of the CME and hurt other brokers, given its part-mutualised structure. Such is an incentive to buy and hold, or accept and hold which is really buying with goods, anyhow bitcoins, and then sell them when the price rises. FT seems incapable of making up its mind about Bitcoin as a currency, a tradeable asset, or even a technology. Im completely content to be the greater fool. That will enable investors to bet on the coins future value without actually holding it just as investors can use the Chicago exchange to bet on hog prices, say, without ever handling a pig. This experiment will probably fail at some point for reasons other people have already enumerated, and thats fine. The title of the piece makes the FTs view clear, Prepare to bet against bitcoin as it becomes civilised. The creators of Bitcoin remain anonymous. Obfuscation of funds from government agents is its only value, this particular article. We understand that it does, in fact, work as all three currently, despite what some believe.
The system has a cap. In forex logga in the case of sub-prime, housing prices in the US had never fallen, then they did, the AAA-ratings of the bonds were manifestly incorrect and the dramatically overpriced sub-prime bonds were pledged as collateral in all manner of other risky, leveraged trades. Secondly, as the article notes, Bitcoin futures will be settled in cash, which means there is potential for the volume of futures trading to vastly outweigh the buying and selling of actual Bitcoins. Meanwhile, said volatility is also what makes it most attractive to traders, who ultimately produce its value at market. Firstly, as cryptocurrencies gradually become accepted as an asset class, more institutional money is likely to enter the sector and holding long futures positions is one way to.
Financial Times, international Edition. Born in 2009 in the wake of the financial crisis, bitcoin is rooted in a libertarian quest for a means of exchange that is unshackled from the central banking system. As the cryptocurrencys price crosses 1000, Financial Times has assigned a new value. The author, in a conflicting, self-contradictory piece compares the trading volume. Bitcoin to that of other traditional fiat currencies and concludes the cryptocurrencys trading volume to be zero.
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