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Bitcoin Core version 27.0 is now availableView the full article

Bitcoin Core version 25.0 is now availableView the full article

????Crypto Trader Digest p{ margin:10px 0; padding:0; } table{ border-collapse:collapse; } h1,h2,h3,h4,h5,h6{ display:block; margin:0; padding:0; } img,a img{ border:0; height:auto; outline:none; text-decoration:none; } body,#bodyTable,#bodyCell{ height:100%; margin:0; padding:0; width:100%; } .mcnPreviewText{ display:none !important; } #outlook a{ padding:0; } img{ -ms-interpolation-mode:bicubic; } table{ mso-table-lspace:0pt; mso-table-rspace:0pt; } .ReadMsgBody{ width:100%; } .ExternalClass{ width:100%; } p,a,li,td,blockquote{ mso-line-height-rule:exactly; } a[href^=tel],a[href^=sms]{ color:inherit; cursor:default; text-decoration:none; } p,a,li,td,body,table,blockquote{ -ms-text-size-adjust:100%; -webkit-text-size-adjust:100%; } .ExternalClass,.ExternalClass p,.ExternalClass td,.ExternalClass div,.ExternalClass span,.ExternalClass font{ line-height:100%; } a[x-apple-data-detectors]{ color:inherit !important; text-decoration:none !important; font-size:inherit !important; font-family:inherit !important; 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line-height:150% !important; } } @media only screen and (max-width: 480px){ #templatePreheader{ display:block !important; } } @media only screen and (max-width: 480px){ #templatePreheader .mcnTextContent,#templatePreheader .mcnTextContent p{ font-size:14px !important; line-height:150% !important; } } @media only screen and (max-width: 480px){ #templateHeader .mcnTextContent,#templateHeader .mcnTextContent p{ font-size:16px !important; line-height:150% !important; } } @media only screen and (max-width: 480px){ #templateBody .mcnTextContent,#templateBody .mcnTextContent p{ font-size:16px !important; line-height:150% !important; } } @media only screen and (max-width: 480px){ #templateFooter .mcnTextContent,#templateFooter .mcnTextContent p{ font-size:14px !important; line-height:150% !important; } } Enjoy the Latest Edition of Crypto Trader Digest - Energy Cancelled ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ A Message from Alexander Höptner, CEO of BitMEX With the war in Ukraine, international sanctions and boycotts on Russia, and economic fallout, there’s plenty to keep the news consumer very busy. But following the day-to-day can often cause one to miss the forest for the trees - in other words, the macro implications that could last for years or even decades. These implications necessarily have an impact on our investing thesis. Arthur has some thoughts in the latest installment of Crypto Trader Digest that you might not expect - particularly on gold. I wonder what Peter Schiff would have to say about Arthur’s bullish gold price prediction in this essay? No matter - for us crypto traders, Arthur’s USD 1,000,000 Bitcoin price prediction might encourage us to stack some more sats for a rainy day. - Alex (@AlexHoeptner) From the Desk of Arthur Hayes Energy Cancelled (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 last major hydrocarbon energy shock occurred because Arab suppliers rug pulled the West. The Gulf States “lived their values” regarding the political situation in Israel at the time. This time the West decided to “live their values” and cancel the world’s largest energy producer. Don’t allow your opinion on the righteousness (or not) of the military action between Russia and Ukraine detract from the fact that this time around the Western energy consumer decided to go on strike. I am 100% certain that there will be a financial crisis of epic proportions predicated on losses faced by commodity producers and traders who touch every aspect of the globalised financial system. You cannot remove the world’s largest energy producer - and the collateral these commodity resources represent - from the financial system without serious unimagined and unintended consequences. Look no further than the antics that went down on the LME with respect to its Nickel contract. Jim Bianco laid it out nicely with this tweet. The LME is a dead exchange walking. LME is the canary in the commodity derivatives coal mine. During the unfolding of this new global financial crisis, if you are serious about what the future holds monetarily for the various global factions, reading Zoltan Pozsar’s missives is non-negotiable. He is a money markets and rates strategist for Credit Suisse and pairs an excellent understanding of the intricate plumbing of global money markets with a clear and concise writing style. I don’t know if he coined the terms “Inside Money” and “Outside Money,” but I rather like how simple yet informative these descriptions of money and collateral are. Click here to continue reading this edition of Crypto Trader Digest – Arthur Hayes, Co-Founder of BitMEX (@CryptoHayes) Latest Commentary from BitMEX Don't Wait For The Inflationary Endgame. Abstract: We provide a follow on to our March 2020 piece, Inflation Is Coming. Inflation has now reached the highest levels since the early 1980s and the Fed will and must tighten liquidity conditions in response. Despite what some think, we believe this inevitable tightening of liquidity conditions will have a significant impact on consumer prices and the inflation rate will decline. However, in the long term, we still think inflation will emerge as the final victor and the intervening period may have volatile inflationary conditions, which could be incredibly difficult to navigate. Inflation is here Whatever weight you allocate to the various potential contributing factors behind the current elevated inflation rate, be it a set of specific supply chain issues in the wake of Covid-19 or the monetary and fiscal response to Covid-19, we are where we are. Inflation is now here, officially at the highest level since the early 1980s. The Fed is now required to respond and will do so. 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;} } View the full article

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} } @media only screen and (max-width: 480px){ .mcnTextContent,.mcnBoxedTextContentColumn{ padding-right:18px !important; padding-left:18px !important; } } @media only screen and (max-width: 480px){ .mcnImageCardLeftImageContent,.mcnImageCardRightImageContent{ padding-right:18px !important; padding-bottom:0 !important; padding-left:18px !important; } } @media only screen and (max-width: 480px){ .mcpreview-image-uploader{ display:none !important; width:100% !important; } } @media only screen and (max-width: 480px){ h1{ font-size:22px !important; line-height:125% !important; } } @media only screen and (max-width: 480px){ h2{ font-size:20px !important; line-height:125% !important; } } @media only screen and (max-width: 480px){ h3{ font-size:18px !important; line-height:125% !important; } } @media only screen and (max-width: 480px){ h4{ font-size:16px !important; line-height:150% !important; } } @media only screen and (max-width: 480px){ .mcnBoxedTextContentContainer .mcnTextContent,.mcnBoxedTextContentContainer .mcnTextContent p{ font-size:14px !important; line-height:150% !important; } } @media only screen and (max-width: 480px){ #templatePreheader{ display:block !important; } } @media only screen and (max-width: 480px){ #templatePreheader .mcnTextContent,#templatePreheader .mcnTextContent p{ font-size:14px !important; line-height:150% !important; } } @media only screen and (max-width: 480px){ #templateHeader .mcnTextContent,#templateHeader .mcnTextContent p{ font-size:16px !important; line-height:150% !important; } } @media only screen and (max-width: 480px){ #templateBody .mcnTextContent,#templateBody .mcnTextContent p{ font-size:16px !important; line-height:150% !important; } } @media only screen and (max-width: 480px){ #templateFooter .mcnTextContent,#templateFooter .mcnTextContent p{ font-size:14px !important; line-height:150% !important; } } Enjoy the Latest Edition of Crypto Trader Digest - Annihilation ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ A Message from Alexander Höptner, CEO of BitMEX It’s never easy to confront the reality that we live in an unpredictable and sometimes violent world. That fact is being laid bare with the ongoing invasion of Ukraine. The human cost is staggering and the global repercussions unknowable. But it reminds us of what is at stake in this volatile environment, and the evil destruction of war. For many, it’s their lives, livelihoods, homes, family, and friends. And so I think it’s important that we keep our priorities as investors and traders in perspective. The outpouring of support that the crypto community has shown for the Ukrainian people has been very encouraging and I stand in support of this. We must not forget that their suffering won’t necessarily end when the headlines fade from the front pages. Those of us who are crypto traders must also factor the phenomenon of war into our macro investment reasoning. How does monetary policy change in a time of conflict? What scenarios exist for inflation and money printing? Will crypto prove to be a safe haven asset? In this Crypto Trader Digest, we are presented with a framework to help us interpret what these events mean for our crypto portfolios. Let’s use it to test our thinking, while reminding ourselves that we are lucky if we are reading from a place of relative security. - Alex (@AlexHoeptner) From the Desk of Arthur Hayes Annihilation (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.) Thankfully, unlike many others around the world, my experiences of war are sanitised and indirect. Two of my mother’s brothers were conscripted into the Vietnam war. One uncle decided fighting in the steamy hot Vietnamese jungles was not his idea of a good way to spend a portion of his youth, and was imprisoned for not fighting. Another went, and when I asked him what it was like, he said he felt like two angels were there protecting him from getting maimed or killed by enemy fire. My father fought in the Korean war, but he never talked much about his experiences, so I don’t have any idea on what he thought about the topic. As a child growing up, my knowledge of war came from the television. The video game of war played out on nightly news broadcasts. Americans fighting in Iraq, Bosnia, Afghanistan, Iraq again and various other proxy skirmishes dotted the news casts. Luckily I did not suffer rationing of food or consumer items, or experience the effect of crushing inflation during the times America was at war. Many in the world, likely including some of you readers, have experienced real hardship as a result of war. Family members you loved were injured or killed. You might be a refugee displaced by conflict. Or you have gone hungry because food was scarce or extremely expensive so that the soldiers could eat. When viewed from a macro humanist perspective, war is always destructive and energy wasteful. Human civilization converts the potential energy of the sun and the earth into food, shelter, and entertainment. War is the act of spending energy to destroy the fruits of human civilization. While one side “wins”, and achieves some political or resource-driven goal by defeating their enemy, humanity loses because the things destroyed by kinetic energy weapons must now be rebuilt using additional energy. The potential contributions of the humans slain on both sides are also lost forever. Click here to continue reading this edition of Crypto Trader Digest – Arthur Hayes, Co-Founder of BitMEX (@CryptoHayes) Latest Commentary from BitMEX How Will Crypto Change in 2022? Here are Our Five Big Predictions. This blog presents an overview of our report, entitled ‘Five Ways the World of Crypto Will Change in 2022’. You’ll find the full report here. To say that 2021 was a wild year for crypto would be an understatement. Consider some of the top events of 2021: 1. El Salvador became the first country to accept Bitcoin as legal tender. 2. An internet collective called ConstitutionDAO almost bought the US Constitution. 3. The term ‘metaverse’ went mainstream following Facebook’s rebrand to Meta. 4. The world’s first Bitcoin-linked ETF debuted on the New York Stock Exchange. Changes in the crypto world happen a mile a minute – and that’s exactly what we love about this space. And if the first two months of 2022 were any indicator, we’re in for another whirlwind year. For an idea of what the future holds for crypto in 2022, be sure to read our newly published report, titled Five Ways the World of Crypto Will Change in 2022. 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;} } View the full article

