With CME Group expected to launch their Bitcoin futures market by the end of Q4, now would be a good time to learn how Bitcoin futures work
The US Commodity Futures Trading Commission (CFTC) confirmed Friday that CME Group and CBOE had met the requirements for regulated trading, while Cantor Exchange would also be able to debut Bitcoin binary options.
Futures contracts allow traders to speculate on the price of an asset without actually having to own the asset. The speculators profit by buying or selling a contract in anticipation of the asset’s price moving in a certain direction. In CME Group’s Bitcoin futures market--that they expect to have up and running by the end of Q4-each contract will represent five Bitcoins.
If a trader is selling their contract, they are called a short speculator, if a trader is buying a contract, they are called a long speculator.
Although there is often a minimum number of contracts that a trader must purchase, to keep this example simple, let's say Bob wants to buy one contract and the price is $50,000 ($10,000 per Bitcoin).
Before Bob owns the contract, Bob will need to deposit the initial margin. The initial margin is often called a “good faith” deposit. Similar to a down-payment, a good faith deposit is a deposit into a trader’s account that shows that the trader intends to follow through with their contract. The initial margin is a percentage of the total contract that is often around five to 10 percent of the total contract. If Bob’s initial margin is 10 percent, Bob will own the contract after he deposits $5,000 into his trading account.
Now let’s assume Bob deposits $5,000 to buy the contract and is a long-speculator, meaning he believes/hopes Bitcoin price will rise above the spot price he paid for his contract--10,000 per Bitcoin.
CME Group has set the tick--the minimum price movement of the trading instrument--for their Bitcoin contracts at $5.00. This means that if Bitcoin price increases by $4, Bob will not realize a gain/loss on his contract, because $4 is below the minimum tick. However, each time Bitcoin price increases by $5, Bob will gain/lose $25 on his contract (because each contract is composed of five Bitcoin)
The day after Bob Purchases his contract, let’s say Bitcoin price rises by $100 . Because Bob owns one contract, the minimum tick is $5, and with each tick Bob earns $25, Bob will gain $500 on his contract (20*)(25)=$500.
On the other hand, if Bitcoin price declined by $100 during the trading day, Bob’s would lose $500 on his contract and Bob will see the funds in his trading account diminish.
Keep in mind, Bob only paid $5,000 to become the owner of a contract worth $50,000. The $40,000 that Bob did not have to pay is borrowed money, in other words, Bob’s Bitcoin contract is leveraged. Because futures contracts are highly leveraged, investing in futures is considered very risky.
Now let’s imagine that after four weeks the Bitcoin index (price) increases by five percent or in other words, 500 index points. After four weeks, Bob has earned a profit of $5.00(500)=$2,500 viz. Bob has earned a 50 percent profit on his initial deposit. On the other hand, if the indexed declined by five percent Bob will lose $2,500, a 50 percent loss on his contract.
The more contracts a futures trader owns, the greater that trader’s risk. If the price decreases by a significant amount it is possible for Bob to lose even more money than he initially deposited for the initial margin.
Bob’s initial margin was 5,000 dollars, now instead of Bitcoin price rising by 100, let’s say Bitcoin price falls by $1,100, Bob’s account will be credited $5,500 at the end of the trading day. Now remember, Bob’s initial margin was $5,000. Because of his $5,500 dollar loss, he will be 500 dollars in debt to CME Group and will have to pay out of his own pocket to bring is trading account balance back to zero.
If Bob suffers a loss or a series of losses that deplete his initial margin to an amount lower than the maintenance margin--the lowest amount of money the broker allows Bob’s account to reach before requiring Bob to replenish his account-- Bob will receive a margin call from his broker, telling him to deposit the sufficient amount of funds to return him to the initial margin amount.
To mitigate some of the risk involved with Bitcoin’s volatility, the CME Group has placed price limits on Bitcoin Futures. Bitcoin futures will be subject to price fluctuation limits of seven percent, 13 percent, and 20 percent. When the price of a contract fluctuates +/- 7% to the prior settlement price--the price that Bitcoin was valued at when the market closed the previous trading day-- a two minute monitoring period will begin where contracts will continue to trade, however, within the +/- 7% boundary. If at the end of that two minute monitoring period, the price is still at the limit down or limit up, a two minute halt on trading will begin. During the two-minute halt traders will be able to create market orders, however, they will not be fulfilled until the two minute halt period is over. Afterwards, the price limit will expand to 13 percent without a halt period and will be hard capped at 20 percent without a halt period. However, If the price fluctuates to 20 percent, trading for the rest of the day must occur within the +/- 20% limit.
