Re:The world's first Bitcoin-settled index futures
by scottlocklin on Wednesday February 05, 2020 @07:12PM
(#22252246)
Lol, who are these people and why should anyone trust them?
even their github for their API is the cringe inducing: "This organization has no public members. You must be a member to see who’s a part of this organization."
Re:The world's first Bitcoin-settled index futures
by mike_trex3 on Wednesday February 05, 2020 @07:29PM
(#22252353)
Hey, Mike from Mushino here.
You don't really need to trust us in the beginning, since you can get started with just 1 USDT.
That's enough to open a position of $10 (using 10x leverage) or $100 (using 100x leverage).
We also have a no-deposit welcome bonus ($12) that you can claim and use to open new positions - completely risk free.
As for the lack of transparency - you are completely right.
We literally just launched 2 days ago and haven't got around to listing our team yet. We are working on that right now and will be publishing an "about us" page within the next week or two. Expect to see changes soon.
Please let me know if you have any other questions. You can also ping me in the chat @mike, or in our Telegram channel and I'll be happy to answer.
Re:The world's first Bitcoin-settled index futures
by joosters on Wednesday February 05, 2020 @08:01PM
(#22252552)
Apparently you also have to trust all the other anonymous users of the exchange. From their risk disclosure:
Trading the Futures exposes you to credit risk. This is the risk that one or more of your counterparties have deposited insufficient Collateral into their Account(s) such that you may not receive some or all the Digital Asset they owe you
So this exchange lets you place a trade, but even if you win, the counterparty might not pay you! This, coupled with their ludicrous 100x leverage, is a recipe for disaster.
Re:The world's first Bitcoin-settled index futures
by cwkoss on Wednesday February 05, 2020 @07:22PM
(#22252303)
Very meager market depth. Can clear out the order book by selling a whole bitcoin.
Also: "For legal reasons, we are not allowed to do business with customers from the United States of America, Crimea and Sevastopol, Cuba, Iran, Pakistan, Sudan, North Korea and Syria.."
Re:The world's first Bitcoin-settled index futures
by mike_trex3 on Wednesday February 05, 2020 @07:34PM
(#22252379)
Hey, Mike from Mushino here.
You're completely right about the liquidity. We just launched two days ago and haven't brought in any major market makers yet. We're currently in talks with some, so expect to see more liquidity very soon.
And yes, for legal reasons we are not allowed to accept customers located in the US. Neither are most other crypto derivatives exchanges (Bitmex, Deribit, FTX). It really is an unfortunate state of affairs.
Re:The world's first Bitcoin-settled index futures
by paultopia on Wednesday February 05, 2020 @07:45PM
(#22252453)
I've never been more grateful for the protections of U.S. law. 100x leverage to gamble in cryptocurrencies? There's a recipe for the bankruptcy courts.
Re:The world's first Bitcoin-settled index futures
by three_seagrass on Wednesday February 05, 2020 @06:57PM
(#22252152)
I was thinking the same. It's inviting a world of hurt when your assets get frozen across the platform because someone else used it as part of their fraud scheme.
Re:The world's first Bitcoin-settled index futures
by mike_trex3 on Wednesday February 05, 2020 @08:14PM
(#22252617)
I completely understand your point of view here - as a trader, I would also be careful depositing into new exchanges.
If you're not comfortable with doing so initially, you can also claim a $12 sign-up/social bonus. Requires no deposit, and can get you a position with size up to $1200 or equivalent.
Re:The world's first Bitcoin-settled index futures
by croddin on Wednesday February 05, 2020 @07:35PM
(#22252389)
I think something like this would be better as an etherium smart contract using oracles to get the crypto prices. Then you wouldn't have to trust a 3rd party (as long as the oracles work right)
Re:The world's first Bitcoin-settled index futures
by naveen99 on Wednesday February 05, 2020 @07:20PM
(#22252295)
LOL shit coin index... shitcoins are shitcoins. No big market by definition.
However, Its only a matter of time till somebody tries to enable virtual sp500 btc settled futures. Although the cftc might take a more aggressive approach in shutting them down.
even their github for their API is the cringe inducing: "This organization has no public members. You must be a member to see who’s a part of this organization."
You don't really need to trust us in the beginning, since you can get started with just 1 USDT.
That's enough to open a position of $10 (using 10x leverage) or $100 (using 100x leverage).
We also have a no-deposit welcome bonus ($12) that you can claim and use to open new positions - completely risk free.
As for the lack of transparency - you are completely right.
We literally just launched 2 days ago and haven't got around to listing our team yet. We are working on that right now and will be publishing an "about us" page within the next week or two. Expect to see changes soon.
Please let me know if you have any other questions. You can also ping me in the chat @mike, or in our Telegram channel and I'll be happy to answer.
Trading the Futures exposes you to credit risk. This is the risk that one or more of your counterparties have deposited insufficient Collateral into their Account(s) such that you may not receive some or all the Digital Asset they owe you
So this exchange lets you place a trade, but even if you win, the counterparty might not pay you! This, coupled with their ludicrous 100x leverage, is a recipe for disaster.
Also: "For legal reasons, we are not allowed to do business with customers from the United States of America, Crimea and Sevastopol, Cuba, Iran, Pakistan, Sudan, North Korea and Syria.."
You're completely right about the liquidity. We just launched two days ago and haven't brought in any major market makers yet. We're currently in talks with some, so expect to see more liquidity very soon.
And yes, for legal reasons we are not allowed to accept customers located in the US. Neither are most other crypto derivatives exchanges (Bitmex, Deribit, FTX). It really is an unfortunate state of affairs.
How is this legal?
It's no legal in the US or other first world countries but I can refer you to a great VPN provider if you'd like.
(Note: Switzerland is not part of the EU.)
"As one of very few exchanges, we got an A+ score in the Mozilla Observatory Security Test. We have lost $0 to hacks since our launch."
I'm unsure how the first part is really relevant, and you've lost $0 to hacks since your launch, 2 days ago?
Random new internet site promises to let you have your £1.5k back too!
Not for me, Clive.
If you're not comfortable with doing so initially, you can also claim a $12 sign-up/social bonus. Requires no deposit, and can get you a position with size up to $1200 or equivalent.
Only FTX has them right now - but theirs are settled in USDT, not in BTC: https://contractmarketcap.com/
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We didn't specify a common name so I guess Lets Encrypt just picked something random, haha.
Thanks for making us aware!
However, Its only a matter of time till somebody tries to enable virtual sp500 btc settled futures. Although the cftc might take a more aggressive approach in shutting them down.