Exclusive Comments from Marc Chandler – Mon 4 Dec, 2017

Cyber Currencies – Bitcoin Futures and Venezuela’s New Cyber Currency

Today with Marc Chander, Head of Global Currency Strategy at Brown Brothers Harriman we focus on some significant news for cryptocurrenies. Bitcoin future contracts are set to start trading before the end of the year with the CME and CBOE. We discuss the nuances between margin and futures. We also look at the recent announcement out of Venezuela and the adoption of a cyber currency backed by the Country’s resources.

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Comments:
  1. On December 4, 2017 at 11:51 am,
    james says:

    The Bankers Gangsters take over ! Electronic Money is the Prison the World Order Need ! Wak Up !!!!! Western World Day will Put you in a Electronic Control Freak Computer indentety !!!!!!!! Don’t you feel it ???

    • On December 4, 2017 at 12:14 pm,
      james says:

      Bankers Have No Empathy ! You will see How day will steel the Children of the Little Bit’s Off Bitcoins and LTC and ,,,,,, Day Have Flat the Price today and will start to Corrupt the hole Price ! GOD Helpe US !

    • On December 4, 2017 at 12:36 pm,
      james says:

      Laws Change Fast For Bankers to ( Robe ) ! Government and Police and Lawyers ! You will GO TO ! https://www.youtube.com/watch?v=H4rc5ZuVOvg

      • On December 4, 2017 at 2:45 pm,
        OOTB Jerry says:

        interesting ……..Debt topic…….Debt is a sin., charging and collecting interest on a loan is a sin.

        • On December 4, 2017 at 4:34 pm,
          Wayne says:

          Debt is not a sin, but charging interest is.

          • On December 4, 2017 at 4:49 pm,
            OOTB Jerry says:

            I stand correct…….thanks for the correction……, but, I think the commentator said that…. 🙂

          • On December 4, 2017 at 4:51 pm,
            OOTB Jerry says:

            correct to corrected……..

          • On December 4, 2017 at 4:57 pm,
            OOTB Jerry says:

            Romans 13:8-1021st Century King James Version (KJ21)

            8 Owe no man anything, but to love one another, for he that loveth another hath fulfilled the law.

    • On December 4, 2017 at 12:53 pm,
      james says:
    • On December 8, 2017 at 4:42 am,
      silvernotabug dave says:

      I was looking into opening of crypto accounts and ti looks like a minefield of cyber identity disclosures (especially in the UK with their ridiculous money laundering regulations just meant to hurt the little people) and being trapped in a new and terrifying matrix. How simple things were with good old cash, to go into a store and buy a bottle of water or a cafe and buy lunch. What a nightmare world we are entering.

  2. On December 4, 2017 at 12:15 pm,
    Markedtofuture says:

    Coinbase ordered to report 14,355 users to the IRS

    Anyone moving more than $20,000 on the platform is subject to the new order

    https://www.theverge.com/platform/amp/2017/11/29/16717416/us-coinbase-irs-records

    • On December 4, 2017 at 3:41 pm,
      OOTB Jerry says:

      and just were did they get that order………..

      • On December 4, 2017 at 4:59 pm,
        CFS says:

        I.R.S. issued regulations a few days ago. I did post a reference at the time.

  3. On December 4, 2017 at 12:17 pm,
    b says:

    Just a thought, should the world or country actually move to bitcoin, whats a person to do once he runs out? where would he get more if nobody pays wages in bitcoin?
    Does somebody make another crypto and everyone mines it for income?
    How would an economy actually work?

    • On December 4, 2017 at 1:24 pm,
      CFS says:

      B,
      I can’t see many countries giving up their independence with regards to currency; they will want to create their own digital currency, rather than adopt Bitcoin as their national currency.
      Energy use is going to be a problem in future, unless we see modification to blockchain technology. I do not doubt we will see better developments in the future, wherein selective miners only store select sections of the chain at a time to reduce energy consumption.