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} } @media only screen and (max-width: 480px){ .mcnTextContent,.mcnBoxedTextContentColumn{ padding-right:18px !important; padding-left:18px !important; } } @media only screen and (max-width: 480px){ .mcnImageCardLeftImageContent,.mcnImageCardRightImageContent{ padding-right:18px !important; padding-bottom:0 !important; padding-left:18px !important; } } @media only screen and (max-width: 480px){ .mcpreview-image-uploader{ display:none !important; width:100% !important; } } @media only screen and (max-width: 480px){ h1{ font-size:22px !important; line-height:125% !important; } } @media only screen and (max-width: 480px){ h2{ font-size:20px !important; line-height:125% !important; } } @media only screen and (max-width: 480px){ h3{ font-size:18px !important; line-height:125% !important; } } @media only screen and (max-width: 480px){ h4{ font-size:16px !important; line-height:150% !important; } } @media only screen and (max-width: 480px){ .mcnBoxedTextContentContainer .mcnTextContent,.mcnBoxedTextContentContainer .mcnTextContent p{ font-size:14px !important; line-height:150% !important; } } @media only screen and (max-width: 480px){ #templatePreheader{ display:block !important; } } @media only screen and (max-width: 480px){ #templatePreheader .mcnTextContent,#templatePreheader .mcnTextContent p{ font-size:14px !important; line-height:150% !important; } } @media only screen and (max-width: 480px){ #templateHeader .mcnTextContent,#templateHeader .mcnTextContent p{ font-size:16px !important; line-height:150% !important; } } @media only screen and (max-width: 480px){ #templateBody .mcnTextContent,#templateBody .mcnTextContent p{ font-size:16px !important; line-height:150% !important; } } @media only screen and (max-width: 480px){ #templateFooter .mcnTextContent,#templateFooter .mcnTextContent p{ font-size:14px !important; line-height:150% !important; } } Enjoy the Latest Edition of Crypto Trader Digest - Bottomless ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ A Message from Alexander Höptner, CEO of BitMEX The last Crypto Trader Digest piece, Maelstrom, was one of the most popular of all time. To me, this is evidence that quality of analysis and clarity of thought - even when the outlook might be grim - trumps warm-and-fuzzy crypto prognostications any day. And one thing is for sure - Arthur will always give his views to you straight. During this ongoing time of strife (in both crypto and traditional markets), a little break can be just what we need to escape trading trials and tribulations. So sink into the snow and let this edition of Crypto Trader Digest lend you some perspective on how we can decode this topsy-turvy market with cold hard macro analysis. It might just give you some ideas on where and when to deploy your dry powder. - Alex (@AlexHoeptner) From the Desk of Arthur Hayes Bottomless (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.) Dump-eve 8:00 PM Scanning the horizon, you giddily observe the accumulation of snowflakes. The forecast calls for DUMP. And you and the rest of the mountain town can barely contain your glee about the upcoming powder day. You prepared accordingly: You tuned up your skis with temperature appropriate wax, and sharpened the edges. These planks of plastic, wood, and metal are going to fly. You made sure to stretch aggressively so that your legs are limber. And finally, you restrained yourself from getting blasted at the local tavern. Dump-day 6:00 AM Glorious snow glistens in the faint moonlight. It’s go time, but there are a few hours before the first lift opens. It’s time to prepare yourself for an epic day of shredding. First you check your phone in order to ascertain the magnitude of the dump. Unfortunately you were a bit distracted because crypto prices also observed an overnight dump to the tune of 10% - 30%. Ouchie, but the markets are not important– it’s a fucking powder day! The sweet smell of single origin Central American floral ground coffee beans fills the kitchen. You are stoked to try a new micro-lot of Panamanian Geisha beans. You brew a proper pour over filtered coffee, and sit down on your mat. First breath work, then a few light movements to limber up. Click here to continue reading this edition of Crypto Trader Digest – Arthur Hayes, Co-Founder of BitMEX (@CryptoHayes) Latest Commentary from BitMEX BXM Operations Intends to Purchase German Bank Bankhaus von der Heydt in Order to Create Regulated Crypto Products Powerhouse BXM Operations AG, a company founded by our CEO Alexander Höptner and CFO Stephan Lutz, has announced plans to purchase Bankhaus von der Heydt, a bank located in Munich, Germany. The deal is subject to approval by BaFin, the German financial services regulatory authority. BitMEX Group is pursuing the ambitious goal of establishing a one-stop shop for regulated crypto products in Germany, Austria, and Switzerland, and thus becoming a strong player in Europe – in addition to our global ambitions. This step was preceded by the launch of BitMEX Link in Europe, an innovative brokerage service based in Switzerland that facilitates trading in digital assets. The acquisition of Bankhaus von der Heydt is now the next step in the Group’s European expansion and product development. BXM Operations AG and Bankhaus von der Heydt’s current owner, Dietrich von Boetticher, have signed a purchase agreement, which will be completed only with BaFin’s regulatory approval. The transaction is expected to be complete in mid-2022. 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;} } View the full article

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 - Bottomless ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ A Message from Alexander Höptner, CEO of BitMEX The last Crypto Trader Digest piece, Maelstrom, was one of the most popular of all time. To me, this is evidence that quality of analysis and clarity of thought - even when the outlook might be grim - trumps warm-and-fuzzy crypto prognostications any day. And one thing is for sure - Arthur will always give his views to you straight. During this ongoing time of strife (in both crypto and traditional markets), a little break can be just what we need to escape trading trials and tribulations. So sink into the snow and let this edition of Crypto Trader Digest lend you some perspective on how we can decode this topsy-turvy market with cold hard macro analysis. It might just give you some ideas on where and when to deploy your dry powder. - Alex (@AlexHoeptner) From the Desk of Arthur Hayes Bottomless (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.) Dump-eve 8:00 PM Scanning the horizon, you giddily observe the accumulation of snowflakes. The forecast calls for DUMP. And you and the rest of the mountain town can barely contain your glee about the upcoming powder day. You prepared accordingly: You tuned up your skis with temperature appropriate wax, and sharpened the edges. These planks of plastic, wood, and metal are going to fly. You made sure to stretch aggressively so that your legs are limber. And finally, you restrained yourself from getting blasted at the local tavern. Dump-day 6:00 AM Glorious snow glistens in the faint moonlight. It’s go time, but there are a few hours before the first lift opens. It’s time to prepare yourself for an epic day of shredding. First you check your phone in order to ascertain the magnitude of the dump. Unfortunately you were a bit distracted because crypto prices also observed an overnight dump to the tune of 10% - 30%. Ouchie, but the markets are not important– it’s a fucking powder day! The sweet smell of single origin Central American floral ground coffee beans fills the kitchen. You are stoked to try a new micro-lot of Panamanian Geisha beans. You brew a proper pour over filtered coffee, and sit down on your mat. First breath work, then a few light movements to limber up. Click here to continue reading this edition of Crypto Trader Digest – Arthur Hayes, Co-Founder of BitMEX (@CryptoHayes) Latest Commentary from BitMEX BXM Operations Intends to Purchase German Bank Bankhaus von der Heydt in Order to Create Regulated Crypto Products Powerhouse BXM Operations AG, a company founded by our CEO Alexander Höptner and CFO Stephan Lutz, has announced plans to purchase Bankhaus von der Heydt, a bank located in Munich, Germany. The deal is subject to approval by BaFin, the German financial services regulatory authority. BitMEX Group is pursuing the ambitious goal of establishing a one-stop shop for regulated crypto products in Germany, Austria, and Switzerland, and thus becoming a strong player in Europe – in addition to our global ambitions. This step was preceded by the launch of BitMEX Link in Europe, an innovative brokerage service based in Switzerland that facilitates trading in digital assets. The acquisition of Bankhaus von der Heydt is now the next step in the Group’s European expansion and product development. BXM Operations AG and Bankhaus von der Heydt’s current owner, Dietrich von Boetticher, have signed a purchase agreement, which will be completed only with BaFin’s regulatory approval. The transaction is expected to be complete in mid-2022. 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;} }

