{
  "block": 106152269,
  "op": [
    "delegate_vesting_shares",
    {
      "delegatee": "tranthienhanh",
      "delegator": "steem",
      "vesting_shares": "4547.454993 VESTS"
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2026-05-18T07:38:06",
  "trx_id": "8c42fb6d9fe36e99f80c898adc82419dfab127cb",
  "trx_in_block": 1,
  "virtual_op": 0
}

{
  "block": 106011542,
  "op": [
    "delegate_vesting_shares",
    {
      "delegatee": "tranthienhanh",
      "delegator": "steem",
      "vesting_shares": "1835.244588 VESTS"
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2026-05-13T09:46:15",
  "trx_id": "3abc9513f8a8f2cea82940db2b891a1295737427",
  "trx_in_block": 2,
  "virtual_op": 0
}

{
  "block": 105519718,
  "op": [
    "delegate_vesting_shares",
    {
      "delegatee": "tranthienhanh",
      "delegator": "steem",
      "vesting_shares": "4559.970749 VESTS"
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2026-04-26T06:48:03",
  "trx_id": "4d416b5a3cc7bdcd3313b769dd924f7948b08873",
  "trx_in_block": 2,
  "virtual_op": 0
}

{
  "block": 102875557,
  "op": [
    "delegate_vesting_shares",
    {
      "delegatee": "tranthienhanh",
      "delegator": "steem",
      "vesting_shares": "1876.791407 VESTS"
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2026-01-24T03:37:48",
  "trx_id": "d9c9f03d487033c9933c09641776a79107ccfef6",
  "trx_in_block": 2,
  "virtual_op": 0
}

{
  "block": 91321753,
  "op": [
    "delegate_vesting_shares",
    {
      "delegatee": "tranthienhanh",
      "delegator": "steem",
      "vesting_shares": "2041.010604 VESTS"
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2024-12-17T22:46:39",
  "trx_id": "6193f606c33e0f3982cb094fb33891a1d69ac06d",
  "trx_in_block": 2,
  "virtual_op": 0
}

{
  "block": 79875835,
  "op": [
    "delegate_vesting_shares",
    {
      "delegatee": "tranthienhanh",
      "delegator": "steem",
      "vesting_shares": "2210.144136 VESTS"
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2023-11-14T14:25:00",
  "trx_id": "172d68eb5bdab659403b272b77fffb08bd509990",
  "trx_in_block": 4,
  "virtual_op": 0
}

{
  "block": 78364751,
  "op": [
    "delegate_vesting_shares",
    {
      "delegatee": "tranthienhanh",
      "delegator": "steem",
      "vesting_shares": "5147.052922 VESTS"
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2023-09-22T11:58:09",
  "trx_id": "43aebd1d18668fb283c51d8942040c4b5a2f15bc",
  "trx_in_block": 0,
  "virtual_op": 0
}

{
  "block": 69122278,
  "op": [
    "delegate_vesting_shares",
    {
      "delegatee": "tranthienhanh",
      "delegator": "steem",
      "vesting_shares": "5369.104360 VESTS"
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2022-11-03T19:15:12",
  "trx_id": "9688b73fbac34cea2495175b97cb93519fee632a",
  "trx_in_block": 5,
  "virtual_op": 0
}

{
  "block": 60825373,
  "op": [
    "delegate_vesting_shares",
    {
      "delegatee": "tranthienhanh",
      "delegator": "steem",
      "vesting_shares": "5589.211961 VESTS"
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2022-01-18T00:19:18",
  "trx_id": "9f6692463056ac948c3e5c9234f23460a625cd46",
  "trx_in_block": 122,
  "virtual_op": 0
}

{
  "block": 54615626,
  "op": [
    "delegate_vesting_shares",
    {
      "delegatee": "tranthienhanh",
      "delegator": "steem",
      "vesting_shares": "5773.406249 VESTS"
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2021-06-14T07:26:54",
  "trx_id": "5f93127c289224e96ae707e10a1e91c72d226318",
  "trx_in_block": 1,
  "virtual_op": 0
}

{
  "block": 54071376,
  "op": [
    "vote",
    {
      "author": "tranthienhanh",
      "permlink": "why-tomorrow-is-the-the-most-fabulous-consumer-day-of-the-year",
      "voter": "jotsroa",
      "weight": 10000
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2021-05-26T06:30:15",
  "trx_id": "76047c6b0352b734c0e21a7c4aff06ddece34150",
  "trx_in_block": 1,
  "virtual_op": 0
}

{
  "block": 49362847,
  "op": [
    "delegate_vesting_shares",
    {
      "delegatee": "tranthienhanh",
      "delegator": "steem",
      "vesting_shares": "5960.828223 VESTS"
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2020-12-11T17:38:00",
  "trx_id": "17e7dd826cc05229b82af91860f30be0637fc3a0",
  "trx_in_block": 7,
  "virtual_op": 0
}

{
  "block": 49214363,
  "op": [
    "delegate_vesting_shares",
    {
      "delegatee": "tranthienhanh",
      "delegator": "steem",
      "vesting_shares": "1912.543513 VESTS"
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2020-12-06T11:13:18",
  "trx_id": "a2ed7c5a0828842f5791ebded77b7c879a610fdb",
  "trx_in_block": 4,
  "virtual_op": 0
}

{
  "block": 49197929,
  "op": [
    "delegate_vesting_shares",
    {
      "delegatee": "tranthienhanh",
      "delegator": "steem",
      "vesting_shares": "5967.036077 VESTS"
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2020-12-05T21:15:48",
  "trx_id": "284368218a6d442e044be2ab8c470b7b3277e744",
  "trx_in_block": 5,
  "virtual_op": 0
}

{
  "block": 48273681,
  "op": [
    "delegate_vesting_shares",
    {
      "delegatee": "tranthienhanh",
      "delegator": "steem",
      "vesting_shares": "1920.017158 VESTS"
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2020-11-03T05:07:30",
  "trx_id": "d796759925e8f747c707207c81c75beda7f18162",
  "trx_in_block": 0,
  "virtual_op": 0
}

{
  "block": 43224711,
  "op": [
    "delegate_vesting_shares",
    {
      "delegatee": "tranthienhanh",
      "delegator": "steem",
      "vesting_shares": "6169.841436 VESTS"
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2020-05-09T12:17:30",
  "trx_id": "928459685e53b2a22d4ef42dd67d365aa6e0b613",
  "trx_in_block": 12,
  "virtual_op": 0
}

{
  "block": 43201960,
  "op": [
    "delegate_vesting_shares",
    {
      "delegatee": "tranthienhanh",
      "delegator": "steem",
      "vesting_shares": "1953.311140 VESTS"
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2020-05-08T16:52:24",
  "trx_id": "430d6674d6860f54511634fad10bd0eb51c24e78",
  "trx_in_block": 25,
  "virtual_op": 0
}

{
  "block": 37176229,
  "op": [
    "comment",
    {
      "author": "steemitboard",
      "body": "Congratulations @tranthienhanh! You received a personal award!\n\n<table><tr><td>https://steemitimages.com/70x70/http://steemitboard.com/@tranthienhanh/birthday2.png</td><td>Happy Birthday! - You are on the Steem blockchain for 2 years!</td></tr></table>\n\n<sub>_You can view [your badges on your Steem Board](https://steemitboard.com/@tranthienhanh) and compare to others on the [Steem Ranking](https://steemitboard.com/ranking/index.php?name=tranthienhanh)_</sub>\n\n\n**Do not miss the last post from @steemitboard:**\n<table><tr><td><a href=\"https://steemit.com/steemfest/@steemitboard/the-new-steemfest-badge-is-ready\"><img src=\"https://steemitimages.com/64x128/https://cdn.steemitimages.com/DQmRUkELn2Fd13pWFkmWU2wBMMx39EBX5V3cHBEZ2d7f3Ve/image.png\"></a></td><td><a href=\"https://steemit.com/steemfest/@steemitboard/the-new-steemfest-badge-is-ready\">The new SteemFest⁴  badge is ready</a></td></tr></table>\n\n###### [Vote for @Steemitboard as a witness](https://v2.steemconnect.com/sign/account-witness-vote?witness=steemitboard&approve=1) to get one more award and increased upvotes!",
      "json_metadata": "{\"image\":[\"https://steemitboard.com/img/notify.png\"]}",
      "parent_author": "tranthienhanh",
      "parent_permlink": "how-truly-early-they-are-crypto-investors",
      "permlink": "steemitboard-notify-tranthienhanh-20191011t005047000z",
      "title": ""
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2019-10-11T00:50:48",
  "trx_id": "9d346e174ae576fa5b307c87753cff894fa48f34",
  "trx_in_block": 2,
  "virtual_op": 0
}

