30 Nov '14, 3pm

Too Many Bitcoins: Making Sense of Exaggerated Inventory Claims: A year ago, Finnish bitcoin

Too Many Bitcoins: Making Sense of Exaggerated Inventory Claims: A year ago, Finnish bitcoin

Perhaps the most recent egregious example involves the futures products: in an effort to be perceived as competitive as their local peers, several of the large Chinese exchanges such as OKCoin and Huobi now offer margin trading with up to 20x leverage. Yet due to a lack of financial experience operating these (they originally all used the same futures software), a sharp change in volatility can have unforeseen consequences. For instance, two weeks ago Huobi (owner of the BitVC platform) ended up socializing losses across profitable traders to the tune of 46.1% to cover the losses of a levered 2,500 bitcoin trade. And 796.com (which was the first to allow over 20x) is now purportedly allowing 50x. In the months leading to its bankruptcy, Bear Stearns reached a 42:1 leverage ratio, thus another large ‘flash crash,’ “mistrade,” or blatant “manipulation” at 20x – not to mentio...

Full article: http://www.coindesk.com/many-bitcoins-making-sense-exagge...

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