Bitcoin Thread

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John Tempus said:
Or without him knowing it sounds like they deleveraged him while adding to his margin position funds automatically from his account.

But ye just getting magically deleveraged in a negative position without using any additional funding sounds like a straight up scam site, haha. If that was reality every tom dick and harry would just go there with max leverage and freely trade without a care in the world with the free deleveraging without costing them more funding.
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Sounds like suicide kamikaze cross margin on bitmex. No thank you, that's how you wipe an entire account in a single day.
 
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Knyro said:
Sounds like suicide kamikaze cross margin on bitmex. No thank you, that's how you wipe an entire account in a single day.
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Haha cross margin on bitmex is only there for the super gambler casino freaks. I dont even understand how any sensible exchange who cares at all about their new traders would offer such an option.

Anyone trading on bitmex without proper self control and a sensible strategy is better off longterm just going straight to a random online casino. Bitmex is seriously more destructive for new traders than any online casino.

In other news if we don't manage to close above 12k come 12am UTC (2hrs 20mins from now), today will seem like a stroll in the park compared to the dumping that will kick off tomorrow, 12k right now I suspect is new psycological level for traders to decide if they should just cashout completely and wait or if the market will keep itself above water.
 
John Tempus said:
That doesn't make sense. How can they deleverage you if you are moving deeping into your margin, that would simply liquidate you faster o_0 however you can reduce leverage if you add the difference to the trade from your own funds. You cannot reduce a negative trading position leverage without adding any extra funds, that is simply mathematically impossible.

You only ever use your leverage actually when you are moving into negative trading position and when you are still in positive trading position it makes no sense to deleverage if you are winning.

Either you explained it wrong or something is seriously fkd with the platform you referred to.
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Lol no its not magically deleveraged but rather your funds are used to keep your position open for longer. Apologies as I may not have explained that very well. Here is a screenshot that explains it better
Screen Shot 2019-07-11 at 12.19.17 AM.png
 
Right so as expected you did not get saved by this exchange, you simply adding more of your own funds into the trade so eventually if things dont pick up you end up just losing more. :p

I guess its a good feature in some way if you are away from trading with open position with high leverage for a long duration to enable or disable it. But if you need a feature like this to save you then you need to ask yourself why are you using such high leverage in the first place to need such a feature. :)
 
I don't get how that's auto-deleveraging. Sounds to me like they're adding leverage. They even call it something else.
 
Swa said:
I don't get how that's auto-deleveraging. Sounds to me like they're adding leverage. They even call it something else.
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Its definitely not deleveraging , your leverage remain the same in essence except you add additional margin to the leverage balance thats why your liquidation price point changes.

If you were to actually get deleveraged by adding more funds, the liquidation price point would remain the same.

And yes the name they give it is AMR which have nothing to do with reduction of leverage and simple their way of saying, "we will automatically add more funds to your losing trade from your remaining balance" lol
 
John Tempus said:
The timing of the article publishing on mybb seems satirical.

It got front paged shortly after the massive dump was in full effect hahaha
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Articles about crypto price movements have the shelf life of a peeled banana.

Most pointless thing in the world.
 
John Tempus said:
Right so as expected you did not get saved by this exchange, you simply adding more of your own funds into the trade so eventually if things dont pick up you end up just losing more. :p

I guess its a good feature in some way if you are away from trading with open position with high leverage for a long duration to enable or disable it. But if you need a feature like this to save you then you need to ask yourself why are you using such high leverage in the first place to need such a feature. :)
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Hit the nail on the head. Personally I still struggle with this.
 
I wonder what's happening with these Bitfinex shorts... Big money closing and leaving the exchange or ?

Could be big money with 1x short which have just been there to collect funding instead of interest in the bank and they decided it's time to close. No loss in USD if always 1x. The only reason to close such a position (if funding is the only goal) is if funding is expected to favour longs for a sustained period which usually happens during a long downtrend.

gD7jRAEZ


Shorts have never been this low in entire history:

sRX5wneI
 
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I have been reading of some twitter accounts saying people should leave bitfinex - I think something is up and so I would guesstimate that big money could be leaving the exchange. Perhaps tell-tale signs of something going on behind the scenes.
 
phly said:
I have been reading of some twitter accounts saying people should leave bitfinex - I think something is up and so I would guesstimate that big money could be leaving the exchange. Perhaps tell-tale signs of something going on behind the scenes.
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Yeah, I would say it's one or a combo of 4 reasons:

- Just wanting to leave Bitfinex
- Just needing the cash for something else
- Thinking funding is going to be bad for shorts for a while
- Thinking that now is the best time to close and then move to USD exchange to convert to USD because the market has more liquidity with the fomo.
 
SaiyanZ said:
Yeah, I would say it's one or a combo of 4 reasons:

- Just wanting to leave Bitfinex
- Just needing the cash for something else
- Thinking funding is going to be bad for shorts for a while
- Thinking that now is the best time to close and then move to USD exchange to convert to USD because the market has more liquidity with the fomo.
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Screen Shot 2019-07-11 at 12.46.49 PM.png

Things getting more interesting ... not saying the two are co-related - outflow from bitfinex into inflow on binance but ... bitfinex (which has margin trading) has its fair share of issues (checkered past) and Binance has just launched version 2.0 of its platform – a move that officially adds margin trading for its customers.

PS it could just be its cash that binance added to facilitate the "borrowing" aspect of margin trading
 
abcab said:
When is binance live with margin trading.
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It is live already - you can now margin trade but they separate your wallet and a margin wallet and you can send funds across the two for free.
 
phly said:
It is live already - you can now margin trade but they separate your wallet and a margin wallet and you can send funds across the two for free.
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Suppose its only on the browser interface, or there pc app, because I see nothing on the android app yet.
 
phly said:
I have been reading of some twitter accounts saying people should leave bitfinex - I think something is up and so I would guesstimate that big money could be leaving the exchange. Perhaps tell-tale signs of something going on behind the scenes.
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You don't say. There's always been something up with them and their scamcoin. Even those that don't believe it have never really trusted it or their exchange.

Think I will check out what Binance has.
 
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