Topic: [ANN] Coinut.com - The only Bitcoin Options Exchange [beta] - page 15. (Read 34192 times)

Well those shouldn't be hard to find market makers for.

But you'll have the question of either doing socialized losses or not allowing a lot of leverage.

Sure, futures will definitely be our next derivative.

Here's some insight for your business. Today I withdrew half my balance ... in order to send it to 796 xChange and sell the FTSE China A50 contract they have now. The A50 was down some 8% on the day this afternoon ... but I missed the bulk of it, of course.

Ideally Coinut was a derivatives exchange, and not just an options exchange. Then many of your traders could consolidate trading on your site. Futures+Options are a perfect fit, especially with portfolio margining. I would MUCH prefer NOT to be sending my coins all over the place in search of a good trade - ideally they were all under one roof.

You we are welcome. 

Lol .. ok thanks.

(I sent a couple withdrawal requests today with address that was missing a digit ... my guess is he's referring to that.)

Just fixed the withdrawal form. Now you will get notified if an invalid Bitcoin address is used.

The first reason is quite understandable. Regarding the second one, we know that we still need to add a lot more functionalities. But we have built a very strong foundation. We have very efficient backend and frontend. We have designed our system in a very flexible way so that many functions can be added without much difficulty. We just need you guys to suggest what you want. A few days ago, you guys told us you need the volume and open interest metrics and less strike prices etc. We just implemented them. So our team is always here doing our best to make the platform professional and easy to use.

I've thought about it. Two issues for me: First, in the short-to-medium term I think BitBingo pays better. Second, if I campaign with Coinut and a referral link, I will likely post some instructional stuff, which would require more of my time. And right now I DON'T want people imitating me because I could get crowded out.

And finally, I'm concerned you guys are vulnerable to competition. Currently your functionality remains quite primitive, and I'm thinking there are a few guys/teams looking to do you one better. It doesn't appear you have a credible, direct competitor at the moment, but rest assured one is on the way.

Yeah, you should also consider something similar for vanilla options too. The spread right now is actually just the fee.  It's actually a $1 fee.  So do your research. I don't want to hurt your business but smaller spreads on options should lead to more trading.  Also a smaller fee for far out of the money strikes would also be good. That way you could be able to trade those.

Why don't you wear our signature campaign? I think you will gain some registrations and thus earn some commissions in additional to the campaign payment.

Yeah, these are nice suggestions. Right now, there is no fee for either closing or exercising a position. We will definitely consider making it proportional to the price in the future. But it will require a little more research.

Yeah that sounds good. Yeah I think smaller fees would be good. But a 0.0002 fee for 50% contracts is actually completely reasonable on a binary options contract.

Smaller fees would allow trading on further out strikes while collecting the same amount of fees on the closer strikes so they're getting extra revenue.

Also is there a fee for closing positions? You don't have a fee for exercising so I think no fee on closing would be a good idea. And you already charged them a fee for opening the position.

So with your proposal of 0.0002 or 20%.  MIN(0.2*contract price, (1-contractprice)*0.2)

Equilibrium price is a contract price of 0.001, I think it's perfectly reasonable. It's won't be effecting your fees that much and it's causing more volume.

Actually I'd recommend a 15% fee because with both maker and taker 40% is quite a big portion.

And equilibrium price is still 0.0013333 so you shouldn't have a problem.

Or you could consider some sort of fee that's not equal.  So that the person who's risking more, 0.009 btc has a smaller fee and the person who's getting 10x doesn't get as much of a fee reduction. Because for them even though the fee is a big portion of the contract, it's a small amount of the reward they're getting. So it would be based on the reward you get.

Suggestion for the binary options:

Instead of a flat .0002 trading fee, make it the lesser of .0002 and 20% of the contract price. Thus a contract that is bought/sold for .0009 would only charge a fee of 20%*.0009=.00018

And a contract that trades for .0002 would only cost a fee of .000040

This change will encourage bigger volumes on your lowest price contracts. Currently I see contracts quoted for prices that are less than the transaction cost, which makes little sense, unless of course your aim is to limit trading.

Nice! You doing it on 30 minute binaries? Most action over there.

I also have a question. When you close positions do you still have to pay a fee?

I have a feature request. I want to be able to have a risk profile for all your options positions combined. So you could realize your profit at different points visualized.

To make that easier you might want to do that other suggestion that someone mentioned which was for consolidating different positions at the same strike together into one average price to make it a lot less easier visually.

So that'll simplify the calculation. And I think that visualization would be very useful.

Obviously different expiry dates will need separate risk profiles. But it'd be interesting if you could also combine the binary options if they expire at the same strike.

And this risk profile would probably be togglable so its not showing for people who don't want it.

Another reason I think this is useful is because options are quite a complex product and this'll help visualize them a bit and sort of inform them about these complex strategies they can use.

Oh and another thing is the complex margin calculation, what's the progress on that?

Also what is your thoughts on having a different initial margin and maintenance margin?

I guess Indamuck is really grumpy all the time and curses to hide the apparent lack of any substantial vocabulary.  And clearly Indamuck cares what Chris thinks because Indamuck took the time to respond to the post.  If Indamuck really did not care, Indamuck would not have responded.  Also, API and position closing bugs are fixed, hooray!

Little secret for you Chris: I don't give a sh*t what you think of me. But thanks for sharing ...

You know what, I actually thought the clown was you Indamuck because you were the only person complaining about all these things.

Sorry

I will! Thank you for the kind wishes    Made over $250 trading on Coinut in the past 2 hours, so I'd say it is a great day so far