{
  "block": 36768191,
  "op": [
    "delegate_vesting_shares",
    {
      "delegatee": "tranthienhanh",
      "delegator": "steem",
      "vesting_shares": "6297.265724 VESTS"
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2019-09-26T20:06:27",
  "trx_id": "24d897772a80fface637c6af20e9a9a6907c6c53",
  "trx_in_block": 15,
  "virtual_op": 0
}

{
  "block": 35781497,
  "op": [
    "transfer",
    {
      "amount": "0.001 STEEM",
      "from": "dtube",
      "memo": "Time is running out, claim your DTube account now before anyone else can! Login at https://d.tube",
      "to": "tranthienhanh"
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2019-08-22T17:54:27",
  "trx_id": "e5db9607ffbbd2d4c89a7543534480651ef68592",
  "trx_in_block": 1,
  "virtual_op": 0
}

{
  "block": 26913115,
  "op": [
    "delegate_vesting_shares",
    {
      "delegatee": "tranthienhanh",
      "delegator": "steem",
      "vesting_shares": "6495.155980 VESTS"
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2018-10-18T10:30:42",
  "trx_id": "10a42d6fac49b5fca7da2b5bde9adad2d3a81ba4",
  "trx_in_block": 2,
  "virtual_op": 0
}

{
  "block": 25684739,
  "op": [
    "delegate_vesting_shares",
    {
      "delegatee": "tranthienhanh",
      "delegator": "steem",
      "vesting_shares": "26747.512368 VESTS"
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2018-09-05T05:06:27",
  "trx_id": "fe39d2ccca7da571c97f30b921441570bd5e58e4",
  "trx_in_block": 28,
  "virtual_op": 0
}

{
  "block": 24309748,
  "op": [
    "custom_json",
    {
      "id": "follow",
      "json": "[\"follow\",{\"follower\":\"tranthienhanh\",\"following\":\"hoqu\",\"what\":[\"blog\"]}]",
      "required_auths": [],
      "required_posting_auths": [
        "tranthienhanh"
      ]
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2018-07-19T10:20:21",
  "trx_id": "b7208e1411d09c8d60631727ff8f87e6d395468d",
  "trx_in_block": 20,
  "virtual_op": 0
}

{
  "block": 22296443,
  "op": [
    "vote",
    {
      "author": "tranthienhanh",
      "permlink": "how-truly-early-they-are-crypto-investors",
      "voter": "tranthienhanh",
      "weight": 10000
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2018-05-10T03:05:51",
  "trx_id": "9d025a77974804b6f56051e7c3fc91a74f725261",
  "trx_in_block": 29,
  "virtual_op": 0
}

{
  "block": 22296435,
  "op": [
    "comment",
    {
      "author": "tranthienhanh",
      "body": "https://twitter.com/noBScrypto\n![DczOgfiUQAAdlO9.png](https://steemitimages.com/DQmRVGBXRTABaGCcZucs3N3Q5RpWfFpCkN4aZjD266ptvn3/DczOgfiUQAAdlO9.png)",
      "json_metadata": "{\"tags\":[\"bitcoin\",\"eth\",\"steem\",\"blockchain\",\"technology\"],\"image\":[\"https://steemitimages.com/DQmRVGBXRTABaGCcZucs3N3Q5RpWfFpCkN4aZjD266ptvn3/DczOgfiUQAAdlO9.png\"],\"links\":[\"https://twitter.com/noBScrypto\"],\"app\":\"steemit/0.1\",\"format\":\"markdown\"}",
      "parent_author": "",
      "parent_permlink": "bitcoin",
      "permlink": "how-truly-early-they-are-crypto-investors",
      "title": "How truly early they are, crypto investors"
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2018-05-10T03:05:27",
  "trx_id": "ed96a359c68c0bc9833f32bfa7bfaaf26481ef01",
  "trx_in_block": 22,
  "virtual_op": 0
}

{
  "block": 22062971,
  "op": [
    "delegate_vesting_shares",
    {
      "delegatee": "tranthienhanh",
      "delegator": "steem",
      "vesting_shares": "26949.881680 VESTS"
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2018-05-02T00:29:15",
  "trx_id": "1005ace154999212ecc4ed5c9487ee97a731f9f8",
  "trx_in_block": 28,
  "virtual_op": 0
}

{
  "block": 19559848,
  "op": [
    "comment",
    {
      "author": "five34a4b",
      "body": "you always have great content",
      "json_metadata": "{}",
      "parent_author": "tranthienhanh",
      "parent_permlink": "john-mcafee-ico-audit",
      "permlink": "john-mcafee-ico-audit-comment",
      "title": "john-mcafee-ico-audit-comment"
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2018-02-04T00:04:03",
  "trx_id": "a5256ff5316779a26ea0d3bedc4daa4930cdf5ec",
  "trx_in_block": 11,
  "virtual_op": 0
}

{
  "block": 19502370,
  "op": [
    "comment",
    {
      "author": "five34a4b",
      "body": "you always have great content",
      "json_metadata": "{}",
      "parent_author": "tranthienhanh",
      "parent_permlink": "john-mcafee-ico-audit",
      "permlink": "john-mcafee-ico-audit-comment",
      "title": "john-mcafee-ico-audit-comment"
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2018-02-02T00:02:03",
  "trx_id": "8ecbaddcad75e430c001db5dbd087860af030734",
  "trx_in_block": 29,
  "virtual_op": 0
}

{
  "block": 19418901,
  "op": [
    "vote",
    {
      "author": "tranthienhanh",
      "permlink": "john-mcafee-ico-audit",
      "voter": "franklinmendoza",
      "weight": 10000
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2018-01-30T02:22:48",
  "trx_id": "73f328eeff5259b9eb1212dd7a0a1e7189635b8d",
  "trx_in_block": 24,
  "virtual_op": 0
}

{
  "block": 19418896,
  "op": [
    "claim_reward_balance",
    {
      "account": "tranthienhanh",
      "reward_sbd": "0.038 SBD",
      "reward_steem": "0.000 STEEM",
      "reward_vests": "24.601985 VESTS"
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2018-01-30T02:22:33",
  "trx_id": "ab8516384aca205be00b2b7cf3eec51b61ff423e",
  "trx_in_block": 22,
  "virtual_op": 0
}

{
  "block": 19418878,
  "op": [
    "vote",
    {
      "author": "tranthienhanh",
      "permlink": "john-mcafee-ico-audit",
      "voter": "tranthienhanh",
      "weight": 10000
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2018-01-30T02:21:39",
  "trx_id": "ff160f4002379a0148348d2eb793f1b9ff823345",
  "trx_in_block": 8,
  "virtual_op": 0
}

{
  "block": 19418878,
  "op": [
    "comment",
    {
      "author": "tranthienhanh",
      "body": "A fascinating ICO - http://ERISTICA.COM . Combines social media with physical action. They already have 1.2 million users. A combination of MTV, Jackass and viral videos, it allows users to challenge each other to perform any act. Our rating:\n\nhttp://cryptocoinconnection.com/eristica-audit.pdf …?amp=1\n![Untitled.png](https://steemitimages.com/DQmPTdog9Ghjk3bsTZLHhnLPwJS2L592Nup67asQ2feRp6p/Untitled.png)",
      "json_metadata": "{\"tags\":[\"ico\",\"bitcoin\",\"eth\",\"investment\",\"news\"],\"image\":[\"https://steemitimages.com/DQmPTdog9Ghjk3bsTZLHhnLPwJS2L592Nup67asQ2feRp6p/Untitled.png\"],\"links\":[\"http://ERISTICA.COM\",\"http://cryptocoinconnection.com/eristica-audit.pdf\"],\"app\":\"steemit/0.1\",\"format\":\"markdown\"}",
      "parent_author": "",
      "parent_permlink": "ico",
      "permlink": "john-mcafee-ico-audit",
      "title": "John McAfee: ICO Audit"
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2018-01-30T02:21:39",
  "trx_id": "ff160f4002379a0148348d2eb793f1b9ff823345",
  "trx_in_block": 8,
  "virtual_op": 0
}

