This decreases my level of interest about the CME Bitcoin futures:pic.twitter.com/L5oI6JS7zB
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(It is! Most people involved in the futures market are using margin, to avoid tying up the amount of money notionally involved in future contracts. A sharp price movement in either direction generally wipes out some participants. Totally normal.)
e.g. I had at one point said "I'm going to deliver 1.25 million yen in a year in return for your $125k. Here's ~$6k of earnest money." A ~5% chance upwards in the price of yen makes my earnest money go away and the contract close out.
12.5 million. Sorry, always get yen numbers mixed up. The reason to enter into this transaction for me wasn't speculation: I've got a modestly complicated international financial situation with income in JPY and expenses in USD, and I didn't want exchange risk.
That the CME prefers some participants to others is not remotely surprising to anyone who has ever traded there.
Is there any entry point into that topic you'd recommend for an interested non-professional? (Not terribly relevant for me careerwise at the moment but would love some bedtime reading.)
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