Bitcoin went up to $ 24,000 and all creatures cheered, and the life of the three year old girl seemed to have been forgotten.
In June, a shocking suicide case with his wife after the murder of a girl. After the live broadcast of the trial, we discovered that the Dalian man, was a Bitcoin contract gambler. Daughter of Dalian's life is set at 3 years and 2 months, and she doesn't even eat birthday cake.
Some netizens have revealed that Dalian made a lot of money in 2017, but that he borrowed a lot of money at a loss. Someone in your circle of friends lent him 1.5 million, 1 million, and 300,000 without paying them back. During the trial, Dalian said he lost more than 20 million in bitcoin speculation, 500,000 came from his wife, three to four million came from his parents, and the rest came from savings "digital currency speculation" and loans from relatives and friends.
The current Bitcoin bull market has just surpassed 24,000 US dollars. Whenever after Dalian has made a fortune in 17 years, whether he holds or buys a Bitcoin place, or buys a mining machine to mine, he will retain and earn a lot of profit.
The only thing that can burn 20 million in Bitcoin is a contract.
People lost DeFi, but rushed into the contract field. According to SKEW data, the top four Bitcoin contract trading volumes are all institutions. The top three are naturally the three well-known exchanges, and the fourth is this year's upstart Bybit, whose contract trading volume has surpassed that of BitMEX, which was once emulated.
Tonight and tonight, both Huobi and Binance have invested heavily in the contract battlefield, surpassing OKEx's set of contract exchanges. Huobi's 24-hour contract trading volume has reached US $ 2.4 billion. Their leverage ratio is up to 125 times, and a loss of 20 million is certainly not surprising.
However, the main contract traders of these four major exchanges are institutions, For retail investors preferential policies are restricted, and they will try to warn of risks. In addition to mainstream exchanges, the "gambler model" of small and medium-sized exchanges + single guru + retail investors is spreading quietly in China.
Many exchanges such as X, B, C, and M are known as local contract kings. They work closely with "Teachers by Order". 70% or even 100% of the handling fee is paid to the Master by Order, using telegram etc. Attract retail investors, then complete the harvest by manipulating the K-line and your partners, with up to 500 times the leverage. Many users are surprised to find that when making money, exchanges will not withdraw coins under the pretext of controlling risk; once the profits are gone, the withdrawal is normal.
In fact, in the regulatory framework of various countries / regions, derivatives are taken with care, and most will determine the leverage of multiples of derivatives. For example, Japan limits it to 4 times in 2018; The United States is required to apply for 5-6 year cryptocurrency derivatives brand licenses; Hong Kong cryptocurrency trading, only allows professional investors and institutional investors (individuals over 8 million Hong Kong dollars and institutions over 40 million) to enter.
Some argue that gambling is part of human nature, and that there is supply when there is demand; the gambling scene outside of Bitcoin contracts is ubiquitous; tragedy is just the case, and most people only use it for entertainment or investment.
This statement ignores two points. First, there is good and evil in human nature, and marketing contract gambling to retail investors stimulates evil of human nature; second, there is a big difference between people's strengths and weaknesses, and the exchange itself acts as a partner, professional quantitative agent, and obtains inside information. The project party / person in the stock exchange has actually formed a hunt for retail investors.
If future valuation documents reveal the name of the exchange where Dalian is trading contracts, it could cause a major shock to the industry. In the midst of soaring public opinion, it is not impossible for regulators to take action again. Wu said that blockchain advises that the four major contract exchanges should voluntarily prohibit the provision of high-leverage contracts to retail investors or impose strict limits on capital.
Maybe a similar tragedy will repeat itself, but on the road to hell, we can put up more obstacles.
Reference: Court trial video disclosure: Dalian man admits to losing 20 million in bitcoin investment and taking his wife and daughter to "go together"