{
  "block": 19300201,
  "op": [
    "transfer",
    {
      "amount": "0.001 STEEM",
      "from": "money-dreamer",
      "memo": "Gift!",
      "to": "tranthienhanh"
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2018-01-25T23:24:21",
  "trx_id": "9ba3d2e94489c21ca220b6690b766140d2f59c44",
  "trx_in_block": 6,
  "virtual_op": 0
}

{
  "block": 18820288,
  "op": [
    "delegate_vesting_shares",
    {
      "delegatee": "tranthienhanh",
      "delegator": "steem",
      "vesting_shares": "27153.550723 VESTS"
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2018-01-09T07:14:36",
  "trx_id": "70e80638f2b75d3b7c5677a1522492b52c110172",
  "trx_in_block": 17,
  "virtual_op": 0
}

{
  "block": 18710748,
  "op": [
    "vote",
    {
      "author": "tranthienhanh",
      "permlink": "4-ways-to-protect-your-portfolio-in-2018",
      "voter": "trancongtuan",
      "weight": 10000
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2018-01-05T11:51:24",
  "trx_id": "0c089a1c2d1e81da24fc2abee531aeba2bc97250",
  "trx_in_block": 12,
  "virtual_op": 0
}

{
  "block": 18304747,
  "op": [
    "author_reward",
    {
      "author": "tranthienhanh",
      "permlink": "4-ways-to-protect-your-portfolio-in-2018",
      "sbd_payout": "0.038 SBD",
      "steem_payout": "0.000 STEEM",
      "vesting_payout": "24.601985 VESTS"
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2017-12-22T09:11:30",
  "trx_id": "0000000000000000000000000000000000000000",
  "trx_in_block": 4294967295,
  "virtual_op": 6
}

{
  "block": 18233563,
  "op": [
    "comment",
    {
      "author": "five34a4b",
      "body": "awesome!",
      "json_metadata": "{}",
      "parent_author": "tranthienhanh",
      "parent_permlink": "4-ways-to-protect-your-portfolio-in-2018",
      "permlink": "4-ways-to-protect-your-portfolio-in-2018-comment",
      "title": "4-ways-to-protect-your-portfolio-in-2018-comment"
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2017-12-19T21:51:21",
  "trx_id": "698e64fba1da7c6cca2540703e894a6c49141137",
  "trx_in_block": 31,
  "virtual_op": 0
}

{
  "block": 18118244,
  "op": [
    "comment",
    {
      "author": "five34a4b",
      "body": "great content man",
      "json_metadata": "{}",
      "parent_author": "tranthienhanh",
      "parent_permlink": "4-ways-to-protect-your-portfolio-in-2018",
      "permlink": "4-ways-to-protect-your-portfolio-in-2018-comment",
      "title": "4-ways-to-protect-your-portfolio-in-2018-comment"
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2017-12-15T21:44:42",
  "trx_id": "051bcd5a23ccad41cf68b264714f885b8e33322d",
  "trx_in_block": 6,
  "virtual_op": 0
}

{
  "block": 18105848,
  "op": [
    "vote",
    {
      "author": "tranthienhanh",
      "permlink": "bitcoin-what-s-coming-in-the-year-ahead",
      "voter": "mindsportsio",
      "weight": 100
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2017-12-15T11:24:48",
  "trx_id": "de446edf4f28ed2d2da5ae83967818e62f429e22",
  "trx_in_block": 12,
  "virtual_op": 0
}

{
  "block": 18103575,
  "op": [
    "vote",
    {
      "author": "tranthienhanh",
      "permlink": "4-ways-to-protect-your-portfolio-in-2018",
      "voter": "tomiscurious",
      "weight": 300
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2017-12-15T09:31:09",
  "trx_id": "e7c240777adc5900b7917446699a592ce2554f2e",
  "trx_in_block": 27,
  "virtual_op": 0
}

{
  "block": 18103196,
  "op": [
    "comment",
    {
      "author": "cheetah",
      "body": "Hi! I am a robot. I just upvoted you! I found similar content that readers might be interested in:\nhttps://stansberrychurchouse.com/education/investment-education/4-ways-protect-portfolio-2018/",
      "json_metadata": "",
      "parent_author": "tranthienhanh",
      "parent_permlink": "4-ways-to-protect-your-portfolio-in-2018",
      "permlink": "cheetah-re-tranthienhanh4-ways-to-protect-your-portfolio-in-2018",
      "title": ""
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2017-12-15T09:12:12",
  "trx_id": "be04f723f5caa30fd3fa35b21eb6498bdeb6664c",
  "trx_in_block": 5,
  "virtual_op": 0
}

{
  "block": 18103194,
  "op": [
    "vote",
    {
      "author": "tranthienhanh",
      "permlink": "4-ways-to-protect-your-portfolio-in-2018",
      "voter": "cheetah",
      "weight": 8
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2017-12-15T09:12:06",
  "trx_id": "68a988d962dce2387de57e1fe866bb39581d688b",
  "trx_in_block": 19,
  "virtual_op": 0
}

{
  "block": 18103182,
  "op": [
    "vote",
    {
      "author": "tranthienhanh",
      "permlink": "4-ways-to-protect-your-portfolio-in-2018",
      "voter": "tranthienhanh",
      "weight": 10000
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2017-12-15T09:11:30",
  "trx_id": "b58b3d5f53f61441d2b500e1e39d57b6e787c6bb",
  "trx_in_block": 15,
  "virtual_op": 0
}

