Moving Forwards 1

Moving Forwards

Digitex
• Adam Todd
May 13, 2022

I recently announced that after 4 years of trying, Digitex is closing down our zero-fee futures exchange. Nobody gives a toss about zero-fee futures trading and it’s about time we man up and accept that. 

You can’t say I didn’t give it a damn good try. I spent years moving from one country to another to work directly with the developers and I took the DGTX token above $100 million market cap on 3 separate occasions, in 2018, 2019 and in 2020. 

But we just couldn’t maintain that level of demand for DGTX because the underlying fundamental problem was that zero-fee futures trading using DGTX as the base currency did not have mass appeal – nobody cared. I was putting my heart and soul into the wrong product. Our zero-fee model was a great sounding idea that just didn’t work out. We need to accept that and move on.

In some respects this is a failure that we must deal with, but in other respects it’s a huge opportunity for Digitex to pivot to something else that has more mass appeal.

We are not defined by our failures. We are defined by how we react to them and what we do next. Personally, I’m going all-in on building and promoting Blockster which I believe will have more users and make more money than our exchange ever could have. I’m taking DGTX above $100 million market cap again and this time it’s staying there. 

A few people have expressed confusion as to why Digitex would start to build a product like Blockster. After all, it seems completely unrelated to Digitex’s business of being a zero-fee futures exchange. And of course, my failure to consult with and gain the full approval of the circle-jerkers on Telegram means the only possible explanation for developing Blockster is for me to somehow defraud everyone I know as I continue to execute my 4 years-in-the-making Digitex exit scam.

As usual, the truth is a little less exciting – it actually made perfect sense for Digitex to create a product like Blockster. We were struggling to generate consistently high volumes of traffic to attract enough new users to Digitex and decided that like Binance did with the purchase of coinmarketcap, we should have our own source of quality crypto traffic that we control. 

Buying an already existing source of traffic for $400 million was out of the question, so we devised an elaborate marketing plan that entailed creating our own crypto social media platform. Although Blockster itself has made a few twists and turns from its original form as a crypto social media platform to its present form as a crypto lifestyle multimedia brand, it is still fundamentally the same thing it started out as: a steady source of high quality crypto traffic. Building Blockster was a legitimate use of resources and funds for Digitex.

By developing Blockster in the background as part of a bigger marketing plan for Digitex, we are lucky enough to have another product that can replace the failed zero-fee futures exchange. By making some adjustments to Blockster, we can introduce a new utility for DGTX in the Blockster ecosystem as a fundraising token. To me this seems like a huge opportunity to turn Digitex around and give DGTX holders another shot at success. 

That we have an awesome new product just ready and waiting to take the place of the exchange is a fantastic opportunity that we must jump on. This wasn’t the original plan but with a positive attitude and a willingness to adapt, Digitex can survive and thrive and the DGTX token can become relevant again. We built Blockster, let’s capitalize on that instead of crying like little bitches in TG.

So if you’re holding DGTX I ask you to support Blockster in any way that you can. Blockster is going to become a high-traffic content marketing machine that will generate significant revenues that can directly benefit DGTX token holders as well as BXR holders. Now that we’ve finally put the zero-fee trading experiment behind us, maybe the best days of Digitex are right in front of us. Let’s embrace change and move forwards.

May 13, 2022
Digitex

Moving Forwards

Adam Todd
Moving Forwards 2

I recently announced that after 4 years of trying, Digitex is closing down our zero-fee futures exchange. Nobody gives a toss about zero-fee futures trading and it’s about time we man up and accept that. 

You can’t say I didn’t give it a damn good try. I spent years moving from one country to another to work directly with the developers and I took the DGTX token above $100 million market cap on 3 separate occasions, in 2018, 2019 and in 2020. 

But we just couldn’t maintain that level of demand for DGTX because the underlying fundamental problem was that zero-fee futures trading using DGTX as the base currency did not have mass appeal – nobody cared. I was putting my heart and soul into the wrong product. Our zero-fee model was a great sounding idea that just didn’t work out. We need to accept that and move on.

In some respects this is a failure that we must deal with, but in other respects it’s a huge opportunity for Digitex to pivot to something else that has more mass appeal.

We are not defined by our failures. We are defined by how we react to them and what we do next. Personally, I’m going all-in on building and promoting Blockster which I believe will have more users and make more money than our exchange ever could have. I’m taking DGTX above $100 million market cap again and this time it’s staying there. 

A few people have expressed confusion as to why Digitex would start to build a product like Blockster. After all, it seems completely unrelated to Digitex’s business of being a zero-fee futures exchange. And of course, my failure to consult with and gain the full approval of the circle-jerkers on Telegram means the only possible explanation for developing Blockster is for me to somehow defraud everyone I know as I continue to execute my 4 years-in-the-making Digitex exit scam.

As usual, the truth is a little less exciting – it actually made perfect sense for Digitex to create a product like Blockster. We were struggling to generate consistently high volumes of traffic to attract enough new users to Digitex and decided that like Binance did with the purchase of coinmarketcap, we should have our own source of quality crypto traffic that we control. 

Buying an already existing source of traffic for $400 million was out of the question, so we devised an elaborate marketing plan that entailed creating our own crypto social media platform. Although Blockster itself has made a few twists and turns from its original form as a crypto social media platform to its present form as a crypto lifestyle multimedia brand, it is still fundamentally the same thing it started out as: a steady source of high quality crypto traffic. Building Blockster was a legitimate use of resources and funds for Digitex.

By developing Blockster in the background as part of a bigger marketing plan for Digitex, we are lucky enough to have another product that can replace the failed zero-fee futures exchange. By making some adjustments to Blockster, we can introduce a new utility for DGTX in the Blockster ecosystem as a fundraising token. To me this seems like a huge opportunity to turn Digitex around and give DGTX holders another shot at success. 

That we have an awesome new product just ready and waiting to take the place of the exchange is a fantastic opportunity that we must jump on. This wasn’t the original plan but with a positive attitude and a willingness to adapt, Digitex can survive and thrive and the DGTX token can become relevant again. We built Blockster, let’s capitalize on that instead of crying like little bitches in TG.

So if you’re holding DGTX I ask you to support Blockster in any way that you can. Blockster is going to become a high-traffic content marketing machine that will generate significant revenues that can directly benefit DGTX token holders as well as BXR holders. Now that we’ve finally put the zero-fee trading experiment behind us, maybe the best days of Digitex are right in front of us. Let’s embrace change and move forwards.

Latest News

DGTX Minting in May 2022 3

DGTX Minting in May 2022

Digitex
• Adam Todd
May 8, 2022

As explained in my previous blog post, Digitex has pivoted from being a cryptocurrency exchange to becoming an investor in Blockster, a crypto lifestyle magazine. As the mainstream brands, celebrities, sports stars and musicians all pile into the world of web3, metaverse and NFTs, this presents a massive opportunity for a content marketing brand like Blockster to position itself at this intersection of popular culture and crypto. 

Digitex continues to invest in and support Blockster, and we do this by minting and selling DGTX tokens. The potential upside for DGTX holders of investing in a unique content marketing company that is targeting an industry with a marketing problem and projected revenues of $800 billion a year by 2024 is far greater than remaining as an exchange token on just another exchange in a highly saturated market. DGTX token holders will benefit in the form of staking rewards and DGTX token buybacks that increase proportionately with Blockster’s success.

On May 8, 2022 we will mint 1,200,000,000 DGTX for the purpose of supporting Blockster on its journey to becoming the world’s leading crypto lifestyle magazine.

May 8, 2022
Digitex

DGTX Minting in May 2022

Adam Todd
DGTX Minting in May 2022 4

As explained in my previous blog post, Digitex has pivoted from being a cryptocurrency exchange to becoming an investor in Blockster, a crypto lifestyle magazine. As the mainstream brands, celebrities, sports stars and musicians all pile into the world of web3, metaverse and NFTs, this presents a massive opportunity for a content marketing brand like Blockster to position itself at this intersection of popular culture and crypto. 

Digitex continues to invest in and support Blockster, and we do this by minting and selling DGTX tokens. The potential upside for DGTX holders of investing in a unique content marketing company that is targeting an industry with a marketing problem and projected revenues of $800 billion a year by 2024 is far greater than remaining as an exchange token on just another exchange in a highly saturated market. DGTX token holders will benefit in the form of staking rewards and DGTX token buybacks that increase proportionately with Blockster’s success.

On May 8, 2022 we will mint 1,200,000,000 DGTX for the purpose of supporting Blockster on its journey to becoming the world’s leading crypto lifestyle magazine.

Latest News

Digitex 2.0 Is Not An Exchange 5

Digitex 2.0 Is Not An Exchange

Digitex
• Adam Todd
May 6, 2022

The utility of the DGTX token is currently the native currency of the Digitex exchange in which all futures contracts are denominated. Traders buy and sell Bitcoin or Ether futures contracts but their profits and losses and required margins are denominated in DGTX. Traders pay zero trading fees and the exchange generates revenues by minting and selling DGTX. 

This revenue model was first proposed in the original Digitex whitepaper written in December 2017. No other exchange has this revenue model and it was always an experimental idea that may or may not work. The critical ingredient needed for this model to work is high demand from lots of traders which offsets the increased supply produced by minting.

The Digitex exchange is online 24/7 and has some active users. But after multiple successful marketing campaigns and a few rebrands we have failed to attract and retain the numbers of traders needed to create enough demand for DGTX to offset the inflationary effects of minting. We are following our stated revenue model but with each mint the price of DGTX drops. 

Maybe it could have worked under different management but maybe not, this was always an experimental idea. There are maybe 5 or 10 profitable cryptocurrency exchanges amongst over 1000 exchanges, it’s a very saturated market that requires a lot of money for liquidity, marketing and development. The vast majority of smaller exchanges are fighting over the scraps left by the big ones. After over 4 years of trying to make this revenue model work, we have to accept that it’s not viable to keep the Digitex exchange online.

