Well I guess it does not matter ...
Welcome to my ignore list ass clown. Have a nice day.
Topic: [ANN] Coinut.com - The only Bitcoin Options Exchange [beta] - page 16. (Read 34192 times)
Welcome to my ignore list ass clown. Have a nice day.
Well I guess it does not matter since I am just an "ass clown", but I have made over 175% on my profile in 2 days, so I do not think my criticism comes from a place of bad intent. The closing positions error occurs due to incorrect margin requirements, which the site has promised to fix. Also, the API also stopped working today due to some SSL verification error, but since I am just an "ass clown", I guess my opinion does not matter at all. Thanks for your constructive post Indamuck, no need to verify your facts before slinging baseless slander!
This website is a complete scam. In addition to previously acting as the sole liquidity provider, changing the exchange calculations without notice, a stunning lack of transparency, and technical bugs costing traders money, the site now prevents users from closing out open positions. Do not deposit any money whatsoever to this scam of a website.
Someone's been doing quite a bit of retail trading on Coinut. Some nice poisson distributions.
Just added a new function. You can download your history information now.
The vanilla option margin problem should have been fixed.
What changes did you make?
Lol ...
It's a surprise!
Guys, there is no surprise. It's still
Option Price + 0.01*Maximum ((40% * Underlying Price - Out of the Money Amount), (20% * Underlying Price))
Originally, the sign of Out of the money amount is wrong. We just fixed it.
Well I'm glad you got that fixed.
Just reduced the number of strikes to 20.
You think that is enough strikes for the 30 minute binary option?
For everything else I think its a good change. Usually it centers where you want it to be when you log in but not always. This probably makes the user experience a lot better.
Most of the time, there is only liquidity for 9 strike prices including the 30 minute binary options. So 20 should be quite enough. Later we may add customization so that you can choose 5, 10, 20, 40 etc.
The vanilla option margin problem should have been fixed.
What changes did you make?
Lol ...
It's a surprise!
Guys, there is no surprise. It's still
Option Price + 0.01*Maximum ((40% * Underlying Price - Out of the Money Amount), (20% * Underlying Price))
Originally, the sign of Out of the money amount is wrong. We just fixed it.
Well I'm glad you got that fixed.
Just reduced the number of strikes to 20.
You think that is enough strikes for the 30 minute binary option?
For everything else I think its a good change. Usually it centers where you want it to be when you log in but not always. This probably makes the user experience a lot better.
Just reduced the number of strikes to 20.
The vanilla option margin problem should have been fixed.
What changes did you make?
Lol ...
It's a surprise!
Guys, there is no surprise. It's still
Option Price + 0.01*Maximum ((40% * Underlying Price - Out of the Money Amount), (20% * Underlying Price))
Originally, the sign of Out of the money amount is wrong. We just fixed it.
The vanilla option margin problem should have been fixed.
What changes did you make?
Lol ...
It's a surprise!
The vanilla option margin problem should have been fixed.
What changes did you make?
The vanilla option margin problem should have been fixed.
I'm wondering if there's a flaw in the margin requirements. I sold some puts. I'm wondering why that now that the price has gone up my margin requirement has also went up even though theoretically they should be more safe.
I'm guessing your margin requirement has risen by about 10%, no?
Earlier I believe he said they've set the vanilla margin requirement at '40% of the underlying principal.' Forty percent of $250/btc is MORE than forty percent of $230/btc. Be careful, if the btc price keeps rising, you could get a margin call on your short puts!?! How's that for 'f*ck'd up system risk?'
I haven't touched the vanilla options, don't believe I will.
We are checking this. You guys are quite early. Before you guys, there were seldom options sellers. Will fix this issue soon.
I'm wondering if there's a flaw in the margin requirements. I sold some puts. I'm wondering why that now that the price has gone up my margin requirement has also went up even though theoretically they should be more safe.
I'm guessing your margin requirement has risen by about 10%, no?
Earlier I believe he said they've set the vanilla margin requirement at '40% of the underlying principal.' Forty percent of $250/btc is MORE than forty percent of $230/btc. Be careful, if the btc price keeps rising, you could get a margin call on your short puts!?! How's that for 'f*ck'd up system risk?'