    • On December 4, 2017 at 2:04 pm,
      Dick Tracy says:

      b, watch and see what will happen in Venezuela, they are adopting Bitcoin, it’s called basket weaving 101. Try anything until the plebs revolt at the stupidity of it all, it’s a socialist currency something for nothing, Amen. DT

      • On December 4, 2017 at 2:36 pm,
        CFS says:

        Venezuela is not adopting Bitcoin but their own blockchain currency.

        • On December 4, 2017 at 3:40 pm,
          OOTB Jerry says:

          They will just screw that up also………..

          • On December 4, 2017 at 3:49 pm,
            CFS says:

            Why would anyone buy a Venezuelan backed crypto, as opposed to bitcoin…..

            Unless looking at the barrel of a gun was involved.

    • On December 4, 2017 at 5:01 pm,
      CFS says:

      Unofficially, Bitcoin is used in Asia, Zimbabwe and other African countries, Eastern Europe.

      • On December 4, 2017 at 5:06 pm,
        CFS says:

        Bitcoin is a bit of a pain for everyday use because it is slow (minutes) and has a fee for conversion to fiat.

      • On December 4, 2017 at 5:10 pm,
        b says:

        It could get used, but what happens when there are no more to be had?
        wouldnt the economy stop dead?

        I dont see bitcoin lasting as a currency, sure, for awhile for a few people, but I cant see it for a whole country.
        A country is going to have to have its own currency.

        • On December 4, 2017 at 6:24 pm,
          OOTB Jerry says:

          I think I have to agree with you….b

  4. On December 4, 2017 at 12:56 pm,
    Markedtofuture says:

    “Wreaking Havoc” – HP Installs System-Slowing Spyware On Its PCs Without Consent

    On the heels of Lenovo’s massive $3.5 million fine for preinstalling adware on laptops without users‘ consent, Hewlett-Packard is jumping in with both feet when it comes to installing spyware on its PCs without the consumer’s permission.

    http://www.zerohedge.com/news/2017-12-04/wreaking-havoc-hp-installs-system-slowing-spyware-its-pcs-without-consent

  5. On December 4, 2017 at 1:29 pm,
    CFS says:

    Venezuela also wishes to eliminate the power of the US with regard to their currency.

    An internationally distributed ledger currency, of limited quantity, would render the US powerless to place sanctions on their currency.

  6. On December 4, 2017 at 1:53 pm,
    CFS says:

    Ira Epstein gives the lowdown on Bitcoin futures:

    https://www.youtube.com/watch?v=gXbs6hCOk6Y&feature=youtu.be&t=45

  7. On December 4, 2017 at 2:00 pm,
    CFS says:

    Of course, for the rest of the world (i.e. Not the USA) people have been able to trade futures of bitcoin for some time.

    https://www.bitmex.com/

  8. On December 4, 2017 at 2:12 pm,
    CFS says:

    Off Topic:

    The spineless Prime Minister of the UK was absolutely shown to be useless by the First MInister of Northern Ireland. Thank goodness Arlene Foster (DUP leader) put her foot down or the UK would have been broken up by Juncker.

  9. On December 4, 2017 at 2:15 pm,
    CFS says:

    Off Topic: Frau Merkel is almost as spineless as May.
    Merkel is offering money to Syrian economic migrants to leave Germany voluntarily.

    • On December 4, 2017 at 3:02 pm,
      OOTB Jerry says:

      The world is going more mad…………

      • On December 4, 2017 at 5:25 pm,
        Excelsior says:

        CryptoKitties shows everything can — and will — be Tokenized

        TROND VIDAR BJORØY@TRONDBJOROY DECEMBER 4, 2017

        “If you’re following the crypto space, you’ve probably heard about CryptoKitties over the last week. The Ethereum-based cat-trading game launched last week and quickly became the highest spender of gas, bringing Ethereum to a new all-time high number of transactions. Currently, more than 10 percent of the network’s total transactions are created by players who, combined, have already spent millions of dollars worth in Ether on digital cats, clogging up the Ethereum network worse than most ICOs do.”

