CBOE CEO Reveals What is Keeping Out Wall Street’s Billions From Cryptocurrency Market?

During the conference at a media luncheon on Jan 16, 2019, Ed Tilly, CEO of CBOE (Chicago Board Options Exchange) indicated what is hindering the Growth of Bitcoin Futures and keeping the Wall Street money out of the cryptocurrency market. According to him, Electronic Traded Notes (ETNs) is keeping out wall street’s billions.

Why ETNs are must for the success of Bitcoin Future?

Since Electronic Traded Notes can be denominated in smaller amounts, retail investors can easily access them. On the other hand, an institutional investor who would use Bitcoin futures needs to have a separate account set up to enter into the market. Tilly conveys the importance of ETN as the entry point for institutional investors. He says;

“The power of having that future there is also having an ETN that is more attractive to retail, and then institutions can lay off risk on the listed futures market”,

He asserted that both the products are critical to each other – it becomes a base for both market, wall street and main street. Nevertheless, he sees ETN is easily accessible to average investors and doesn’t have a higher barrier to enter into the market, whereas, Bitcoin futures would demand ‘significant amount of legwork’.

Absent that leg and introducing trackers or notes, I think we will be in this, ‘It trades every day, but it is not the story.

Govt. shutdown delaying the launch of Cryptocurrency products

He says that the regulators are always reluctant to approve ETNs and in tenure of a government closure, it is even more difficult to predict the launch of new products like Ether futures. Moreover, Coingape reported SEC’s latest order on freezing all pending proceeding doesn’t necessarily change the status of Bitcoin ETF Approval. Tilly says that ‘we cannot move for future products;

“I have two regulators that are not taking calls right now, that doesn’t mean there is nothing we are interested in. It means nothing is going to happen in this government shutdown.”

Furthermore, as far as the ETF’s are tied with the regulators, they’re left with a difficult question. With this he says;

“How do I protect the US customer from manipulation in a market that I don’t regulate?. You answer that question, you get your first ETN.”


Regulators are Still Uncertain on Cryptocurrency regulations

The launch of first CBOE’s bitcoin futures in 2017 when the Bitcoin prices reached nearly $20000 was a historical entry and the open interest for the future counts 5306 contracts. However, after a year, the number of open interest declined to 3420 contracts. With this, Tilly also talks about the success behind CBOE’s Volatility Index (VIX) futures which significantly has 370,354 contracts in open network on Thursday, 17th Jan 2019. Consequently, he adds that there are a number of financial products in connection with the VIX contract.

“Why is VIX successful? Really calls upon the pool of liquidity in the S&P 500. Oh, and there is an institutional futures contract that is traded at the CME. There is a most successful ETF, SPDR. There are trackers and replicating notes that lever up that exposure. All of that works together.”

While appreciating VIX’s contract, he adds that the crypto market has also tried offering new financial products to the market but regulators are uncertain to approve. Tilly link the growth of bitcoin with the approval of ETFs by regulators however, we have seen SEC in the month of August 2018 has already rejected 9 ETFs including Winklevoss Bitcoin Trust.

Seems like Govt. shutdown is affecting the crypto market and product launches are getting delayed. Further, the rumors that Trump might call for an emergency situation if true is not a very good sign for the cryptocurrency market. 


Source
Author: Tabassum
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Electroneum Mobile Mining Update

Electroneum (ETN) CEO Richard Ells  posted the following to ETN’s social media channel.

I just wanted to drop an end of the week update to let everyone know that we’ve switched the automated miner payout system back on! You should see your payments coming through soon!

I should re-iterate that your ETN has never been at risk and no ETN or ETN earnings have been lost through this delay. If your payment failed at any time in the past, it will automatically be re-tried until you get it.

We understand your frustration if payouts have been slow, but we’ve only just come out of BETA and this has been a great test of the payout system, uncovering some bugs that needed fixing. At some point there will be an increase in the payout threshold, which will help to reduce the number of blockchain transactions. We’ve kept it deliberately low at 10 ETN to stress test the system and find the weak points before our corporate partners go live. We are rolling out an app update soon that gives more notifications about the mining payments, making it easier to understand and follow.


Don’t forget to join DollarDestruction’s NEW telegram channel! At least 15 news articles delivered to you daily!


Yesterday we had over 125,000 miners at some point during 24 hours – but we only saw 77,000 miners live at any one time. With that information, and the fact that Apple have still pushed back on the iPhone app, we would like to ask YOU, our community to answer a quick poll about the mobile miner, which could enable us to find a solution for Apple iPhone users and developing world users that have limited internet access.

The miner currently has to work in the background of your phone and you need to ensure you always have internet access.
If given the option would you:
Prefer to keep the miner exactly as it is now, requiring 24 hour internet access and background mode.
OR
Prefer to make a daily interaction at a time convenient for you. This will take just a few seconds when you’re online and could even allow earning ETN via the web page.

Thanks everyone,
Richard


Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

Source
Author: Giles Arbor
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Latest Electroneum News(from ETN themselves)!

Latest from ETN Admin via Telegram

Chris Gorman writes:
I know some people feel a little challenged with ETN and possibly hurt the belief . Can I ask that you pause for a moment, and let me ask you a question…

First, let’s consider that the partnerships we have announced already, reach over 100 million subscribers with annual recurring revenue amounting to over $10billion. If there were any hint of doubt, they would be issuing corrections – yet all you will find is confirmations or reposts.

Mobile operators typically take 6 to 9 months to integrate new products, and so far they have been cautious about getting involved in crypto. We have been live for just over four months; we are confident implementation will start well ahead of our quoted target of 6 months.

We are on a journey of mass adoption, balancing the needs of the existing investors and market, combined with our aspirations to impact financial inclusion in developing markets. Our unique ability to get ETN into people’s hands is a catalyst for change. We do not doubt that helping with a subject that is so high on the agenda of many economic leaders, could be very beneficial.

Our patent news for instant payments and subscriptions underpins our obsession in creating convenience and simplification to our first world users. This, along with the fintech partners announced for our “pop up ecosystem” will be a strong attraction for our vendor partners … and much more to come…..

So, my question is this – if you have serious doubts that are they based on is it that makes you doubt us? Is it something you know? Alternatively, or is it something you have heard
We have created a breakthrough product and built a strong foundation for growth. As you will see with our partner implementations over the coming months, we are set to open the market to even more significant partnerships on our continued Journey.


Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

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