Weigh





传言出现时买进,传言证实后卖出(Buy The Rumour, Sell The Fact)

市场通常会对市场事件过度反应。通常投资者的最佳平仓点是预期的事件发生之前。由于炒作和恐惧的氛围围绕着比特币减半的时间,一种策略是现在做多波动并在减半前平仓。通过出售六月(XBTM16)和购买九月(XBT U16)期货,投资者有一个净波动的仓位,并不受比特币价格影响盈亏。

售出6月XBTM16, 买入9月XBTU16





也许你不知道价格是否会飙升或暴跌,但你知道,一些大的波动会在减半后发生。做多9月合约,同时做空比特币现货是你的策略。从本质上讲,你做多的波动。如果现货暴跌,在某些点为将会有远期投资者推高远期比特币合约的一家。如果现货大幅上升,做空的会平仓因为空仓亏损是无限的。这两种情况都涉及到九月期货合约与现货之间不断增加的溢价。与之前的策略一样,也是有开仓成本,就是年化 52%的溢价。

买入九月XBTU16 售出比特币现货





7 Feb 1988: Michael Jordan #23 of the Chicago Bulls goes for a dunk during the 1988 NBA All Star Slam Dunk Competition at Chicago Stadium in Chicago, Il. Jordan went on to win the Slam Dunk Competition. HIGH RESOLUTION FILE 42 MB. NOTE TO USER: User expressly acknowledges and agrees that, by downloading and/or using this Photograph, User is consenting to the terms and conditions of the Getty Images License Agreement. Mandatory copyright notice and Credit: Copyright 2001 NBAE Mandatory Credit: Andrew D. Bernstein/NBAE/Getty Images


上个周一,Bitfinex挂牌了以太币,以太币上线了Homestead更新,并到了0.0372 ETH/BTC的高位,之后就坐上了暴跌快车,周内下跌了45%。



Crypto Trader Digest – Mar 21

Message To Savers: “Bring Out The Gimp”



7 Feb 1988: Michael Jordan #23 of the Chicago Bulls goes for a dunk during the 1988 NBA All Star Slam Dunk Competition at Chicago Stadium in Chicago, Il. Jordan went on to win the Slam Dunk Competition. HIGH RESOLUTION FILE 42 MB. NOTE TO USER: User expressly acknowledges and agrees that, by downloading and/or using this Photograph, User is consenting to the terms and conditions of the Getty Images License Agreement. Mandatory copyright notice and Credit: Copyright 2001 NBAE Mandatory Credit: Andrew D. Bernstein/NBAE/Getty Images

Greece is the modern day poster child for many economic ills. Capital controls, check. Insolvent banking system, check. Debt slavery, check. Even those who read the tea leaves correctly and withdrew their money from Greek banks into cash, are getting screwed because they hold 500 Euro notes.

A few months back the ECB declared that the 500 Euro note is on death row. The goal is to eliminate cash entirely so that deposit rates may go sharply negative. The 500 Euro note represents a significant amount of the outstand float of physical currency, and politicians can spin the removal of it as a means to fight “terrorism” and “money laundering”.

Back to the Greeks. Storing and securing a hoard of physical notes in small denominations can become burdensome even with modest savings. Smart Greek savers withdrew their savings to 500 Euro notes, the largest denomination offered. They thought they were safe, then Draghi brought out the gimp.

Greek savers returned to the bank, cash in hand, to exchange their 500 Euro notes for smaller ones. Banks are just as scared of NIRP (negative interest rate policy) as savers. They don’t want a bunch of cash that will be forcibly converted to electronic credits at the ECB when the 500 Euro note is phased out. So to cover the anticipated negative rates on their deposits, banks in Greece are now charging 1.5% to convert 500 Euro notes into smaller denominations.

It’s All About The Benjamins Baby. Larry Summers declared that the Treasury should ditch $100 bills to discourage the hoarding of cash. Benjamins are much more common than 500 Euro notes, and many more savers possess them. Absent serious outcry from American plebes, when the Fed finally goes negative, the $100 bill will be on the chopping block.

