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      "body": "Crypto token is a secure digital record. That record could contain anything, rights to any assets. That record can be viewed as a container, or a wrapper. Traditionally investors always bought assets in different containers. A company’s shares are containers, stock that gives investors percentage of ownership in a business. If an investor wants to buy gold, chances are he or she would buy an ETF or a Futures contract or an Option, these are containers that give investor exposure to gold. How do the investors choose the container? It is based on the attributes that these containers have, based on investors’ understanding of the instrument, access to technology, access to credit, appetite for risk, etc. Crypto containers have unique attributes and represent a new choice for investors. It doesn’t mean 100% of the investors will choose these new containers going forward, but some significant percentage of the investors will. 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Tokens are mobile you can have them on your phone, sell them from anywhere in the world at any time for dollars or another cryptocurrency and have access to your capital right away instead of having to wait for wires from your broker. Tokenization of assets could also make assets more liquid. If we look at tokenizing a real-estate project, a hotel, for instance, the investors in such project would be able to sell their tokenized shares in the project whenever they want as these markets develop.\n\nAsset tokenization is a natural progression of investable funds. The market went from closed-end funds to mutual funds to ETFs each step reduced cost, friction, and uncertainty for the investors. Going from ETFs to CTFs (crypto traded funds) is a natural progression of that process. CTFs will be cheaper to create and operate. It takes on average about a year and two-three hundred thousand dollars to create an ETF and additional one–two hundred thousand dollars to maintain one. CTFs can be created and maintained for a fraction of the ETF cost and in a fraction of the time. These savings will be passed to the investors. CTFs will trade 24/7 with real-time creations and redemption capabilities, giving the investors more options and more flexibility. But the biggest utility of the CTFs is the new type of baskets that can be put into such structures. Until now ETFs were confined to a single market. Only securities that are listed in one jurisdiction can be combined in one ETF. CTFs will have no such restrictions, issuers will look to combine stocks and other assets from any jurisdictions. Analysts from different markets will collaborate to create groundbreaking tokens. Stock pickers from Brazil, Russia, India, and China could create new BRIC security token using their local expertise to find “diamond in the rough” companies and put these companies into a single basket. How many of such baskets will be tokenized? Thousands I hope. 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The handling of the underlying assets has to satisfy the highest custodian standards, the asset holdings have to be audited periodically and NAV has to be calculated daily. Liquidity in the CTFs has to equal the liquidity in the underlying assets from day one. And on top of this all, these products have to be transparent with full disclosure. All the information about these products has to be public. Investors have the right to know what each of the tokens is holding, what were the results of the last audit, etc. and blockchain is a perfect public platform to host all this information.\n\nIn conclusion, CTFs are a natural progression of the traditional investment funds (ETFs). CTFs will borrow the best of the ETF structure and practice and add a healthy dose of the blockchain, creating a new category of crypto financial products. CTFs represent new worldwide financial supermarket where every asset and every basket of conceivable combinations of assets will be tokenized and offered to the investors in a fair and open marketplace.\n\nWelcome to the tokenized world!\n\n\nDan Raykhman, CEO of Fungible Network \n___________________________________________________\n\nIf you enjoyed this post, please “clap” 50X so it will be shared with more people. You can also tweet me your thoughts or find me on LinkedIn.\n___________________________________________________",
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      "body": "Crypto token is a secure digital record. That record could contain anything, rights to any assets. That record can be viewed as a container, or a wrapper. Traditionally investors always bought assets in different containers. A company’s shares are containers, stock that gives investors percentage of ownership in a business. If an investor wants to buy gold, chances are he or she would buy an ETF or a Futures contract or an Option, these are containers that give investor exposure to gold. How do the investors choose the container? It is based on the attributes that these containers have, based on investors’ understanding of the instrument, access to technology, access to credit, appetite for risk, etc. Crypto containers have unique attributes and represent a new choice for investors. It doesn’t mean 100% of the investors will choose these new containers going forward, but some significant percentage of the investors will. 