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  1. style="height: 100%;margin: 0;padding: 0;width: 100%;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;background-color: #FAFAFA;"> Enjoy the Latest Edition of Crypto Trader Digest - All Ye Faithful ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ A Message from Alexander Höptner, CEO of BitMEX Uptober continues apace, with a continued rally in crypto markets. As we head deeper into Q4, I reiterated my prediction that we’ll see Bitcoin touch $100,000 before the end of the year in comments I made on CNBC. (I was discussing the happy marriage between crypto companies and sport, as we see many crypto companies partner with high profile clubs. Spoiler alert: expect to see BitMEX and others in the industry striking many more partnerships in the sports space.) I also outlined my thoughts on El Salvador’s recent adoption of Bitcoin as legal tender, and how I think we’ll comfortably see five countries following suit by the end of 2022, driven by a mix of high inflation; political influence; and scale of in-bound remittances. If a powerhouse emerging economy like Brazil jumps in, as is looking increasingly likely, I think the dominoes will drop as other countries join the crypto believers. Talking of crypto believers versus non-believers, this is the focus of Arthur’s Crypto Trader Digest published today. He delves into the cult instincts of Lord Satoshi’s faithful to give a vivid account of how crypto markets are evolving. What really strikes me is the pace and scale of innovation that is evident in the crypto trading space today, fuelled by the power of decentralisation. He’s right to contextualise the FUD espoused in an attempt to divert the ‘righteous’ from our path to enlightenment. But on this, loyal Crypto Trader Digest readers, I strongly suspect I’m preaching to the converted. My favourite line? “The promise of true decentralisation and independence from a system of fiat oppression is too great for the downtrodden majority to ignore”. Have a great weekend everyone. - Alex (@AlexHoeptner) From the Desk of Arthur Hayes All Ye Faithful (Any views expressed in the below are the personal views of the author and should not form the basis for making investment decisions, nor be construed as a recommendation or advice to engage in investment transactions.) Do not be led astray by the siren songs of capricious harpies - for these creatures wish to infect the faithful with FUD in service to their master. These slimy serpents slither and yearn to surreptitiously slip allegiance to their false gods into our consciousness. Why do such malicious beings exist? Why ... because they seek to tempt the righteous among us into straying from the path to enlightenment. They can’t accept that we stand ready to serve Lord Satoshi and reap the bounty that they bequeathed to the realm of man. What is this bounty? It is the gift of the blockchain, the gift of desire and ability to destroy the towers of trust. These teetering pillars of inequity are slowly being dismantled institution by institution at the hands of a growing, glorious horde of enlightened humans. The devil that is centralisation, trusted middlemen, blood-sucking rent seekers, and lackies that enable the riches of a few in exchange for the poverty of many cannot stand the elevation of the faithful to an existence of independence and self-sufficiency. That is why the fiat devil wages total war, wielding the powerful weapon of FUD. But the power of the fiat devil is fleeting, and no match for the infectious gospel of our Lord Satoshi. The promise of true decentralisation and independence from a system of fiat oppression is too great for the downtrodden majority to ignore. Be not afraid of FUD– instead, be confident that the higher the pitch of the fiat siren song, the greater the success of our righteous acolytes. Click here to continue reading this edition of Crypto Trader Digest – Arthur Hayes, Co-Founder of BitMEX (@CryptoHayes) From BitMEX Research Outsourced Stake Diving deeper inthttps://blog.bitmex.com/outsourced-stake/?utm_source=newsletter&utm_medium=email&utm_campaign=CTD15Octo Proof of Stake, we examine the idea of outsourcing stake to third party validators, which potentially decouples the coin holders from the consensus agents. We take a look at Lido, a large staking service that accounts for nearly one fifth of all Ethereum at stake, then speak to Hasu, a crypto researcher and advocate of decentralised staking pools. Latest Commentary from BitMEX Developing Countries are Leading the Way in Bitcoin Adoption. Here’s Why “What the critics fail to recognise is that developing countries like El Salvador are leading the world in embracing decentralised digital currencies and payments. They’ve had decades to analyse how the global financial system works - and doesn’t work - for their populations. They acknowledge their powerlessness to influence monetary policy decisions that can have grave consequences on their citizens. They aren’t quite opting out of the monetary system status quo , but they are choosing to try something new. This deserves praise, not derision.” - Alex Höptner, BitMEX CEO Social Spotlight View this email in your browser No articles in this email should be copied or reproduced in whole or in part. The information contained does not constitute research or a recommendation. Neither HDR Global Trading Limited nor any of its affiliates make any representation or warranty as to the accuracy or completeness of the statements or any information contained in these articles and any liability therefor (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. This is not providing any financial, economic, legal, accounting or tax advice or recommendations. In addition, the receipt of this email is not to be taken as constituting the giving of investment advice nor to constitute such person a client of the BitMEX trading platform. This email was sent to <<Email Address>> why did I get this? unsubscribe from this list update subscription preferences BitMEX · Suite 202, 2nd Floor, Eden Plaza · Eden Island · Mahe · Seychelles @media only screen and (max-width: 480px){ table#canspamBar td{font-size:14px !important;} table#canspamBar td a{display:block !important; margin-top:10px !important;} }
  2. style="height: 100%;margin: 0;padding: 0;width: 100%;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;background-color: #FAFAFA;"> Enjoy the Latest Edition of Crypto Trader Digest - Silicon Sojourn ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ A Message from Alexander Höptner, CEO of BitMEX Trying to explain the metaverse to just about any normal person is usually enough to make their eyes gloss over. That’s understandable, I suppose, if one thinks of the metaverse as a cartoonish video game or a place to speculate on cute NFTs. But if we zoom out, as Arthur does in this week’s Crypto Trader Digest, we find that to consider the metaverse is really to consider the human condition, and our need to socialise, flex, buy, and consume things in our world. In the tech world right now, debate is raging about censorship, fake news, and who has the power to decide what ‘truth’ is. In the next few years, that debate will also extend to the metaverse, Arthur reckons. The stakes will be high - so it’s more than worth your time to start thinking about the metaverse now. The choice is yours - red pill or blue pill? - Alex (@AlexHoeptner) From the Desk of Arthur Hayes Silicon Sojourn (Any views expressed in the below are the personal views of the author and should not form the basis for making investment decisions, nor be construed as a recommendation or advice to engage in investment transactions.) Looking back on recorded human history, it becomes apparent how much luck played in the circumstances of our modern existence. Readers of this blog-- using internet-enabled devices,sitting in climate-controlled environments, and discussing the best way to allocate modern excess income-- are some of the luckiest humans on the planet. The most likely outcome of the ovarian lottery is starvation, slavery, mindless toil, and/or brutal combat. We don’t like to admit the role luck plays in our existence, because it directly conflicts with the notion of self-determined life outcomes. However, as modern citizens of various nation states, we strive to create level playing fields where individuals can achieve a life of plenty, regardless of their birth conditions. Some countries are more successful at this than others, but in general, things are admittedly a lot better than they used to be -- thanks in large part to our most effective field-leveling ideas spreading more easily through international travel and the web. Nation states have always been a collection of humans who share similar beliefs. A nation state is a squiggly line on a map with a founding story / myth to confer legitimacy on the ruling governing body. Those heretics who live amongst us are either tolerated, expelled, or slaughtered. The number of users or subjects contained in a nation state at a macro level determines the resources their governments can draw on. That is why governments pay great heed to demographics. The inclusive or extractive nature of a particular government determines its tolerance for the free movement of people. Because if your territory’s power rests on ideals that favour only a small fraction of society, and the switching costs are low enough, people leave. People move because of ideological issues they have with the dominant story or narrative, and/or due to a dearth of resources / opportunity. The pre-COVID affordability of global travel is an anomaly when viewed over the span of human history. It has not always been -- and in some places still isn’t -- a given that if you want to practice a certain religion or work in a certain industry, you can just purchase a budget airline ticket and restart your life multiple times. Click here to continue reading this edition of Crypto Trader Digest – Arthur Hayes, Co-Founder of BitMEX (@CryptoHayes) From BitMEX Research BitMEX 2021 Open Source Developer Grants BitMEX is delighted to announce that we have awarded two new open source Bitcoin developer grants to Rene Pickhardt and Chris Coverdale. The grant program for 2021 is now closed. Rene and Chris have each been provided with an eight month grant, US$33,333 of committed funding each, until May 2022. This is equivalent to a rate of US$50,000 per annum. This interim funding is designed to potentially help aspiring developers transition from employment or education to full time Bitcoin development. Latest Commentary from BitMEX Leverage is Not the Enemy The simple truth is this – leverage is useful for a range of trading strategies, both in the traditional markets and in the crypto markets. But there’s a key improvement in crypto markets that takes away significant downside to the trader – the nonexistence of near unlimited liability. This structural improvement is often ignored by critics, yet is the key to understanding how our markets differ. So let’s shake off our biases and talk about it. - Alexander Höptner, CEO of BitMEX Social Spotlight View this email in your browser No articles in this email should be copied or reproduced in whole or in part. The information contained does not constitute research or a recommendation. Neither HDR Global Trading Limited nor any of its affiliates make any representation or warranty as to the accuracy or completeness of the statements or any information contained in these articles and any liability therefor (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. This is not providing any financial, economic, legal, accounting or tax advice or recommendations. In addition, the receipt of this email is not to be taken as constituting the giving of investment advice nor to constitute such person a client of the BitMEX trading platform. This email was sent to <<Email Address>> why did I get this? unsubscribe from this list update subscription preferences BitMEX · Suite 202, 2nd Floor, Eden Plaza · Eden Island · Mahe · Seychelles @media only screen and (max-width: 480px){ table#canspamBar td{font-size:14px !important;} table#canspamBar td a{display:block !important; margin-top:10px !important;} }
