thekiyote44597 karma | Karma CC: 466 Ripple: 23269 months ago
I'm not sure if this is manipulation as much as stupidity and a lack of experience.
Founders and CEOs of startups are going to have their own opinions, and a lot of them are in this leadership role for the first time. Someone who's been through the grinder a few times knows when to keep their mouth shut, but newbe CEOs frequently underestimate how much posting with that official account amplifies what they are saying and throws everything that the company is doing into doubt.
Hopefully Arthur Hayes learns his lesson to keep his mouth shut on official channels.
This is insanely idiotic. Look up the definition of a perpetual swap and a futures contract before shouting manipulation. Bitmex does not even own any ether, the trading products are DERIVATIVES. You mongs
Rather than qq about Bitmex manipulating an asset that most people don't even know exist, I actually decided to learn how leverage trading works and why things like this happen. If you have a great majority of people take the same sided position (such as long or short) and on margin, it is then in the best interest of the lender (in this case Bitmex) to push the price in the opposite direction so that you liquidate those positions, keeping those people's initial investment. Personally I would wait with margin trading crypto until the industry is more mature with higher volume so that individual entities do not have the power to make such significant manipulations. Margin is super common in forex, but volumes are so high that it is near impossible for a single person to make any market-changing moves. Although in this instance everyone holding ETH got a bit shafted (myself included), it is also the perfect buying opportunity for ETH.
Lol precisely!! I would get ruffled hard at that price, and so would many others. You need to think how many would buy and how many would sell at that price point. Then think if those buying/selling pressures would be balanced.
Remember when Bitfinex's CEO had said that he wished he never listed "that shitcoin" (referring to eth)? And then, a few months later, his exchange was hacked, all of the exchange's btc were stolen, and he used the exchange's eth and usd in order to more evenly distribute the losses to all his customers. I bet he was glad he had listed that ether shitcoin then.
No punting here, but to all the Bitmex customers, which are automatically subscribed to a “newsletter,” he told them eth is “a double digit” colorful coin.
Did they actually send this out in a newsletter or did the author just try to mislead the readers here? I unsubscribed the newsletter so I can't check it but for real does anyone actually read newsletters they are automatically signed up for? He also said USD is a bigger shitcoin, why are you all not mad about this?
It is probable the vast majority of Bitmex customers are from America and it is probable Bitmex is fully aware of it
Yeah probably, can't say anything here
the average user isn't able to get any orders or functionality through the platform either via the web or API but somehow orders seem to keep flowing through by /u/ElysianZoe
wouldn't it make sense that while the system can't accept new orders, stop orders are still getting triggered, which would be what you're seeing?
Again, feel free to correct me, but thats my point of view
It's so fucking obvious. All these morons on 100x margin are gonna get squeezed as people realise this is massively oversold. Hayes will end up in jail. Just relax and accumulate, and always look on the bright side.
So it seems like this is only a problem for those people getting scammed on Bitmex? The rest of us are able to capitalize on lower prices? Eventually the jig will be up for Bitmex as they exit or run out of... whoever is working with their scam, and traditional market forces will take charge.
What am I missing? Why should I believe this one exchange is "manipulating" price vs. just capitalizing on a situation?
MTRLS9 months old | Karma CC: 132 PRL: -149 months ago
I'm sure you know some grown up words to describe how you feel if you dig deep enough and may be even outside of the constraints of meme wording.
Eth going from 300 to 1400 did make everyone go nuts. 'No one bats an eyelid' yes... People just have the one eyelid and in that huge run up no one got excited, you're so right. Also that happened before Bitmex launched, dear.
The point of this thread is not about 'whinning' solely about price, but about the scammy exchange that is Bitmex and the illicit activities they engage in to take your hard earned buck!
Their dirty CEO who is prolonging this bear market and could be doing irreparable harm to many people is actually scamming you, he drops this shit coin bomb which causes people to short further and breaches another support level which without him would have remained. Manipulation works both ways, if he posted that you should long Eth it too would still be manipulation he should not use his podium to influence prices like that, artificially.
He is ruining the market with this scam which will get closed down soon, and people like you are defending them, why? You honestly don't have a fiber in your body that says their shit don't stink?
I really don't understand why anyone would come to the defence of Bitmex unless you're either paid by Bitmex or green AF and don't notice the irregularities of each pump and dump which has created the Bart pattern which exists in no other market but this one and is making a laughing stock of Blockchain tech and of every person associated to it, like you.
Ironically, a bart is what stopped me out. I lost over double what my stop price was at, on a fucking MARKET STOP.
The people that are downvoting you are either clueless or this is a brigade against you. That bart took me out, then climbed right back up. There is no doubt in my mind this is done on purpose. A bart does so many good things for the manipulators. Clears out high leverage contracts that are in profit. Gets shorts to climb. Etc. It sucks because without regulation they’ll continue to get away with it, but with regulation the volatility will massively decrease. And as anyone smart knows, volatility is how people make money in this market. Starting to realize when you’re even the tiniest bit in profit on high leverage you just have to take profit. Can’t let it ride or it’ll get stop hunted. Ridiculous.
So don't use high leverage with crypto.
I've backtested a bunch of algos on actual market data for Mex and Finex, and an algo that is profitable at 1x might experience 20% or 30% drawdowns on BTC (more on alts), but would be liquidated using 10x, and would experience 80% drawdowns using 5x.
Even using 3x with crypto, and using an algo to close or pivoting when position moves against you (better than a human trader could), you will experience 70% drawdowns.
Meh grow up, this isnt a game for cryabies. If you are trading leverage the risks are outlined and documented in depth. Downvote me how much every you losers want to though.
