/biz/ - Business & Finance

[Anonymous No.10515438]

If you are not getting out now or shorting 25x you're a fucking idiot! This is like if Mt.Gox decided to stop market selling and instead placing a $420MM of bitcoin at one price. And what's worse is this amount, about 50,000 btc will follow the price down as it falls, until the amount is filled.

[Anonymous No.10515469]

>>10515438
Oi, what are ya on about now.

[Anonymous No.10515489]

I thought the clawback meant they just took the shorting players profits and said tough titties

[Anonymous No.10515516]

>>10515438
i sthis effectively then a permanent sell wall untill they are all gone?

[Anonymous No.10515525]

>>10515438
So market selling?

[Anonymous No.10515536]

>>10515489
It is

[Anonymous No.10515584]

I think OP is trying to FUD this is just gonna ensure OKEx goes outta business. Its an interesting problem that i think merits discussion for its effects on the market and ETF status. I personally think the SEC will point to this in the future but an ETF that is properly insured should still stand a chance.

"Here’s what it all boils down to: if bitcoin prices remain below, say $8,000, then OKEx will need to implement its socialized losses system to maintain solvency. That socialized losses clawback system will force profitable bitcoin futures traders to relinquish 50% of their profits.

Traders will be angry. OKEx’s reputation will suffer. Traders will question how a single individual was able to build such a huge position. In any case, OKEx has until Friday to solve the problem."

https://bitcoinexchangeguide.com/okex-460-million-bitcoin-long-liquidated-but-not-filled-crypto-has-a-new-elephant-in-the-room/

[Anonymous No.10515737]

>>10515584
>>10515584
I guess it's a great source of liquidity for any rich fags to bite into. I guess we'll see how confident the market is. Would it be more profitable to buy it up or have 50% of your profits taken?

[Anonymous No.10515825]

sorry, can anyone fill me in on what happened this week? All I heard was a rumor that someone got liquidated for $450m on okex, is that correct? what's this all about?

[Anonymous No.10515842]

>>10515584
>>10515825
I think it's a psyops.

[Anonymous No.10515869]

>>10515825
>guy got liquified for $460MM
>Only $40MM was sold because market fell too fast
>$420MM Outstanding that must be bought
>okeks doesn't have the insurance to cover it
>now either take 50% of everyone's profits to pay or maybe come up with another method
>they have until Friday to figure it out

[Anonymous No.10515929]

>>10515869
Why does it HAVE to be bought?
Can't they just fuck off, give everyone their coins and fill bankruptcy?
Who has control over peoples Bitcoin deposits at the exact moment?

[Anonymous No.10515930]

>>10515869
So if BTC goes up until Friday is it possible for OKEx to cover it that way?
I'm not sure if I understand the part where it says that if BTC goes down then that sum becomes bigger, correctly.

[Anonymous No.10515944]

>>10515929
Thats the way futures work. There has to be a buyer for every seller.

[Anonymous No.10515966]

>>10515869
>market fell too fast

It wasn't that fast. Why doesn't this happen all the time?

[Anonymous No.10515985]

>>10515930
That's right. But there's no way wallstreet is going to let it go back up by Friday and waste this opportunity to make BTC look like a mess.

[Anonymous No.10516020]

>>10515985
I'm thinking that can go 2 ways:
Bitfinex and Bitmex are really the ones who regulate the price desu. So if they want OKEx to survive, it will.
But OKEx is a competition so I would think that they would want to get rid of it.
I need to check the connections between OKEx and both BITs.
Overall I think you are right and the price stays in the shitter.

[Anonymous No.10516039]

>>10515944
Says who? The SEC?
they will ensure what?

Ensuring that a trade which did not happen on the Bitcoin blockchain has to be fulfilled with Bitcoin by forcing a blockchain trade?

That's crazy if true.

Who controls the coins on that exchange right now, in the particular moment?

[Anonymous No.10516040]

>>10516020
But it will scare people from margin trading which will hurt their business potentially.

[Anonymous No.10516045]

thats what the faggot shorters get
no one cares about those cocksuckers

[Anonymous No.10516180]

>>10516039
This

[Anonymous No.10516189]

>>10516045
just lol. the guy that got liq'd was going long. thanks for the dump bulltards

>>10515869
thanks

[Anonymous No.10516251]

Why isn't everyone just withdrawing everything from the exchange? It will go bankrupt and the whale becomes a proud owner of an office building and some servers.