  3. style="height: 100%;margin: 0;padding: 0;width: 100%;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;background-color: #FAFAFA;"> Enjoy the Latest Edition of Crypto Trader Digest - Certified Rare ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ A Message from Alexander Höptner, CEO of BitMEX Another week and another significant ‘first’ for BitMEX. This week we launched our exclusive NFT series as a reward for all BitMEX users. Our BitMEX Phoenix and ‘X’ Series NFTs were unveiled to the world, and we’ve already started gifting the ultra-rare Phoenix NFTs to our top 10 traders. Behind the excitement of this campaign is a serious point. The metaverse is here - so we’re going to use it to reward our users. Don’t miss your chance to bag one of only 150 of our ‘X’ Series - for details, see here. In this edition of Crypto Trader Digest, Arthur continues to delve into NFTs by taking a step back and looking at some of the longer-term macro trends that have driven today’s popular culture. He’ll examine how waves of urbanisation and industrialisation in the run up to the 20th Century acted as catalysts for the emergence of sports we know and love, how the growth of cities fueled the meatspace art-world, and how an internet-enabled digital economy has propelled the mass adoption of e-sports. So why wouldn’t digital art and NFTs play a huge part in the metaverse world that’s becoming our new normal? Which, as an avid gamer, got me thinking - how far away are we from my dream of having my favourite weapon from my favourite game slowly spinning in a digital frame on my wall at home? As ever, an insightful and thought-provoking read. - Alex (@AlexHoeptner) From the Desk of Arthur Hayes Certified Rare (Any views expressed in the below are the personal views of the author and should not form the basis for making investment decisions, nor be construed as a recommendation or advice to engage in investment transactions.) Digital artworks enabled with NFT technology and hosted on public blockchains, hereafter referred to as NFTs, beg the latest iteration of the question “what is art, and what is trash?” When the less affluent witness immense sums spent on squiggles on a canvas, or pixelated faces, they cry “what a waste”. When one affluent cohort witnesses another break ranks and support a new art form with their nouveaux riches, they wag their fingers at the upstarts and proclaim “they have no taste”. Because their idea of “taste” is underpinned by a hope that the new wealthy will continue to pump the art bags of the old wealthy, such that valuations continue rising. A few days ago, I showed my boy a few Rare Pepes that caught my eye. I wanted to ape into the Pepe’s due to some rumours that Sotherby’s was going to auction some certified Rare Pepe JPEGs. He responded that I should buy a piece from some famous contemporary artists I knew nothing about. My response was “I don’t buy Boomer art”. I will support my own, and the digital community that is the source of my ability to spend crypto on JPEGs. The combination of that conversation, my trip to the US Open, and a recent dinner party fully convinced me that the NFT art form is going to be enormous. Flipping JPEGs is profitable now for some, but if that is the only activity, at some point the speculating horde will move to better silicon-powered pastures. What narrative will convince the crypto wealthy to plow their disposable Sats and Wei into NFTs rather than Monets? Are crypto hodlers destined to pump the Boomer art bags, or will we two-step to our own beat? The City Powers the Art As an avid tennis fan since youth, I thoroughly enjoyed the experience of attending the most recent US Open. When you begin thinking deeply about any professional sport, you quickly realise it is a massive energy sink. Arthur Ashe Stadium can hold almost 24,000 humans. How does one get to the stadium? Most people get into a motor vehicle that requires energy to operate. And for the pleasure of riding in your own motor chariot you get to gaze upon glorious Queens for hours. Others ride the subway, which also consumes energy. The stadium consists of a concrete slab with lines on it where men and women hit green felt balls with a raquet. The viewing experience and the energy it costs to construct the venue is completely worthless from an energy perspective. However, what tennis and other professional sports provide is a sense of community that was destroyed when we moved from small villages as peasant / slave farmers into factories as atomised worker bees. Baseball is America’s sport. In 1871, the first professional league was founded. What would the UK be without football? I’m sure depending on your opinion of the sport, you might answer quite a bit better, or completely worthless. But after choking on penalty kicks in the 2021 Euros, I’m sure there were many who wished England would stop pretending to play the sport. The Football League, the first of its kind, was founded in 1888. By 1900, the percentage of citizens residing in cities with a population 5,000 or larger stood at 35.9% in the US, 67.4% in the UK, and 30.4% in Europe as a whole. Western Europe and America adopted and quickly improved upon the inventions of the first industrial revolution. Today, in most developed countries, over 80% of the population lives in cities of various sizes... Click here to continue reading this edition of Crypto Trader Digest – Arthur Hayes, Co-Founder of BitMEX (@CryptoHayes) From BitMEX Research Ethereum’s Proof of Stake System – Calculating Penalties & Rewards After launching our Ethereum Proof of Stake (PoS) validator node a few weeks ago, in our first detailed look at the PoS system, we catalog and examine each type of reward and penalty that validators can obtain. We provide examples for many of the scenarios based on the live system and comment on the interrelationship between some of these rewards and Ethereum’s supply. Mapping Out The Macro Endgame Following on from our February 2019 piece, “Anatomy Of The Next Global Financial Crisis” and our March 2020 piece “Inflation Is Coming”, we thought now might be an appropriate time for another opinion-filled macro rant. We explore the recent pick up in inflation to over 5% and discuss the increasingly fraught predicament central bankers face when trying to bring this under control. Latest News from BitMEX Are YGMI? Flex with BitMEX’s First Ever NFT Drop We’ve decided to launch our first-ever NFTs, giving BitMEX traders the chance to take home a piece of virtual swag. Think of it as a BitMEX badge of honour – no matter where you are in the metaverse, owning one of these will put you in the rarest of company. Introducing the Phoenix Series and ‘X’ Series. Social Spotlight View this email in your browser No articles in this email should be copied or reproduced in whole or in part. The information contained does not constitute research or a recommendation. Neither HDR Global Trading Limited nor any of its affiliates make any representation or warranty as to the accuracy or completeness of the statements or any information contained in these articles and any liability therefor (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. This is not providing any financial, economic, legal, accounting or tax advice or recommendations. In addition, the receipt of this email is not to be taken as constituting the giving of investment advice nor to constitute such person a client of the BitMEX trading platform. This email was sent to <<Email Address>> why did I get this? unsubscribe from this list update subscription preferences BitMEX · Suite 202, 2nd Floor, Eden Plaza · Eden Island · Mahe · Seychelles @media only screen and (max-width: 480px){ table#canspamBar td{font-size:14px !important;} table#canspamBar td a{display:block !important; margin-top:10px !important;} }
  4. style="height: 100%;margin: 0;padding: 0;width: 100%;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;background-color: #FAFAFA;"> Enjoy the Latest Edition of Crypto Trader Digest - JPEG The Jeweller ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ A Message from Alexander Höptner, CEO of BitMEX With the arrival of September comes that collective ‘back to school’ feeling in many places around the world. The fun-filled months of summer play havoc with financial markets, and although the concept of a silly season is largely irrelevant in 24/7/365 crypto markets, this year NFTs have brought fresh interest (and intrigue) in crypto-fuelled markets. CTD regulars hopefully enjoyed Arthur’s first piece on NFTs, where he examined the psychological underpinnings of the NFT craze. In his latest essay he opines on emerging trading strategies in this fascinating market. As he says, real traders will make a market out of anything - so it’s not too much of a stretch to envisage a burgeoning NFT derivatives market in the near-term. Something for the BitMEX product pipeline, perhaps? Whatever your take on NFTs, they are undeniably prompting us all to consider questions spanning philosophical, economical, and pure human psychology. - Alex (@AlexHoeptner) From the Desk of Arthur Hayes JPEG The Jeweller (Any views expressed in the below are the personal views of the author and should not form the basis for making investment decisions, nor be construed as a recommendation or advice to engage in investment transactions.) A real trader will make a market on anything. Story time. As many long-time readers know, I spent the summer of 2007 in the Deutsche Bank Hong Kong internship program. I rotated on the equity derivatives sales desk. It was an era before the trading floor got woke and banned such demeaning activities as interns getting breakfast and lunch for the desk. As an intern, your only worth was your ability to follow orders and get breakfast, lunch, and mid-afternoon snacks for the desk. In return, the professionals would answer your questions about their day jobs. 20 salespeople worked on the desk. Myself and another intern who I’m still besties with trekked our sorry, business casual-wearing asses in the humid and hot Hong Kong summer every day to procure sustenance for our masters. Every week, each salesperson would deposit money in the bank of Arthur, from which I would debit the cost of their food. I kept a pretty detailed spreadsheet of what each person ordered, the date, and the amount. That’s all pretty standard, but as an enterprising and broke intern, I endeavored to make a profit from my role as a food sherpa. I charged a pretty hefty spread on every order such that I made a few hundred dollars per week profit. Lest you think I acted out of line, everyone on the desk knew what I was doing, and tacitly approved. Game respects game. Last fortnight, I opined on the philosophical underpinnings of the NFT craze. This essay focuses on different, simple emerging trading strategies. Put aside the question of intrinsic normative value of NFTs, and appreciate that thousands of ETH and BTC change hands every month in the NFT markets. As crypto traders, we must participate, lest we leave money on the table. Similar to the story above, are you willing to use any opportunity to your benefit? While this won’t be an exhaustive deep dive into the microstructure of the NFT trading markets, hopefully this serves as a launch pad for more study of alpha-generating trading strategies. Click here to continue reading this edition of Crypto Trader Digest – Arthur Hayes, Co-Founder of BitMEX (@CryptoHayes) From BitMEX Research BitMEX Research Is Now An Ethereum Staker BitMEX Research is delighted to announce that as of 31 August 2021, we have become an active staker on the Ethereum Beacon chain (Eth 2.0). Our validator number is 222,424. Within a few hours we had already proposed our own block, slot 1,964,794 in Epoch 61,399. Latest News from BitMEX BitMEX Appoints Fernando Luis Vazquez Cao to its Board as a Non-Executive Director We’re delighted to announce the appointment of Fernando Luis Vazquez Cao as a Non-Executive Director with immediate effect. A 20-year veteran of the technology and financial services sectors in Asia Pacific, Fernando is currently CEO of digital asset powerhouse SBI Digital Asset Holdings. 100x Ventures Announces Second Tranche Investment in Aluna.Social We’re happy to announce that we’ve made a significant second tranche investment in Aluna.Social, deepening our commitment to its long-term growth. Aluna.Social is an up-and-coming social trading terminal that provides a unique, gamified copy-trading experience. Social Spotlight View this email in your browser No articles in this email should be copied or reproduced in whole or in part. The information contained does not constitute research or a recommendation. Neither HDR Global Trading Limited nor any of its affiliates make any representation or warranty as to the accuracy or completeness of the statements or any information contained in these articles and any liability therefor (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. This is not providing any financial, economic, legal, accounting or tax advice or recommendations. In addition, the receipt of this email is not to be taken as constituting the giving of investment advice nor to constitute such person a client of the BitMEX trading platform. This email was sent to <<Email Address>> why did I get this? unsubscribe from this list update subscription preferences BitMEX · Suite 202, 2nd Floor, Eden Plaza · Eden Island · Mahe · Seychelles @media only screen and (max-width: 480px){ table#canspamBar td{font-size:14px !important;} table#canspamBar td a{display:block !important; margin-top:10px !important;} }
