Where has trading derivatives of securities that hold no intrinsic value caused problems before? Just take a look back at the synthetic CDOs that allowed billions of dollars to be invested in mortgage securities that contained nowhere near that value in assets.
That's a misunderstanding of what futures and options are compared to CDOs. Futures and options are deliverable, that is you can hold them until they expire and then take delivery of whatever the contract is for. Or if you hold a short position then you can settle it by delivering whatever the contract is for. So they do indeed have intrinsic value.
CDOs are just a means of selling debt in packages, there is no comparison at all.
You missed the word “synthetic”, which completely changes what you are talking about. Synthetic CDOs are a derivative of CDOs. There is nothing wrong with CDOs and they themselves did not cause the economy to collapse... its the derivatives of them that did this. Futures and options both allow vastly more money to be invested in something than the intrinsic value of the underlying asset. This is a quality of synthetic CDOs too, and it will allow people to throw irresponsible amounts of money into extremely volatile assets backed by bitcoin, which is really dangerous.
