Crypto Exchange Launches ‘Shitcoin Futures Index,’

Discussion in 'Crypto Assets' started by Nobert, Dec 1, 2019.

  1. Nobert

    Nobert

    Also read :
    5 Harsh Truths No Crypto Investor Wants to Hear
    https://www.elitetrader.com/et/thre...o-investor-wants-to-hear.338278/#post-4970680

    [​IMG]

    Author :
    William Foxley
    Crypto Exchange Launches ‘Shitcoin Futures Index,’ Offering New Way to Short Alts
    Crypto derivatives platform FTX has perhaps the most speculative and oddly-named futures index fund on the market: SHIT-PERP, or the Shitcoin Index Perpetual Futures.

    An index of 58 low market cap coins, SHIT-PERP includes projects like Waves, Grin, and Nano. It is flanked by two other low-cap indexes on the site, MID-PERP and ALT-PERP.

    Screen-Shot-2019-08-01-at-9.43.08-AM.png

    Image via FTX.com

    Following an incubation program under Alameda Research, the derivatives platform opened this past spring. FTX runs an over-the-counter desk, futures, indexes, and now spot trading. Based out of the Antigua and Barbuda, the platform is slowly adding spot and margin trading.

    FTX’s connection to Alameda Research gives it deep liquidity, per FTX statements. Founded in October 2017, Alameda manages over $100 million in digital assets, trading between $600 million and $1.5 billion per day. The quantitative trading firm operates the second-best performing account on BitMEX and helped onboard staff from Jane Street, Optiver, Susquehanna, Facebook, and Google to FTX, according to FTX.

    Regardless of the index’s name, FTX stands by its product which it launched in June. Speaking to CoinDesk, FTX Chief Marking Officer Darren Wong said the index allows traders and investors to interact with coins in an innovative way. Wong listed three examples:

    • If you want exposure to a particular initial coin offering, but not the general industry, you can short SHIT-PERP. By shorting the greater alt market, you hedge your bets and limit your downside.
    • If you want to short low market cap altcoins in general, you can use SHIT-PERP. The indexed future is one of few ways to short low cap alt markets.
    • If you think bitcoin’s dominance is too high, you can buy all three of FTX’s altcoin futures indexes and sell BTC-PERP, the platforms Bitcoin futures index.
    Surprisingly, Wong says the exchange trades a roughly on par with its other futures index, ALT-PERP, at roughly a few million dollars turnover. At the time of writing, the index was down 2.62%.

    Image via Shutterstock.


    Source :
    https://www.coindesk.com/crypto-exc...-futures-index-offering-new-way-to-short-alts
     
    IAlwaysWin and d08 like this.
  2. IAlwaysWin

    IAlwaysWin

    When the so-called elites tell you your flushing your shit down the wrong drain. You'd think people you get the pun.
     
  3. Real Money

    Real Money

    This market is hilarious. Impossible to effectively regulate?

    I can't imagine trading a market where the exchange could go under, the broker could get hacked, the underlying could be fraudulent, and even the price discovery is likely just manipulation to induce participation...

    Caveat emptor, due diligence, counterparty risk.......
     
    Last edited: Dec 2, 2019
    Metamega and Nobert like this.
  4. Nobert

    Nobert

    Crypto version of :

    XXlc.gif
     
  5. maxinger

    maxinger


    and person with password might go India and died (literally or figuratively ) suddenly.
     
    Nobert and Real Money like this.
  6. johnarb

    johnarb

     
    AKUMATOTENSHI likes this.