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Nasdaq Plans To Offer Bitcoin Futures In Early 2018 (engadget.com)
An anonymous reader quotes a report from Engadget: Nasdaq is planning to launch contracts for bitcoin futures in the first half of 2018, according to The Wall Street Journal, which will enable investors to predict and put money on the future price of the currency. The Wall Street Journal also reports that broker Cantor Fitzgerald will be launching bitcoin derivatives on its own exchange in the first half of next year as well, making for yet another brokerage to help make bitcoin a more mainstream financial instrument. The relative youth and volatility of the currency still keeps many investors away, of course, but bitcoin is probably here to stay, even if this is just a bubble. New uses for regular folks to spend with the currency continue to rise, like the UK Visa card based on bitcoin and Square's testing of the currency in its payment app.
Ladbrokes are also offering futures based on Bitcoin, making Bitcoin a totally legit currency. In Ladbrokes case they issue currency.... erm a slip, too.
"but bitcoin is probably here to stay, even if this is just a bubble"
Yeh right, bubbles that stay, got it. Can I buy a Windows phone in Second Life with my Bitcoins?
It seems like everyone is buying into the Bitcoin hype these days.
Even non-techies are asking me why I didn't tell them to invest in bitcoin 5 years ago. I shrug and say I didn't receive payment in them for services rendered, nor have a high end graphics card and free electricity to mine, didn't want to end up on an ASIO watchlist and probably would have had my wallet hacked or coins stolen from an exchange.
Futures are used to manipulate the prices of commodities....
By not having to actually own the underlying commodity, the 'futures' contracts bought and sold create a artificial system which allows control over a resource. Unless the futures sellers are required to actually OWN the bitcoins they are selling 'in the future'...which gets real fuzzy, real fast.
So Bitcoin mining involves running a special computer whose sole purpose is to waste electricity. If you have a solar panel I suppose that isn't an issue but if you live where coal is used, you are adding to pollution/global warming.
When do you think bitcoin bubble will burst and why it is before Nasdaq bitcoin futures market open?
When I read these stories, my reaction is invariably, "I guess a high end graphics card is going to be $800+ in perpetuity"
I bought a GTX 970 just after launch for $300. Shipped and delivered the same day. I was gobsmacked at how high performing it was and truly thought that PC gaming was going to enter into some kind of affordable renaissance.
I haven't been able to afford to upgrade it, not in any way that makes sense.
so wall-street will now let you bet on the price of bitcoin as well as buy derivatives but isnt yet offering the actual product itself?
please tell me how this isnt gambling, heck, even the summary says that this might be a bubble. but hos does this make bitcoin more mainstream? there are not more people trading it, they are just betting on it and its performance.
the volatility and transaction time of the block chain is what will keep it from being a payment currency, but tip of the had to square for trying.
A recipe for yet another disaster
I realize that bitcoin is traded like a stock or commodity, but with the complete lack of underlying substance, wouldn't predicting the future odds of the Jets winning the Superbowl be equally relevant to society? Maybe even moreso?
When do you think bitcoin bubble will burst and why it is before Nasdaq bitcoin futures market open?
As John Maynard Keynes is quoted as saying, "The markets can remain irrational a lot longer than you and I can remain solvent."
(* no evidence that he actually did say this, though. The earliest use is A. Gary Schilling.
These guys have a serious gambling problem.
I object to power without constructive purpose. --Spock
CME rolls out their bitcoin futures in December. Whether you believe in Bitcoin or not, these two things give a lot of credibility to bitcoin.
Some people just canâ(TM)t comprehend on how futures work. That was a good explanation.
Like most of the other federal agencies, the Orange Asshole has managed to gut the SEC. If we had a functioning SEC, this would be illegal.
I don't respond to AC's.
I've said it before, and I'll say it again. Get out now. This is pure bubble speculation. There is nothing holding BC up other than people's irrational behavior. If this isn't a sign that BC is in a bubble then nothing else is. The whole thing is going to come tumbling down hard and fast.
~X~
Transaction time is actually a benefit of the futures-- lock in the price externally with your "insurance" futures.
What could possibly go wrong...
The Wall Street Journal made it official this morning that bitcoin is a bubble by publishing a story that grandma wants in on the action. Never mind that grandma thinks bitcoin is a bit of a large coin. This is where prudent investors run away as everyone else runs towards disaster.
I see this failing quite spectacularly.
See "futures" are basically going "I will by X at Y price on Z date", so they never actually have to produce the bitcoin. Unlike say Oil, Gold or some other futures (Eg potatoes) where you are basically promising to pay someone for delivering something. There is no way to produce bitcoins to short the market.
