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by chinathrow 3125 days ago
I don't know why you should be able to speculate on a speculation product with no real underlying other than a power conversion function.
5 comments

Considering you can speculate on market volatility, Bitcoin doesn't seem way out of bounds.
There's a real case for the market. Bitcoin miners can short the futures contract and turn "use dollars to buy electricity and mining gear for bitcoins later with ??? prices" into "dollars now for bitcoins later at who-cares prices that nets out the short bitcoin position that gave us dollars now".
Serious question: how do you feel about currency futures?

If you feel differently about them than you do Bitcoin futures? Why?

currency is a real thing that is mostly used for real transaction. Most people working in currency futures are working to offset risk - that is I shipped a widget when it is delivered the buyer will pay a set price in their currency which I have to convert back to mine. Bitcoin is used for transactions, but most of the futures are based on speculation on future value and not something fundamental.
Maximum snark: and that's why you aren't on the NASDAQ board?

Besides which, there's nothing underlying the US dollar either. Sure you can pay taxes, but that's about it. The rest of the economy is a shared belief, an illusion if you will.

Shocking alert: your existence is due to the permission of others.

An adult is allowed to go to a casino and buy lotto tickets too.