[Anonymous No.10516255]

>>10516189
all of the degenerate gamblers on those 2 exchanges deserve to hang

[Anonymous No.10516266]

>>10515438
literally only effects a single small chinese scam exchange

[Anonymous No.10516299]

>>10516040
To some extend possibly, but the people are gamblers so it possibly will just hurt OKEx and not any other.
Did anyone figured out how much the price of BTC would have to go up for the problem to be more manageable?

[Anonymous No.10516311]

>>10516255
>>10515438
>>10515869


Why would you even margin trade with 460 mill you fucking made it at that point. Greed i such a powerful state of mind.
He had it all now he has nothing.

[Anonymous No.10516318]

>>10516266
>literally only effects a single small chinese scam exchange

They are literally the #1 exchange by volume right now

[Anonymous No.10516329]

>>10515438
I tethered out 10% of my folio. This could be fucked if they don't sort it out

[Anonymous No.10516336]

>>10515929
>Why does it HAVE to be bought?

Because it's a contract, dummy. One with legal implications if it's not filled. Did you really think this is Monopoly money? Also, they're a business, that wants to continue being a business, despite one person tanking them, which is one of the bigger flaws of the unregulated crypto market.

>Can't they just fuck off, give everyone their coins and fill bankruptcy?

No, they can't. And if they did that, and other exchanges did similar, you'd have no crypto market at all in a very short time.

>Who has control over peoples Bitcoin deposits at the exact moment?

If you have coins deposited at an exchange, they control them.

See, stupid, this is why regulation is needed, so you can park significant amounts of wealth on exchanges, without worrying that one player can tank them, and you have to give up 50% of your profits to cover their bet, or have the exchange exit scam and just take your money. Your questions, and the comments overall in threads about this, just prove to me yet again most cryptofags are just kids who don't understand consequences and implications, and just jumped on what they thought was a free money train, and have been treating the whole thing like a TV show that has no real impact on real people.

This is why I don't have a single penny in crypto, the whole thing is fantasy, delusion, and games.

[Anonymous No.10516354]

>>10516329
lmao retard, this only affects degenerate chinese gamblers

[Anonymous No.10516361]

It's futures and if the price stays below 8kwhatever, then that only means that those holding a profitable short will make next to nothing. Only okex traders will get fucked.

[Anonymous No.10516369]

>>10516251
What whale? Wait, do you think the "whale" is getting the money from the claw back? Are you that retarded? The fucker LOST his long bet, stupid fuckstick - and all of the other people on the exchange get to cover his losing bet if the price of BT doesn't go up by Friday.
I can't fathom how you're running your mouth about "whales" and everyone just pulling their cash out (because that would have NO effect on the market, right? herrrrrrrrr), when you don't even know what's fucking happening.

Just shut the fuck up, retard, and go fap to your account screen showing 10 "linkies".

[Anonymus No.10516372]

>>10516266
Number one in trading volume according to CMC

[Anonymous No.10516381]

>>10516266
It's half a billion dollars, you ignorant spastic.

[Anonymous No.10516400]

>>10516369
Whatever. If an exchange is talking about taking your profits to pay their creditors just use a different exchange and let them go bankrupt.

[Anonymous No.10516436]

>>10516381
I love how this post has absolutely no context at all, it's just a picture of text. Really top notch research, thank you.

[Anonymous No.10516464]

>>10516318
>>10516372
according to coinmarketcap
bitmex btc volume: 4.5 billion
okex btc volume: 250 million
also every one knows that >90% of the volume on chinese scam exchanges like OKex is fake
>>10516381
how does a giant sell wall on a collapsing chinese scam exchange affect my investment at all. It doesn't.

[Anonymous No.10516466]

inb4 friday green dildo

[Anonymous No.10516511]

OKEx is the largest exchange by volumen.
What happens to the markets if they are forced into a clawback?
In whose interest is it that OKEx takes this hit?
In whose interest is it that trust is kept high?
This is defining for the market right now. There's big money for you to make right now

[Anonymous No.10516540]

>>10516381
liquidation of that side won't be fulfilled by exchange and will cause it to be raided by feds with all their shit taken.
>this will still be zero fucking fucks given when reflected on bitcoin price
>and drink some chloroform fag you sound angry and annoying as fuck

[Anonymous No.10516556]

>>10516511
>In whose interest is it that OKEx takes this hit?

[Anonymous No.10516568]

>>10516400
"Whatever". LOL. Just more reasons not to risk money in a market that has ignorant fucksticks like you in it.

[Anonymous No.10516590]

Okex? More like OKEKS amirite

[Anonymous No.10516607]

>>10516568
I'm asking. Is there a reason to not just leave them to go bankrupt?

