Slashdot Mirror
BitCoin Gets a Futures Market
fireballrus writes "There is one more way to use your BitCoins rather than buying weed or socks. Recently, a Bitcoin Exchange called ICBIT quietly introduced a futures market, obviously using Bitcoins as its main currency. Gold futures trade roughly at 137 BTC/tr.oz and Sweet Crude Oil at 7.3 BTC/bbl. This may play a positive role in the Bitcoin economy which needs more ways to actually use coins instead of mining them." While this sounds intriguing, I'd like to hear a good case for why BitCoin makes sense in this context.
Actually, I only emitted the idea as a joke. Not only that, but what they're really talking about is not a futures market for bitcoins as the summary tries to imply, but a futures market for oil and gold in which the transactions are done in bitcoins.
That's hardly the same idea, so I'm not sure if I should be offended that they took my half-baked idiotic idea and tried to implement it, or that I should be offended that they took my half-baked idiotic idea and tried to copy it badly.
Either way, I'd recommend against investing in this market, and as the inventor -- I should really be the one to know.
On the contrary, I know how to trade, but most other people don't.
Like I said... *CHA-CHING!*
Yes, because we have tons of billionaires trolling Slashdot yelling out "CHA-CHING!"
CHA-CHINGA! There, see I can do it too, and even better than you.
And yes, of course you must be a billionaire, because if you actually did know 'how" to trade, then no other amount of money amassed would be acceptable.