  5. style="height: 100%;margin: 0;padding: 0;width: 100%;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;background-color: #FAFAFA;"> Enjoy the Latest Edition of Crypto Trader Digest - Rock, Paper, Scissors Says GO! ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ A Message from Alexander Höptner, CEO of BitMEX Markets are ultimately built on human psychology. Even the best technical analysis can’t fully account for momentum, fear, or greed. That’s at least part of the reason why the world’s premier investment firms were taken for a ride - however brief - by Reddit investors in the Gamestop/ AMC saga. In the crypto markets, we’ve seen a resurgence of the NFT craze, with Apes, Rocks, and CryptoPunks commanding eye-popping figures on online marketplaces. There’s been a fair amount of discussion and disdain about the frivolity of it all by people who prefer more traditional shows of wealth, privilege, and taste at the centuries-old auction houses or well-marketed fashion brands. But as Arthur points out in the latest Crypto Trader Digest, these outwardly frivolous pursuits are all underpinned by the same thing - the innate human urge to Flex. “Just because robots take all of our meatspace jobs doesn’t mean that humans stop being humans in the metaverse,” he concludes. When we accept this and leave our biases at the door, we allow ourselves to learn a little more about the coming metaverse. Pack your Balenciagas and png pet rocks and come along for the ride in this piece. We’ll all be better for it. - Alex (@AlexHoeptner) From the Desk of Arthur Hayes Rock, Paper, Scissors Says GO! (Any views expressed in the below are the personal views of the author and should not form the basis for making investment decisions, nor be construed as a recommendation or advice to engage in investment transactions.) Art is an expression of human civilisation’s energy abundance. When viewed in net energy terms, it is completely worthless. But when viewed as the purest expression of humanity beyond our basic functions of consuming calories, reproducing, and perishing, it is priceless. We “work” to enjoy leisure, and leisure is a personal pursuit that usually involves some art form. That encompasses music, film, paintings, sculptures, sports etc. All of these activities are energy sinks, but bring endless pleasure to the participant and the spectator. The advent of super-intelligent networked thinking machines will herald an era where the vast majority of humans’ labour is economically worthless. Freed from the physical constraints of work, humans will turn to their new digital worlds and the complete expression of civilisation’s creativity and vitality. The metaverse is the future. What, then, of the concept of “art” in a purely digital construct? How will money, which is just an energy abstraction, be “wasted” on the pursuit of digital art? Are NFT-based art forms both worthless and priceless at the same time, similar to all other “traditional” forms of art? NFT-permissioned art is completely worthless from an energy standpoint, but it will represent the ultimate way to Flex social standing in a purely digital world. While it seems silly to those who think Art Basel and The Venice Biennale are the epitome of gatherings of like-minded cultured individuals, infinitely replicable JPEGs traded on the blockchain are no sillier than squiggles on a piece of canvas. You Are Worthless Compared with a self-learning intelligent machine, the vast majority of human labour is not worth the energy inputs it takes to sustain it. Regardless of how “smart” or “creative” you think you are, a machine will be better than you over the next few decades. What to do now? Old people will play physical sports, hang out on the beach, go to physical nightclubs, etc. once we tire of COVID lockdowns. (By old I mean millennials and older.) Young people will play video games and create entire new worlds inside various digital metaverses. The COVID shock just accelerated these trends. Now a large percentage of the world is locked in their dwelling; their only means of interaction is through internet-connected machines. Whether you like it or not, your online avatar will only grow in importance. The metaverse is now, and you are participating in its creation. The metaverse will be anything the human mind can dream up and it won’t be held back by the traditional physical laws we take for granted in meatspace. Entire new economies and occupations we cannot imagine will come to be in these worlds. Hopefully these jobs create the same sort of self-satisfaction as traditional employment such that the population feels content with their lot in life. The alternative is billions of restless souls that will lash out at perceived and real inequalities especially as capital is further concentrated amongst our tech overlords... Click here to continue reading this edition of Crypto Trader Digest – Arthur Hayes, Co-Founder of BitMEX (@CryptoHayes) From BitMEX Research The Blocksize War - Chapter 21 In the final chapter of The Blocksize War, we conclude the retelling of this important saga. Over the two-year battle, we saw small blockers go head-to-head with their large blocker adversaries in what has proven to be one of the most unforgettable events in Bitcoin’s history. Read on to learn more about the result. The full book is available on Amazon. Half of any profits from physical book sales will be donated to Médecins Sans Frontières, a charity that provides medical assistance to people affected by conflict, epidemics, disasters, or exclusion from healthcare. Fixing The Privacy Gap In Proof Of Liability Protocols In this report, we examine the state of proof of assets and proof of liability schemes in the cryptocurrency space, systems whereby exchanges publish a list of user balances, which add up to the total exchange liability. BitMEX Research then proposes a new proof of liability scheme, which mitigates many of these privacy problems. Proof Of Reserves & Liabilities Following the publication of a new proposed Proof of Reserves-based system which preserves user privacy, we use this report to provide a working example using the BitMEX platform. Latest News from BitMEX BitMEX Teams Up With AC Milan As Its First-Ever Sleeve Partner We are proud to announce our multi-year partnership with world-renowned football club AC Milan. This will make BitMEX AC Milan’s first-ever Official Sleeve Partner and the Official Cryptocurrency Trading Partner of the Rossoneri. Our sponsorship extends to both the men’s and women’s teams, as well as the Rossoneri’s eSports team – AQM. BitMEX confirms it has reached settlements with CFTC and FinCEN We have confirmed that we reached a resolution with both the United States Commodity Futures Trading Commission (CFTC) and Financial Crimes Enforcement Network (FinCEN) in relation to investigations by both agencies. Crypto is changing, and BitMEX is changing with it In this piece by BitMEX CEO Alexander Höptner, Alex adds further perspective on why our settlement with CFTC and FinCEN is a tremendous step in the right direction for us and our users. Social Spotlight View this email in your browser No articles in this email should be copied or reproduced in whole or in part. The information contained does not constitute research or a recommendation. Neither HDR Global Trading Limited nor any of its affiliates make any representation or warranty as to the accuracy or completeness of the statements or any information contained in these articles and any liability therefor (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. This is not providing any financial, economic, legal, accounting or tax advice or recommendations. In addition, the receipt of this email is not to be taken as constituting the giving of investment advice nor to constitute such person a client of the BitMEX trading platform. This email was sent to <<Email Address>> why did I get this? unsubscribe from this list update subscription preferences BitMEX · Suite 202, 2nd Floor, Eden Plaza · Eden Island · Mahe · Seychelles @media only screen and (max-width: 480px){ table#canspamBar td{font-size:14px !important;} table#canspamBar td a{display:block !important; margin-top:10px !important;} }
  6. style="height: 100%;margin: 0;padding: 0;width: 100%;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;background-color: #FAFAFA;"> Enjoy the Latest Edition of Crypto Trader Digest - Serf No More ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ A Message from Alexander Höptner, CEO of BitMEX Before I introduce Serf No More, Arthur’s latest piece, I’d like to mention a significant development from the world of BitMEX this week. On Tuesday, Chainalysis removed the ‘high risk’ label it had held in place for BitMEX for less than a year. Although we disagreed with Chainalysis’ assessment at the time, we kept channels of communication open. We’re glad to get this result, and are very proud of the progress we’ve made on matters of compliance, AML, and user verification in the meantime. Speaking of progress, this week’s Crypto Trader Digest has Arthur tracking El Salvador, the first country to make bitcoin legal tender. In his signature irreverent style, we go deep into how Arthur thinks El Salvador could create a bitcoin-backed currency, and how meaningful that might be for countries most at risk by the quickening pace of automation in the labour markets. Like the entire crypto community, I’m bullish on El Salvador. You’ll be too after reading the latest Crypto Trader Digest, Serf No More. - Alex (@AlexHoeptner) From the Desk of Arthur Hayes Serf No More (Any views expressed in the below are the personal views of the author and should not form the basis for making investment decisions, nor be construed as a recommendation or advice to engage in investment transactions.) The greatest nation states and civilisations efficiently use energy to create economic prosperity for their subjects. Up until recently, energy meant human labour. The state constructs a system where labour is provided and an economic energy surplus is created. There are various ways in which the great societies of past and present “paid” for labour. Pre-Industrial Revolution Rome - Captured slaves from conquest America - Transatlantic African slavery Pre-Industrial Western Europe - Feudal serfs Post-industrial revolution, most societies moved away from implicit or explicit slavery towards a system where the wages of labour were not allowed to grow at the same rate as the overall economy. That is a long-winded way of saying savers are financially repressed. Workers save at a depressed rate, and the difference allows a country to direct national savings towards heavy industrialisation. Modern China, Taiwan, South Korea, and Japan are excellent recent examples of post WWII nations that quickly industrialised using the savings of their labourers. I will repost this chart of the China 10-year government bond yield vs. real GDP growth. These