Ben Radclyffe, 100x Group Commercial Director What we’ve seen in the traditional financial markets this week, and especially over the last 24 hours, should raise alarms for every investor. Significant moments like these often prompt a reckoning, and sometimes reform. The 1987 market crash saw the middlemen who controlled access to the market simply stop...Read More
Abstract In this report we discuss a new proposed mining pool, expected to censor certain transactions. This may result in a detectable diversion from the typical revenue maximisation transaction selection policy, which forms the basis of our analysis. Using the Bitcoin Core command “getblocktemplate”, we generated Bitcoin candidate blocks without doing any hashing, conducting this...Read More
Note: This piece was written by Vivien Khoo, Chief Operating Officer at 100x Group, the holding structure for the BitMEX platform. It originally appeared in the 2020 annual report for Global Digital Finance, the leading industry body championing the adoption of digital finance. We recently joined the Global Digital Finance Patron Board. — Vivien Khoo,...Read More
If building and scaling a world-class crypto derivatives exchange is like assembling an aeroplane in flight, then strengthening exchange parameters would be the vital work of the pilot, ensuring the ride is as smooth as possible. Over the years, we’ve developed BitMEX from the ground up, using our unique Fair Price Marking System to ensure...Read More
At BitMEX we believe that Bitcoin, and crypto in general, is not something that should be reserved for insiders. Bitcoin is open source, accessible, and controlled by no one. The ecosystem in which we have thrived is still in its nascent stages, and access to reliable information and insight is more important than ever before. ...Read More
We are pleased to announce that 100x Group, the holding structure for the BitMEX platform, has joined Global Digital Finance (GDF), the leading industry body championing the adoption of digital finance. As a GDF patron board member, we’ll work closely with our peers to advocate for a more inclusive, empowering, and better regulated digital financial...Read More
As part of our long-term partnership with Chainalysis, we are deepening our integration with this leading blockchain intelligence provider to bolster our ability to identify, investigate, and stop illicit transactions. By layering Chainalysis’ highly regarded KYT (Know Your Transaction) screening capabilities over our existing processes, we are broadening our compliance capabilities to continue to ensure...Read More
The BitMEX platform performed exceptionally well with zero overloads during the surge in trading throughout yesterday as XBTUSD hit an all time high (ATH) of US$40,567. This is a result of the extensive work our dedicated engineering team has completed over the past year to significantly scale the platform through zero-downtime releases and other behind-the-scenes...Read More
We’re pleased to confirm that our User Verification Programme has been successfully implemented, making BitMEX one of the largest crypto derivatives exchanges in the world with a fully verified active user base. Since 4 December 2020, BitMEX users have been required to verify in order to deposit, trade, or withdraw funds. With remaining open positions...Read More
Abstract: In this nostalgic look back into Bitcoin’s history, we go back over eight years, to the London Bitcoin Conference of 2012. This report summarises the talks of the main speakers and tries to capture the radical anti-establishment political viewpoint which was dominant in the Bitcoin community at the time. We also describe some early...Read More
Abstract: In this piece we look at the exchange-traded bitcoin products on offer in the market. Grayscale is the current clear leader, with over 550,000 bitcoin under management in its Bitcoin trust. We examine various issues with the Grayscale product, including the lack of redeemability and the fact that it trades at a large premium...Read More
We are pleased to announce the appointment of Alexander Höptner as the new Chief Executive Officer of 100x Group, the holding group for HDR Global Trading Limited, owner and operator of the BitMEX platform. Alex will lead 100x Group as we pursue our wider vision of shaping the evolution of digital financial services through strategic...Read More
100x Group are delighted to announce our continued financial support to open source developer Alex Hultman for his work on µWS. The project provides high-quality, lightweight, and scalable websocket support for NodeJS systems, allowing us to have a smaller server footprint to support our clients without sacrificing reliability. Alex introduced stream compression to the project...Read More
With bitcoin approaching all-time highs followed by the “Thanksgiving slump” sell-off, it’s been an extremely active week for crypto trading, so we wanted to share a short update on the underlying reasons why our platform performed well over this period. Over the past 12 months, an incredible amount of work has been delivered in the...Read More
Abstract: In this post, 100x Group grantee Gleb Naumenko and Antoine Riard explore a different approach to channel jamming mitigation. They are suggesting using UTXO ownership proofs (a.k.a. Stake Certificates) to solve the channel jamming problem. Previously, these proofs were only used in the Lightning Network at channel announcement time to prevent malicious actors from...Read More
