Talk of Ticker Symbols Shows How Far Bitcoin Has Come

``Early indications are that bitcoin will soon be included in this 4217 standard under code symbol XBT... The market depth and liquidity of this robust spot market is what would eventually underpin a derivatives market for bitcoin futures contracts and options. Without a deep spot market, there is no credible and reliable method to offset risk in derivative positions, which otherwise place too much emphasis on pure counterparty risk. Free market derivatives exchanges with sufficient and verifiable inventories evolve to manage the trade clearing and settlement process.''