But this doesn’t mean the end of Digitex or the DGTX token. Quite the opposite in fact. Closing down the exchange will finally liberate us from beating a dead horse and allow us to move forwards with creating a new utility for DGTX. Digitex’s measure of success is not whether we have an exchange, it is how much demand we can create for DGTX. 

It’s time for Digitex to pivot. And the good news is that I realized this last year and have already built a new product in a completely different vertical that is much less saturated than the exchange business and much easier to develop and to attract and retain users. The product that will save the DGTX token is Blockster.com.

  • Blockster is already online and has a full time professional team running it and marketing it. 
  • Blockster is owned and controlled by Blockster Holdings Ltd, a Gibraltar based holding company that also owns Digitex Ltd, and Blockster was originally developed to create demand for DGTX.
  • DGTX stakers will earn very generous rewards derived from equity sales of Blockster Holdings Ltd to investors. 
  • A portion of the proceeds from equity sales of Blockster Holdings Ltd will also be used to buy back DGTX tokens.
  • To date I have raised over $3 million dollars by selling 12% equity of Blockster Holdings Ltd to seed investors in the UK and Dubai, and I’m about to raise a lot more in the coming months and years.

So what is Blockster.com?

Blockster is a crypto lifestyle magazine that tells the most interesting stories in crypto. At the intersection of popular culture and crypto, Blockster will produce multimedia content about how the mainstream premium brands and celebrities are bringing fashion, music and art to the world of gaming, metaverse, NFTs and cryptocurrency. Blockster will also seek out the seedy underbelly of crypto and report on the edgy and controversial. It’s time to make crypto interesting and sexy. 

Next month Blockster will launch our exclusive members only club that promotes and powers the crypto lifestyle. Blockster members will receive access to special content, exclusive invites to metaverse and in-person events, huge token airdrop giveaways and our premium high-end print magazine every quarter all about the crypto lifestyle. Development of our mobile app by a leading mobile app development company in New York starts in the summer. 

Blockster will take crypto to the masses and will become a high-traffic destination that makes money from advertising, ecommerce, affiliate marketing and membership subscriptions. Revenues in the metaverse are projected to reach $800 BILLION in 2024, according to Bloomberg Intelligence, and Blockster will be a dominant player in the highly lucrative world of crypto and NFT content marketing.

Over the next month on the Digitex blog I’ll be sharing with you Blockster’s pitch deck for investors, business plan, financial projections model and creative brief. You can judge for yourself how valuable the brand is now and how valuable it will become.

Digitex 2.0 is not an exchange. The new Digitex 2.0 website will have constantly up-to-date investment materials and information about significant developments at Blockster. It will also track equity sales of Blockster Holdings Ltd, the holding company that owns Digitex and Blockster, and sales of DGTX and BXR, Blockster’s native token. A portion of funds raised will be used to reward DGTX and BXR stakers, buy back DGTX and BXR tokens and list DGTX and BXR on new exchanges. Doing this increases the value of DGTX and BXR which ultimately benefits the equity buyers of Blockster Holdings Ltd. A portion of Blockster’s advertising revenues will also be used to reward BXR stakers and buy back and burn BXR tokens. 

Just like Digitex, the road to developing the Blockster product and brand was not an easy one. It started out as a crypto social platform and over the last year has morphed and changed directions as we experimented with various different angles and concepts trying to figure out exactly what works and what doesn’t work. After a year of testing and trial and error we discovered that by far the best performing aspect of Blockster was the lifestyle related content, which was great because content is much easier to develop and maintain than a full fledged social platform. I’ve learnt to avoid complex software development projects.

So Blockster recently pivoted from being a social media platform to being a crypto lifestyle magazine and membership club and mobile app. The new website looks awesome, the branding is really coming along nicely and we are hiring new writers, editors, photographers, designers and investigative journalists to turn Blockster into a premium, edgy crypto lifestyle brand.

Our talented Blockster team is based in Miami, and you’ll find the team networking at all the cool crypto events that happen almost every night of the week here in the crypto capital of the world. We’re going to dominate Miami and from that stronghold we will take over. We did our own afterparty for the Bitcoin22 conference last month which was a huge success – the rapper Cassius Cuvee was there and mentioned Blockster in his latest rap song 🙂 Our network is growing fast and we have some exciting partnerships lined up with premium brands, celebrities and a well known production studio, all of whom are getting into the metaverse and NFTs in a big way. The excitement amongst the team is electric as we prepare to officially launch Blockster to the world at our exclusive Blockster launch party that will coincide with the first edition of our digital and print magazine in July. 

Blockster is a billion dollar brand just waiting to happen, and DGTX token holders will directly benefit from Blockster’s success. I’ll keep writing regular blog posts on the Digitex blog to keep you up to date with your investment’s progress. As a DGTX token holder I want you to feel ownership of Blockster and to support it however you can, because you did actually pay for its development. So it’s only fair that you will directly benefit from its success. 

The recent minting of DGTX tokens helped to fund the ongoing development and marketing costs of creating Blockster and some minting will continue until revenues and equity sales can take over. That’s basically the new utility of DGTX – it allows me to raise funds now which are then invested and paid back later with considerable interest in the form of staking rewards and token buybacks. Successful investments will drive the DGTX price higher and unsuccessful ones will depress the price. Right now our only investment is Blockster but in the future Digitex could fund many different crypto and web3 startups using the same model.

May 6, 2022
Digitex

Digitex 2.0 Is Not An Exchange

Adam Todd
Digitex 2.0 Is Not An Exchange 6

The utility of the DGTX token is currently the native currency of the Digitex exchange in which all futures contracts are denominated. Traders buy and sell Bitcoin or Ether futures contracts but their profits and losses and required margins are denominated in DGTX. Traders pay zero trading fees and the exchange generates revenues by minting and selling DGTX. 

This revenue model was first proposed in the original Digitex whitepaper written in December 2017. No other exchange has this revenue model and it was always an experimental idea that may or may not work. The critical ingredient needed for this model to work is high demand from lots of traders which offsets the increased supply produced by minting.

The Digitex exchange is online 24/7 and has some active users. But after multiple successful marketing campaigns and a few rebrands we have failed to attract and retain the numbers of traders needed to create enough demand for DGTX to offset the inflationary effects of minting. We are following our stated revenue model but with each mint the price of DGTX drops. 

Maybe it could have worked under different management but maybe not, this was always an experimental idea. There are maybe 5 or 10 profitable cryptocurrency exchanges amongst over 1000 exchanges, it’s a very saturated market that requires a lot of money for liquidity, marketing and development. The vast majority of smaller exchanges are fighting over the scraps left by the big ones. After over 4 years of trying to make this revenue model work, we have to accept that it’s not viable to keep the Digitex exchange online.

But this doesn’t mean the end of Digitex or the DGTX token. Quite the opposite in fact. Closing down the exchange will finally liberate us from beating a dead horse and allow us to move forwards with creating a new utility for DGTX. Digitex’s measure of success is not whether we have an exchange, it is how much demand we can create for DGTX. 

It’s time for Digitex to pivot. And the good news is that I realized this last year and have already built a new product in a completely different vertical that is much less saturated than the exchange business and much easier to develop and to attract and retain users. The product that will save the DGTX token is Blockster.com.

  • Blockster is already online and has a full time professional team running it and marketing it. 
  • Blockster is owned and controlled by Blockster Holdings Ltd, a Gibraltar based holding company that also owns Digitex Ltd, and Blockster was originally developed to create demand for DGTX.
  • DGTX stakers will earn very generous rewards derived from equity sales of Blockster Holdings Ltd to investors. 
  • A portion of the proceeds from equity sales of Blockster Holdings Ltd will also be used to buy back DGTX tokens.
  • To date I have raised over $3 million dollars by selling 12% equity of Blockster Holdings Ltd to seed investors in the UK and Dubai, and I’m about to raise a lot more in the coming months and years.

So what is Blockster.com?

Blockster is a crypto lifestyle magazine that tells the most interesting stories in crypto. At the intersection of popular culture and crypto, Blockster will produce multimedia content about how the mainstream premium brands and celebrities are bringing fashion, music and art to the world of gaming, metaverse, NFTs and cryptocurrency. Blockster will also seek out the seedy underbelly of crypto and report on the edgy and controversial. It’s time to make crypto interesting and sexy. 

Next month Blockster will launch our exclusive members only club that promotes and powers the crypto lifestyle. Blockster members will receive access to special content, exclusive invites to metaverse and in-person events, huge token airdrop giveaways and our premium high-end print magazine every quarter all about the crypto lifestyle. Development of our mobile app by a leading mobile app development company in New York starts in the summer. 

Blockster will take crypto to the masses and will become a high-traffic destination that makes money from advertising, ecommerce, affiliate marketing and membership subscriptions. Revenues in the metaverse are projected to reach $800 BILLION in 2024, according to Bloomberg Intelligence, and Blockster will be a dominant player in the highly lucrative world of crypto and NFT content marketing.

Over the next month on the Digitex blog I’ll be sharing with you Blockster’s pitch deck for investors, business plan, financial projections model and creative brief. You can judge for yourself how valuable the brand is now and how valuable it will become.

Digitex 2.0 is not an exchange. The new Digitex 2.0 website will have constantly up-to-date investment materials and information about significant developments at Blockster. It will also track equity sales of Blockster Holdings Ltd, the holding company that owns Digitex and Blockster, and sales of DGTX and BXR, Blockster’s native token. A portion of funds raised will be used to reward DGTX and BXR stakers, buy back DGTX and BXR tokens and list DGTX and BXR on new exchanges. Doing this increases the value of DGTX and BXR which ultimately benefits the equity buyers of Blockster Holdings Ltd. A portion of Blockster’s advertising revenues will also be used to reward BXR stakers and buy back and burn BXR tokens. 