Because I assure you, the minute you let someone short Bitcoin, that's when the bottom falls out of it, because someone will be borrowing someone elses bitcoins to gamble on a price drop, but you can't simply make them out of thin air. With Gold, and Oil, you basically have to buy it on the open market if you fuckup. With Bitcoin you will never be able to do this because it's not a physical product, nor is there any liquidity in the system. If you sell short a million US dollars in bitcoin, hoping to profit to buy it back when it hits half a million, you're in for a big surprise when there isn't a million US dollars in liquidity in the system.
Hence this will be the next big crash as some foreign entity beyond the reach of US law decides to bankrupt everyone investing in bit coin by selling all their coins at a rate that makes the price plummet.
so wall-street will now let you bet on the price of bitcoin as well as buy derivatives but isnt yet offering the actual product itself?
please tell me how this isnt gambling, heck, even the summary says that this might be a bubble. but hos does this make bitcoin more mainstream? there are not more people trading it, they are just betting on it and its performance.
the volatility and transaction time of the block chain is what will keep it from being a payment currency, but tip of the had to square for trying.
Trading stocks IS gambling. Starting a new company IS gambling.
It might pay off, it might flop; you never know.
The difference between stock trading, and investing in "bitcoin" or starting a new company is; you're investing your money with some knowledge and forethought. It's not based on rolling a dice, or what card comes off the deck next- it's based upon reading society.
"That's the way to do it" - Punch
It's not that bitcoin is so valuable, it's that the Federal Reserve intentionally made the dollar so worthless. Even $20K won't be enough for true equilibrium. The downside is that bitcoin is now priced out of most peoples' daily use so they're forced back to dollars. That was intentional too.
If you want mine your own crypto currency, you need a motherboard with 19 PCIe 1X slots to plug in 19 GPUs and a couple of 1200W PSUs.
Go away creimer
Creimer why don't you tell us how it's ok for 50 year old men to marry 16 year old mexican girls "with village permission".
This user is CREIMER sockpuppet. See his normal account "cdreimer" had been modded down to terrible. Why?
-Making a steady stream of shitposts with amazon referrer links. If he can just pique your interest enough to follow his amazon link, then he'll collect a small percentage of the money you spend for the next 24 hours. He netted a whopping $3 a day off this scam and was quite proud of it.
-Constantly talking about child marriage. Underage Mexican girls are "about getting the most bang for your retirement dollar" and frequent use of the phrases "Underage sweet thing" and "Child brides are as American as apple pie". These are CDREIMER quotes he feels we've unfairly taken out of context so he's recently taken to his blog to explain that he means 16 year old Mexican girls marrying 50 year old american engineers, with village permission. Nothing so dirty or creepy as us trolls insinuate! He insists this is a popular romantic paring in the media there and it's every 16 year old mexican girl's dream to marry a fat old 50 year old aspie engineer!
So please mod down Anonymous Cashews and complain about creimer to slashdot management feedback@slashdot.org
I would suggest not replying to him like a normal person either.
...but this is the exception. The instant that people can bet money that bitcoin will decline, they will. And when a massive number of people short bitcoin, people that are long bitcoin will panic and sell. Look for the bubble to pop in the first half of 2018!
"I'm so moist I'm sticking to the leather." -Kermit the Frog on The Late Late Show
Owning a business is a risk, but not all risk-taking is gambling. Driving to work is a life safety risk. Owning a house is a financial risk. Lots of stuff you need to do in life are risks, but not gambling.
Socialism: a lie told by totalitarians and believed by fools.
You can already short bitcoin, for instance on the bitfinex exchange.
And when a massive number of people short bitcoin, people that are long bitcoin will panic and sell
Maybe not. Maybe they'll buy some more, thanking you for the low prices. And then the shorts have to panic buy. But if you're so sure that it's going to crash, why don't you open a short position yourself ?
The American dream.
You can bet on that!
Can someone explain why the transactions per second that can be processed is or isn't a concern?
Cause Bitcoins also waste HUGE AMOUNTS of electricity with every single transaction.
Currently it's at 271 KWh or about 9.15 "U.S. households powered for 1 day".
PER transaction.
So... every three transactions, one would waste as much electricity as one would need to run a home for a month.
It's like having to set the store on fire every time you get a loaf of bread.
Basically... using Bitcoins is the moral equivalent of dealing meth to kindergartners. Or maybe heroin.
Mining Bitcoin is the moral equivalent of producing drugs and cutting them with rat poison.
THEN dealing them to kindergartners. Preferably in poor, underprivileged neighborhoods.
GREED - fucking up future generations - TODAY*
____
* slogan is currently under the right of first refusal consideration by the US Republican Party
Mit der Dummheit kämpfen Götter selbst vergebens
You could short all major cryptos for ages now.