The first marvel that the market came up with against probability is the trading of the underlying asset itself. The exchange is an extraordinary matter, which is not yet fully investigated according to us. It is not that something is random (a lottery) and then we seek its value and its price. The price is there already and it cannot be anything but random because it changes. It changes because there is the minimum assumption in the market that a transaction will be followed by the next (there is, thus, the assumption of time) and that, at the next step, either the buyer or the seller is not satisfied (while his counterparty is) and will be prepared to drag the price either up or down. There is no time to try and guess or predict the next price movement in the market, because it is the exchange and trading that we are talking about and any future predictable price will trade as of now (EMH). The exchange, left to its own forces and own logic, seems thus to overturn the relation of antecedence between action and prediction.
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Es steht fest, dass Blockchain-Technologie die Welt verändern wird. Weit weniger klar ist, wie genau dies passiert. Ein englischsprachiges Whitepaper des Fintech-Unternehmens Avaloq untersucht, welche Einsatzszenarien es im Banking und in der Vermögensverwaltung geben könnte – „Blockchain: Plausibility within Banking and Wealth Management“. Einige dieser plausiblen Einsatzszenarien haben sogar das Potenzial für eine massive Disruption. Ein bereits existierendes Beispiel liefert der Initial Coin Offering-Markt: ICO statt IPO. Jetzt gratis downloaden!