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} } @media only screen and (max-width: 480px){ .mcnTextContent,.mcnBoxedTextContentColumn{ padding-right:18px !important; padding-left:18px !important; } } @media only screen and (max-width: 480px){ .mcnImageCardLeftImageContent,.mcnImageCardRightImageContent{ padding-right:18px !important; padding-bottom:0 !important; padding-left:18px !important; } } @media only screen and (max-width: 480px){ .mcpreview-image-uploader{ display:none !important; width:100% !important; } } @media only screen and (max-width: 480px){ h1{ font-size:22px !important; line-height:125% !important; } } @media only screen and (max-width: 480px){ h2{ font-size:20px !important; line-height:125% !important; } } @media only screen and (max-width: 480px){ h3{ font-size:18px !important; line-height:125% !important; } } @media only screen and (max-width: 480px){ h4{ font-size:16px !important; line-height:150% !important; } } @media only screen and (max-width: 480px){ .mcnBoxedTextContentContainer .mcnTextContent,.mcnBoxedTextContentContainer .mcnTextContent p{ font-size:14px !important; line-height:150% !important; } } @media only screen and (max-width: 480px){ #templatePreheader{ display:block !important; } } @media only screen and (max-width: 480px){ #templatePreheader .mcnTextContent,#templatePreheader .mcnTextContent p{ font-size:14px !important; line-height:150% !important; } } @media only screen and (max-width: 480px){ #templateHeader .mcnTextContent,#templateHeader .mcnTextContent p{ font-size:16px !important; line-height:150% !important; } } @media only screen and (max-width: 480px){ #templateBody .mcnTextContent,#templateBody .mcnTextContent p{ font-size:16px !important; line-height:150% !important; } } @media only screen and (max-width: 480px){ #templateFooter .mcnTextContent,#templateFooter .mcnTextContent p{ font-size:14px !important; line-height:150% !important; } } Enjoy the Latest Edition of Crypto Trader Digest - Maelstrom ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ A Message from Alexander Höptner, CEO of BitMEX Crypto markets ebb and flow - sometimes gracefully, other times violently. Some people are born to thrive in the volatility - others just want to sit back and drink a cool one while the number (hopefully) goes up. If you’re the latter, you might ask yourself how you might construct a portfolio that weathers even the most calamitous of days. You’ll find some examples in this essay - and some predictions by Arthur backed up by macro thought and analysis - that are uncharacteristically bearish (in the short term). History has a tendency to repeat itself. In this week’s Crypto Trader Digest, Arthur shares what assets he’s selling off, and which ones he’s HODLing. Don’t skip this one, fellow crypto traders. - Alex (@AlexHoeptner) From the Desk of Arthur Hayes Maelstrom (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 of the most destructive mental constructs to the health of your financial portfolio is measuring yearly arithmetic returns. The goal, as always, is to maintain or increase the purchasing power of your assets relative to the cost of energy. Human civilisation essentially converts the potential energy of the Sun and Earth into kinetic energy that supports our bodily functions and modern lifestyle. Making money is not the goal, because money is just an energy abstraction. The correct – and admittedly difficult to track – means of measuring your financial success is determining how many barrels of oil your lifestyle costs now and how many it will cost in the future. Then you must ensure the value of your financial savings increases faster than your expected energy consumption. The markets don’t stop just because the clock ticked 12:01 AM on 1 January 2022. Returns are compound and path-dependent in nature. Unfortunately, there are only a few trading days that actually matter. A simple example will illustrate this point. Travel back to 1 January 2020, when the world was a simpler place and the global coronavirus madness had not yet taken hold. Bitcoin fetched $7,216. The last day of that fine year, Bitcoin commanded a price of $28,996. The YoY arithmetic return was 302%. Who made more, Bitcoin investors or Pfizer? Click here to continue reading this edition of Crypto Trader Digest – Arthur Hayes, Co-Founder of BitMEX (@CryptoHayes) Latest Commentary from BitMEX BitMEX Welcomes 50,000 New Users Following the Launch of BMEX These users, plus active existing traders, will be airdropped BMEX by 1 February. Following the launch of BMEX token on December 21, we’ve welcomed 50,000 new users – a sign of tremendous interest in BMEX and the growth of our ecosystem. These users will be among the first to be airdropped our highly-awaited BMEX token by 1 February. BMEX is not being offered to U.S. Persons and is not available in the United States and in other specified jurisdictions. 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;} } View the full article

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 - Maelstrom ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ A Message from Alexander Höptner, CEO of BitMEX Crypto markets ebb and flow - sometimes gracefully, other times violently. Some people are born to thrive in the volatility - others just want to sit back and drink a cool one while the number (hopefully) goes up. If you’re the latter, you might ask yourself how you might construct a portfolio that weathers even the most calamitous of days. You’ll find some examples in this essay - and some predictions by Arthur backed up by macro thought and analysis - that are uncharacteristically bearish (in the short term). History has a tendency to repeat itself. In this week’s Crypto Trader Digest, Arthur shares what assets he’s selling off, and which ones he’s HODLing. Don’t skip this one, fellow crypto traders. - Alex (@AlexHoeptner) From the Desk of Arthur Hayes Maelstrom (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 of the most destructive mental constructs to the health of your financial portfolio is measuring yearly arithmetic returns. The goal, as always, is to maintain or increase the purchasing power of your assets relative to the cost of energy. Human civilisation essentially converts the potential energy of the Sun and Earth into kinetic energy that supports our bodily functions and modern lifestyle. Making money is not the goal, because money is just an energy abstraction. The correct – and admittedly difficult to track – means of measuring your financial success is determining how many barrels of oil your lifestyle costs now and how many it will cost in the future. Then you must ensure the value of your financial savings increases faster than your expected energy consumption. The markets don’t stop just because the clock ticked 12:01 AM on 1 January 2022. Returns are compound and path-dependent in nature. Unfortunately, there are only a few trading days that actually matter. A simple example will illustrate this point. Travel back to 1 January 2020, when the world was a simpler place and the global coronavirus madness had not yet taken hold. Bitcoin fetched $7,216. The last day of that fine year, Bitcoin commanded a price of $28,996. The YoY arithmetic return was 302%. Who made more, Bitcoin investors or Pfizer? Click here to continue reading this edition of Crypto Trader Digest – Arthur Hayes, Co-Founder of BitMEX (@CryptoHayes) Latest Commentary from BitMEX BitMEX Welcomes 50,000 New Users Following the Launch of BMEX These users, plus active existing traders, will be airdropped BMEX by 1 February. Following the launch of BMEX token on December 21, we’ve welcomed 50,000 new users – a sign of tremendous interest in BMEX and the growth of our ecosystem. These users will be among the first to be airdropped our highly-awaited BMEX token by 1 February. BMEX is not being offered to U.S. Persons and is not available in the United States and in other specified jurisdictions. 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;} }