CME Group’s Bitcoin Futures are currently pending regulatory approval, however, if approved, CME will be launching their futures before the end of Q4. CME’s decision to launch Bitcoin futures will most likely cause a number of big banks to keep their eye on Bitcoin. The CBOE has already discussed plans to launch a Bitcoin futures market, and Nasdaq expects to launch their Bitcoin futures market in the first half of 2018. It is likely that many institutional investors are going to be keeping an eye on CME to see how Bitcoin futures pan out.
Despite rumors, the Amazon subsidiary will not be launching the same type of Blockchain-based services as its competitors, cites “other solutions.”
Despite previous rumors, Blockchain-based services will not be offered by Amazon Web Services (AWS) anytime soon.
CEO Andy Jassy made the announcement at the AWS annual re:Invent conference held in Las Vegas in late November. Jassy presented his views on Blockchain technology, claiming there are limited use cases of Blockchain “beyond the distributed ledger.” He also reiterated the company’s policy not to “build technology because we think it is cool.”
According to Jassy, there are a number of other solutions to the problems that Blockchain is supposed to solve. He stressed that the majority of the distributed ledgers that are available so far have very limited capabilities.
However, Jassy has not completely shut the door on the possibility of working on a Blockchain-based product in the future. He claimed that they are interested in ways that Blockchain could benefit their customers:
“We are very intrigued by what customers are ultimately going to do there.”
Unlike AWS, rivals such as Microsoft and International Business Machines (IBM) are aggressively advancing projects related to Blockchain services and distributed ledgers. Over the course of the last couple of months, these companies have launched several Blockchain services and pilot projects in collaboration with their customers.
AWS is a subsidiary of major online retailer Amazon.com. The company offers information technology infrastructure services in the form of web services to its customers. Among the firm’s products and solutions are storage and content delivery, cloud computing, databases, analytics, application services, and mobile services.
Bitcoin and cryptocurrencies will not be legal tender in the country until fully regulated.
Indian Finance Minister Arun Jaitley has claimed that the government of India is yet to recognize Bitcoin as a legal tender in the country as of late November 2017. He did point out that the recommendations regarding the possible legalization of Bitcoin and other virtual currencies across India are being worked at by the government.
In an interview with the Economic Times, Jaitley said that he has already informed the Indian parliament that the country’s central bank, the Reserve Bank of India (RBI), has yet to issue any licenses to operate with digital currencies within its jurisdiction. He further claimed that the government is still assessing recommendations to regulate the virtual currencies.
"Recommendations are being worked at. The government's position is clear, we don't recognize this as legal currency as of now."
The Indian government has been working to regulate the use of virtual currencies in the country for the past few months.
In April 2017, the government established an interdisciplinary committee to assess the possible drafting of regulations covering digital currencies. The committee is composed of several government agencies including the RBI, the Department of Financial Services and the Ministry of Revenue.
In October 2017, however, the Indian Supreme Court issued a notice to the RBI and other related agencies asking them to provide an answer to the petition filed on the cryptocurrency regulation issue. The original petition expressed apprehensionabout the possible use of Bitcoin and other virtual currencies in untraceable cross-border transactions, making them as attractive tools for cybercriminals and tax evaders.
Part of the petition read:
"The lack of any concrete [control] mechanism pending the regulatory framework in said regard has left a lot of vacuum and which has resulted in total unaccountability and unregulated Bitcoin trading and transactions."
Despite the increasing appetite for cryptocurrencies in the country, regulators have not yet decided how to regulate Bitcoin and other virtual currencies. Until then, Bitcoin will not be considered a legal tender in India. In a previous report, a chief economist predicts that Bitcoin will not become legal in India without the necessarily monitoring from the government.
Blockchain technology in the local transportation is a logical continuation of a centuries-old evolution in the industry.
Blockchain technology in the local transportation or taxi industry is only the continuation of an evolution that has gone on for centuries. Mankind has long sought more efficient technologies both in transport service providing and industrial administration.