Just like Digitex, the road to developing the Blockster product and brand was not an easy one. It started out as a crypto social platform and over the last year has morphed and changed directions as we experimented with various different angles and concepts trying to figure out exactly what works and what doesn’t work. After a year of testing and trial and error we discovered that by far the best performing aspect of Blockster was the lifestyle related content, which was great because content is much easier to develop and maintain than a full fledged social platform. I’ve learnt to avoid complex software development projects.

So Blockster recently pivoted from being a social media platform to being a crypto lifestyle magazine and membership club and mobile app. The new website looks awesome, the branding is really coming along nicely and we are hiring new writers, editors, photographers, designers and investigative journalists to turn Blockster into a premium, edgy crypto lifestyle brand.

Our talented Blockster team is based in Miami, and you’ll find the team networking at all the cool crypto events that happen almost every night of the week here in the crypto capital of the world. We’re going to dominate Miami and from that stronghold we will take over. We did our own afterparty for the Bitcoin22 conference last month which was a huge success – the rapper Cassius Cuvee was there and mentioned Blockster in his latest rap song 🙂 Our network is growing fast and we have some exciting partnerships lined up with premium brands, celebrities and a well known production studio, all of whom are getting into the metaverse and NFTs in a big way. The excitement amongst the team is electric as we prepare to officially launch Blockster to the world at our exclusive Blockster launch party that will coincide with the first edition of our digital and print magazine in July. 

Blockster is a billion dollar brand just waiting to happen, and DGTX token holders will directly benefit from Blockster’s success. I’ll keep writing regular blog posts on the Digitex blog to keep you up to date with your investment’s progress. As a DGTX token holder I want you to feel ownership of Blockster and to support it however you can, because you did actually pay for its development. So it’s only fair that you will directly benefit from its success. 

The recent minting of DGTX tokens helped to fund the ongoing development and marketing costs of creating Blockster and some minting will continue until revenues and equity sales can take over. That’s basically the new utility of DGTX – it allows me to raise funds now which are then invested and paid back later with considerable interest in the form of staking rewards and token buybacks. Successful investments will drive the DGTX price higher and unsuccessful ones will depress the price. Right now our only investment is Blockster but in the future Digitex could fund many different crypto and web3 startups using the same model.

Latest News

My Digitex Journey - The Past, Present and Bright Future of Digitex 7

My Digitex Journey – The Past, Present and Bright Future of Digitex

Digitex
• Adam Todd
May 4, 2022

In a month from now I’ll be launching Digitex 2.0. You’ll find out more from me over the coming weeks about what Digitex 2.0 is and how I plan to buy back and burn all the recently minted DGTX tokens. 

In the meantime, the clucking from the Telegram echo chamber about me being a master criminal running a 4+ years-in-the-making exit scam has gotten particularly loud recently. And as much as I enjoy the notoriety, I’d like to take this opportunity to set the record straight. I will describe my Digitex journey so far, warts and all, but more importantly I’ll tell you my plans to revive Digitex and bring it roaring back onto the first page of cmc in a blaze of glory. 

You can decide for yourself whether I’m a small-time scammer trying to steal a few million dollars from people who trusted me, or whether I’m an entrepreneur with a burning desire to become a billionaire and the determination to succeed at any cost. 

My Digitex story starts in 2017. By this time I had become obsessed with cryptocurrency and its mindblowing potential for bringing chaos and disruption to the status quo, and I started having all kinds of product and token ideas. The most exciting thing about crypto was this new concept called the ICO where anyone with an idea could bypass the difficult and rigorous VC route of raising funds and present the idea directly to the public without being shaken down by the banks or regulators or anyone else in the old boys club. I had loads of ideas but eventually decided to build a Bitcoin futures exchange that charged zero transaction fees and which covered costs by minting and selling its own native token. Mum and I came up with the name Digitex.

I had been a scalper for a few years in the open outcry futures trading pits of the London International Financial Futures Exchange (LIFFE) in the nineties and trading commissions had been the difference between making a fortune and struggling to survive. So the idea of being able to build my own exchange that had zero transaction fees was beyond exciting. I envisioned creating a trading platform with millions of participants and with massive liquidity where retail traders could make a living from trading like I used to. With Bitcoin futures becoming a hot topic in the media, Digitex seemed to be the right product at the right time.

I built a prototype exchange myself using Elixir, Phoenix, HTML, CSS and javascript. With Elixir it was easy to set up open websocket channels to update the trading UI and submit orders in real time, and you can spin up and shut down literally millions of lightweight concurrent processes in microseconds to handle any amount of traffic without any performance issues. My prototype exchange was scraping Bitcoin, Ether and Litecoin price data from Coinbase and I built trading bots that followed those spot prices on their respective Digitex futures markets. 

I had a great time trading manually against my own bots on the one-click trading ladder. I could do as many short term trades as I wanted without paying any commissions. All other cryptocurrency futures exchanges were charging commissions in the form of a small percentage of every trade, which made short term crypto scalping unprofitable. But the volatile and always open crypto markets are perfect for scalping, so Digitex was going to open up a whole new world of trading opportunities for millions of traders around the world. 

That dream of Digitex becoming a level playing field exchange where there was no edge working against its traders was a very real one. That’s what drove me forwards because I truly believed that Digitex could have millions of users. And I understood more than most just how liberating it is to be able to make a living by spending a few hours a day trading from anywhere in the world. 

During a 6 year long backpacking journey around the world I discovered the betting exchange Betfair.com in 2002. To me it looked exactly like the futures markets, but instead of buying and selling futures contracts I was laying and backing bets. I deposited $300 and started trading UK horse racing odds in the final 10 minutes before the race starts. Without any knowledge of horse racing and without caring which horse eventually won each race, I would make money on 9 races out of 10 and once went 8 months of full time trading without a losing day.  Working out of internet cafes and Starbucks for a few hours a day in random parts of the world I would sometimes do 10% of the entire betting volume on a televised UK horse race. So I understand how liberating it is to be able to make a living from spending a few hours a day trading, and I liked that Digitex would give thousands of traders the opportunity to live like I did.

After I had built my prototype exchange I started to write the Digitex whitepaper which explained the concept of a zero-fee futures exchange that generates revenue by minting and selling DGTX tokens instead of charging commissions on trades. It explained that the trick to making it work was to create enough demand for DGTX that it offsets the effects of the minting. That’s the part we have failed to do – so far. My plan to finally create that demand is underway right now and almost at fruition –  but more on that later.

Then I created a WordPress website for Digitex and set a date for the Digitex ICO. I think the original ICO date was in October 2017. But with about a week to go before the date and absolutely no interest from anyone and with my token sale smart contract in a big mess I quietly took that countdown page down and went back to the drawing board. 

After another similar false start in December, an affiliate marketing friend of mine told me that I needed to make the ICO go viral by rewarding people who shared the link with their friends. So I set the ICO date for January 15th 2018, and created a mechanism on the website that gave away 1,000 DGTX tokens for every friend that someone referred to join our Digitex ICO waiting list. The ICO price of DGTX was going to be $0.01 so that was like getting $10 for every email you referred to our list. 

After a slow start the emails started to trickle in at the start of January. Then the trickle became more of a stream and then we got discovered by the Nigerian spamming community and shit got absolutely crazy. Links to the upcoming Digitex ICO appeared just about everywhere – no Telegram or Facebook group was safe, and in the final days leading up to the ICO we were getting thousands of email signups per hour. By the morning of January 15th, our waitlist reached 250,000 emails, from a standing start of zero a few weeks earlier. 

At 9am EST on January 15th 2018 I nervously revealed the token sale smart contract address on our website and the Digitex ICO began. The website had been under intense Ddos attacks for days and there was a hardcore of eastern European hackers trying to hack the website so that at the start time of the ICO they could replace the token sale smart contract address with their own Ethereum wallet address. Fortunately our security held up and they failed to get anywhere. 

I had been up since 3am deploying the token sale smart contract and taking care of final details and as the seconds counted down to 9am I remember thinking that I had put absolutely everything I had into this one moment. I had worked on this full time for the past 6 months and spent every penny I had on getting to this point. The entire adventure of getting to this point had cost over $100k and I was literally flat broke, I didn’t even have the rent money due in 2 weeks time. This had to work, please please please just let us hit the soft cap so that it’s not a complete flop.

I had the token sale etherscan page open and at 9am EST I started refreshing the page, desperately hoping that this wouldn’t be too much of an embarrassing disaster. Turns out I didn’t have to worry. Every time I refreshed the page, thousands of dollars worth of Ether would show up in my wallet. For a moment I thought I might be reading it wrong because some refreshes would show hundreds of thousands of dollars more than the last refresh a few seconds ago. Wait, is that one million dollars worth of Ether collected in the last few minutes? Two million after a few more minutes. Three million. Four million. Wait, is this correct, am I looking at the right number here? After 17 heady minutes I was staring at an etherscan page with $5,400,000 worth of Ether just sitting in my wallet and all 650 million DGTX tokens that were for sale had gone.  

So there I was, sitting in my little apartment at 9.20am on a Monday morning with over five million dollars in my wallet. Erm, what now? In a kind of dazed shock, I unplugged my computer and went for a skate to try and process what the hell had just happened. Barefoot and shirtless I skated around Miami Beach for hours at full speed, doing handstands on my board and laughing like a madman. I think that skate was one of the happiest moments of my life. 

That a gambling man like myself whose never even had a real job, and who has no experience of developing a complex software product or recruiting and managing a team, managed to get into a position of raising millions of dollars to fund a tech startup is a function of those unusual times. Digitex Ltd was literally a one month old Seychelles company bought online for $400 from an offshore company formation website. With no team, no infrastructure, no business plan, no processes, no governance, no experience and just no idea, Digitex was fully funded and in the futures exchange business. What could possibly go wrong?