Even if you prepare correctly by exchanging electronic for physical cash, the government will just outlaw the largest denomination bill and banks will just pass on the expected negative rate in the form of a conversion charge. Storage of cash in large denominations is possible, but becomes unmanageable in smaller denominations. $10 million in $100 bills weighs 100kg., and has a volume of 103.49 litres. With $20 notes it becomes five times as heavy and voluminous.

Gold is a good option, but it still isn’t immune. Imagine everyone rushes to convert electronic money into gold. Now you must store this heavy metal. At a point demand for storage facilities will be so high, that the effective storage rate will converge to the negative interest rate charged by the bank.

Digital currencies are the only way to effectively and cheaply store vast quantity of electronic bank credit wealth. The more negative rates go, the more expensive traditional forms of wealth preservation will become. The Greek example plainly shows that even cash under a mattress isn’t immune to negative rates.

Greek Banks Admit To Charging Customers To Exchange Big Bills For Smaller Ones

How Much Does A Million Dollars Weigh

Trading The Bitcoin Halving


The Bitcoin halving will occur this July. Most agree that there will be significant volatility around this event. Bitcoin is a much different animal than during the previous halving. With a $6 billion market cap, it is no longer a play thing for nerds. Serious people have bet millions of dollars on the continued existence of the project.

Volatility is a trader’s best friend, and at BitMEX we have many ways for both bullish and bearish traders to wager. With a combination of spot Bitcoin, June, and September BitMEX Bitcoin / USD futures contracts, traders express can a multitude of views on the halving. I will lay out a few strategies, and how traders can implement them on BitMEX.

Buy The Rumour, Sell The Fact

Given an event, the market will usually overreact. Often the best exit points for traders is right before the anticipated event occurs. Given the hype and fear surrounding the Bitcoin halving, one strategy is to go long volatility now and close the trade pre-halving. By selling June (XBTM16) and buying September (XBTU16)futures, traders have a pure volatility play pre-halving.

Currently the June-September basis trades at 50% PA. For this particular basis, I have removed the interest rate component, which is derived from the USD and Bitcoin swap rates on Bitfinex. This 50% PA premium represents what trades are paying for the volatility between the two periods. For those who believe a 50% annualised premium for the June-September spread is too low, they should sell June and buy September. If the uncertainty around the halving increases, the spread between these two contracts will widen, and the trade will show a profit.

Sell June XBTM16, Buy September XBTU16

Cheap Coins

For those who believe the halving will cause a spike in the price of Bitcoin, buying the September futures contract is appropriate. With the addition of leverage and the quanto effect, long holders of September contracts will profit handsomely. However, there is a cost of entry, which is the premium at which the September contract trades over spot. Currently the September contract trades at 52% PA premium to spot during this relatively quiet period. If volatility increases due to a spike in the price, the premium will likely increase. Consider this the cost of your lottery ticket.

Buy September XBTU16

Post Halving Fireworks

Maybe you aren’t sure whether the price will spike or plummet, but you do know that something big will happen after the halving. Going long the September contract, while short selling Bitcoin is appropriate. Essentially you are long volatility. If spot collapses, at some point bottom feeders will rush in to buy longer dated futures contracts as they offer the best leveraged returns after major downward price movements. If spot spikes, shorts will rush to cover due to the unlimited downside of being short Bitcoin. Both scenarios involve the premium between the September futures contract and spot increasing. As with the previous strategy, you must pay to play. The 52% PA premium is your cost of entry.

Buy September XBTU16, Short Spot Bitcoin

Much Ado About Nothing

This halving nonsense is a bunch of bollocks, and everyone is scared for no reason. Then selling volatility is the trade for you. You can either buy June and sell September, or buy spot and sell September. In both cases, you profit from nothing happening. Your profit comes in the form of daily positive carry from selling the September contract which trades more expensive than the June contract or spot.