{
  "block": 18103182,
  "op": [
    "comment",
    {
      "author": "tranthienhanh",
      "body": "![unnamed (2).jpg](https://steemitimages.com/DQmeA7G5NdcnXEvHX1fk9eTZHWBU2rEjwYTuo1j6H12cRqw/unnamed%20(2).jpg)\nDespite a cloud of gloom and uncertainty hanging over global markets this year, many of the world’s major stock markets have moved up. And that means that there’s no better time to take stock and check that you’re doing what you should to protect your portfolio, just in case 2018 is less kind.\n\n2017 has been good for stocks\n\nThe S&P and the MSCI All Country World Index are both up around 20 percent, and the MSCI Asia ex Japan Index is up more than 35 percent.\n\nAfter a relatively good run, it’s easy to think that next year will be more of the same… and it certainly could be. But this status quo bias is the enemy of portfolio performance. Investing is like driving: It’s best to be defensive. So here are six steps you should take to ensure that you’re not caught off guard if 2018 is a bit trickier.\n\n12/14/2017 8:01:26 AM\t\nView this email in your browser\n \n\n\n\n4 ways to protect your\nportfolio in 2018\nDespite a cloud of gloom and uncertainty hanging over global markets this year, many of the world’s major stock markets have moved up. And that means that there’s no better time to take stock and check that you’re doing what you should to protect your portfolio, just in case 2018 is less kind.\n\n2017 has been good for stocks\n\nThe S&P and the MSCI All Country World Index are both up around 20 percent, and the MSCI Asia ex Japan Index is up more than 35 percent.\n\nAfter a relatively good run, it’s easy to think that next year will be more of the same… and it certainly could be. But this status quo bias is the enemy of portfolio performance. Investing is like driving: It’s best to be defensive. So here are six steps you should take to ensure that you’re not caught off guard if 2018 is a bit trickier.\n\n1. Keep some cash on hand\n\nYou’d be smart to have more cash in your portfolio. Yes, it doesn’t pay much, its value erodes over time (due to inflation), and if you lose it (or put it through the washing machine), it’s gone forever.\n\nBut, over the short term – like the next year or so – the value of your cash stays constant (unless you live in Venezuela or Zimbabwe). And the value of your cash won’t change if markets crash.\n\nHolding cash is one of the easiest ways to hedge your portfolio. Hedging helps reduce investment losses when your investment strategy doesn’t work out as planned.\n\nPlus, having some cash on hand let’s you take advantage of any great investment opportunities that may come up. It lets you pick up “money lying in the corner.”\n\nSo take some profits off the table to raise some cash.\n2. Stick to your stop-loss levels\n\nNo one likes to admit defeat. But in investing, it’s important to have a disciplined approach to selling your bad positions and losing the battle. Otherwise, you risk losing the war when a few bad stocks wipe you out altogether.\n\nEvery investor has bought a share that’s gone down – an idea that seemed good at the time but is now down 10 percent, 30 percent, 50 percent or more. You might tell yourself a loss isn’t a loss until you sell. And (you tell yourself), if you sell now, you’ll miss the rebound that will make up for everything.\n\nBut the key to not losing money isn’t to wait for the rebound – because it often doesn’t come, ever. The key to not losing money is to sell before you feel the need to wait for a rebound.\n\nThe best way to do this is to use a trailing stop.\n\nHere’s an example of how it works: if you bought a stock at US$2.00, you might set your trailing stop at 20 percent below that level, or US$1.60. In this case, as long as you stick to your trailing stop, you’ll protect yourself against far greater losses.\n\nOn the other hand, let’s say that same stock climbs US$2.20. As the shares rose, you would continually adjust your trailing loss level to 20 percent below the market price. At $2.20, your sell level would be US$1.76. If the shares rose to US$3.00, your trailing stop would stand at US$2.40.\n\nThe important thing is to follow through. If the stock falls to the stop loss level price, sell… no questions asked. And make sure you don’t put a standing market order in at your trailing stop level. You don’t want to tell your broker when you’re going to sell. Make sure that you make it a mental level – not one that you tell your broker.\n\nRemember, you can always re-enter at a later date a position that’s stopped out. But the stop loss is there to force you to take risk (and further downside) off the table while you take some time to reassess.\n3. Diversify\n\nThe idea behind diversification is simple. It means putting your eggs in different baskets. That is, spreading your risk across different types of assets, so that a decline in value in any one holding isn’t so bad – because there will likely be other holdings that rise to help balance out the losses.\n\nBut diversification goes beyond just holding a number of different assets… what if you have your eggs in different baskets, but the truck that’s carrying your baskets (that is, the entire financial system) wipes out? You need to make sure that your eggs are in different trucks. This involves spreading your wealth across different markets and economies and asset classes.\nThink of it this way… investing an entire portfolio in your home market (even if it’s spread across stocks, bonds, gold and cash, for example) is like having eggs in lots of different baskets… but all on the same truck. If the truck crashes, you’re in trouble. Because all of these assets are in the same country, they’re correlated.\n\nCorrelation is the relationship between two or more assets. It measures what happens to the price of one asset when the price of a different asset changes. When they are negatively correlated, their prices move in opposite directions. This evens out your overall performance when things get bumpy. But when they’re positively correlated, it can spell disaster for your portfolio.\n\nThat’s why you need to own stocks and bonds in a variety of markets. You should also spread your savings around in bank accounts in different countries. And if you don’t already own precious metals like gold, now is the time. Gold is one of the most effect hedges against market downturns because its price is negatively correlated to stock markets. That is, when markets go down, gold usually goes up.\n\n4. Own gold\n\nHistory has proven time and again that gold is one of the best ways to hedge your portfolio – that is, to protect it when stock markets everywhere fall. That’s because gold and stock markets are negatively correlated assets.\n\nAnd unlike paper money, gold is a permanent store of value.\n\nPeople have used gold as a currency or medium of exchange for thousands of years. Meanwhile, other forms of money – livestock, shells, enormous stones and tulips – have come and gone.\n\nGold has withstood history and maintained its inherent value. It’s durable, easy to transport, looks the same everywhere, is relatively easy to weigh and grade… it’s the perfect store of value.\n\nUnlike gold, which is finite, the supply of cash is infinite. Every form of paper money (U.S. dollars, euros, yen, etc.) has a potentially unlimited supply. All central banks have to do – and they’ve been doing this madly for years – is to turn on the printing press.\n\nPaper money can be printed and printed until it’s worthless. It’s legal tender backed by nothing more than faith in the government that prints it. Governments can print as much cash as they want.\n\nHowever, if a government prints too much money, its currency will lose eventually lose value. In a worst-case scenario, a country’s paper money can become worthless. It has happened in France, China and Germany. It happened much more recently in Zimbabwe. And in Venezuela today, the Bolivar is as good as worthless.\n\nBut governments can’t print gold. Gold isn’t based on government promises – it’s a real asset that holds real value. That is why gold is an attractive storage of wealth.\n\nIn short, gold is insurance against financial calamity.\n\nThese four measures won’t protect you from all the bad things that markets can do… but they’re a start.\n\nGood investing,",
      "json_metadata": "{\"tags\":[\"news\",\"investment\",\"stock\",\"economy\"],\"image\":[\"https://steemitimages.com/DQmeA7G5NdcnXEvHX1fk9eTZHWBU2rEjwYTuo1j6H12cRqw/unnamed%20(2).jpg\"],\"app\":\"steemit/0.1\",\"format\":\"markdown\"}",
      "parent_author": "",
      "parent_permlink": "news",
      "permlink": "4-ways-to-protect-your-portfolio-in-2018",
      "title": "4 ways to protect your portfolio in 2018"
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2017-12-15T09:11:30",
  "trx_id": "b58b3d5f53f61441d2b500e1e39d57b6e787c6bb",
  "trx_in_block": 15,
  "virtual_op": 0
}

{
  "block": 18103125,
  "op": [
    "claim_reward_balance",
    {
      "account": "tranthienhanh",
      "reward_sbd": "0.142 SBD",
      "reward_steem": "0.000 STEEM",
      "reward_vests": "285.304249 VESTS"
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2017-12-15T09:08:39",
  "trx_id": "3ae657c3868118afde28ffbf4c0a2accd3f02305",
  "trx_in_block": 22,
  "virtual_op": 0
}

{
  "block": 18064398,
  "op": [
    "author_reward",
    {
      "author": "tranthienhanh",
      "permlink": "crypto-isn-t-the-only-bubble-in-town",
      "sbd_payout": "0.013 SBD",
      "steem_payout": "0.000 STEEM",
      "vesting_payout": "18.459190 VESTS"
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2017-12-14T00:51:57",
  "trx_id": "0000000000000000000000000000000000000000",
  "trx_in_block": 4294967295,
  "virtual_op": 4
}

{
  "block": 18032662,
  "op": [
    "delegate_vesting_shares",
    {
      "delegatee": "tranthienhanh",
      "delegator": "steem",
      "vesting_shares": "27479.701421 VESTS"
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2017-12-12T22:23:57",
  "trx_id": "129a43dfd0f4ef96d1f91253710ddfef94ec2b2f",
  "trx_in_block": 12,
  "virtual_op": 0
}

{
  "block": 18031877,
  "op": [
    "comment",
    {
      "author": "five34a4b",
      "body": "you always have the best content tranthienhanh keep it up!",
      "json_metadata": "{}",
      "parent_author": "tranthienhanh",
      "parent_permlink": "how-to-protect-yourself-from-the-bubble-in-bubbles",
      "permlink": "how-to-protect-yourself-from-the-bubble-in-bubbles-comment",
      "title": "how-to-protect-yourself-from-the-bubble-in-bubbles-comment"
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2017-12-12T21:44:42",
  "trx_id": "2becc751e6e512f1a0242c54c8a110682d801f0d",
  "trx_in_block": 8,
  "virtual_op": 0
}

{
  "block": 18014799,
  "op": [
    "vote",
    {
      "author": "tranthienhanh",
      "permlink": "5-ways-to-stop-overthinking-it-and-finally-get-started-on-your-side-hustle",
      "voter": "mindsportsio",
      "weight": 100
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2017-12-12T07:30:21",
  "trx_id": "bb226de2ec8b2ab51ca907ffdc39e790fcbe8079",
  "trx_in_block": 2,
  "virtual_op": 0
}

{
  "block": 18014798,
  "op": [
    "vote",
    {
      "author": "tranthienhanh",
      "permlink": "5-ways-to-stop-overthinking-it-and-finally-get-started-on-your-side-hustle",
      "voter": "mindsportsio",
      "weight": 100
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2017-12-12T07:30:18",
  "trx_id": "5583153c3757ff8a7eae5a5a0c39eb7e985fce47",
  "trx_in_block": 18,
  "virtual_op": 0
}