The day after the Digitex ICO the crypto market crashed. Literally, the next fucking day. Without a honeymoon period to think and figure out exactly what to do, my $5.4m was now $4m and it got gradually worse from there. No, I had not converted the ETH made in the ICO into Tether. I had just experienced an insane year where Ether went from $10 to $1400, and everytime I sold some of my ETH stash to cover costs then the price of ETH would go up and my stash would be worth the same amount of money or more, even after spending what I’d taken out. It was this meteoric rise in 2017 that gave me the time and the $100k I needed to do the ICO, so as far as I was concerned my strategy of holding ETH was already a proven one that had yielded millions. I was holding onto this ICO Ether until it reached $10000 and then I would cash out with $30m instead of $5m. 

In hindsight that was a terrible decision – my first of many. I never dreamed that ETH could crash so badly and that the crypto winter would be quite so brutal. I stuck with my position waiting for the turnaround but it didn’t come –  in 2018 Ether lost 95% of its value. I had been selling some ETH on the way down to pay development costs and wages each month but the majority of the ICO raise disappeared in that vicious crypto winter that followed. As fast as the money had appeared, it disappeared. 

That’s why 92% of the ICOs from that same period didn’t make it. A few of them were scams but I bet most of them were not. Most ICOs were probably a genuine effort by someone who had no idea how to effectively execute on their idea. And then when the crypto market crashed it wiped them out. 

So how did Digitex survive the crypto winter when so many others perished? 

Halfway through 2018 I fired the entire marketing team and hired Lidia Yadlos as CMO. At this point the DGTX token was at half a cent and 6 months after the ICO all the excitement around the project was waning. We were still in the relatively early stages of developing the Digitex exchange and up until that point our marketing had sucked, so there was little interest in the DGTX token. The crypto winter had set in properly and ICO projects were dropping like flies and nobody wanted to buy tokens. We were also chronically underfunded after keeping the ICO funds in ETH and I realized that our only chance of survival was to make the DGTX token pop so that we could sell tokens to generate revenue. 

We needed to do something. We needed to breathe life into Digitex. I wasn’t just going to give up like all the failed ICO projects did. I would do whatever it took to make this work and not just lose all the money that people had trusted me with. I had promised to build a zero-fee cryptocurrency futures exchange and that’s what I was going to do. Development was in full swing and if we could just launch the product everything would be fine. We had to figure out how to make money from selling DGTX tokens, otherwise everything would stop and the DGTX token price would go to zero.

So we created a viral marketing campaign that rewarded DGTX to people who joined our launch waitlist. The first few weeks of this waitlist campaign started quietly and the number of emails slowly started to climb. And then one of the big Indian crypto influencers found it and made a video about our waitlist campaign and that’s when it all went batshit crazy. The waitlist ended up reaching 1.5 million emails collected. Suddenly our social media channels blew up and Digitex was the center of attention.

In the midst of this viral marketing campaign we started publishing daily content on our blog about how Bitcoin futures trading was going to be the next biggest thing, and with zero fees Digitex was going to be a game changer for millions of traders. We were relentless. We paid to be interviewed, we paid to publish articles and press releases on other websites and we paid for traffic. Combined with an ever swelling waitlist, this barrage of content promoting zero-fee futures trading caused huge interest in the project and the DGTX token price popped. 

In October 2018, the DGTX price reached an all time high of $0.16, from an ICO price of $0.01, giving it a market cap of $160 million. When coupled with the big drop in ETH, ICO holders were sitting on 100x returns. Suddenly everyone was interested in zero-fee Bitcoin futures trading, creating a surge in demand for DGTX which we could sell into. We breathed life into DGTX by systematically generating traffic and creating content funnels.

The waitlist viral marketing campaign saved Digitex and allowed us to continue developing the product. But when we failed to launch in December 2018 the DGTX price collapsed.

Up until this point I had been pretty popular with the Digitex community. Before the failed launch the ICO holders were 10x at a time when ETH and BTC had crashed so against ETH they were more like 100x on their original ETH investment. But the failed launch unsurprisingly upset a bunch of people and this was when the accusations of Digitex being a scam started. The accusation was that we were never actually developing anything and the whole thing was a ruse to sell tokens. 

Digitex survived the crypto winter that killed off so many other projects because of my determination and unwillingness to quit when there seemed to be no other viable path forwards. The only reason that Digitex is still going after over 4 years is because on this occasion and on multiple occasions since then I gambled everything and figured out how to get the money we need to continue, without ever considering quitting. 

And yet my persistence and dogged refusal to quit is turned against me and presented as proof that I’m some kind of scammer who didn’t have the decency to quit like everyone else did. All those other leaders of hundreds of failed ICO projects whose token price went to zero aren’t being constantly accused of being scammers because they just quit and everyone has forgotten about them. They gave up and took the remaining ICO money for themselves and ended up just fine. But because I stuck around and gambled everything and spent the last penny and figured out a way forward and actually went on to create a product and launch it and market it, that somehow makes me a scammer. Fuck that, and if you think I’m a scammer then fuck you too.

But the fact is we did fail to launch in December 2018. How did we fuck up the development of Digitex so badly that after a year we were at square one? It was a fair question and to be honest it was almost entirely my fault.

The development team I hired to develop the Digitex futures exchange was already a functional, small team of friends who had recently sold the last software product they had built to Erikson for GBP12 million. These guys weren’t idiots, one of them had even worked at NASA. I had already dealt with their lead developer who had secured the Digitex ICO website from hackers and the inevitable Ddos attacks during the token sale and he did a superb job under heavy fire and he had a great attitude. The team was based in Dublin so immediately after the ICO I traveled to Ireland and ended up hiring them and putting them in a WeWork office to get started. 

Long story short, I didn’t spend enough time in Dublin. Also, my chaotic and energetic personality is entirely unsuited to dealing with the glacial speed of software development. I messed them up with several requested changes to the specs throughout the year that I thought would be easy but which totally derailed their development plan. It turns out that you can hire the smartest developer around but if you give him bad specs and then keep changing them you still end up with a big stinking pile of shit. And that was on me. After almost a year we were moving slower than ever and technical debt was building and after missing our very well publicized December launch date I realized how far behind we actually were and fired the development team. 

I’ll continue this story about my Digitex journey in the next installment of this article which I’ll post in a few days time. 

————-

I’m the first to admit that I have made many mistakes along the way. Under someone else’s leadership maybe the Digitex futures exchange could have been a massive success already. But those mistakes were just that: mistakes. I’m not a master criminal running an elaborate scheme to separate people from their money, I’m just a guy trying to create a successful business and doing whatever it takes to keep going so that success can be achieved. 

And I would argue that my failures so far have now become one of my biggest strengths. I know what it’s like to face adversity and ridicule and criticism and keep going anyway. I know the bitter taste of failure firsthand and instead of being defined by it I use it to drive me forwards, determined to learn from my errors and one day become a skilled, battle-hardened leader with proven resolve who learnt everything the hard way. The education I’ve received in the last 4 years has been money well spent compared to the avalanche of money that will come Digitex’s way in the coming years, all of which will directly benefit DGTX token holders. I’m very aware of where the money that funded my education came from. It came from DGTX token holders, and it kills me that DGTX is so low now, but I’m going to buy back and burn every single DGTX token that was recently minted and take DGTX to a new All Time High. I am Digitex. As bleak as it might look right now, my success over the coming years will be directly reflected in the price of DGTX. I will explain more in the next part of this article which I’ll post in a few days.

May 4, 2022
Digitex

My Digitex Journey – The Past, Present and Bright Future of Digitex

Adam Todd
My Digitex Journey - The Past, Present and Bright Future of Digitex 8

In a month from now I’ll be launching Digitex 2.0. You’ll find out more from me over the coming weeks about what Digitex 2.0 is and how I plan to buy back and burn all the recently minted DGTX tokens. 

In the meantime, the clucking from the Telegram echo chamber about me being a master criminal running a 4+ years-in-the-making exit scam has gotten particularly loud recently. And as much as I enjoy the notoriety, I’d like to take this opportunity to set the record straight. I will describe my Digitex journey so far, warts and all, but more importantly I’ll tell you my plans to revive Digitex and bring it roaring back onto the first page of cmc in a blaze of glory. 

You can decide for yourself whether I’m a small-time scammer trying to steal a few million dollars from people who trusted me, or whether I’m an entrepreneur with a burning desire to become a billionaire and the determination to succeed at any cost. 

My Digitex story starts in 2017. By this time I had become obsessed with cryptocurrency and its mindblowing potential for bringing chaos and disruption to the status quo, and I started having all kinds of product and token ideas. The most exciting thing about crypto was this new concept called the ICO where anyone with an idea could bypass the difficult and rigorous VC route of raising funds and present the idea directly to the public without being shaken down by the banks or regulators or anyone else in the old boys club. I had loads of ideas but eventually decided to build a Bitcoin futures exchange that charged zero transaction fees and which covered costs by minting and selling its own native token. Mum and I came up with the name Digitex.

I had been a scalper for a few years in the open outcry futures trading pits of the London International Financial Futures Exchange (LIFFE) in the nineties and trading commissions had been the difference between making a fortune and struggling to survive. So the idea of being able to build my own exchange that had zero transaction fees was beyond exciting. I envisioned creating a trading platform with millions of participants and with massive liquidity where retail traders could make a living from trading like I used to. With Bitcoin futures becoming a hot topic in the media, Digitex seemed to be the right product at the right time.

I built a prototype exchange myself using Elixir, Phoenix, HTML, CSS and javascript. With Elixir it was easy to set up open websocket channels to update the trading UI and submit orders in real time, and you can spin up and shut down literally millions of lightweight concurrent processes in microseconds to handle any amount of traffic without any performance issues. My prototype exchange was scraping Bitcoin, Ether and Litecoin price data from Coinbase and I built trading bots that followed those spot prices on their respective Digitex futures markets. 

I had a great time trading manually against my own bots on the one-click trading ladder. I could do as many short term trades as I wanted without paying any commissions. All other cryptocurrency futures exchanges were charging commissions in the form of a small percentage of every trade, which made short term crypto scalping unprofitable. But the volatile and always open crypto markets are perfect for scalping, so Digitex was going to open up a whole new world of trading opportunities for millions of traders around the world. 

