/biz/ - Business & Finance

>>4251889

Your futures no longer exist.
All that money completely gone.

You've truly been JUST'd.

>>4251953
Even the ones i bought? I put nearly half my btc into them

reqt

>>4251889
poof! thats what you get for trading futures

>>4252163
How can you put half a btc in something that you know nothing about?

>trading for the future value of a digital asset that hasn't gone live and can be pulled by the developer at any time

Top fucking wew lads. The team was probably the one selling off futures for the past week. They pumped and dumped a coin without even creating it. I got to say it was a pretty good scam, the coin itself wouldn't have even been good anyway and dopes still fell for it.

>>4251889
owned idiot, when will you ever learn

>>4252163
Futures are derivatives and derivatives expire worthless

So what should i do now, how do i get my btc back? THis isn't fair how can they sell something that doesn't even exist.

>>4251889
lol

>>4252303
Why would buy something that doesn't exist?

>>4252303
They are called futures because you are trying to predict the future......Poof! Your BTC is gone

The ultimate bagholder. Maybe in 2 years you will break even.

>>4252303

>>4251889

HAHAHAHAHAHAHAHAHAHAAHAHAHAHAHAAHAHAHAHAAHAHAHAHAHAHAAHAHAHAHAHAHAHAAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHA

>>4252402
Are those some abstract kind of bags?

>>4252368
fuck man, are you for real? Any way to sue hitbtc, they cant just steal my btc

>>4252594
U are basically fucked 6 ways from Sunday. Take a break for a while...

>>4251889
What the fuck is a future and how could you buy segwit2x before it exists?

You fucking idiot,

You bought a fucking future
A fucking contract of something of value in the future

That thing will not exist right now.

I am amazed it is still worth somethint wtf sell that shit right now as you can still get a dollar for it

So... where would the money go?

>>4252658
can you short a contract?

>>4252658
To someones pockets.

>>4251889
HAHHAAHHAAHHAHAHAHAHA

>>4252163
no, only yours are still worth thousands

because they are yours

lol

Kek, don't underestimate how many people buy a coin and just forget about it never checking it, there will be alot of people who bought these futures intending to check on them a week later from when the fork was supposed to happen and will be like "oh shit!"

>>4252645
im not selling, they better refund everyone

>>4252658
To the counterpart of the future.
>>4252639
A contract of trade between two parts to buy/sell at a predefined price in the future.

HERE'S YOUR FUTURE OP. ABSOLUTLEY BTFO LMFAO WHY WOULD YOU PUT HALF YOUR BTC IN A FORK FUTURE WHEN YOU COULDVE JUST GOTTEN THEM FOR FREE AT NO RISK LMFAO REKT

>>4251953
Oh wow. I felt bad for myself until seeing this thread.

OP, you dun goofed

>>4252250
First class scam I gotta say
I can already feel the regulator kicking on the door
I am also curious if the exchanges allowing to trade futures will face some consequences

YOU AINT GETTING A REFUND. THE WHOLE POINT OF A FUTURE IS BETTING ON IT. YOU FUCKED UP REALLY BAD. SORRY BRAH

SAVAGE

>>4252729
You're great at baiting or monumentally stupid.

>>4252303
Poor anon. Sorry for your lots.

>>4252874
HAHAHAHA FUNNY HAHAHAHAHAHA XDDDD
ALL GONA XDD TROLED

fuck off retard, as if they will steal millions, you are an idiot

>>4251889
ouch... That's why you never buy futures in crypto.

>>4253071
still in denial i see

>>4253101
DUDE are you fucking kidding me, fuck off if you dont want to discuss the topic at hand

>>4253156
There's nothing to discuss. You're fucked kiddo. RIP

>>4253156

>>4253176
fuck off

>>4253177
kys

>>4252163
>>4252303
>>4251889
>>4253071
>being retarded
>using futures

I guess this is what happens when a bunch of neets with no prior investing experience use investment vehicles that you normally need approval by a broker to use. You paid a certain premium for the option to purchase S2X at a later date. The chance that there is no S2X was priced into the premium. There is no S2X, you lose 100% of your premium. That's how options work. I suggest you sick to mutual funds.

I was gonna post the
>HAHAHAHA
but won't kick someone whi is already laying down flat
OP sell at least half of those shitcoins if you still can

The most these futures went up is 3x. Coin futures aren't even worth trading with such a small upside.

If OP doesn't get a refund, who gets all that futures money?

It doesn't go away, somebody is holding onto that

>>4251889
There was a south park episode about this once.

>>4251889

>chose the wrong future

>>4251889
they are going to the ground et they are taking shitcoin crash with them

sorry guys, I bought 15 bitcoin with all I had in my savings back when it was at 1800$. Did I really lose 8 Bitcoin on those futures. I really believed in 2x and even Bobby Lee said he would support it, one of the owners of a large chinese exchange.