{
  "block": 18012123,
  "op": [
    "vote",
    {
      "author": "tranthienhanh",
      "permlink": "developers-begin-turning-to-hard-forks-for-fundraising-rather-than-icos",
      "voter": "mindsportsio",
      "weight": 100
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2017-12-12T05:16:30",
  "trx_id": "53ed10dc41edf855f61a158ccffda6f1d8489322",
  "trx_in_block": 3,
  "virtual_op": 0
}

{
  "block": 18006940,
  "op": [
    "vote",
    {
      "author": "tranthienhanh",
      "permlink": "how-to-protect-yourself-from-the-bubble-in-bubbles",
      "voter": "mmikhail",
      "weight": 1000
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2017-12-12T00:57:21",
  "trx_id": "1efd5130ed9e86a6d7d98db5c73ee1a4f7013aed",
  "trx_in_block": 14,
  "virtual_op": 0
}

{
  "block": 18006516,
  "op": [
    "vote",
    {
      "author": "tranthienhanh",
      "permlink": "how-to-protect-yourself-from-the-bubble-in-bubbles",
      "voter": "carlos84",
      "weight": 10000
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2017-12-12T00:36:09",
  "trx_id": "e87bbac3bdb8d6a05040098037f945307f0f08a7",
  "trx_in_block": 18,
  "virtual_op": 0
}

{
  "block": 18006368,
  "op": [
    "vote",
    {
      "author": "tranthienhanh",
      "permlink": "how-to-protect-yourself-from-the-bubble-in-bubbles",
      "voter": "tranthienhanh",
      "weight": 10000
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2017-12-12T00:28:45",
  "trx_id": "fb7ee24605494bc786374bc5dd29202f7197304e",
  "trx_in_block": 9,
  "virtual_op": 0
}

{
  "block": 18006368,
  "op": [
    "comment",
    {
      "author": "tranthienhanh",
      "body": "Ten years after the greatest bubble-burst in modern market history – which we can’t stop talking about – there’s a bull market in bubbles.\n\nThere are bubbly stock markets: The U.S. leads the pack, but it’s only one of many. There are bond bubbles galore: U.S. Treasuries, U.S. corporate bonds, emerging market bonds, subprime auto bonds. And then there are bubbles in art (where a Saudi Arabian prince recently paid US$450 million for a single Da Vinci), venture capital, lithium, student loans… and don’t forget real estate, in Vancouver, Auckland, Sydney, Toronto, Hong Kong, San Francisco and London, for starters.\n\nThere’s a bubble in Google searches for “Bitcoin bubble,” as my colleague Tama Churchouse pointed out. And of course, there may currently be a bubble in cryptocurrencies.\n\nAnd don’t forget the “mother of all bubbles” also known as “the everything bubble,” which infers that a global debt bubble feeds all the other bubbles. It might be time for a Bubble ETF (my proposed ticker symbol: POP), composed of the many bubble markets, to buy bubbles.\n\nWhat’s a bubble?\n\nIt can often be hard to tell you’re in a bubble until it pops – and it’s too late. It would help to know how to tell a bubble is forming.\n\nLuckily, there are about four centuries’ worth of speculative bubbles to study for answers.\n\nThe first widely known and the most famous market bubble of all time was Tulip Mania, which occurred in Holland in the early 17th century. At that time, the Dutch became enamored with tulips that had flaming colours on their petals. They coveted the bulbs that grew into these unique tulips.\n\nAs demand for the bulbs increased, along with their value, a market in tulip bulbs developed. As word of profitable speculation spread, more people piled in. Prices moved steadily higher.\n\nThen from December 1636 to February 1637, the price of premium tulips surged by 200 percent. At the height of the mania in 1637, the market price of a single prized bulb was sufficient to purchase one of the grandest homes on the most fashionable canal in Amsterdam – when the city’s homes were among the most expensive in the world.\n\nNeedless to say, these prices were not an accurate reflection of the true value of a tulip bulb. In February 1637, buying tipped over into selling, and a domino effect of cascading lower and lower prices took hold. Speculators saw that they had spent vast sums to buy plants that were little more than glorified onions, and liquidated their tulip bulb holdings without regard for price. As wealth evaporated, pandemonium engulfed Holland. A deep economic depression followed.\n![unnamed.jpg](https://steemitimages.com/DQmV9QL2xjY1PaqFYyauST9AUW2j6igSRjeg6BBakChCWHe/unnamed.jpg)\nTulip mania established a pattern that has since been repeated over and over in speculative bubbles ever since. Despite advances in economic theory and the increasing sophistication of markets, market bubbles, and human psychology, haven’t changed much since the 1630s.\n\nThe four phases of bubble-dom\n\nIn 2008, Canadian scholar Jean-Paul Rodrigue published a model of bubble stages:\n\n1. Stealth Phase. The initial bubble stage is where a new market opportunity, or paradigm, is cautiously recognised by early smart money investors.\n\n2. Awareness Phase. As market prices rise, more investors are attracted to the new investment story. The media begins to cover the story, adding to the momentum, and investors become increasingly interested – and increasingly less sophisticated.\n\n3. Mania Phase. Now everyone notices the rising prices. The media is touting “the investment of a lifetime.” Price becomes detached from underlying economic reality. Euphoric, irrational investors project recent price gains into the future. Enthusiasm spreads like a contagion between investors. A feedback loop ensues – rising prices amplify stories that seem to justify high valuations, which attract an ever increasing number of buyers.\n\nEven cynical traders join the buying, expecting to sell to “greater fools.” Price gains become nearly parabolic. Paper fortunes are made. Greed rules. Meanwhile, the smart money is selling to the dumb money.\n\n4. Blow-off Phase. At some point, buying abates and a paradigm shift slowly – or sometimes quickly – unfolds, as market participants realise something has changed. Sellers now find few buyers and prices fall quickly. Leveraged speculators face margin calls and are forced to sell. The decline becomes a crash.\n\nIn this stage, prices fall faster than they rose as the bubble was inflating. Often, prices fall below pre-bubble levels. The asset in question becomes universally hated. But eventually, the smart money starts buying again, recognising the panic has created an opportunity to buy assets at cheap prices.\n![unnamed (1).jpg](https://steemitimages.com/DQmZhXWPdeYMmwZ8D3y9swufqnYMNnZQWZUagSBFethZajz/unnamed%20(1).jpg)\nThe Four Stages of a Bubble\n\nOver 400 years of market bubbles have shown a recurring pattern: An investment idea gains a following, and prices rise. The media discovers the story, ever more investors join in, becoming increasingly excited, and prices rise even more. Valuations lose connection with any kind of economic reality. Sooner or later the bubble bursts, prices crash, and many investors suffer enormous losses.\nExamples\nA lifetime ago in cryptocurrency terms (that is, 2013) you could buy one bitcoin for about US$12. By the end of November of the same year, you could have sold it for US$1,100 – a 9,000 percent gain. When the bubble popped, bitcoin prices fell over 50 percent within a month.\n\n \n\nOf course, bitcoin (flirting with US$17,000 as I write this) is arguably in the midst of a much bigger bubble right now.\n\nProtect your portfolio from bubbles\nHow? Start with this…\n\n1. Regularly rebalance your portfolio. Did your 35,000 percent gains in yesterday’s hot crypto make your portfolio look like a bit with a tiny sliver cut out – with the big piece all crypto? (We’ve said repeatedly that you should only risk what you can afford to lose in cryptocurrencies… so I hope not!) But if so… be sure you rebalance your portfolio – and avoid a classic rich-person mistake.\n\n2. Watch those stop-loss levels. No one likes to admit defeat. But in investing, it’s important to have a disciplined approach to selling your bad positions and losing the battle. Otherwise, you risk losing the war when a few bad stocks wipe you out altogether.\n\nThe important thing is to follow through. If the stock falls to the stop loss level price, sell… no questions asked. And make sure you don’t put a standing market order in at your trailing stop level. You don’t want to tell your broker when you’re going to sell. Make sure that you make it a mental level – not one that you tell your broker.\n\n3. Raise some cash. If you think a bubble is forming… sell something and hold onto the world’s best hedge. It’s the least-exciting asset known to mankind (how many cocktail party conversations have started with some variation of, “Let me tell you about this great cash I have”?). But it’s also one of the safest and one of the easiest to use. And if all other assets collapse in price, cash will be worth the same tomorrow.\n\n4. Don’t bet the ranch to begin with! If you employ basic position sizing from the outset, then regardless of what happens to a particular potentially bubbly asset class that you are invested in, a severe correction isn’t going to cause you any kind of catastrophic drawdown in your portfolio. \n\nIf, for example, you allocate 2 percent of your investable asset base into cryptos, then even if the entire crypto market is worth zero tomorrow, your maximum loss is 2 percent. It’s not rocket science, it’s just prudent position sizing.\n\nThis time isn’t different. Bubbles always pop.",
      "json_metadata": "{\"tags\":[\"bitcoin\",\"blockchain\",\"investment\",\"news\"],\"image\":[\"https://steemitimages.com/DQmV9QL2xjY1PaqFYyauST9AUW2j6igSRjeg6BBakChCWHe/unnamed.jpg\",\"https://steemitimages.com/DQmZhXWPdeYMmwZ8D3y9swufqnYMNnZQWZUagSBFethZajz/unnamed%20(1).jpg\"],\"app\":\"steemit/0.1\",\"format\":\"markdown\"}",
      "parent_author": "",
      "parent_permlink": "bitcoin",
      "permlink": "how-to-protect-yourself-from-the-bubble-in-bubbles",
      "title": "How to protect yourself from the “bubble in bubbles”"
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2017-12-12T00:28:45",
  "trx_id": "fb7ee24605494bc786374bc5dd29202f7197304e",
  "trx_in_block": 9,
  "virtual_op": 0
}

