8.1.18 - Cardano launches ADA futures on BitMEX

bitmex

#1

ADA tokens now tradeable on BitMEX, a leading cryptocurrency trading platform

Zug, Switzerland– 8th, January 2018 - Cardano Foundation, IOHK and Emurgo, the three partners behind leading blockchain Cardano, today announce that ADA, Cardano’s cryptocurrency, is now tradeable on BitMEX, the cryptocurrency leveraged trading platform.

The listing bolsters Cardano’s presence in Asia following the launch of ADA, now a top-five cryptocurrency by market capitalisation, on a series of listings on exchanges in October and November 2017, including Bittrex, Binance and CoiNest

The ADA listing on BitMEX is in the form of a fixed date contract and allows traders to speculate on the changing value of the Cardano / Bitcoin (ADA/XBT) exchange rate with up to 20 times leverage. Traders do not need to have ADA to trade the contract as it only requires Bitcoin as margin.

To coincide with the launch, BitMEX is offering a $100K giveaway to customers who trade the new contract. The contest runs from January 8th to January 15th. For details, see https://blog.bitmex.com/ADA_competition/.

ADA

The technology underpinning Cardano’s ADA token was designed by leading experts, academics and cryptographers over the last two years, drawing on the best features of existing cryptocurrencies including Bitcoin, Ripple and Ethereum.

Crucially, it is the first blockchain to use a provably secure, proof-of-stake algorithm – the only one to have been academically peer reviewed by leading cryptographers through its acceptance to Crypto 2017, the world’s top cryptography conference.

Arthur Hayes, CEO, BitMEX said: “The addition of ADA contracts on the BitMEX platform will further assist the cryptocurrency’s transformation into a truly liquid and tradable asset.”

Michael Parsons, Chairman, Cardano Foundation, said: “This new listing is indicative of Cardano becoming a truly global blockchain platform. We are excited to see Cardano list with BitMEX. Adoption of ADA by new trading platforms is reflective of the bright future that Cardano has as a leading blockchain platform.”

Charles Hoskinson, CEO, IOHK, said: “As markets evolve, there is an increasing need for liquidity and more sophisticated trading strategies. I’m glad to see BitMEX list ADA and hope this continues to aid our march towards becoming the financial stack for the developing world.”

Ken Kodama, CEO, Emurgo said: “Listing on BitMEX as a contract is a great step for ADA to have more liquidity and grow the Cardano ecosystem.”

Details of the BitMEX-ADA fixed date contract are available here.


BitMEXがCardano/ADAの取り扱いを開始しました
#2

How do you expect this will affect the conventional ADA/BTC & ADA/ETH markets?


#3

Exciting! Cardano is moving toward her lofty goal! :butterfly:


#4

Let the Big Short commence… Just kidding! :smile:


#5

How does this benefit ADA, I only see this slowing down growth. Futures markets usually either instill fear when the asset is shorted on (especially in speculative market, like crypto), or it stabilizes the price with even Long and Short bets. What are some benefits to a Futures market in this situation.


#6

I know that more exposure is good overall but this is a hard sell to me:

I also know Cardano has nothing directly to do with this, thank goodness.


#7

I agree but it wont be taken that way by a lot people. I’m already see people compound their criticism for the ADA Wallet fiasco between Binance and Bittrex along with this on Twitter.


#8

Spot on it won’t which puts them under the control of falsehoods.
Sad isn’t it.


#9

It really is and the crypto-market is neurotic and all it takes is persistent bad news (ADA wallet issues) along with gimmicky rafflings like this. All while they read stories from mainstream media about a bubble burst impending. Makes me nervous as the gimmicky kind of stuff always brings in weak hands. You don’t wanna build your investor base on weak hands (like Tron cough cough). All it takes is some bearish news and those weak hands panic sell. If you look at the price action of ADA, its been remarkable how well its sustained its high valuation (between $0.90 - $1.10). Alot of this are people waiting to buy in or buy a slight dip. Shows the relative maturity of ADA investors, cause they know they are in it for the long haul. HODL!!


#10

Absolutely!
Everyone I deal with, many who are scared to death of the crypto market have stated that they “get” Cardano. This, I attributed to Charles Hoskinson and the Cardano team being opinionated and approachable, a rare combination.

Regarding weak hands, I was on a flight and sat next to a fund manager whose firm was quietly interested in Cardano. Expressing the thought that the ground floor would be open until Q2 when staking starts. The idea of weak players was also eluded to as a given opportunity (I would call it exploitation) that his firm would be taking thus strengthening their ADA position.

This is the reality, domesticated sheep need to be sheared,


the antidote clear thinking, example: The Price of Craftsmanship and the Zen of Protocol Design by Charles Hoskinson.

Excerpt:
"Finally, there is peer review. It somehow is conflated, misunderstood or in some cases discarded as an unnecessary formality to appease irrelevant ivory towers out of touch with the plight of normal man. I counter every single one of these attacks with a single question: can you understand the papers cryptographers write?