Sorry for lashing out on you guys, is there really no way to recover from this? I worked hard to gain 3 bitcoin with trading and I cant believe I am almost at where I started 6 Months ago

>>4253300
The counter party that was going to facilitate the purchase on the call of the option contract. Pretty simple.

OP doesn't get a refund. He paid to use the contract, that's it.

>Buy option contract to buy oil at $50/barrel
>Oil goes to $0
>do i get a refund??!?!!?

Fucking neets

>>4253342
Why didn't you just hodl bitcoin instead?
Seriously, wtf, you would have gotten the coin when the fork happened, right?

How can you even sell a future of a product that doesn't exist yet? How does that make any sense? No one is going to be able to fulfill the futures contract.

>>4253342
Sorry, you're fucked. Take the L and get black out drunk tonight, and then tomorrow figure out how to start making your loses back.

>>4253378
I believed 2x would be the new chain and increasing the blocksize is a good idea and all. I wanted to support that vision. I cant believe all my work is for nothing now, I think I will sell all my bitcoin since everyone seems to be a conman in this business

You would have been better off putting a half a Bitcoin on a hard drive and throw it into a landfill then telling everyone that is in the landfill you have got more out of it

Its only $1000 who cares

>>4253413
Because the contract has a probability of existing in the future. Moreover, the actual product never needs to be delivered, the transaction can also be settled in cash.

Cash settlement equals the difference between the futures price when the contract was entered and the price at settlement.

suck a dick faggot, alts will always win

>>4253436
>I wanted to support that vision.
Even philanthropists like George Soros care first about the money. Vision is a distant second, because if you're broke, you can't fund ANYTHING

>>4253342
Press F to pay your respects

>>4253450
>Did I really lose 8 Bitcoin on those futures
op questioning his life now

>>4253450
It was upwards of $1400/coin

We don't know how many OP had

>>4253342
no I refuse to believe you're not a troll
>you were smart enough to get in early at 1800
>you were smart enough to trade and make 3 extra btc
and then
>you were stupid enough to believe that the entire world is now gonna switch to something called bitcoins sg2w or whatever?
nigga, people want "bitcoin" nothing else, it's a status symbol, you should've known it by now

I sold all my BTC now except for 1. Thanks biz, this isn't for me.

>>4253214
if you're still there anon and you seem to have some wisdom, how would you invest $10k if it was all you had? Mutual funds?

>>4253342
>Sorry for lashing out on you guys, is there really no way to recover from this? I worked hard to gain 3 bitcoin with trading and I cant believe I am almost at where I started 6 Months ago

your money is gone with 0% chance of recovery. that's how futures work

>>4253466
I'm still confused. When is the settlement date of the futures? If the S2X doesnt exist on the settlement date, the seller can just say "neener neener" and deliver nothing? That seems wrong. You should have to fulfill the contract.

>>4253494
Ah ok. Thats pretty fucked up.

>>4253436
lol dude im sorry.

I'm not sure what exchange/etc you got these futures on, but I dont think you should panic sell. I suspect that the exchange will have to refund all of the money. This is not an option expiring worthless, it's an "all bets are off" call.

THe thing is, that they should technically probably have to refund the derivative sale since they arent actually providing anything in return (there are no 2x coins). Any good contract attorney could get these "futures" deemed null and void. The problem is, it is really gunna depend on whether there is a regulator willing to go to bat for you, and in crypto there might not be.

Only a Clearinghouse can sell futures. You take the opposite position of someone who has submitted an order/etc when u go long a future. The clearinghouse itself still has all the funds, only the futures price has changed.

I suspect there actually could be a whale trying to get ppl to dump futures at a discount, allowing him to Vulture purchase all of them and sue the fuck out of the clearinghouse to get the money back at face value.

NIGGA CHOSE THE WRONG FUTURE HAHAHAHHHAHAAHAHAHAHAHAHAHAHAAHHAHAHAHAHAHAHAHAHAHAAHAHA * deep breath * HAHAHAAHAHHAHAHAHAHHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHHAHA AND ITS GONE AHHAAHAHAHHA

>>4253430
>Take the L

Hello fellow Chicago Anon. How are you doing today? Enjoying the boomers and Midwest doom?

>>4253610
S2x coins can still exist. Anyone can run the released s2x software; no "cancellation" announcements change that. The announcements just mean fewer people will and fewer people will value s2x coins.

>>4251889
Looks like you have no future.

>>4253610
>>4253466
>>4253548

Problem with that is that any informed person knew that the S2X fork was not 100% going to happen, and that could be a component to the contract that OP bought, i'm not sure.
If it's not an option expiring worthless, then the best that OP can hope for is a difference check. The contracts(?) are still trading at $200. So OP /could possibly/ get $200 per contract, or whatever the value of the contract is at maturity, since there is no underlying asset to deliver. >>4253752 is true also
>>4253739
people say that in Cincinnati too

>>4252594
you're the most naive thing ive seen on this board

they didnt steal your bitcoin. You bought something with your bitcoin. That something is now useless. You don't get a refund if your stocks perform poorly, you don't get to sue anyone.

