When I first seeded the securetask.net concept, before expanding it to the Academy and all that came with it, I was basically betting on the fact that tournaments would do for the trading side of crypto what they did for poker : bring it mainstream. In a way, sportify it.
During my first pitch to my teammate Marco Belletti – our graphic designer and webmaster extraordinaire – as I was trying to explain the allure of a trading competition, I went something like this : Imagine the World Series of Poker. Vegas, the bright lights. The competition and adrenaline and the validation of a dream. The physical representation of your victory, the bracelet. That fleeting moment of glory captured in a title. You are crowned World champion.
Now zoom out, dude.
Now the Arena is crypto. Bigger audience. Widespread. Decentralized. Everybody is only one click away, no physical limitations, no borders. The market is on 24/7, no barriers, no entry restrictions. And a levelled playing field. You see what I’m saying now ? And in this avatar commanded, hyperspeed, impermanent world, if you are good enough, you will be crowned World Champion.
Now see, Marco is the only guy in the team that didn’t have a crypto background back then. But just like me, he has been in the poker world for over a decade. He just nodded.
I’m in, he said.
Why am I telling this story ? Well, it seems that the guys at Bybit – read the exchange review here – had that same exact vision. And are now running with it. The crossover with poker is evident with them having people like Mike Mcdonald and Doug Polk as team captains, as well as the narratives chosen and the formats. It’s a very smart move, as the two communities already massively crossover for many reasons. They already announced this is gonna be the very first edition of a biannual recurring series, which we also think is a very smart move : you don’t want to dilute your brand. It needs to be prestigious. They also went, as WSOP does, with tangible gear and swag for the winners.
Oh. Yeah. And a 2 million dollar prize pool.
Rules of Engagement
Now for this first article all we want is to keep it simple and explain the basic rules of the competition as per Bybit’s website. Our very own Dan Cohen did a quick video that explains how to create an account on Bybit and register to the WSOT. So let’s start from here.
And now let’s dig deeper into the tournament’s format.
First of all, some basic data :
Registration Period: 30th July 2020 10:00 AM UTC – 10th August 2020 10:00 AM UTC
Late Registration Period: 10th August 2020 10:00 AM UTC – 14th August 2020 10:00 AM UTC
Competition Period: 10th August 2020 10:00 AM UTC – 31st August 2020 10:00 AM UTC
BTCUSD perpetual contract will be the only contract for this year’s BTC Troop Showdown. The profits earned from other contracts (such as EOS, ETH, XRP or USDT) will not be included. To enter the competition you will need 0.1 BTC in your account by august 10th snapshot. Once you’ve done that, you must join a troop. Aka a team, headed by your favourite captain.
Our Tournament specialist, the one and only Quokka is captain of one flying the securetask Banner. His team is also gonna have many of our coaches in the roster. As a multiple times Binance and Interdax tournament winner, we cannot think of anyone better to lead the charge. He will also have a dedicated telegram team channel, the Quokka’s WSOT den, where together with other coaches and participants he will discuss strategies, play by play analysis and you’ll get to battle side by side with the pros in the biggest tournament arena of the year. And possibly share in their triumph.
That’s right: sixty percent of all winnings in the team competition are going to be shared amongst all team members !
But let’s brake that down into more detail. The BTC Troop Showdown awards consist of the Troop P&L Award, Individual P&L Award and Individual Profit Award. The total prize pool is up to 150 BTC, and 5% of the prize pool will be donated to Unicef, which we think is a very nice touch. So with that 0.1 BTC you’ll have access to all three awards, leaderboards and prizepools. The troop captain shall receive 20% of the prize, 20% to be shared by troopmates ranked in the top 10, and the remaining 60% will be distributed equally within the entire troop. Troopers with zero BTCUSD contract trading activities during the competition will not be eligible for the prize.
This is the troop P&L award. Aka, the award for the best performing team in terms of ROI ( percentage gains ) based on the 10 best performing team members. Up to 600k for first place at today’s BTC prices. Top 10 teams will win prizes. Individual P&L will work the same way, but for the best performing individual. ROI based. Those are incredibly fair and level the playing field, as whatever capital you decide to deploy ( 0.1 and above ) all that will matter is how well you trade it : your ROI. So as long as you have 0.1 BTC and trading skills, you can compete. It’s the closest to how we intend Crypto Tournaments at their very core. A sportlike competition of trading wits.
Finally individual profit is pretty self explanatory : whoever makes the most amount of money in the time allotted. Whale game.
So what now ? Well it’s pretty simple at a glance, but also quite nuanced if you decide to dive deeper into Game Theory and strategy. That 0.1 btc will be the stack you use to trade, as you normally would. Any winnings and losses will apply as per normal trading. If you used our reflink, you will have some pretty juicy discounts on fees ( 20% ) and some extra deposit bonuses, as well as WSOT specific daily bonuses, so there’s value already. But to some extent, you could have the WSOT as a nice extra in the background, “just in case”. Almost an afterthoght.
The money is yours, at any point you can simply decide to leave the competition and withdraw. Kinda like a cash game, if we want to use a poker analogy. So you could simply trade your stack as you normally would and enjoy the benefits. And IF you do go on a hot streak then maybe focus more on tournament dynamics.
Or, you could actually PLAY the tournament. The R/R is pretty clear, and the asymmetry of it is astonishing. That 0.1 could turn into a juicy slice of 2 million dollars. Strategies have been studied for this format, risk adjustments and meta game analysis must be made. That’s what securetask and our coaches are here for. We will be covering the WSOT extensively, with the coache’s journey updates, insights, strategy articles as well as a general overview of the most exciting competition in crypto.
And then of course both our telegram and the Quokka’s trading den will be bustling with discourse on the action. If you want to learn more about tournaments, this is a good starting point.
So good luck everybody, and may you be crowned the new Crypto World hampion. See you in the arena !