Imrubel2014

🐒 Let's do a survey: From May 13th to 28th, how many Alpha activities did you participate in??

A long time ago, the BTC staked in Binance Wallet #Lorenzo for an event may soon distribute rewards. Babylon is about to issue tokens. I have already exchanged stBTC back to BTC through the trading function of Binance Wallet, incurring a bit of loss. The official channel redemption can only be redeemed to the BTC mainnet, which is too frustrating. I won't participate in such staking activities in the future; there are too many pitfalls, and they find ways to prevent you from redeeming 😂.

Contracts are indeed something that devours people without returning bones. Even profitable trades can lead to liquidation. I have been trading futures and forex for many years. Since depositing and withdrawing funds requires dealing with cryptocurrencies, I thought the crypto market had more opportunities due to its volatility. However, after a few attempts, I found that this is not the case at all. The rules are extremely unfair. First, there's the funding rate: when the market is bearish, shorts pay longs, and vice versa when the market is bullish. This happens every four hours, resulting in six charges a day. Some altcoins have terrifyingly high rates. If you’re trading mid to long term, even if you’re going in the right direction, you could still get liquidated due to the funding rate. Second, the transaction fees are exorbitant. Newbies might face 0.05% each time they open and close a position, which is a total of 0.1%. This fee is more expensive than all financial exchanges in the world (stocks, futures, spot, forex), and in some cases, it can be dozens of times higher. If you invest 1,000 USDT and open contracts of 1,000 each time, trading three times a day isn’t unreasonable. Within less than a year, even if you don’t lose a cent, you’ll still get liquidated; your 1,000 will all turn into transaction fees. Moreover, many people trade much more frequently than three times and open contracts much greater than 1,000. Thirdly, and this is the most disgusting part: in all financial exchanges around the world, the profit and loss are calculated as the contract value multiplied by the number of points lost, meaning you lose exactly that amount. However, only in the crypto world is there a particularly disgusting rule called liquidation clearing fees. Your actual loss amount is always greater than what it should be. This fee is so high that those outside the market cannot even imagine it. The larger the position, the higher the clearing fee. I have experienced liquidation clearing fees that were several times the actual loss amount. Losing 30 USDT could lead to liquidation, where 30 is the loss amount and 70 is the liquidation clearing fee, which is taken directly. Recently, there was an incident involving contracts, where it was like rock-paper-scissors: if you lose, you lose a dollar, but if you win, you only win 80 cents, and there’s a spread. Even if the price remains the same at the time of your order, you still lose. Therefore, I advise everyone to stay away from contracts. Of course, I know my advice won’t help. If you can't stay away, don’t use money you can’t afford to lose, or you’ll definitely end up in irretrievable ruin.