S

9btc long, 100x leverage, he just lost 9btc

No, no, and no.

Someone took out a long with the notional value of ~9m. He may have used up to 200x leverage, but he may also have not.

>just

There's "just" and there's JUST, pretty sure that's the second case

>hurr durr you can only get liquidated when shorting

fucking idiots piss off back to plebbit already

You can't use 200x leverage on an order that big. BitMEX has a risk limit slider and the default is 200XBT at 0.5% maintenance margin which corresponds to 200x leverage. Increasing the risk limit by every 100XBT past that will also increase your maintenance margin by 0.5%. He lost around $450k assuming he used max leverage.

ya but theres no way he used max leverage. 1-2mil is much more likely

Who gets this money? The Bitmex exchange?

Drumpf

using rektbot's own calculations and a 10 sec mental math guesstimate, about a million bucks lost.
this is tax deductible so its a good thing in some ways

It's used to pay those who shorted

what the fuck is a long what is a short? i don't understand shit about this i only buy and hodl

explain pls senpai

that's a big fucking gamble while btc is crashing

no, someone else accepted this guys long and would have got the money when it liquidated. had the long paid off it would have come from the other guys pocket.

Does bitmex take a cut?

investopedia.com/university/shortselling/shortselling1.asp

Long = buy on leverage
Short = sell on leverage

I think

long means you buy it now and have a contract to sell later.
short means you sell it now on the condition that you will buy it later.

longs make money if the price goes up, and shorts make money if price goes down.

long is when you bet that btc will go up in value,

short is when you bet btc will fall in value.

if you short you are borrowing btc and when it falls in value you keep the differneve

a short is when you sell at a high price and bet that the market is going down. you make profit if the price goes down.

a long is when you buy at a low price betting that the price will go up. you make profit if the price goes up

how the hell does this work? i never understood this part of longing and shorting. how can i accept someone’s long or short? like being on the other side of it like you’re describing?

you guys can try this out on the bitmex testnet, they run a simulated exchange where you play with fake money.
testnet.bitmex.com/

fucking typical anime retard, kill yourself nigger

Read you fucking 13 year old mongs

anime website, boomer. head on back to /pol/

Don't mistake some misguided visitors/infiltrators for the true /pol/.

what am i missing

I always get confused with this bot, why does it say sell @ 10168, I mean for a long shouldn't the order be "buy @ 10168" ??

I dont understand the terminology

Thank you.

I like when this happens, i like when rich people lose money

It's likely he used 10x leverage at 11.2k, which many bulls thought would be the bottom due to its importance as major resistance in the past (and when resistance is broken, it becomes support)
He could have also used 20x leverage at ~10.6k
Good thing I exited the majority of my longs at 11.58k for a decent profit and closed some longs last night for a small loss