Now the point of debate here has been well firstly, did Bitmex have hardware issues or did they pull the plug and secondly, if they pulled the plug, should exchanges have circuit breakers in crypto as they do in the traditional world? And lastly, is what was done here right or wrong?
Sam from FTX thought it was a good moment to take a jab but Bitmex quickly put him in his place, my opinion here is when you are not a moral entity yourself, don’t judge others please, and don’t kick people when they are down. Meanwhile, other accounts took to twitter to complain about how the Bitmex Insurance fund grew during this fiasco.
Now let’s be honest here and clear this up; Did Bitmex have hardware issues? Well considering the situation it’s highly possible. Bitmex’s tech is known to be slightly outdated and the moves did cause difficulties but the hardware could have probably waited till that move was over. But when you add the DDOS onto that and Bitcoin potentially being driven to 0, you have enough incentive to go into maintenance at that point. Now in doing so they essentially initiated a circuit breaker. Should we have those in crypto?
Well here I have a solid view, everybody is angry that this is a decentralised ecosystem and we do not want traditional tools, well guess what? A leverage trading futures exchange is a traditional financial tool, said tools need to be accompanied with circuit breakers you morons, don’t preach new financial revolution while you sit there leverage trading. You know that saying about glass homes and stones. FFS. And this leads to the last point was it right or wrong, well picture the possibility, do we let it go to 0? Really?
Arthur Hayes is the hero we have that we do not deserve, I have met Arthur and he is the furthest thing from a scammer, this is a high leverage futures exchange operating the same way any would. Stop hating cause you got liquidated, that’s the risk with leverage, I got liquidated too and I hate BitMEX (and myself for it). BitMEX, however, did not do anything immoral, or wrong.
They saved actually saved us, as for the insurance fund, well when they took the engine off, the market pumped, then they unloaded their liquidation book onto that market until it was cleared, which resulted in a liquidation being sold at a profit. If they were scammer they would have taken that profit, but instead, they put it into the insurance fund.
And no, the insurance fund does not exist to refund your losses. Sorry.
Nexo, the jealous child
Cointelegraph posted an article after an interview with Celsius a crypto lending firm. In that article, it mentioned Celsius was the first profitable crypto company with a 2 million dollar revenue.
But Teodora Atanassova from Nexo won’t. have any of it she took to twitter to express her negative opinion on the article with a multi-thread reply. Alex Mashinky simply responded with the facts.
Now I could go out there and try to dig up the facts to figure out the truth, but I was answered quite quickly by just reading the replies.
So apparently Nexo has been profitable since day 1 of operation. This is a unicorn business *insert eye roll*. I think Teodora thinks the ICO money they raised is classified as profit. As such I have decided to report this without wasting any more time on it. From where I’m sitting, case close.
Bitcoin loses value as safe haven and breaks
This is a short one, but it has to be said. There is a common misconception that bitcoin almost broke this week.