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line-height:150% !important; } } @media only screen and (max-width: 480px){ #templatePreheader{ display:block !important; } } @media only screen and (max-width: 480px){ #templatePreheader .mcnTextContent,#templatePreheader .mcnTextContent p{ font-size:14px !important; line-height:150% !important; } } @media only screen and (max-width: 480px){ #templateHeader .mcnTextContent,#templateHeader .mcnTextContent p{ font-size:16px !important; line-height:150% !important; } } @media only screen and (max-width: 480px){ #templateBody .mcnTextContent,#templateBody .mcnTextContent p{ font-size:16px !important; line-height:150% !important; } } @media only screen and (max-width: 480px){ #templateFooter .mcnTextContent,#templateFooter .mcnTextContent p{ font-size:14px !important; line-height:150% !important; } } Enjoy the Latest Edition of Crypto Trader Digest - Yangon Yuletide ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ A Message from Alexander Höptner, CEO of BitMEX What’s more powerful - a meme, or a thousand words? Maybe that’s not the best thing to ask recipients of Crypto Trader Digest, which is famous for being long-form. But surprisingly, I think the author would say that memes win out - at least when it comes to influencing the masses. This Crypto Trader Digest spins a tale of travel, meme culture, and social sorting. It gives us an overview of the Mount Rushmore of Crypto Memes, how they became part of the crypto community’s zeitgeist, and why their staying power is so great. But it also serves as a warning to many of us to not prioritise a clubby crypto culture over inclusiveness. Our way of communicating needs to welcome newcomers while also differentiating crypto from limitations - and lexicon - of legacy institutions. During this holiday season, we hope you take away some lessons from this piece. I recommend pairing this Crypto Trader Digest with eggnog, a roaring fire, and some family and friends. - Alex (@AlexHoeptner) From the Desk of Arthur Hayes Yangon Yuletide (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.) We landed in Mandalay, departed the airport, and began our Myanmar adventure. It was December 2012, and apart from a few wide-eyed tourists, the airport and immediate vicinity felt empty – like a perfect Alfred Hitchcock movie setup. After clearing immigration, we left a gleaming but empty airport, jumped into a vehicle from the 1980’s, and drove along a deserted highway. The taxi reminded me of my father’s car, which my brother and I used to refer to as the “bye-bye” car (because it might break down at any moment). It was a certified hooptie. We shared the four-lane expressway with a dude driving an ox-cart. Other than that, it was mid-day during the workweek and there wasn’t a soul to be seen as we entered the city. I was with my bestie – my wannabe K-pop star / NBA player hedge fund bro friend. The last time he drove to the hoop, he was steering his SUV to the Staples Centre. He decided to spend his mandatory two-week leave on a South-East Asia adventure with me. During the first two weeks of December 2012, we hit Jakarta, Bali, Bangkok, Kuala Lumpur, Myanmar (Mandalay, Inle Lake, Bagan, and Yangon), and finished the trip driving across Sri Lanka. My boy is real good with the internet, and did a lot of research on how to travel within Myanmar. A decade ago, many things we consider almost basic human rights did not exist. There was no mobile phone service, barely any internet connectivity, and no ATMs. They only accepted physical USD, but one had to be careful - as there were certain serial numbers that were not accepted. Wrinkled or torn notes weren’t accepted either – so we smushed all of our cash inside books so that the bills were flat and crisp. Click here to continue reading this edition of Crypto Trader Digest – Arthur Hayes, Co-Founder of BitMEX (@CryptoHayes) Latest Commentary from BitMEX BitMEX Token in 2022, and Other Things I’m Looking Forward To A message from Alexander Höptner, CEO of BitMEX I couldn’t be more excited to announce that we’re launching BMEX, our token, in 2022. This is a token for true believers, and there are many reasons to believe in its potential. As we transform BitMEX into a full crypto exchange ecosystem, the launch of BMEX marks a rebirth. The BitMEX user experience will never be the same, and the products and services we offer will continuously expand and grow as we do. We wanted to do things a little differently when it came to the launch of our much-awaited token. We’re bypassing the usual practice of having an initial private investor round in order to reward those we think are most deserving. Active BitMEX users (new and existing) will be the first to receive BMEX in a series of free airdrops starting on 1 February. 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;} } View the full article

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 - Yangon Yuletide ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ A Message from Alexander Höptner, CEO of BitMEX What’s more powerful - a meme, or a thousand words? Maybe that’s not the best thing to ask recipients of Crypto Trader Digest, which is famous for being long-form. But surprisingly, I think the author would say that memes win out - at least when it comes to influencing the masses. This Crypto Trader Digest spins a tale of travel, meme culture, and social sorting. It gives us an overview of the Mount Rushmore of Crypto Memes, how they became part of the crypto community’s zeitgeist, and why their staying power is so great. But it also serves as a warning to many of us to not prioritise a clubby crypto culture over inclusiveness. Our way of communicating needs to welcome newcomers while also differentiating crypto from limitations - and lexicon - of legacy institutions. During this holiday season, we hope you take away some lessons from this piece. I recommend pairing this Crypto Trader Digest with eggnog, a roaring fire, and some family and friends. - Alex (@AlexHoeptner) From the Desk of Arthur Hayes Yangon Yuletide (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.) We landed in Mandalay, departed the airport, and began our Myanmar adventure. It was December 2012, and apart from a few wide-eyed tourists, the airport and immediate vicinity felt empty – like a perfect Alfred Hitchcock movie setup. After clearing immigration, we left a gleaming but empty airport, jumped into a vehicle from the 1980’s, and drove along a deserted highway. The taxi reminded me of my father’s car, which my brother and I used to refer to as the “bye-bye” car (because it might break down at any moment). It was a certified hooptie. We shared the four-lane expressway with a dude driving an ox-cart. Other than that, it was mid-day during the workweek and there wasn’t a soul to be seen as we entered the city. I was with my bestie – my wannabe K-pop star / NBA player hedge fund bro friend. The last time he drove to the hoop, he was steering his SUV to the Staples Centre. He decided to spend his mandatory two-week leave on a South-East Asia adventure with me. During the first two weeks of December 2012, we hit Jakarta, Bali, Bangkok, Kuala Lumpur, Myanmar (Mandalay, Inle Lake, Bagan, and Yangon), and finished the trip driving across Sri Lanka. My boy is real good with the internet, and did a lot of research on how to travel within Myanmar. A decade ago, many things we consider almost basic human rights did not exist. There was no mobile phone service, barely any internet connectivity, and no ATMs. They only accepted physical USD, but one had to be careful - as there were certain serial numbers that were not accepted. Wrinkled or torn notes weren’t accepted either – so we smushed all of our cash inside books so that the bills were flat and crisp. Click here to continue reading this edition of Crypto Trader Digest – Arthur Hayes, Co-Founder of BitMEX (@CryptoHayes) Latest Commentary from BitMEX BitMEX Token in 2022, and Other Things I’m Looking Forward To A message from Alexander Höptner, CEO of BitMEX I couldn’t be more excited to announce that we’re launching BMEX, our token, in 2022. This is a token for true believers, and there are many reasons to believe in its potential. As we transform BitMEX into a full crypto exchange ecosystem, the launch of BMEX marks a rebirth. The BitMEX user experience will never be the same, and the products and services we offer will continuously expand and grow as we do. We wanted to do things a little differently when it came to the launch of our much-awaited token. We’re bypassing the usual practice of having an initial private investor round in order to reward those we think are most deserving. Active BitMEX users (new and existing) will be the first to receive BMEX in a series of free airdrops starting on 1 February. 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;} }

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 - Circo Loco ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ A Message from Alexander Höptner, CEO of BitMEX An intellectually honest, savvy crypto trader should maintain his or her overall investing thesis without becoming blind to the inevitable twists, turns, and headwinds along the way. In this week’s Crypto Trader Digest, Arthur shows us how it’s done. As we were all rudely reminded of over the past few weeks, crypto assets are still susceptible to outside market forces. Token prices are a function of the technology of the project and monetary conditions surrounding it. And this piece does a brilliant job of looking at if - and how - the monetary conditions might shift in the next few months. All great stories have familiar elements - a central challenge, intrigue, uncertainty. This story is about inflation (not so transitory any more?), the inner workings of central banks, and a healthy dose of politics to make things even more interesting and unpredictable. How will the story of crypto capital markets play out in the first few months of 2022? I suggest you read “Circo Loco” to get a view from one of the best. - Alex (@AlexHoeptner) From the Desk of Arthur Hayes Circo Loco (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 price of anything is the most powerful signal of the collective will of humanity. As a society we utilise forms of money as an abstraction of the energy it costs to produce the things that sustain us. The price tells us what amount of energy balances supply and demand for a given good or service. When society distorts pricing signals, supply and demand becomes imbalanced, resulting in wasted energy. Waste enough energy, and civilisation falls; hopefully to be replaced with a new social structure that is properly organised to conserve energy in a better way. With all of the exciting current and future developments of crypto, we must not lose sight of the most important ingredient to the current excitement … The BOOLMARKET. Yes, the technology has to work and does … sometimes. But if we are moving towards a tokenised world, the price of the token that represents a particular piece of crypto technology or community is the easiest way for a layperson to understand whether it is successful or not. However, the PRICE = SUCCESS identity is easily perverted if the unit of account is attached to a money printing central bank / government. How are we to tell the real energy value of a thing if the quantum of the yardstick increases every year? Or worse, if the yardstick is just a piece of political theater based on the whims of fallible humans who care only for their survival in office. While many crypto natives benchmark their wealth in Bitcoin (and increasingly, Ether) terms, the vast majority of humanity values their net worth on some derivative fiat currency linked to the US dollar. The spectacular rise of all things crypto since the washout in March 2020 will make some think that superior technology is winning. The tech is so amazing and transformative that the gains in adoption will not only increase but accelerate. Along with this success, the prices of many assets will continue to rise exponentially. You think to yourself, “this shit is so LIT, I only look at charts on a log scale.” Click here to continue reading this edition of Crypto Trader Digest – Arthur Hayes, Co-Founder of BitMEX (@CryptoHayes) Latest Commentary from BitMEX Under the Hood: Optimising Trading Performance on BitMEX Behind the scenes here at BitMEX, our engineers are always looking to improve our platform performance - especially in light of the rapid product expansion we have planned, starting with the launch of Tether margin and settlement this week. Lately, we've knocked it out the park - take some of the highest volume trading days of 2021 - 19 May, 8 September, and even last week for example. These high volume days knocked some other exchanges off their mark, but BitMEX outperformed. Here, we shine a spotlight on what our engineers have been doing to reduce data feed latency, and why it matters for traders. Latest from BitMEX Research Ethereum's New 1MB Blocksize Limit In this piece, we look at a new Ethereum improvement proposal (EIP-4488), published recently by Vitalik Buterin. This proposal is designed to make a potential so-called “layer 2” scaling solution, called rollups, more affordable. As a result of this, to mitigate the high level of block space these rollups could consume, a new blocksize data limit is introduced. We explain the very basics of how rollups work, particularly in the context of Bitcoin and discuss some of the challenges Ethereum may face, caused by the new blocksize limit, which we think could undermine some of the benefits of EIP-1559. 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;} }

