Battle for Binance Futures: The Futures Are in Your Hands!

[Baofeng]

We are delighted to announce the launch of not one, but two Binance Futures Testnet Platforms to better serve our users! This gives you the freedom to explore each product and its offerings ahead of the official Binance Futures launch. A total of 10,000 BNB will be given away to users who participate in testing both Futures Testnet Platforms. At the end of the competition period, the mainnet version of the platform  with the most votes will provide a 50% trading fee discount to its testnet voters for a full month. 

Competition Period: 2019/09/03 00:00 AM - 2019/09/08 00:00 AM (UTC)

https://www.binance.com/en/support/articles/360032888452

So Binance has created two stand alone versions of their future trading platforms, and obviously they wanted their customers to select which one they like best here. There is "Future A" and "Future B" scenario here and the winners getting 10,000 BNB.

[TheUltraElite]

They are following the markets of futures which is currently captured by bitmex and all other "wittyname"-mex out there.

Binance already has a huge following and not to mention their notoriety about being one of the biggest listing fee asking exchanges out there. Well you cannot deny the fact altcoins shills and bots make these exchanges grow to a huge following, which ends up culminating into this. Poaching over other markets just because "they are doing it so we will too".

[Daemon_Hell]

https://www.binance.com/en/support/articles/360032888452

So Binance has created two stand alone versions of their future trading platforms, and obviously they wanted their customers to select which one they like best here. There is "Future A" and "Future B" scenario here and the winners getting 10,000 BNB.

Well "created" is a strong word for one of the platforms involved. "Futures B" was developed by Jex, bought by Binance and then just reskinned. Even documentation still hints about previous ties and owners.
"Futures A" - looks like in-house development and much more robust.

[gentlemand]

Well "created" is a strong word for one of the platforms involved.

Let their cut and paste of Bitmex's terms not be forgotten. Then again I think plenty of Bitmex was ripped off from elsewhere too.

https://twitter.com/CryptoHayes/status/1169121781149569024

It kind of makes you wonder what other corners they're cutting behind the scenes.

[figmentofmyass]

Let their cut and paste of Bitmex's terms not be forgotten. Then again I think plenty of Bitmex was ripped off from elsewhere too.

https://twitter.com/CryptoHayes/status/1169121781149569024

It kind of makes you wonder what other corners they're cutting behind the scenes.

lol, good find. nothing surprising there. a lot of people overestimate CZ's scruples. he'll do anything if it means striking while the iron is hot and grabbing market share.

he was the king of fake volume pumping in his days as okcoin CTO and no doubt brought that expertise to binance. and when he decided to create binance, he publicly dragged okcoin and star xu through the mud with allegations of faked audits etc, which he used as a platform to build his own reputation. he fights dirty and isn't always acting on the up and up, that's for sure.

[Baofeng]

Let their cut and paste of Bitmex's terms not be forgotten. Then again I think plenty of Bitmex was ripped off from elsewhere too.

https://twitter.com/CryptoHayes/status/1169121781149569024

It kind of makes you wonder what other corners they're cutting behind the scenes.

lol, good find. nothing surprising there. a lot of people overestimate CZ's scruples. he'll do anything if it means striking while the iron is hot and grabbing market share.

he was the king of fake volume pumping in his days as okcoin CTO and no doubt brought that expertise to binance. and when he decided to create binance, he publicly dragged okcoin and star xu through the mud with allegations of faked audits etc, which he used as a platform to build his own reputation. he fights dirty and isn't always acting on the up and up, that's for sure.

Lol, thank you for refreshing my memory about CZ, I guess he really learn a lot from that OKCoin experience that's why when he started Binance, he has the tools already, know what the customers what and the psychology behind it.

Just like what he is offering here, as if he is giving power to his customers to choose what they want. But at the end of the day, he is using his customers on his favour and yeah, he really know to strike while the iron is hot.

[1Referee]

Let their cut and paste of Bitmex's terms not be forgotten. Then again I think plenty of Bitmex was ripped off from elsewhere too.

https://twitter.com/CryptoHayes/status/1169121781149569024

It kind of makes you wonder what other corners they're cutting behind the scenes.

Copy and paste work is how CZ's close friend Justin Sun grew big with his TRON scam project. Copy and pasters apparently like to surround themselves by other copy and pasters.

---

If Bybit out of nothing managed to grow out to be a decently large futures platform, then Binance will absolutely dominate that segment of the market. Bitmex is losing a lot of popularity with their mass liquidations and 'overload error' that they aren't keen on sorting out. Not that Arthur Hayers cares anyway, he has already pocketed hundreds of millions. If he wish could exit with a smile from ear to ear.

[Pipdips]

So have any of you opened futures accounts with Binance yet?

