A Note on Recent ETH Liquidations

At 02:22 UTC on April 15, 2018, the ETHBTC on Poloniex crashed approximately 18% from 0.063 to 0.052. The Poloniex price is used as 100% of the index price (.ETHXBT30M) for the ETHM18 contract.

Crypto trading is very risky and underlying prices are highly volatile. While this type of movement is unexpected and undesirable, the price on BitMEX accurately reflected the price on the underlying spot market throughout this crash and recovery. Due to BitMEX systems functioning as expected and according to specification, there will be no refunds of losses sustained due to liquidations.

Index stability is important to us. BitMEX will continue to evaluate if adjustments are needed to existing index compositions. The liquidity of crypto spot markets is constantly in flux and can change significantly over the lifetime of a quarterly contract. Poloniex hosts one of the most liquid ETHBTC markets (note, not ETHUSD) in the world, but this unexpected action has triggered an internal re-review.

The Index Price is used as the central calculation for marking BitMEX futures. This Mark Price is used for margin calculations, which trigger liquidations. More information is available here.

Changes to altcoin futures contracts

On 30 March 2018, we are making the following changes to altcoin products:

  • The 0.25% settlement fee will be removed on futures products. We hope that will encourage greater liquidity by removing barriers to entry and exit.
  • We will be removing the DASH, ETC, NEO, XMR, XLM, and ZEC pairs after they expire, for the time being. This is to free up trading-engine capacity on our more popular contracts. After we make certain optimisations, we may re-list these.
  • The ADA, BCH, ETH, LTC, and XRP contracts will be re-listed for another quarterly today:
    • BitMEX Cardano / Bitcoin 29 June 2018 futures contract (ADAM18)
    • BitMEX Bitcoin Cash / Bitcoin 29 June 2018 futures contract (BCHM18)
    • BitMEX Ether / Bitcoin 29 June 2018 futures contract (ETHM18)
    • BitMEX Litecoin / Bitcoin 29 June 2018 futures contract (LTCM18)
    • BitMEX Ripple / Bitcoin 29 June 2018 futures contract (XRPM18)

Share orders, positions, and P&L with Trollbox slash commands

Today, BitMEX launches an easy, verifiable way to share your positions, orders, and P&L with the Trollbox community: slash commands!

Just type / at the beginning of one of the following combinations to send an official view of your activity on BitMEX:

  1. /orders : Share all your open orders.
  2. /orders <symbol>: Share your open orders for a symbol.
  3. /position <symbol>: Share your positions for a symbol.
  4. /pnl <symbol> : Share your total Profit and Loss (PNL) for a symbol.
  5. /rpnl <symbol>: Share your Realised PNL for a symbol.
  6. /upnl <symbol>: Share your Unrealised PNL for a symbol.
  7. /help: Open a reference guide below the Trollbox.

In the above examples, symbol refers to the name of a contract, such as XBTUSD, XBTM18, and ETHH18.

Typing /orders with a symbol like XBTUSD will share all of your open XBTUSD orders in a blue box below your message:

Notice the BitMEX logo in the box? This is how you know the message was generated by the system, and was not a forgery by a user.

Slash commands are available now on all channels, and TestnetGive it a try today and let us know what you think!

 

NEO $100K Giveaway winners announcement

Thanks to all of the participants for helping to make another BitMEX giveaway a success, and would like to congratulate all of the winners! We were very impressed with the performance of the top two traders, and as a result decided to name them both grand-prize winners. Special congratulations to both of you.

Winners, please see the email you received for prize details.

To see the giveaway details, click here.

系统开发概要: 2018 年 2 月 2 日

在今天北京时间 21:00 , BitMEX 平台的交易量和实时注册量都创下了记录。此流量导致我们云伺服器上的代理网络流量堵塞,导致数据被迫进行备份。这些数据流太大最终导致一连串的网站用户请求新的数据映像,这么大的流量最后令网站一度瘫痪。

我们通过暂时停止交易,重置了受影响的平台服务及交易功能。之后几个小时的表现仍然不佳,但是我们成功解决了导致网速慢的两个主要系统之一。在撰写本文时,我们的读数显示网络延迟远远低于 24 小时平均值。

第二个系统将很快迁移,并将缓解这个问题。即便作出上述容量扩充,我们仍然面临引擎层面速度缓慢的情况,导致许多用户收到吓人的“过载”信息。我们了解客户正面临着这个问题,我们的团队也在积极解决该问题。解决方案涉及重新构建 BitMEX 操作系统,因此我们正在进行大量的规划和测试。一旦该项工作完成,我们会告知您。

其他消息方面,前端界面的一些更新也已经推出,包括一个新的弹出聊天框。由于升级关系,某些用户聊天框可能会卡在高速缓存。如果您的界面显示上述情况,请全屏显示图表,然后关闭全屏窗口。如果仍不起作用,请清除您的浏览器缓存。

 

NEO $100K Giveaway

BitMEX is happy to announce a new $100,000 giveaway for NEO (NEOG18) contracts!  

Start: Wednesday, 7 February 2018 at 00:00 UTC
End: Saturday, 17 February 2018 at 00:00 UTC

Prizes:

1 Grand Prize of 50,000 USD: The trader who continuously quotes the largest two-sided volume within a 0.5% spread gets the grand prize.*

1 Second Prize of 25,000 USD: The trader who continuously quotes the second largest two-sided volume within a 0.5% spread gets the second prize.*

1 Third Prize of 20,000 USD: The trader who has the largest profit (in XBT) from trading the NEO (NEOG18) contract gets the third prize.