100x Group is delighted to announce that it is providing a US$20,000 grant to Gary Kramlich to develop the open source instant messaging client Pidgin. The Pidgin program allows users to log in and use multiple chat networks simultaneously. Gary started working on the project in 2003, before taking over as the lead developer in...Read More
Abstract: In this report we examine merge mining on the Bitcoin blockchain. In the last year or so, on average each Bitcoin block mined contains around two commitment hashes from other blockchains somewhere in the coinbase transaction, indicating that most miners are conducting multiple forms of merge mining. Currently over 90% of the Bitcoin hashrate...Read More
We are expanding our Altcoin offering further with the launch of three new Altcoin/USDT underlying quanto futures contracts. Trading will begin on 30 October 2020 at 04:00 UTC. Twenty-four hours before the start of trading, the new contracts will be visible on the platform as Unlisted. Binance Coin (BNB) powers the Binance ecosystem and is...Read More
Abstract: In this short piece, 100x Group grantee Calvin Kim provides a quick update on the development of the Utreexo implementation. Calvin is now looking forward to focusing on performance, integration with existing Bitcoin implementations, and adding robust tests to the codebase. Last year, when my first PR was merged, the Utreexo project was just...Read More
Abstract: This report examines the concept of brainwallets and in which contexts they may be useful. As an experiment eight Bitcoin private keys were created, using passphrases from popular works of fiction and other media. All the funds were swept away in a short amount of time and in one case, remarkably, the funds were...Read More
In response to the popularity of the LINKUSDTZ20 since its launch on 11 September 2020, we are now launching a LINKUSDT quanto perpetual swap contract with up to 50x leverage on 16 October 2020 at 04:00 UTC. In addition, the maximum leverage of the current LINKUSDT quanto futures contract will also be increased from 33x...Read More
We are pleased to announce the appointment of Malcolm Wright as Chief Compliance Officer of 100x Group, the group behind HDR Global Trading Limited, owner and operator of the BitMEX platform. This will see Malcolm lead 100x Group’s compliance efforts globally while reporting directly to Vivien Khoo, Interim Chief Executive Officer and Chief Operating Officer....Read More
We’re currently seeing a diverse set of different cryptocurrencies trying to establish their roots in the global financial landscape. With this, the demand for platforms that allow crypto users to exchange between different assets also continues to grow. Crypto swaps and exchanges make it possible for the average crypto user to have easy access to...Read More
Abstract: We examine the short seven year history of decentralised exchanges (dexes), including the first significant iteration of the technology, Counterparty. We consider why these early attempts failed and how they evolved into the Uniswap protocol we have today, with its clever mechanism for inducing and managing liquidity. We explore Uniswap, its copycats and how...Read More
Abstract: We have installed the Blockstream Bitcoin Satellite system, a way to download and verify Bitcoin’s blockchain via satellite, without the need for an internet connection. We were able to set up the system reasonably quickly and the satellite connection does indeed have enough bandwidth to keep the node at Bitcoin’s tip, most of the...Read More
Last week, as Bitcoin, the world’s largest cryptocurrency, dropped down close to $10,000, the markets got tense. After nearly a month over $10,000, with the better part of it pushing and pulling against the $12,000 mark, a massive 13 percent drop over two days was a cause for concern. But now, one week on from...Read More
We are committed to ensuring BitMEX is fair and efficient for all our users, and this is why we will be introducing a Quote Value Ratio (QVR) Trading Rule from 00:00:00 UTC on 15 September 2020, initially in “Warning Only” mode for a period of one week. This is part of our ongoing efforts to...Read More
Crypto Spot Volumes Soar, with Top Tier Exchanges Dominating In August, Top-Tier volumes increased 58.3% to $529bn while Lower-Tier volumes increased 30.2% to $291bn. Top-Tier exchanges now represent 64% of total volume (vs 60% in July). Binance (Grade A) was the largest Top-Tier exchange by volume in August, trading $124.9bn (up 83%). This was followed...Read More
Source: The Grapes Of Wrath – 1940 I lack access to nightclubs and most other forms of revelry; therefore, I decided to become a crypto peasant. I’m farming the latest and greatest shitcoin DeFi projects. While I deride many of these projects as activity resulting in economic waste, there is an underlying proto-banking infrastructure that...Read More
Abstract: We provide a follow up to our previous piece, a comparison between the Antminer S19 Pro and the Whatsminer M30S+. We focus on the thermal characteristics of the miners and provide thermal images. The thermal images indicate more clearly that the Whatsminer has a higher operating temperature than the Antminer, while both devices have...Read More
