Bitcoin-futures contracts create as many risks as they mitigate

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OFTEN promoted as a way of mitigating risk, futures contracts are frequently more like new ways of gambling. That was true of a close precursor to the instrument, introduced in the Netherlands in 1636, linked to the hot investment of the day—tulip bulbs. Likewise the world’s first two futures contracts linked to bitcoin. One launched on the Chicago Board Options Exchange (CBOE) on December 10th; the other was due to follow a week later on the Chicago Mercantile Exchange (CME).
As bitcoin’s price has soared to new highs (see chart), holders may be happy to have a way to hedge their exposure at last. But for many, the contracts are just another way in. Both contracts settle in cash (ie, for the difference between the agreed price and the actual spot price). No exchange of bitcoin is needed; similarly, in the Dutch precedent, no bulbs were involved

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ames Franco was airbrushed out of Vanity Fair’s Hollywood cover after sexual misconduct allegations

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AMES Franco was removed from Vanity Fair's star-studded Hollywood cover after he was accused of sexual misconduct. According to The Hollywood Reporter, the actor, 39, sat for the Annie Leibovitz photoshoot and was interviewed for the special edition.   But it says the actor was removed digitally before publication. The publication quoted a magazine spokesman as saying: "We made a decision not to include James Franco on the Hollywood cover once we learned of the misconduct allegations against him." The Disaster Artist actor was accused of sexual misconduct, in a report in the Los Angeles Times, by five women. He has denied allegations against him, calling them "not accurate   The Crown star Claire Foy appears alongside a host of big screen heavyweights including Nicole Kidman, Oprah Winfrey, Reese Witherspoon, Tom Hanks, Robert De Niro and Harrison Ford on the US magazine's annual fold-out cover. Michael B Jordan, Zendaya, Jessica Chastain, Mi
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Harden Scores 48, Lillard 35 as Rockets Beat Blazers in Shootout

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The Portland Trail Blazers faced the Houston Rockets tonight without the services of center Jusuf Nurkic, recovering from an ankle injury. For three quarters, it didn’t look like they’d miss him. Damian Lillard hit threes like they were layups. Portland’s patchwork lineup hustled to fast break points and forced turnovers. If they couldn’t out-muscle or out-talent the Rockets, they’d simply outscore them. But even in the midst of amazing runs, the Blazers had no answer for James Harden and Chris Paul. When the game hung in the balance in the fourth quarter, the Rockets trailing by 14, those two superstars keyed a 40-19 period to put their team in the lead. As Houston bore down, Portland’s 60% shooting from the field slipped towards 50%...brilliant on any other night against any other team, but not enough to preserve the victory. Despite dead-eye marksmanship and a spirit effort, the Blazers watched the Rockets exit with a 124-117 win, completing a humbling 0-4 home stand an
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