Buy June XBTM16, Sell September XBTU16

Ether : Top Ticked It

7 Feb 1988: Michael Jordan #23 of the Chicago Bulls goes for a dunk during the 1988 NBA All Star Slam Dunk Competition at Chicago Stadium in Chicago, Il. Jordan went on to win the Slam Dunk Competition.  HIGH RESOLUTION FILE 42 MB. NOTE TO USER: User expressly acknowledges and agrees that, by downloading and/or using this Photograph, User is consenting to the terms and conditions of the Getty Images License Agreement. Mandatory copyright notice and Credit: Copyright 2001 NBAE  Mandatory Credit: Andrew D. Bernstein/NBAE/Getty Images

Being a profitable trader is a tough gig. I enjoy writing and running an exchange more than constantly having to generate alpha. But the trader in me should have known the moment that I penned two essays with gushing praise for Ether, that the price would take a digger.

Last Monday Bitfinex listed Ether and Homestead was released. The price touched a high of 0.0372 Ether / Bitcoin and then took the express train to dump city. The price declined 45% in the subsequent trading days.

What’s next for the shitcoin turned serious contender? Ether price appreciation is driven by adoption by large financial and technology organisations, and a vote of no-confidence on Bitcoin. Neither of those two conditions have changed.

Ether / Bitcoin is poised to retest the all time high, and I bet it will be surpassed. I hear rumblings of plans for more large Bitcoin / USD exchanges to add Ether trading. Give the people what they want. While you can trade Ether / Bitcoin on a spot basis on a variety of exchanges, there is only one place to YOLO 25x Ether, BitMEX. The ETH7D contract awaits with 25x leverage, and the ability to go long or short Ether with only Bitcoin.

Risk Disclaimer

BitMEX is not a licensed financial advisor. The information presented in this newsletter is an opinion, and is not purported to be fact. Bitcoin is a volatile instrument and can move quickly in any direction. BitMEX is not responsible for any trading loss incurred by following this advice.




最后,我使用了 React-Grid的技术,我其中一个最多人使用的开源程式。在15年初我曾经希望把它加到BitMEX里,不过最后有其他更重要的功能要处理…







Sam – BitMEX技术总裁

币界新闻择要 – 三月十四日


我们的技术总裁 Sam 对于BitMEX的界面有一种不可以用文字形容的执着。今天BitMEX更新了我们的界面,容许用户随意更改界面,更改每个工具的位置和大小。

没有一所交易所提供这个程度的个人化,更牛逼的是,连阿玛逊的CloudFront 前端控制台也是使用Sam的程序来建的!

从今天开始,所有使用进阶UI(Advance UI)的用户就可以使用这个个性化的功能,在你下一次载入BitMEX的时候,我们就会自动为你加载你预先设定的界面




山寨币的牛市持续,上个礼拜五,BitMEX挂牌了第一个 Factom/比特币期货合约,FCT7D。投资者现在可以10倍做多做空Factom。

就跟我们的25 倍杠杆以太币期货合约,FCT7D只需要投资者提供比特币作为保证金,而所有盈亏也使用比特币结算,有关该合约的详情请参阅 如何投资Factom.



这个周末Bitfinex选不了加入 ETHUSD及ETHBTC的交易配对,而中国的CHBTC交易所也宣布挂牌ETH的交易配对。所以应该是时候穿上太空衣,准备中国大妈跟赌棍们把以太币推上外太空。

当然,以太币的开发团队也做了不少值得赞赏的工作,但是最大的诱因也可能要归咎于比特币Core跟Classic的硬分叉争辩,投资者已经用他的金钱表达了他们对这个争辩的意向——投资山寨比分散风险。那些拥有几百万挖矿资产的矿工好应该了解他们现在面对的情况,好好折让一下,不然输到最后的必然是他们自己。俗语也有说嘛,鹬蚌相持 渔人得利。








The Issuance Model Of Ethereum




近来,人行宣布了商业银行可以透过债务主权互换来减轻他们帐簿上的不良信贷,比如说 公司A 不能够还清债务,银行现在可以选择透过股权拥有某家公司,如果环球经济明朗的话,这个将会对于银行是好事,但是如果该公司仍然没有办法起死回生,他们将会继续透过这个银行系统融资,成为系统的负累。