That dream of Digitex becoming a level playing field exchange where there was no edge working against its traders was a very real one. That’s what drove me forwards because I truly believed that Digitex could have millions of users. And I understood more than most just how liberating it is to be able to make a living by spending a few hours a day trading from anywhere in the world. 

During a 6 year long backpacking journey around the world I discovered the betting exchange Betfair.com in 2002. To me it looked exactly like the futures markets, but instead of buying and selling futures contracts I was laying and backing bets. I deposited $300 and started trading UK horse racing odds in the final 10 minutes before the race starts. Without any knowledge of horse racing and without caring which horse eventually won each race, I would make money on 9 races out of 10 and once went 8 months of full time trading without a losing day.  Working out of internet cafes and Starbucks for a few hours a day in random parts of the world I would sometimes do 10% of the entire betting volume on a televised UK horse race. So I understand how liberating it is to be able to make a living from spending a few hours a day trading, and I liked that Digitex would give thousands of traders the opportunity to live like I did.

After I had built my prototype exchange I started to write the Digitex whitepaper which explained the concept of a zero-fee futures exchange that generates revenue by minting and selling DGTX tokens instead of charging commissions on trades. It explained that the trick to making it work was to create enough demand for DGTX that it offsets the effects of the minting. That’s the part we have failed to do – so far. My plan to finally create that demand is underway right now and almost at fruition –  but more on that later.

Then I created a WordPress website for Digitex and set a date for the Digitex ICO. I think the original ICO date was in October 2017. But with about a week to go before the date and absolutely no interest from anyone and with my token sale smart contract in a big mess I quietly took that countdown page down and went back to the drawing board. 

After another similar false start in December, an affiliate marketing friend of mine told me that I needed to make the ICO go viral by rewarding people who shared the link with their friends. So I set the ICO date for January 15th 2018, and created a mechanism on the website that gave away 1,000 DGTX tokens for every friend that someone referred to join our Digitex ICO waiting list. The ICO price of DGTX was going to be $0.01 so that was like getting $10 for every email you referred to our list. 

After a slow start the emails started to trickle in at the start of January. Then the trickle became more of a stream and then we got discovered by the Nigerian spamming community and shit got absolutely crazy. Links to the upcoming Digitex ICO appeared just about everywhere – no Telegram or Facebook group was safe, and in the final days leading up to the ICO we were getting thousands of email signups per hour. By the morning of January 15th, our waitlist reached 250,000 emails, from a standing start of zero a few weeks earlier. 

At 9am EST on January 15th 2018 I nervously revealed the token sale smart contract address on our website and the Digitex ICO began. The website had been under intense Ddos attacks for days and there was a hardcore of eastern European hackers trying to hack the website so that at the start time of the ICO they could replace the token sale smart contract address with their own Ethereum wallet address. Fortunately our security held up and they failed to get anywhere. 

I had been up since 3am deploying the token sale smart contract and taking care of final details and as the seconds counted down to 9am I remember thinking that I had put absolutely everything I had into this one moment. I had worked on this full time for the past 6 months and spent every penny I had on getting to this point. The entire adventure of getting to this point had cost over $100k and I was literally flat broke, I didn’t even have the rent money due in 2 weeks time. This had to work, please please please just let us hit the soft cap so that it’s not a complete flop.

I had the token sale etherscan page open and at 9am EST I started refreshing the page, desperately hoping that this wouldn’t be too much of an embarrassing disaster. Turns out I didn’t have to worry. Every time I refreshed the page, thousands of dollars worth of Ether would show up in my wallet. For a moment I thought I might be reading it wrong because some refreshes would show hundreds of thousands of dollars more than the last refresh a few seconds ago. Wait, is that one million dollars worth of Ether collected in the last few minutes? Two million after a few more minutes. Three million. Four million. Wait, is this correct, am I looking at the right number here? After 17 heady minutes I was staring at an etherscan page with $5,400,000 worth of Ether just sitting in my wallet and all 650 million DGTX tokens that were for sale had gone.  

So there I was, sitting in my little apartment at 9.20am on a Monday morning with over five million dollars in my wallet. Erm, what now? In a kind of dazed shock, I unplugged my computer and went for a skate to try and process what the hell had just happened. Barefoot and shirtless I skated around Miami Beach for hours at full speed, doing handstands on my board and laughing like a madman. I think that skate was one of the happiest moments of my life. 

That a gambling man like myself whose never even had a real job, and who has no experience of developing a complex software product or recruiting and managing a team, managed to get into a position of raising millions of dollars to fund a tech startup is a function of those unusual times. Digitex Ltd was literally a one month old Seychelles company bought online for $400 from an offshore company formation website. With no team, no infrastructure, no business plan, no processes, no governance, no experience and just no idea, Digitex was fully funded and in the futures exchange business. What could possibly go wrong?

The day after the Digitex ICO the crypto market crashed. Literally, the next fucking day. Without a honeymoon period to think and figure out exactly what to do, my $5.4m was now $4m and it got gradually worse from there. No, I had not converted the ETH made in the ICO into Tether. I had just experienced an insane year where Ether went from $10 to $1400, and everytime I sold some of my ETH stash to cover costs then the price of ETH would go up and my stash would be worth the same amount of money or more, even after spending what I’d taken out. It was this meteoric rise in 2017 that gave me the time and the $100k I needed to do the ICO, so as far as I was concerned my strategy of holding ETH was already a proven one that had yielded millions. I was holding onto this ICO Ether until it reached $10000 and then I would cash out with $30m instead of $5m. 

In hindsight that was a terrible decision – my first of many. I never dreamed that ETH could crash so badly and that the crypto winter would be quite so brutal. I stuck with my position waiting for the turnaround but it didn’t come –  in 2018 Ether lost 95% of its value. I had been selling some ETH on the way down to pay development costs and wages each month but the majority of the ICO raise disappeared in that vicious crypto winter that followed. As fast as the money had appeared, it disappeared. 

That’s why 92% of the ICOs from that same period didn’t make it. A few of them were scams but I bet most of them were not. Most ICOs were probably a genuine effort by someone who had no idea how to effectively execute on their idea. And then when the crypto market crashed it wiped them out. 

So how did Digitex survive the crypto winter when so many others perished? 

Halfway through 2018 I fired the entire marketing team and hired Lidia Yadlos as CMO. At this point the DGTX token was at half a cent and 6 months after the ICO all the excitement around the project was waning. We were still in the relatively early stages of developing the Digitex exchange and up until that point our marketing had sucked, so there was little interest in the DGTX token. The crypto winter had set in properly and ICO projects were dropping like flies and nobody wanted to buy tokens. We were also chronically underfunded after keeping the ICO funds in ETH and I realized that our only chance of survival was to make the DGTX token pop so that we could sell tokens to generate revenue. 

We needed to do something. We needed to breathe life into Digitex. I wasn’t just going to give up like all the failed ICO projects did. I would do whatever it took to make this work and not just lose all the money that people had trusted me with. I had promised to build a zero-fee cryptocurrency futures exchange and that’s what I was going to do. Development was in full swing and if we could just launch the product everything would be fine. We had to figure out how to make money from selling DGTX tokens, otherwise everything would stop and the DGTX token price would go to zero.

So we created a viral marketing campaign that rewarded DGTX to people who joined our launch waitlist. The first few weeks of this waitlist campaign started quietly and the number of emails slowly started to climb. And then one of the big Indian crypto influencers found it and made a video about our waitlist campaign and that’s when it all went batshit crazy. The waitlist ended up reaching 1.5 million emails collected. Suddenly our social media channels blew up and Digitex was the center of attention.

In the midst of this viral marketing campaign we started publishing daily content on our blog about how Bitcoin futures trading was going to be the next biggest thing, and with zero fees Digitex was going to be a game changer for millions of traders. We were relentless. We paid to be interviewed, we paid to publish articles and press releases on other websites and we paid for traffic. Combined with an ever swelling waitlist, this barrage of content promoting zero-fee futures trading caused huge interest in the project and the DGTX token price popped. 

In October 2018, the DGTX price reached an all time high of $0.16, from an ICO price of $0.01, giving it a market cap of $160 million. When coupled with the big drop in ETH, ICO holders were sitting on 100x returns. Suddenly everyone was interested in zero-fee Bitcoin futures trading, creating a surge in demand for DGTX which we could sell into. We breathed life into DGTX by systematically generating traffic and creating content funnels.

The waitlist viral marketing campaign saved Digitex and allowed us to continue developing the product. But when we failed to launch in December 2018 the DGTX price collapsed.

Up until this point I had been pretty popular with the Digitex community. Before the failed launch the ICO holders were 10x at a time when ETH and BTC had crashed so against ETH they were more like 100x on their original ETH investment. But the failed launch unsurprisingly upset a bunch of people and this was when the accusations of Digitex being a scam started. The accusation was that we were never actually developing anything and the whole thing was a ruse to sell tokens. 

Digitex survived the crypto winter that killed off so many other projects because of my determination and unwillingness to quit when there seemed to be no other viable path forwards. The only reason that Digitex is still going after over 4 years is because on this occasion and on multiple occasions since then I gambled everything and figured out how to get the money we need to continue, without ever considering quitting. 

And yet my persistence and dogged refusal to quit is turned against me and presented as proof that I’m some kind of scammer who didn’t have the decency to quit like everyone else did. All those other leaders of hundreds of failed ICO projects whose token price went to zero aren’t being constantly accused of being scammers because they just quit and everyone has forgotten about them. They gave up and took the remaining ICO money for themselves and ended up just fine. But because I stuck around and gambled everything and spent the last penny and figured out a way forward and actually went on to create a product and launch it and market it, that somehow makes me a scammer. Fuck that, and if you think I’m a scammer then fuck you too.

But the fact is we did fail to launch in December 2018. How did we fuck up the development of Digitex so badly that after a year we were at square one? It was a fair question and to be honest it was almost entirely my fault.