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Tokens are mobile you can have them on your phone, sell them from anywhere in the world at any time for dollars or another cryptocurrency and have access to your capital right away instead of having to wait for wires from your broker. Tokenization of assets could also make assets more liquid. If we look at tokenizing a real-estate project, a hotel, for instance, the investors in such project would be able to sell their tokenized shares in the project whenever they want as these markets develop.\n\nAsset tokenization is a natural progression of investable funds. The market went from closed-end funds to mutual funds to ETFs each step reduced cost, friction, and uncertainty for the investors. Going from ETFs to CTFs (crypto traded funds) is a natural progression of that process. CTFs will be cheaper to create and operate. It takes on average about a year and two-three hundred thousand dollars to create an ETF and additional one–two hundred thousand dollars to maintain one. CTFs can be created and maintained for a fraction of the ETF cost and in a fraction of the time. These savings will be passed to the investors. CTFs will trade 24/7 with real-time creations and redemption capabilities, giving the investors more options and more flexibility. But the biggest utility of the CTFs is the new type of baskets that can be put into such structures. Until now ETFs were confined to a single market. Only securities that are listed in one jurisdiction can be combined in one ETF. CTFs will have no such restrictions, issuers will look to combine stocks and other assets from any jurisdictions. Analysts from different markets will collaborate to create groundbreaking tokens. Stock pickers from Brazil, Russia, India, and China could create new BRIC security token using their local expertise to find “diamond in the rough” companies and put these companies into a single basket. How many of such baskets will be tokenized? Thousands I hope. Because it is cheaper and faster to create these tokens and it is cheaper to maintain a CTF in a tokenized format, many will be created and offered to the investors around the world. As long as the handling of the underlying assets is handled with transparency, security, and discipline, as long as the information about all the tokens and baskets they represent is readily available and trusted. These products have a very good chance of gaining a significant market share in a short period of time. SPDR the first ETF was created about 25 years ago. It was a slow going in the beginning, but now ETF industry has over 4 trillion dollars under management and is still growing quickly.\n\nFor the CTFs to gain market acceptance and trust we need to borrow some features from the ETF industry: we need fungibility, flowing of assets into and out of CTFs has to be simple and frictionless. Real-time token creation and redemption are needed. 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      "body": "\"Stable\" coin is a hot topic, Haseeb Qureshi had a great Medium blog post dissecting three types of \"stable cryptocurrencies\". Here's the link to his article. I will go over the pros and cons of all three categories later in this post, but Haseeb, and many other commentators are missing the point and so do all \"Stable\" coin designers. All of these coins have one characteristic in common: they all target a specific price. I assume the thinking goes: \"if the price doesn't change much, that would make a coin stable\". I think it is a big mistake. First of all, when a specific price is targeted that means that any time price moves away from that target, an organization tasked with maintaining the price stability will use their predetermined process to force the price in other direction. Historically that is how any price peg is maintained. And as we all know pegs have tendencies to be broken. It becomes a game of who has more resources, people that are trying to break the peg and people that are trying to defend it. George Soros is a poster child of peg breaking. Any time speculators feel that they have enough resources to break a peg they go for it. It's just a matter of time when a peg is attacked. When investors lose confidence in the peg or price stability that spells the end of that particular \"stable\" asset. But that is not even the main problem with targeting a specific price level.\n\nStability in itself should be viewed as a valuable resource, and the value of any market resource is changing based on the demand. When volatility is up or inflation increases (reduced stability in the world financial markets) demand for stable asset would increase, and when volatility is decreasing and there is no threat of a runaway inflation, demand for stability goes down. These market forces make stable assets more stable, it regulates its supply and makes such assets productive.\n\nA great example of a stable asset is gold, and gold price moves around. It is determined by market forces and perceived stability of the global financial system. The dollar is another example. It's ironic that many stable coins are trying to target a price equal to one dollar, but the price of the dollar itself (as stable as it is) moves around against other currencies. Stability of the dollar or gold does not come from targeting a specific price. A dollar is relatively stable (compared to many other currencies) because it powers the US economy, biggest and most stable economy in the world. Gold is stable because it has a perceived value and that perception has been around for millennia.