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1) Insane theory of the day: there was no BitMEX hardware issue.

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> "So there's a positive feedback loop." The fair value of the contracts is based on SPOT prices, not BitMEX last-traded prices. This prevents positive feedback.

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BitMEX has ADL (auto-deleveraging) in case they can't liquidate in the book. It does not rule out the possibility that they wanted to prevent an ADL event by going down for maintenance.

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That's true--they could have tried a massive ADL.

3:47 AM · Mar 13, 2020Twitter Web App