With the introduction of Bitcoin margin trading, the term REKT rose in popularity. But what exactly does it stand for?
What is REKT?
The term used to refer to people who make a very poor trade and lose a large amount of funds as a result. The term was initially created by gamers of first-person shooter games and is a derivative of the word “wrecked”.
So how does this fit in the context of cryptocurrencies?
There are numerous occasions where individuals have made wrong predictions that resulted in the loss of tens or even hundreds of millions of dollars. On such occasions, the cryptocurrency community states that such traders “got REKT”.
Losing such substantial amounts is, as aforementioned, often the result of margin trading. On such occasions, a person’s losses are not just limited to his own money, but also to money borrowed from an exchange to trade at higher levels.
Where can I see who got REKT?
Cryptocurrency exchange Bitmex was one of the first exchanges to introduce cryptocurrency margin trading. Since then, there are Social media channels like REKT, that are focused on sharing information related to large losses that occur within the exchange.