The development team I hired to develop the Digitex futures exchange was already a functional, small team of friends who had recently sold the last software product they had built to Erikson for GBP12 million. These guys weren’t idiots, one of them had even worked at NASA. I had already dealt with their lead developer who had secured the Digitex ICO website from hackers and the inevitable Ddos attacks during the token sale and he did a superb job under heavy fire and he had a great attitude. The team was based in Dublin so immediately after the ICO I traveled to Ireland and ended up hiring them and putting them in a WeWork office to get started. 

Long story short, I didn’t spend enough time in Dublin. Also, my chaotic and energetic personality is entirely unsuited to dealing with the glacial speed of software development. I messed them up with several requested changes to the specs throughout the year that I thought would be easy but which totally derailed their development plan. It turns out that you can hire the smartest developer around but if you give him bad specs and then keep changing them you still end up with a big stinking pile of shit. And that was on me. After almost a year we were moving slower than ever and technical debt was building and after missing our very well publicized December launch date I realized how far behind we actually were and fired the development team. 

I’ll continue this story about my Digitex journey in the next installment of this article which I’ll post in a few days time. 

————-

I’m the first to admit that I have made many mistakes along the way. Under someone else’s leadership maybe the Digitex futures exchange could have been a massive success already. But those mistakes were just that: mistakes. I’m not a master criminal running an elaborate scheme to separate people from their money, I’m just a guy trying to create a successful business and doing whatever it takes to keep going so that success can be achieved. 

And I would argue that my failures so far have now become one of my biggest strengths. I know what it’s like to face adversity and ridicule and criticism and keep going anyway. I know the bitter taste of failure firsthand and instead of being defined by it I use it to drive me forwards, determined to learn from my errors and one day become a skilled, battle-hardened leader with proven resolve who learnt everything the hard way. The education I’ve received in the last 4 years has been money well spent compared to the avalanche of money that will come Digitex’s way in the coming years, all of which will directly benefit DGTX token holders. I’m very aware of where the money that funded my education came from. It came from DGTX token holders, and it kills me that DGTX is so low now, but I’m going to buy back and burn every single DGTX token that was recently minted and take DGTX to a new All Time High. I am Digitex. As bleak as it might look right now, my success over the coming years will be directly reflected in the price of DGTX. I will explain more in the next part of this article which I’ll post in a few days.

Latest News

DGTX Mint April 2022 9

DGTX Mint April 2022

Digitex
• Adam Todd
April 1, 2022

We will mint 300,000,000 DGTX on Friday, April 1st for the purpose of revenue generation and adding liquidity to the Digitex exchange.

We will mint 300,000,000 DGTX on Tuesday, April 5th for the purpose of revenue generation and adding liquidity to the Digitex exchange.

We will mint 500,000,000 DGTX on Monday, April 11th for the purpose of revenue generation and adding liquidity to the Digitex exchange.

We will mint 500,000,000 DGTX on Monday, April 18th for the purpose of revenue generation and adding liquidity to the Digitex exchange.

We will mint 600,000,000 DGTX on Friday, April 22nd for the purpose of revenue generation and adding liquidity to the Digitex exchange.

We will mint 600,000,000 DGTX on Monday, April 25th for the purpose of revenue generation and adding liquidity to the Digitex exchange.

We will mint 1,200,000,000 DGTX on Sunday, May 1st for the purpose of funding Digitex 2.0. Digitex 2.0 is our latest initiative designed to create increased demand for the DGTX token—more details will follow soon.

April 1, 2022
Digitex

DGTX Mint April 2022

Adam Todd
DGTX Mint April 2022 10

We will mint 300,000,000 DGTX on Friday, April 1st for the purpose of revenue generation and adding liquidity to the Digitex exchange.

We will mint 300,000,000 DGTX on Tuesday, April 5th for the purpose of revenue generation and adding liquidity to the Digitex exchange.

We will mint 500,000,000 DGTX on Monday, April 11th for the purpose of revenue generation and adding liquidity to the Digitex exchange.

We will mint 500,000,000 DGTX on Monday, April 18th for the purpose of revenue generation and adding liquidity to the Digitex exchange.

We will mint 600,000,000 DGTX on Friday, April 22nd for the purpose of revenue generation and adding liquidity to the Digitex exchange.

We will mint 600,000,000 DGTX on Monday, April 25th for the purpose of revenue generation and adding liquidity to the Digitex exchange.

We will mint 1,200,000,000 DGTX on Sunday, May 1st for the purpose of funding Digitex 2.0. Digitex 2.0 is our latest initiative designed to create increased demand for the DGTX token—more details will follow soon.

Latest News

DGTX Mint March 2022 11

DGTX Mint March 2022

Digitex
• Adam Todd
March 6, 2022

We will mint 200,000,000 DGTX on Sunday, March 6th for the purpose of revenue generation and adding liquidity to the Digitex exchange.

We will mint 200,000,000 DGTX on Friday, March 11th for the purpose of revenue generation and adding liquidity to the Digitex exchange.

We will mint 200,000,000 DGTX on Friday, March 18th for the purpose of revenue generation and adding liquidity to the Digitex exchange.

We will mint 500,000,000 DGTX on Saturday, March 26th for the purpose of revenue generation and adding liquidity to the Digitex exchange.

We will mint 600,000,000 DGTX on Monday, March 28th for the purpose of revenue generation and adding liquidity to the Digitex exchange.

March 6, 2022
Digitex

DGTX Mint March 2022

Adam Todd
DGTX Mint March 2022 12

We will mint 200,000,000 DGTX on Sunday, March 6th for the purpose of revenue generation and adding liquidity to the Digitex exchange.

We will mint 200,000,000 DGTX on Friday, March 11th for the purpose of revenue generation and adding liquidity to the Digitex exchange.

We will mint 200,000,000 DGTX on Friday, March 18th for the purpose of revenue generation and adding liquidity to the Digitex exchange.

We will mint 500,000,000 DGTX on Saturday, March 26th for the purpose of revenue generation and adding liquidity to the Digitex exchange.

We will mint 600,000,000 DGTX on Monday, March 28th for the purpose of revenue generation and adding liquidity to the Digitex exchange.

Latest News

DGTX Mint February 2022 13

DGTX Mint February 2022

Digitex
• Adam Todd
February 3, 2022

We will mint 150,000,000 DGTX on Friday, February 4th for the purpose of revenue generation and adding liquidity to the Digitex exchange.

We will mint 500,000,000 DGTX on Friday, February 25th for the purpose of revenue generation and adding liquidity to the Digitex exchange.

February 3, 2022
Digitex

DGTX Mint February 2022

Adam Todd
DGTX Mint February 2022 14

We will mint 150,000,000 DGTX on Friday, February 4th for the purpose of revenue generation and adding liquidity to the Digitex exchange.

We will mint 500,000,000 DGTX on Friday, February 25th for the purpose of revenue generation and adding liquidity to the Digitex exchange.

Latest News

Digitex Update: DGTX Mint Jan 2022 15

Digitex Update: DGTX Mint Jan 2022

Digitex
• Adam Todd
January 5, 2022

As stated in the first sentence of the Digitex whitepaper written in December 2017:

Presenting a commission-free futures exchange that covers operational costs by minting its own native currency, the DGTX token, instead of charging transaction fees on trades.

 

The first DGTX mint occurred on January 15th, 2018 when one billion DGTX were created. These tokens were sold over the course of the next 3 years and the revenue generated from these DGTX sales allowed us to build a team and then develop and launch our signature zero-fee futures exchange.

 

Then in December 2020 and in March 2021 we minted a total of 590 million DGTX tokens. This increased the total token supply by 59% from 1,000,000,000 to 1,590,000,000 DGTX. This allowed us to continue developing and operating the Digitex exchange throughout 2021 up until the present day.

 

Once again, as expected, it is time for Digitex to mint DGTX tokens for the purpose of covering the development and operational costs of running the exchange, as well as for adding liquidity to our DGTX denominated futures markets. 

 

But rather than doing a one-time mint of a large number of tokens, instead we will be minting smaller amounts of DGTX on a more regular basis throughout 2022 as and when needed. For the purpose of transparency, all DGTX minting events will be published here on the Digitex blog.

 

On January 6th 2022 we will mint 60 million DGTX. This is a 3.8% increase in the total token supply which will take the total supply from 1,590,000,000 to 1,650,000,000 DGTX. 

 

Thank you for your continued support of Digitex. We continue to work on plans to significantly increase liquidity on our spot markets, get the exchange listed on cmc, list new tokens and execute on a rebranding and marketing campaign that will surprise everyone. 

 

January 5, 2022
Digitex

Digitex Update: DGTX Mint Jan 2022

Adam Todd
Digitex Update: DGTX Mint Jan 2022 16

As stated in the first sentence of the Digitex whitepaper written in December 2017:

Presenting a commission-free futures exchange that covers operational costs by minting its own native currency, the DGTX token, instead of charging transaction fees on trades.

 

The first DGTX mint occurred on January 15th, 2018 when one billion DGTX were created. These tokens were sold over the course of the next 3 years and the revenue generated from these DGTX sales allowed us to build a team and then develop and launch our signature zero-fee futures exchange.

 

Then in December 2020 and in March 2021 we minted a total of 590 million DGTX tokens. This increased the total token supply by 59% from 1,000,000,000 to 1,590,000,000 DGTX. This allowed us to continue developing and operating the Digitex exchange throughout 2021 up until the present day.

 

Once again, as expected, it is time for Digitex to mint DGTX tokens for the purpose of covering the development and operational costs of running the exchange, as well as for adding liquidity to our DGTX denominated futures markets. 

 

But rather than doing a one-time mint of a large number of tokens, instead we will be minting smaller amounts of DGTX on a more regular basis throughout 2022 as and when needed. For the purpose of transparency, all DGTX minting events will be published here on the Digitex blog.

 

On January 6th 2022 we will mint 60 million DGTX. This is a 3.8% increase in the total token supply which will take the total supply from 1,590,000,000 to 1,650,000,000 DGTX. 