China to ease commercial banks’ bad debt burden via equity swaps





在现货市场买卖Factom相当简单。最高流动性的Factom货币配对是 Factom /比特币(FCT / XBT)。 Poloniex是交易量领先的交易所。

购买 Factom


售出 Factom



对于大多数我们博客的读者,杠杆交易时一个更有趣的交易方式来投资Factom。除了比特币和莱特币,使用杠杆或衍生品交易山寨币是很少见的。 BitMEX了解到一些比特币投资者想使用杠杆投资Factom,所以我们的合约只需要使用比特币作为保证金。

BitMEX 刚刚挂牌了 FCT7D, 一个每周交割的 FCT / BTC 期货合约。每张 FCT7D 合约代表 1 FCT。合约在每周五中国时间晚上8时根据FCTXBT的价格交割, 所有保证金,利润和亏损在比特币计算和交付。允许的最大杠杆是10倍。

买入 Factom 期货

BitMEX Factom期货合约允许交易者猜测的FCT​​XBT汇率的未来价值。 希望做多 1,000 FCT的投资者可以买入 1,000张 FCT7D 合约. FCT7D的妙处在于,它只要求比特币作为保证金。 最大杠杆为10倍。如果FCT7D价格是0.005,投资者必须拿出0.5个比特币作为保证金 (1,000 张 * 0.005 FCTXBT * 10%). 如果价格上涨到0.006,利润就会是1个比特币 = (0.006 – 0.005) * 1,000.


沽空、或者卖出一些你不拥有的山寨币在币圈内十分罕见。透过 FCT7D, 投资者只要拥有比特币就能够做空Factom。例如,一个投资者希望做空 1000 Factom,就需要卖出1000 张FCT7D合约。 而只需要比特币做保证金。 如果FCT7D价格是0.005,投资者必须拿出0.5 比特币的保证金(1000张 * 0.005 FCTXBT * 10%)。如果价格下降到0.004,利润就是 1比特币=(0.004  –  0.005)* -1000。

BitMEX 的 FCT7D 合约是唯一一个让投资者之使用比特币就能够做空Factom 的交易产品,关于FCT7D 合约的详情可参阅 FCT7D 合约说明

Crypto Trader Digest – Mar 14

The BitMEX Custom UI

Our CTO, Sam, is crazy about making the BitMEX interface better than any other exchange. He just released a major upgrade to the BitMEX UI. All trading widgets can now be moved and resized anywhere within the dashboard.

This is huge – no other exchange has this level of customization. In fact, this system works so well that Amazon use’s Sam’s code to serve their CloudFront Dashboards!

Starting today, users on the Advanced UI (open the top-right menu to switch) can move and resize any of the dashboard widgets. When you close the tab, BitMEX will remember your configuration.

Other changes available this week include performance & stability updates, and the automatic layering of the underlying index on the chart.

Try It Out

FACT(om) My Bitch Up

The altcoin bull market continues. Last friday, BitMEX launched the world’s first Factom / Bitcoin futures contract, FCT7D. Users can now go long or short Factom with 10x leverage.

Just like our 25x Ether futures contract, FCT7D only requires Bitcoin as margin. All profit and loss are in Bitcoin as well. To learn more about FCT7D, please read How To Trade Factom.

Ether : Gold :: Bitcoin : Coal

Ether’s transformation from shitcoin to serious contender happened rapidly. As the token that powers the Ethereum network, it now has a market cap of close to $1 billion. This is quite an accomplishment given the network effect and first mover advantage that Bitcoin enjoys.

This weekend Bitfinex announced it would be adding Ether / USD and Ether / Bitcoin spot trading, and that trading is now live. A large Chinese exchange, CHBTC, also announced they would also list the currency pair. Put on your moon boots, nothing rockets a shitcoin faster than Chinese speculators sippin’ green tea (you know what I mean if you have ever visited the casino floor in Macau: it’s pretty much impossible to get an alcoholic beverage, but hot water and tea are always on offer).

The Ethereum dev team has done an amazing job, but a significant driver of the recent spike is growing frustration over civil war between Bitcoin Core and Classic. The traders are speaking with the money and it’s going into Ether and other altcoins. The miners who have millions of USD invested in Bitcoin mining hardware need to recognise what is happening around them. Their alliance with the core developers, who refuse to do anything, will lead to material losses.