From ancient forms of transportation that involved trekking, the use of animals and carts, to the complexity of present-day machines, the transportation industry has developed into an organized ecosystem with basic administrative departments.
The local taxi systems that exist in almost every major town and city across the globe have proven to be quite essential to modern life. Given the importance of commuting in daily life, it’s unsurprising that taxis are in high demand and the industry is exceedingly competitive. It is estimated that the global taxi market fluctuates between 50 and 100 bln dollars.
Traditional taxi management systems have revolved around centralized organizations. For instance, in the city of Lagos, Nigeria, local unions and associations demand that every taxi operator must be registered and pay periodic dues and levies for running the association. This is supposed to be a way of ensuring proper licensing of taxi drivers, but the centralized nature of its management leaves room for misappropriation and poor management.
The introduction of partially decentralized taxi systems like Uber and Lyft introduced some necessary competition into the taxi industries. This has provided commuters with more options, leading to reduced fares and better quality service. However, despite the extent of decentralization that is introduced by these systems, they are still governed by a single database and run by a single company.
As Blockchain implementations are speedily sweeping across every industry, signs of the technology overtaking the taxi industry are clear already. For an industry that has been continually evolving over time and across ages, moving into a new phase will not be a surprising development at all.
According to Tomas Peleckas, Founder of A2B Taxi:
Licensed taxi drivers are essential to the industry for purposes such as security and appraisals. The situation in the market is an inspiration towards the creation of a platform designed to connect customers with professional and accredited drivers directly. Providing a mobile application for customers to find a licensed driver, as well as drivers to manage their business more efficiently will go a long way in creating a sanitized taxi industry. It is an essential tool for both the security of commuters and motivation towards quality services.
Implementing the concept of tokenization, or using Blockchain-based apps to manage local transportation systems is a development that has been long coming. It’s likely that many taxi services based on Blockchain and tokenization will spring up. This is largely due to the various benefits that Blockchain offers, especially in the area of personal control and decentralization.
For example, imagine traveling to a new city where the local currency is totally different from where you are coming from, and you need taxi services to take you from the airport to a hotel. Using a Blockchain-powered service automatically eliminates the need for any form of currency conversion as the value of the token remains the same and is available all over the world.
In many circles, Blockchain is described as the technology for the common man. This is a description that is proving its correctness in by giving regular people more control over their resources. It also services to open up the marketplace in various industries while enabling a level playing field for all involved.
Blockchain implementation will automatically enable a transparent industry; opaque unions and associations will no longer override the will of taxi drivers and commuters. Instead, anyone who holds a Blockchain token will retain full control of all the benefits associated with such tokens, be it in exchange for other tokens or fiat, or for the payment of taxi fares.
P Morgan Chase strategist disagrees with CEO Jamie Dimon, says regulatory approval of CME’s Bitcoin futures market gives the currency legitimacy.
Given the strong views of JP Morgan CEO Jamie Dimon on Bitcoin, it is ironic that a global markets strategist at JP Morgan has come out with a note saying that regulated futures could give legitimacy to Bitcoin
The decision of US regulators to allow Bitcoin futures to trade on the Chicago Mercantile Exchange (CME) has pushed Bitcoin into mainstream finance. CME obtained the regulators’ go-ahead after self certification, having assured the US CFTC that the products will follow existing law. The move could allow financial institutions with restrictive mandates to take Bitcoin exposure.
Nikolaos Panigirtzoglou, a global markets strategist at JP Morgan, also feels that the move could give legitimacy to Bitcoin. In a note to investors, he said:
The prospective launch of Bitcoin futures contracts by established exchanges in particular has the potential to add legitimacy and thus increase the appeal of the cryptocurrency market to both retail and institutional investors
CEO Jamie Dimon has strong views about Bitcoin: he believes the currency is a fraud and has even threatened to fire anybody who is “stupid enough” to buy it. He has ranted that governments will shut Bitcoin down and that the currency is in a bubble which will wreck investors.
Dimon is not alone in his views - other industry titans like Warren Buffett have said that Bitcoin is best avoided. However, that hasn't stopped the currency’s price from climbing to new levels.
Panigirtzoglou seems to have taken a view diametrically opposite to that of his boss, calling Bitcoin a new asset class:
The value of this new asset class is a function of the breadth of its acceptance as a store of wealth and as a means of payment and simply judging by other stores of wealth such as gold, cryptocurrencies have the potential to grow further from here.