        “The company announced today that it is increasing its kitten birthing fee in order to slow down the transaction rate.”

        https://venturebeat.com/2017/12/04/cryptokitties-shows-everything-can-and-will-be-tokenized/

        • On December 4, 2017 at 6:14 pm,
          OOTB Jerry says:

          I missed that one……..cat’s,meow……..

          • On December 5, 2017 at 6:52 am,
            Excelsior says:

            This is so ridiculous! 😮

    • On December 4, 2017 at 3:33 pm,
      CFS says:

      Comedy?

  10. On December 4, 2017 at 3:32 pm,
    CFS says:

    Crooked Hillary……

    https://www.march-against-monsanto.com/how-hillary-clintons-foundation-paved-the-way-for-chinese-vaccine-market-takeover/

    The WHO inspects Chinese drug manufacturers about once every 14 years.
    The FDA inspects US drug manufacturers about once every 2.5 years.

    Which do you think provides safer vaccines?
    I wonder how much of a kick-back Hillary got.

  11. On December 4, 2017 at 3:38 pm,
    CFS says:

    This could be good news to miners:

    QUITO, Ecuador (AP) — Ecuador has agreed to pay $337 million to ConocoPhillips-subsidiary Burlington Resources five years after a ruling that the South American nation illegally expropriated valuable oil assets.

  12. On December 4, 2017 at 3:44 pm,
    CFS says:

    5 years from now egg prices might drop?

    JEFFERSON CITY, Mo. (AP) — More than a dozen states banded together Monday to ask the U.S. Supreme Court to block a California law requiring any eggs sold there to come from hens that have space to stretch out in their cages.

    In a lawsuit filed directly to the high court, the states allege that California’s law has cost consumers nationwide up to $350 million annually because of higher egg prices since it took effect in 2015. The lawsuit argues that California’s requirements violate the U.S. Constitution’s interstate commerce clause and are pre-empted by federal law.

    Egg prices in California are already more than twice Indiana; more like 3x

  13. On December 4, 2017 at 3:55 pm,
    CFS says:

    Some strange happened about year 2000.

    Historically Margin Debt used to lag the stock market, but since 2000 it has changed:

    https://2.bp.blogspot.com/-6HYBPvE_N3A/WiW5wR_bsdI/AAAAAAABQXI/6N9cdEUydtkhWR2DB90PinEF8fJgpQNiQCLcBGAs/s640/US-margin-debt-NYSE-2017-10.png

  14. On December 4, 2017 at 4:33 pm,
    russell s hamilton says:

    A cyber currency controled by VEN dictator MADURO will be worthless as he and his friends have already stolen huge sums of money from black market operations. Some officer will depose him . Thats how chavez got in power. Pray Scott

  15. On December 4, 2017 at 6:19 pm,
    OOTB Jerry says:
  16. On December 4, 2017 at 6:46 pm,
    Paul L. says:

    If a short etf comes out the we will be able to short this.

  17. On December 5, 2017 at 4:04 am,
    CFS says:
  18. On December 5, 2017 at 4:06 am,
    CFS says:

    LONDON (AP) — Ireland has struck a deal with Apple to collect up to 13 billion euros ($15 billion) in back taxes and hold it in an escrow account pending an appeal before the European Court of Justice.

    The government said in a statement Monday that an agreement had been reached “in relation to the framework of the principles that will govern the escrow arrangements.”

    The European Commission had ordered Ireland to collect the money after concluding that two Irish tax rulings allowed Apple to pay less tax than other businesses — thus giving them an unfair advantage. The Commission ordered Ireland to collect back taxes for the years 2003-2014, which it estimated to be as much 13 billion euros plus interest.

  19. On December 5, 2017 at 5:17 am,
    CFS says:

    Spain just dropped extradition requests for Catalonian parliament members in exile in Belgium, and also allowed 6 other members out on bail from Spanish prison.
    Next Catalonian vote on December 21.

  20. On December 5, 2017 at 6:18 am,
    CFS says:

    Interesting things happening in Venezuela:

    Yesterday US90 million was moved out of Venezuela via Bitcoin.
    Government responds by saying it will confiscate private wallets.
    CFS comment: Good luck with that, if you don’t think there has not been further transfers over onto wallets not issued by Venezuelan exchanges.
    You seriously think anyone with any money in Venezuela trusts the Government!
    It is, however, typical of Marxist regimes to become more oppressive until they fail.

