Category Archives: BitMEX

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BitMEX CEO: Bitcoin Is Society’s Best Hope for a Private Form of Electronic Money

BitMEX CEO_ Bitcoin Is Society’s Best Hope for a Private Form of Electronic Money

BitMEX CEO Arthur Hayes has spoken out in favor of Bitcoin, saying that the hallmark cryptocurrency is “society’s best hope for a private form of electronic money.”

The company is a cryptocurrency exchange and derivative trading platform. It is owned and operated by HDR Global Trading Limited, which is registered in Seychelles and has offices worldwide.

In a blog post published before the weekend, Haye’s latest thoughts on the industry entitled ‘Two sides of the coin: the bifurcated near-future of money’ suggested that the future of Bitcoin is ensured, commenting:

“Even in the face of the various centralized forces currently being marshaled: humanity’s bifurcated monetary future will be better than our monopoly monetary past, as some money becomes more convenient while other money becomes far more private.”

Hayes further suggested that until now, monetary systems had been dominated by monetary monopoly and a bifurcated system with Bitcoin representing the cryptocurrency industry would be the best hope for the future, despite the proliferation of alternatives such as Ether, Ripple, and others.

According to the BitMEX boss, another advantage that Bitcoin possesses when squared up against others is its security, having never been successfully hacked in its ten years of use. Painting a rather utopian picture of a background in which cryptocurrency can flourish, he went on to say that he felt Bitcoin could create an environment where individuals can work together towards a common end.

Hayes’ positive comments were made only weeks before he expressed his views about Bitcoin at the end of 2018, suggesting that it would continue its volatile bearish trend in 2019.

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“Bitcoin Babe’s” Journey out of the Dark into Light

Life for 24-year-old Australian crypto enthusiast Michaela Juric has turned itself around after escaping the darknet to become Australasia’s number one Bitcoin trader on Localbitcoins.

Six years ago, Juric, who now trades under the handle Bitcoin Babe, was struggling with depression and contemplating suicide. The darknet became a place where she spent her Bitcoin on illegal substances.

Today, she runs her Bitcoin trading business and has turned her use of Bitcoin into positives against all odds. Becoming Australia and New Zealand’s top local Bitcoins trader didn’t come without a large degree of hard work and application.  She proudly affirms:

“I originally started out day trading and after that, I moved to peer-to-peer trading. I’m the number one local trader on Bitcoins for Australia and New Zealand. Which is a pretty cool thing to be.”

Juric said it wasn’t easy getting to where she is today without any background in cryptocurrency and limited IT skills, but through cryptocurrency, she saw that she could become her own boss, which spurred her to develop her own platform as well as trade on Localbitcoins.

She likes to impress upon those thinking of embarking down a similar road, that cryptocurrency trading has no gender barriers and empowerment is simply down to the individual’s determination to get ahead and learn in the process. She says, “With Bitcoin and crypto, it’s always changing – whether it be the price or the rules or the regulations or the people. It’s evolving. It’s never a dull moment. I think that’s why I love it so much.”

Bitcoin Babe is on the right track as Beno Delo discovered for himself, the latter becoming the UK’s first crypto billionaire at the age of only 34. The difference is he got there in only four years due to the success of BitMex which he co-founded in 2014, estimated to now be worth USD 3.6 billion.

Delos secret, according to him: “It feels mad… I have just had my nose down in a start-up for the past four years. It has been non-stop. I was doing 18-hour days at one point. We have all had to make enormous sacrifices to build BitMex.”

This story has a certain irony as Belo’s role model when starting up was billionaire investor Warren Buffett, who famously referred to Bitcoin as “probably rat poison squared”.

 

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BitMEX Launches Venture Capital Arm

Seychelles-based BitMEX is launching a venture capital (VC) arm called BitMEX Ventures, which will invest in blockchain and cryptocurrency-related projects worldwide.

BitMEX is the largest cryptocurrency derivatives exchange in the world, with daily volume consistently in excess of USD 1 billion, more than any single spot cryptocurrency exchange. There was a day when BitMEX’s volume hit BTC 1 million Bitcoins, which was USD 8 billion at the time, the all-time record for any cryptocurrency-related exchange. Traders can leverage their accounts up to 100 times and the platform collects millions of dollars in fees per day from trading and margin lending. Already, BitMEX has purchased the most expensive office space in the world; now it appears it will also be using its profits to enrich the crypto space.

Kumar Dandapani will be the Global Head of BitMEX Ventures and Maxim Wheatley will be in charge of global seed funding and partnerships. BitMEX Ventures’ first investment is Blockfolio, an app which manages cryptocurrency portfolios. BitMEX Ventures is preparing to make another investment into FRST, a cryptocurrency data technology company.

