You actually get paid and burn btmx tokens by providing liquidity and closing arbitrage opportunities. On the other side you can lock in btmx tokens and get paid usdt based on the same liquidity. Is this thing fucking genius or am i missing something?
Bitmax
Easton Thompson
Robert Cook
Bitconnect with more subtlety
Chase Fisher
Where do I find this explained? I get the locking system, but what is this about burning? I see there's some mining on the exchange but I dont understand chinese.
Hunter Bennett
You're missing something
Nicholas Long
The reverse mining thing, its only available on a few pairs like pax/usdt, you actually gain 0.0012% in fees on each trade while an equivalent btmx gets burned.
Julian Thomas
Or actually, here is the link:
bitmaxhelp.zendesk.com
I might have said it wrong, basically the fee is 0, you gain 0.0012% while the equivalent gets deducted from your btmx balance and gets burned. So it's free to trade while also reducing btmx supply. Also anything you buy like those point cards also gets burned which decreases supply.
Jacob Ward
This is a SCAM
George ZIPPER HEAD Cao is a SCAMMER
FUCK BITMAX SCAMMERS
Cooper Wood
Can you please elaborate? I currently have only 1k on btmx and im deciding if i should invest more or not. Its pretty lucrative.
Adrian Thomas
Bump need proper info.
Tyler Mitchell
Eh so you could say you pay the fees in BTMX, kinda lame. I expected it to generate some since its called mining.
Bunch of people got burned on their margin trading. Since you lock in any tokens and they lost value they got liquidated and call it a scam. I didn't see any real proof of anything odd anywhere.
Angel Watson
Does Bitmax require identity verification (KYC)?
Thomas Reed
Yeah but theres a bunch of bots running crazy there, whenever a wall happens you can set a buy order and a sell order 0.00001 unit apart and get it filled easily. Well at least until this usdt shenanigans started last week, now usdt seems risky a bit.
No
Brody Mitchell
2btc daily withdraw limit if unverified. Essentially, the same as Binance.
KYC now required for margin trading if account was opened after beginning of March.
KYC has always been required for larger withdrawal, joining IEOs, OTC, and their bittreasure lockup programs.
Tyler Morales
>KYC now required for margin trading if account was opened after beginning of March.
That sort of sucks. Margin trading is basically the main reason to use it. Is that for certain? Is it anywhere on their website?
Dominic Brooks
I used to thought that BTMX is good, until i got forced liquidated on my margin due to a wick. Yes I understood the risk of leverage, and that's something I accept.
The thing is, I ended up owing them money because their liquidation engine liquidated my BTMX positions far below the cushion rate. I have yet to return them what I owe, but my Cash Assets (non-margin account) are under hostage by them lmao. I can't transfer anything out unless I pay what I owe them.
Fucking scam
Alexander Stewart
Anyway OP, just a small lesson from me if you decide to margin BTMX and lock some away. You'll be forced to liquidate your locked BTMX as well if they decide to pull a Hayes on you.
Justin Peterson
>crypto lending
>literal who pajeet exchange
>get paid in USDT monopoly tokens
Fucking YIKES
Michael Sanders
If you're a user of their exchange, can you confirm that they demand KYC for margin trading? Trading on margin with low liquidity kinda sucks indeed.
Adam Bennett
GEORGE CAO is a SCAMMERS
BITMAS IS A SCAM
Thy blamed the Pn D on hackers BS they did it the selves they were not being honest about the Margin trading from the beginning. I asked on their Telegram about margin trading and the Admins wouldnt give me a straight answer.
Some one asked them about the Biz FUD on Telegram and an Admin stated that they checked Biz and did not see a single BitMax posting on Biz there was about 15 different threads going on.
George Cao is a SCAMMER
Evan James
Coinlend is listing them as a lending platform soon. who crypto/usury/ here ?
Asher Barnes
We're talking about SCAM BitMax not Scam BitMex you fucken MORON
Caleb Martinez
I agree. They were not at all transparent about the margin. After my liquidation, I had been asking all around various groups (including biz) if other exchanges which provide leverage will result you in negative (aka deficit) when you get liquidated.
The answer was no, the most you lose is your entire margin account.
In Bitmax's case, the telegram support said that this is a "Lending' system. They lend you the money and you pay them back. So when you get liquidated beyond your 'zero sum' amount, you owe them more than what they lent you. Hence the negative. Fucking retarded and scam I swear.
I didnt do any KYC for the margin. Stopped using that scam exchange altogether. Not sure what's the new update now.
Lucas Ward
I have not tried margin yet and based on this i probably wont, i do enjoy the data usage rewards, the rate is really high atm and it has a 180day reserve so its somewhat safe even if liquidity drops.
Ryder Cox
>So when you get liquidated beyond your 'zero sum' amount, you owe them more than what they lent you.
That's a pretty bizarre mechanism. How does it work exactly? As far as I know, generally you just pay daily (or hourly) rollover fees
Levi Fisher
What has he scammed in past, can't find much on him?
Henry Rodriguez
>margin trading already risky
>nobody want margin trade on bitmax because even riskier
>crypto lenders incentivized with higher rates of return for lending on bitmax
>leverage traders forced to eat potential losses paying for loans otherwise there would be no lenders
Brandon Wright
so lets say I lock 10k bitmax
bada boom bada bing
how much tether will that get me per day lads?
Landon Price
Do you realize how retarded you sound? You're talking about buying a printed meme token with no intrinsic value to lock it up on a highly illiquid wash trading exchange in return for Tether right as the Bitfinex scam starts to completely fall apart. You're going to lose everything.
Wyatt Cox
Aside from the wash trading bots, bitmax has a nice interface and the mobile app is decent. I've never had problems with deposits/withdraws.
I'm willing to risk it bud
These chinks are in pretty deep they're not going to be able to just exam scam and disappear
Colton Wright
How does borrowing on Bitmax work? It looks a bit unintuitive desu