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} } @media only screen and (max-width: 480px){ .mcnTextContent,.mcnBoxedTextContentColumn{ padding-right:18px !important; padding-left:18px !important; } } @media only screen and (max-width: 480px){ .mcnImageCardLeftImageContent,.mcnImageCardRightImageContent{ padding-right:18px !important; padding-bottom:0 !important; padding-left:18px !important; } } @media only screen and (max-width: 480px){ .mcpreview-image-uploader{ display:none !important; width:100% !important; } } @media only screen and (max-width: 480px){ h1{ font-size:22px !important; line-height:125% !important; } } @media only screen and (max-width: 480px){ h2{ font-size:20px !important; line-height:125% !important; } } @media only screen and (max-width: 480px){ h3{ font-size:18px !important; line-height:125% !important; } } @media only screen and (max-width: 480px){ h4{ font-size:16px !important; line-height:150% !important; } } @media only screen and (max-width: 480px){ .mcnBoxedTextContentContainer .mcnTextContent,.mcnBoxedTextContentContainer .mcnTextContent p{ font-size:14px !important; line-height:150% !important; } } @media only screen and (max-width: 480px){ #templatePreheader{ display:block !important; } } @media only screen and (max-width: 480px){ #templatePreheader .mcnTextContent,#templatePreheader .mcnTextContent p{ font-size:14px !important; line-height:150% !important; } } @media only screen and (max-width: 480px){ #templateHeader .mcnTextContent,#templateHeader .mcnTextContent p{ font-size:16px !important; line-height:150% !important; } } @media only screen and (max-width: 480px){ #templateBody .mcnTextContent,#templateBody .mcnTextContent p{ font-size:16px !important; line-height:150% !important; } } @media only screen and (max-width: 480px){ #templateFooter .mcnTextContent,#templateFooter .mcnTextContent p{ font-size:14px !important; line-height:150% !important; } } Enjoy the Latest Edition of Crypto Trader Digest - Circo Loco ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ A Message from Alexander Höptner, CEO of BitMEX An intellectually honest, savvy crypto trader should maintain his or her overall investing thesis without becoming blind to the inevitable twists, turns, and headwinds along the way. In this week’s Crypto Trader Digest, Arthur shows us how it’s done. As we were all rudely reminded of over the past few weeks, crypto assets are still susceptible to outside market forces. Token prices are a function of the technology of the project and monetary conditions surrounding it. And this piece does a brilliant job of looking at if - and how - the monetary conditions might shift in the next few months. All great stories have familiar elements - a central challenge, intrigue, uncertainty. This story is about inflation (not so transitory any more?), the inner workings of central banks, and a healthy dose of politics to make things even more interesting and unpredictable. How will the story of crypto capital markets play out in the first few months of 2022? I suggest you read “Circo Loco” to get a view from one of the best. - Alex (@AlexHoeptner) From the Desk of Arthur Hayes Circo Loco (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 price of anything is the most powerful signal of the collective will of humanity. As a society we utilise forms of money as an abstraction of the energy it costs to produce the things that sustain us. The price tells us what amount of energy balances supply and demand for a given good or service. When society distorts pricing signals, supply and demand becomes imbalanced, resulting in wasted energy. Waste enough energy, and civilisation falls; hopefully to be replaced with a new social structure that is properly organised to conserve energy in a better way. With all of the exciting current and future developments of crypto, we must not lose sight of the most important ingredient to the current excitement … The BOOLMARKET. Yes, the technology has to work and does … sometimes. But if we are moving towards a tokenised world, the price of the token that represents a particular piece of crypto technology or community is the easiest way for a layperson to understand whether it is successful or not. However, the PRICE = SUCCESS identity is easily perverted if the unit of account is attached to a money printing central bank / government. How are we to tell the real energy value of a thing if the quantum of the yardstick increases every year? Or worse, if the yardstick is just a piece of political theater based on the whims of fallible humans who care only for their survival in office. While many crypto natives benchmark their wealth in Bitcoin (and increasingly, Ether) terms, the vast majority of humanity values their net worth on some derivative fiat currency linked to the US dollar. The spectacular rise of all things crypto since the washout in March 2020 will make some think that superior technology is winning. The tech is so amazing and transformative that the gains in adoption will not only increase but accelerate. Along with this success, the prices of many assets will continue to rise exponentially. You think to yourself, “this shit is so LIT, I only look at charts on a log scale.” Click here to continue reading this edition of Crypto Trader Digest – Arthur Hayes, Co-Founder of BitMEX (@CryptoHayes) Latest Commentary from BitMEX Under the Hood: Optimising Trading Performance on BitMEX Behind the scenes here at BitMEX, our engineers are always looking to improve our platform performance - especially in light of the rapid product expansion we have planned, starting with the launch of Tether margin and settlement this week. Lately, we've knocked it out the park - take some of the highest volume trading days of 2021 - 19 May, 8 September, and even last week for example. These high volume days knocked some other exchanges off their mark, but BitMEX outperformed. Here, we shine a spotlight on what our engineers have been doing to reduce data feed latency, and why it matters for traders. Latest from BitMEX Research Ethereum's New 1MB Blocksize Limit In this piece, we look at a new Ethereum improvement proposal (EIP-4488), published recently by Vitalik Buterin. This proposal is designed to make a potential so-called “layer 2” scaling solution, called rollups, more affordable. As a result of this, to mitigate the high level of block space these rollups could consume, a new blocksize data limit is introduced. We explain the very basics of how rollups work, particularly in the context of Bitcoin and discuss some of the challenges Ethereum may face, caused by the new blocksize limit, which we think could undermine some of the benefits of EIP-1559. 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;} } View the full article