negative rates have allowed China to internally finance the creation of the industrial behemoth that supplies most of the world’s stuff... Click here to continue reading this edition of Crypto Trader Digest – Arthur Hayes, Co-Founder of BitMEX (@CryptoHayes) From BitMEX Research The Blocksize War - Chapter 19 and 20 The latest chapters of The Blocksize War cover the emergence of both Bitcoin Cash and Segwit2x, adding further conflict to the war. If you want to get ahead and read the full book, it's available on Amazon. Half of any profits from physical book sales will be donated to Médecins Sans Frontières, a charity that provides medical assistance to people affected by conflict, epidemics, disasters, or exclusion from healthcare. New Open Source Bitcoin Developer Grant for Sjors Provoost BitMEX is delighted to announce that we will be providing a part time Bitcoin developer grant to Sjors Provoost until the end of May 2022, a commitment of US$37,500. Sjors will join the other three Bitcoin developers currently financially supported by BitMEX: Michael Ford, Gleb Naumenko and Calvin Kim. Latest News from BitMEX Chainalysis Removes High Risk Assessment of BitMEX Platform A message from Malcolm Wright, Chief Compliance Officer at BitMEX. Chainalysis has revised its risk assessment of BitMEX, removing the ‘high risk’ label it had held in place for less than a year. This followed an internal review of the criteria for the High Risk Exchange category by Chainalysis. The revision comes amid our continuous work to deliver industry leading compliance, AML, and user verification programmes. The BitMEX Partner Programme Expands into Phase Two With 17 New Additions Earlier this year, we successfully launched our official BitMEX Partner Programme. Now, we are thrilled to announce phase two of the programme with the addition of 17 new firms into the BitMEX ecosystem. As official partners, they will offer their services to our users, and also be rewarded based on the activity they refer to BitMEX. Ethereum (ETH) London Hard Fork and Impact on BitMEX ETHUSD Perpetual, ETHUSDU21, and ETHU21 Futures Contracts Ethereum will undergo the scheduled London Hard Fork on 5 August 2021. Three BitMEX contracts (ETHUSD, ETHUSDU21 and ETHU21) and two BitMEX indices (.BETH and .BETHXBT) will be impacted and these markets will be open during the fork. Social Spotlight View this email in your browser No articles in this email should be copied or reproduced in whole or in part. The information contained does not constitute research or a recommendation. Neither HDR Global Trading Limited nor any of its affiliates make any representation or warranty as to the accuracy or completeness of the statements or any information contained in these articles and any liability therefor (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. This is not providing any financial, economic, legal, accounting or tax advice or recommendations. In addition, the receipt of this email is not to be taken as constituting the giving of investment advice nor to constitute such person a client of the BitMEX trading platform. This email was sent to <<Email Address>> why did I get this? unsubscribe from this list update subscription preferences BitMEX · Suite 202, 2nd Floor, Eden Plaza · Eden Island · Mahe · Seychelles @media only screen and (max-width: 480px){ table#canspamBar td{font-size:14px !important;} table#canspamBar td a{display:block !important; margin-top:10px !important;} }
  7. style="height: 100%;margin: 0;padding: 0;width: 100%;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;background-color: #FAFAFA;"> Enjoy the Latest Edition of Crypto Trader Digest - I'm All Shook Up ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ A Message from Alexander Höptner, CEO of 100x Group Lots of traders are singing the blues this summer, with the bitcoin price movement appearing sluggish, global derivatives volumes lethargic, and the ‘bear market’ doldrums of crypto twitter. It’s times like these that make or break a trader, and in the latest edition of Crypto Trader Digest, Arthur gives us a helping of studied perspective to help us along. For him, there’s one piece of macro data we should consider when ‘zooming out’ - the pace of central balance sheet expansion. I hope you, like many others, can’t help falling in love with good content like this. - Alex (@AlexHoeptner) From the Desk of Arthur Hayes I'm All Shook Up (Any views expressed in the below are the personal views of the author and should not form the basis for making investment decisions, nor be construed as a recommendation or advice to engage in investment transactions.) Every Summer Is The Fucking Same ! When crypto hits the northern hemispheric summer, people lose their bearings. Price Volatility: Rekt Price Performance: Rekt to sideways Exchange Trading Volumes: Abysmal Crypto Trader Sentiment: Despondent Staying focused on what matters becomes increasingly difficult as we are bombarded with data through our internet connected devices. There is always some piece of information that can cloud our minds. But those who are focused care not for the vicissitudes of the 24/7 social media dopamine-distributing news cycle. They only analyse what they believe is the key driver of financial returns. Zooming out, I am only focused on one piece of macro data, and that is the pace of central bank balance sheet expansion. If the quantum of money increases, it must go somewhere. Crypto alongside stonks, commodities, housing, and bonds etc. will all receive the manna from unelected bureaucrats. Let’s take stock of what our monetary masters cooked up for our financial wellbeing in the first half of 2021. The three central banks that matter are The US Federal Reserve, The People’s Bank of China, and the European Central Bank. Combined, these three entities pump the lion’s share of fiat wampum into the arteries of the global economy. These central banks also represent the largest economies in the world. Here is my simple checklist, for my simple investor brain... Click here to continue reading this edition of Crypto Trader Digest – Arthur Hayes, Co-Founder of 100x Group (@CryptoHayes) From BitMEX Research The Blocksize War - Chapter 17 and 18 In the latest chapters of The Blocksize War, we take a look at how a single email sent to the Bitcoin emailing list sparked a movement, as well as the developments that followed the New York Agreement. If you want to get ahead and read the full book, it's available on Amazon. Half of any profits from physical book sales will be donated to Médecins Sans Frontières, a charity that provides medical assistance to people affected by conflict, epidemics, disasters, or exclusion from healthcare. Latest News from BitMEX Open Source Developer Grant Programme Re-opening BitMEX is delighted to announce that the Open Source Developer Grant programme has re-opened for new applicants. In the coming months we plan to identify one or two more open source Bitcoin developers to support, initially for around twelve months but hopefully for the longer term. Scheduled Temporary Downtime on 29 July (Mainnet) for Upgrades to Operating System As we continue to enhance the BitMEX platform for our users, we will be facilitating a major upgrade to our operating system that will temporarily halt trading in our production (Mainnet) environment on Thursday, 29 July at 02:15 UTC. Social Spotlight View this email in your browser No articles in this email should be copied or reproduced in whole or in part. The information contained does not constitute research or a recommendation. Neither HDR Global Trading Limited nor any of its affiliates make any representation or warranty as to the accuracy or completeness of the statements or any information contained in these articles and any liability therefor (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. This is not providing any financial, economic, legal, accounting or tax advice or recommendations. In addition, the receipt of this email is not to be taken as constituting the giving of investment advice nor to constitute such person a client of the BitMEX trading platform. This email was sent to <<Email Address>> why did I get this? unsubscribe from this list update subscription preferences BitMEX · Suite 202, 2nd Floor, Eden Plaza · Eden Island · Mahe · Seychelles @media only screen and (max-width: 480px){ table#canspamBar td{font-size:14px !important;} table#canspamBar td a{display:block !important; margin-top:10px !important;} }
  8. style="height: 100%;margin: 0;padding: 0;width: 100%;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;background-color: #FAFAFA;"> Enjoy the Latest Edition of Crypto Trader Digest - Stablecoin Triptych ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ A Message from Alexander Höptner, CEO of 100x Group Even in the best of times, criticism of the crypto ecosystem is always present. When this prompts honest examination - and improvement - it can be healthy. But dishonest or misinformed FUD (fear, uncertainty, and doubt) can be dangerous. This brings us to stablecoins, which are the subject of so much debate and misinformation. In this week’s Crypto Trader Digest, Arthur shares his views on the future of Tether, Facebook’s stablecoin ambitions, and central bank digital currencies. Enjoy. - Alex (@AlexHoeptner) From the Desk of Arthur Hayes Stablecoin Triptych (Any views expressed in the below are the personal views of the author and should not form the basis for making investment decisions, nor be construed as a recommendation or advice to engage in investment transactions.) The height of the northern hemispheric summer is here, and it’s vaxx-enabled party time. Don’t expect much in the way of volumes and/or volatility while traders get some well-earned time to spend their spoils. Since the traders have taken much of the market intrigue with them as they frolic their way through the Mediterranean, I wanted to use this down time to explore one of the space’s most historically divisive topics – stablecoins. From Tether, to Facebook, to Central Bank Digital currencies, I’ll take this opportunity to riff on some of my biggest stablecoin pet peeves and thoughts on what the stablecoin future might hold. Enjoy. The Achilles Heel of Crypto When doubting the viability of the crypto capital markets, turn up some Tether FUD. I become quite irked when I read Mickey Mouse analysis that proclaims irreparable harm will visit the crypto markets should Tether break the buck. To demonstrate how ridiculously shallow this argument is, follow me through a very simple thought experiment. As I write this, Tether (USDT) has a circulating supply of $62.5 billion (according to CoinGecko). This is also its market cap, because each USDT is backed by a physical US dollar … supposedly. For the sake of argument, let’s assume that one day, Tether discloses that it has exactly $0 in physical assets, rendering each USDT worth absolutely nothing. To keep this hypothetical simple, let’s also assume that the crypto capital markets consist only of Bitcoin and Ethereum. What would happen to our ecosystem when all USDT holders are rugged? Ethereum USDT is an ERC-20 token, which means it uses the Ethereum blockchain protocol to juke and jive. In this scenario, all USDT holders have lost everything – so what happens to the Ethereum protocol? Will blocks continue to be produced approx. every 10 to 15 seconds? Yes, the loss of USDT does not mean that Ethereum miners cannot complete proof-of-work puzzles. Ethereum mining has no USDT dependency. This means that after losing $62.5 billion in value, participants may still use the Ethereum blockchain. Will any other ERC-20 tokens cease to work? It is possible that any ERC-20 token that used USDT as collateral underpinning its value will see a near total collapse. However, these tokens will be sold using the still functioning Ethereum blockchain. Again, and most importantly, the Ethereum protocol will continue to work as designed. Can anyone double spend Ether (ETH)? No. Remember, the Ethereum blockchain has no USDT dependency. Therefore, a malicious actor will not be able to double spend ETH just because all USDT holders get rickety rekt. Can projects still launch new ERC-20 tokens? Yes. Again, the Ethereum blockchain continues