In spite of Jamie Dimon's views against Bitcoin, JP Morgan seems to be making the most of the opportunity presented by the currency’s rise. The bank recently invited Bart Stephens, a tech venture capitalist, to give a talk on Bitcoin at JP Morgan San Francisco. Stephens presented to fund managers and clients, even as Dimon slammed Bitcoin.
The comments made by Jamie Dimon against Bitcoin resulted in a dip in its price, which coincided with JP Morgan buying units of a Bitcoin tracker fund. This has resulted in a market manipulation case against Jamie Dimon in a Swedish court. After CME announced the launch of Bitcoin futures, JP Morgan surprised observers by announcing that it may add Bitcoin futures to its own list of offerings. When opportunities for money making exist, there are no untouchables for the big banks.
An increasing number of millennials are investing their hard-earned money in Bitcoin instead of opening traditional bank accounts.
One in four millennials are investing their hard-earned money in the leading digital currency Bitcoin instead of opening traditional bank accounts. They claim that they earn more from their Bitcoin investments and their money is safer, according to a survey.
Based on the survey conducted Blockchain Capital, 70% of the 10,000 millennials who were polled claimed that they are not content with the interest rates offered by banks and almost 65% said that their money is safer in Bitcoin because they personally control it. The survey also showed that nearly two-thirds of female respondents have begun to branch out from Bitcoin and invested in other digital currencies in order to diversify their portfolio.
Despite their preference of Bitcoin as a form of investment, slightly less than 50% of the millennials surveyed said that they are also looking for a more convenient form of banking and 45% stated that they want their banks to integrate Bitcoin wallets in their operation so that they can directly invest in cryptocurrencies through their existing bank accounts.
The survey also estimated that the majority of millennials will invest around two-thirds of their savings into virtual currencies. According to the site founder Andrew Sung, the survey results showed that the younger generation is much quicker to embrace new technologies than their older counterparts.
“The younger generation has been notoriously quicker to act on new technologies, including the latest smartphones, which have enabled millennials to invest in Bitcoin over the last few years, before large hedge funds and financial institutions started to get involved.”
PricewaterhouseCoopers, one of the accounting industry’s “Big Four” firms, is now accepting Bitcoin as payment for services at Hong Kong office.
The Hong Kong office of auditing and accountancy firm PricewaterhouseCoopers (PwC) has started accepting Bitcoin as payment for its professional services. The company noted that the first Bitcoin payments it accepted was from local companies involved in digital currencies and Blockchain technology.
According to PwC Asia-Pacific chairperson Raymund Chao, their decision to accept Bitcoin as a form of payment reflects their move to embrace new technologies. Chao also notes:
"It is also an indication that Bitcoin and other established cryptocurrencies have now developed into more broadly accepted forms of settlement."
The decision by PwC to accept Bitcoin as a method of payment came at a time when the leading cryptocurrency is registering an unprecedented rise in the financial markets. The most popular virtual currency has breached the $11,000 price for the first time in its short history. This phenomenal performance has resulted in the emergence of questions on whether Bitcoin is a true store of value and means of exchange that can be utilized in transactions or just a day trader’s plaything.
PwC has often been an early adopter of new technologies. The company has been involved with digital currencies and Blockchain technology since 2014. Among its activities include the issuance of statements supporting the role of Bitcoin in advancing innovations in various industries, as well as conducting its own research on the virtual currencies.
One of the research initiatives launched by the company is a project to study the possible application of Blockchain in the wholesale insurance industry. The project was advanced in collaboration with the Z/Yen thinktank’s Long Finance initiative. PwC has also established its own consultancy services to offer advice to clients about the new technologies.
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New platform uses machine learning and neural networks to analyze data and make investing decisions.
Perhaps you’ve been in line at the market, and you choose the line to pay that is the shortest. But you realize that the other line is moving much faster. So you switch lines, hoping to save some time. Suddenly the customer at the front of your line gets into a fight with the cashier. You switch back, but now you’re two people further back in the line you originally started with. How in the world is it possible to pick the winner?
The same issues happen with investing. Sometimes it seems that your investment is the only red line on a chart of greens. You sell your position to switch to a new one that seems to be growing, only to suddenly watch that one drop as well. It seems impossible to pick a winner.