 

Thank you for your continued support of Digitex. We continue to work on plans to significantly increase liquidity on our spot markets, get the exchange listed on cmc, list new tokens and execute on a rebranding and marketing campaign that will surprise everyone. 

 

Latest News

scalping profit

How to Profit from Scalping: A Winning Futures Trading Strategy

Digitex Futures
Trading
• Adam Todd
April 2, 2021

Digitex CEO Adam Todd has made his career on the back of a trading technique called scalping. It’s a highly successful futures trading strategy for short-term traders – under the right conditions. However, when the conditions are right, you can learn to win at scalping in any market. Here, Adam shares his tips and insights for how to implement your own winning scalping trading strategy. 

As a successful futures and sports betting trader, my trading style was always focused more on avoiding losing trades than on riding the winners. And the way I did that was to make my trades as short-term as possible. I discovered that the longer I held a position, the bigger the risk that my position would turn into a loser. 

There seemed to be a direct link between my success, and how little time I held a position before going flat again. The shorter the amount of time in a position, the better chance I had of that trade not being a loser. This was most likely due to the nature of my trade selection process which was to be flat for most of the time, occasionally darting in and out of the market stealing single tick profits from larger moves when momentum picked up.

My scalping strategy basically involved judging when the momentum is high enough to keep the move going for another 30 seconds. If I didn’t get at least a single tick profit within that timeframe there was no reason to stay in that trade.

Successful Scalpers Don’t Get Tied Up in Learning About the Asset

As a young pit trader, I had no idea what a Bund futures contract actually was or why it moved around so much. Later, as a sports betting trader, I wouldn’t even know the name of the horse on which I was placing and laying hundreds of bets. Yet, I would go weeks and sometimes months of full-time trading as a scalper without having a single losing day. 

Short-term scalping requires no fundamental knowledge of the underlying instrument on which you’re trading. As soon as you have entered a position you’re looking to exit it, hopefully with a one or two tick profit but willing to scratch it or lose a tick without any emotional attachment to the trade. 

This style of ultra short term, manual trading is labor-intensive and requires the full concentration and attention of the trader. You can’t be checking emails and looking on Facebook and reading random crypto trading articles while you’re scalping to win. 

Besides, you don’t need to know what’s going on out there. It doesn’t matter why a price is moving when you’re a scalp trader because whichever way it goes you’re going to be following it. 

Scalping shouldn’t be a contrary style of trading because the active approach means you can get yourself in a huge mess very quickly. The safest style of scalping is simply following the price, jumping in when momentum is at its highest and then getting out quickly. 

It’s actually better to have no opinion or knowledge of the long term price direction of the underlying instrument so that it doesn’t affect your ability to go against that opinion in these short term scalp trades.

How Fees Ravage Profits

The scalping style of trading described here is the easiest to learn, requires no specialized knowledge about the underlying instrument and will give you steadier, less volatile results. But the big problem is that this style of trading is particularly susceptible to the ravages of the maker and taker fee model of crypto futures exchanges. 

It was possible for me to successfully scalp trade traditional futures markets in this manner because the futures tick value of one tick on the Bund was 25 Deutsch Marks and the commission to buy and sell one futures contract was less than 3 Deutsch Marks and I got a scratch trade rebate every time I bought and sold at the same price. 

All I had to do was make one tick for every 10 round turns to break even, and anything I made over that was profit. It was a lot harder than it sounds. But it was possible because the commission fee to buy and sell one futures contract was one-tenth of the value of one tick. 

However, the taker fee model used on every other crypto futures exchange has established commissions that are astronomically high. Currently, my style of short term scalping to win is literally impossible. The commission cost of buying and selling one futures contract with a taker order is more like ten times the value of one tick. 

That’s absolutely crazy. It’s literally impossible to beat odds like that running against you. At the exact moment you enter a trade, you’re ten ticks offside already. There’s a built-in mechanical edge that you cannot beat, and which guarantees you will lose over the long run. 

On Bitmex, the taker fee is 0.075% of the notional value of the underlying instrument. That may look small, but if you’re trading with 100x leverage that’s actually 7.5% of the margin you put down to enter the trade. If you exit the trade with a Taker order then your trading fees are 15% of the order value! 

For example, total fees on a $1,000 trade with 100x leverage are $150 [100 x $1,000 x 0.00075 x 2]. How can you ever expect to beat a 15% edge working against you?

A typical trade for a short term scalper might go like this: the price starts moving fast so I enter a trade quickly with a taker order that either smash the bid or lifts the offer. Then I immediately place a maker order to join the bid or offer to get out. If it’s not filled within seconds then I’ll cancel that and lift the offer or hit the bid with another taker order to exit the trade. 

I entered the trade with a taker order so now I need to make ten ticks just to break even. And if I exit the trade with a taker order I’ve got to make 20 ticks profit just to break even. That’s just impossible for a short-term scalp trade. 

I can still place trades as maker orders only but it’s impossible to trade profitably when you’re limited to only maker orders. This is especially true in very volatile markets – like crypto – and you will constantly not be getting filled on the good moves. 

Simply put, the maker fee and taker fee model generate large commissions for the exchange and makes it impossible for profitable short-term scalping. A huge number of traders are unable to participate and the massive liquidity they would provide is suffocated by the exchange’s need to charge high fees on turnover. 

As a scalper, I shouldn’t be paying a percentage of the notional value of the underlying instrument. I’m providing liquidity and should be encouraged, not squeezed out of the market entirely.

How Digitex Enables Profitable Scalp Trading

The Digitex Futures exchange is a short-term trader’s paradise. With absolutely no trading fees of any kind on taker orders, traders are free to pursue day trading futures strategies like scalping that are not viable anywhere else, creating massive liquidity in the process. 

That liquidity isn’t constantly drained by the exchange in the form of commissions. Instead, it continues to churn around in the trading ecosystem until it is won by the better traders. As a result, the chances of becoming a winning scalp trader on Digitex are far higher because we’re not siphoning off commission fees as percentages of the notional value of traded contracts. 

The viral marketing potential of a futures exchange that doesn’t have any built-in mechanical edge working against its traders is massive. The effective deployment of user-generated content combined with viral marketing techniques is starting to create a very large and active userbase, further increasing liquidity. 

Living a Traders Dream

Successful trading is a dream of many millions of people and Digitex wants to help make many of those dreams come true. We hope that many thousands of people will experience the unbridled freedom and excitement of becoming a profitable short-term trader who gets to live a lifestyle that most people will only dream of. 

Imagine if you can consistently make $50 a day or $200 a day or $500 a day from trading? How much would that change your life and the lives of everyone around you for the better? 

If you want to start implementing your own successful scalp trading strategy with zero fees, sign up for an account now and start living the trader’s dream.

April 2, 2021
Digitex Futures
Trading

How to Profit from Scalping: A Winning Futures Trading Strategy

Adam Todd
scalping profit

Digitex CEO Adam Todd has made his career on the back of a trading technique called scalping. It’s a highly successful futures trading strategy for short-term traders – under the right conditions. However, when the conditions are right, you can learn to win at scalping in any market. Here, Adam shares his tips and insights for how to implement your own winning scalping trading strategy. 

As a successful futures and sports betting trader, my trading style was always focused more on avoiding losing trades than on riding the winners. And the way I did that was to make my trades as short-term as possible. I discovered that the longer I held a position, the bigger the risk that my position would turn into a loser. 

There seemed to be a direct link between my success, and how little time I held a position before going flat again. The shorter the amount of time in a position, the better chance I had of that trade not being a loser. This was most likely due to the nature of my trade selection process which was to be flat for most of the time, occasionally darting in and out of the market stealing single tick profits from larger moves when momentum picked up.

My scalping strategy basically involved judging when the momentum is high enough to keep the move going for another 30 seconds. If I didn’t get at least a single tick profit within that timeframe there was no reason to stay in that trade.

Successful Scalpers Don’t Get Tied Up in Learning About the Asset

As a young pit trader, I had no idea what a Bund futures contract actually was or why it moved around so much. Later, as a sports betting trader, I wouldn’t even know the name of the horse on which I was placing and laying hundreds of bets. Yet, I would go weeks and sometimes months of full-time trading as a scalper without having a single losing day. 

Short-term scalping requires no fundamental knowledge of the underlying instrument on which you’re trading. As soon as you have entered a position you’re looking to exit it, hopefully with a one or two tick profit but willing to scratch it or lose a tick without any emotional attachment to the trade. 

This style of ultra short term, manual trading is labor-intensive and requires the full concentration and attention of the trader. You can’t be checking emails and looking on Facebook and reading random crypto trading articles while you’re scalping to win. 

Besides, you don’t need to know what’s going on out there. It doesn’t matter why a price is moving when you’re a scalp trader because whichever way it goes you’re going to be following it. 

Scalping shouldn’t be a contrary style of trading because the active approach means you can get yourself in a huge mess very quickly. The safest style of scalping is simply following the price, jumping in when momentum is at its highest and then getting out quickly. 

It’s actually better to have no opinion or knowledge of the long term price direction of the underlying instrument so that it doesn’t affect your ability to go against that opinion in these short term scalp trades.

How Fees Ravage Profits

The scalping style of trading described here is the easiest to learn, requires no specialized knowledge about the underlying instrument and will give you steadier, less volatile results. But the big problem is that this style of trading is particularly susceptible to the ravages of the maker and taker fee model of crypto futures exchanges. 

It was possible for me to successfully scalp trade traditional futures markets in this manner because the futures tick value of one tick on the Bund was 25 Deutsch Marks and the commission to buy and sell one futures contract was less than 3 Deutsch Marks and I got a scratch trade rebate every time I bought and sold at the same price. 

All I had to do was make one tick for every 10 round turns to break even, and anything I made over that was profit. It was a lot harder than it sounds. But it was possible because the commission fee to buy and sell one futures contract was one-tenth of the value of one tick. 