to work just as before. Can the Ethereum protocol still be updated? Yes. Just because USDT no longer exists doesn’t mean smart engineers can’t improve the protocol. Bitcoin USDT started as a pseudo Bitcoin sidechain using the Omni protocol, but then migrated mostly to ERC-20. What happens to the Bitcoin protocol? Will blocks continue to be produced approx every 10 minutes? Yes, the loss of USDT does not mean that Bitcoin miners cannot complete proof-of-work puzzles. Bitcoin mining has no USDT dependency. Can anyone double spend Bitcoin (BTC)? No. Remember the Bitcoin blockchain has no USDT dependency. Can the Bitcoin protocol still be updated? Yes. Just because USDT no longer exists doesn’t mean engineers can’t improve the protocol. Click here to continue reading this edition of Crypto Trader Digest – Arthur Hayes, Co-Founder of 100x Group (@CryptoHayes) From BitMEX Research The Blocksize War - Chapter 15 and 16 In the latest chapters of The Blocksize War, we take a look at one of the most influential groups within the small blocker's camp - Dragon's Den. Then, the small blockers gain crucial momentum with the activation of SegWit on Litecoin. If you want to get ahead and read the full book, it's available on Amazon. Half of any profits from physical book sales will be donated to Médecins Sans Frontières, a charity that provides medical assistance to people affected by conflict, epidemics, disasters, or exclusion from healthcare. Latest News from BitMEX Scheduled Temporary Downtime for 15 July (Testnet) and 29 July (Mainnet) for Upgrades to Operating System As we continue to enhance the BitMEX platform for our users, we will be facilitating a major upgrade to our operating system that will temporarily halt trading in our Testnet environment on Thursday, 15 July at 02:15 UTC, and our production (Mainnet) environment on Thursday, 29 July at 02:15 UTC. BitMEX Promotes Brian Rankin to Chief Information Security Officer Brian Rankin has been promoted to the role of Chief Information Security Officer as we make good on our commitment to protect customers and stakeholders. In his new role, Brian will continue to build a world class team that can protect our information assets from the growing threat from a range of malicious actors. What We’ve Learned, Six Months After Becoming the Largest Fully Verified Derivatives Exchange It’s fair to say that our decision to implement comprehensive know-your-customer (KYC) last year was one of the most consequential decisions in our company’s history. Six months on, with the benefit of hindsight, we also think it was one of the best decisions for our long-term future. Here’s why. BitMEX x HASH CIB: Crypto Asset Management Re-imagined We are thrilled to once again expand our BitMEX Partner Programme ecosystem with the official addition of HASH CIB into our community. HASH CIB was established in 2017 and is currently one of the largest and most impactful crypto investment firms in the industry. The company focuses primarily on asset management and venture capital. Social Spotlight View this email in your browser No articles in this email should be copied or reproduced in whole or in part. The information contained does not constitute research or a recommendation. Neither HDR Global Trading Limited nor any of its affiliates make any representation or warranty as to the accuracy or completeness of the statements or any information contained in these articles and any liability therefor (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. This is not providing any financial, economic, legal, accounting or tax advice or recommendations. In addition, the receipt of this email is not to be taken as constituting the giving of investment advice nor to constitute such person a client of the BitMEX trading platform. This email was sent to <<Email Address>> why did I get this? unsubscribe from this list update subscription preferences BitMEX · Suite 202, 2nd Floor, Eden Plaza · Eden Island · Mahe · Seychelles @media only screen and (max-width: 480px){ table#canspamBar td{font-size:14px !important;} table#canspamBar td a{display:block !important; margin-top:10px !important;} }
  9. style="height: 100%;margin: 0;padding: 0;width: 100%;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;background-color: #FAFAFA;"> Enjoy the Latest Edition of Crypto Trader Digest - I Still Can’t Draw a Line ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ A Message from Alexander Höptner, CEO of 100x Group Humans crave simple answers to complex questions. And in the pursuit of answers, we tend to bring our biases, rigid frameworks of thinking, and ideologies along with us. Great traders - whether crypto or otherwise - learn to manage this analytical baggage in the pursuit of cold, hard alpha. But as crypto breaks into the mainstream we’re seeing an exciting fusion - some may call it an exciting clash - of ideologies, not least on the role of leverage in crypto. In this week’s Crypto Trader Digest, Arthur takes the anti-leverage argument to task, delves into the differering role of leverage in the crypto vs. traditional markets, and looks at leverage ratios of some of the biggest banks - with some findings that might surprise you. This is one to share with the crypto skeptics. - Alex (@AlexHoeptner) From the Desk of Arthur Hayes I Still Can’t Draw a Line (Any views expressed in the below are the personal views of the author and should not form the basis for making investment decisions, nor be construed as a recommendation or advice to engage in investment transactions.) One fine chill day in my senior year of university, one of my besties frantically called me in hopes I could help her pass an upcoming economics exam. I obliged, and we met up that day to go over some material. She provided a practice exam and we attempted to tackle the first question. To kick things off, I asked her to draw the demand curve. She looked at me like I was speaking Aramaic. I dug a little deeper, and asked if she understood how to represent a demand or supply curve linearly with a given slope. Again, she was silent. She had a few days at most until the exam, and I told her if she couldn’t even draw a line, there was no hope of me being able to teach her enough stuff to pass this exam. She somehow managed to pass, no thanks to my efforts. Currently, she runs her family’s pizza restaurant. We were chatting recently about the issues she is facing due to the pandemic. Labour Issues: She employs a lot of university-aged kids. As schools are going back to in-person classes, she is losing a lot of labour. However, she can’t replace lost workers easily because with all the various government checks, her wage rate is not competitive with Netflix and Chill courtesy of the USG. Food Inflation: She lamented about the spike in the cost of chicken and beef. She raised her delivery charge from $1 to $2. People were pissed— that charge hadn’t changed in 40 years. Hmm… 40 years is about how long it’s been since real wages have grown in the US. Here are some colourful snippets of our WhatsApp chat: “Customers crazy” “Prices of all goods crazy” “Chicken” “Pork beef” “And there’s so many things I don’t even want the customer to order because I’ll lose money lol” “People already complain” “They complain I made the delivery charge $2” “When for 40 years it was only $1” “Or the fact that we have a $15 minimum for delivery and people want a single sandwich delivered when I tell them they say that they only have $10.” The conversation drew to a close when she asked on behalf of her brother whether Cardano was a good crypto to buy. “I don’t know wtf it is” “I still can’t draw a line” “Basically he wants to make the most money” As usual, I disappointed her again by not providing the golden ticket to crypto riches (because I don’t have it). I gave my usual spiel about reading the white-paper, linked her to my blog, and told her to tell her brother there are no shortcuts. I tell this story to illustrate the gulf between an-on-the ground economic reality, and what our classically trained economic mandarins proclaim their “models” tell them about the health and trajectory of the global economy. All those erudite university grads can certainly draw lines. I can draw an IS / LM model like the best university regurgitator student. But these same people tell us inflation is “transitory”. At some point business owners will have to pay more labour to fill positions, and pass labour and input cost increases onto customers. I promise this essay will not be another diatribe about inflation. This fortnight we talk about the Kwisatz Haderach, LEVERAGE! Click here to continue reading this edition of Crypto Trader Digest – Arthur Hayes, Co-Founder of 100x Group (@CryptoHayes) From BitMEX Research The Blocksize War - Chapter 13 and 14 The latest chapters of The Blocksize War cover the role of exchanges in the conflict, as well as bombshell accusations of a secret agenda among some large blockers. If you want to get ahead and read the full book, it's available on Amazon. Half of any profits from physical book sales will be donated to Médecins Sans Frontières, a charity that provides medical assistance to people affected by conflict, epidemics, disasters, or exclusion from healthcare. Latest News from BitMEX BitMEX Hires Marc Robinson as Head of Custody We’re delighted to welcome another senior new hire, this time in the form of Marc Robinson who joins us as Head of Custody. Marc joins BitMEX with more than 20 years experience, much of which was gained with traditional financial services firms in Japan. He started his career in IT and moved to ‘front office’ electronic trading with Lehman Brothers, then Nomura and then JP Morgan. BitMEX x hamster-bot: Automated Trading With Just A Few Clicks Our partnership ecosystem continues to grow - we are pleased to welcome hamster-bot to the BitMEX Partner Programme. A well-known trading bot, hamster-bot is run by an experienced team and has a rich history of use by BitMEX users since 2018. BitMEX x Wunderbit: Trading on Autopilot Made Easy! We’re excited to welcome Wunderbit Trading to our Partner Programme. Regulated and licensed in Estonia, the Wunderbit platform not only allows its users to buy and sell cryptocurrencies in a simple, safe, and secure way, but they also provide tools for deploying various trading strategies Social Spotlight View this email in your browser No articles in this email should be copied or reproduced in whole or in part. The information contained does not constitute research or a recommendation. Neither HDR Global Trading Limited nor any of its affiliates make any representation or warranty as to the accuracy or completeness of the statements or any information contained in these articles and any liability therefor (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. This is not providing any financial, economic, legal, accounting or tax advice or recommendations. In addition, the receipt of this email is not to be taken as constituting the giving of investment advice nor to constitute such person a client of the BitMEX trading platform. This email was sent to <<Email Address>> why did I get this? unsubscribe from this list update subscription preferences BitMEX · Suite 202, 2nd Floor, Eden Plaza · Eden Island · Mahe · Seychelles @media only screen and (max-width: 480px){ table#canspamBar td{font-size:14px !important;} table#canspamBar td a{display:block !important; margin-top:10px !important;} }
