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‘Father Of HFT’ On Bitcoin Futures: Peterffy Warns CFTC Of ‘Suicidal’ Decision
Well you can count Thomas Peterffy, the billionaire founder and chairman of Interactive Brokers, am
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This may or may not be an issue for cryptocurrencies whose commercial/merchant transactions and acceptance represent less than 1% or their total transactions – the other 99% being speculation. If you are like most investors you are still trying to get a more detailed understanding of how cryptocurrencies work, their risks and rewards, and their limitations in the current economy. I highly recommend this seven part series in depth highly detailed expose being written by Paulo Santos on Seeking Alpha now. (https://seekingalpha.com/article/4121499-bitcoin-series-1-basics)
Mr. Dugger is absolutely correct. For investors with more technical training, the book “Bitcoin and Cryptocurreny Technologies; A Comprehensive Introduction,” by Narayanan, Bonneau, et. al provides an excellent understanding of the technology behind Bitcoin and other so-called “cryptocurrencies” without advocating for or against the adoption of such instruments. FWIW, I am also in complete agreement with Mr. Peterfly. This is a market driven by pure sentiment. When you combine high volatility with leverage, the degree of hazard for the unwary increases beyond anything acceptable to the proverbial “prudent man.”