The crypto space has been waiting patiently for institutional investors; many experts believe the next big cryptocurrency rally will be sparked by an influx of institutional capital. BitMEX has grown so large that it can be considered an institutional investor and, unlike traditional institutions, it has expertise.

Other cryptocurrency companies that have launched VC arms include Coinbase, which launched in April 2018 and already has 20 companies in its portfolio. Huobi, among the top spot cryptocurrency exchanges in the world, launched Huobi Labs which has dedicated USD 1 billion for investment into blockchain startups. Likewise, Huobi’s primary competitor Binance has launched a USD 1 billion blockchain investment fund.

With the biggest crypto companies seemingly wielding significant strength in investment, the importance of institutional investors – whose funding is anticipated by some to have a huge impact – could be diluted. The potential for an internal positive feedback loop is appearing, where big companies can invest the capital needed to get startups off the ground, then some of those startups might become institutional investors with VC arms, replicating the cycle.

 

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Study: Ethereum ICOs Have Cashed Out as Much as They Raised

A report published by BitMEX on Monday shows that blockchain startups hosting initial coin offerings (ICOs) and raising funds in Ether (ETH) have now cashed out just USD 11 million short of what was raised.

The research indicates that the 222 startups that were tracked managed to raise USD 5,463 million or around ETH 15 million via ICOs by September 2018, while USD 5,452 million was sold in the same period. The projects are said to still hold ETH 3.8 million – a quarter of the number of tokens originally raised.

Despite a rocky year for ETH, the data indicates that most of the startups managed to sell at a profit compared to its worth when they acquired it, and have a substantial amount of unrealized gains. The paper reads: ”Of the Ethereum still held by the projects, even at the current USD 230 price, projects are still sitting on unrealized gains, rather than losses.”

The research indicates that the ICOs still have net gains of around USD 93 million regardless of Ethereum’s value being put to the test this year, but this is because most of the funds were gathered prior to 2018: “It may surprise some that ICOs are still in a net unrealized profit situation, but many of the Ethereum balances were built up before the price rally at the end of 2017,”

BitMEX does acknowledge that the totals it published may reflect a lower amount than alternative sources due to its focus specifically on ETH balances and not funds raised in alternative forms.

The data project is also recognized to be slightly contorted by the EOS project, which accounts for 70% of the USD equivalent in ETH that was raised, although BitMEX says that without this data, a similar outcome is still met.

 

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BitMEX New Offices Among Most Expensive in the World

The Bitcoin Mercantile Exchange (BitMEX), a top crypto derivatives exchange, is leasing some of the most expensive office space in the world. It is moving into the Cheung Kong Center in Hong Kong, which costs HKD 225 per square foot, or USD 29 per square foot per month. The space BitMEX has leased is on the 45th floor and is 20,000 square feet, so this comes out to USD 580,000 per month and nearly USD 6.9 million per year.

The Cheung Kong Center also has offices for Bloomberg, Barclays, Bank of America, Goldman Sachs, and La Ka-Shing who is a billionaire with a business empire. Perhaps this clustering of financial powerhouses in the same building will prove beneficial for the exchange’s operations long term.

This is perhaps a strange time for BitMEX to be buying some of the most expensive office space in the world, considering the entire crypto market is in a bear market which has seen Bitcoin decline from USD 20,000 to USD 6,000 in less than a year, and declines for other cryptocurrencies have been even more extreme. However, BitMEX trades Bitcoin and Ethereum derivatives contracts that can be used to go long or short. Additionally, it offers 100x leveraging.

This makes BitMEX and its traders in a prime position to profit from volatility. It doesn’t matter if the market is going down, as long as the market is volatile BitMEX makes tremendous profits, and the crypto markets have been defined by volatility in 2018. BitMEX has seen rapidly growing volume in 2018 despite the bear market. For example, as of this writing on 23 August 2018, BitMEX has USD 3 billion of trading volume, which is quite common. BitMEX’s volume has exceeded USD 6 billion on record days.

It also seems strange from a geopolitical standpoint that the largest fiat to crypto related exchange in the world is moving to Hong Kong. To clarify, BitMEX has the most volume by far out of any crypto exchange but they trade derivatives, not actual cryptocurrency. Although Hong Kong has an autonomous government that is more favorable towards crypto than China, it is still a territory of China. China has banned trading of its native currency, the CNY, to crypto. More recently, it has blacklisted practically every crypto exchange website.

It is not disclosed if this office in Hong Kong will be BitMEX’s headquarters. Right now BitMEX is incorporated in the Seychelles.

 

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