{
  "block": 18003060,
  "op": [
    "comment",
    {
      "author": "five34a4b",
      "body": "well done tranthienhanh, once again!",
      "json_metadata": "{}",
      "parent_author": "tranthienhanh",
      "parent_permlink": "this-is-what-futures-will-mean-for-bitcoin",
      "permlink": "this-is-what-futures-will-mean-for-bitcoin-comment",
      "title": "this-is-what-futures-will-mean-for-bitcoin-comment"
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2017-12-11T21:43:21",
  "trx_id": "ceb946a4c8687015c9cbc5e49b192627ef9eaf7f",
  "trx_in_block": 9,
  "virtual_op": 0
}

{
  "block": 17980098,
  "op": [
    "vote",
    {
      "author": "tranthienhanh",
      "permlink": "this-is-what-futures-will-mean-for-bitcoin",
      "voter": "flaforester1977",
      "weight": 10000
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2017-12-11T02:34:54",
  "trx_id": "368177afdb98e573731a4595496614bf52fa20d9",
  "trx_in_block": 19,
  "virtual_op": 0
}

{
  "block": 17978226,
  "op": [
    "comment",
    {
      "author": "ziggit",
      "body": "Good write up, this particular issue has a lot of people sitting on the edges of there seats........let the rodeo begin.",
      "json_metadata": "{\"tags\":[\"bitcoin\"],\"app\":\"steemit/0.1\"}",
      "parent_author": "tranthienhanh",
      "parent_permlink": "this-is-what-futures-will-mean-for-bitcoin",
      "permlink": "re-tranthienhanh-this-is-what-futures-will-mean-for-bitcoin-20171211t010116614z",
      "title": ""
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2017-12-11T01:01:18",
  "trx_id": "930118ffac4069daa460bef5104b957d3d970a79",
  "trx_in_block": 12,
  "virtual_op": 0
}

{
  "block": 17978209,
  "op": [
    "vote",
    {
      "author": "tranthienhanh",
      "permlink": "this-is-what-futures-will-mean-for-bitcoin",
      "voter": "ziggit",
      "weight": 10000
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2017-12-11T01:00:27",
  "trx_id": "07be5acb3564d282b5ed3464c879e7c27c03b405",
  "trx_in_block": 3,
  "virtual_op": 0
}

{
  "block": 17977654,
  "op": [
    "vote",
    {
      "author": "tranthienhanh",
      "permlink": "this-is-what-futures-will-mean-for-bitcoin",
      "voter": "rdkap42",
      "weight": 10000
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2017-12-11T00:32:42",
  "trx_id": "d10f2330cc4ffa9672600e868aa0ae27ced25b4a",
  "trx_in_block": 1,
  "virtual_op": 0
}

{
  "block": 17977404,
  "op": [
    "vote",
    {
      "author": "tranthienhanh",
      "permlink": "this-is-what-futures-will-mean-for-bitcoin",
      "voter": "tranthienhanh",
      "weight": 10000
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2017-12-11T00:20:12",
  "trx_id": "11a91790434c528ba478e06bb11b6ea4736f9167",
  "trx_in_block": 15,
  "virtual_op": 0
}

{
  "block": 17977404,
  "op": [
    "comment",
    {
      "author": "tranthienhanh",
      "body": "Bitcoin has spent the past eight years on the sidelines of international finance.\n\nIt’s been mocked and ridiculed by some of the biggest financial minds out there. \n\nAnd now, bitcoin is going mainstream as bitcoin futures contracts on some of the largest U.S. exchanges (the Chicago Mercantile Exchange and Chicago Board Options Exchange) begin trading this week.\n\nThe key question on everyone’s mind is this: how will the launch of bitcoin futures affect both the volatility and price trajectory of bitcoin?\nThis is a future\n\nFirst, what is a futures contract? A futures contract represents an agreement to buy or sell an underlying asset at a given point in time in the future.\n\nIn most cases, futures are cash settled which means you don’t actually have to exchange (i.e. deliver or take delivery of) the underlying asset.\n\nFor example, if a 1-month oil futures contract is trading at US$50 and you go long (i.e., buy) a futures contract, in 1-months’ time the futures contract will settle depending on the prevailing spot oil price at the time.\n\nIf the spot price is at US$55, then you’ll receive $5 (i.e., $55 minus $50).\nIf the spot price is at US$45, then you’ll pay US$5 (i.e., $45 minus $50). \nFutures contracts are used as both speculative and risk-management tools. For example, futures allow an airline company to lock in its fuel costs years in advance – allowing predictability to its projected expenditures in an otherwise volatile commodities market. \n\nEquity index futures allow traders to make huge directional bets on equity markets. There are futures contracts trading across every major financial asset class. \n\nBut it’s difficult to assess the potential impact right now on bitcoin. That’s because we’re looking at an institutional asset class (futures, which are traded by banks and funds) centred around an extremely non-institutional (and unconventional) asset.\n\nAs I’ve written before (see here and here), it seems many of the lords of finance don’t have a clue about bitcoin at all. And few of them own it.\n\nI happened across the opinions of another highly visible financial pundit last week, Jim “Bear Stearns is fine” Cramer (a long-time CNBC market analyst), who weighed in on what he thinks is going to happen when bitcoin futures start trading: \n\n“They’ve been waiting to short it to you… I think the short selling is just going to annihilate people when you can start trading it\" \n\nSo that’s an interesting view for sure. But it doesn’t appear to be backed up by anything.\n\nAnd what’s more, it’s hard to take Cramer’s views on bitcoin seriously considering he wrote this about bitcoin recently (my comments in red):\n\n“First, no one knows who created it [Satoshi Nakamoto, but “who” created it is irrelevant]. Second, no one knows how much the creator reserved or took [he didn’t “reserve” anything. There are early addresses with substantial holdings assumed to belong to Satoshi. The blockchain is transparent]. Third, there is virtually no transparency into the underlying system. None whatsoever [umm… Bitcoin is the very definition of transparency] . Fourth, there is no government backing – obviously, there are no underlying assets and there is no military support for the bitcoin system, unlike legitimate currencies [this is literally the entire point of bitcoin]. Fifth, despite the allegiance its buyers swear to blockchain as the secure way to transact, it is software – and the one thing we know about software is that it can be hacked [bitcoin has already proven itself to be one of the most secure financial systems ever created]. When, not if, but when, it will be a total loss as there is no insurance and no fiat backing.”\n\nCramer is right about one thing – bitcoin futures do allow individuals or institutions to easily short bitcoin for the first time through a familiar investment product.\n\nBut there’s a difference between speculative (or “naked”) shorting and hedging with a short position.\n\nLet me explain.\nHedging a long bitcoin position with a short futures position\n\nLet’s say bitcoin’s trading at US$10,000 and you own a hundred bitcoin – for a position size of (let’s say for simplicity’s sake) US$1 million.\n\nLet’s also assume a 3-month bitcoin futures contract is trading at US$13,000 – in other words, the futures market sees bitcoin up 30 percent in three months.\n\nIf you are bearish, or think bitcoin prices won’t move much, then you can sell (short) a hundred bitcoin futures at US$13,000 – this will “lock in” your 3-month bitcoin price.\n\nAfter 3 months, the futures contract will settle (in US$) depending on the prevailing bitcoin fixing.\n\nIf bitcoin fixes at US$13,000, then the futures contract will expire without payment.\nIf bitcoin fixes at US$10,000, then you’ll receive (US$13,000 – US$10,000) * 100 = US$300,000.\nIf bitcoin fixes at US$15,000, then you will pay (US$13,000 – US$15,000) * 100 = US$200,000.\nBut note: Your underlying bitcoin position will be worth US$1.5mn. So you can sell US$200,000 worth of bitcoin to settle the contract, leaving you with US$1.3 million.\n\nNaked shorting\n\nNaked shorting, on the other hand – the kind that Jim Cramer seems to be concerned about – is a different matter altogether. This involves selling the futures contract without holding the underlying asset (i.e., bitcoin).\n\nThe risk here is that your loss is potentially unlimited. As the price of bitcoin rises, you lose more and more money. \n\nI don’t envisage, at least early on, much in the way of large-scale naked shorts in the bitcoin futures market. It’s such a risky trade to make in an asset class that has in the past exhibited extraordinary amounts of volatility (bitcoin is up over 100 percent in the past month).\n\nIf anything, I would expect to see substantial long positions instead. You see, from an institutional perspective, the amount of internal controls and compliance/operational hurdles you have to clear to own bitcoin are substantial. Remember, custody services are still relatively new in the space.\n\nBut futures make it very easy for asset managers to diversify into bitcoin now – and an asset like bitcoin, that is volatile and uncorrelated with all other major asset classes, makes for a potentially attractive investment prospect. \n\nWhat to look out for\n\nThere are three things we’ll be looking out for:\n\nVolumes – how much notional value of bitcoin is being traded in the futures market.\nNet long vs shorts – this will give us an early idea of whether futures are being used for hedging or speculative shorts, or as a means of going long bitcoin.\nShape of the futures curve – as contracts trade out a few months in advance, we’ll get an idea of where the market prices in bitcoin prices across the term structure of the futures curve. The curve will either be upward sloping, where futures prices are progressively higher than spot (also known as “contango”) – or it will be in “backwardation”, where futures prices are lower than spot.\nWithin the next week or two, we’ll be able to address each three of these points. \n\nGood investing,",
      "json_metadata": "{\"tags\":[\"bitcoin\",\"blockchain\",\"investment\",\"news\"],\"app\":\"steemit/0.1\",\"format\":\"markdown\"}",
      "parent_author": "",
      "parent_permlink": "bitcoin",
      "permlink": "this-is-what-futures-will-mean-for-bitcoin",
      "title": "This is what futures will mean for bitcoin"
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2017-12-11T00:20:12",
  "trx_id": "11a91790434c528ba478e06bb11b6ea4736f9167",
  "trx_in_block": 15,
  "virtual_op": 0
}