Humility will yield an answer of no for the majority of the populate. This statement isn’t self-serving arrogance. It’s respect for a language born from decades of careful study. Medicine has research. Physics has research."

Viva the wild ones.


#11

Interesting perspective thanks!


#12

His words, not mine, I should have made that clear.


#13

Cardano is bringing the same type of rigor to currency as Boeing does to designing the flight control system on a Boeing 747 airplane - it has to be proven correct (and Boeing’s also has to run in hard-real time). This isn’t new - formal verification of software has existed for decades. The problem is it’s too darn expensive and demands lots of skill to produce formal proofs of most code that’s out there. Ideally, this is how software is supposed to be done but isn’t because of time/skill constraints, so the best we do is carve out the happy paths in software with the most obvious exceptions/error handling, write unit tests, hopefully good integration and stress tests, push it through QA (you do have QA, right? :slight_smile:) , and once they have put it through their own motions, eventually push it out to customers… And for most software this is ok, or else we’d never get anything done.

IOHK & Charles’ position is that money/currency is just as important as flying a Boeing 747 with 500 souls onboard, and when it comes to the -core- of Ada/Cardano, Ourboros, dPoS, call it whatever you want - this has to be rock solid. This is why he’s reached out to not just seasoned Haskell/FP programmers who will buy him time in terms of coding (FP done right typically results in smaller code base than other non-FP languages), but also to academia heavyweights in this area who have gladly taken on reviewing the paper submissions and basically finding a reason to not accept them unless it passes scrutiny and cuts the mustard in the view of other domain experts.

Not only is this encouraged when it comes to currency, I’m surprised no one in the last 9 years thought of doing something like this… Now that Charles has gone through with it, certain people are throwing everything and the kitchen sink at him, calling him incompetent, a thief, “arrogant”, whatever… All of it crap, since in the Ouroboros paper, attribution is given to all prior art/work, and he has continuously emphasized that he is more than happy to poach anyone’s idea that works to get Cardano going.

IOHK’s unique contribution is the rigor (formal proofs/verification) they bring to Ada, their utmost transparency (weekly dev reports!), he is -responsive- instead of obtuse or inapproachable, and above all, he is able to do what seems like a very very difficult, age accelerating job of balancing academic rigor with realistic time/cost constraints (“I want people to hold my balls to the fire” - Charles H.).

Granted, I still have some doubts if Ada can reach stratospheric heights by remaining deflationary, but the jury’s still out on that. I’ve asked the question of IOHK, hopefully they can field an answer about whether it is possible to shift into inflationary mode where expanding the currency via PoS consensus is possible. There’s a reason the gold standard is untenable, and it would be stupid of IOHK/Cardano Foundation to ignore this.

In 9 years of dabbing slightly in crypto, no one has been able to inspire me to buy and hold what I considered to be mostly b.s. currency, including the ecologically unfriendly BitCoin or any other PoW coin - all of which are asymptotically approaching maximum growth… With Cardano/ADA and PoS, there is NO such limit. The sky is the limit, given the underlying tech/approach.

This is what I would call perfect timing… The only thing left now is to deliver deliver deliver, RELEASE A DEVELOPER API/FRAMEWORK AS SOON AS POSSIBLE, and keep marketing Cardano to those who don’t even know they need it and what it can do for them in terms of cost savings and scalability.

Cardano is the silver lining on the dark cloud of pretty much all crypto currency except a few which show promise… And those that stay the course, Cardano will be the glue for them all as well as the glue to not only the other 3 billion but to all 7 billion people.


#14

Great post @MartinMKD

Your thought has been expressed by some major holders I know who are in the business of business.

Example, no other crypto has a chance of translating the ever-changing U.S. International Trade Commission Harmonized Tariff Schedule, Cardano can and is through some proof of concepts that I have been, in a limited way privy to.


#15

This painting is really funny. :kissing_heart:


#16

Wow…Profound…Thank you.


#17

Interesting. 20x leverage on a crypto would be an exciting ride, if you could stay in the trade for long enough to see it through. Potentially useful as a hedging tool, and hedging with futures has different tax implications to liquidating your original position depending on your tax jurisdiction.

Will watch closely to see how it behaves and the extend to which it effectively tracks the underlying.


#18

Very articulate encapsulation of the strengths and challenges for Charles and Cardano. Thanks for writing this up.

I’d like to hear Charles’ and others’ response to your comment on inflationary vs. deflationary currencies. I am not sure I have a hard position on that yet, so look forward to more informed opinions being expressed here.


#19

I am curious as well.


#20

@jvargas714 I have to agree. Although too early to see a correlation, BTC seems to have lost its steam since the entry of futures markets. Historically, that’s what futures trading’s purpose is–to move the speculative aspect of a commodity to the hands of those who are willing to take the risk. I hope it doesn’t follow the current behavior of BTC.