Bitcoin (BTC)</strong></a>. The phenomenon was named after a Romanian Bitcoin trader known by the pseudonym &ldquo;Lord Ashdrake&rdquo;. Lord Ashdrake was a well-known <strong>cryptocurrency skeptic</strong> in the Bitcoin community.</p>\n<p>His strategy relied on <strong><a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-short/">shorting Bitcoin</strong>&nbsp;&ndash; expecting the cryptocurrency to lose its value. His strategy saw considerable success between 2014 and 2015, a period when Bitcoin had lost nearly half its total value. Lord Ashdrake was known for encouraging other traders to adopt a shorting strategy.</p>\n<p>Prior to the incident, Ashdrake notably shorted Bitcoin when the cryptocurrency broke $300. In the following weeks after this drop, Bitcoin prices saw a rapid increase, nearly going up to $600. Lord Ashdrake maintained his short position, ultimately leading to him losing his entire invested capital.</p>\n<p>In 2017, the <strong>Chicago Board Options Exchange (CBOE)</strong> started allowing traders to trade <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-are-futures/">Bitcoin futures</strong></a>. This is a process of placing bets on the BTC price without the risk of actually holding cryptocurrency. This was noted in the financial press, with crypto-skeptics predicting that large short positions would be held by institutional investors predominantly.</p>\n<p>The predictions wound up being inaccurate, as Bitcoin futures saw huge rises without a few hours. As a consequence, prominent brokers started forbidding their clients from taking short positions. The general fear was that shorting Bitcoin futures could lead to investors getting &ldquo;<strong>Ashdraked</strong>&rdquo;.</p>","level":"easy","meta_title":"What is Ashdraked? 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Terms","updated":false,"chapter":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters/crypto-101-glossary.jpg","chapter_simple":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters-simple/crypto-glossary-101.jpg","rating":100,"sections":["A","B","C","D","E","F","G","H","I","J","K","L","M","N","O","P","Q","R","S","T","U","V","W","X","Y","Z"]}],"nextSection":{"id":60,"original_id":null,"author_id":41,"translator_id":null,"title":"What is ASIC?","slug":"what-is-asic","section":"A","keyword":"ASIC","status":"published","definition":"a device designed for cryptocurrency mining.","content":"<p>ASIC stands for \"application-specific integrated circuit\". They are devices designed to act as <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-mining-rig/">crypto-mining machines</strong></a>.</p>\n<p>New <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/buy-bitcoin-btc/">Bitcoin (BTC)</strong></a> currency is created by verifying the blocks via the <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-proof-of-work-pow/">Proof-of-Work consensus mechanism</strong></a>. The cryptocurrency is mined using CPUs and GPUs.</p>\n<p>However, regular computers cannot handle the amount of computing power required to mine cryptocurrency. The process requires very intensive use of electricity and energy resources.</p>\n<p><strong>ASICs were designed to solve the issues of crypto-mining</strong>. They are developed solely for the purposes of mining, with some ASICs built to meet the needs of mining particular cryptocurrencies. Furthermore, ASICs can maximize the computing power used for mining while minimizing energy consumption.</p>\n<p>All large-scale mining has been moved to ASICs. They are established in data centers that offer closely controlled environments. Mining using ASICs is usually conducted in countries that offer cheap power resources.</p>\n<p>There are specific factors taken into account to determine the profitability potential of specific ASICs:</p>\n<ul>\n<li>Hashes-per-second generated by the hardware;</li>\n<li>The total <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-hash-power-hashrate/">hashrate across the entire network;</li>\n<li>The overall value of the coin or token mined by the ASIC;</li>\n<li>The energy consumption rate per each generated hash;</li>\n<li>The initial hardware costs.</li>\n</ul>\n<p><strong>There are specific directories dedicated to tracking real-time values of the most efficient ASICs in the world.</strong> These directories also provide data on the break-even point for varying ASIC models, which reveals how long it takes for the ASIC unit to generate income worth the same value as the hardware.</p>\n<p>Some of the most popular ASIC manufacturers are ASICminer, Bitmain, Innosilicon, and MicroBT. While costs may vary depending on the availability of materials and power expenses, the most efficient ASICs may cost several thousand dollars.</p>","level":"easy","meta_title":"What is ASIC? Definition & Meaning | Crypto Wiki","meta_description":"ASIC meaning: ASIC - application-specific integrated circuit; acronym. A device designed for cryptocurrency mining.","meta_keywords":null,"language":"en","created_at":"2022-02-11T07:56:06.000000Z","updated_at":"2022-10-06T13:51:05.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-asic"},"prevSection":{"id":58,"original_id":null,"author_id":41,"translator_id":null,"title":"What is Arbitrage?","slug":"what-is-arbitrage","section":"A","keyword":"Arbitrage","status":"published","definition":"the act of purchasing and selling the same asset in different markets nearly simultaneously to take advantage of the differing prices and increase profits.","content":"<p>Markets like cryptocurrency or traditional stock exchanges are inefficient by design. Some of the reasons for this inefficiency are the uneven information access across all market participants, varied trading tools and strategies, costs of transactions, and others.</p>\n<p>These variables can lead to the prices of the same assets &ndash; whether traditional or digital &ndash; being inconsistent throughout the different market platforms. Traders who are aware of this varying information and know how to use it to their advantage to maximize their profits are known as arbitrage traders.</p>\n<p><strong>Arbitrage trading is a strategy of buying an asset where it is listed cheaper and selling it in a market where its price is higher nearly simultaneously. </strong>This phenomenon exists thanks to market inefficiencies.</p>\n<p>Arbitrage traders, also known as arbitrageurs, increase their profits, make markets more efficient, and ensure that the pricing of the same asset is similar across a number of different exchanges.</p>\n<p>As arbitrageurs buy the asset at a lower price on one exchange and sell it for more on the other, the divide between the exchanges is reduced. This lowers the window of opportunity for arbitrage trading, making the markets more efficient.</p>\n<p>Arbitrage trading ensures that <strong>assets do not deviate from their fair value</strong> <strong>for an extended time</strong>. It also enhances the liquidity flow between different exchanges.</p>\n<p>Since arbitrage trading is executed as the same quantity of an asset being purchased and sold on different exchanges, there is little to no risk on the strategy for the arbitrageur.</p>\n<p>However, <strong>the aspect of the speed of arbitrage may be risky</strong>, since the trading needs to be executed nearly instantaneously on multiple exchanges. There is also a high cost of trading, known as commissions, which the arbitrageurs have to pay on the different exchanges.</p>\n<p>Arbitrage trading can occur between two or more markets, using one or more assets. An arbitrageur can purchase cryptocurrency as an asset for $30,254 per coin on exchange A. They then sell it for $30,476 on exchange B.</p>\n<p>More complex trades that involve the exchange of three different assets across three different markets are known as <strong>triangular arbitrage</strong>.</p>\n<p>Due to technological advancements and automated trading, there are fewer opportunities for fast-paced arbitrage trading. Despite this, given the continued existence of market inefficiencies, arbitrage remains a vital part of inter-market trading.</p>","level":"medium","meta_title":"What is Arbitrage? Definition & Meaning | Crypto Wiki","meta_description":"Arbitrage meaning: Arbitrage - the act of purchasing and selling the same asset in different markets nearly simultaneously to take advantage of the differing prices and increase profits.","meta_keywords":null,"language":"en","created_at":"2022-02-11T07:46:17.000000Z","updated_at":"2022-10-13T05:57:51.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-arbitrage"},"currentChapter":"A","currentSection":"what-is-ashdraked","chapterTitle":"A","readingLevel":"easy"},"url":"/crypto/learn/crypto-terms/what-is-ashdraked","version":"cdd198d50cbe5c9c21c9329d7c096ffc"}" class="container-fluid d-flex crypto-book p-0">
Handbook Cover Page
Crypto Terms: Letter A