    • On December 5, 2017 at 6:35 am,
      OOTB Jerry says:

      Govt. wants all the money…….the politicians want the money…….they just do not want the sheeple to have any money.

  21. On December 5, 2017 at 6:34 am,
    CFS says:

    A blast from the past:
    William Perry, adviser (Sec. Def.) to JFK, Discusses Nuclear war likelihood.

    https://youtu.be/xhsRhfhhNw4?t=311

  22. On December 5, 2017 at 6:40 am,
    OOTB Jerry says:
  23. On December 5, 2017 at 6:44 am,
    OOTB Jerry says:

    Silver……………$16.14………headed to below $16………..

    • On December 5, 2017 at 7:00 am,
      CFS says:

      I just bought another 250 oz, averaging down in cost.

      • On December 5, 2017 at 7:03 am,
        OOTB Jerry says:

        I am waiting for 15.50………..

        • On December 5, 2017 at 7:10 am,
          OOTB Jerry says:

          silver stealers.net…………….

          • On December 5, 2017 at 7:11 am,
            OOTB Jerry says:

            silver going nowhere until CME is out of business, along with Comex and CFTC……

        • On December 5, 2017 at 7:46 am,
          Excelsior says:

          Yes, I like buying into the Silver miners while sentiment is continuing to fall along with the pricing. Likely a bit more short-term pain, for longer term gain.

          Buy when there’s blood in the streets…..

          • On December 5, 2017 at 8:44 am,
            OOTB Jerry says:

            Not going to be any blood left………… cuts by a thousand razor blades….

          • On December 5, 2017 at 9:15 am,
            Excelsior says:

            Ha! That is how it feels every day when I go look at more portfolio of PM miners. Thank goodness for the Uranium miners & battery metals miners doing OK lately.

  24. On December 5, 2017 at 6:54 am,
    OOTB Jerry says:
  25. On December 5, 2017 at 6:55 am,
    Matthew says:

    Well, I was a couple days off (wrong) with my little reversal call but it looks like it is here now. I bought SILJ today at 10.11 and picked up more IPT yesterday at .28….

    SILJ:
    http://stockcharts.com/h-sc/ui?s=SILJ&p=D&yr=1&mn=0&dy=13&id=p38214049697&a=554125514

    • On December 5, 2017 at 7:42 am,
      Excelsior says:

      Been adding a bit to some Silver miners and will continue to do so over the next week or 2.

      Here are the 16 I’m going with in my personalized ETF the for Q1 Run: (there are about a dozen more I like but this is plenty and I’ll likely get it down to a dirty dozen or bakers dozen by the PDAC).

      * Silver Stocks

      Americas Silver Corp
      Endeavour Silver
      Silvercorp Metals Inc
      Excellon Resource Inc
      Impact Silver Corp
      Avino Silver & Gold Mines
      Santacruz Silver
      Alexco Resource Corp
      Aurcana Resources
      Kootenay Silver Inc
      Bayhorse Silver
      Dolly Varden Silver
      Silvercrest Metals
      Defiance Silver
      Brixton Metals
      Klondike Silver

      • On December 5, 2017 at 7:56 am,
        Matthew says:

        I like several of those.

        • On December 5, 2017 at 7:59 am,
          Excelsior says:

          If we actually get a pop in the 1st quarter, I may like a few of them as well. 🙂

          Cheers amigo!

          • On December 5, 2017 at 8:32 am,
            Matthew says:

            The waiting is no fun but I still don’t see any evidence that the next big move up is in jeopardy.
            I’m glad to see signs of fear in the action today as that will help the possibility that an important low might be happening within weeks, not months. For now, I think we’ll see at least a decent bounce.