  10. style="height: 100%;margin: 0;padding: 0;width: 100%;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;background-color: #FAFAFA;"> Enjoy the Latest Edition of Crypto Trader Digest - Thirst Trap ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ A Message from Alexander Höptner, CEO of 100x Group No one becomes a (consistently) successful trader overnight. However, there is a trait of those who manage to pick it up quickly, which is having the ability to think critically and independently. What stands in the way for many is the refusal to put emotions aside and absorb information dispassionately. Hard pill to swallow, but it’s the truth. Staying stuck in your echo chamber or just adopting the beliefs of the loudest person in the room is a recipe for disaster when it comes to investing. This habit, that many of us have, has to stop in order to fully understand markets of any description. In this latest edition of Crypto Trader Digest, Arthur takes a look at some of the top trending topics in the crypto space, and in true Arthur fashion, presents you with facts that will challenge your thinking, positively. Enjoy. - Alex (@AlexHoeptner) From the Desk of Arthur Hayes Thirst Trap (Any views expressed in the below are the personal views of the author and should not form the basis for making investment decisions, nor be construed as a recommendation or advice to engage in investment transactions.) The majority of my essays in 2021 have focused on the fundamental building blocks of my bullish opinion on the future of crypto. Few words are dedicated to current events unfolding before us. In an age when virtue signaling social media influencers reign supreme, critical thought that deconstructs popular narratives using logic and first principles thinking is hardly proffered. It’s why I prefer to read something a few thousand words in length – even if I disagree with the author – because the length allows the writer to dig into the grey of an issue. Few things in this world are black and white – everything is a shade of grey. 6 second TikTok videos, on the other hand, can only convey so much information. Maybe I’m just an old curmudgeon who refuses to purse my lips like a duck and create thirst traps posing in front of material objects I don’t own. In this piece, I’ll offer my thoughts on a few topics du jour that are currently floating around the popular media narrative soup. My goal is to provoke thought. None of my musings here are intended to be read as actionable trade ideas, but if one of these narratives run counter to a belief you have about a particular crypto asset, hopefully reading these words will allow for a moment of reflection that could culminate in a change in your perspective. Keyboard Warriors Take Control of Environmental Policy I’m glad I spend more time hitting balls with a racquet than following the tweet storm of the day. If there is one topic that fundamentally irks me, it’s the current ESG narrative – i.e. that fossil fuels are the devil, and that it is economically viable today for us to stop burning fossil fuels altogether. If followed blindly, I believe this fundamental misunderstanding will result in a significant misallocation of capital due to first level shallow thinking. I’m not denying that burning fossil fuels has a major impact on our environment. Energy rules everything we do in life. We consume it to live and enjoy ourselves. And the ways in which we produce energy have externalities. Here is what I know, cause I’m good at the internet. Click here to continue reading this edition of Crypto Trader Digest – Arthur Hayes, Co-Founder of 100x Group (@CryptoHayes) From BitMEX Research The Blocksize War - Chapter 11 and 12 Regular readers of this Crypto Trader Digest newsletter will be well aware of the Blocksize War book by now, covering a fascinating period in the development and evolution of the Bitcoin Protocol. We hope you’ve been enjoying chapters as they’ve been released. If you want to get ahead and read the full book, it's available on Amazon. Half of any profits from physical book sales will be donated to Médecins Sans Frontières, a charity that provides medical assistance to people affected by conflict, epidemics, disasters, or exclusion from healthcare. Latest News from BitMEX Bitcoin on the Moon, Courtesy of BitMEX BitMEX will mint a one-of-a-kind physical bitcoin, similar to the Casascius coins of 2013, which will be delivered to the Moon by Astrobotic. The coin will hold one bitcoin at an address to be publicly released, underneath a tamper-evident hologram covering. The coin will proudly display the BitMEX name, the mission name, the date it was minted and the bitcoin price at the time of minting. BitMEX Receives Important ISO Information Security Certification It’s difficult to overstate the importance of information security for a platform like BitMEX. Traders trust us because of our track record on security – we have never lost a single Satoshi through intrusion or hacking. But security is never a static process and in order to continue to set the bar as high as possible, we sought – and were awarded – one of the most rigorous certifications: ISO/IEC 27001. BitMEX x Napoleon Group: The Newest Addition to Our Growing Partner Programme We’re excited to announce the growth of our ecosystem through our collaboration with Napoleon Group. Napoleon Group has been a pioneer in crypto investments since 2017, and combines quantitative asset management and blockchain expertise to offer new and innovative ways to invest in digital assets, while complying with the highest regulatory standards to address the needs of all investors. Social Spotlight View this email in your browser No articles in this email should be copied or reproduced in whole or in part. The information contained does not constitute research or a recommendation. Neither HDR Global Trading Limited nor any of its affiliates make any representation or warranty as to the accuracy or completeness of the statements or any information contained in these articles and any liability therefor (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. This is not providing any financial, economic, legal, accounting or tax advice or recommendations. In addition, the receipt of this email is not to be taken as constituting the giving of investment advice nor to constitute such person a client of the BitMEX trading platform. This email was sent to <<Email Address>> why did I get this? unsubscribe from this list update subscription preferences BitMEX · Suite 202, 2nd Floor, Eden Plaza · Eden Island · Mahe · Seychelles @media only screen and (max-width: 480px){ table#canspamBar td{font-size:14px !important;} table#canspamBar td a{display:block !important; margin-top:10px !important;} }
  11. style="height: 100%;margin: 0;padding: 0;width: 100%;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;background-color: #FAFAFA;"> View this email in your browser A Message from Alexander Höptner, CEO of 100x Group All of us as investors believe in the immutability of numbers and the sobering reality of cold-blooded analysis. But when the proverbial bullets are flying, we often allow our fears, doubts, and emotions to come into play. Market fluctuations of the kind we saw in the past week provide a test for crypto traders. Do we have conviction in our investment thesis? What underpins those convictions? And crucially - what evidence do we need to see to change our minds about an asset? In this edition of Crypto Trader Digest, Arthur urges us to zoom out and re-examine why, in his view, we should take a macro-view. It’s a journey that takes us from the monetary policy of the World War II era to what modern-day COVID recovery policies might mean for the Fed’s balance sheet. Number go up has multiple meanings in this case. Enjoy. - Alex (@AlexHoeptner) From the Desk of Arthur Hayes FARB< L >AST OFF < GO > (Any views expressed in the below are the personal views of the author and should not form the basis for making investment decisions, nor be construed as a recommendation or advice to engage in investment transactions.) For those of you who have a Bloomberg terminal, run FARBAST Index <GO>. This is the index that outputs the US Federal Reserve’s balance sheet in millions of USD updated weekly. I keep droning on about this, but this number and its trajectory is the only thing that matters. If you have confidence that the Fed’s balance sheet will rise exponentially from today’s levels, then short term wobbles in the crypto markets become immaterial. To be clear, there are two things that matter to my overall bullishness on the macro cryptocurrency market cap. The US Government will begin to engage in nominal GDP targeting financed by the Fed purchasing Treasury bills, notes, and bonds. Therefore the Fed’s balance sheet will be higher than today. Decentralised finance (DeFi) will aggressively disintermediate many rent-seeking activities performed by centralised financial services institutions. The savings due to cheaper fees and more inclusiveness will flow to the end user and those who hold the tokens. The hyper growth of point 1 provides the push to accelerate point 2. Self-perpetuation and growth are the two universal constants when evaluating the potential actions of organisms or a civilisation which is a collection of humans. Most modern societies have an underlying assumption of infinite growth. Look no further than how we price a stock. A stock’s value is the discounted stream of all future cash flows. The terminal value assumes the company continues to exist and grow forever. That is obviously empirically false, but we plug it into our fancy model anyway. Therefore, my overarching assumption is that growth is preferred and assumed. The question is cost. There are various ways to pay for growth, and one of the most effective on a national level is nominal GDP targeting paid for with borrowed money. To fully understand why I am so confident that the Fed’s balance sheet might be 10x higher in short order, I will compare how America dealt with the aftermath of WW2 to how it will deal with the aftermath of the world war on COVID-19. The political and economic conundrum is always, "how does a nation continue to grow after a destructive crisis?". This is the Crypto Trader Digest, but I spend a lot of time talking about American monetary policy instead of the fundamental merits of a decentralised monetary and financial system over the current parasitic centralised system that reigns supreme. We live in a USD world. It is plain to anyone who reads Satoshi’s whitepaper that the 2008 financial crisis and the response of all major central banks was one reason why Satoshi believed something better could be created. Therefore, an appreciation of and confidence in the trajectory of the most important financial institution globally, the US Federal Reserve, will allow any speculator to shrug off being down 30% to 50% on the day, because they know that in less than ten years the tsunami of money printing will take the crypto complex’s market cap to unimaginable levels. Before we go back in time to 1939, check this. Due to the gargantuan US fiscal stimulus enacted to fight COVID, Federal net outlays represented 31% of 2020 GDP. That makes the US government as a stand-alone entity the 3rd largest economy as measured by 2020 GDP globally — just behind the US private sector and China. The great thing about any large centralised government is they collect a lot of statistics. You can’t manage what you don’t measure. Therefore, the richness of statistics during and after WW2 allows anyone with an internet connection to connect the dots. Let me TL;DR this essay for the TikTok’ers; I know I probably lost you at my first sentence, but I hope by now your attention span can spare 2 minutes... Click here to continue reading this edition of Crypto Trader Digest – Arthur Hayes, Co-Founder of 100x Group (@CryptoHayes) From BitMEX Research Faster Blockchain Validation with Ultreexo Accumulators In this piece, 100x Group grantee Calvin Kim announces the success in speeding up Bitcoin’s Initial Block Download (IBD) using the Utreexo client. While the speed improvement can vary depending on one’s local hardware and bottlenecks, the initial download and verification can be up to 62% faster compared to Bitcoin Core. Since many optimisations are yet to be implemented, the speedup is expected to increase. The Blocksize War - Chapters 9 and 10 The continuation of The Blocksize War have been released on the BitMEX blog. This book covers Bitcoin’s blocksize war, which was waged from August 2015 to November 2017. On the surface the battle was about the amount of data allowed in each Bitcoin block, however it exposed much deeper issues, such as who controls Bitcoin’s protocol rules. The full book is available on Amazon. Half of any profits from physical book sales will be donated to Médecins Sans Frontières, a charity that provides medical assistance to people affected by conflict, epidemics, disasters, or exclusion from healthcare. Latest News from BitMEX BitMEX Commits to Carbon Neutrality We’re