[csee]

> I can also assure you perpetual futures would not be allowed to trade on any exchange inside the legitimate financial system.

I don't disagree that the point of perpetual futures on crypto exchanges is primarily to facilitate speculation and gambling, but they're just delta 1 derivatives (track the underlying 1:1) in the form of a CFD, different in mechanism but no different in use case to regular futures, which themselves are traded widely on traditional exchanges. And these perps are quite useful to temporarily hedge holdings, even more convenient than regular futures since you don't have to bother with rollover. The instrument itself is really cool. The criticism should be directed to the high amounts of leverage which is only ever useful in a gambling context, and the marketing + gamification aspects which are clearly targeted at encouraging gambling behavior. If Binance got rid of their perpetual futures, users could still gamble all the same using Binance's regular futures contracts.

[cypress66]

I never understood gambling addicts (me having gone to the casino and found it boring).

But when I did some YOLO trades with insane leverage I felt what addicts feel. So I never touched leverage again except maybe 1.5x at most.