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 - DAO Lay Lo Mo ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ A Message from Alexander Höptner, CEO of BitMEX This installment of Crypto Trader Digest reminded me of what brought many of us to the world of crypto in the first place: our vision of a decentralised, inclusive financial ecosystem. We often fall short of that ideal - but there’s hope, and it lies in the metaverse, according to Arthur. And the key to decentralising finance will be the DAO, or Decentralised Autonomous Organisation, existing on a public blockchain. This radical transparency will enable some groundbreaking innovations - DAO banks, fixed-income markets, even credit cards issued by DAOs in the metaverse. The uninitiated might think that DAOs are silly creations formed to pursue whims like buying a copy of the US Constitution (and ConstitutionDAO almost succeeded, only to be denied by Ken Griffin, the ultimate TradFi avatar). But to dismiss DAOs, and the principles and technology that underpin them, would be a mistake. ConstitutionDAO isn’t the death of the DAO - it’s the birth of a new era. Dive into the possibilities in this week’s Crypto Trader Digest. - Alex (@AlexHoeptner) From the Desk of Arthur Hayes DAO Lay Lo Mo (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.) After spending a third of my life in Hong Kong, my Cantonese is still rubbish. I can squeak out my address with an acceptable accent, but not much else (aside from my repertoire of essential Cantonese expletive phrases, which is passable). Walking down the street in Hong Kong, you might believe this island to be a city of malcontents due to the noise and tone of overheard conversations. If you happen to like Dim Sum, the cacophony of loud-spoken Cantonese is a key part of the experience. And if you are really a local, you will be able to swear using the correct tones. Supposedly there are nine tones in Cantonese, of which I know exactly zero. I can barely intonate Mandarin correctly, and it only features four. My tutor is always correcting me. The most common spoken invective is Diu Lay Lo Mo – and it’s used often and in many situations. A correctly placed Diu will get you far, even if 90% of the sentence is in English. The linguistic features of Cantonese have almost no relevance to DAOs and the metaverse– so don’t go looking for hidden meaning in the title of this post. I just really liked the sound of it. With that bit of non-sequitur context out of the way, onto our regularly scheduled programming. Click here to continue reading this edition of Crypto Trader Digest – Arthur Hayes, Co-Founder of BitMEX (@CryptoHayes) Latest Commentary from BitMEX BitMEX Expands to Vancouver, British Columbia We are glad to announce that the latest destination for the expansion of our global footprint is Vancouver, British Columbia. Vancouver is an ideal destination because of its innovative culture, crypto-savvy workforce, and welcoming business environment. Our Vancouver presence will allow us to more quickly grow and establish more robust 24/7 support functions for our business – including technical, security, customer support, and devops capabilities. Our Vancouver expansion comes as we greatly open up more trading opportunities in new product lines for clients across a number of jurisdictions globally. Latest from BitMEX Research Bitcoin vs Ethereum - Blockchain Size In this piece, we attempt to compare and evaluate the differences in the blockchain size and data storage requirements of Bitcoin and Ethereum. Surprisingly, Bitcoin’s blockchain is still larger than Ethereum. However, this is about to change and Ethereum is soon set to surpass Bitcoin with its rapid appreciation in blockchain size. On the other hand, this metric is not a particularly useful comparison, as to learn useful information about the Ethereum network, one needs to perform significantly more computations and generate far more data. 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;} }

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line-height:150% !important; } } @media only screen and (max-width: 480px){ #templatePreheader{ display:block !important; } } @media only screen and (max-width: 480px){ #templatePreheader .mcnTextContent,#templatePreheader .mcnTextContent p{ font-size:14px !important; line-height:150% !important; } } @media only screen and (max-width: 480px){ #templateHeader .mcnTextContent,#templateHeader .mcnTextContent p{ font-size:16px !important; line-height:150% !important; } } @media only screen and (max-width: 480px){ #templateBody .mcnTextContent,#templateBody .mcnTextContent p{ font-size:16px !important; line-height:150% !important; } } @media only screen and (max-width: 480px){ #templateFooter .mcnTextContent,#templateFooter .mcnTextContent p{ font-size:14px !important; line-height:150% !important; } } Enjoy the Latest Edition of Crypto Trader Digest - DAO Lay Lo Mo ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ A Message from Alexander Höptner, CEO of BitMEX This installment of Crypto Trader Digest reminded me of what brought many of us to the world of crypto in the first place: our vision of a decentralised, inclusive financial ecosystem. We often fall short of that ideal - but there’s hope, and it lies in the metaverse, according to Arthur. And the key to decentralising finance will be the DAO, or Decentralised Autonomous Organisation, existing on a public blockchain. This radical transparency will enable some groundbreaking innovations - DAO banks, fixed-income markets, even credit cards issued by DAOs in the metaverse. The uninitiated might think that DAOs are silly creations formed to pursue whims like buying a copy of the US Constitution (and ConstitutionDAO almost succeeded, only to be denied by Ken Griffin, the ultimate TradFi avatar). But to dismiss DAOs, and the principles and technology that underpin them, would be a mistake. ConstitutionDAO isn’t the death of the DAO - it’s the birth of a new era. Dive into the possibilities in this week’s Crypto Trader Digest. - Alex (@AlexHoeptner) From the Desk of Arthur Hayes DAO Lay Lo Mo (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.) After spending a third of my life in Hong Kong, my Cantonese is still rubbish. I can squeak out my address with an acceptable accent, but not much else (aside from my repertoire of essential Cantonese expletive phrases, which is passable). Walking down the street in Hong Kong, you might believe this island to be a city of malcontents due to the noise and tone of overheard conversations. If you happen to like Dim Sum, the cacophony of loud-spoken Cantonese is a key part of the experience. And if you are really a local, you will be able to swear using the correct tones. Supposedly there are nine tones in Cantonese, of which I know exactly zero. I can barely intonate Mandarin correctly, and it only features four. My tutor is always correcting me. The most common spoken invective is Diu Lay Lo Mo – and it’s used often and in many situations. A correctly placed Diu will get you far, even if 90% of the sentence is in English. The linguistic features of Cantonese have almost no relevance to DAOs and the metaverse– so don’t go looking for hidden meaning in the title of this post. I just really liked the sound of it. With that bit of non-sequitur context out of the way, onto our regularly scheduled programming. Click here to continue reading this edition of Crypto Trader Digest – Arthur Hayes, Co-Founder of BitMEX (@CryptoHayes) Latest Commentary from BitMEX BitMEX Expands to Vancouver, British Columbia We are glad to announce that the latest destination for the expansion of our global footprint is Vancouver, British Columbia. Vancouver is an ideal destination because of its innovative culture, crypto-savvy workforce, and welcoming business environment. Our Vancouver presence will allow us to more quickly grow and establish more robust 24/7 support functions for our business – including technical, security, customer support, and devops capabilities. Our Vancouver expansion comes as we greatly open up more trading opportunities in new product lines for clients across a number of jurisdictions globally. Latest from BitMEX Research Bitcoin vs Ethereum - Blockchain Size In this piece, we attempt to compare and evaluate the differences in the blockchain size and data storage requirements of Bitcoin and Ethereum. Surprisingly, Bitcoin’s blockchain is still larger than Ethereum. However, this is about to change and Ethereum is soon set to surpass Bitcoin with its rapid appreciation in blockchain size. On the other hand, this metric is not a particularly useful comparison, as to learn useful information about the Ethereum network, one needs to perform significantly more computations and generate far more data. 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;} } View the full article

Bitcoin Core version 22.0 is now available View the full article

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 - Chain Reaction ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ A Message from Alexander Höptner, CEO of BitMEX The coolest part about Crypto Trader Digest in my view is that the topics it explores ebb and flow. As crypto ploughs forward into new and uncharted territory like the metaverse, so should our imaginations. Curiosity makes us better suited to spot trends, and therefore makes us better traders. But we shouldn’t stray too far from the thing that brought most of us here in the first place - that macro understanding of how crypto addresses the inefficiencies and inequities present in the incumbent, analogue system. Macro is our bread and butter, and the foundation on which all of this is built. And Arthur returns to it in the latest installment of the Digest. In light of record inflation, fiscal stimulus, and iffy monetary policy decisions, what lies next for crypto in relation to equities? How do bond yields give us a sense of what’s coming? And what key dates do we need to keep an eye out for? Let’s find out, and then relax this weekend and look for another all-time-high. - Alex (@AlexHoeptner) From the Desk of Arthur Hayes Chain Reaction (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.) Combining an acid with a base yields salt plus water. Chemistry 101. My high school chemistry teacher would be dismayed if he knew that’s all I remembered from his years of instruction. Given the ingredients floating out there in the current global macro environment, the creation of Bitcoin was similarly inevitable – when you combine the internet, cryptography, and a decrepit and inequitable analogue financial system, you’re going to eventually pop out some sort of reactive technological development that attempts to ameliorate the disgusting status quo. Bitcoin and its blockchain happened to be the output. And now you are off to the races. The permutations of ideas that sprouted from our Lord Satoshi’s whitepaper allows me to write every fortnight about new, interesting facets of the crypto ecosystem. DeFi, NFTs, The Metaverse, DAOs, and the decentralisation of everything are all the result of reactions between a number of naturally-occurring inputs – with the two most important ingredients being Bitcoin and an analogue system deserving of an upgrade to mesh with the age of the computer and internet. While we revel in the BOOLMARKET of everything crypto, we must not forget the macroeconomic environment that provides a fertile substrate for the reactions driving our technological advancement. The orgy of post-COVID money printing and stimulus is giving even the most ardent supporters of command-and-control fiscal and monetary policies pause. The inflationary impacts of these policies across the most important manifestations of energy (food, housing, and transportation) are visibly destabilising the global social fabric. They call it “transitory”, but they know the guillotine is quite permanent. Let them eat cake. Click here to continue reading this edition of Crypto Trader Digest – Arthur Hayes, Co-Founder of BitMEX (@CryptoHayes) Latest Commentary from BitMEX Why We’ve Gone Carbon Neutral, and Why That’s Not Enough After making a commitment earlier this year to go carbon neutral, we’ve now offset emissions caused by all Bitcoin transactions to and from BitMEX. We’ve done this by making an initial purchase of 7,110 tonnes of CO2 credits, worth US$ 100,000, which by our calculations will cover the environmental footprint of not only our Bitcoin transactions but also the servers powering BitMEX for the next year. This makes us one of the first crypto exchanges to go carbon neutral on our blockchain transactions. But we know that this alone is not enough. Here are our next steps... Latest from BitMEX Research Bitcoin’s Carbon Footprint We examine the issue of the carbon footprint associated with Bitcoin mining. We argue that the most effective way for users and exchanges to evaluate the situation is through the lens of onchain transaction fees, which is the primary way users directly incentivise miners to conduct their energy intensive behavior. We provide our own very basic and conservative calculation which attempts to estimate the carbon footprint of spending US$1 on transaction fees, whilst to a limited extent considering Bitcoin’s unique energy characteristics, which incentivises low cost energy usage and potentially the use of otherwise trapped power. Like any methodology for measuring the carbon footprint of Bitcoin, ours is flawed, contradictory and controversial, however we believe there is no reasonable approach to this issue which will fully satisfy the critics and our approach improves upon some of the others out there. 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;} }