{
  "block": 17895846,
  "op": [
    "vote",
    {
      "author": "tranthienhanh",
      "permlink": "charlie-lee-hard-work-of-bitcoin-developers-directly-benefits-litecoin",
      "voter": "mindsportsio",
      "weight": 100
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2017-12-08T04:19:48",
  "trx_id": "b3c7e953b75d75dc5fcc8c9314cd0614df6adb01",
  "trx_in_block": 13,
  "virtual_op": 0
}

{
  "block": 17887735,
  "op": [
    "comment",
    {
      "author": "five34a4b",
      "body": "great work! keep it up!",
      "json_metadata": "{}",
      "parent_author": "tranthienhanh",
      "parent_permlink": "crypto-isn-t-the-only-bubble-in-town",
      "permlink": "crypto-isn-t-the-only-bubble-in-town-comment",
      "title": "crypto-isn-t-the-only-bubble-in-town-comment"
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2017-12-07T21:34:03",
  "trx_id": "266b140fc167fa5014417d67ea13e421bb213ff5",
  "trx_in_block": 7,
  "virtual_op": 0
}

{
  "block": 17882347,
  "op": [
    "vote",
    {
      "author": "tranthienhanh",
      "permlink": "the-future-s-of-bitcoin-is-looking-bright",
      "voter": "mindsportsio",
      "weight": 100
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2017-12-07T17:04:39",
  "trx_id": "637ed55a9900129f2fbc5d866c157b40297ab88a",
  "trx_in_block": 0,
  "virtual_op": 0
}

{
  "block": 17882346,
  "op": [
    "vote",
    {
      "author": "tranthienhanh",
      "permlink": "the-future-s-of-bitcoin-is-looking-bright",
      "voter": "mindsportsio",
      "weight": 100
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2017-12-07T17:04:36",
  "trx_id": "0aba001f7f2292c1e7ea1f751ce6760b8ee493cb",
  "trx_in_block": 18,
  "virtual_op": 0
}

{
  "block": 17882346,
  "op": [
    "vote",
    {
      "author": "tranthienhanh",
      "permlink": "the-future-s-of-bitcoin-is-looking-bright",
      "voter": "mindsportsio",
      "weight": 100
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2017-12-07T17:04:36",
  "trx_id": "63cc0dcf5c7558dbde58a2a80927428ecef299ab",
  "trx_in_block": 6,
  "virtual_op": 0
}

{
  "block": 17863264,
  "op": [
    "vote",
    {
      "author": "tranthienhanh",
      "permlink": "crypto-isn-t-the-only-bubble-in-town",
      "voter": "andre-verbrick",
      "weight": 10000
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2017-12-07T01:10:09",
  "trx_id": "6a583d667f880c5adef46374cf590a6e85e679d8",
  "trx_in_block": 27,
  "virtual_op": 0
}

{
  "block": 17862911,
  "op": [
    "comment",
    {
      "author": "cheetah",
      "body": "Hi! I am a robot. I just upvoted you! I found similar content that readers might be interested in:\nhttp://www.valuewalk.com/2017/12/bitcoin-not-bubble-around/",
      "json_metadata": "",
      "parent_author": "tranthienhanh",
      "parent_permlink": "crypto-isn-t-the-only-bubble-in-town",
      "permlink": "cheetah-re-tranthienhanhcrypto-isn-t-the-only-bubble-in-town",
      "title": ""
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2017-12-07T00:52:30",
  "trx_id": "6c9765f9cafbe37099f9341dcafaa530f48c6892",
  "trx_in_block": 11,
  "virtual_op": 0
}

{
  "block": 17862909,
  "op": [
    "vote",
    {
      "author": "tranthienhanh",
      "permlink": "crypto-isn-t-the-only-bubble-in-town",
      "voter": "cheetah",
      "weight": 8
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2017-12-07T00:52:24",
  "trx_id": "e6104b6afcec5f463446346b52374914e546215c",
  "trx_in_block": 41,
  "virtual_op": 0
}

{
  "block": 17862900,
  "op": [
    "vote",
    {
      "author": "tranthienhanh",
      "permlink": "crypto-isn-t-the-only-bubble-in-town",
      "voter": "tranthienhanh",
      "weight": 10000
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2017-12-07T00:51:57",
  "trx_id": "476dae54fa2a9571c9bf9967002efb8a0dc2a8a8",
  "trx_in_block": 20,
  "virtual_op": 0
}