1 Lucky Prize of 5,000 USD: Any trader who trades at least one NEO (NEOG18) contract automatically enters a random draw to win this prize.

*BitMEX will take snapshots of the orderbook at frequent intervals throughout the competition. A trader will add to their quoted volume in each snapshot by taking the minimum of their quoted bids and quoted asks within 0.25% either side of the midpoint. BitMEX will then sum that volume in each snapshot, and the trader with the largest cumulative volume at the end of the competition will win.

It’s simple to participate:

Cheers,
The BitMEX Team

Terms & Conditions:

1. BitMEX reserves the right to cancel or amend the giveaway or giveaway rules at our sole discretion.
2. Users who engage in market manipulation will be excluded from the contest. This determination will be made at the sole discretion of BitMEX.
3. Profit is defined as realized profit (in XBT terms) of all trades where the trade was opened and closed during the contest period window.
4. No user can win more than one prize.
5. Winners will be notified via email on 22 February 2018.
6. All awards are paid out in Bitcoin at the prevailing price of the .BXBT index at 17 February 2018 at 00:00 UTC.

Stellar Giveaway winners announcement

Thanks to all of the participants for helping to make the giveaway a success, and congratulations to all the winners! Please see the email you received for prize details.

A total of 1,993 participants entered the giveaway with a total of 4,403 tickets earned.

All 15 lucky winners were selected randomly from the 4,403 tickets. Any trader, big or small, can win a lucky draw, so make sure your name is in the hat for our upcoming giveaways.

To see the giveaway details, click here.

*Trader has agreed to show his/her real username in the winner announcement.

Wishing you a prosperous 2018!

Cheers!
The BitMEX Team

 

 

 

BitMEX Stellar Giveaway leaderboard 25 January 2018

Check your user name here:
https://www.bitmex.com/app/leaderboard

Or follow these steps:

  1. Go to the BitMEX platform.
  2. Click on Contracts from top menu bar.
  3. Click on Leaderboard from left navigation bar.

As a reminder, 15 randomly selected Stellar contract traders will be rewarded one of the 15 prizes:

1 Grand Prize of 25,000 USD
1 Second Prize of 10,000 USD
13 Third Prizes of 5,000 USD

Good luck to all participants!

Cheers,
The BitMEX Team

BitMEX Stellar Giveaway leaderboard 24 January 2018

Check your user name here:
https://www.bitmex.com/app/leaderboard

Or follow these steps:

  1. Go to the BitMEX platform.
  2. Click on Contracts from top menu bar.
  3. Click on Leaderboard from left navigation bar.

As a reminder, 15 randomly selected Stellar contract traders will be rewarded one of the 15 prizes:

1 Grand Prize of 25,000 USD
1 Second Prize of 10,000 USD
13 Third Prizes of 5,000 USD

Good luck to all participants!

Cheers,
The BitMEX Team

BitMEX Stellar Giveaway leaderboard 23 January 2018

Check your user name here:
https://www.bitmex.com/app/leaderboard

Or follow these steps:

  1. Go to the BitMEX platform.
  2. Click on Contracts from top menu bar.
  3. Click on Leaderboard from left navigation bar.

As a reminder, 15 randomly selected Stellar contract traders will be rewarded one of the 15 prizes:

1 Grand Prize of 25,000 USD
1 Second Prize of 10,000 USD
13 Third Prizes of 5,000 USD

Good luck to all participants!

Cheers,
The BitMEX Team

Bitcoin ain’t a stock

The most common criticism of Bitcoin is that it has no intrinsic value. That is entirely true, but neither does the US dollar or a bar of gold. These same critics then begin to buttress their argument by comparing Bitcoin’s market cap against the equity value of some large blue-chip companies. Surely Bitcoin is in a bubble if it is worth $250 billion and company X is worth slightly less.

A share of stock in a company is the net present value of all future dividends, which implies that stocks have intrinsic value. It is intellectually lazy to compare Bitcoin, which possesses no income stream, against a stock that does.

This leads me to believe that most financial journalists do not fundamentally understand any of the financial assets they write about daily. The mischaracterisation of Bitcoin and its value proposition further illustrates their ignorance.

The second facet of Bitcoin in the market that pains me is that many people don’t understand exchange rates. If Bitcoin has no intrinsic value, its value comes from the market’s perception of its moneyness — which means that Bitcoin has a price only versus another asset, crypto coin, or fiat currency. Therefore, either Bitcoin can be in a bubble now or the asset it is valued against was previously.

Take the above weekly log graph of the Bitstamp USD/Bitcoin price since 2012. Viewing this chart would lead you to believe that the dollar was in a bubble, which then burst. Hard-money folks have been labelled modern-day Cassandras because the hyperinflationary fiat doomsday collapse has yet to manifest itself. The inflation, which government statistics expertly conceal, rears its ugly head through crypto-coin pumps and Hong Kong cage homes worth millions of USD.

My pet peeves do not prove that Bitcoin deserves its current market-clearing price against fiat currencies. Rather, if one wants to dismiss Bitcoin as a fad for the young’uns and financially stupid, the arguments used must make financial sense.