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Bitcoin hits $12,000


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Some dude from the Motley Fool sent GBTC crashing talking about how the coming BTC futures market would hurt the fund. I knew it would happen too, but decided to watch it today, and didn’t have stop loss in place. Was planning to get out before the 10th...didn’t expect everyone jumping ship today. Got in at at $475 and more under $1000 so still made out ok...held 5 just in case, but damn.

 

 

I guess in the big picture not end of world, but was hoping not to have to pay tax on gains til next year.

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Of course GBTC now starts to rebound..was down about 25 percent earlier. ..hey Mike or anyone...how do you see the futures market affecting BTC? I keep reading how a bunch of big money will short it down to nothing, because they don’t actually have to buy the BTC. Is that really a likely scenario?

 

I want to be prepared....unlike this morning...Positive effect? Negative? None?

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Of course GBTC now starts to rebound..was down about 25 percent earlier. ..hey Mike or anyone...how do you see the futures market affecting BTC? I keep reading how a bunch of big money will short it down to nothing, because they don’t actually have to buy the BTC. Is that really a likely scenario?

 

I want to be prepared....unlike this morning...Positive effect? Negative? None?

 

Futures will not make BTC go down. It may reduce volatility as more participants enter, making it a more liquid market.

 

It will affect GBTC negatively. That trades at a premium now and as it gets easier to participate via futures, that premium will get smaller for sure. If you hold GBTC, you should replace that with futures when they come out, assuming there's still a premium in GBTC relative to its underlying value.

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Futures will not make BTC go down. It may reduce volatility as more participants enter, making it a more liquid market.

 

It will affect GBTC negatively. That trades at a premium now and as it gets easier to participate via futures, that premium will get smaller for sure. If you hold GBTC, you should replace that with futures when they come out, assuming there's still a premium in GBTC relative to its underlying value.

Thank you SS....makes me feel better.,.but why are so many saying (even BTC enthusiasts) that this will hurt BTC price? Some saying will drop to 4K short term? Am I just happening to hear all the doomsayers?

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Thank you SS....makes me feel better.,.but why are so many saying (even BTC enthusiasts) that this will hurt BTC price? Some saying will drop to 4K short term? Am I just happening to hear all the doomsayers?

 

They don't understand things. Do you know if they are listing futures only or options as well on the exchanges? 

GBTC will get hurt for sure as the premium it currently trades at will get sucked out due to futures being easily tradeable

SlimShady works for UBS.

:scratch

 

 

UBS or UPS??  :lol

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They don't understand things. Do you know if they are listing futures only or options as well on the exchanges? 

GBTC will get hurt for sure as the premium it currently trades at will get sucked out due to futures being easily tradeable

 

:scratch

 

 

UBS or UPS??  :lol

I’m not sure. I was thinking it was only futures, but when I quick googled to check looked like it might be both. I’ll look some more and get back to you.

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BTC will stabilize and have less volatility for sure.

 

Would be interesting to see how expensive these options are. I would guess if BTC is 12000 now, the January 2019 12000 call that is little over a year out would be in the 3000-4000 range.

 

Damn. I like the volatility.

 

You are speaking Greek to me Slim! But futures start on the 10th so will know soon I guess.

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