>>4253610

It will be hard to sue for something you bought AFTER it was realized the futures won't be delivered.

NOOOOOOOOOOOOOO my segwits!!!111

>>4252303
You're larping.

https://medium.com/@bartjellema/why-i-just-bought-90-b2x-bitcoin-segwit2x-futures-f94d0ee13eb9

R I P
I
P

>>4253610
This.

A good lawyer can force the exchange to give you back anything you put in exchange for these futures. If there are no B2X coins, the contract is void.

>>4253872
>I just spent about $85.000 on buying B2X futures. This just means that once SegWit2x goes live, I’ll already have 90 coins. But why did I spent nearly a $1000/coin for coins that everyone will get for “free”?
ouch

>>4253872
I wonder if that guy is still alive.

>>4253509
and another hodler is born

If serious just sell that shit now ffs. In an hour asia wakes up and the price will go to zero.

Next fork will be Segwit X3 anyways

>>4253933
>Suing a Chinese Company

Good fucking luck with that Anon!

>>4252163

>>4254081

Rolex: "I'll sue!"
Based China copyman: "LOL"

>>4253756
Carlos!

>>4252746
Yeah, that's true. Why didn't you just plan to get S2X for FREE by holding BTC. LOL WHAT WERE YOU THINKING?

>>4252729
You must be a troll. Or just medically stupid.

>>4253872
Fuck it I laughed. If you have this much money and decide to gamble with it, you deserve to lose it.

>>4253872
how did you find this?

>>4253965
Audible keks

>>4252746
FUCKING KEK LMFAOOOOOOOOOO

>>4254375
>have $7,000
>can either buy 1 s2x via BTC holding or 7 via futures contract
pretty clear what he was thinking desu

>>4253342
>Already had 15 btc
>BET 8 btc on something that had not even existed yet
>Now complaining on 4chan and ranting on people when he was told the truth

You are greedy.

Your decision to bet on B2X future was massively stupid.

Now go out, drink till you pass out, wake up tomorrow morning and move on. I hope you'll recover from this.

HAHAH its idiots like this that dont understand markets that make it so easy to make a profit.

>>4254485
Well he could have sold his BTC after the fork and bought real S2X in addition to the free one he got airdropped.

>>4252163
Maximum JUST

>>4253872
AHHHAHHAAHHAAHHAHAHAHAHAHAHA

>>4251889

You did like the equivalent of betting that somebody will invent a new Lotto and that you'll win it.

That was just retarded anon. Your money is gone

>>4252693
Lol

>>4252693
lol

>>4252693
This kek. Nobody did anything. I'm not sure about the legalities of selling futures of something and the pulling said thing. Is that even legal?

I do not think it is imho. Is selling a future for a house, grabbing the money and then deciding not to build it legal? Prob no, they need to give you the house.

And crypto is classified as property...

Yea you can sue prob, but if you succeed you will prob crash the market because more regulations, uncertainty, negativity, ...

Pick your poison.

>>4251889
Give me your ETH address, I'll sent you 1 JUST.

>>4252693

>>4251889
The price has crashed, and will not recover because nobody is going to buy a future for something that has been called off.
>>4252163
I'm glad there are people like you, you get the punishment you deserve.
>>4252303
I wish I could just tap knowledge into you.
>>4252594
They didn't steal anything from you, you clicked the terms and conditions box, go read what you signed up for.
>>4252729
There is literally 0 chance of a refund because they are not legally obligated, and you DO NOT have sympathy from the bitcoin community on your side, you betrayed BTC, and you pay the price.
>>4253071
Still, not stealing.
>>4253156
Discuss all you want, the void feeds on rage.
>>4253342
You didn't 'work hard for months' you got lucky, and then unlucky.
>>4253436
You got duped on the 'grand vision' increasing to 2mb is a fucking horrendous move especially under the clowns providing it.
>>4253509
Goodbye. I will hold my BTC through thick and thin.

Can somebody please explain futures in layman's terms to me?
How do they trade futures when the coin doesn't even exist (yet)?
Who "owns" a non-existant coin that can be traded? So who is the seller when I buy such a futures coin?
I don't get this.

Would he not get his SEG2X in the future?

It has to fork someday...

>>4255145
Doubt it. By the time someone comes around to fork the Segwit chain again the proposed block size will probably be half of BCash's size, not 2MB.

OP you should use yobit. it really is the best exchange. yob2x will be given on nov15/16th

>>4253872

>>4255122

A future is a contract that allows you to buy a a certain thing for a certain price to a certain date.