I dont get why anyone would want to call bitmex a scam unless they are a butthurt loser who lost their ass doing things their dumb teenage brain should legally be barred from doing. Go back to playing squares and chinese checkers.
So simply because his is the owner of an exchange he should not post his thoughts?Are you for real dude?
You are part of the same problem which says futures are responsible for this short, when in reality ETH is just a shitcoin which should not be valued more than 10Bn because it does nothing whatsoever.
Where is it outlined anywhere that the exchange is allowed to ignore my stop loss? Regardless of leverage. Please tell me that?
Defend a shady exchange for what reason exactly? Your post makes it clear you have zero actual knowledge about this space.
Didn't you mother teach you it's rude to answer one question with another. Anyway, you really know how to talk to an audience, guess everyone in Nano sub just agreed with anything you said XD are you like the upvote queen in Nano? Wow guys, we're honored to be in the presence of the Nano Reddit creme de la creme.
Back to the point - I answered your question in the last paragraph if you read that far. Bitmex is doing irreparable damage to this space. Outsiders looking in see it is manipulated, scammy and shady so they will not enter. Startups budgets in some cases have been shorted to death won't be able to achieve the product quality they could of - contributing to more failed projects. The retail investors that got rekt will become life long haters of crypto/blockchain not ambassadors. Other world institutions and governments will continue viewing crypto as an utter joke due to the blatant manipulations which mostly became so prevalent with Bitmex. But no, you do not see the harm in that, let's short everything to death and defend Bitmex! In regulated (respected) markets its illegal to make statements such as this. Do you agree with McAfee shilling too? I'll ask you again, why would you defend Bitmex?
Lmao you are too lame for the drama you are trying to stir up.
How much did you lose leveraging? Try some kiddle games next time around. How about peddling drugs? Lol
> Bitmex is doing irreparable damage to this space
Trolls like you who do not understand the market are the ones doing actual damage.
> VEN: 276
Muh chinese hustler trying to preach how he got hustled by mex lmao. GROW THE FUCK UP...
I would never enter money into Bitmex which is akin to playing bingo. I don't like bingo, I leave it to grandma's and idiots. May be that's why you like it. Flip a coin heads it goes up or tails it goes down. Is that how you became an expert, chartist? XD oh, yeah you're a wunderkind.
'Try some kiddies games like peddling drugs?' Where do you live that kiddies peddle drugs, a trailer?
If calling out an exchange for obvious price manipulation is trolling then you have less grey matter (brain cells) than I thought. But, why do you keep defending Bitmex, what's in it for you? You can just as easily swing BTC around without it. Yes or no answer for this next question, did the CEO influence the price with his comment?
Oh and you say I don't understand the market, right? Well then where's you're screenshot where you sold BTC at 19K? All knowing one, only you know when something will pump or dump 1K in 45 minutes. Only you believe all this is natural, right. Come one show me a screenshot where you market knowledge paid off.
Beastly4k30909 karma | Karma CC: 2957 OMG: 30399 months ago
Is there anything stopping bitmex from using all their info on whos shorting/longing and at what amounts to constantly manipulate and accumulate? With as much money they have it wouldn't be difficult to destroy anyones anyone's position if it's profitable to them. Everything seems shady about them
This is why I stayed away from them for the longest time until recently. Then, recently, I’ve found out they love to stop hunt. Not only that but they also have “overloaded” system errors during crucial times. My stop loss triggered $75 lower than it should’ve on a high leverage long. I lost over double what I should’ve.
Far as I’m concerned I’d love to see them fuckers burn. There is no way in hell they are a legitimate exchange.
I’m not trying to be a dick bro don’t get me wrong. But you’re pretty much outright defending an exchange that has a reputation of being shady. There is zero excuse for an exchange to take more of your money than what you set a stop market for. That’s the entire point of a market order, you don’t get skipped, and you get in/out immediately. These people deserve to be shut the fuck down. If you haven’t experienced being screwed over yourself, I’d suggest not trying to give people advice on what they should or shouldn’t be doing. Especially when the entire reason I used a stop market was to avoid this exact problem. At really high leverage, losing $75 extra is a very very big deal.
Especially considering it was a bart.
Did you have a stop market order or stop limit?
Everything I've been reading says to use Stop Markets otherwise you might get filled at a much different price. That and set your targets/orders beforehand because the increase in volume at crucial times can cause the overloads.
These two things were the most important things I've taken away from learning Bitmex.
Oh yes, I totally agree. But the reason the poster went 75$ from his set price is that he used market and that is completely normal.
If he wanted precise execution, he would've used stop limit.
It's not something unique to Bitmex, these rules apply to any exchange. You can either have guaranteed execution or guaranteed price. There just simply is no logical way to have both.
lol. Completely normal for a MARKET ORDER, which goes for the first available price upon execution, to go over its set price? Dude. Do you even trade? Stop limits get outright SKIPPED during dumps like the one that hit me. This was far from normal.
Dude, you need to do some research on how a market order works. Market orders do not guarantee price, only execution. That is why it's normal: THEY DO NOT GUARANTEE THE PRICE.
If you want to have a guaranteed price, then use limit. But bear in mind this does not guarantee execution. Of course the limits are skipped if the price drops instantly for example 75$ down. This "limit skip" thing is exactly why the market order executes 75$ under, because the market order is guaranteed to execute regardless.
You want me to explain you why you can't have both at the same time?
Straight from google.
**A market order is a buy or sell order to be executed immediately at current market prices. As long as there are willing sellers and buyers, market orders are filled.** Market orders are therefore used when certainty of execution is a priority over price of execution. A market order is the simplest of the order types.
Second paragraph says what you did, no argument there. But the entire point of a market order is for it to get executed IMMEDIATELY.