[Bearish] Keep bitcoin away from the real economy, says billionaire - page 2.

CryptoBry

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Quote from: Samarkand on November 16, 2017, 07:00:35 AM

Quote from: bbc.reporter on November 15, 2017, 10:10:52 PM

...There is nothing stopping the CME from including scam cryptocoins and tokens in their market. Like what they did in the past, they will combine different scam altcoins with bitcoin in tranches, and have them rated as class A investments.

I think this is pure conjecture. I could not find any claim that the CME group actually has any plans to offer any products related to altcoins at all. Why would they even do that? The liquidity of the majority of altcoins (with the exception of maybe ETH) is way too low to be suitable for any sort of derivatives. Additionally, it is very doubtful whether it would be even legal for them to offer any products related to this due to the regulatory uncertainty surrounding most of these cryptocurrencies.

The plan for the futures is centered on Bitcoin and if ever there would be an addition of other coins later I don't think these people are stupid enough to include the so-called scam or shitcoins. Definitely, there can be a big possibility that later on they might include Ethereum and even BitcoinCash but no shitcoins for sure. The fear is unfounded to say the least. let's see how things will transpire under CME's proposal which is not yet approved by the government.

Clavulanic

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Quote from: DaMut on November 16, 2017, 05:11:05 AM

actually what he said make a sense,
but it will affect the entire economy ? i doubt that it will.
Bitcoin has not prove its usability wholly because there're a lot of problems that we will face when people starting to adopt it in their real life.
for example the transaction and the fees itself,
what make it so special compared to other is its usability,but if the hype continue while nothing change i believe it'll be bad for Bitcoin itself in the future.
also CME listing is a bad move for Bitcoin right now but at the same time,
it's the trigger for people to know about it.
everything is like double edge sword for Bitcoin,they have their own advantage and disadvantage.

I guess it was just a another rumors coming from those who didn't wan't bitcoin to succeed. In fact those countries started to adopt bitcoin didn't have any major issues about that said problems that may occur to fiat economy. Each currency has it's own specific negative and positive breakthrough in terms of usability and impact to society. If we have to review about Japan and Korea's bitcoin adoption, it went out smoothly without any reported cases of economic fall down. Now the understanding was of decentralized must always be in separate state compared to a centralized fiat cash currency.

Samarkand

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Quote from: bbc.reporter on November 15, 2017, 10:10:52 PM

...There is nothing stopping the CME from including scam cryptocoins and tokens in their market. Like what they did in the past, they will combine different scam altcoins with bitcoin in tranches, and have them rated as class A investments.

...

I think this is pure conjecture. I couldn´t find any claim that the CME group actually has any plans to offer any products related to altcoins at all.

Why would they even do that? The liquidity of the majority of altcoins (with the exception of maybe ETH) is way too low to be suitable
for any sort of derivatives. Additionally, it is very doubtful whether it would be even legal for them to offer any products related to this due
to the regulatory uncertainty surrounding most of these cryptocurrencies.

ragnar0k

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They can do whatever they want in their speculative cash-settled sandbox, cant see how it will impact btc if not minimally

alyssa85

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Quote from: DaMut on November 16, 2017, 05:11:05 AM

actually what he said make a sense,
but it will affect the entire economy ? i doubt that it will.
Bitcoin has not prove its usability wholly because there're a lot of problems that we will face when people starting to adopt it in their real life.
for example the transaction and the fees itself,
what make it so special compared to other is its usability,but if the hype continue while nothing change i believe it'll be bad for Bitcoin itself in the future.
also CME listing is a bad move for Bitcoin right now but at the same time,
it's the trigger for people to know about it.
everything is like double edge sword for Bitcoin,they have their own advantage and disadvantage.

The thing about derivatives, is that they allow you to go short - and the losses could be unlimited because bitcoin is on a tear right now.

If the people who go short are borrowing to do so, and they default, then the lenders are in trouble. And that's where the trouble comes for teh banking system - bad debts.

If big investors want to invest, they'd be better off using an ETF, rather than derivatives. It'll be interesting to see how this plays out.

P_Shep

legendary

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This is not OK.

You going to post a [bullish] post at any point, bbc.reporter?

Jus' wonderin'

DaMut

sr. member

Activity: 1274

Merit: 263

actually what he said make a sense,
but it will affect the entire economy ? i doubt that it will.
Bitcoin has not prove its usability wholly because there're a lot of problems that we will face when people starting to adopt it in their real life.
for example the transaction and the fees itself,
what make it so special compared to other is its usability,but if the hype continue while nothing change i believe it'll be bad for Bitcoin itself in the future.
also CME listing is a bad move for Bitcoin right now but at the same time,
it's the trigger for people to know about it.
everything is like double edge sword for Bitcoin,they have their own advantage and disadvantage.

949miner

sr. member

Activity: 448

Merit: 250

Stake & Vote or Become a IoTeX Delegate!

And this makes us think about that bitcoin can really reach more than $50 thousand dollars, because it made more than 1000% on this year.. Imagine if you wake up tomorrow and you see that your portfolio has went up by more than 10 times of your previous balance. If you had $100k, you are going to have a million if it happens. Of course that it is not going to happen soon because 2018 will be full of obstacles for bitcoin.
We only have to wait a little bit longer and see how does the market reacts from all those kind of stuff.

bbc.reporter

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As I mentioned in the past bearish thread I made, the CME Group's creation of a bitcoin futures and derivatives market might cause another catastrophic financial crisis. There is nothing stopping the CME from including scam cryptocoins and tokens in their market. Like what they did in the past, they will combine different scam altcoins with bitcoin in tranches, and have them rated as class A investments.

It is a very terrible time to be bullish.

Peterffy is reacting to news from CME Group CEO Terry Duffy, who earlier this month announced bitcoin futures would debut on the CME by the end of the year.

Peterffy called this move "suicidal."

"Bitcoin has risen by 1,000 percent over the last year. It went from 700 to 7,000 -- there is nothing to say it wouldn't go to 70,0000," Peterffy said.

He argued that even 20 percent limit up or down on bitcoin, as Duffy has suggested, wouldn't protect against bitcoin's volatility.

"It could bring down the entire economy," he said.

Read the whole article https://www.cnbc.com/2017/11/15/thomas-peterffy-keep-bitcoin-away-from-the-real-economy.html

Topic: [Bearish] Keep bitcoin away from the real economy, says billionaire - page 2. (Read 883 times)