来源：科技金融在线
近期，数字货币交易所火币上线了期货产品——火币合约，提供当周，次周，季度三种合约类型。合约交易不但可以做多，也能做空，而且还提供了高杠杆，玩得就是心跳。
In the recent past, the digital currency exchange has introduced futures products – contracts that offer three types of contracts: week after week, week after week, and quarter after month. Contract transactions not only do much, but also provide high leverage, with heartbeats.
随着数字货币市场交易转冷，主要依靠现货交易的火币用户流失严重，交易所交易量持续下滑，来自手续费的收入大幅度减少。由于收入减少，9月份火币还启动了大规模裁员行动，连孕妇也难免被裁的命运。
As the digital money market’s transactions cooled, there was a significant loss of gun users, who relied mainly on spot transactions, and the volume of exchange transactions continued to decline, resulting in a significant decline in revenue from fees. As a result of the decline in revenue, the Democratic Republic of the Congo launched a massive staff cut-off operation in September, even for pregnant women.
当行情下跌的时候，就会有大量的投机者冲进“期货合约”市场，以期寻求“暴富”的机会。收益大，风险自然也高。火币这时候实时的给大家递上了一瓶美味可口的“毒药”。
When it falls, there will be a large number of speculators rushing into the futures contract market in search of “rich” opportunities. The returns are high, and the risks are very high. At this point, the coins are delivered in real time with a delicious bottle of “toxics”.
这并不是火币第一次推出期货合约交易了，历史上火币就推出了子品牌火币BitVC，专做合约交易。结果还因为涉嫌控制后台数据、虚假交易等方式进行欺诈，被用户起诉到法院。
This is not the first time that a futures contract deal has been introduced, and history has seen a sub-brand, BitVC, dedicated to contract transactions. As a result, users have been sued in court for alleged fraud in controlling backstage data, false transactions, etc.
期货高杠杆本身就蕴藏着巨大的风险，而火币在合约中一个交易规则，简直就是对用户赤裸裸的掠夺。但是这样一个重要的规则，火币轻描淡写，一笔带过。这个规则就是全账户分摊制度。
The high leverage of futures is a great risk in itself, and a rule of deal in a contract is a naked plunder of users. But such an important rule, understated, has been passed. The rule is an account-wide system.
坑死人不偿命的全账户分摊制度
A system of full account assessments for the lives of the dead.
在传统期货市场上会存在一种极端情况，就是用户因为做错方向被爆仓的时候，期货交易所没有及时将用户的单子平掉，导致穿仓风险。
In traditional futures markets, there is an extreme situation where futures exchanges fail to level out user lists in a timely manner at a time when users are blown up for doing wrong.
举个简单的例子，小明（专业背锅侠）通过某期货公司，在上海期货交易所交易一手期铜，小明支付保证金15600。由于行情剧烈波动，小明的保证金全部亏损完毕，但是交易所没有及时把这一手期铜平仓。等这手期铜被从市场上平仓的时候，亏损达到了15850元，这多亏损的250元如何处理呢？
To give a simple example, Ming, through a futures company, traded hand-in-hand copper on the Shanghai Futures Exchange, paying a bond of 15600. As a result of the volatility, Ming’s bond was all lost, but the exchange failed to level it in time.
按照目前常规做法，交易所会从自己的交易费收入中提取一定比例资金，成立风险准备金。交易所先从风险准备金中弥补这250元的亏损，然后要求小明所开户的期货公司补偿，期货公司补偿这250元后，获得向小明追偿的权利。
According to the current practice, the exchange will draw a percentage of its transaction fee income and set up a risk reserve. The exchange will make up for the loss of $250 from the risk reserve and then demand compensation from the futures company of the account opened by Ming, which will compensate the $250 and get the right to recover it from Ming.
最终这250元，还是需要小明自己来出钱把窟窿填上，与其他交易用户无关。
In the end, the $250 still requires Ming to pay himself to fill the hole, regardless of the other users of the transaction.
不过，在火币做合约的用户要注意了，这事与你关联重大。
However, it's very relevant to you that the users of the gun deal should be aware.
在火币上，如果出现了同样的情况，这个亏损是需要你来承担的，而不是小明！
On the gun, if the same thing happens, it's a loss you have to bear, not Ming!
因为火币合约设定了全账户分摊制度。
Because the tender contract established a full account assessment system.
要知道在传统期货市场上，由于用户足够多，交易足够活跃，出现上面的案例是及其罕见的。但是数字货币市场用户本来就少，流动性差，加上火币刚刚上线合约产品，用户更是少的可怜，出现上面的案例简直就是稀松平常的事情。
You know that in the traditional futures market, because of the large number of users and the dynamic nature of the transactions, the cases are rare. But the digital money market has only a small number of users, with poor liquidity, and the tender has just come online to contract products, and the cases are rare.
根据火币合约的规则，如果出现了穿仓风险，会由风险准备金优先进行赔偿，风险准备金不足以赔偿的部分，将按照分摊机制进行分摊：
Under the rules of the tender contract, where there is a risk of piercing, the risk reserve will be prioritized for compensation, and the portion of the risk reserve that is not sufficient for compensation will be apportioned according to the assessment mechanism:
1、从本周盈利的账户中，每个账户按盈利等比分摊穿仓部分的损失。
On the basis of this week's profit-making accounts, each account shares the loss of the penetrating portion of the account in relation to the profit-making, etc.
