good points, the market is pricing the counter-party risk at about 7% > Right now 1 BTC on Gemini (the reference exchange for CBOE Bitcoin futures) is $16,600

good points, the market is pricing the counter-party risk at about 7% > Right now 1 BTC on Gemini (the reference exchange for CBOE Bitcoin futures) is $16,600 and the futures price is $17,800 for a 1 or 2 month contract. > Since the risk free rate is about 0.125% monthly and this spread is 7.2%, > it looks like the market is pricing the counter-party risk at about 7% for one or two month durations.