Practical aspects of
algorithmic trading.
Bitcoin hedge fund.
Part 3: Bitcoin fund

Gatis Eglitis, Managing Partner
Sergey...
EXANTE
1. 2010 - EXANTE ATP & BO, strong IT focus
2. 2011 - Maltese brokerage licence
3. 2012 - Hedge fund platform & bitc...
The use of money is all the advantage
there is in having money.

Benjamin Franklin
Money
1.Durable
2.Portable
3.Fungible
4.Intrinsic value

Aristotle
IV BC

1.Store of value
2.Medium of
exchange
3.Unit of ...
Money history
1.
2.
3.
4.
5.
6.
7.

before XI BC - barter
XI BC, China - bronze knives and spades
VI BC, Lydia - electrum ...
Value?

FAITH
Value!

FAITH
Digital currencies
1998
2008

1996

2000
Bitcoin

2008 SaToshi NakaMoto
http://bitcoin.org/bitcoin.pdf

Exchanges

Crypto currencies

Businesses
Technology
Decentralization

Public-key
Cryptography

Opensource
Technology
1PC9aZC4hNX2rmmrt
7uHTfYAS3hRbph4UN

http://visual.ly/bitcoin-infographic
Mining
Market

7 day average from
http://bitcoinity.org/markets/list

4 day average from
http://blockchain.info/pools
Market

Quaterly average from
http://blockchain.info/charts
Risks
Legal

Technology

Market

Gov’t regulation

51% attack

Manipulation

Undefined status

Scalability

Volatility

An...
State of the art
Money

Tulips

Fiat

Gold

Bitcoin

Store of
value

*

****

*****

****

Medium of
exchange

****

****
...
Future
Minin
g

Exchan
ge

Technology

Busine
Debts &
ss
Loans
Pension
funds

Commodity Currency Derivatives
Although some of the enthusiasm for bitcoin is driven by a distrust
of state-issued currency, it is hard to imagine a worl...
Questions?
Gatis Eglitis, Managing Partner
+356 2015 0000, ge@exante.eu

19
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PRIME BROKER
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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.

  1. 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. 2. EXANTE 1. 2010 - EXANTE ATP & BO, strong IT focus 2. 2011 - Maltese brokerage licence 3. 2012 - Hedge fund platform & bitcoin fund
  3. 3. The use of money is all the advantage there is in having money. Benjamin Franklin
  4. 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. 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. 6. Value? FAITH
  7. 7. Value! FAITH
  8. 8. Digital currencies 1998 2008 1996 2000
  9. 9. Bitcoin 2008 SaToshi NakaMoto http://bitcoin.org/bitcoin.pdf Exchanges Crypto currencies Businesses
  10. 10. Technology Decentralization Public-key Cryptography Opensource
  11. 11. Technology 1PC9aZC4hNX2rmmrt 7uHTfYAS3hRbph4UN http://visual.ly/bitcoin-infographic
  12. 12. Mining
  13. 13. Market 7 day average from http://bitcoinity.org/markets/list 4 day average from http://blockchain.info/pools
  14. 14. Market Quaterly average from http://blockchain.info/charts
  15. 15. Risks Legal Technology Market Gov’t regulation 51% attack Manipulation Undefined status Scalability Volatility Anonymity DDOS attacks Clearing http://bitcoin.it
  16. 16. State of the art Money Tulips Fiat Gold Bitcoin Store of value * **** ***** **** Medium of exchange **** **** *** ***** Unit of account * **** ** ** http://bitcoin.org
  17. 17. Future Minin g Exchan ge Technology Busine Debts & ss Loans Pension funds Commodity Currency Derivatives
  18. 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. 19. Questions? Gatis Eglitis, Managing Partner +356 2015 0000, ge@exante.eu 19
  20. 20. NEXT GENERATION PRIME BROKER
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