Did Coinut lose big in the last BTC price run?

Harry Hood

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Quote from: MinerHQ on November 14, 2015, 09:34:21 PM

Quote from: achow101 on November 12, 2015, 11:32:49 PM

No, I don't think so. It isn't how their game works. Coinut doesn't pay anything, it is actually between users, not between coinut and the users. So they don't have any money at stake. They just make money off of fees.

What you said is correct for people who play the games but for signature campaign they need to pay from their pocket if they don't make so much profits from the site. I read some where on their thread that owner gave an answer for late payment or delayed payment that he is busy but that is not correct if and one is so much busy every week then he should offload his work to maintain a on time payments.

Nah man, options don't work that way. Coinut definitely has to take a side. One who buys options from them is making a bet, if that person wins the bet Coinut has to pay out.

As for their campaign, I'm still waiting for my Avatar payment for the last month. These guys are so tough to work with.

DaddyMonsi

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So this campaign did hire a campaign manager and Izanagi is playing that role and all he do is count and scrutinize posts and I believe Izanagi is doing a great job on that department, but whit that recent delay of payments, I think there should be a fund being held by an escrow to make sure participants are going to be paid on time in cases like campaign owner is very busy.

MinerHQ

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Quote from: achow101 on November 12, 2015, 11:32:49 PM

No, I don't think so. It isn't how their game works. Coinut doesn't pay anything, it is actually between users, not between coinut and the users. So they don't have any money at stake. They just make money off of fees.

What you said is correct for people who play the games but for signature campaign they need to pay from their pocket if they don't make so much profits from the site. I read some where on their thread that owner gave an answer for late payment or delayed payment that he is busy but that is not correct if and one is so much busy every week then he should offload his work to maintain a on time payments.

Possum577

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Quote from: teddy5145 on November 14, 2015, 12:28:39 AM

Good thing the situation is resolved now Grin

But still i haven't receive any of my payments because izanagi has to fix the payment rates Wink

Let's hope izanagi will fix it soon so everyone including me who quit the campaign get his payment asap Wink

Thank you izanagi for your hard work

Actually - the situation is not resolved. I just checked their campaign thread and they haven't paid Avatar posters for the previous month's payment...stay tuned for an update.

teddy5145

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Good thing the situation is resolved now Grin

But still i haven't receive any of my payments because izanagi has to fix the payment rates Wink

Let's hope izanagi will fix it soon so everyone including me who quit the campaign get his payment asap Wink

Thank you izanagi for your hard work

Possum577

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Quote from: botany on November 13, 2015, 09:39:29 PM

They seemed to have paid for the latest week of the signature campaign.
So we can infer that their situation is not that bad.

Quote from: wangxinxi on November 13, 2015, 07:06:16 PM

This is the payment for Campaign Period : 7th Nov to 13rd Nov 2015.

https://blockchain.info/tx/e5bfb4cb0c77a9bbed4f67a7eff1941194b42491961fc5b786485225f701b7da

The campaign manager will fix the payment for Campaign Period : 31st Oct to 6th Nov 2015. After that, I will finish the payment.

Ah, cool. Thanks for the update!

This company is great...what the offer is great...I'd hate for them to disappear or fade away.

botany

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They seemed to have paid for the latest week of the signature campaign.
So we can infer that their situation is not that bad.

Quote from: wangxinxi on November 13, 2015, 07:06:16 PM

This is the payment for Campaign Period : 7th Nov to 13rd Nov 2015.

https://blockchain.info/tx/e5bfb4cb0c77a9bbed4f67a7eff1941194b42491961fc5b786485225f701b7da

The campaign manager will fix the payment for Campaign Period : 31st Oct to 6th Nov 2015. After that, I will finish the payment.

Possum577

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Quote from: izanagi narukami on November 13, 2015, 01:15:52 PM

Quote from: ?? on ??

Quote from: favdesu on November 13, 2015, 05:32:42 AM

I doubt the signature campaign has anything to do with them operating the site. They're always paying kind of delayed, at least since I'm in.

They always late to pay, but this time is longest than before.
wangxinxi dan izanagi haven't active since few days ago, this make me worry.

But, i'm sure they will pay us. They even attend Boost VC’s Tribe 6 too.
No way they want damage their reputation just because signature campaign problem.

I have contacted Wanxinxi about payment but I'm lack of response from him so I can't do nothing about payment Sad

Izanagi, thanks for commenting here! Can you share what your usual process is with him? Is anything out of the ordinary at this point or is this the typical process for communications and response that you have with him?

Thanks.

izanagi narukami

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Quote from: ?? on ??

Quote from: favdesu on November 13, 2015, 05:32:42 AM

I doubt the signature campaign has anything to do with them operating the site. They're always paying kind of delayed, at least since I'm in.

They always late to pay, but this time is longest than before.
wangxinxi dan izanagi haven't active since few days ago, this make me worry.

