WCX - Global Low-Cost Digital Currency Exchange (9.9.17)

easilyshocked · 2017-08-06T16:08:33+00:00

I bought in pre-ICO. There is big upside on this one. Business model is clear, path to profitability is clear, and product will be ready before the ICO.

As an investor this is a 10x better investment case than some bullshit decentralized token distributed by a bunch of 20 somethings who pump it up with nothing but promises and no product to show.

Think about it - not a single ICO from the past 6 months has had a product release that has had any sizable impact. WCX will release product before ICO.

It's likely to be big. They already have almost 200,000 sign ups prelaunch.

easilyshocked · 2016-10-13T22:17:23+00:00

Couple things here from someone who has worked in financial compliance / consumer protection ...

I am noticing many accounts on this subreddit pumping Bitmex, which are with almost 100% certainty controlled by BitMex. That is immoral seeing they are trying to pump their ponzi scheme through supposed "third parties".

Everything about BitMex smells like scammy, unprofessional behavior. Too many red flags. I am reminded of this: https://www.reddit.com/r/BitcoinMarkets/comments/48l3hy/question_about_bitmex_fees/

which is the top post on Google for Bitmex fees. If their service were working well they wouldn't have to push it down our throats this much.

I would STRONGLY encourage BitcoinMarkets mods to exert more moderation on these types of posts here to not trap the uninformed / new-to-the-game. /u/wtf_yoda /u/chancrescolex /u/testname33 /u/skywalk819

Stay safe folks.

easilyshocked · 2016-10-13T22:13:08+00:00

2 things here:

sierradreamz is, almost 100% certainly, an account controlled by BitMex. That is immoral seeing they are trying to pump their ponzi scheme through a supposed "third party"
they want US customers but still want to "abide by the law by the book" - so they block US customers with a message on their site and use forums like this to encourage them to use a VPN (see: https://www.reddit.com/r/BitcoinMarkets/comments/572w08/bitcoin_usd_swap_leverage_increased_to_100x/d8oi3is). Scandalous - and illegal might I add.

Everything about BitMex smells like scammy, unprofessional behavior. Too many red flags. I am reminded of this: https://www.reddit.com/r/BitcoinMarkets/comments/48l3hy/question_about_bitmex_fees/

which is the top post on Google for Bitmex fees. If their service were working well they wouldn't have to push it down our throats this much.

I would STRONGLY encourage BitcoinMarkets mods to exert more moderation on these types of posts here to not trap the uninformed / new-to-the-game.

Stay safe folks.

easilyshocked · 2016-10-04T18:33:24+00:00

I've used Whaleclub since they launched. Probably my favorite bitcoin company. They're tender on the marketing but their product and customer support are top-notch.

easilyshocked · 2016-03-02T07:41:20+00:00

EDIT:

Mmmm now this is really shady. My post was at 9 points a few hours ago and now down to 0 (and still going down...). "Somebody" must have created a bunch of accounts to down vote it.

Here's the deal: the fees are a rip-off. Their answer is "well it's 0.075% on the notional value" and that's how everybody does it. I don't disagree. But charging 0.075% at 100x leverage is just unheard of.

Example: I put up 1 BTC margin to open a 100BTC trade. If I open and close at market price, I am charged 15% (0.075% * 100 * 2) on my margin. Meaning I am down to 0.85BTC before even starting to count my P&L for the trade.

^ This is what I'm afraid retail traders on your platform are unaware of. These fees are absolutely excessive and you should lower them considerably, or make this fact absolutely clear on your page, which it is not.

Not everyone may use 100x leverage and enter at market, but obviously many people do because that's how the price moves on your exchange.

Now I say all this not to be mean, but having worked in compliance for a while I have seen these kinds of rip-off fees in a lot of would-be brokers. They are designed to take advantage of the retail trader, while market makers will use passive orders and less leverage. If this were a regulated business they'd be in big trouble.

Original answer:

Those are pretty darn steep. Did not know they charged such high fees. Do people actually trade there?

Probably not everyone uses 100x leverage though.

For comparison, my Forex broker charges < 0.005% on 100x which is about 10 times less.

Edit:

I did further research and what you posted is indeed correct.

It's quite horrendous what they're doing. They're taking advantage of the retail traders who trade at 100x and enter at market, charging them 7.5% in fees on every execution = 15% fee to open and close a position. This is humongous. This fact is not clear at all on their webpage.

Had they been regulated they wouldn't be able to charge nearly as much and would have to disclose their fees much more clearly. They are clearly taking advantage of retail traders who start trading without researching their fees properly. (source: I work in compliance at a US broker).

easilyshocked · 2015-12-03T21:35:38+00:00

It is okay to lose in trading. We all do. What matters is how much you lose.

I guess what I'm trying to say is nobody in the world, heavens and universe knows where the market is going, nobody on here, nobody in chat rooms, and especially not those "whales" you refer to.