What is Ashdraked?

Ashdraked MEANING:
Ashdraked - the loss of a trader’s entire invested capital after shorting Bitcoin; named after Bitcoin trader under the pseudonym “Lord Ashdrake”.
Easy
1 minute

Let's find out Ashdraked meaning, definition in crypto, what is Ashdraked, and all other detailed facts.

Ashdraking is the complete loss of all capital invested by a trader. The term relates directly to a loss experienced after shorting Bitcoin (BTC). The phenomenon was named after a Romanian Bitcoin trader known by the pseudonym “Lord Ashdrake”. Lord Ashdrake was a well-known cryptocurrency skeptic in the Bitcoin community.

His strategy relied on shorting Bitcoin – expecting the cryptocurrency to lose its value. His strategy saw considerable success between 2014 and 2015, a period when Bitcoin had lost nearly half its total value. Lord Ashdrake was known for encouraging other traders to adopt a shorting strategy.

Prior to the incident, Ashdrake notably shorted Bitcoin when the cryptocurrency broke $300. In the following weeks after this drop, Bitcoin prices saw a rapid increase, nearly going up to $600. Lord Ashdrake maintained his short position, ultimately leading to him losing his entire invested capital.

In 2017, the Chicago Board Options Exchange (CBOE) started allowing traders to trade Bitcoin futures. This is a process of placing bets on the BTC price without the risk of actually holding cryptocurrency. This was noted in the financial press, with crypto-skeptics predicting that large short positions would be held by institutional investors predominantly.

The predictions wound up being inaccurate, as Bitcoin futures saw huge rises without a few hours. As a consequence, prominent brokers started forbidding their clients from taking short positions. The general fear was that shorting Bitcoin futures could lead to investors getting “Ashdraked”.
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