But, i'm sure they will pay us. They even attend Boost VC’s Tribe 6 too.
No way they want damage their reputation just because signature campaign problem.

I have contacted Wanxinxi about payment but I'm lack of response from him so I can't do nothing about payment Sad

Mickeyb

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Move On !!!!!!

Quote from: Possum577 on November 13, 2015, 12:52:05 AM

Quote from: FrostStick on November 13, 2015, 12:47:01 AM

Is this associated with coinut's recent signature campaign payout drop as well? And I heard they refused to pay their members in the old rates although the members are more than halfway through the week wearing their signature.

Yes, some of the complaints I've read are related to that.

I just see a few different opportunities for them to minimize their costs by either lowering payments or not making payments at all...and it's all conveniently at the same time that they could have taken a huge hit on a bad bet with the rise and fall of the BTC price.

In options, what Coinut offers, they win when the price doesn't move. They lose, potentially alot, when the price does move.

I was hoping someone who uses Coinut may be able to share some thoughts...

Yes, but how much money will they really save by doing this to their signature campaign participants? I mean even if you cut their rates and you refuse to pay old rates in the middle of the week, what can you save? 1 btc at maximum maybe or not eve that much!

If they are looking to save 1 bitcoin then they and their company are absolutely doomed. I hardly believe this is the case. And people in their campaign say that they are always late with the signature campaign payments!

favdesu

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I doubt the signature campaign has anything to do with them operating the site. They're always paying kind of delayed, at least since I'm in.

Possum577

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Quote from: FrostStick on November 13, 2015, 12:47:01 AM

Is this associated with coinut's recent signature campaign payout drop as well? And I heard they refused to pay their members in the old rates although the members are more than halfway through the week wearing their signature.

Yes, some of the complaints I've read are related to that.

I just see a few different opportunities for them to minimize their costs by either lowering payments or not making payments at all...and it's all conveniently at the same time that they could have taken a huge hit on a bad bet with the rise and fall of the BTC price.

In options, what Coinut offers, they win when the price doesn't move. They lose, potentially alot, when the price does move.

I was hoping someone who uses Coinut may be able to share some thoughts...

FrostStick

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Is this associated with coinut's recent signature campaign payout drop as well? And I heard they refused to pay their members in the old rates although the members are more than halfway through the week wearing their signature.

Possum577

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Quote from: DaddyMonsi on November 12, 2015, 11:54:07 PM

wangxinxi has been on and off the forum (Last Active: November 12, 2015, 11:28:04 AM) but I'm sure he knows whats the complaints of the site users and those he hired for to promote the site however, no word from him on what's the status.

EDIT: Is this suppose to be in the reputation section?

I've never heard of a reputation section, but this was not intended to be about reputation.

I hope it's only that Wangxinxi has been busy and away. I like their service a lot. It's very cool to have bitcoin options...I hope they aren't going anywhere!

teddy5145

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Most likely he lose a big coins in this price run Sad

Just FYI i haven't receive my last payment and i been waiting for almost a week now Sad

Let's hope waxinxi doesn't run from his resposibility Sad

DaddyMonsi

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wangxinxi has been on and off the forum (Last Active: November 12, 2015, 11:28:04 AM) but I'm sure he knows whats the complaints of the site users and those he hired for to promote the site however, no word from him on what's the status.

EDIT: Is this suppose to be in the reputation section?

Possum577

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Quote from: achow101 on November 12, 2015, 11:32:49 PM

No, I don't think so. It isn't how their game works. Coinut doesn't pay anything, it is actually between users, not between coinut and the users. So they don't have any money at stake. They just make money off of fees.

They make more than money off fees. They have to back the option transaction. They're not matching a buyer of BTC $350 calls AND a buyer of BTC $350 puts...there's not nearly enough business for them to do that.

They have to be taking the other side of the transaction and adjusting the spread/fees to help them manage their risk. Fees will limit how many people take one position vs. another.

E.g., I buy a call for BTC to rise above $350. A week later, BTC is at $500. I win! Coinut has to pay me my winnings (which would be the difference of what I paid and what the in-the-money option is worth at the time I decide to collect or the option expires.)

Let me know if Coinut runs things different, but they're definitely at risk on these transactions. That's how options work.

achow101

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Just writing some code

No, I don't think so. It isn't how their game works. Coinut doesn't pay anything, it is actually between users, not between coinut and the users. So they don't have any money at stake. They just make money off of fees.

Possum577

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If you read some of the service discussion threads you'll find some complaints that Coinut is a bit late paying it's signature and avatar campaign payments.

Anyone who uses Coinut for options trading having trouble getting paid?

Maybe Coinut find itself on the wrong side of the bets during the last big BTC run up and pull back...could it be?

Topic: Did Coinut lose big in the last BTC price run? (Read 704 times)