why now? feels like they're just farming retail liquidations on the metals pump.
they're like: yeah let's give retail insane leverage so we can collect fees on the blowups..
https://dailycryptobriefs.com/news/binance-tradfi-perpetual-contracts-gold-silver-xauusdt-xagusdt/
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Somebody make this a heartwarming tale of how they turned 50 bucks into 1.9 million by completing 13 leverage trades.
there’s a lot of reasons out there to be degens
Gambling is a hell of a drug.
tldr; Binance has launched gold (XAUUSDT) and silver (XAGUSDT) perpetual futures under its new ‘TradFi Perpetual Contracts’ category, offering up to 50x leverage. These USDT-settled contracts provide exposure to precious metals without physical delivery, allowing traders to hedge or speculate. The contracts are regulated by Nest Exchange Limited under Abu Dhabi Global Market. Pricing includes an index and mark price mechanism, with constraints to manage volatility. Binance plans to expand the category to include more traditional assets.
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
People are going to be extremely fucked when they realise that nothing moves in a straight line up and they’re playing with x50 leverage lol. RIP to the current and future gamblers.
Lol when the traditional investments aren’t volatile enough so you have to 50x them to appeal to crypto tradersÂ
We’ve reached peak degen! I thought some of the prop bets on the gambling apps were ludicrous but this is a whole new level.
Because crypto has been boring and precious metals are exciting this month
I bet Binance trades against their customersÂ
No one’s saying to use high leverage. Could scale in shorts. Seems like a really good opportunity