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width:100% !important; } } @media only screen and (max-width: 480px){ .mcnBoxedTextContentContainer{ min-width:100% !important; } } @media only screen and (max-width: 480px){ .mcnImageGroupContent{ padding:9px !important; } } @media only screen and (max-width: 480px){ .mcnCaptionLeftContentOuter .mcnTextContent,.mcnCaptionRightContentOuter .mcnTextContent{ padding-top:9px !important; } } @media only screen and (max-width: 480px){ .mcnImageCardTopImageContent,.mcnCaptionBottomContent:last-child .mcnCaptionBottomImageContent,.mcnCaptionBlockInner .mcnCaptionTopContent:last-child .mcnTextContent{ padding-top:18px !important; } } @media only screen and (max-width: 480px){ .mcnImageCardBottomImageContent{ padding-bottom:9px !important; } } @media only screen and (max-width: 480px){ .mcnImageGroupBlockInner{ padding-top:0 !important; padding-bottom:0 !important; } } @media only screen and (max-width: 480px){ .mcnImageGroupBlockOuter{ padding-top:9px !important; padding-bottom:9px !important; } } @media only screen and (max-width: 480px){ .mcnTextContent,.mcnBoxedTextContentColumn{ padding-right:18px !important; padding-left:18px !important; } } @media only screen and (max-width: 480px){ .mcnImageCardLeftImageContent,.mcnImageCardRightImageContent{ padding-right:18px !important; padding-bottom:0 !important; padding-left:18px !important; } } @media only screen and (max-width: 480px){ .mcpreview-image-uploader{ display:none !important; width:100% !important; } } @media only screen and (max-width: 480px){ h1{ font-size:22px !important; line-height:125% !important; } } @media only screen and (max-width: 480px){ h2{ font-size:20px !important; line-height:125% !important; } } @media only screen and (max-width: 480px){ h3{ font-size:18px !important; line-height:125% !important; } } @media only screen and (max-width: 480px){ h4{ font-size:16px !important; line-height:150% !important; } } @media only screen and (max-width: 480px){ .mcnBoxedTextContentContainer .mcnTextContent,.mcnBoxedTextContentContainer .mcnTextContent p{ font-size:14px !important; line-height:150% !important; } } @media only screen and (max-width: 480px){ #templatePreheader{ display:block !important; } } @media only screen and (max-width: 480px){ #templatePreheader .mcnTextContent,#templatePreheader .mcnTextContent p{ font-size:14px !important; line-height:150% !important; } } @media only screen and (max-width: 480px){ #templateHeader .mcnTextContent,#templateHeader .mcnTextContent p{ font-size:16px !important; line-height:150% !important; } } @media only screen and (max-width: 480px){ #templateBody .mcnTextContent,#templateBody .mcnTextContent p{ font-size:16px !important; line-height:150% !important; } } @media only screen and (max-width: 480px){ #templateFooter .mcnTextContent,#templateFooter .mcnTextContent p{ font-size:14px !important; line-height:150% !important; } } Enjoy the Latest Edition of Crypto Trader Digest - Chain Reaction ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ A Message from Alexander Höptner, CEO of BitMEX The coolest part about Crypto Trader Digest in my view is that the topics it explores ebb and flow. As crypto ploughs forward into new and uncharted territory like the metaverse, so should our imaginations. Curiosity makes us better suited to spot trends, and therefore makes us better traders. But we shouldn’t stray too far from the thing that brought most of us here in the first place - that macro understanding of how crypto addresses the inefficiencies and inequities present in the incumbent, analogue system. Macro is our bread and butter, and the foundation on which all of this is built. And Arthur returns to it in the latest installment of the Digest. In light of record inflation, fiscal stimulus, and iffy monetary policy decisions, what lies next for crypto in relation to equities? How do bond yields give us a sense of what’s coming? And what key dates do we need to keep an eye out for? Let’s find out, and then relax this weekend and look for another all-time-high. - Alex (@AlexHoeptner) From the Desk of Arthur Hayes Chain Reaction (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.) Combining an acid with a base yields salt plus water. Chemistry 101. My high school chemistry teacher would be dismayed if he knew that’s all I remembered from his years of instruction. Given the ingredients floating out there in the current global macro environment, the creation of Bitcoin was similarly inevitable – when you combine the internet, cryptography, and a decrepit and inequitable analogue financial system, you’re going to eventually pop out some sort of reactive technological development that attempts to ameliorate the disgusting status quo. Bitcoin and its blockchain happened to be the output. And now you are off to the races. The permutations of ideas that sprouted from our Lord Satoshi’s whitepaper allows me to write every fortnight about new, interesting facets of the crypto ecosystem. DeFi, NFTs, The Metaverse, DAOs, and the decentralisation of everything are all the result of reactions between a number of naturally-occurring inputs – with the two most important ingredients being Bitcoin and an analogue system deserving of an upgrade to mesh with the age of the computer and internet. While we revel in the BOOLMARKET of everything crypto, we must not forget the macroeconomic environment that provides a fertile substrate for the reactions driving our technological advancement. The orgy of post-COVID money printing and stimulus is giving even the most ardent supporters of command-and-control fiscal and monetary policies pause. The inflationary impacts of these policies across the most important manifestations of energy (food, housing, and transportation) are visibly destabilising the global social fabric. They call it “transitory”, but they know the guillotine is quite permanent. Let them eat cake. Click here to continue reading this edition of Crypto Trader Digest – Arthur Hayes, Co-Founder of BitMEX (@CryptoHayes) Latest Commentary from BitMEX Why We’ve Gone Carbon Neutral, and Why That’s Not Enough After making a commitment earlier this year to go carbon neutral, we’ve now offset emissions caused by all Bitcoin transactions to and from BitMEX. We’ve done this by making an initial purchase of 7,110 tonnes of CO2 credits, worth US$ 100,000, which by our calculations will cover the environmental footprint of not only our Bitcoin transactions but also the servers powering BitMEX for the next year. This makes us one of the first crypto exchanges to go carbon neutral on our blockchain transactions. But we know that this alone is not enough. Here are our next steps... Latest from BitMEX Research Bitcoin’s Carbon Footprint We examine the issue of the carbon footprint associated with Bitcoin mining. We argue that the most effective way for users and exchanges to evaluate the situation is through the lens of onchain transaction fees, which is the primary way users directly incentivise miners to conduct their energy intensive behavior. We provide our own very basic and conservative calculation which attempts to estimate the carbon footprint of spending US$1 on transaction fees, whilst to a limited extent considering Bitcoin’s unique energy characteristics, which incentivises low cost energy usage and potentially the use of otherwise trapped power. Like any methodology for measuring the carbon footprint of Bitcoin, ours is flawed, contradictory and controversial, however we believe there is no reasonable approach to this issue which will fully satisfy the critics and our approach improves upon some of the others out there. 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;} } View the full article