However, the taker fee model used on every other crypto futures exchange has established commissions that are astronomically high. Currently, my style of short term scalping to win is literally impossible. The commission cost of buying and selling one futures contract with a taker order is more like ten times the value of one tick. 

That’s absolutely crazy. It’s literally impossible to beat odds like that running against you. At the exact moment you enter a trade, you’re ten ticks offside already. There’s a built-in mechanical edge that you cannot beat, and which guarantees you will lose over the long run. 

On Bitmex, the taker fee is 0.075% of the notional value of the underlying instrument. That may look small, but if you’re trading with 100x leverage that’s actually 7.5% of the margin you put down to enter the trade. If you exit the trade with a Taker order then your trading fees are 15% of the order value! 

For example, total fees on a $1,000 trade with 100x leverage are $150 [100 x $1,000 x 0.00075 x 2]. How can you ever expect to beat a 15% edge working against you?

A typical trade for a short term scalper might go like this: the price starts moving fast so I enter a trade quickly with a taker order that either smash the bid or lifts the offer. Then I immediately place a maker order to join the bid or offer to get out. If it’s not filled within seconds then I’ll cancel that and lift the offer or hit the bid with another taker order to exit the trade. 

I entered the trade with a taker order so now I need to make ten ticks just to break even. And if I exit the trade with a taker order I’ve got to make 20 ticks profit just to break even. That’s just impossible for a short-term scalp trade. 

I can still place trades as maker orders only but it’s impossible to trade profitably when you’re limited to only maker orders. This is especially true in very volatile markets – like crypto – and you will constantly not be getting filled on the good moves. 

Simply put, the maker fee and taker fee model generate large commissions for the exchange and makes it impossible for profitable short-term scalping. A huge number of traders are unable to participate and the massive liquidity they would provide is suffocated by the exchange’s need to charge high fees on turnover. 

As a scalper, I shouldn’t be paying a percentage of the notional value of the underlying instrument. I’m providing liquidity and should be encouraged, not squeezed out of the market entirely.

How Digitex Enables Profitable Scalp Trading

The Digitex Futures exchange is a short-term trader’s paradise. With absolutely no trading fees of any kind on taker orders, traders are free to pursue day trading futures strategies like scalping that are not viable anywhere else, creating massive liquidity in the process. 

That liquidity isn’t constantly drained by the exchange in the form of commissions. Instead, it continues to churn around in the trading ecosystem until it is won by the better traders. As a result, the chances of becoming a winning scalp trader on Digitex are far higher because we’re not siphoning off commission fees as percentages of the notional value of traded contracts. 

The viral marketing potential of a futures exchange that doesn’t have any built-in mechanical edge working against its traders is massive. The effective deployment of user-generated content combined with viral marketing techniques is starting to create a very large and active userbase, further increasing liquidity. 

Living a Traders Dream

Successful trading is a dream of many millions of people and Digitex wants to help make many of those dreams come true. We hope that many thousands of people will experience the unbridled freedom and excitement of becoming a profitable short-term trader who gets to live a lifestyle that most people will only dream of. 

Imagine if you can consistently make $50 a day or $200 a day or $500 a day from trading? How much would that change your life and the lives of everyone around you for the better? 

If you want to start implementing your own successful scalp trading strategy with zero fees, sign up for an account now and start living the trader’s dream.

Latest News

Launch

Liquidation Refunds and Final Reminder for Launch Day

Digitex Futures
• Adam Todd
July 30, 2020

Please note that the information in this post has now been superseded by the information in a later blog post from Monday August 3.

At Digitex, we’re always looking for ways to make sure our users have the very best trading experience possible, and to ensure we stand apart from the competition. Recently, Adam has been looking at our liquidation model and whether or not it can be improved. Here, he explains that we’re looking to make some changes to the Liquidation system, and the rationale behind them. 

The current liquidation system used on the DFE is an exact copy of the system used by other cryptocurrency futures exchanges. The system is designed to penalize the trader for having taken their losing position to the Liquidation price. When a trader’s losing position hits his Liquidation price he is stopped out at the worse Bankruptcy price and the system gain made by doing this is added to the Insurance Fund.

This mechanism is deemed necessary in order to keep the Insurance Fund topped up for when very volatile conditions cause the exchange to lose money as a result of liquidating highly leveraged traders who cannot cover their losses. All the major cryptocurrency futures exchanges use some variation of this system and we built the DFE to mirror current accepted practices.

But it’s very unfair to the trader who gets stopped out because his loss is bigger than it should be. At Digitex we already have a large Insurance Fund that’s fit for purpose. We’re not interested in unthinkingly copying the practices of competitor exchanges, especially when it means penalizing traders and taking their money unfairly. 

In the last week, due to volatility in the price of Bitcoin, our system gains from liquidations amounted to 2 million DGTX. While this is good news for the Insurance Fund, it’s bad news for the traders whose losses were bigger than they should have been.

Digitex Takes a Fresh Approach

With this in mind, we have decided to refund all the system gains that we have made from traders who were liquidated whilst we figure out a better system for liquidation. 

For the foreseeable future, we will continue to refund all system gains made whilst we figure out a better way. After all, we successfully figured out how to completely eliminate all trading fees and create a fairer trading environment. Continuing this ethos means we’re now focusing on how to eliminate the inequalities in our liquidation system. 

Put simply, copying any system that BitMex has designed is never a good idea if you have the best interests of traders at heart. The Digitex Futures exchange is a new kind of exchange that exists to enrich and empower its traders. That means completely removing any and all mechanical edges that might be working against them, even if we have to go back to the drawing board and design our own unique system from scratch.

If you have had a losing position that was forcibly liquidated by our system we will automatically refund whatever system gain we made on that liquidation back to your main wallet. We are currently working out exactly who to refund and how much, so you can expect to receive your refund by the end of next week. This applies for all trades since you joined the DFE mainnet. 

Until further notice, we will refund all system gains at the end of each day until we have developed a new system that eliminates the possibility of system gains being collected in the first place. 

You can consider it just one more way that Digitex stands apart from the competition by being the only exchange on the market that has its interests aligned with those of its users. 

Final Reminder to Sign Up for Tomorrow

If you haven’t set a reminder already, then I would urge you to make sure you’re online tomorrow for our big Launch Day Trading Event on YouTube. The Digitex team has been working really hard to make sure it’s going to be a day to remember, with a schedule packed full of some huge crypto influencers and pro traders. 

With a massive $250,000 worth of DGTX to give away, we’re making it so difficult for you guys to lose money. So don’t miss it – get on over to YouTube and make sure you’re online on the DFE and trading with at least 1000 DGTX in your wallet and you’ll be in with a chance of walking away with some free DGTX. See you then! 

July 30, 2020
Digitex Futures

Liquidation Refunds and Final Reminder for Launch Day

Adam Todd
Launch

Please note that the information in this post has now been superseded by the information in a later blog post from Monday August 3.

At Digitex, we’re always looking for ways to make sure our users have the very best trading experience possible, and to ensure we stand apart from the competition. Recently, Adam has been looking at our liquidation model and whether or not it can be improved. Here, he explains that we’re looking to make some changes to the Liquidation system, and the rationale behind them. 

The current liquidation system used on the DFE is an exact copy of the system used by other cryptocurrency futures exchanges. The system is designed to penalize the trader for having taken their losing position to the Liquidation price. When a trader’s losing position hits his Liquidation price he is stopped out at the worse Bankruptcy price and the system gain made by doing this is added to the Insurance Fund.

This mechanism is deemed necessary in order to keep the Insurance Fund topped up for when very volatile conditions cause the exchange to lose money as a result of liquidating highly leveraged traders who cannot cover their losses. All the major cryptocurrency futures exchanges use some variation of this system and we built the DFE to mirror current accepted practices.

But it’s very unfair to the trader who gets stopped out because his loss is bigger than it should be. At Digitex we already have a large Insurance Fund that’s fit for purpose. We’re not interested in unthinkingly copying the practices of competitor exchanges, especially when it means penalizing traders and taking their money unfairly. 

In the last week, due to volatility in the price of Bitcoin, our system gains from liquidations amounted to 2 million DGTX. While this is good news for the Insurance Fund, it’s bad news for the traders whose losses were bigger than they should have been.

Digitex Takes a Fresh Approach

With this in mind, we have decided to refund all the system gains that we have made from traders who were liquidated whilst we figure out a better system for liquidation. 

For the foreseeable future, we will continue to refund all system gains made whilst we figure out a better way. After all, we successfully figured out how to completely eliminate all trading fees and create a fairer trading environment. Continuing this ethos means we’re now focusing on how to eliminate the inequalities in our liquidation system. 

Put simply, copying any system that BitMex has designed is never a good idea if you have the best interests of traders at heart. The Digitex Futures exchange is a new kind of exchange that exists to enrich and empower its traders. That means completely removing any and all mechanical edges that might be working against them, even if we have to go back to the drawing board and design our own unique system from scratch.

If you have had a losing position that was forcibly liquidated by our system we will automatically refund whatever system gain we made on that liquidation back to your main wallet. We are currently working out exactly who to refund and how much, so you can expect to receive your refund by the end of next week. This applies for all trades since you joined the DFE mainnet. 

Until further notice, we will refund all system gains at the end of each day until we have developed a new system that eliminates the possibility of system gains being collected in the first place. 

You can consider it just one more way that Digitex stands apart from the competition by being the only exchange on the market that has its interests aligned with those of its users. 

Final Reminder to Sign Up for Tomorrow

If you haven’t set a reminder already, then I would urge you to make sure you’re online tomorrow for our big Launch Day Trading Event on YouTube. The Digitex team has been working really hard to make sure it’s going to be a day to remember, with a schedule packed full of some huge crypto influencers and pro traders. 

With a massive $250,000 worth of DGTX to give away, we’re making it so difficult for you guys to lose money. So don’t miss it – get on over to YouTube and make sure you’re online on the DFE and trading with at least 1000 DGTX in your wallet and you’ll be in with a chance of walking away with some free DGTX. See you then! 

Latest News