{
  "block": 17862900,
  "op": [
    "comment",
    {
      "author": "tranthienhanh",
      "body": "You may have noticed how the term “bubble” has recently picked up a shadow partner. In the financial media, it’s now usually accompanied by the word “bitcoin”.\n\nRight now, there’s even somewhat of a bubble in the whole “bitcoin bubble” story itself.\n\nTake a look at the Google search trends chart for the term “bitcoin bubble”. In the past week, the number of people searching for this term has skyrocketed. The price of bitcoin also broke the US$10,000 price threshold during this period. Coincidence?\n![unnamed.jpg](https://steemitimages.com/DQmXvHr3ifakWqpNgTuCQKu7gAT6BFraxJk6W4641n9aYFe/unnamed.jpg)\nI recognise that the broader crypto market is getting bubbly… in some respects, it’s already beyond absurd.\nExample? A friend of mine sent me this screenshot earlier today. It’s a post on LinkedIn from someone in his network. Take a moment to read it.\n![unnamed (1).jpg](https://steemitimages.com/DQmQGeJENqmEPzkzwuxmQgcWQ7M4yPHn7CTX8Gy4Dhrsqbh/unnamed%20(1).jpg)\now it’s one thing to “shill” (i.e., shamelessly plug) a crypto initial coin offering (ICO). But look at the language used. For example, “It’s projected to 1000x in under 1 year”. Really? A one-thousand-fold return in a year? Who is projecting these figures anyway?\n\nOr jump to where the LinkedIn member said, “It will follow what Bitconnect did in under 10 months…” – this is particularly ironic because Bitconnect is widely acknowledged to be a highly dubious Ponzi-like scheme.\n\nOh… and the post doesn’t contain a single detail as to what the crypto is, what problem it solves… nothing. Just promises of “1000x returns”.\n\nI’ve said it before and I’ll say it again, there will be blood – sooner or later, crypto market participants will learn the hard way that many, if not most, of these kinds of projects will fail. It doesn’t take a genius to realise that huge sums of capital will be squandered during this speculative boom.\n\nBut where is this mania coming from?\n\nIn my opinion, the origins of this bubble are to be found in another one..\n\nLet me explain.\n\nMoney. Money. More Money….\nMost folks in the developed world are still waiting for the post-global economic crisis “recovery” to appear – nearly a decade on from the crisis.\n\nIn fact, in the U.S. it’s taken a full decade for median real (inflation adjusted) household income to return to its 2007 level. Economic growth has perpetually disappointed and fallen short of forecasts\n\nBut meanwhile, financial asset prices have skyrocketed. The S&P500 is now 70 percent above its previous peak, and 260 percent above its global economic crisis trough.\n\nBut real incomes, the monthly cashflow that families rely on? That’s only just returning to pre-crisis levels now. There’s no bubble in incomes, that’s for sure…\n\nBut there is a bubble in \"money\"… and it keeps on growing.\nTake a look at the chart below. It shows the cumulative balance sheets of the world’s four major central banks; the U.S. Federal Reserve, the European Central Bank (ECB), the Bank of Japan (BoJ), and the People’s Bank of China (PBOC).\n\nThe Fed may be winding down its balance sheet and effectively selling assets (i.e., by not rolling maturing bond proceeds into new bonds). But other global central banks are not.\n![unnamed (2).jpg](https://steemitimages.com/DQmeaFBauWiz5rtDhCq7yT16aaVZPgwhNNzVoe1L1eEnn9N/unnamed%20(2).jpg)\nBut just look at the sheer scale of central bank action in the past decade. In January 2007, these four central banks had US$5 trillion of assets on their balance sheets.\n\nToday, it’s nearly US$20 trillion… and it’s still growing. Central banks are still pumping more and more money into the global financial system.\n\nLet me ask you this – do you think bitcoin goes to US$12,000 (its current price) in the absence of this relentless tidal wave of money printing?\n\nI don’t.\n\nAnd take a look at the chart below – this shows 10-year government bond yields for the U.S., Japan, Germany and U.K. going back to 1990. Despite bottoming out in the past few months, yields remain near historical lows.\n![unnamed (3).jpg](https://steemitimages.com/DQmXzNk6B9GfX3tvS3J531DGSBNn6TujZvQomgBYcm915K1/unnamed%20(3).jpg)\nIn other words, you can’t get yield for love nor money.\n\nAnd although it doesn’t seem to get much airtime these days (with all eyes on the US$210 billion market value of bitcoin), there’s still US$11 trillion of outstanding debt out there that offers investors a negative yield – in other words, a guaranteed loss.\n![unnamed (4).jpg](https://steemitimages.com/DQmXShKH6Qg8FUkgCJKoC7PdkBgqiVvd5v17CpoDHk5KbGM/unnamed%20(4).jpg)\nA negative yielding asset is madness. Eleven trillion dollars’ worth is insanity.\n\nIn this context, is it any wonder that money is pouring into non-traditional asset classes like cryptos in search of returns?\n\nJunk squeezed\n\nReturn profiles everywhere else are being compressed.\n\nTake a look at the chart below which shows the historical spread of high yield (i.e., junk/non-investment grade) debt over “risk-free” treasuries.\n![unnamed (5).jpg](https://steemitimages.com/DQmPWGXJD6CEyvxNJR6pkyhviCULogTuMoiSRaNuwXyXsyz/unnamed%20(5).jpg)\nt a spread of 350 basis points (3.5 percent) over treasuries, junk debt spreads are near their multi-decade lows, hit just before the global economic crisis.\n\nWhere and when does it end?\n\nNobody can answer this question.\n\nBut the simple fact that, a decade on from the global economic crisis, central banks are still pouring trillions of dollars into the financial system should worry the heck out of everyone.\n\nTell me, what are they going to do when this global economic cycle ends?\n\nWhat are they going to do if we face a particularly sharp global contraction?\n\nPrint a few more trillion bucks? Buy some more bonds? Jam interest rates back below zero again?\n\nI don’t have the answers to these questions. No one does.\n\nGood investing,",
      "json_metadata": "{\"tags\":[\"bitcoin\",\"blockchain\",\"investment\",\"news\"],\"image\":[\"https://steemitimages.com/DQmXvHr3ifakWqpNgTuCQKu7gAT6BFraxJk6W4641n9aYFe/unnamed.jpg\",\"https://steemitimages.com/DQmQGeJENqmEPzkzwuxmQgcWQ7M4yPHn7CTX8Gy4Dhrsqbh/unnamed%20(1).jpg\",\"https://steemitimages.com/DQmeaFBauWiz5rtDhCq7yT16aaVZPgwhNNzVoe1L1eEnn9N/unnamed%20(2).jpg\",\"https://steemitimages.com/DQmXzNk6B9GfX3tvS3J531DGSBNn6TujZvQomgBYcm915K1/unnamed%20(3).jpg\",\"https://steemitimages.com/DQmXShKH6Qg8FUkgCJKoC7PdkBgqiVvd5v17CpoDHk5KbGM/unnamed%20(4).jpg\",\"https://steemitimages.com/DQmPWGXJD6CEyvxNJR6pkyhviCULogTuMoiSRaNuwXyXsyz/unnamed%20(5).jpg\"],\"app\":\"steemit/0.1\",\"format\":\"markdown\"}",
      "parent_author": "",
      "parent_permlink": "bitcoin",
      "permlink": "crypto-isn-t-the-only-bubble-in-town",
      "title": "Crypto isn’t the only bubble in town…"
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2017-12-07T00:51:57",
  "trx_id": "476dae54fa2a9571c9bf9967002efb8a0dc2a8a8",
  "trx_in_block": 20,
  "virtual_op": 0
}

{
  "block": 17816615,
  "op": [
    "vote",
    {
      "author": "tranthienhanh",
      "permlink": "bitcoin-cash-will-do-well-in-short-term-but-not-in-the-long-run",
      "voter": "mindsportsio",
      "weight": 100
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2017-12-05T10:16:33",
  "trx_id": "f9702cf6ccb5b940b3df24a965d33ed5b4525e35",
  "trx_in_block": 12,
  "virtual_op": 0
}

{
  "block": 17816615,
  "op": [
    "vote",
    {
      "author": "tranthienhanh",
      "permlink": "bitcoin-cash-will-do-well-in-short-term-but-not-in-the-long-run",
      "voter": "mindsportsio",
      "weight": 100
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2017-12-05T10:16:33",
  "trx_id": "e557d63323d9743f6e68ceeb3fcc32cd75d5856b",
  "trx_in_block": 1,
  "virtual_op": 0
}

{
  "block": 17801330,
  "op": [
    "comment",
    {
      "author": "five34a4b",
      "body": "great content man",
      "json_metadata": "{}",
      "parent_author": "tranthienhanh",
      "parent_permlink": "the-crypto-froth-is-forming",
      "permlink": "the-crypto-froth-is-forming-comment",
      "title": "the-crypto-froth-is-forming-comment"
    }
  ],
  "op_in_trx": 0,
  "timestamp": "2017-12-04T21:30:42",
  "trx_id": "081c7dedeb653b17e24b8fabe8dc13115e2f3477",
  "trx_in_block": 10,
  "virtual_op": 0
}