Commodity exchanges have a lot of advantages. One, you are helping transparency. Two, they are not political. It's institutional building. It can survive any environment, in theory.
StockX's live marketplace will harness the Internet's natural ability to facilitate a better way to transact certain segments of ecommerce. We are going to bring the kind of trading platform and visibility to tangible products that financial and commodities markets have used for decades.
I got an E-Trade account. Turns out I can turn $1,000 into $420 in less than a week. Sure, I had to pay some fees.
Ironically, the original Detroit Stock Exchange once sat less than a thousand feet from StockX headquarters here in downtown Detroit. It is only fitting that we are going to build the next iteration of the world's most efficient market invention almost in the same spot.
We built a market at IEX that does not sell certain types of technology advantages to high-frequency traders, and as a result, the high-frequency traders that didn't rely on buying those advantages trade on IEX.
Maybe bitcoin is a kind of a bubble. I don't like it. I'm not comfortable with it. I'm kind of an old dog to be absorbing that kind of a new trick.
A lot of people don't want to deal with the effort needed to secure your bitcoins. That's why we started to build Gemini, which is a U.S.-based exchange with compliance - it's NASDAQ, E-Trade and DTC built into one.
Another misconception is that an order is canceled when you hit 'cancel' on your computer. But, the fact is it's canceled only when the market gets the cancellation.