happy to confirm that BitMEX commits to becoming carbon neutral. The first step we’ll take immediately is to start carbon offsetting emissions caused by withdrawals from the platform through donating at least $0.0026 for every $1 of blockchain fees our clients pay out. Summer of Listings Begins on BitMEX: The SOLUSDT Quanto Perpetual Contract Tardis.dev, a provider of the most comprehensive and granular cryptocurrency market data products in the industry, has officially joined the BitMEX Partners Programme. Accurate, complete, historical market data are a trader’s best friend and are one of the most powerful resources in their toolkit. Collecting and parsing through exchange data is a time consuming and resource intensive process, not to mention the implementation costs of data collection, storage, and distribution services. BitMEX x Stacked: Growing the Partner Programme Even Further Stacked, a smart automated crypto investing platform and portfolio management tool that allows users to instantly access vetted trading strategies and investment portfolios, has officially joined the BitMEX Partners Programme.Stacked tech helps to simplify the automated crypto trading process with a clean user interface and UX that allows everyone to invest in crypto indices, access trading bots, and automate portfolio management, and therefore represents a great addition to the programme. Traders can access the comprehensive Bot Marketplace that allows users to subscribe to sophisticated trading algorithms and strategies. Once set up, there is no need to actively manage your trading account, as the bots take care of the entire process from end-to-end. Social Spotlight No articles in this email should be copied or reproduced in whole or in part. The information contained does not constitute research or a recommendation. Neither HDR Global Trading Limited nor any of its affiliates make any representation or warranty as to the accuracy or completeness of the statements or any information contained in these articles and any liability therefor (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. This is not providing any financial, economic, legal, accounting or tax advice or recommendations. In addition, the receipt of this email is not to be taken as constituting the giving of investment advice nor to constitute such person a client of the BitMEX trading platform. This email was sent to <<Email Address>> why did I get this? unsubscribe from this list update subscription preferences BitMEX · Suite 202, 2nd Floor, Eden Plaza · Eden Island · Mahe · Seychelles @media only screen and (max-width: 480px){ table#canspamBar td{font-size:14px !important;} table#canspamBar td a{display:block !important; margin-top:10px !important;} }
  12. Bitcoin Core version 0.21.1 is now available View the full article
  13. style="height: 100%;margin: 0;padding: 0;width: 100%;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;background-color: #FAFAFA;"> View this email in your browser A Message from Alexander Höptner, CEO of 100x Group The power of science fiction is that it takes us out of our comfortable bubble and places us into an alternate reality, exposing the absurdities of life as we know it. Knowing this, what could we gain by forcing ourselves to confront uncomfortable truths? This could be quite valuable to how we live our lives - and a lucrative macro thought exercise for crypto traders and investors as well. In this sure-to-be-memorable edition, Arthur challenges his own thinking, unpeels flimsy social constructs, and gives us some food for thought. Let’s feast. - Alex (@AlexHoeptner) From the Desk of Arthur Hayes Fear Is The Mind-Killer (Any views expressed in the below are the personal views of the author and should not form the basis for making investment decisions, nor be construed as a recommendation or advice to engage in investment transactions.) "I must not fear. Fear is the mind-killer. Fear is the little-death that brings total obliteration. I will face my fear. I will permit it to pass over me and through me. And when it has gone past I will turn the inner eye to see its path. Where the fear has gone there will be nothing. Only I will remain." - Paul Atreides, Dune I love sci-fi novels. At any given time, I am reading at least one sci-fi novel. Dune, by Frank Herbert, is the single best sci-fi novel ever written. The full six book series is quite good, but the quality tapers off after the first book. The best sci-fi book series is The Three-Body Problem trilogy by Liu Cixin. It is just astoundingly well written; I wish my Mandarin was better so I could read it in Chinese rather than an English translation. If you like sci-fi this shit is the TRUTH. I’m also super pumped for the upcoming Foundation TV series. Asimov is a gangster. Us traders and investors are simple creatures driven by fear and greed. While greed goads humans into doing many incredible things, the fear of loss trumps all. Daniel Kahneman has a great body of work describing how humans’ decisions are not as rational as classical economists believe. In particular, monetary loss afflicts greater damage on our psyche than monetary gain. As we venture deeper into this epic crypto bull market, an evaluation of what scares us is essential because one or more of these narratives could supplant the desire of punters to keep BTFD. The Flippening A few weeks back, I got a message from Su Zhu of Three Arrows out of the blue. He asked me what I thought the probability was that the Ether market cap would surpass Bitcoin’s during this bull run. I replied 0%, and then asked his opinion. He hit back with 50%. Raoul Pal’s May 2021 edition of the Global Macro Investor dropped shortly afterwards. Contained, in the always amazing report, was a snippet of a lengthy report by Nikhil Shamapant on why Ether could reach $150,000 by Jan 2023. After reading the report, I sent Su another message updating my probability of the flippening occurring to 30%. There is a subsect of the Bitcoin community that has night tremors rooted in the fear that Ether will one day overtake their beloved currency, featuring images of Apostle Beuterin and Lord Lubin. I don’t get the tribalism, but check out Crypto Twitter for some epic Bitcoin vs. Ether rants. The Bitcoin maximalists believe that Bitcoin is the one true monetary god in the crypto firmament. Everything else is at best a supporting deity, at worst pure evil. On the other end of the spectrum are mETH heads who believe that Ether can be both the hardest form of crypto money and the world’s best decentralised computer. To them, after ETH 2.0 launches and the switch from Proof-of-Work to a Proof-of-Stake consensus algorithm is completed— currently slated for later this year— then Ether’s market cap will quickly eclipse Bitcoin’s. I try to eradicate dogma from my thinking as much as I can lest I become married to a way of thinking that will become outdated as time marches forward. I, as all humans, will fail in this endeavour, but hopefully I reduce future losses by reminding myself I can only predict the probability outcomes and act accordingly. The dogma surrounding Bitcoin and Ether must be stripped down to what the actual fundamental vision is for each crypto. Then we can build back up to the current state of affairs and evaluate whether the narrative fundamentally makes sense. What is Bitcoin / Ether? The best forms of money have no industrial use case. Fiat currencies are very useful for commerce because they are intrinsically worthless. The demand to use a particular fiat is completely tied to the usefulness of its network. The network in this case is the number of domestic and or international trading counterparties that will accept a particular fiat currency in exchange for goods and/or labour... Click here to continue reading this edition of Crypto Trader Digest – Arthur Hayes, Co-Founder of 100x Group (@CryptoHayes) From BitMEX Research Breaking Down The Fee Market (EIP-1559) In this report, we evaluate the theory behind the new Ethereum transaction fee mechanism, EIP-1559. Under the new model, there are two elements to the transaction fee - a base fee which is burned, and a tip which is allocated to block producers. The Blocksize War - Chapters Seven and Eight The continuation of The Blocksize War have been released on the BitMEX blog. This book covers Bitcoin’s blocksize war, which was waged from August 2015 to November 2017. On the surface the battle was about the amount of data allowed in each Bitcoin block, however it exposed much deeper issues, such as who controls Bitcoin’s protocol rules. The full book is available on Amazon. Half of any profits from physical book sales will be donated to Médecins Sans Frontières, a charity that provides medical assistance to people affected by conflict, epidemics, disasters, or exclusion from healthcare. Latest News from BitMEX BitMEX x 3Commas: Kicking Off the Partners Programme We’re proud to announce that 3Commas, a leading automated trading platform, has joined the BitMEX Partners Programme. As part of the partnership celebration, the BitMEX and 3Commas teams have unveiled exclusive privileges for users. BitMEX x Tardis.dev: Partnering to Bring Comprehensive, Fair, and Transparent Market Data to Users Tardis.dev, a provider of the most comprehensive and granular cryptocurrency market data products in the industry, has officially joined the BitMEX Partners Programme. Accurate, complete, historical market data are a trader’s best friend and are one of the most powerful resources in their toolkit. Collecting and parsing through exchange data is a time consuming and resource intensive process, not to mention the implementation costs of data collection, storage, and distribution services. Social Spotlight No articles in this email should be copied or reproduced in whole or in part. The information contained does not constitute research or a recommendation. Neither HDR Global Trading Limited nor any of its affiliates make any representation or warranty as to the accuracy or completeness of the statements or any information contained in these articles and any liability therefor (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. This is not providing any financial, economic, legal, accounting or tax advice or recommendations. In addition, the receipt of this email is not to be taken as constituting the giving of investment advice nor to constitute such person a client of the BitMEX trading platform. This email was sent to <<Email Address>> why did I get this? unsubscribe from this list update subscription preferences BitMEX · Suite 202, 2nd Floor, Eden Plaza · Eden Island · Mahe · Seychelles @media only screen and (max-width: 480px){ table#canspamBar td{font-size:14px !important;} table#canspamBar td a{display:block !important; margin-top:10px !important;} }
