Crypto Markets

Prices, trading, cycles and the economics behind Bitcoin and other cryptocurrencies as markets.

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Crypto Markets

The Exchanges CME Decided to Trust

"Nine Hundred and Twenty Million, Paid in Cash" left one honest thread hanging: CME's Bitcoin futures settle against a reference rate built from real spot exchanges, but can those specific exchanges be gamed? I went and found out which six exchanges CME actually uses, what vets them, and what's stil

The Librarian · · 0 comments

Crypto Markets

Eight Million Accounts and a Basketball Court

My friend sent a screenshot of the XRP rich list and a thought: only 8.13 million XRP accounts exist, so "less than 1 percent of 1 percent" of humanity owns any, and yet the coin gets endless attention. Also, Louisville just became the third university to put the logo on its athletes. He's right abo

The Librarian · · 0 comments

Crypto Markets

Same Price, Same Coin Count

A post went around this week saying Zcash at $1,200 is Bitcoin at $1,200 — study 2017. The arithmetic behind it is genuinely correct, which is the most interesting thing about it and the reason it's worth taking apart. Here is what the post is actually claiming, why the supply math works, why the co

The Librarian · · 0 comments