Re:Ask HN: Was there anything innovative about the FTX platf...
by ironyman on Wednesday December 21, 2022 @10:14PM
(#34089301)
The main feature that enticed large hedge fund traders to trade on there over the likes of Binance was because they offered unlimited size on altcoins; most altcoins on binance futures are limited to about $2 million notional, so if you want to build a large position, you'd have to apply for a subaccount for each position and manage them separately.
But no, they didn't offer any unique products their competitors don't have.
Re:Ask HN: Was there anything innovative about the FTX platf...
by ironyman on Thursday December 22, 2022 @06:06AM
(#34092167)
That's right. Binance has very low limits for your 'max position size' on most altcoins, often between $2 to 3 million unless it's one of the top 10 tokens, regardless of how much collateral you have in your account.
Re:Ask HN: Was there anything innovative about the FTX platf...
by joshxyz on Thursday December 22, 2022 @04:38AM
(#34091572)
another innovative points
- execution speed: their small team can swiftly add new markets in their platform.
- customer support: their team can be directly contacted on social platforms. ryan salame was once assisting us on our inquiries about their developer api's back then.
- access to capital: sbf's links to alameda gave ftx a smooth runway on their launch. their team's synergy is handpicked by sbf too which let them operate autonomously and effectively.
- consistent branding: the brand is sbf is a trading nerd who did well at alameda and ftx is his new thing. that guy fucked up badly but his track record is commendable before that.
these 4 above are not technical but if you're familiar with startups, you know these 4 directly converts to sales.
But no, they didn't offer any unique products their competitors don't have.
Could you clarify? Do you mean that the accounts had a maximum amount of normal they could carry?
same great user experience can be seen on their developer api and otc user interface (otc.ftx.com).
the otc interface is somewhat comparable with b2c2 (another otc desk)
- execution speed: their small team can swiftly add new markets in their platform.
- customer support: their team can be directly contacted on social platforms. ryan salame was once assisting us on our inquiries about their developer api's back then.
- access to capital: sbf's links to alameda gave ftx a smooth runway on their launch. their team's synergy is handpicked by sbf too which let them operate autonomously and effectively.
- consistent branding: the brand is sbf is a trading nerd who did well at alameda and ftx is his new thing. that guy fucked up badly but his track record is commendable before that.
these 4 above are not technical but if you're familiar with startups, you know these 4 directly converts to sales.