Are there futures markets for cryptocurrencies? Are they dangerous for Bitcoin? Is there a risk of price manipulation? What will happen once traditional investors can become involved in cryptocurrencies this way? Many miners were already using futures markets in their business operations as a hedge against price downturns. Right now this economy is still just a trickle, so it is difficult to anticipate what the impact of traditional investment will be. Risk depends on the structure of the futures market. There is a great deal of risk in naked shorting, but as long as traders hold the underlying asset or sufficient collateral (ex. CME), the risk is reduced. The anticipated benefits of the emergence of futures markets include increased liquidity and reduced volatility.

Disclaimer: I serve on the Oversight Committee for the Bitcoin Reference Rate at the Chicago Mercantile Exchange (CME). As with all of my videos, this is not investment advice.

CORRECTION: At 1:36, I said that the famous Bitcoin pizzas were purchased in March 2010. This is incorrect. Laszlo Hanyecz
bought them for 10,000 BTC each on May 22nd 2010.

The first question was part of the talk “Proof-of-Work and Immutability: A Planetary Scale Digital Monument” –

The second question was part of the talk “Money As A System of Control” –

The third question was part of the first monthly live Patreon Q&A session on November 27th, 2017. If you want early-access to talks and a chance to participate in the monthly live Q&As with Andreas, become a patron:

Who determines the value of bitcoins? –
Price volatility, pegging, and stability –
Price premiums and arbitrage –
What is mining? –
The Switzerland of currencies –
Will governments ban cryptocurrencies? –
Microfinancing and streaming money –
ICOs and responsible investment –
ICOs and financial regulation –
The end of vampire-squid financing –
Fee markets, SegWit, and scaling –
Impact of smart contracts on law and accounting –
Why developers and leaving banks –
What is the biggest adoption hurdle? –
Job opportunities with cryptocurrencies –

Andreas M. Antonopoulos is a technologist and serial entrepreneur who has become one of the most well-known and respected figures in bitcoin.

Follow on Twitter: @aantonop

He is the author of two books: “Mastering Bitcoin,” published by O’Reilly Media and considered the best technical guide to bitcoin; “The Internet of Money,” a book about why bitcoin matters.





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Music: “Unbounded” by Orfan (
Outro Graphics: Phneep (
Outro Art: Rock Barcellos (