2、将所有强平单产生的穿仓亏损合并统计，并按照三个合约类型（即周，次周，季度合约）的盈利账户的所有收益作为分摊基数进行分摊。
2. To consolidate the statistics of all strapped losses arising from all strong statements and to share all benefits from the profitable accounts of the three contract types (i.e. week, week after week, quarterly contracts) as a basis for assessment.
3、分摊系数=穿仓亏损/所有盈利用户的收益之和
3. Assessment factor = sum of benefits to all profitable users
你们知道火币的这个规则有多可怕吗？
Do you have any idea how terrible that rule is?
假如小明（真是对不起小明啊）周合约盈利了10个比特币，次周合约亏损了10个比特币，整体上小明不赔不赚。
If Ming's contract makes 10 bits of bitcoin and the next week's contract loses 10 bitcoins, then Ming's business as a whole won't pay for it.
但是如果市场上出现某个用户穿仓风险，小明需不需要分摊亏损呢？
But if there is a risk of a user wearing a warehouse in the market, does Ming need to share the loss?
火币的答案是：YES。
The answer to that is: yes.
因为火币合约是按照盈利账户进行分摊的。既然周合约盈利了，那就要参与分摊。
Because the contract is shared on a profit-making account. Now that the contract is profitable, you have to be part of it.
最后小明雪上加霜，本来盈亏平衡，但最后还要为别人的亏损买单。有可能最后亏损了1个比特币、2个比特币、5个比特币……
In the end, Ming made a balance of gains and losses, but in the end he had to pay for other people's losses. It could end up losing one bitcoin, two bitcoins, five bitcoins.
这简直就是对用户赤裸裸的抢劫。
It's a naked robbery against a user.
2014年11月14日，在火币BitVC上完成结算的用户，发现这个分摊比例竟然高达46%，也就是说用户如果盈利了10个比特币，最后要拿出4.6个去分摊其他用户的亏损。
On 14 November 2014, users who had completed the settlement on the military tender BitVC found that the share was as high as 46 per cent, meaning that if the user had earned 10 bitcoins, it would end with 4.6 to share the losses of the other users.
火币给出的理由是，这个亏损是一个用户穿仓造成的。
The reason given by the tender was that the loss was caused by a user wearing a warehouse.
这一个用户造成的亏损有多大呢？接近3000个比特币！
What's this user's loss? Close to 3,000 bitcoins!
为了一个不理性的投机者，本来交易所应该承担的风险，却要全体用户为其亏损买单。有可能一个人的疯狂，就能让无辜者血本无归、倾家荡产。
For the sake of an irrational speculator, the risk that the exchange should take is that all users pay for their losses. There is a risk that a man's madness will leave innocent people with nothing to lose.
不过更离奇的是，火币用户最后根本没有发现这个爆仓单的交易记录。用户怀疑所谓的爆仓单不过是火币杜撰出来搪塞用户的借口。高达46%分摊率的根本原因就是火币自己下场参与交易，自己和客户做对手盘，从而产生了巨额亏损，因此火币要求全体用户分摊自己的巨额亏损。
Users suspect that the so-called warehouse bill is merely a pretext for fanning users. The root cause of the 46% share is that the tender itself will be involved in the deal and its client will be the counterbust, resulting in a huge loss, which requires all users to share their huge losses.
由于目前火币合约交易仍处于公测阶段，火币合约交易的风险准备金几乎是空白，再加上深度一般，所以出现大的行情时，很有可能出现较大比例的分摊。
Given the fact that the current tender contract transaction is still in the public domain and that the risk reserve for the tender contract transaction is almost blank, coupled with the depth of the transaction, there is a high risk of a larger share of the share in the event of a significant eventuality.
套期保值？那不过是一个笑话
A hedge? That's just a joke.
期货为什么会产生？根本是套期保值的功能需求，在此基础上再产生投机的换手交易行为。如果要去分摊别人的亏损，套期保值就已经完全失去了意义。
Why do futures arise? It is essentially a functional need for hedging, which leads to speculative swaps. If you have to share other people’s losses, hedging is completely meaningless.
特别是对矿工来说，可以通过期货锁定价格，保证收益。但正是由于火币合约这个细节，让套期保值成为不可能。由于不可控的外在风险，火币期货合约只能沦为对赌的工具。
But it is precisely because of the details of a tender contract that hedging is impossible. Because of uncontrollable external risks, a tender futures contract can only be used as a tool for gambling.
因为没有人知道这个平台上存在着多少“猪”一样的交易对手，他们会带来多少穿仓亏损。即使你能控制自己，也无法阻挡其他人的疯狂。
Because no one knows how many hog-like rivals there are on this platform, and how much they're going to get through the barn. Even if you can control yourself, you can't stop the madness of others.
而火币在其中毫发无损，反正最后无论这个风险有多大，只需要转移到用户身上就可以了。
At the end of the day, whatever the risk is, it needs to be transferred to the user.
结语
Concluding remarks
利益面前，从业者的自我约束不是解决之道。
Self-restraint by practitioners is not the solution before the interests.
火币因为频繁出现网络故障，曾被用户冠名为专业宕机王。有用户认为火币宕机时间和市场震荡高度重合，有恶意操作的嫌疑。火币HADAX更是由于赤裸裸割韭菜被称为血淋淋的绞肉机，最终被投资者抛弃。
Fire money, because of frequent network failures, has been named the professional champion. Some users believe that it coincides with the height of the market shock and is suspected of malicious operations.
火币合约，这把镰刀这次能走多久呢？
How long will this sickle go this time?
注册有任何问题请添加 微信：MVIP619 拉你进入群
打开微信扫一扫
添加客服
进入交流群
发表评论