Some interesting comments to this article on zerohedge:
http://www.zerohedge.com/news/2017-07-08/cftc-approves-options-trading-bitcoinshizzledizzle Jul 8, 2017 2:25 PM
Does this mean we will get to hear the Crypto fans decry what has been going on in the precious metals market for years? LOL. Central banks are gearing up to short this one as we speak.
vega113 shizzledizzle Jul 8, 2017 3:45 PM
I don't think so. The big banks control the currency, the paper pm and have big pile of physical pm. And, regular people can't call the bluff since you can't really take physical delivery of 50 tons unless you are a bullion bank.
With bitcoin - they will be able to create paper bitcoins, but they don't have any underlying bitcoins. Also, anyone can take delivery of bitcoins - this will not work.
This is whole idea of an asset that inherently digital - no third party needed. And there's no way to control the asset by controlling the trusted third party.
Bunga Bunga shizzledizzle Jul 8, 2017 3:17 PM
The success of a bluff depends on the audience believing it is real. But Wall St has barely any bitcoins in possession and most bitcoins are in private wallets, not accessible for various scheemes. The movement of bitcoins is also very transparent on the blockchain in contrast to gold movements in Manhattan's secret underground tunnels aso. They can do their option trading shitshow, but no one will care.
What do you think? Will they be able to depress the bitcoin price by trading fictional bitcoins with leverage like they have been doing with precious metals?