However, a new platform is applying advanced artificial intelligence (AI) to investing in order to produce the best possible solution for investment. The company, called Mirocana, has built a platform that creates simulations through AI, and then invests for you in the best possible performing simulation, highly increasing your chances at investment success.
The proprietary platform starts with raw data from a wide variety of sources. The data comes from news, articles, quotes and market data, and is input into the platform. From there, the data is assessed by a wide variety of trading strategies designed by the Mirocana team. Strategies are being considered and edited daily for accuracy and return.
After various simulations take the input predictions from all the available strategies, they use deep-learning neural nets to maximise profit and minimize risk. The best possible simulation from all potential options is chosen and implemented. The company has also created an automatic and fast-processing stop loss so that all products can be nearly instantaneously converted into cash in case of an emergency.
There are a number of features that are particularly helpful for investors within the platform. For starters, the system provides a variable risk assessment ratio. Investors are able to indicate a risk point and the system will provide the risk analysis to help give the investor clarity. Users are also able to track their investments through a proprietary interface.
The company has already built a fully functioning currency market that makes predictions on the 125 currency pairs that are currently traded on the OANDA trading brokerage. Users are able to set their desired rate of return, from 5% to 150%, though the higher the return, the more risks the system takes for you. This product is slated to be available January 1, 2018.
Two additional products are coming as well. First, Mirocana will offer a stock market built with the same AI considerations, allowing users to make similar investments. Additionally, a final product, dedicated to a unique set of 90 cryptocurrencies pairs that are listed on Bittrex and Poloniex will have access to the AI systems as well.
Mirocana is issuing MIRO coins to function as the internal cryptocurrency of the platform. For the first eight months, the company is giving services away for free in order to build trust with clients. After that window, the company will charge 25% of all profits made, but is also willing to pay 25% of all losses, sharing both risk and return.
In order to issue the MIRO coins, the company is planning a token sale. The process is already happening, and will close officially on December 19. Those wanting to use the AI computer system must register and purchase enough tokens to join the platform.
Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as an investment advice.
BTC is bouncing here and there and everywhere. Insiders weigh in.
Bitcoin had, by all accounts, a remarkably volatile week, losing $3 bln in market cap in just 90 minutes as the price slid from $11,400 to close to $9,000. Nevertheless, within 24 hours, the cryptocurrency has rebounded to over $10,500.
The cause for the sudden slump is not clear, though it appears that the market’s incredible bull run, pushing through over $2,000 in valuation in just a week, made room for profit takers at the peak. As the price rose to dizzying heights, some found an opportunity to sell positions that they had purchased at much lower prices.
The upside, though, as the currency pushed back over $10,000, had a clear cause. The release of the futures decision by the US Commodity Futures Trading Commission (CFTC) which announced Friday that CME Group and CBOE had met the requirements for regulated trading, led to raucous calls for massive gains in the cryptocurrency and pushed the price back toward the highs near $11,000.
While the bulls are back with the major news, it still remains unclear whether Bitcoin will be able to hold on and consolidate the gains above $10,000, and then press on for more. Some (notably billionaire Carl Icahn) have recently called Bitcoin a bubble, decrying any possibility for further gains. Others, though, are not as sure.
For example, Alex Mashinsky, founder of the Celsius Network makes a strong case that the sell point could possibly have been a coordinated sell around $11,000, potentially to buy in at lows. He says:
“There seems to have been a coordinated sell around 11,000. Many of the Telegram chat rooms were talking about that as a level to sell. It bounced back because there is too much money coming into the large players like Coinbase, so there is consistent buying pressure which overrides any selling. Also many of the crypto funds use these swings to scoop low-cost BTC from sellers who put limit sell orders as downside protection. There are now over 300 crypto funds which registered with the SEC. Four of them are over $500 mln so they are big enough to control the pricing at any moment.”
However, other industry insiders are convinced that the price movement should be expected to continue northward, particularly with all the current news being opened. As greater levels of finance enter the market, more buyers will drive prices further. Alexandre Tabbakh, CEO of PUBLIQ said:
“Mainstream adoption, institutional flow with the creation of futures and derivatives from the CME and other hedge funds, more statement and regulation from governments and regulators, acceptance of Bitcoin payments from significant corporations (PwC...), the ICO flow is constant and maintains an upward momentum.”
