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CME's plan for bitcoin futures mirrors moment just before the 1637 tulip bubble crash, UBS says

 
BullionDude
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11/02/2017 10:15 AM
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CME's plan for bitcoin futures mirrors moment just before the 1637 tulip bubble crash, UBS says
CME's plan for bitcoin futures mirrors moment just before the 1637 tulip bubble crash, UBS says
UBS economist Paul Donovan said plans for bitcoin futures contract mirror the situation just before the tulip bubble burst in the 1600s
CME Group announced plans to introduce bitcoin futures contracts, pending regulatory approval
The price of bitcoin soared above $7,000 to hit a new record high

CME Group announced plans for bitcoin futures contracts earlier this week, a move that UBS analyst Paul Donovan has compared to the introduction of a similar product just before the tulip bubble burst in the 1600s.

The tulip craze in the Netherlands in the 17th century saw the price of the flower skyrocket. This resulted in a crash of that market in 1637.

In 1636, cash-settled futures were introduced in the tulip market. A futures contract is one where a buyer and seller will agree a price for a commodity that will be delivered on a certain date. This previously meant that the physical product had to be delivered. But cash-settled futures contracts allow cash to be delivered upon expiration.

This method was used during the tulip bubble and a year later in 1637, the market crashed.

The CME Group said earlier this week that it plans to launch bitcoin futures in the fourth quarter, pending regulatory review. Those futures will be based on cash settlement too.

Donovan, wealth management global chief economist at UBS, said: "We've been here before."

[link to www.cnbc.com (secure)]



Last Edited by BullionDude on 11/02/2017 10:17 AM
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Re: CME's plan for bitcoin futures mirrors moment just before the 1637 tulip bubble crash, UBS says
anyone who compares the two has no idea what is going on right now
Anonymous Coward
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11/02/2017 11:01 AM
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Re: CME's plan for bitcoin futures mirrors moment just before the 1637 tulip bubble crash, UBS says
So bitcoin is OK for at least a year or so even if the article is right
BullionDude  (OP)

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Re: CME's plan for bitcoin futures mirrors moment just before the 1637 tulip bubble crash, UBS says
I do not own Bitcoin but do own an ICO based in Etherium. I just feel that the Bitcoin craze and the push towards a cash free society is not a coincidence.
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11/02/2017 12:00 PM
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Re: CME's plan for bitcoin futures mirrors moment just before the 1637 tulip bubble crash, UBS says
The author of that article wants cheap bitcoin
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Re: CME's plan for bitcoin futures mirrors moment just before the 1637 tulip bubble crash, UBS says
CRIMINAL Mercantile Exchange
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11/04/2017 09:50 PM
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Re: CME's plan for bitcoin futures mirrors moment just before the 1637 tulip bubble crash, UBS says
I do not own Bitcoin but do own an ICO based in Etherium. I just feel that the Bitcoin craze and the push towards a cash free society is not a coincidence.
 Quoting: BullionDude


Absolutely. The whole crypto craze was engineered by TPTB in order to get the public to accept digital, virtual money. Believing otherwise is naive. And as to the point of your post, about the Bitcoin futures contracts, how do you think TPTB suppress gold and silver prices? The same way they're going to suppress the Bitcoin price -- via futures contracts tied to derivatives. If you think Bitcoin will just continue to rise in price once they tie futures contracts to it, you don't yet understand how the world you live in works.





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