6 years ago
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CME To Launch Bitcoin Futures By Year End, Prices Surge
Cryptocurrencies has taken a big step into the mainstream investment world as the Chicago Mercantile Exchange prepares to launch a Bitcoin futures contract by the end of the year. In an announcement released Tuesday, the CME said that the new contract will be cash-settled and based on the exchange’s CF Bitcoin Reference Rate, which is a one-day reference rate of Bitcoin priced in U.S. dollars. The latest annoucement has caused Bitcoin to surge to new record highs.
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Damn, it's now past the 8k CDN mark. I wonder when the next considerable plateau will be.
Plateau? Little-known problem: ever since post-2008 banking "reform,"the U.S. Treasury is on the hook to guarantee derivatives. Because sure, why not guarantee pie in the sky instead of customers' bank deposits? Forgive me for doubting, but I'd expect the result of a touchy little cocktail like trading derivatives based on Bitcoin would be many smoking craters, not a plateau.
How to take down bitcoin? Hedge it. Create a derivatives market that's worth several orders of magnitude more than bitcoin itself. That might do it.
Know what's better than doing drugs on drugs? Playing shots Jenga on a house of cards.