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"Because OKEx has a “socialized clawback” policy for such instances, it will force futures traders with unrealized gains this week to give up about 18 percent o
by hristov 8y ago
"Because OKEx has a “socialized clawback” policy for such instances, it will force futures traders with unrealized gains this week to give up about 18 percent of their profits."
"Clawbacks are unique to crypto markets"
"Socialized clawback"??? So they take your money to make up for someone else's losses? Wow. Why would anybody put a cent into such an exchange? Do all bitcoin exchanges have this policy?
I think the main benefit of bitcoin in history might be to teach an entire generation about the importance of proper financial regulation. This is a generation of men that have been fed from young age a bunch of bullshit about deregulation and libertarianism. They are being taught a very expensive but important lesson right now.
- ska 8y agoI think the main benefit of bitcoin in history might be to teach an entire generation about the importance of proper financial regulation. There has to be a less expensive way to recapitulate the history of market regulation.
- drspacemonkey 8y agoThis seems to be a lesson we have to learn over and over. Each time more expensive than the last.
- hnisgroupthink 8y agoThis is just more reason why centralized systems, including regulatory agencies, should not be trusted. If the derivative market was completely decentralized this would not be a problem. Suboptimal centralization is bad and inevitable when regulating.