🌪 [Analysis] A storm is brewing over the largest Bitcoin exchange – Hasu

A series of recent issues with BitMEX has led to three concerns: 1) BitMEX trades against its customers, 2) BitMEX weaponizes its server problems, and 3) BitMEX monetizes customer liquidations through its insurance fund. As BitMEX has financial incentives to take advantage of its customers, does not submit to any regulator, and has a quasi-monopoly it can easily make unethical decisions. Hasu encourages the company to 1) rework the insurance fund, 2) associate a cost with continuous server overloads, 3) and return to the foundational idea of a peer-to-peer exchange. If BitMEX doesn’t currently benefit from unethical decisions, it has little to lose from implementing these changes that could make its business model more transparent.