Topic: Info-thread: Translation of Useful English topics to Pidgin {mix images} - page 2. (Read 1762 times)

Translated Topic in Pidgin Language: Wetin Phil Zimmermann's Dey Reason about PGP  - Make all of us read am
Original Topic: Phil Zimmermann's thoughts about PGP - We all should read them  
Author: GazetaBitcoin

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To put mouth for The Crypto Anarchist Manifesto and The Cypherpunk Manifesto, wey I don tok about before, and also bitmover, I dey reason say anoda story wey go mak sense to read na d tori about PGP, as Phil Zimmermann wey himself tok am: Why I Write PGP.

Dem write d tori for June 1991 and dem come join join more tin afta 8 years, for 1999.

As e be, Phil dey wori about privacy wella, all d type of privacy – wey dey from private discussions to private emails to post cards and oda ones too.

"D right to privacy spread indirectly for d Bill wey show us wetin we get right to. But wen dem form d United States Constitution, d Founding Fathers no see any need to tok with their full chest about d right wey person get to private conversation.", dis one na wetin Phil been tok from d very beginning.

Him show say wit beta sense everibody get him right to privacy! Unfortunately, nor be everybody dey reason dis important part of their lives. But dis tori fit give people wey read inspiration. E dey tok y people nor dey like reason am even wen people dey put eye for their personal matter. E show y people, even though dem nor get anything to hide, make dem still get mouth to tok say "no!". E try to mak us dey agile to our own personal matte, wey dey as precious as our own bodi.

"If na person wey dey obey law nd u nor get anytin wey to dey hide, y e be say u nor dey always send ur paper mail 4 postcards? Wetin dey stop u to go do drug test wen dem ask u? Y u wan mak olopka get warrant b4 dem fit search ur crib? Wetin u dey try hide? If u dey shook ur mail inside envelope make pipo 4 nor see am, dat one mean say u fit be saboteur, drug dealer, or person wey too dey fear? Shey Law-abiding citizens need to hide their email?"

All these questions wey I just ask I nor need answer. And e nor matter, becos I still gats write am, so that pipo go fit understand their situation - na situation wey governs and olopa dem (wey still be d longer arms of the elites) dey hungry for person information, for financial information of their pipo, hungry for information, big information, and to take get am, dem do put camera wey be like witch as oyibo man technology dey change. From aproko dem to the one wey dem fit connect to your phone and to the one wey fit collect your emails. Difference nor dey: the method change, but na the same objective still dey - governs wan sabi everytin about their pipo, whether good or bad ones.

"PGP don give pipo power make dem take carry their own privacy. D matta don dey too much. Na him make I write am, na wetin Phil tok as him dey end d tori. I go advice say mak we listen to weitn him tok!

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P.S.: If you need more materials about PGP, nullius write two better plenti and making sense posts (here and here).

Mulțumesc, nullius, for ur writings! Na u inspire me to write dis one!

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Thank you nheer as you don translate this my topic go Pidgin English!  Great job!

This topic wey de about reputation for online systems na general code of conduct and we fit also apply am for our daily life. For online systems, however, e de very important. Na why i bin use this our forum do example: e no de easy to build good reputation, to earn piples trust, and na still something wey fit cast within a minute. For una wey no know, see wetin happen to yogg, na very respected member, and within a second na so him entire reputation take go, after him do one big mistake. Na so him suddenly reach trust score of -40.

De talk true, de do piple well, and de always keep to your word! Na the only things wey you need de do to get good reputation. E de easy to see, but e de also de hard to get...

I wish everybody best of luck for their business in the future.

Translated Topic in Pidgin Language: Why Reputation de Important for Free Market
Original Topic: Why Reputation is Important on the free Market
Author: GazetaBitcoin

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Plenty users join dis forum for trading activities. And d marchandise de vary - physical goods, digital goods, cryptocurrency exchange, auction, collectible, computer equipment, mining equipment and so on.

D forum de act as free market and the good reputation de important for successful trading. As Tim May talk more than 30 years pass, "Reputation go be d main importance, e go de more important for dealings pass the credit rating wey de today sef".

For Bitcointalk, d Reputation for inside trading de presented by d "Marketplace trust", which na score wey de show your positive, neutral and negative feedback. If a trader get bigger positive trust score, e for mean say he de trustworthy. D opposite na true also: if a trader get relevant negative trust, make una avoid am.

D system de very complex pass like that, but dis one no be d point of the topic. However, two important aspect de wey i suppose mention:
- for negative trust feedback, for this forum e get also a "flag system" wey we fit de use for more better explanation about a trader's untrustworthiness.
- Although dem bin design d trust system for trading activities, forum members de give feedback based on wetin dem de think about other piple, thus influencing the trust score. Thus, the user’s wey de interested to trade with another person suppose read carefully all the feedback about the person so im go get clear impression about who the person wey him wan follow trade be.