I haven't touched the vanilla options, don't believe I will.
I'm wondering if there's a flaw in the margin requirements. I sold some puts. I'm wondering why that now that the price has gone up my margin requirement has also went up even though theoretically they should be more safe.
Well considering that they were able to roll back all the orders I have trust that they'll be able to fix problems. (during index bug)
Also I've been writing options and the margin requirements feel fine. I've also realized that while buying options gives you inherent leverage, selling options is the exact opposite. You take a return but with risk.
Also I've recently placed a withdrawal request, lets see how long it'll take to process on a Sunday.
Also I've been writing options and the margin requirements feel fine. I've also realized that while buying options gives you inherent leverage, selling options is the exact opposite. You take a return but with risk.
Also I've recently placed a withdrawal request, lets see how long it'll take to process on a Sunday.
Yeah, but option sellers are not agreeing to take on 'fuck'd up system risk.'
My worst fear is that they build a meaningful customer base, get some real momentum, and then their index calculation goes awry and they erroneously liquidate thousands of clients. Etc. etc ... I was trading on Bitfinex during the extreme market conditions a year ago, and that leading exchange simply shut down their trading engine, and/or turned off their margin mechanism, on a couple of occasions. They came out of it more robust, and I still trade there, but that is not ideal by any means. It cost me a few thousand US$, and no, there was no recourse.
Coinut only has one reputation to lose. I'd rather we held them to the fire NOW, and they address these critical things while their reputational risk is still low, than later, when the 'cost' is likely to be much higher.
I have made a script so that you can chart the index. I am just using the close price and not ask or bid since I do not have that info. At least you can lay it on top of another exchanges candles and get an idea where the index is.
https://www.tradingview.com/script/SpPMcsQh-COINUT-INDEX-BITCOIN-OPTIONS/
https://www.tradingview.com/script/SpPMcsQh-COINUT-INDEX-BITCOIN-OPTIONS/
Well considering that they were able to roll back all the orders I have trust that they'll be able to fix problems. (during index bug)
Also I've been writing options and the margin requirements feel fine. I've also realized that while buying options gives you inherent leverage, selling options is the exact opposite. You take a return but with risk.
Also I've recently placed a withdrawal request, lets see how long it'll take to process on a Sunday.
Also I've been writing options and the margin requirements feel fine. I've also realized that while buying options gives you inherent leverage, selling options is the exact opposite. You take a return but with risk.
Also I've recently placed a withdrawal request, lets see how long it'll take to process on a Sunday.
That was... strange. The BTC/USD dropped before my eyes from $230 down to $50~ before recovering back up. Wiped the limit orders off of the screen. Was that just a glitch?
This looks like your automated margin call system was triggered by some aberration to your in-house calculation of the index. I believe he posted this before you began offering vanilla options. If he had a portfolio of vanilla options, in addition to seeing his open orders cancel your system likely would have auto-liquidated him with market orders. Basically that could have wiped him out ... because of glitched up systems. This is the type of risk I think about when considering your vanilla options ...
We changed the price index because originally we used the bid, ask amount as the weights, and it was manipulated by one smart guy. He put big orders in an exchange and immediately canceled them. This was repeated very frequently, and the result was that the final index biased toward that exchange. To avoid being manipulated again, we changed the index. However nobody received a margin call.
Now, we've fully disclosed our price index, and we will never manipulate the index. We currently have a few market makers. But we cannot disclose their identities for privacy issues. The point is, no matter who you are trading with, we will make the exchange transparent and fair. If you have any suggestions that can make this better, we will be glad to take.
BTW, we just added two important metrics. One is the Volume, and the other is the Open Interest. Please take a look.
Mr. Wang,
It appears that you changed the index composition in the dark ... without telling anybody. Is that the case?
You cannot sell financial instruments tied to a stated index, and then secretly change that index, no matter how minor, or good your intentions.
I know your intentions were good, but you open yourself to charges of fraud ... and those might be hard to refute.
If you change the index composition, it needs to be announced in advance, in a transparent manner.
I was concerned about index manipulation as well, hence my questions about it. Glad to see you were aware, and happy to see the recent updates!
Jump to: