Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 15809. (Read 26611279 times)

https://steemit.com/crypto-news/@xwerk/bitcore-btx-guide-the-2nd-snapshot-for-btc-hodlers-free-btx-or-how-it-works

It is financially settled.  

It works something like this.  There is an index which shows the bitcoin price at 5pm on Day X.   Anna sells a 1 BTC future for Day X to Bob.  That means on Day X, Anna must pay an amount equal to the index price to Bob in US$ on Day X.  

If everyone thinks that the bitcoin price on Day X will be $10,000 then the price that Anna should charge Bob on the start date for the future should be $10,000 (less time cost of money but we can ignore that).   If the bitcoin price goes down further than expected, Anna wins and pays less to Bob.  If the bitcoin price goes up more than expected, Anna loses and has to pay more to Bob.  This all happens in US$, the only connection to bitcoin is the index price.

It is up to Anna to decide whether she wants to hedge her upside exposure by holding real bitcoin.  Or she can play bulllshit whale games with the price on crypto exchanges to game the futures market.  


As an added layer of complication, final settlement occurs on Day X, but every day at 5pm if the price goes up Anna pays Bob the difference, and if the price goes down Bob pays Anna.  That means market participants are somewhat protected from volatility because they are only exposed to a single day’s price swing at a time.

Where it gets really fucked is the CME will temporarily shut down bitcoin futures trading if the price swings more than 10% in a day to allow the market to cool down (called a trading halt). But the real world isn’t going to stop for the CME meaning market participants will have either have to hold bitcoin to hedge their positions or risk being dangerously exposed and unable to trade.  A 10% swing is nothing to crypto so CME is either going to have a lot of trading halts or some whales are going to try to tame bitcoin. Hard to say what will happen.  

I may not have it exactly right as I have written this in a hurrry and not read the CME rules (ie it might be a 20% swing for a trading halt) but the above principles should hold.

I actually haven't confirmed the details about the CME futures, because I don't have any interest in trading them. There probably will be some requirements though, the effects of which will depend on their volume.

BTG started trading on Bittrex a couple of hours ago and it is surging. Sure wish Coinmarketcap would get their shit together and add it to the first page. It is currently the number 5 coin by market cap.

The most expensive I've seen for purchase were all south of 100k. Read a few articles about >100k auctions, but there's no way for me to really confirm those anyways, so eh.

Wouldn't be surprised if there were ~300k bottles around though, given the rarity of some bottles and the ridiculous lumps of cash that some people have.

At least in ~10-20 years every Bitcoin will get me one of those.

CME would not not have any BTC reserve requirements at all?  They can facilitate the complete trading of BTC-related contracts without any kinds of BTC reserves, at all?

I see I just missed another ATH.. $8270 at Stamp.

Bouncy bouncy.

i was just reading a story about a bottle that went for 10,000 USD... per dram. 300k for the whole bottle.

course, turned out it was a fake, but that just means real ones exist.

I've been contemplating how much longer it would take before I could sip any scotch without giving a damn about the price.

No need to say “fuck you” to those left behind.  “No thank you” works just as well.

There may be quite a few BTC HODLers who are trying to contemplate very important status definitions, such as how much over one million is required in order to be classified as a "multi-millionaire"?  

Is it 2 million or 3 million?  or is it some other number that would cause such "changed classification?"


 We have already had HODLers participating in this thread who have been contemplating very important life matters, such as what price would be needed to say "fuck you?"  

What profound questions we ask here in bitcoinlandia, and in this WO thread, in particular, to the extent that we are not distracted in this thread and in our contemplations by big blocker troll nut jobs and other "bitcoin NOT" wannabes.... hahahahaha  

I see. I know nothing of alts in general or that issue in particular, so taking your word for it. And you are likely right on the last part, come to think of it.

Thanks for the info bro, I tried to redeem my BTX one day after they stopped their claiming tool from their official website lol, i will try from coinomi, i hope it can be done by signing a message, because i use a Trezor  

Badbitcoin shilled paycoin for starters

one of the biggest crypto scams ever perpetrated

(excuse me for replying but I believe Roomba may have you on ignore)

The amount of coins for sale on Stamp have been under 2000 for a couple days now and looking rather thin. Not sure if its like this on other exchanges. I'm kind of excited to see what happens when the market sells get ultra wafer thin although nervous at the same time.  Looks like 10k could be the magic moment.

I believe the idea is that without the forks all the money spent on them would have gone into bitcoin.

I don't see it, personally. There are probably more gambling-type speculators than hodlers, possibly by orders of magnitude. Otherwise the forks would be worth almost literally nothing at this point.

Choo choo motherf*ckers.  

Löl. Without all the splits he would eat it only later (or never?).

Wonderful
 

His dick eats McAfee