Bitcoin Futures Trading? Not a wise idea..
Well, it looks like Bitcoin futures are going to be traded in the United States very soon, and unfortunately, I see nothing good coming of this.
The American futures markets have been rigged for such a long time, it's unfair to even call them markets.
What is to keep someone from naked short selling in the current gold market? Nothing. Are we expected to accept the same in Bitcoin futures?
The Winklevoss twins are going to end up making a fortune on it, no matter which way it goes, since it looks like they're going to be using their daily Gemini price, which is only traded 6 hours per day Max.
Another thing I notice is that all settlements must be made the day after the transaction in cash and traders may only hold 5000 contracts in total when trading
It's very easy to rig a game when you set all the rules yourself.
I see no advantage to the long term value of Bitcoin when the markets are changing it from a currency into a commodity.
I see a very high probability. That the futures trading platform will crash due to abuse and attempted manipulation of the system, this is one of the worst things that can be done to anything, especially crypto currency.
Unfortunately the price of Steem is directly correlated to the price of Bitcoin. Anything negative that happens to Bitcoin will directly affect the holders of Steem.
While futures trading will help to stabilize the price of Bitcoin, it will do nothing to help us determine the price of Bitcoin. All it will do is allow bankers to determine the price and value of Bitcoin.
But thats just my 2 Steem worth...
Even though I am new to steam, I seem to read lots of things here and there, else where. I am seeing that people are starting to move their Bitcoin based on a hunch that the Asian hackers are timing to raid Bitcoin. I thought that it would be hard to hack such an operation, but I read that in 4 days, 2 days ago, the hack would take place. Reading what 1 guy wrote, I will have to find it, but he was stating that before 12-6-17, you should move your bitcoin from the block chain to a wallet, so that does not as well get hacked. So that is what we DID. Maybe do the same, but Maybe this is to gain as much cash flow as possible and scare those in selling , with a crash then buy in bulk when it is low. Maybe I am just rambling, but hey better safe than sorry....and If it DOES crash in 2 days, I will be buying, and if it doesn't....then I guess I look like the rambling tool.
@torquewrench1969 unfortunately I'm going to have to agree with you there, I think we are going to see even more volatility in the markets and additionally it will crash - I hope its not the case but it seems inevitable
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