POPA ReconMemories of a Long-Time BitMEX User: Did the March 12 Outage Save Crypto? Why Bybit Took Over
Memories of a Long-Time BitMEX User: Did the March 12 Outage Save Crypto? Why Bybit Took Over BitMEX helped establish perpetual contracts as core crypto market infrastructure through mechanisms such as funding rates, mark prices, insurance funds, liquidation engines, and ADL. The article examines how inverse contracts amplified the March 12, 2020 liquidation cascade and why BitMEX’s outage may have interrupted the cascade and prevented Bitcoin from falling further. It also explains how regulatory pressure, slow product development, continued reliance on BTC-margined contracts, and a poor ope…
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