I'm waiting on my bank transfer (IngDirect) to Dwolla. So far it has been 3 days and they are predicting 5 days.
I'd think IngDirect, an online bank, would be faster...
Steps
1) get dwolla
2) verify bank account for transfers to dwolla (1-2 days)
3) send money to dwolla (3-5 days)
4) get mtgox
5) send money to mtgox (hopefully <1 day)
6) send money from mtgox to bitoptions (hopefully <1 day)
Topic: Bitoption.org -- ESCROWED LIVE Bitcoin Options Trading - page 7. (Read 36582 times)
That would be fabulous..
I think you an gain adoption by catering to the newbie (like me). I do not understand options well and the site would have to guide me really well. Maybe make a dedicated page where the user can input date, strike and price of option and a JavaScript chart immediately updates to tell what this means for different price outcomes.
Feature request two: Give me an input table with 3 columns [Date, Min Price, Max Price]. The user can then enter up to 10 different dates and tell what he thinks in which range the price is going to be with 90% certainty. This wizard should generate a bunch of contracts that make the user money if he is right and lose his money if he is wrong.
This input format would remove the need to know anything about options. The user tells his opinion about the market 1, 2, 3, ... month in the future and you figure out all the math.
Feature #3: Allow orders to be cancelled after X hours automatically. That way we can risk leaving it in for 3 hours without looking.
Feature request two: Give me an input table with 3 columns [Date, Min Price, Max Price]. The user can then enter up to 10 different dates and tell what he thinks in which range the price is going to be with 90% certainty. This wizard should generate a bunch of contracts that make the user money if he is right and lose his money if he is wrong.
This input format would remove the need to know anything about options. The user tells his opinion about the market 1, 2, 3, ... month in the future and you figure out all the math.
Feature #3: Allow orders to be cancelled after X hours automatically. That way we can risk leaving it in for 3 hours without looking.
I imagine sites spring up using bitoption to hedge themselves with names like "Bitcoin Guarantee" and "Easy Option" that have very friendly interfaces and a restricted set of options and do good hand holding.
OK, so we could just take commission on any offer that picks up other offers. Unfilled offers get no commission. I'll have to see what that would take on the backend. My gut is that it won't be too difficult.
I no longer believe the session bug is fixed.
I no longer believe the session bug is fixed.
I think TTBit was suggesting that adding liquidity, e.g. making a new offer, perhaps making the best current offer (bid/ask) is rewarded with a 0 commission status. Buying such an offer is charged commission, but I'd like to make sure I understood how he thinks of it.
That makes sense for driving surface spreads together, but every offer adds depth.
I _THINK_ the session bug is fixed now.
Hey Demonofelru,
You can send us USD through Mt. Gox' send USD, and we will (manually) send you out USD using the Mt. Gox send cash-to-an-email functionality. Just email me at [email protected].
You can send us USD through Mt. Gox' send USD, and we will (manually) send you out USD using the Mt. Gox send cash-to-an-email functionality. Just email me at [email protected].
Any ETA on getting USD out? Right now writing calls is extremely stupid IMO until this is implemented. example the current price is $10 per BTC I write a call with a strike price of $15 and expiration 1 month in the future premium is $1. 30 days later the price is $32 it gets executed I get $15 + my premium was $1 giving me $16. Although I technically made a 60% profit in a month's time which is great I am forced to exchange from BTC which would make it .5 BTC which is a 50% loss.
Looks like there were some insane price swings over the last few days. Did anybody make a killing trading options during that time?
I think TTBit was suggesting that adding liquidity, e.g. making a new offer, perhaps making the best current offer (bid/ask) is rewarded with a 0 commission status. Buying such an offer is charged commission, but I'd like to make sure I understood how he thinks of it.
sounds like a session bug.
I've got it on the list, will keep you posted.
I've got it on the list, will keep you posted.
I'm still getting logged out, has it not taken effect yet?
So TTbit, how do you suggest we implement the commission-free side of things? I am totally willing to do it. Normally I think of Market makers as getting a cut in exchange for keeping up some minimum volume and spread commitments.
Suggestions?
Suggestions?
I'm not sure what TT meant, but I was suggesting turning fees off until there is actually a market for you to pull fees off of. Later you can give a cut to keep market makers from going elsewhere or whatever.
Hey, I'm interested in this---I've bought put options in the past as 'insurance' and I may do so again. Or I may start writing calls as opposed to leaving outrageously high asks on Mt Gox 'just in case'.