          • On December 5, 2017 at 8:34 am,
            Matthew says:

            IPT got stuffed back down below fork resistance today. Let’s see how it closes…

            http://stockcharts.com/h-sc/ui?s=IPT.V&p=D&yr=1&mn=1&dy=22&id=p32068693791&a=531781930

          • On December 5, 2017 at 8:40 am,
            Matthew says:
          • On December 5, 2017 at 9:20 am,
            Excelsior says:

            Yes, sentiment and prices have been bearish, but this was expected going into mid Dec tax loss selling and prior to the FOMC meeting 12-13th for the Fedbabble rate hike. It is the same thing that happened in Dec of 2015 and Dec of 2016.

            Thanks for the IPT charts showing where the support is, and I want to see how things look at the end of the week and open on Monday on the 11th. If there is a final despair washout in these miners then that’s where I’ll deploy my remaining 2017 dry powder.

          • On December 5, 2017 at 10:04 am,
            Matthew says:

            There’s a lot more support at .24 – another 10%+ lower…

            http://stockcharts.com/h-sc/ui?s=IPT.V&p=W&yr=7&mn=7&dy=22&id=p63766861465&a=529157338

          • On December 5, 2017 at 3:04 pm,
            Dan, calgary says:

            Dare I say, at spanky’s levels.

          • On December 5, 2017 at 8:02 pm,
            Matthew says:

            Dan, spanky mentioned a lot of levels including going back to 11 cents. If you can find that exchange, you’ll see that I never had an issue with the possibility of it hitting .24 and it had nothing to do with what was bothersome about spanky.

          • On December 5, 2017 at 8:04 pm,
            Matthew says:

            Fwiw, I now have almost 20 times more IPT than I did in May.

  26. On December 5, 2017 at 6:58 am,
    OOTB Jerry says:
    • On December 5, 2017 at 7:23 am,
      GH says:

      Very interesting looking article, but will take some focused attention…

  27. On December 5, 2017 at 7:02 am,
    Matthew says:

    The Dow broke out versus the miners the other day but, to me, it looks like an opportunity to sell the former and buy the latter…

    DIA:GDX
    http://stockcharts.com/h-sc/ui?s=DIA%3AGDX&p=D&yr=1&mn=0&dy=0&id=p51332723787&a=561197322

  28. On December 5, 2017 at 7:58 am,
    CFS says:
  29. On December 5, 2017 at 8:06 am,
    Excelsior says:

    Failed Breakout Leads To Breakdown In Gold Miners

    by @Goldfinger on December 5, 2017

    https://ceo.ca/@goldfinger/failed-breakout-leads-to-breakdown-in-gold-miners

  30. On December 5, 2017 at 8:46 am,
    OOTB Jerry says:

    Ganns………out with hopes of a triple gain, based on historical data.

  31. On December 5, 2017 at 8:51 am,
    OOTB Jerry says:

    WallStreetJournal……………..ask MUELLER to step DOWN…..ha, ha,
    http://www.zerohedge.com/news/2017-12-05/wall-street-journal-slams-too-conflicted-mueller-should-step-down

    • On December 5, 2017 at 8:52 am,
      OOTB Jerry says:

      Mueller and Comey…….going to jail………cover up…….Trumped

    • On December 5, 2017 at 8:59 am,
      OOTB Jerry says:

      Mr. Mueller’s media protectorate argues that anyone critical of the special counsel is trying to cover for Mr. Trump.

      But the alleged Trump-Russia ties are the subject of numerous probes – Mr. Mueller’s, and those of various committees in the House and Senate. If there is any evidence of collusion, Democrats and Mr. Mueller’s agents will make sure it is spread far and wide.

      Yet none of this means the public shouldn’t also know if, and how, America’s most powerful law-enforcement agency was influenced by Russia or partisan U.S. actors. All the more so given Mr. Comey’s extraordinary intervention in the 2016 campaign, which Mrs. Clinton keeps saying turned the election against her. The history of the FBI is hardly without taint.

      Deputy Attorney General Rod Rosenstein, who appointed Mr. Mueller, is also playing an increasingly questionable role in resisting congressional oversight. Justice has floated multiple reasons for ignoring House subpoenas, none of them persuasive.

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