Beyond simply the issues relating to market frenzies, others see problems with exchanges as a potential source, both of the downward and upward pressure. It’s no secret that Coinbase has suffered some technical issues, even restricting transactions because of server overload. This sort of concern could clearly drive markets into a short-term selling panic, only to be reversed when the tech problems were corrected. According to Amos Meiri, co-founder and CEO, Colu:
“The Bitcoin price is influenced by the Nasdaq listing, news and big worldwide exchanges eyeing the opportunity for Bitcoin futures. Adding to that we are usually seeing such a bounce in price when we have many people who want to buy, but couldn't deposit as exchanges closed their gates, while others who wanted to sell are having issues due to the banking system and challenges around tax regulations.”
Regardless, by and large, the news of the day is positive for Bitcoiners, as another massive drop has been followed by a rebound. If the pundits are right, this price should hold stable and may increase.
Bitcoin futures can officially start Dec. 18, US regulators have confirmed, causing widespread celebration.
“It’s an orgy” is how one strategist described the breaking news that US regulators have approved Bitcoin futures to start this month.
The US Commodity Futures Trading Commission (CFTC) confirmed Friday that CME Group and CBOE had met the requirements for regulated trading, while Cantor Exchange would also be able to debut Bitcoin binary options.
*CANTOR EXCHANGE TO OFFER BITCOIN BINARY OPTIONS, CFTC SAYS.
— Jared Dillian (
It's an orgy@dailydirtnap) December 1, 2017
The news quickly rippled out across the industry and media, with a stream of delighted bullish statements gracing Twitter and other platforms.
CME starting trading #Bitcoin futures in 17 days! https://t.co/JLDC59gsd4
— WhalePanda (@WhalePanda) December 1, 2017
Bitcoin prices are reacting in kind as of press time, with a surge towards $11,000 well underway. Bitcoin has gained $700 in a matter of hours, with another $600 to go before all-time highs of $11,360 seen earlier this week are challenged.
Curious alternative responses are meanwhile coming from the likes of Digital Currency Group CEO Barry Silbert.
Speaking on CNBC about the futures approval, Silbert told the audience they should look to take profits from the price rally and put them into Ethereum Classic and ZCash.
CNBC "Do you take some #Bitcoin off the table at 10k?" Barry "You should look to diversify across the asset class into $ETC and $ZEC" #ethereumclassic #zcash @barrysilbert 👍👍 pic.twitter.com/AHaKWlA3zU
— Philip Charles (@PhilCrypto77) December 1, 2017
“I think it is going to enable finally the approval of Bitcoin ETFs, and other digital currency ETFs, which is game-changing,” he added.
Ethereum Classic is currently among the biggest successes of Bitcoin’s huge price increases this week, with today’s reversal generating near 30 percent growth for the altcoin.
The Bank of France goes out on a limb, describing Bitcoin as “neither a currency nor a cryptocurrency.”
Bank of France governor Francois Villeroy de Galhau has said that Bitcoin is not a currency - and not even a cryptocurrency.
In remarks at a Beijing conference, Villeroy stressed the need for “clarity” on Bitcoin’s status, while introducing an unusual angle which so far has not surfaced as part of the mainstream narrative.
“We need to be clear: Bitcoin is in no way a currency or even a cryptocurrency,” he said quoted by Bank of France in various publications.
“It is a speculative asset. Its value and extreme volatility have no economic basis, and they are nobody’s responsibility.”
Repeating bearish warnings more common to central banks throughout the world over the past few years, Villeroy added that the Bank of France “reminds those investing in Bitcoin that they do so entirely at their own risk.”
The concept that Bitcoin is not a cryptocurrency stands out among the more unexpected utterances from famous economic sources this week.
Speaking to Bloomberg, that network’s CEO and Founder Michael R. Bloomberg even confused Bitcoin and Blockchain, coming out with a newly-coined term ‘Bitchain.’
Goldman Sachs CEO Lloyd Blankfein, also present at the interview, was on hand to correct him, before Bloomberg continued that his network basically was, in fact, a Blockchain.
“In fact, the Bloomberg system is a Blockchain; it’s just that instead of having the users control it, we control it,” he said.
“But it has all the attributes of that.”
Secret symbol № 21: Y What is this?
