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EXANTE: Practical aspects of algorithmic trading. Bitcoin hedge fund. SSE Riga lecture 23.01.2014. Part3.
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EXANTE: Practical aspects of algorithmic trading. Bitcoin hedge fund. SSE Riga lecture 23.01.2014. Part3.

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  • 1. Practical aspects of algorithmic trading. Bitcoin hedge fund. Part 3: Bitcoin fund Gatis Eglitis, Managing Partner Sergey Troshin, Ph.D., Head of IT Strategy and Operations
  • 2. EXANTE 1. 2010 - EXANTE ATP & BO, strong IT focus 2. 2011 - Maltese brokerage licence 3. 2012 - Hedge fund platform & bitcoin fund
  • 3. The use of money is all the advantage there is in having money. Benjamin Franklin
  • 4. Money 1.Durable 2.Portable 3.Fungible 4.Intrinsic value Aristotle IV BC 1.Store of value 2.Medium of exchange 3.Unit of account W.S. Jevons XIX AD
  • 5. Money history 1. 2. 3. 4. 5. 6. 7. before XI BC - barter XI BC, China - bronze knives and spades VI BC, Lydia - electrum coins XI AD, China - paper money XXIX AD, Europe - gold standard 1944, USA - Bretton Woods system 1971, USA - fiat currencies
  • 6. Value? FAITH
  • 7. Value! FAITH
  • 8. Digital currencies 1998 2008 1996 2000
  • 9. Bitcoin 2008 SaToshi NakaMoto http://bitcoin.org/bitcoin.pdf Exchanges Crypto currencies Businesses
  • 10. Technology Decentralization Public-key Cryptography Opensource
  • 11. Technology 1PC9aZC4hNX2rmmrt 7uHTfYAS3hRbph4UN http://visual.ly/bitcoin-infographic
  • 12. Mining
  • 13. Market 7 day average from http://bitcoinity.org/markets/list 4 day average from http://blockchain.info/pools
  • 14. Market Quaterly average from http://blockchain.info/charts
  • 15. Risks Legal Technology Market Gov’t regulation 51% attack Manipulation Undefined status Scalability Volatility Anonymity DDOS attacks Clearing http://bitcoin.it
  • 16. State of the art Money Tulips Fiat Gold Bitcoin Store of value * **** ***** **** Medium of exchange **** **** *** ***** Unit of account * **** ** ** http://bitcoin.org
  • 17. Future Minin g Exchan ge Technology Busine Debts & ss Loans Pension funds Commodity Currency Derivatives
  • 18. Although some of the enthusiasm for bitcoin is driven by a distrust of state-issued currency, it is hard to imagine a world where the main currency is based on an extremely complex code understood by only a few and controlled by even fewer, without accountability, arbitration, or recourse. Francois R. Velde, senior economist (Chicago Fed Letter) Yep, sounds like the dollar. Reddit commentor
  • 19. Questions? Gatis Eglitis, Managing Partner +356 2015 0000, ge@exante.eu 19
  • 20. NEXT GENERATION PRIME BROKER

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