NewsBTC Reports South Park Episode Featured BitMEX Bitcoin Margin Trading but was Fan-Made Meme
South Park Episode Features Bitcoin Margin Trading on BitMEX
It looks like BitMEX is on the news again and once more because of issues. Now, the company is making the news even outside of the industry. People are using a recent Twitter user created (@Pepillionaire) South Park episode to comment on a recent issue in which the company is involved.
NewsBTC first reported this episode this morning, but has since taken down the link once they realized this was a fan created episode and not one from the South Park team.
The Fake South Park Episode And Its Relation With BitMEX
The fake episode of South Park, which came out some time ago, is now appearing on the media again after the alleged role of the exchange in the manipulation of the Bitcoin price. The episode was focused on cryptocurrencies and fraud and it was being shared across social media recently.
On the South Park episode from April, Foley tries to register a formal complaint with the police about how a “chicken man” is spreading false investment advice and ripping off followers on Twitter. The chicken man is also on the leaderboard of BitMEX.
During the story, the man tells his followers to buy “the dip” and they get liquidated when they go in for a long position with a 100x leverage. The episode also talks about how the investor makes money from the bear market. Now, people are using the episode to point out how BitMEX may have exploited the short positions of its users during the recent price spike.
In real life, a group of Bitcoin investors and traders linked the recent $400 USD spike in the Bitcoin price with BitMEX going offline for some time. Many traders in short positions were trapped because of the price surge and had their positions liquidated. There are rumors around that the price spike was pumped by large scale investment groups that used the time while the exchange was down.
The episode, which was originally aired on April, circulated after the company moved its most expensive offices to Hong Kong from America.
A Bright Future For Crypto Just Around the Corner?
While BitMEX may not be in its most positive moment and the U. S. Securities and Exchange Commission (SEC) has been declining to accept many Bitcoin ETFs (exchange traded funds), the industry is very positive about the future.
One of the reasons why the future looks so bright right now is because there is a new digital asset platform, Bakkt, just around the corner, and it has the backing of some very strong companies like Microsoft, Starbucks and BCG.
This new platform was created by the Intercontinental Exchange (ICE) and it will be launched in November. Its main goal is to help to solve one of the main issues that is currently plaguing the cryptocurrency industry: its transparency and lack of efficient price discovery.
Bakkt will have high quality security and features that, the creators expect, will draw more traditional investors to this market now because it will solve issues of lack of trust, which are very big right now.
Another highlight is that the huge Goldman Sachs, one of the major investment banks in the United States, is interested in Bitcoin and planning to create custody Bitcoin services in the future. While the company is only deliberating on this, it has not offered any kind of additional information.
Australia also has bright news as Cointree, a crypto exchange, and Gobbill, a billing platform, have started to collaborate in an effort to let crypto holders pay bills using cryptocurrencies instead of fiat currency whether the one receiving them accepts crypto or not. The platform will take cryptos from Cointree users and pay bills on their behalf, making the connection.