Ok lil thread about this cuz it's interesting.

Most degenerates that gambled on coin margin wanted to accumulate more coin.

But these contracts suck for long biased traders because of bad convexity and if you lose you don't just lose $ value you also lose your coin, the very thing you wanted more of.
So this leads to natural hatred towards these type of contracts.

The people that traded these contracts also got chopped up so often (on the way up too) and then on May 19 they all got liquidated again, one last time...

These guys threw in the towel.
A lot of popular coin margin contracts are also from exchanges that are starting to fall out of favour.

Bitmex cuz kyc, okex & huobi cuz of China crackdown, Bybit cuz they all got liq'd the fucking degens and they also now face kyc.
The people that still have courage to trade went to Binance and FTX - the biggest winners - which are good exchanges btw.

Now stablecoin contracts are naturally more attractive because they make more sense (denominated in $) and the convexity isn't as bad for longs, and...
... you don't need to fuck around with moving coins all the time.

You want to trade an altcoin on coin margin because you think it'll perform well? Have fun converting USDT to that alt first then moving it to the contract, wait for profit and then convert all again.
So these contracts are much more practical.

Finally, USDT contracts also make more sense for people who are not religious bitcoin zealots, but are rather coin agnostic and just want to make profit ($ terms).
As a cherry on top, NY settled with Tether so there's no looming regulatory threat either (sure there are still some conspiracy theorists but let's be honest those people don't have money anyway).
I also think that some people that moved to Binance after May 19 started shorting there as a revenge trade and they don't want to hold any more BTC out of anger, but this is most likely just a drop in the bucket of this story.
I think in the future it's very very likely that $ contracts (cuz doesn't have to be only tether, can also be USDC for example) will absolutely dominate.


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More from @ByzGeneral

13 Jul
Now that volatility is drying up, this is the perfect time to start educating yourself lads.

Lots of great content out there.

I might also start working on some new educational stuff again.
I don't really have an incentive to do this, but since a few people are requesting this I'll share some content I think is good (and free).

Will keep updating.
Read 8 tweets
22 Jun
Alright Byzantine Capital is bidding 30k again.

My thesis?
Who the fuck knows at this point tbh.
I guess I just like pain or something.

$BTC Image
wtf my bids actually hit. Image
We just closed the 4H green on negative funding and backwardation.

GG bears, you had your fun but it's over now.

$BTC $ETH Image
Read 5 tweets
16 Jun
I guess 66.6k followers really is a bad sign.

Turns out this guy @Crypto_Satz is stealing content from the education group I run with a friend.

He sells it at triple the price of our group.
People are actually buying it.
Funny thing is that you can see my username (and hear my voice) in some of the videos but he pretends he made it.

I have a feeling that he also steals from other traders. And he always plasters his own shitty watermark on the charts which...
He posts in his telegram which I think he bought because it has 1300 subs and his twitter only has 300 followers.

So yeah... Don't give this scammer @Crypto_Satz any money :/
Read 4 tweets
2 Jun
There's still some disbelief (and no rejection at SFP).

I think we can make a move to 40k tbh.

$BTC Image
I closed my long here.

Binance is spoofing it up.

Probably implies that they're trying to reach the target of their own longs. So I think the pump's close to exhausted.

$BTC Image
Some people got mad at me yesterday for saying I closed my long (LOL).

That was the only confirmation I needed to know I was right for doing so 🤝

$BTC still looks like shit btw. Image
Read 4 tweets
1 Jun
You guys often see me post charts like this and I always get questions like "what even are these numbers?".

So here's a little thread on @okotoki

The advantage of this platform is that you can check the orderbooks of multiple exchanges at the same time.

The orderbook shows you where limit orders are resting. On the top you got the sell side, on the bottom the buy side.

Because you have a nice overview you can easily spot strange activity or key levels where a lot of orders are resting.

The delta in the middle calculates the difference in value between sell & buy side. This can help with bias because you can easily see which side is stronger.

Although the market often tends to seek liquidity, keep that in mind.

Read 9 tweets
28 May

My god so many of you have such a fundamental misunderstanding of how market data & derivatives work.

First of all, in crypto derivs, the long/short ratio is ALWAYS 1:1.

These type of charts only show taker volume L/S ratio.
Taker = market order. You "take" liquidity away from the orderbook.

Maker = limit order. This order is put in the books, you add ("make") liquidity.
Read 6 tweets

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