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On Mar 12 the price of Bitcoin started to crash. After stopping briefly at 5600 the price fell below 3900 on all major fiat exchanges. The magnitude of this movement placed a huge stress on the ability of Bitmex to handle liquidations of losing traders. In theory BitMex will in this situation:
Liquidate a position when the account equity is not enough to cover the loss on the position. If the liquidation price is better than the bankruptcy price, the excess goes into the insurance fund. If the liquidation price is worse, the insurance fund covers the difference. If the insurance fund runs out, the winning trader is auto deleveraged.
This move was different, the move was so sharp that Bitmex chose to leave liquidations hanging. At one point there was 20m in bids and over 100m in pending long liquidations. Any move to fill these liquidations as designed would risk fully wiping out the insurance fund. Bitmex decides to gamble and protect the insurance fund and the site by not filling liquidations. At this point Bitmex needs the price to pump, yet it is held down by these liquidations. The most amazing possible thing to save the site would be a temporary pause to allow spot to pump and orderbooks to fill. Bitmex gets their miracle as an ‘unplanned cloud physical event’ (later re-classified as a 'DDOS attack on the chat box' occurs). It is impossible to know the exact details behind this action. What is known and that Bitmex agrees to: this event was enormously beneficial (possibly saving the entire site), and trivially within the ability of Bitmex to carry out.
Once the site was down the price was able to pump. When the site comes back online, traders who were short are now liquidated based on the mark price (5400) even though the actual orderbooks are trading at (4500). Bitmex is able to create a forced bid (short liquidation) and use this to fill a forced ask (long liquidation) while the insurance fund profits off this entire spread. As the market stabilizes Bitmex continues to send in long liquidations for several hours. The gamble paid off and the insurance fund increases after a catastrophic event, to over 36,000 coins.
What does this mean?
Bitmex will act to preserve itself when market stress arises. The insurance fund will switch from a theoretical backstop to a speculative trading instrument controlled by Bitmex trading in its own interest. I have always considered Bitmex one of the most trustworthy sites, I have never come across a credible report of them stealing or having weak security. This event however demonstrates that their advertised systems are at the whim of what they feel is needed for the site and their insurance fund will exploit traders as needed in extreme situations.
On Mar 12 the price of Bitcoin started to crash. After stopping briefly at 5600 the price fell below 3900 on all major fiat exchanges. The magnitude of this movement placed a huge stress on the ability of Bitmex to handle liquidations of losing traders. In theory BitMex will in this situation:
Liquidate a position when the account equity is not enough to cover the loss on the position. If the liquidation price is better than the bankruptcy price, the excess goes into the insurance fund. If the liquidation price is worse, the insurance fund covers the difference. If the insurance fund runs out, the winning trader is auto deleveraged.
This move was different, the move was so sharp that Bitmex chose to leave liquidations hanging. At one point there was 20m in bids and over 100m in pending long liquidations. Any move to fill these liquidations as designed would risk fully wiping out the insurance fund. Bitmex decides to gamble and protect the insurance fund and the site by not filling liquidations. At this point Bitmex needs the price to pump, yet it is held down by these liquidations. The most amazing possible thing to save the site would be a temporary pause to allow spot to pump and orderbooks to fill. Bitmex gets their miracle as an ‘unplanned cloud physical event’ (later re-classified as a 'DDOS attack on the chat box' occurs). It is impossible to know the exact details behind this action. What is known and that Bitmex agrees to: this event was enormously beneficial (possibly saving the entire site), and trivially within the ability of Bitmex to carry out.
Once the site was down the price was able to pump. When the site comes back online, traders who were short are now liquidated based on the mark price (5400) even though the actual orderbooks are trading at (4500). Bitmex is able to create a forced bid (short liquidation) and use this to fill a forced ask (long liquidation) while the insurance fund profits off this entire spread. As the market stabilizes Bitmex continues to send in long liquidations for several hours. The gamble paid off and the insurance fund increases after a catastrophic event, to over 36,000 coins.
What does this mean?
Bitmex will act to preserve itself when market stress arises. The insurance fund will switch from a theoretical backstop to a speculative trading instrument controlled by Bitmex trading in its own interest. I have always considered Bitmex one of the most trustworthy sites, I have never come across a credible report of them stealing or having weak security. This event however demonstrates that their advertised systems are at the whim of what they feel is needed for the site and their insurance fund will exploit traders as needed in extreme situations.
Hello friends, while in Venezuela at the end of the third day of Quarantine in 7 states of the 23 of the country, it has been officially confirmed by the President of Venezuela that the official number of people infected with coronavirus amounts to 36 people infected, for this reason and with the purpose of stopping the spread of the virus in the national territory has decreed quarantine in the 23 states of the country with closure in the limits of each state, no one can leave or enter from one state to another. Between so much anxiety and so much anguish caused by the arrival of the coronavirus in my country, I have seen something very beautiful and very positive, among all the sadness, in my city there is a tailor and sewing workshop in which they are in charge of making flannels and pants that They are marketed in the state of Táchira as well as for export to the border of Colombia and Venezuela, in view of the events of recent days regarding the sale and high price of face masks, they have been given the task of making face masks to give away to The different people from neighboring communities totally free, these face masks are made with materials and fabrics that should be made flannels, but their owners have decided to do face masks as social work and help people with limited resources.
In the first stage, it is expected that they can make around 2000 face masks to be donated and given to people, but they hope to receive donations of both fabrics and money from private companies to be able to carry out a greater number of face masks and be donated to those who do not have the resources to protect themselves from the infectious Coronavirus. Attempts have been made to contact different textile and fabric sales companies to try to request collaboration on fabrics and threads that are necessary to be able to perform face masks.
I have known about this case through my neighbors and acquaintances whom I have helped with the Bitcoin Cash adoption campaigns, I have decided to visit this tailor and sewing workshop with my father and it has seemed to us a very beautiful and great work heart on the part of the owners of this workshop. We have put ourselves in order to collaborate and likewise talk to you about Bitcoin Cash and I promised to write this publication to make the world known about this initiative to help and contribute in a good way. All the Money raised with this publication will be donated to this sewing workshop to buy fabric, its power to continue making face masks to donate and give to people with limited resources who do not have the money to buy face masks at sale prices. in Pharmacies for 5 dollars. We hope you can collaborate and this workshop can continue giving hope and thus be able to avoid the spread and spread of this virus. Thanks for every contribution made.
Donation:
bitcoincash:qzsmn7lzl087j34n3kx4ptk2a8pwudyg4qetrq55lc
Bitcoin:
1FbmHa9HwFoBSKN7ZfdgEtiesv18fMuRLA
Ethereum:
0xe4676136df73a108096e9715fcb3483e779762b5
Latest Bitcoin News:
Bitcoin suffers worst day in seven years
Other Related Bitcoin Topics:
Bitcoin Price | Bitcoin Mining | Blockchain
The latest Bitcoin news has been sourced from the CoinSalad.com Bitcoin Price and News Events page. CoinSalad is a web service that provides real-time Bitcoin market info, charts, data and tools. Follow us on Twitter @CoinSalad.