  14. style="height: 100%;margin: 0;padding: 0;width: 100%;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;background-color: #FAFAFA;"> View this email in your browser A Message from Alexander Höptner, CEO of 100x Group There is no doubt that crypto markets can be volatile. During the weekend of 17 April, Bitcoin as well as the majority of the top ten cryptocurrencies by market cap dipped in price by 10% or more. While this may have resulted in nervous investors selling, it did little to shake long-term HODLers. And while hodling is an admirable strategy (and to date, a lucrative one), there are many investors who are constantly plagued with one question in particular - when do I take profits? If that’s you, don’t worry - you are not alone. In this edition of Crypto Trader Digest, Arthur shares a framework that will definitely get you thinking. Enjoy. - Alex (@AlexHoeptner) From the Desk of Arthur Hayes Grow Up or Blow Up (Any views expressed in the below are the personal views of the author and should not form the basis for making investment decisions, nor be construed as a recommendation or advice to engage in investment transactions.) Being right is great, but the true trading legends are right and then continue holding their positions until they are RICH. A lot of people lament that, had they bought Bitcoin back some years ago, if they held until today, they would be in a different wealth category. But how many shoulda, woulda, coulda investors could have bought Bitcoin at $1 and not sold when it doubled to $2, or how about 10x’d to $10. The difference between a trader and a truly prescient investor is having the courage to let your winners run until you reach the logical conclusion of the investing thesis that prompted the initial investment. That requires not just tactical trading acumen, but a macro belief in a theme or regime that powers the asset’s long term returns. I laid out in “Pumping Iron” my macro view on inflation and why I believe the crypto complex will feature the best returns in the financial asset firmament over the near to medium-term. The crypto complex market cap has grown markedly since then, now flirting with $2 trillion in total capitalisation. We are riding a bull market wave at the moment, and the question on many people’s minds is – “when should I step off the ride?” If we can predict the turning point where Bitcoin and cryptos cease to outperform the expansion of the reserve currency’s central bank balance sheet (The U.S. Federal Reserve), then the exit point is clear. To help identify that turning point, let’s go back in time and empirically evaluate how the major asset classes have or have not outperformed the Fed’s balance sheet expansion. (Note: I am choosing to focus on the Fed because of the USD’s status as the world’s reserve currency. Most of this analysis will still apply to other currencies, but as we live in a USD world, let’s analyse assets priced in USD.) And of course, before I get into it, I want to thank Raoul Pal of Global Macro Investor and Luke Gromen of The Forest for the Trees for the analytical frameworks I will use below to support my thesis. Click here to continue reading this edition of Crypto Trader Digest – Arthur Hayes, Co-Founder of 100x Group (@CryptoHayes) From BitMEX Research The Blocksize War - Chapters Five and Six The continuation of The Blocksize War have been released on the BitMEX blog. This book covers Bitcoin’s blocksize war, which was waged from August 2015 to November 2017. On the surface the battle was about the amount of data allowed in each Bitcoin block, however it exposed much deeper issues, such as who controls Bitcoin’s protocol rules. The full book is available on Amazon. Half of any profits from physical book sales will be donated to Médecins Sans Frontières, a charity that provides medical assistance to people affected by conflict, epidemics, disasters, or exclusion from healthcare. Latest News from BitMEX BitMEX Announces Official Launch of Partner Programme We have officially launched the BitMEX Partner Programme to more intently focus on expanding the robust network of firms within our ecosystem. Through the programme, we’ll connect our users with trusted tools that will enhance their trading experience while rewarding partners themselves with incentives based on the activity they refer to the BitMEX platform. Zero Overloads on One of the Biggest Trading Days in Our History As Bitcoin and the majority of the top ten cryptocurrencies by market capitalisation dipped in price by 10 percent or more, the BitMEX platform performed exceptionally well with zero overloads despite Sunday being one of our biggest-ever trading days, meaning every order placed during this time was processed. Increasing ETHUSD Swap Risk Limits for Lower Margin Requirements on Large Positions We are increasing the risk limits on our ETHUSD swap – a small but mighty change that will make it even more capital efficient to maintain positions of 50 XBT or more on the product. The increase in the ETHUSD swap risk limits – from 50 to 75 XBT, effective 3 May 2021 at 08:00 UTC – follows our similar tweak on the XBT futures contracts. We heard a lot of positive feedback from our users on that, which is a big reason why we’ve decided to make this change. Further Parameter Updates for a Better Trading Environment Maintaining a fair and orderly trading environment for our users is very important to us, and we’re always thinking about how we can improve further. As part of this effort we’ve implemented two technical but important updates to the Impact Notional and % Fair Basis update methodology, which are two factors related to Mark Price. Social Spotlight No articles in this email should be copied or reproduced in whole or in part. The information contained does not constitute research or a recommendation. Neither HDR Global Trading Limited nor any of its affiliates make any representation or warranty as to the accuracy or completeness of the statements or any information contained in these articles and any liability therefor (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. This is not providing any financial, economic, legal, accounting or tax advice or recommendations. In addition, the receipt of this email is not to be taken as constituting the giving of investment advice nor to constitute such person a client of the BitMEX trading platform. This email was sent to <<Email Address>> why did I get this? unsubscribe from this list update subscription preferences BitMEX · Suite 202, 2nd Floor, Eden Plaza · Eden Island · Mahe · Seychelles @media only screen and (max-width: 480px){ table#canspamBar td{font-size:14px !important;} table#canspamBar td a{display:block !important; margin-top:10px !important;} }
  15. style="height: 100%;margin: 0;padding: 0;width: 100%;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;background-color: #FAFAFA;"> View this email in your browser A Message from Alexander Höptner, CEO of 100x Group It’s been two weeks since the last Crypto Trader Digest and in this short time span, we’re already seeing more history-making moments in crypto. Whether it was Coinbase catching the eyes of millions with its direct listing or another ATH for Bitcoin - the past few days alone have been exciting. These developments will no doubt contribute to many more people considering the possibilities of crypto for the very first time - and that’s a great thing for our industry. A rising tide raises all boats. It’s worth remembering - whether we’re new to this space or of the more seasoned variety - the importance of #DYOR before making investments. This notion and its importance is further delved into by Arthur in the latest edition of Crypto Trader Digest. - Alex (@AlexHoeptner) From the Desk of Arthur Hayes Yes … I Read the Whitepaper (Any views expressed in the below are the personal views of the author and should not form the basis for making investment decisions, nor be construed as a recommendation or advice to engage in investment transactions.) Humanity’s struggle to locate the easy button permeates all aspects of our existence. In the context of the financial markets, everyone wants to find that expert, newsletter, or secret trading program that if followed will lead to instant, risk-free and above-average sick GAINZ. Intrinsically, we all know that said button is a fleeting chimera one chases at one’s peril – and yet, I continually get asked “What coins should I buy”, “Is now a good time to buy”, “Does technical analysis work”, and on and on. I don’t offer such opinions even to my closest friends lest they erroneously believe I’m the oracle of the Kampong. I recently became involved as a sponsor of the Tampines Rovers Football Club in the Singapore Premier League. A few of the footballers are into crypto and asked if they could pick my brain over lunch one afternoon. The three players had all dabbled in day trading crypto with varying degrees of success. They asked all the standard questions I mentioned above hoping that I could offer the secret to crypto riches over a two-hour lunch. Unfortunately, I disappointed them, and asked them a lot of questions that made them think about why they were investing / trading, how much time they had to dedicate to their endeavor, and what their risk tolerance was. The coup-de-grâce, which served as inspiration for this essay, was when I inquired if any of them had read the Bitcoin whitepaper. None of them answered in the affirmative. The reason the whitepaper is important isn’t because I’m a Bitcoin maxi, but because nearly all other blockchain and crypto projects borrow concepts from and benchmark themselves against ideas presented in that paper. Some projects may not borrow from Bitcoin’s whitepaper directly, but from another project that had borrowed from Bitcoin’s whitepaper (and so on). As a rule of thumb, almost every blockchain or crypto project takes a set of successful and proven concepts from a previous project, and either imitates them or attempts to build on them. The scams imitate poorly and at the surface level. Scamcoins have all the buzzwords and a slick looking website — but if you actually take the time to read even a few sentences of their White or Litepaper, you should be able to instantly recognise that it’s a pile of cow dung (often because it’s either a shameless plate of copypasta, or completely unintelligible). The next 1,000 bagger projects imitate and then improve. Ethereum imitated Bitcoin in many ways, but offered a substantial improvement by creating a virtual decentralised computer that greatly expands the potential use cases for the technology underlying Bitcoin. Don’t you wish you bought some ETH in the pre-sale? I know I do - I publicly called it a shitcoin in a very early edition of this newsletter. Ultimately, any new project needs to answer these fundamental questions to maximise its chances of success: Why are we here at this moment trading this ecosystem of magic internet money? What do we hope to achieve? What about the current financial system are we trying to improve upon or replace? If you don’t have a firm understanding of the “why” and the potential “how’s”, you cannot discern fact from fiction. With an ever expanding universe of digital coins to invest in, without a firm understanding of what the ideal outcome is, you will be at the whim of whatever the search algorithm serves up in terms of coin recommendations... Click here to continue reading this edition of Crypto Trader Digest – Arthur Hayes, Co-Founder of 100x Group (@CryptoHayes) From BitMEX Research The Blocksize War - Chapters Three and Four The continuation of The Blocksize War have been released on the BitMEX blog. This book covers Bitcoin’s blocksize war, which was waged from August 2015 to November 2017. On the surface the battle was about the amount of data allowed in each Bitcoin block, however it exposed much deeper issues, such as who controls Bitcoin’s protocol rules. The full book is available on Amazon. Half of any profits from physical book sales will be donated to Médecins Sans Frontières, a charity that provides medical assistance to people affected by conflict, epidemics, disasters, or exclusion from healthcare. Latest News from BitMEX Enhancing the BitMEX Compliance Programme with Kharon We’ve been steadily enhancing our compliance programme as the crypto derivatives sector evolves. The latest step comes in the form of a new partnership with Kharon, a research and data analytics company, to strengthen our customer due diligence process and enhance screening for OFAC-sanctioned entities and other related parties. Social Spotlight No articles in this email should be copied or reproduced in whole or in part. The information contained does not constitute research or a recommendation. Neither HDR Global Trading Limited nor any of its affiliates make any representation or warranty as to the accuracy or completeness of the statements or any information contained in these articles and any liability therefor (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. This is not providing any financial, economic, legal, accounting or tax advice or recommendations. In addition, the receipt of this email is not to be taken as constituting the giving of investment advice nor to constitute such person a client of the BitMEX trading platform. This email was sent to <<Email Address>> why did I get this? unsubscribe from this list update subscription preferences BitMEX · Suite 202, 2nd Floor, Eden Plaza · Eden Island · Mahe · Seychelles @media only screen and (max-width: 480px){ table#canspamBar td{font-size:14px !important;} table#canspamBar td a{display:block !important; margin-top:10px !important;} }
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