Practical aspects of

algorithmic trading.

Bitcoin hedge fund.

Gatis Eglitis, Managing Partner

Sergey Troshin, Ph.D., Head of IT Strategy and Operations

Part 3: Bitcoin fund

EXANTE

1. 2010 - EXANTE ATP & BO, strong IT focus

2. 2011 - Maltese brokerage licence

3. 2012 - Hedge fund platform & bitcoin fund

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

1.Store of value

2.Medium of

exchange

3.Unit of accountAristotle

IV BC

W.S.

Jevons

XIX AD

Money history1. before XI BC - barter

2. XI BC, China - bronze knives and spades

3. VI BC, Lydia - electrum coins

4. XI AD, China - paper money

5. XXIX AD, Europe - gold standard

6. 1944, USA - Bretton Woods system

7. 1971, USA - fiat currencies

Value?

FAITH

Value!

FAITH

Digital currencies

1996

1998

2000

2008

Businesses

Bitcoin

2008 SaToshi NakaMoto

http://bitcoin.org/bitcoin.pdf

Crypto currencies

Exchanges

Technology

Public-key

Cryptography

Open-

sourceDecentralization

Technology

http://visual.ly/bitcoin-infographic

1PC9aZC4hNX2rmmrt

7uHTfYAS3hRbph4UN

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

RisksLegal Technology Market

Gov’t regulation 51% attack Manipulation

Undefined status Scalability Volatility

Anonymity DDOS attacks Clearing

http://bitcoin.it

State of the artMoney Tulips Fiat Gold Bitcoin

Store of

value* **** ***** ****

Medium of

exchange**** **** *** *****

Unit of

account* **** ** **

http://bitcoin.org

Future

Minin

g

Technology

Exchan

ge

Busine

ss

Commodity

Debts &

Loans

Currency

Pension

funds

Derivatives

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

Questions?Gatis Eglitis, Managing Partner

+356 2015 0000, ge@exante.eu

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