Crypto’s Open Secret: Its Multibillion-Dollar Volume Is Suspect (Bloomberg via Yahoo Finance) Nearly two months ago, we wrote about BitForex, the Singapore-based exchange with suspicious trade volumes and a horrible logo. Bloomberg has finally caught up to Modern Consensus and they have some more details about it. Why would BitForex do it? “Transaction mining, also known as trade mining, is a controversial practice. On BitForex, users earn the equivalent of $1.20 in digital tokens issued by the exchange for every $1 they pay in transaction fees. It’s a system that critics say is tailor-made to encourage wash trading — in which a trader, or a team of traders, buy and…
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The New York Times newsroom of 1942 looks surprisingly like the current Modern Consensus newsroom (via Pixabay).Must-reads September 12, 2018: Despite the hype, crypto’s plunge is awful
Here are the crypto stories you should be watching today
‘This is something we have to do to push the ecosystem forward’: Tyler Winklevoss explains why Gemini is launching a crypto coin pegged to the US dollar (Business Insider) The Winklevoss brothers say their stable coin, which is also regulated by the New York State Department of Financial Services and with assets held at State Street, will help draw in institutional money and confidence into crypto. That’s cool because… Crypto’s 80% Plunge Is Now Worse Than the Dot-Com Crash (Bloomberg) Here’s a sad stat: The “money of the future” is having an awful present. Crypto market caps are now 80 percent off their peak, a drop worse than Nasdaq’s…
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The Nasdaq is an electronic marketplace. When reporters go on TV and say, "We're live at the NASDAQ!" they are really at a studio set up in Times Square. This is the studio. It's much better than looking at just a bunch of wires (photo by Luis Villa del Campo, via Wikimedia Commons).NASDAQ is launching its bitcoin futures contract sometime in the future
A few details emerge as CEO Adena Friedman confirms things are in the works
NASDAQ has been teasing since late last year that it will unveil a bitcoin futures contract, and now we know a little more about how it will work once formally released. Bitcoin’s future pricing is the stuff of hot debate, with strong arguments being made that it will will either soar to new heights in 2018 or crash irreparably. Futures players will be able to place bets on the rise and fall of the volatile cryptocurrency, profiting when they set savvy forward prices. Futures trading is perhaps where fantasy football meets the market—the only thing people love more than being right about a prediction is making money from it. NASDAQ…