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.

Comments

This is great news!

[busyqth]

Even MORE ways to scam people and steal their money! *CHA_CHING!!!*

What's the exchange rate to dead squirrels?

[Rogerborg]

Because I have a whole sack of them here that I'm willing to trade for BitCoins. No, wait, the other thing - Leprechaun gold.

SRSly, Slashdot, it's a joke currency used by a few fantasists and dreamers. WOW Gold is "worth" more. It's not news, never has been, never will be.

Re:What's the exchange rate to dead squirrels?

[Anonymous Coward]

The American dollar and the Euro are built on the same voodoo magic in terms of value.

Typical ignorant blathering from the BitCoin crowd. It's amazing that someone who might even be educated could say such a truly stupid thing.

"TheRealMindChild", please invest your life savings in BitCoin, the world needs more bums.

Bitcoin Pyramid Scheme

[Doc Ruby]

So now you can use Bitcoins to bet on things - that pays off in more Bitcoins. You have to give up real money to get the Bitcoins to bet, but all you can spend your winnings on is weed and socks.

This scam just gets better and better!