This question may have been asked already, but I didn't notice an answer: am I able to resell option contracts? I.e. can I buy a call option at a $1.0 premium and then resell it at a $1.5 premium if the exchange rate goes up, without actually escrowing any of my own bitcoins? If not, consider this a feature request.
This question may have been asked already, but I didn't notice an answer: am I able to resell option contracts? I.e. can I buy a call option at a $1.0 premium and then resell it at a $1.5 premium if the exchange rate goes up, without actually escrowing any of my own bitcoins? If not, consider this a feature request.
So TTbit, how do you suggest we implement the commission-free side of things? I am totally willing to do it. Normally I think of Market makers as getting a cut in exchange for keeping up some minimum volume and spread commitments.
Suggestions?
Suggestions?
Suggestion: fees - 0% if you make the market, but 2% if you hit the bid/offer. Give an incentive to market makers and bot writing. The people who wait for a huge move and pick off orders should pay the fee.
best of luck with the site.
I second that. It isn't that you don't deserve fees, it's just that you can get so much more by waiting until you have something good to sell, liquidity.
I gave this same advice to MtGox, seems to have worked
So, I understand the bidding with what you don't have argument, but that system can be abused by griefers easily. Nefario recently took GBLSE down over this behavior: offers to sell 9999 shares of a security; unfunded, couldn't actually execute on them, but... bad for market analysis and annoying to people trading.
I took the approach that every bid/ask is a firm offer, and funded. I think we'll stick with that for now.
Re: Bidding; I agree, it takes too long. I'm not sure why; will look into it.
Re: Deposits, since we piggy-back on Gox' system, for now, we have to use it. But I agree it's annoying!
Re: Sessions, that's bugging me too. It should be set to like 4 hours. I updated a configuration item. Sessions should now last a really long time.
I took the approach that every bid/ask is a firm offer, and funded. I think we'll stick with that for now.
Re: Bidding; I agree, it takes too long. I'm not sure why; will look into it.
Re: Deposits, since we piggy-back on Gox' system, for now, we have to use it. But I agree it's annoying!
Re: Sessions, that's bugging me too. It should be set to like 4 hours. I updated a configuration item. Sessions should now last a really long time.
Ah, I overlooked that. What about a small multiple (3x?) and don't let the bids in one contract surpass the free cash so traders know they could accept that whole offer?
If it has to stay as is it's not that big of a deal. I don't want to raise cash by selling coins to place offers that will probably not get taken, but I can sell puts eventually.
I check your site all the time, great work. Due to the extreme volatility, it is too difficult to leave an order out there, but I caution against offering a service that cancels orders based on mtgox price. Too much risk for bitoption.org.
I'll contribute 1 btc bounty for a very basic functioning bot that you approve. Please include a basic BS model.
I like your API, I place all orders with it using an excel spreadsheet. I don't place orders through the browser.
Suggestion: fees - 0% if you make the market, but 2% if you hit the bid/offer. Give an incentive to market makers and bot writing. The people who wait for a huge move and pick off orders should pay the fee.
best of luck with the site.
I'll contribute 1 btc bounty for a very basic functioning bot that you approve. Please include a basic BS model.
I like your API, I place all orders with it using an excel spreadsheet. I don't place orders through the browser.
Suggestion: fees - 0% if you make the market, but 2% if you hit the bid/offer. Give an incentive to market makers and bot writing. The people who wait for a huge move and pick off orders should pay the fee.
best of luck with the site.
So, I understand the bidding with what you don't have argument, but that system can be abused by griefers easily. Nefario recently took GBLSE down over this behavior: offers to sell 9999 shares of a security; unfunded, couldn't actually execute on them, but... bad for market analysis and annoying to people trading.
I took the approach that every bid/ask is a firm offer, and funded. I think we'll stick with that for now.
Re: Bidding; I agree, it takes too long. I'm not sure why; will look into it.
Re: Deposits, since we piggy-back on Gox' system, for now, we have to use it. But I agree it's annoying!
Re: Sessions, that's bugging me too. It should be set to like 4 hours. I updated a configuration item. Sessions should now last a really long time.
I took the approach that every bid/ask is a firm offer, and funded. I think we'll stick with that for now.
Re: Bidding; I agree, it takes too long. I'm not sure why; will look into it.
Re: Deposits, since we piggy-back on Gox' system, for now, we have to use it. But I agree it's annoying!
Re: Sessions, that's bugging me too. It should be set to like 4 hours. I updated a configuration item. Sessions should now last a really long time.
Ah, another thing, it seemed like I couldn't make a bid if my bids totaled more than my balance. This actually hurts liquidity and isn't necessary. I could make a bunch more bids if it just knew to withdraw some bids when I ran out of money.
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