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 - Thanks for Nothing ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ A Message from Alexander Höptner, CEO of BitMEX As we rattle towards the end of the month, the big question in crypto markets is will Uptober live up to its name after the sell-off this week? As always in digital markets, we need to keep a long-term perspective and ride the waves of volatility we know and love. I was discussing some of October’s tumultuous events in crypto markets on Bloomberg last week, and reiterated my prediction that bitcoin will touch USD $100,000 by the end of this year. Let’s see if I’m right. The other big talking point was the impact of the first bitcoin ETF. There is rightly a range of views on this - mine being that ultimately ETFs are a net positive for crypto given the increase in awareness and interest in crypto that they bring...but ultimately, if you really want exposure to crypto then it’s better to cut out tradfi. As a former ETF trader in the tradfi world turned crypto derivs guru, who better to take a really deep dive into this topic than Arthur? So I’m delighted to share his take on this in Thanks for Nothing. Have a great weekend everyone. - Alex (@AlexHoeptner) From the Desk of Arthur Hayes Thanks for Nothing (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.) In August of 2006, I stepped off of a Cathay Pacific flight into my future home of Hong Kong for the first time. Welcome to study abroad! The previous semester, I applied and was accepted into the Hong Kong University of Technology’s program. Two years prior, before I began the 21st century rite of social passage called university, where one spends 4 years learning how to hold one’s liquor and other things like CAPM, I decided to chase growth. That meant Choyna. I enrolled in the Chinese language program. After two years of Chinese classes five days a week, I was OK at speaking, could hold a conversation, and write almost a thousand characters – but I was in no way, shape or form anywhere close to fluent. Without a full mastery of Chinese, I could not enroll in the Fudan program in Shanghai, as fluency in Mandarin was required. So I chose the next best thing after real China – Hong Kong. My first memory of Hong Kong is always with me, and evokes a strong sense of nostalgia. Like a complete noob, I disembarked, collected my luggage, and – brandishing a piece of paper with my university’s address – got into an unmarked car (because some dude hustled me in the arrivals hall). As I became a more seasoned traveler, I quickly learned to never ever get into a non-licensed taxi. Click here to continue reading this edition of Crypto Trader Digest – Arthur Hayes, Co-Founder of BitMEX (@CryptoHayes) Latest Commentary from BitMEX BitMEX CEO Alex Höptner on Bitcoin Rally “Alex Höptner, CEO of BitMEX, expects Bitcoin to rally to 100k by the end of the year.” 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;} }

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} } @media only screen and (max-width: 480px){ .mcnTextContent,.mcnBoxedTextContentColumn{ padding-right:18px !important; padding-left:18px !important; } } @media only screen and (max-width: 480px){ .mcnImageCardLeftImageContent,.mcnImageCardRightImageContent{ padding-right:18px !important; padding-bottom:0 !important; padding-left:18px !important; } } @media only screen and (max-width: 480px){ .mcpreview-image-uploader{ display:none !important; width:100% !important; } } @media only screen and (max-width: 480px){ h1{ font-size:22px !important; line-height:125% !important; } } @media only screen and (max-width: 480px){ h2{ font-size:20px !important; line-height:125% !important; } } @media only screen and (max-width: 480px){ h3{ font-size:18px !important; line-height:125% !important; } } @media only screen and (max-width: 480px){ h4{ font-size:16px !important; line-height:150% !important; } } @media only screen and (max-width: 480px){ .mcnBoxedTextContentContainer .mcnTextContent,.mcnBoxedTextContentContainer .mcnTextContent p{ font-size:14px !important; line-height:150% !important; } } @media only screen and (max-width: 480px){ #templatePreheader{ display:block !important; } } @media only screen and (max-width: 480px){ #templatePreheader .mcnTextContent,#templatePreheader .mcnTextContent p{ font-size:14px !important; line-height:150% !important; } } @media only screen and (max-width: 480px){ #templateHeader .mcnTextContent,#templateHeader .mcnTextContent p{ font-size:16px !important; line-height:150% !important; } } @media only screen and (max-width: 480px){ #templateBody .mcnTextContent,#templateBody .mcnTextContent p{ font-size:16px !important; line-height:150% !important; } } @media only screen and (max-width: 480px){ #templateFooter .mcnTextContent,#templateFooter .mcnTextContent p{ font-size:14px !important; line-height:150% !important; } } Enjoy the Latest Edition of Crypto Trader Digest - Thanks for Nothing ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ A Message from Alexander Höptner, CEO of BitMEX As we rattle towards the end of the month, the big question in crypto markets is will Uptober live up to its name after the sell-off this week? As always in digital markets, we need to keep a long-term perspective and ride the waves of volatility we know and love. I was discussing some of October’s tumultuous events in crypto markets on Bloomberg last week, and reiterated my prediction that bitcoin will touch USD $100,000 by the end of this year. Let’s see if I’m right. The other big talking point was the impact of the first bitcoin ETF. There is rightly a range of views on this - mine being that ultimately ETFs are a net positive for crypto given the increase in awareness and interest in crypto that they bring...but ultimately, if you really want exposure to crypto then it’s better to cut out tradfi. As a former ETF trader in the tradfi world turned crypto derivs guru, who better to take a really deep dive into this topic than Arthur? So I’m delighted to share his take on this in Thanks for Nothing. Have a great weekend everyone. - Alex (@AlexHoeptner) From the Desk of Arthur Hayes Thanks for Nothing (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.) In August of 2006, I stepped off of a Cathay Pacific flight into my future home of Hong Kong for the first time. Welcome to study abroad! The previous semester, I applied and was accepted into the Hong Kong University of Technology’s program. Two years prior, before I began the 21st century rite of social passage called university, where one spends 4 years learning how to hold one’s liquor and other things like CAPM, I decided to chase growth. That meant Choyna. I enrolled in the Chinese language program. After two years of Chinese classes five days a week, I was OK at speaking, could hold a conversation, and write almost a thousand characters – but I was in no way, shape or form anywhere close to fluent. Without a full mastery of Chinese, I could not enroll in the Fudan program in Shanghai, as fluency in Mandarin was required. So I chose the next best thing after real China – Hong Kong. My first memory of Hong Kong is always with me, and evokes a strong sense of nostalgia. Like a complete noob, I disembarked, collected my luggage, and – brandishing a piece of paper with my university’s address – got into an unmarked car (because some dude hustled me in the arrivals hall). As I became a more seasoned traveler, I quickly learned to never ever get into a non-licensed taxi. Click here to continue reading this edition of Crypto Trader Digest – Arthur Hayes, Co-Founder of BitMEX (@CryptoHayes) Latest Commentary from BitMEX BitMEX CEO Alex Höptner on Bitcoin Rally “Alex Höptner, CEO of BitMEX, expects Bitcoin to rally to 100k by the end of the year.” 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;} } View the full article

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;} }

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} } @media only screen and (max-width: 480px){ .mcnTextContent,.mcnBoxedTextContentColumn{ padding-right:18px !important; padding-left:18px !important; } } @media only screen and (max-width: 480px){ .mcnImageCardLeftImageContent,.mcnImageCardRightImageContent{ padding-right:18px !important; padding-bottom:0 !important; padding-left:18px !important; } } @media only screen and (max-width: 480px){ .mcpreview-image-uploader{ display:none !important; width:100% !important; } } @media only screen and (max-width: 480px){ h1{ font-size:22px !important; line-height:125% !important; } } @media only screen and (max-width: 480px){ h2{ font-size:20px !important; line-height:125% !important; } } @media only screen and (max-width: 480px){ h3{ font-size:18px !important; line-height:125% !important; } } @media only screen and (max-width: 480px){ h4{ font-size:16px !important; line-height:150% !important; } } @media only screen and (max-width: 480px){ .mcnBoxedTextContentContainer .mcnTextContent,.mcnBoxedTextContentContainer .mcnTextContent p{ font-size:14px !important; line-height:150% !important; } } @media only screen and (max-width: 480px){ #templatePreheader{ display:block !important; } } @media only screen and (max-width: 480px){ #templatePreheader .mcnTextContent,#templatePreheader .mcnTextContent p{ font-size:14px !important; line-height:150% !important; } } @media only screen and (max-width: 480px){ #templateHeader .mcnTextContent,#templateHeader .mcnTextContent p{ font-size:16px !important; line-height:150% !important; } } @media only screen and (max-width: 480px){ #templateBody .mcnTextContent,#templateBody .mcnTextContent p{ font-size:16px !important; line-height:150% !important; } } @media only screen and (max-width: 480px){ #templateFooter .mcnTextContent,#templateFooter .mcnTextContent p{ font-size:14px !important; line-height:150% !important; } } 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;} } View the full article

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;} }

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line-height:150% !important; } } @media only screen and (max-width: 480px){ #templatePreheader{ display:block !important; } } @media only screen and (max-width: 480px){ #templatePreheader .mcnTextContent,#templatePreheader .mcnTextContent p{ font-size:14px !important; line-height:150% !important; } } @media only screen and (max-width: 480px){ #templateHeader .mcnTextContent,#templateHeader .mcnTextContent p{ font-size:16px !important; line-height:150% !important; } } @media only screen and (max-width: 480px){ #templateBody .mcnTextContent,#templateBody .mcnTextContent p{ font-size:16px !important; line-height:150% !important; } } @media only screen and (max-width: 480px){ #templateFooter .mcnTextContent,#templateFooter .mcnTextContent p{ font-size:14px !important; line-height:150% !important; } } 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;} } View the full article

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;} }

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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;} } View the full article