BitMEX is cryptocurrency agnostic. We want a global form of money good collateral. The Bitcoin network is buckling under its own popularity (whether or not this use is due to spamming or other nefarious attacks is irrelevant). There are credible solutions to the problems but those with the most to lose, the miners, refuse to change. If another crypto currency can fulfill those functions better than Bitcoin, Bitcoin will become the newest shitcoin. Bitcoin has been released back into gen pop, and needs to be careful not to get shanked in the yard.

Ether, A Store Of Value?

The big question is whether Ether can retain value in the long term. The Ethereum organisation pushed the narrative that Ether is not meant to be a store of value, but just a token to power applications on the Ethereum network. This was the smartest thing the organisation could have done.

The big reason why financial institutions and governments bad mouth Bitcoin is that it represents a direct threat to their fiat currency seigniorage rents. However, they do recognise the power of the distributed ledger technology. The Ethereum organisation capitalised on this. They publicly proclaimed their token Ether is not a store of value. Their stated goal was to create an application layer on top of a programmable blockchain.

As a result financial institutions, governments, and regular programmers alike could all participate in the project. Microsoft, UBS, the R3 consortium are all experimenting with using Ethereum to power blockchain projects. But on closer examination of the issuance model of Ether, there is a high probability that it will become just like Bitcoin, a non-governmentally controlled currency and store of value.

60 million Ether were created during the IPO process. Each year 18 million Ether will come into existence. While a constant nominal amount of Ether will be produced each year, the rate of inflation will decline dramatically over the next 100 years to under 1% per year. Every year a small percentage of Bitcoin is lost as users lose their private keys. It’s impossible to know exactly how much is lost, but some estimate this loss to be 1% each year. The constant inflation of Ethereum in the long run will not debase the currency, but will keep the supply stable.

Ether is a wolf in sheep’s clothing. The old guard will build useful applications using the protocol which will increase the demand and popularity of the token. Ether will then transform from just a token into a currency sought after for is status as money good collateral. There are still many hurdles ahead, but hats off to the Ethereum organisation for their slight of hand.

The Issuance Model Of Ethereum

PBOC Goes All In

There is no question that China is stuffed with scores of zombie companies. They are only alive because they are state owned, and Beijing forces banks to lend to them. Investors and economics have various forecasts as to the severity of the loan losses that must be recognised. Whatever the final number, it will be in the trillions of USD.

Beijing has proclaimed its intention to rationalise over-production, and transition the economic model away from a debt fueled one. That is great, but someone must pay for the malinvestment of the last decade. Unfortunately for regular comrades, Beijing has chosen them to bear the losses again.

The PBOC recently announced that commercial banks can conduct debt for equity swaps to alleviate their non-performing loan books. Let’s say zombie company A is in default. Rather than recognise a loss and provision accordingly, banks can now take ownership of said company through its equity. That’s great if global trade and industrial commodity prices rebound sharply. The company will return to positive cash flow, and the bank will reap outsized returns from owning the equity tranche. Unfortunately, if we muddle through or even go lower, the company will still not be profitable and will need fresh loans from the same coterie of state owned banks.

If that happens, the bank has worthless equity, and still needs to extend more credit to the zombie company. At the end of the road is always the PBOC. The likely outcome is that the PBOC will let the bank pledge their equity for loans. The PBOC, like many other central banks, will become a long-only equity hedge fund. The money supply will still expand, and ordinary comrades will face increased inflation.

The end result is known. The question is how long will it take before banks began pledging equity for fresh Yuan from the PBOC. The PBOC has bought itself time before the painful internal and external CNY devaluation must occur. But don’t be fooled: it will happen.

China to ease commercial banks’ bad debt burden via equity swaps

Risk Disclaimer

BitMEX is not a licensed financial advisor. The information presented in this newsletter is an opinion, and is not purported to be fact. Bitcoin is a volatile instrument and can move quickly in any direction. BitMEX is not responsible for any trading loss incurred by following this advice.

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