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I am Arthur Hayes, CEO of BitMEX, Ask Me Anything

Posted: Wed Oct 12, 2016 4:30 am
by BitMEX_Arthur
BitMEX is a trading platform that allows traders to trade Bitcoin and other digital currencies with leverage. All products on BitMEX are in the form of financial derivatives. We offer leverage of up to 100x on certain products. BitMEX is a Bitcoin only business. Traders deposit Bitcoin as margin, and all profit and loss are denominated in Bitcoin as well. You can visit our exchange at: https://www.BitMEX.com

Listen to the podcast: https://www.bitcoin.com/podcast/bitmex- ... thur-hayes

Re: I am Arthur Hayes, CEO of BitMEX, Ask Me Anything

Posted: Wed Oct 12, 2016 5:05 am
by creationlayer
I'll open the questions up. Since you added 100x :!: today, what settled your decision that 100x was reasonable at this point in the market?

Re: I am Arthur Hayes, CEO of BitMEX, Ask Me Anything

Posted: Wed Oct 12, 2016 5:15 am
by buysomebitcoins
That's a hell of a company you build there, I have some questions since I myself joined the field.

Were you funded when you started the company ?
How many employees do you have and how did you hire them ?


PS : best of luck for your business

Re: I am Arthur Hayes, CEO of BitMEX, Ask Me Anything

Posted: Wed Oct 12, 2016 5:17 am
by BitMEX_Arthur
The volatility of Bitcoin has been falling. Bitcoin has become the Reserve Currency of the digital currency world. Read a recent blog post entitled, Bitcoin, The Reserve Currency, for a more in-depth discussion.

The liquidity of our XBTUSD product has improved, it has traded almost 10,000 Bitcoin over the last 24 hours. We recently rolled out Risk Limits, and Auto-Deleveraging. We believe these improvements warrant the reinstatement of 100x leverage on our Bitcoin/USD leveraged trading product.

Re: I am Arthur Hayes, CEO of BitMEX, Ask Me Anything

Posted: Wed Oct 12, 2016 5:19 am
by BitMEX_Arthur
We started the company in January 2014. We took a small amount of money (<US$200k) in the form of convertible notes from friends and family. We have not taken any institutional VC money.

We have 5 employees. We tend to hire people that we have known previously in a professional capacity.

Re: I am Arthur Hayes, CEO of BitMEX, Ask Me Anything

Posted: Wed Oct 12, 2016 5:29 am
by buysomebitcoins
Since you are online and answering, I would like to ask additional questions :

1. Why did you register your company in Seychelles ?
2. Why you did not bother to purchase an EV SSL certificate ($100).
3. Have you ever had security issues ? like DDOS or hacking / exploits attempts ?

Re: I am Arthur Hayes, CEO of BitMEX, Ask Me Anything

Posted: Wed Oct 12, 2016 5:42 am
by BitMEX_Arthur
1. We registered in the Seychelles because the jurisdiction features no corporate tax and english common law. Many foreign exchange trading businesses choose to incorporate in the Seychelles.

2. I will have to get back to you on that. Will ask our CTO.

3. We have never lost any customer Bitcoin due to a hack of our wallets. Our CTO, Sam Reed, wrote a very insightful blog post entitled, Use Two-Factor Authentication and Don’t Reuse Passwords, about how a botnet attempted to brute force access into some customer accounts. It also details the measures we implemented to halt such attacks going forward.

Re: I am Arthur Hayes, CEO of BitMEX, Ask Me Anything

Posted: Wed Oct 12, 2016 8:53 am
by Allen
Have traditional traders tried your platform? What do they think so far?

Also, have you noticed any trend of legacy finance switching over to crypto trading due to the numerous benefits (e.g. less friction, more volatility, bigger profit potential etc.)?

Re: I am Arthur Hayes, CEO of BitMEX, Ask Me Anything

Posted: Wed Oct 12, 2016 11:00 am
by bitkilo
Thanks for taking part in one of our AMA’s, your time is appreciated.

Just a couple of questions from myself.

1) Looking on the BitMEX vs. Competitors page on your site and it is great to see the very competitive rates BitMEX offers.
I noticed on that you seem to be the only ones that offer a Quanto contract option, can you explain how this is used to shield the purchaser from bitcoin exchange rate fluctuations.

2) Do you have any tutorial videos for beginners regarding investing on your site?

Re: I am Arthur Hayes, CEO of BitMEX, Ask Me Anything

Posted: Wed Oct 12, 2016 12:26 pm
by BitMEX_Arthur
Traditional Traders:
A small percentage of our customers are veteran Wall Street traders. They like the freedom of the digital currency trading space. They also like the ability to arbitrage Bitcoin and other digital currencies across trading platforms.