\nTargeting a specific price actually makes stable cryptocurrency less stable. As demand for the stable assets is increasing or decreasing it put pressure on whatever stabilization mechanism that currency is using. Increasing stress on the stabilization process and cost of that stability.\n\nAs far as the three known categories of stable cryptocurrencies, there are examples of all three and many are viable and I am sure many more will be created. But all three have problems. \n\nCryptocurrencies backed by fiat currencies are probably the best know \"stable\" cryptocurrencies. Tether and TrueUSD are good examples of this category, but Tether specifically is used not because of it's stability, it is used as a US dollar substitute by many crypto exchanges. Exchanges are afraid of dealing in USD directly because they don't want to answer to US regulators and they all use USDT instead. As any asset-backed token, dollar backed currency is as stable as the dollar itself, as long and the relationship between the underlying asset and the token is transparent and safe. Even though Tether is in demand, the shortcomings of the dollar backed tokens are obvious, creating cryptocurrency backed by a fiat currency means that the coin's ecosystem has to be plugged into a traditional banking system to hold the underlying fiat currency at best with a centralized custodian. And the risk of that design is front and center in the Tether implementation. Tether cannot be open about where the dollars backing the currency are held without exposing itself to the wrath of US banking regulators. As a result, it's unclear who is holding the dollars for Tether and how much of it is there. One call from US regulators to any bank that is doing business with Tether and that relationship is gone. \n\nA good example of a \"stable\" coin backed by crypto collateral is Dai by MakerDAO. The market cap is growing, it stands just over 40mm USD. Dai seems to be pretty stable so far, but to achieve that stability, Maker is over collateralizing its tokens. That process makes the stable currency expensive and whether it will be able to significantly grow its market share remains to be seen. \n\nThe last and my favorite (I am being a little facetious here) category is \"stable\" currencies with stability provided by an external resource or an economic schema where some other resource (usually a second coin) is used to maintain the stable price of the first one. Basis (formally known as Basecoin) would be a good example. It is unclear how this coin will behave, especially at the time of a significant market stress. I view these systems as artificial, and ultimately, artificial systems use external resources to maintain stability. Investors have to trust that participation in these type of dual coin models will be profitable. The second this trust in an outside resource or a dual coin structure is gone these type coins would collapse. Resources have a tendency to run out and I think at a time of some market crisis these type of tokens will not do well. I may be proven wrong, time will tell.\n\nSo how can a stable cryptocurrency be created, or what could make a cryptocurrency stable? In short, a truly stable cryptocurrency has to have its own stability and not rely on another asset or another coin to maintain its price. A stable crypto ecosystem has to be created and a cryptocurrency that is an integral part of it will be as stable as the ecosystem itself. Both Bitcoin and Ethereum ecosystems are growing and gaining stability, these currencies won't be viewed as stable in comparison to gold or dollar any time soon but they are gaining stability. As a number of market participants increase these currencies will be less volatile and more stable. Stable ecosystems mean there is a stable demand for the currencies, not just from traders and speculators. The current value of these two and other cryprocurrencies is based purely on real or perceived demand generated by investors entering the crypro market. The influx of new market participants is significant and for now, it doesn't add to the stability of these cryptocurrencies.\n\nSo, what will a real stable cryptocurrency look like? Here's my list of attributes:\n\n1. It will run on its own blockchain that is a well understood and safe\n2. It will support a large ecosystem with a stable and significant number of the daily transactions.\n3. The value of this currency will have a direct correlation to the size of its network\n4. It will not be backed by any other asset\n5. The price of this currency will be allowed to fluctuate based on supply, demand, market sentiment, etc.\n6. The value will not depend on gimmicks like token burning, etc.\n\nFungible Network is working on such currency. We believe it will be the first cryptocurrency where stability will be a byproduct based on real returns the currency can generate for its holder.\n\nSTAY TUNED!",