If so have you tried A or B?  And how do you like it?

[figmentofmyass]

So have any of you opened futures accounts with Binance yet?

their terms imply much more KYC than bitmex and similar platforms. after seeing they don't prohibit USA residents, i opened an account. it seems like you need to complete level 1 verification (name and national ID number) no matter what, but fake names/numbers worked easily.

after taking a look around, i quickly realized you can't withdraw any assets without completing level 2 verification---national ID + selfie. (this may be different for non-americans so i'm not sure what would happen if i created an account through VPN)

given this---especially at 1/20th the volume of bitmex's XBTUSD contract---i'm not interested. at least not while i have higher volume options that don't demand KYC.

[Pipdips]

---especially at 1/20th the volume of bitmex's XBTUSD contract---i'm not interested. at least not while i have higher volume options that don't demand KYC.

So you use BitMex?  How do you like that exchange?

Also, it sounds like you are constantly bugging out about sharing your ID with exchanges.  Why?

[figmentofmyass]

---especially at 1/20th the volume of bitmex's XBTUSD contract---i'm not interested. at least not while i have higher volume options that don't demand KYC.

So you use BitMex?  How do you like that exchange?

Also, it sounds like you are constantly bugging out about sharing your ID with exchanges.  Why?

bitmex is okay. i've been there since 2016. i've gotten screwed over a couple times by engine overload/lag and once by their ADL system but overall it's been profitable. order books are deep. never had a problem using overseas VPN.

re giving out my ID, i don't feel like having my documents compromised. binance already had a bunch of their KYC data compromised to hackers. and i've already had my data stolen from credit card compromises, equifax---reputable companies who are actually concerned about data protection laws. i don't feel safe giving my documents to shady crypto exchanges run from china and registered in the seychelles. i might be alright risking a couple thousand bucks for access to high leverage, but the integrity of my KYC documents is worth more than that. (to me)

[Pipdips]

bitmex is okay. i've been there since 2016. i've gotten screwed over a couple times by engine overload/lag and once by their ADL system but overall it's been profitable. order books are deep. never had a problem using overseas VPN.

re giving out my ID, i don't feel like having my documents compromised. binance already had a bunch of their KYC data compromised to hackers. and i've already had my data stolen from credit card compromises, equifax---reputable companies who are actually concerned about data protection laws. i don't feel safe giving my documents to shady crypto exchanges run from china and registered in the seychelles. i might be alright risking a couple thousand bucks for access to high leverage, but the integrity of my KYC documents is worth more than that. (to me)

What else can you do though?  An example is that just because an exchange allows clients to remain anonymous that usually results in a less secure exchange with more problems.  I mean we are talking dollars to doughnuts here.  We are clearly picking through a bucket of potentially all rotten apples.  There are no exchanges yet that are stellar with premium security, features, and transparency.  There is no Security and Exchange Commission monitoring this stuff fully like it is totally their business, not quite yet.

Also this goes against my initial viewpoint about crypto exchanges but I'd rather just submit KYC (know your customer) info and be done with it.  It is all heading in that direction anyways, I mean that in a way that this seems inevitable.  These crypto's are already tip toeing into stock exchanges and EFT's (Exchange Traded Funds).  I mean what else do you expect for the future of crypto.  It's like it should not even be named crypto anymore because these digital assets are going to be all out in the open especially trading on exchanges like this.

And Taxes. Cmon already man.  Live in the real.  Live in the present.

[figmentofmyass]

re giving out my ID, i don't feel like having my documents compromised. binance already had a bunch of their KYC data compromised to hackers. and i've already had my data stolen from credit card compromises, equifax---reputable companies who are actually concerned about data protection laws. i don't feel safe giving my documents to shady crypto exchanges run from china and registered in the seychelles. i might be alright risking a couple thousand bucks for access to high leverage, but the integrity of my KYC documents is worth more than that. (to me)

What else can you do though?  An example is that just because an exchange allows clients to remain anonymous that usually results in a less secure exchange with more problems.

why do you assume it would be less secure? bitmex has never been hacked. bitstamp and poloniex (mandatory KYC) have.

as for other problems, bitstamp is freezing accounts left and right due to their uptight AML controls, and poloniex just screwed its lenders out of 1800 BTC after a flash crash disaster.

Also this goes against my initial viewpoint about crypto exchanges but I'd rather just submit KYC (know your customer) info and be done with it.  It is all heading in that direction anyways, I mean that in a way that this seems inevitable.

i've done KYC (ID and selfie and all) at coinbase pro. i might do it one more time, but i'll choose very carefully which exchange. it's all about cost/benefit. an exchange has to offer markets i want (ie not BTC/USDT) with good liquidity, and they also need to seem professionally run.

binance jex fails on all counts for me.