Quanto Products:
We Quanto products into Bitcoin to allow the trading of any type of financial asset or risk in Bitcoin terms. For example, on our BFX Token futures contract, you do not need to have BFX Tokens or USD in order to trade the BFX/USD exchange rate. The profit and loss is in Bitcoin so there is no additional currency exposure.

Tutorial Videos:
Please visit the BitMEX Youtube Channel to view our educational videos.

Re: I am Arthur Hayes, CEO of BitMEX, Ask Me Anything

Posted: Wed Oct 12, 2016 12:32 pm
by Hhampuz
Great AMA!

What would you say is key if you want to start up your own exchange like this? Like, how to not give up if you do not have instant success?

And, what did you do prior to BitMEX?

Re: I am Arthur Hayes, CEO of BitMEX, Ask Me Anything

Posted: Wed Oct 12, 2016 3:40 pm
by BitMEX_Arthur
Great AMA!

What would you say is key if you want to start up your own exchange like this? Like, how to not give up if you do not have instant success?

And, what did you do prior to BitMEX?
Risk management is the number one thing. Dealing with highly leveraged derivatives that sometimes have non-linear payouts can be tricky. That's what we are experts at.

Previously I was the head ETF market maker in Asia ex Japan and Australia for Deutsche Bank and Citbank in Hong Kong.

Re: I am Arthur Hayes, CEO of BitMEX, Ask Me Anything

Posted: Sat Oct 15, 2016 11:50 pm
by rogerver
How did you first hear about Bitcoin and what attracted you to it?
Do you have an opinion on the block size debate?

Re: I am Arthur Hayes, CEO of BitMEX, Ask Me Anything

Posted: Sun Oct 16, 2016 12:50 am
by mjglqw
What is your personal prediction on the price of bitcoin on the end of 2016?

Re: I am Arthur Hayes, CEO of BitMEX, Ask Me Anything

Posted: Wed Dec 28, 2016 8:25 am
by weirdclassmate
Hi Arthur,

Im interested in knowing the situation of mainlanders using bitcoin to send rmb abroad in order to hedge the risk of depreciating yuan.

-Can you foresee any big trends regarding it?
-Do you expect the government impose restrictions on bitcoin trading to curb capital outflow in a near future?
-Do you personally know any rich mainlanders who trade a high quantity of bitcoin with the intention to send money abroad? Or any organization/ business which helps mainlanders to use bitcoin to send rmb abroad?

Thanks.

Lindy

Re: I am Arthur Hayes, CEO of BitMEX, Ask Me Anything

Posted: Wed Dec 28, 2016 11:34 am
by GlennieSofie
Hej Arthur
First I inform I have used google translate because my English is not too good.
I have no sense of bitcoin.
I have by chance developed an app. that has become popular among Danish youth.
I have sought help about bitcoin in Denmark, has not become wiser. Do you know where I can get serious help in Danish.
hope you have a happy and prosperous New Year.
Glennie

Re: I am Arthur Hayes, CEO of BitMEX, Ask Me Anything

Posted: Sat Feb 25, 2017 10:18 pm
by algoStrategic
BitMEX is a trading platform that allows traders to trade Bitcoin and other digital currencies with leverage. All products on BitMEX are in the form of financial derivatives. We offer leverage of up to 100x on certain products. BitMEX is a Bitcoin only business. Traders deposit Bitcoin as margin, and all profit and loss are denominated in Bitcoin as well. You can visit our exchange at: https://www.BitMEX.com

Listen to the podcast: https://www.bitcoin.com/podcast/bitmex- ... thur-hayes
What do you think the effects of "Trumps Wall" will have on the bitcoin price?

Re: I am Arthur Hayes, CEO of BitMEX, Ask Me Anything

Posted: Sat Mar 11, 2017 11:23 am
by faz68pk
Hi
Can you help me how to add/deposit money in Bitcion and how to start profitable trade without risk? I can not deposit money here in Bitcoin. PLease reply me step by step procedure. Thanks

Re: I am Arthur Hayes, CEO of BitMEX, Ask Me Anything

Posted: Wed Feb 14, 2018 6:33 am
by michal.siudek
That's great that I can ask you a question here.

I just lost 2000 USD because of system overload error. I wrote a ticket but apparently you are not taking responsibility that you don't want to invest into hardware or that you developed overcomplicated formulas and you don't know how to implement them in efficient way.

I have a question to other members of this forum - did you encounter this problem? Did you lost your money because of it? If yes, please send me a PM. I thinking about filling lawsuit against Bitmex company, but alone I cannot do a lot... but together maybe we will achieve something. At least fair rules.

Re: I am Arthur Hayes, CEO of BitMEX, Ask Me Anything

Posted: Sun Feb 18, 2018 6:36 pm
by CryptoMedia
What was your biggest challenge

Re: I am Arthur Hayes, CEO of BitMEX, Ask Me Anything

Posted: Sun Mar 18, 2018 8:37 pm
by CryptoCris
Your work is for respect.