Like you buy a Future for Gold right now to buy it for 1000 bucks in one year.
Then when Gold is worth 1500 in a year you basically made 500 bucks because you can buy Gold for 1000 and sell it for 1500.
The other party who made the contract with you has to provide the Gold at that date. So if Gold is 1500 he has to buy it for 1500 and gets 1000 from you losing him 500 bucks.
On the other hand if the price drops to 500 the contract is basically worthless because you can buy Gold for 500 so what worth is a paper that allows you to buy it for 1000?

Now you can make that kind of contract for things that don't exist yet, like S2X. Because you think in the future it WILL exist. Same bet as with Gold. But since S2X is non existant it's also worth nothing which means a contract that allows you to buy a S2X coin for 500 bucks or whatever is also worthless. The guy who emitted the paper keeps the money.

Only way for OP to make his money back is to sue the Emissioner hoping some financial court rules that you needed a special licence to emit S2X futures

>>4255371
ouch, thank god im not that stupid

>>4251889
It's one thing to buy crypto, but buying imaginary crypto that doesn't even exist yet?

>>4255371
Thx, I think I get it now.

Do such future contracts like the one with s2x exist in the real world too?
Selling a contract for something that doesn't exist yet and then somebody decides it won't ever exist or be created at all?
Honestly, that seems like fraud to me.

>>4255400

Futures are pure gambling. And buying a future for something that doesn't even is like a gamble on a gamble. >>4254858

>>4255534

You can do a future contract on anything. Gold future are a thing, stocks futures are a thing. It's just gambling with someome that the future price will be higher than it is right now.
If you bet on something that doesn't even exist yet, well I dunno if that contract is legal because technically the other party legally has to provide it to said date, so I guess you negate the contract at said date when you want to buy said thing that doesn't exist and the contract is repealed because non-fullfillment. Some court has to decide that

>>4255602
Thank you for explaining!
There is almost no regulation in crypto, so I guess it's nearly impossible to get any money back.

>>4255371

I just realized I just described an option but it's basically the same thing anyway. An option allows you to buy a certain thing to a certain price to a certain date and a future OBLIGES you to buy a certain thing to a certain price to a certain date.
I dunno how you can be obliged to buy something that doesn't exist though.

>>4254981
its legal

its the same as buying cow futures for 200 and then the famers cow die due to dieases u still got to buy em

thats the risk of trading futures

>>4255687

Well true, but a contract is a still a contract. And non-fullfillment is a reason to get it repealed. I mean it doesn't really have to do with cryptos. The thing the court would decide on is the future contract.

I dunno, if I were OP I'd just try and ask my lawyer.

>>4255724
>its the same as buying cow futures for 200 and then the famers cow die due to dieases u still got to buy em

THIS. ^^^ Part of buying a futures contract is a bet that the thing will even exist. You lost the bet.

>>4251889
Just wait. Segwit2x will happen eventually...

>>4255724

But wouldn't the farmer (or rather the guy who sold the future) need to buy a new cow?

>>4255696
>>4255724
I didn't know that options and futures are basically gambling/betting on future outcomes.
I'm a complete beginner.

Thank you for your contributions!

>>4255762
Yes, he would, because you paid for a live cow.

That fucking dumbass association can be compared to you buying a car. You look at it online and tell the guy to drive it to you. He comes on a tow truck with a a totaled car.

> huh buddy, you still owe me 20k

>>4255724
Holy shit, what the actual flying fuck. What the fuuuccckkk?

Why the fck is this shit legal but not CFDs? This is a scam in the biggest proportions you could fucking make.

Hey! We don't have money now so lets fucking play with money from the future, how greedy can you fucking be.

Everybody who buys futures has shit for brains.

>>4255762
you didnt buy a cow, you bought cows FUTURE

>>4252658
To the person that sold you the contract. It's gone, kaput. Jump off a bridge and end it now.

>>4255878

Which gives you the right to buy a cow in the future. The other party usually has to supply the thing.
That's the whole point. You expect the price go up, counterparty expects it go down. So in the future when the contract needs to be fulfilled the other party has to buy it for the future price and sell to the price you decided in the future contract.

You can also buy crop futures doesn't mean they become worthless because crops of this season rot. You have a contract that allows you to buy crops in the future for the price you decide now.

lawsuit incoming

>>4252693
hahahah

>>4252163
Are you dumb or baiting? You literally would have gotten them for free if you kept your BTC

YOU HAVE TO BAITING AND YOU GOT ME HARD

ITS GOING UP AGAIN

>>4252213
*half HIS btc

>>4251889
geeettttttt dunked on!!!

if you really believed in BTC...don't invest in shitty altcoins

>>4251889
>biz: Buy high sell low LOL
>OP: hold my beer

>>4259025
KEK

>>4251889
Bitcoin cash would've been a better bet... at least thats real