[Anonymus No.10516614]

>>10516556
Bitmex and Bitfinex are up to decide this

[Anonymous No.10516622]

>>10516511
there's no fucking trust in derivatives and faggots who allowed first CME group BTC futures effectively killed crypto causing bear market
>SEC and FBI will raid and regulate all outside states derivative exchanges and only allow ETF for boomers.

[Anonymous No.10516627]

the timing on all this seems pretty fishy. i wonder if this was all staged in order for the SEC to use this as an example of why the btc ETF should be rejected.

[Anonymous No.10516641]

>>10516622
>SEC and FBI will raid and regulate all outside states derivative exchanges

Does it really have to be explained that the FBI and SEC have no jurisdiction over exchanges outside of the US?

You must be a pajeet, to be this fucking dumb.

[Anonymous No.10516656]

>>10516336
Real nigga shit.

[Anonymous No.10516658]

>>10516622
You are fucking retarded and can't greentext for shit.

[Anonymous No.10516670]

>>10516556
>>10516614
>>10516622
So none other than OKEx and OKEx users have an interest in getting the price up. Meanwhile Bitfinex, Bitmex and every other exchange have an interest in getting price as low as possible (the lower the price, the bigger the hit). Seems pretty clear what will happen until friday

[Anonymous No.10516675]

>>10516641
you'll see very fucking soon how no jurisdiction SEC MFI and FBI has you stupid 3rd world street sheeting faggot

[Anonymous No.10516701]

not so sure that bitfinex and bitmex have interest in crushing Okex: the image damage for markets could be far more superior than eliminting a competitor ...

[Anonymous No.10516702]

>>10516675
Pajeet confirmed.

[Anonymous No.10516715]

>>10516702
lol faggot your shit on Okex is gone and you lost all your pajeet coins

[Anonymous No.10516762]

>>10516701
Unless that's the direction of the market they actually prefer. There is a shit ton of "if's" in our reasoning because we simply don't know what's in their heads and books.

[Anonymous No.10516767]

>>10516701
Having a hard time seeing how it wouldn't be benificial long term. Damaging their largest competitor allows them to gain market share. If they believe in crypto all that matters is market share

[Anonymous No.10516787]

yep right.
just a guess. how much $ for a green dildo from 7500 to 8000 ? a guess?

[Anonymous No.10516796]

>>10515438

I sold everything. I feel it not even worth shorting on bitmex.

Good luck idiots who stay in the market. It going to crash badly on Friday. No way Okex can get liquidity to pay the long.

Going to be like Mt. Gox 2.0

[Anonymous No.10516807]

>>10516715
Sorry, pajeet, I don't risk money in "markets" your dumb 3rd world monkey ass does.

[Anonymous No.10516823]

>>10515438
This is why we need regulated exchanges. Coinmetro willl fix this and deliver proper margin trading.

[Anonymous No.10516839]

>>10516311
You're assuming that he lost all his money. I just think he found a good way to generate buying liquidity. If he played it right (shorted on bitmex for the same amount, he made very good profits, the okex community is basically paying for him via the clawback)

[Anonymous No.10516848]

>>10516701

The problem is there is no liquidity in the market. So if Okex tries to cover the massive hit, then it just going to cause a ton of problems.

Mt.Gox trusteed dumped a few coins on to the market and the price collapsed. Now Okex would have to dump a ton of coins on the market to stop clear up this mess.

I feel a whale purposely figured out how to do this and did it to crash the market.

They just need to short on bitmex to cover loses, then Okex will get screwed.

If you owe the bank 10,000 usd you a screwed. If you owe the bank 40 million they are screwed.

[Anonymous No.10516864]

How can someone think its a good idea to gamble this much fucking money
How can an exchange even allow such a ridiculous trade

[Anonymous No.10516885]

>>10516848
ok. sry but i'm not sure i got it. let's say Okex don't want to get purged , they have to pump the BTC price to 8K sothe market can liquidate their open cotracts right ?
if price stay below they lost 450M $. am' i sayin right ?

[Anonymous No.10516886]

>>10516839
He lost the money, dummy. But you keep making up fantasies to try and deny the shitstorm that's coming - see how that works out for you.

