Aware of Bitmex issues?

[Stedsm]

I've had been a member over there and I've had some of the worst experiences I'd like to share here:

First one:
When Bitmex went offline, I had a SHORT position open that got it STOP reached in no time after their announcement as we were all helpless, not even able to change anything or touch the trade as the system went ON MAINTENANCE. That made me a loss of BTC0.005 (as I did it for test purpose, and eventually this happened).

Second one:
Yesterday, I've had a trade open with the same SHORT position, everything was going fine unless contracts started to burst off the wrong side and immediately, a straight $500 pump came in and we didn't even get the chance to move out of the trade due to their system-hang games.

Till date, I've heard this every time that Bitmex is rekt, but never believed until I experienced it myself. Do you believe the same?

[cryptoblackhat]

Sadly a lot of the crypto exchanges struggle to deal with high volume. Even Coinbase/GDAX tends to crash whenever there are big market events.

Were you just using stop losses, or also margin trading? If you margin trade then your positions will be much more vulnerable to manipulation like this.

[mk4]

I've also been reading a lot of complaints similar to this on Reddit. On some instances people couldn't remove their positions via using the buttons on BitMex's site; the buttons were pretty much non-functional, causing some people to lose significant amounts of money. So much complaints on Reddit, even from last year. I've never used it personally, but I personally wouldn't touch it.

https://www.reddit.com/r/Bitcoin/comments/7inp14/bitmex_support_just_banned_me_for_trying_to_talk/

[gentlemand]

Yes. I hang out on r bitcoinmarkets on and off and the Bitmex outage/rapeage is a well known occurrence. It could be selective scamming of their users but it's also easy to forget just how rapidly they've grown and how much load there must be now.

Bitfinex often behaved in a very similar manner on occasion of moments of intense action but they're just as ethically questionable. The old adage about only playing with what you can afford to lose applies a millionfold with shitholes like Bitmex.

[1Referee]

I'm using Bitmex as well and have seen it happen frequently enough to know that it's not always related to technical difficulties or server load.

In some cases (when it's not a technical difficulty or server load) it's what I call a moment of getting rid of unprofitable positions that otherwise would have cost Bitmex money. Don't forget that there is some internal market making going on that actually trades to make profit, and not trades to stimulate market activity.

The main problem here is that pretty much every similar platform works like this, or else they don't have a proper chance to exist for longer than a year with how whales would literally empty the whole place.

[Oilacris]

I've also been reading a lot of complaints similar to this on Reddit. On some instances people couldn't remove their positions via using the buttons on BitMex's site; the buttons were pretty much non-functional, causing some people to lose significant amounts of money. So much complaints on Reddit, even from last year. I've never used it personally, but I personally wouldn't touch it.

https://www.reddit.com/r/Bitcoin/comments/7inp14/bitmex_support_just_banned_me_for_trying_to_talk/

Ive been waiting for these things actually for some Bitmex issues before I do tend to make use of that thing and now the time has come and my suspicions do really happen.
Now, lots of people do complain and thanks for the given link.I haven't used it before but basing on feedbacks then I will surely skip this one.

[Stedsm]

Yes. I hang out on r bitcoinmarkets on and off and the Bitmex outage/rapeage is a well known occurrence. It could be selective scamming of their users but it's also easy to forget just how rapidly they've grown and how much load there must be now.

Neither am I unaware of the facts nor about the overloads that may happen when a lot of unexpected audience as well as activity levels spike in volumes that couldn't be handled by servers, but what about those unhealthy pumps that happened as a proof for the artificial climate which is created by Bitmex guys when those $500 and $800 pumps in a single shot within a single candle took place?

Bitfinex often behaved in a very similar manner on occasion of moments of intense action but they're just as ethically questionable. The old adage about only playing with what you can afford to lose applies a millionfold with shitholes like Bitmex.

I've seen volumes spiking immediately when such announcements about maintenance or anything else like bugs found or system issues came into existence over Bitmex, and can't forget to add one more thing here that even being verified, they close your account for no reason if you've got to tackle the odds and win something really big against them and it's literally possible in crypto world.

[gentlemand]

Neither am I unaware of the facts nor about the overloads that may happen when a lot of unexpected audience as well as activity levels spike in volumes that couldn't be handled by servers, but what about those unhealthy pumps that happened as a proof for the artificial climate which is created by Bitmex guys when those $500 and $800 pumps in a single shot within a single candle took place?

I would guess that the majority of short term price movements this year have purely been aimed at fucking the positions belonging to others on Bitmex. It's the largest game in town now and there isn't really any action anywhere else.

It's going to carry on that way until a tide of FOMO swallows that type of behaviour in one gulp.

[Stedsm]

I would guess that the majority of short term price movements this year have purely been aimed at fucking the positions belonging to others on Bitmex. It's the largest game in town now and there isn't really any action anywhere else.

It's going to carry on that way until a tide of FOMO swallows that type of behaviour in one gulp.

It means that instead of making accounts and get destroyed in the hands of these people, we should start our own leverage-based trading platform to make fortunes by looting people through their account swipe-offs with such established pumps and dumps?

One more thing, did anyone face their account being closed for no reason by Bitmex when they won on a bigger margin against the markets? Few of my whale contacts had many of their accounts closed by Bitmex for no reason, and when these guys asked Bitmex why they did this, Bitmex people replied that they suspected the account for being involved in malicious activities. How can they ever decide on a customer's way of earnings by comparing it with - whether they're involved in any such activities or not?