The world's first Bitcoin-settled index futures | Hacker News Reader

The world's first Bitcoin-settled index futures

mushino.com

22 pointsandrew_m24 comments

Lol, who are these people and why should anyone trust them?

even their github for their API is the cringe inducing: "This organization has no public members. You must be a member to see who’s a part of this organization."

Hey, Mike from Mushino here.

You don't really need to trust us in the beginning, since you can get started with just 1 USDT.

That's enough to open a position of $10 (using 10x leverage) or $100 (using 100x leverage).

We also have a no-deposit welcome bonus ($12) that you can claim and use to open new positions - completely risk free.

As for the lack of transparency - you are completely right.

We literally just launched 2 days ago and haven't got around to listing our team yet. We are working on that right now and will be publishing an "about us" page within the next week or two. Expect to see changes soon.

Please let me know if you have any other questions. You can also ping me in the chat @mike, or in our Telegram channel and I'll be happy to answer.

Apparently you also have to trust all the other anonymous users of the exchange. From their risk disclosure:

Trading the Futures exposes you to credit risk. This is the risk that one or more of your counterparties have deposited insufficient Collateral into their Account(s) such that you may not receive some or all the Digital Asset they owe you

So this exchange lets you place a trade, but even if you win, the counterparty might not pay you! This, coupled with their ludicrous 100x leverage, is a recipe for disaster.

So, Mike from Mushino; you know who I am: this is my real name, and google will inform you I am a real person. I still have no idea who you are.

Very meager market depth. Can clear out the order book by selling a whole bitcoin.

Also: "For legal reasons, we are not allowed to do business with customers from the United States of America, Crimea and Sevastopol, Cuba, Iran, Pakistan, Sudan, North Korea and Syria.."

Hey, Mike from Mushino here.

You're completely right about the liquidity. We just launched two days ago and haven't brought in any major market makers yet. We're currently in talks with some, so expect to see more liquidity very soon.

And yes, for legal reasons we are not allowed to accept customers located in the US. Neither are most other crypto derivatives exchanges (Bitmex, Deribit, FTX). It really is an unfortunate state of affairs.

I've never been more grateful for the protections of U.S. law. 100x leverage to gamble in cryptocurrencies? There's a recipe for the bankruptcy courts.

"It's possible to deposit, trade and withdraw without ever completing any KYC."

How is this legal?

I was thinking the same. It's inviting a world of hurt when your assets get frozen across the platform because someone else used it as part of their fraud scheme.

Several exchanges operate under the assumption that if they don't deal with USD then KYC is not necessary.

It's not, if you deal with USD or Euros or with US, EU, or UK clients/traders.

(Note: Switzerland is not part of the EU.)

Hey, Mike from Mushino here.

It's no legal in the US or other first world countries but I can refer you to a great VPN provider if you'd like.

I don't think leveraging (let alone at 100x) and crypto is a great mix for obvious reasons. Also:

"As one of very few exchanges, we got an A+ score in the Mozilla Observatory Security Test. We have lost $0 to hacks since our launch."

I'm unsure how the first part is really relevant, and you've lost $0 to hacks since your launch, 2 days ago?

Send us £1500 and we will give you $62 sign up deposit bonus.

Random new internet site promises to let you have your £1.5k back too!

Not for me, Clive.

I completely understand your point of view here - as a trader, I would also be careful depositing into new exchanges.

If you're not comfortable with doing so initially, you can also claim a $12 sign-up/social bonus. Requires no deposit, and can get you a position with size up to $1200 or equivalent.

Can't wait to see how this goes wrong. 100x leverage? Here we go..

Gets you where you’re already going, faster!

I think something like this would be better as an etherium smart contract using oracles to get the crypto prices. Then you wouldn't have to trust a 3rd party (as long as the oracles work right)

Should this have a /s, or not? I can't tell! :)

Also in what way is this a world first?

I think they are referring to their BTC-settled index futures.

Only FTX has them right now - but theirs are settled in USDT, not in BTC: https://contractmarketcap.com/

Where the literal hell did you get your certificate from? This thing is like a who's who of shady domains:

Common Name: app.groupchat.co

DNS Name: admin.lotto-dd.com

DNS Name: ads.noedgesoftware.com

DNS Name: api.picniic.com

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DNS Name: login-int.setkeeper.com

DNS Name: luyendethuongnhattraidat.tk

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DNS Name: mushino.com

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DNS-01 challenge from Lets Encrypt as part of our deployment process.

We didn't specify a common name so I guess Lets Encrypt just picked something random, haha.

Thanks for making us aware!

LOL shit coin index... shitcoins are shitcoins. No big market by definition.

However, Its only a matter of time till somebody tries to enable virtual sp500 btc settled futures. Although the cftc might take a more aggressive approach in shutting them down.

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