[Anonymous No.10516911]

>>10516886
you dumb fucking 3rd world shitforbrain should
read >>10516848

[Anonymous No.10516935]

>>10516848
This isn't even close to what happened. Read the fucking article, stupid. The guy got longed out. He lost. The money is gone. Those contracts have to be sold, to pay the shorts. Do you even understand how margin trading works? Okex has to BUY half a billion dollars worth of bitcoin to cover the bet, because their insurance fund is only 10 bitcoin, so the rest of the cost is from the rest of the users there, at 50% of their profits.
These fantasies you idiots concoct to try and conspiracy theory away the issue is fucking astounding. People like you, in any other context, get put into asylums and heavily medicated for being this disconnected with reality.

[Anonymous No.10516948]

>>10516911
Shut up, pajeet. Everyone is tired of your monkey gibbering.

[Anonymous No.10516970]

>>10516948
>10 posts by this ID
mom don't let you go outside today you fucking asperger chizophrenic ?

[Anonymous No.10516976]

>>10516885

I suspect they will suspend trading anyway.

>>10516864

That the beauty. A whale can do this without losing any money. Okex really dropped the ball, they was going to be more like bitmex but they acted too slow.

The whale who did probably made a ton of money. Okex gets screwed, Whale gets out with a bunch of shorts on another exchange.

The market crashes making the Whale short even more profitable.

Cryptocurrency is so beautiful. The whale who figured this out is a genius.

[Anonymous No.10516996]

>>10516970
Yes, I've only ever made 10 posts on here, ever.

Really faggot? LOL.

Yet another reason why i don't risk my money in a 'market" your dumb ass is in.

[Anonymous No.10517019]

Reminder that (((WI1ScMgB))) is a concern troll shill, you will pay for trying to steal freedom from honest people with your lies.

[Anonymous No.10517030]

>>10516336
Or DEXs becomes a viable option and regulations are unnecessary.

[Anonymous No.10517032]

>>10516976
it's painfully obvious that this whale is one of the competitors

[Anonymous No.10517035]

>>10516996
faggot you have no real money to risk to begin with go eat some shitdirt and die

>>10516976
that's exactly what happened, probably feds or whales with power setting up for regulations before G20

[Anonymous No.10517038]

>>10516996
Uretardm8

[Anonymous No.10517051]

>>10517019
he does sound like relapsed schizophrenic boomer off his meds not sure if he's fudding or just insane

[Anonymous No.10517061]

>>10516336
why would they allow such a big position to be opened in the first place?

even bitmex has a hardcap on how big a position you can open

if they cant handle that kind of volume, dont allow it to happen, fucking retarded gooks

[Anonymous No.10517071]

>>10516935
calling others stupid while having no idea what he is talking about
>Okex has to BUY half a billion dollars worth of bitcoin to cover the bet
they don't have to buy shit, the counterparty is another trader and not the exchange

[reluctant kneepad girl No.10517090]

>>10515869
but who does Okey have to pay though? themselves?
it seems like the only people hurt are Okay

it not like they were unable for pay shorts

[Anonymous No.10517123]

>>10517071
I'm afraid you making too much common sense for that mentally deranged boomer

[Anonymous No.10517126]

>>10516336
top quality boomer post

[Anonymous No.10517180]

>>10515869
Did the guy with 450MM just lose everything he has or you think he has a few billion more?

[reluctant kneepad girl No.10517200]

>>10516336
>do you really think its monopoly money?
>btw guys crypto is monopoly money

[Anonymous No.10517253]

>>10516935
So what is your assessment for what'll happen come Friday?>>10516970

[Anonymous No.10517261]

>>10516935
Lmfao

[Anonymous No.10517315]

>>10517090
This

[Anonymous No.10517402]

>>10516466
Thursday

[Anonymous No.10517754]

>>10516675
OKex is headquartered in Hong Kong, I doubt America will touch them. However, if lots of Chinese lose money on this the Chinese government may go after them.

[Anonymous No.10517809]

>>10515584
You are not serious about the ETF right? lmao

An ETF will NEVER get approved for a market so fucked up like this. Everything about it is rigged, my god people how can you be so naive.

Jesus.

[Anonymous No.10518201]

>>10516590
youareright

[Anonymous No.10518259]

>>10515842
Whoa I'm convinced

[Anonymous No.10518282]

so this means we can resume the golden bear run right?

[Anonymous No.10518379]

>>10516336

[Anonymous No.10518591]

Happy Bitcoin Cash 1 year anniversary guys!
This video was a nice listen: https://youtu.be/_Q3AgkB7BC8

[Anonymous No.10518772]

>>10515869
>$460mm to liquify a man
Steeper than I would imagine

[Anonymous No.10518803]

>>10516039
The exchange does. You give them de facto control by leaving them on there.