U._S, Mike, Louis discussed on Unchained
Way. I'll let you guys in on something which i'm enough years out where we can talk about this but <hes> i remember remember. I think it was coined. S. two thousand seventeen i was right before i left the firm because i left siemian july to seventeen and we'd already you know written the specs and we were going through with a whole bunch of people around what that would look like and potential traders and we're working on the design of it and then what the you know how the mechanics would work and people would get connected because there's a whole host of things that need to happen for this thing to trade and i do remember at one point we <hes> we organized a meeting meeting with the top ten to twelve trading houses who would do this crypto and it's all the law the famous names you can think of now in early in the early days as who would have traded this potentially <hes> and i remember we convened this meeting and we were like do not tell people because it was during consensus and we're like do not tell people people. We don't want people gatecrashing his keep us under wraps and i will tell you i was so proud of all of the traders. Nobody said a word. The meeting being happened and it was great. We went over the specs. We talked about the problems of physical versus. Non cash shuttled u._s. Dollar basis this risk like it was a very it was a really great conversation. It was a very constructive conversation and we got good feedback and i will say i was singularly shocked. I was i swore somebody would leak it and no one did <hes> <hes>. I wonder if i know any of those people in widely anyway. I'm sorry i did appreciate it. I mean you know because we have. We could have actually blown up our ability to do this properly. <hes> you know with the confidence of the c._f._t._c. and that's the other thing is that trust is every we trust right and ultimately this is all built on trust in human trust of each other brain as mike about tressler systems yeah but that's the thing they're not trust louis. It software replaced replace. That's my take. I'm like why i agree with this system that enables trust but anyway. I completely agree with you on that point so anyway but i did want to ask you about this. Physically settled versus cash settled so as you know <hes> obviously c._m._e. Bitcoin futures are cash settled meaning anthony. The payout happens in u._s. Dollars yet and so obviously if the bitcoin prices fluctuating depending on when.