I just saw in the group chat, Is it possible for large players to manipulate the market abnormally in 2018? —————————————— 2018 in China Still inside the high wall, wearing 'migrant worker uniforms', I fantasize about what my free life would be like after retiring from the military every day. At that time, What apps to install on your phone, who to chat with, All must be strictly 'inspected'. At that time, in the crypto circle, There is no perpetual contract yet. —————————————— I used Surf @ SurfAI to find the answer to a question: What is the biggest difference between the era before the emergence of perpetual contracts and now After reading Surf's analysis, It is believed that in two eras, The biggest difference lies in the "warehouse allocation mechanism". The mechanism for handling extreme market conditions in the era of delivery contracts is through the allocation of positions When the market experiences severe fluctuations, When the losses incurred by a user after a liquidation exceed the coverage of the insurance fund, The exchange will deduct proportionally from the profits of all profitable users, To fill the gap. In theory, wealthy individuals can intentionally create through warehouses, Trigger the sharing mechanism to make oneself profitable. This is also the era before perpetual contracts, All profitable users have to passively bear systemic risks. Now with perpetual contracts and a more comprehensive insurance fund mechanism, This risk has disappeared. Looking back, Like two eras separated by time. —————————————— The past from 8 years ago was dug up, And presented to the hot content with extremely high popularity, Some questions have simple answers, It's not easy. @star_okx @Haiteng_okx @Cayne_okx @Cryptosis9_OKX @okxchinese @Mercy_okx @mia_okx @Jiajia_OKX @OKX_Yuki