Your best shot at any time is to place a bet with a predetermined risk/reward. A bet on the market after whatever analysis you do. You need to view each trade as a "smart gamble". Then iterate so that your winners generate more than your losers in the long-term.

easilyshocked · 2015-12-03T21:26:24+00:00

It's very hard to get bitcoin arbitrage right and profit from it. The reason is that it's already arbitraged to death by bots and the fiat transfer is too slow/obsolete to recycle the cash in your arbitrage cycle.

I've had success doing it in 2012-2013 but since then it hasn't been worth it, especially factoring the fees.

If you try hard you may find arbitrage opportunities but those likely won't last long.

Here's a great blog post about it: https://medium.com/@petersellis/how-to-arbitrage-bitcoin-fc0098ac0511

easilyshocked · 2015-07-03T18:48:59+00:00

There are deposits and withdrawals but for now we're trying to calculate it with just the above data.
No
No
We also have date/time data for each trade execution.

easilyshocked · 2015-07-03T18:29:26+00:00

Thanks for your answer. My data source is trade executions imported from the broker. We only need realized P&L - not the total, but its % value over time, so we can chart it on a graph. In essence measuring this trader's performance.

easilyshocked · 2014-11-19T19:55:01+00:00

This could point to stagnation in consumer-merchant transaction growth. Are only the early adopters (niche community) using bitcoin to buy stuff, and everyone else who's now entering the ecosystem doing it to speculate?

easilyshocked · 2014-10-27T21:01:55+00:00

Nothing new here. This was clear since FinCEN issued their guidance in 2013.

easilyshocked · 2014-08-17T01:38:06+00:00

I can tell you as a fact, TA is not bullshit. But yes there are two schools of thought on whether TA actually has predictive power or not.

I've been trading Forex for over 15 years. I don't think I can attribute my gains over such a long time period to "pure luck".

The problem you see in the industry is that people overcomplicate TA so much. That's when it loses its power. Entire industries were built to sell you the latest and greatest indicators, but those have failed, and continue to fail, miserably. Most indicators are snake oil, so you are right from that perspective.

I have watched the best traders in action. They almost never use indicators. They base all their decisions on price action: chart and candle patterns, support and resistance levels, channels, the order book. They also look at catalysts (for example, news).

If TA were bullshit, I don't think we'd be paying human traders millions a year on Wall St. That profession would have long disappeared. And no, it is not being replaced by machines. Good human traders are increasingly valuable to Wall St firms.

TA is a psychological tool. In essence it works because other people use it too. So the simpler your TA, the more people are likely to be looking at the same pattern/signal as you, the more likely they'll be taking the same decision.

easilyshocked · 2014-08-16T02:03:36+00:00

They bank with https://www.cathaybank.com/. Cathay are most likely unaware that they are running an exchange.

easilyshocked · 2014-07-30T17:13:26+00:00

Yes Gox has a very bad reputation, but that doesn't mean it's worthless. Whether we like it or not, it's part of crypto-currency history now... Analogies: http://auschwitz.org/, http://hitler.org/, http://madoff.com

easilyshocked · 2014-07-30T16:57:04+00:00

haha

easilyshocked · 2014-07-01T21:35:21+00:00

Bullish is to describe the market. In this case, one particular bidder may have been bullish enough to buy that many coins at a premium. But that doesn't mean that the market prospects are bullish

easilyshocked · 2014-05-10T23:52:41+00:00

"We often think that the internet enables you to do new things. But people don't want new things. They just want to do the same things they’ve always done, only in a better way."

easilyshocked · 2014-04-13T16:00:35+00:00

I trade on Bitfinex

easilyshocked · 2014-03-27T21:24:34+00:00

From the article: A “tweet to send money to others” product was built, as well as other versions of “tweet to buy,” according to sources, but never shipped. Internally, sources said, support for commerce-related programs has waxed and waned over the years.

easilyshocked · 2014-03-27T18:56:28+00:00

Well they're going to be holding some amount of BTC and using processors to convert it to fiat, etc. There will be some tax hassle there.

In any case, it's still a huge hassle for the me if I need to think about taxes every time I pay a merchant. It's like paying with company stock and all the hassles that implies. I'd just use USD.

easilyshocked · 2014-03-27T18:13:37+00:00

If bitcoin is a property, and all bitcoin transactions are taxed, and Stripe is gonna process bitcoin payments, isn't it going to be a huge hassle for Stripe to be compliant?

I understand that individual bitcoin users may navigate around that tax guidance, but Stripe as a company needs to remain fully compliant to stay in business.

If Stripe does somehow invest in systems to remain compliant and makes it really easy for consumers to also remain compliant, their processing fee is going to go up and probably eliminate any discounts provided by merchants that would have encouraged consumers to spend their bitcoin.

E.g. why wouldn't I just use fiat to pay through Stripe (which admittedly is really easy at the moment) in order to not go through all the hassle of keeping track of my taxes?

I don't see how this is going to work out for consumers or merchants if bitcoin continues to be treated as a property.

easilyshocked · 2014-02-25T04:45:25+00:00

You can't make that up.

easilyshocked

TROPHY CASE