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/biz/ - Business & Finance

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18994477 No.18994477 [Reply] [Original]

>be me
>open a 10x LINKUSDT short at 4.05
>it dumps
>CZ liquidates my position at 3.67

Basically last night so many longs got liquidated that there were no more longs left to act as a counterparty to my short. Binance has an insurance fund in place to deal with these sorts of situations, which means the literal insurance fund was also depleted. So yeah even if you make winning trades on this scam exchange, CZ can just close your position without you having any control over the situation.

SORRY ROUNDEYE

>> No.18994494

same thing here, does this happen on bitmex as well ?

>> No.18994510

>>18994477
>Open a leveraged position on an unregulated exchange with your real money
Why th would you do this

>> No.18994524

>>18994477
This is old news, nobody cares.
You deserve this simply because you use Binance.

>> No.18994533

You make it sound like this is a revelation and not something people have been saying from the start.

>> No.18994539

>>18994510
>>18994524

Faggots I still made money, but gwelio isn't allowed to win TOO much. Only chink whales are allowed to make money from dumb gweilo on this piece of shit exchange.

>> No.18994554

funds are safu

>> No.18994556

>>18994477
>im gambling its not fair waaah waaah

>> No.18994559

>>18994477
Long high short low.

>> No.18994589

>Binance is a scam
more news at 11. Seriously, anybody still having funds on Binance is asking to be goxxed

>> No.18994684

>>18994477

honestly this is the RISK you ACCEPTED when you decided to trade on a thinly traded market with HIGH leverage.

don't fucking blame the exchange you complete idiot. you have access to this information, AND they WARN you about it.

BTC doesn't have this issue much because it's the most traded and highest volume, and collects the biggest insurance fund too.

You were IRRESPONSIBLE for trading with 10x fucking leverage in USDTfutures on an altcoin with a thin market book(its not even top 10).
If you had thought to yourself the volume is low so 10x is a high risk you would have went lower leverage and still had your position. You dont understand leverage because you fucking went 10x on a thin book.

Anyway, learn your lesson. stop blaming the exchange for being incompetent and making bad decisions.

>> No.18994704

Would you open a 10x short for 10k USDT on an alt with 30k USDT volume a day?
If you don't understand why that is dumb as fuck then its YOUR fault.

Now the volume isn't that low for that pairing on Binance futures but even 1 million daily volume is tiny in that context.

>> No.18994706

Binance wants to do so many things yet it's good at none

>> No.18994734

>>18994477
fuck these chinks. they have ruined crypto

>> No.18994765

>>18994684

"Dont worry roundeye, your position is covered by the SAFU FUNDSU SAFU FUND for these sorts of situations"
>$20 in fund

>> No.18994821

>>18994765

You have access to that information and they warned you this is a risk. You can see the daily volume, and how large the insurance fund is. with this information you are expected to consider position leverage and size.
You sound like a woman, who blames everyone else and can't take any responsibility.
There is no deception on Binances half, just you being an incompetent trader.

Maybe you will learn how this shit works from now on.

>> No.18994839

>>18994765
Anyone with half a brain predicted that before trading futures was possible on Binance. It's sweet that you are trying to make sure other people don't make the same mistakes as you op but honestly very few people would be dumb enough to in the first place.

>> No.18994863
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18994863

>>18994477
>(((ADL)))

>> No.18994882

>>18994477
You could have just used Kraken, this was the future you chose

>> No.18994969

>>18994882
The only non scam exchanges that offer leverage like Kraken and CoinMetro don't let you use as high leverage or use leverage on shitcoins like Link.

>> No.18995033

>>18994477
How much money would have you made if no liquidation happened?

>> No.18995043

>>18994969

Exactly. because they have thin order books and they know this shit is likely seeing as most their customers are incompetent traders and will not realise that risk.

binance MAY know this and still offer it, but in the end, the users have to take SOME responsibility. You can bet exchanges like Kraken would still over high leverage if they were not trying to be so government and regulation friendly.

Binance had to delist the FTX tokens after realising their traders were too stupid for them so they do have at least some consideration

>> No.18995059

>>18994494
yes

>> No.18995183

>>18994821
this

>> No.18995784

>>18994477
This is just great. Enough know-how to be shorting LINK but still stupid enough to use Binance. You deserved this OP.