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This should give the big Wall St banks the ability to muck with crypto prices however they choose, just like they can do with gold and silver and other commodit
by bcg1 9y ago
This should give the big Wall St banks the ability to muck with crypto prices however they choose, just like they can do with gold and silver and other commodities (for example, Goldman magically closed gold positions and sold short 2 days before historic 25% price drop in 2 trading days in 2013[0])
Hopefully people will read those contracts and understand how delivery actually works and realize that COMEX or whoever can halt delivery and settle in cash if they want to, etc.
[0] - https://www.cnbc.com/id/100630626 https://www.cnbc.com/id/100630626
- vkou 9y ago> This should give the big Wall St banks the ability to muck with crypto prices however they choose, The current status quo is that large bitcoin holders can muck with crypto prices however they choose.
- partiallypro 9y agoFutures exchanges will have to buy large sums of underlying assets (one reason for the recent spike.) So, in the end a lot of exchanges will be some of the largest crypto holders.
- bjl 9y agoThe futures are cash settled, none of the futures exchanges need to own any bitcoin at all.
- rmah 9y agoThe currently proposed CME and CBOE futures are cash settled. No actual bitcoin is involved. Neither the buyers or sellers of the futures, nor any other entities involved, will need to buy/sell/hold any bitcoin.