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      "body": "Comment: Market participants are going to want to keep an eye on FX rolls this month, with traditional liquidity needs for year end will start coming into play. Overlay Capital publish daily yields that are derived from these FX swaps. Domestic money markets inside the freely tradable countries have utilized the currency swap market for decades to raise or get rid of balances.\n\nChina could take center stage this year with yields inside the country expected to tighten into year end. Below you can see the 10 day average yield is 2.1%, but underlying inflation pressures, profit taking from Chinese investment and a need to maintain a tax on capital outflow, will provide at times surges in the short date interest rates. The impact on the currency could get interesting as reaction in yield may give the CNH a boost, but an already strong currency is expected to find sellers on any rally.\n\n \n![](https://steemitimages.com/DQmTE8KR7jmZ6RjWA8RX7JCT29cn7ae38ZgsvjLed5yd9fY/image.png)\n\nCreating Yield through Currency Swaps - The world of Overnight Money Markets and the Foreign Exchange Markets are closely related. As interest rates rise and fall, a form of arbitrage opportunity presents itself in the Foreign Exchange Market. This form of Carry Trade creates new price discovery mechanism for the Overnight Money Market that eventually brings equilibrium between the overnight interest rates in domestic money markets and those achieved in the OTC FX swap markets.\n\nThe OTC FX swap market represents the interest rate differential between two countries. By using the FX swap market prices and the federal reserve effective fed funds rate, we are able to generate daily yields for each country. Combining this with our Adaptive Hedging Methodology creates a unique Adaptive Carry strategy. \n\nEmail us for more information about our yield generating Adaptive Carry strategy [email protected]",
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      "body": "still no blog posts via an API???",
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      "body": "Watching the price activity of Bitcoin, generates a tremendous amount of excitement and discussion. I have no view on the current value/price level, but do find the volatility of the instrument be worth keeping an eye on. The Cboe is aggressively marketing the launch of Bitcoin Futures as they patiently wait for final CFTC approval for this new futures instrument.\n\nCBOE's push makes sense, given the fact that cost in trading cryptos on existing exchanges/platforms, is very expensive. Round-trip trades can cost 30-40 bps! This is getting cheaper, but will still be a lucrative revenue stream for CBOE, with comfort in its centrally cleared platform for settlement purposes. Comfort with counter party risk, and the confidence that you will get your margin/investment back. The current state of platforms where cryptos trade have some uncertainty on moving money out.\n\nThe excitement and positive story coming out of the market is driven by statements like \"volatility creates opportunities for investors to wager on or hedge price moves, and it drives trading volumes that fuel exchange profits\". This is where I want to temper the enthusiasm for the Cboe to be the place for massive trading volumes to take advantage of this \"volatility\". Having grown up in the interbank currency trading business in the 80's, I saw first hand the advantages of profits off the back of volatile trading. But, the critical market player for making large money was the \"Hedger\" on the other side of the trade. Investors are well aware of the split between speculators (traders) and commercials (hedgers) in the Futures Marketplace, as they are required to publish the findings. I am not a proponent of this data for making buy/sell decisions, but only to remind investors that these players exist in the market. Traders trading with each other will provide profits to the smarter or faster group, but it's a zero sum game. Losers leave, and winners need new players to participate. Money is made, but transaction costs add up for both sides. Back in the 80's the IMM (old name for currency futures house - International Money Markets) would trade decent amount of volumes, but nowhere near the volume in OTC FX market. They were separated because futures were an instrument that settled in US Dollars, for the difference in the buy price and sell price. That was fine for speculators, but hedgers rarely took delivery of the underlying currency because the movement of cash was very expensive and operationally risky, along with adding banks with foreign accounts to get involved. Large corporates with international exposures would use their banking relationships to execute the FX in the OTC markets. There was a group on Funds that needed a benchmark to mark their books and the futures market provided an exchange print for them. In the mid 80's, these growing Funds pushed the futures exchange to create a mechanism to merge the FX Instruments in the OTC and Futures contracts. This was the birth of EFPs, Exchange for Physical transaction that brought the brokers on the IMM to Banks PB network for credit and clearing functions. Now Funds could use the OTC market for liquidity (and 24 hour availability), and maintain their margins with the exchange and their underlying brokers, as well as having access to the underlying currency. This was the real growth in FX, because the market understood the value in speculators getting to face off against corporate flows. These players had two different timeframes and needs. Now volatile markets actually provided opportunities for most traders to make money off the hedger/commercial flows. You're dreaming if you think traders just make money in volatile markets.\n\nIn summary, I think the actual lift in Bitcoin from the Futures market will come when the future can convert to the underlying. The core flow initially will need to come from accounts that are acting as Investors in Bitcoin, who want a safer place to hold the underlying exposure. Traders that are watching the OTC platforms, and want to arb back to the futures will have accounting issues that will not be easily settled, and will cost more than the opportunity. CBOE will need to focus on creating the complete package that includes credit, counter party risk and delivery of the underlying asset before benefiting in a meaningful way.",
