Topic: Bears, Put Your Money Where Your Mouth Is - page 8. (Read 7199 times)

Step 1: Set up bet with me.
Step 2: Buy bitcoins (which you've hedged out of anyway because of your bet with me, don't worry, your not 'really' buying coins).
Step 3: Lose those bitcoins in your bet.

Do you have any money in any exchange ever?

I'm a bear, and the idea seems fun but... how am I supposed to bet? I don't have any BTC, I sold them all!  

*EDIT*
My post may seem as a joke, but I'm serious. I'm thinking the price will go down the drain, I'm out of the market for the time being and I'm sitting on my pile of cash waiting for the price to go down. A real bear shouldn't have any BTC left to bet.

I can already hear the crickets. But I hope someone takes you up on your bet....entertainment lol

I've talked about this in several threads before but I want to make a thread dedicated for it.

Looking for Bears that want to bet against bitcoin.

I am confident in Bitcoin in the days to come so I am looking to express this view without daytrading. Thus I will provide people with the option to short bitcoin with 'binary options' (i.e, what financial institutions use as a fancy way of saying 'bets') so you bears can profit from your 'superior knowledge.'

I offer 2 simple ways of making your bet:

Down: You bet Bitcoin will go down. If the Gox price is lower (even by 1 cent!) than when you make the bet after a designated period of time, you will double your money. If not, you will lose your money.

One-touch: You bet Bitcoin will touch a specific value (lower than the current) within the next designated time period. If it does, you will double your money. If not, you will lose your money. This is useful because even if we go into what you bears call "bull traps" you still make money.

For one-touch, I feel a daily trade is more easily tracked because the "low" is clearly available on gox. Today, the market in one day had a ~25% range of values (from $109 to $136). In order for it to be considered a possible "bear" market, more than half of this variance must be over half of this range. So, I will make the target value for one-touch 13% lower than the current price with a time period of 24 hours as a starting offer.

Obviously I am willing to negotiate and take offers. As for trust, I can assure you I am trustworthy and require users that I personally do not trust (don't take it personally, I probably just haven't got to know you yet) to give me your Bitcoins before starting the bet. In many cases I assume we can go on the honor system and pay each other after the bet is complete. I encourage you to start with a small bet to get to know you can trust me.

This offer may be removed or changed whenever I personally feel. Obviously I will still honor outstanding bets. No need to send me a PM, just post in this thread so the forum can back us up in case of a conflict which increases trust. All prices both opening and closing are based on gox price.

PROFIT CALCULATIONS

-'DOWN' bets:
current price/strike price : 1
Example:
If you bet 1BTC that the price would close lower than 100 when the price is 125, and it did, you would get 1BTC*(125/100) = 1.25BTC as your profit.

-Daily 'STRIKE' bests:
You will double your money if the price reaches 13% lower than the current price within a time period of 24 hours.