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      "body": "Watching the price activity of Bitcoin, generates a tremendous amount of excitement and discussion. I have no view on the current value/price level, but do find the volatility of the instrument be worth keeping an eye on. The Cboe is aggressively marketing the launch of Bitcoin Futures as they patiently wait for final CFTC approval for this new futures instrument.\n\nCBOE's push makes sense, given the fact that cost in trading cryptos on existing exchanges/platforms, is very expensive. Round-trip trades can cost 30-40 bps! This is getting cheaper, but will still be a lucrative revenue stream for CBOE, with comfort in its centrally cleared platform for settlement purposes. Comfort with counter party risk, and the confidence that you will get your margin/investment back. The current state of platforms where cryptos trade have some uncertainty on moving money out.\n\nThe excitement and positive story coming out of the market is driven by statements like \"volatility creates opportunities for investors to wager on or hedge price moves, and it drives trading volumes that fuel exchange profits\". This is where I want to temper the enthusiasm for the Cboe to be the place for massive trading volumes to take advantage of this \"volatility\". Having grown up in the interbank currency trading business in the 80's, I saw first hand the advantages of profits off the back of volatile trading. But, the critical market player for making large money was the \"Hedger\" on the other side of the trade. Investors are well aware of the split between speculators (traders) and commercials (hedgers) in the Futures Marketplace, as they are required to publish the findings. I am not a proponent of this data for making buy/sell decisions, but only to remind investors that these players exist in the market. Traders trading with each other will provide profits to the smarter or faster group, but it's a zero sum game. Losers leave, and winners need new players to participate. Money is made, but transaction costs add up for both sides. Back in the 80's the IMM (old name for currency futures house - International Money Markets) would trade decent amount of volumes, but nowhere near the volume in OTC FX market. They were separated because futures were an instrument that settled in US Dollars, for the difference in the buy price and sell price. That was fine for speculators, but hedgers rarely took delivery of the underlying currency because the movement of cash was very expensive and operationally risky, along with adding banks with foreign accounts to get involved. Large corporates with international exposures would use their banking relationships to execute the FX in the OTC markets. There was a group on Funds that needed a benchmark to mark their books and the futures market provided an exchange print for them. In the mid 80's, these growing Funds pushed the futures exchange to create a mechanism to merge the FX Instruments in the OTC and Futures contracts. This was the birth of EFPs, Exchange for Physical transaction that brought the brokers on the IMM to Banks PB network for credit and clearing functions. Now Funds could use the OTC market for liquidity (and 24 hour availability), and maintain their margins with the exchange and their underlying brokers, as well as having access to the underlying currency. This was the real growth in FX, because the market understood the value in speculators getting to face off against corporate flows. These players had two different timeframes and needs. Now volatile markets actually provided opportunities for most traders to make money off the hedger/commercial flows. You're dreaming if you think traders just make money in volatile markets.\n\nIn summary, I think the actual lift in Bitcoin from the Futures market will come when the future can convert to the underlying. The core flow initially will need to come from accounts that are acting as Investors in Bitcoin, who want a safer place to hold the underlying exposure. Traders that are watching the OTC platforms, and want to arb back to the futures will have accounting issues that will not be easily settled, and will cost more than the opportunity. CBOE will need to focus on creating the complete package that includes credit, counter party risk and delivery of the underlying asset before benefiting in a meaningful way.",
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      "parent_permlink": "bitcoin",
      "permlink": "bitcoin-futures-and-the-road-ahead",
      "title": "Bitcoin Futures and the Road Ahead"
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