As i mention for up before, the topic no be about the trust or flag system but na about the importance for getting strong reputation. As the reputation take big na so the chance of d person to do transaction de take big. Also d opposite na true: make you try scam abi make you violate contract de scatter reputation

Generally, people wey de inside trading - e no matter if dem be seller or buyer - dem de always find smooth successful trades. And the general idea be say if person get good recommendation (in this case - feedbacks), the chances wey dem go fit scam am de low. Na why, a trader wey wan sell a product de get interest for buyer wey get feedback (and also a good trust score), wey dem talk say him de pay fast fast (for example). A trader wey wan buy de interested for seller wey get good feedback wey dem talk say him de send the product as him don agree to do, and say him product de land fast, e de de good shape and e no de get any damage etc.

Another problem wey dey happen well well na im be say: generally if the parties no get (two of them) good reputation, dem de ask this kind question: "Who go first send (the money / the goods)?". Basically, the one wey get reputation go ask the other one to first send, as him no fit prove him trustworthiness. If the other one no fit take the risk to first send, the deal no go happen be dat (make we no mention how the situation go be when the two parties get bad reputation). This problem e get very lower chances of happening if them get implied two parties wey get good reputation - for this case e de likely non of them go mind to send first.

Reputation na im de define us as individuals for the society and as a consequence, in trading activities.

Honest people and traders suppose de very interested in proving their trustworthiness for the free market, thus e go de able to easily, smoothly and successfully transact their merchandise.

However, if the trader na new member for here he / she suppose perform some steps, so him go fit gain trust from other people for trading activities. them no de build Reputation overnight, abi over month. E de take time to build strong reputation or make other people sabi your (user)name say you de “trustworthy”. But once a trader don get good reputation, the reputation don certify am say him be trustworthy merchandiser.

E get many ways wey you fit start trading career for free market. Maybe a new member fit start, as a seller, wey him go first send his goods and then him go de wait for money after. Or, if him be buyer, him go first send money and then him go de wait for the goods after. But him must choose carefully the other party and make sure say the party na person wey get good reputation, thus e go minimize the risks of being scammed. If the trade de successful, make u follow am with another and another and in time, with easy steps, the career for trading and the good reputation go de build.

As d talk wan end, Bitcointalk de even more complex when e reach trading mata. Besides the trust score and the feedbacks, a trader fit also consider the other party’s rank and merits wey him don earn so far. No be to look at the rank and merit alone, but carry everything together with the trust score. If a user get high rank or him don earn plenty merits before, these na d sign say d person get good intentions. E no de always be true, sha. But these aspects together with strong positive trust score de show say d person de less likely to scam people.

Everybody suppose take reasonable steps. But dem go put am for mind say to be trusted you must get good reputation. And as you get good reputation you for don prove am (many times) say you de honor your agreements.

Thank you sokani as you translate dis my topic wey describe how de state oppose, cryptography, cryptocurrencies and access to information. Dis essay na wonderful piece of work from Tim May and e dey amazing to see wetin him talk 30 years ago don become part of our reality.

For people wey neva read de manifesto before, I go suggest make una read am. E dey short and e make a lot of sense.

Translated Topic in Pidgin Language: De Crypto Anarchist Manifesto - Make all of us read am
Original Topic: The Crypto Anarchist Manifesto - We all should read it
Author: GazetaBitcoin

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Following de bitmover topic, another okponge article wey we must read na The Crypto Anarchist Manifesto wey Tim May write.

De essay first dey public in 1988 (4 years before Eric Hughes' article A Cypherpunk Manifesto) for de Crypto '88 conference and e describe de extraordinary vision Tim May get over some aspect wey come dey real 30 years after.

De manuscript explain how technology wey dey center on cryptography and reputation system go change de world as we take know am, including governs, taxes or economic control:

"Computer technology dey on de verge of providing individuals and groups wit de ability to communicate and interact wit each oda in a manner wey dey completely anonymous. Two persons fit exchange messages, conduct business, and negotiate electronic contracts without dem ever knowing deir true name or de legal identity of each oda. Interactions over network go dey untraceable, by de extensive re-routing of encrypted packets and temper-proof boxes wey come implement cryptographic protocols in a way wey e dey nearly perfect say dem no go fit temper wit am. Reputation go dey very important, asin very important in dealings dan de credit ratings of today. Dis development go change completely de nature of government regulation, de ability to dey tax and control economic interactions, de ability to dey keep information secret, and e go even change nature of trust and reputation".

We go certainly appreciate May's vision in crypto wit Jules Verne's vision for science-fiction.

Wit just small words, him talk so many actual technological developments, like smart contracts, Tor, Bitcoin technology or de reputation system (use for example on BitcoinTalk for de Merit and Trust systems).

De reference to de "True Name" fit dey inspired from Vernor Vinge novel. "True Names" (1981), wey be fine piece of art.

Him also foresee de appearance of de black market and de governs fight to stop information to dey reach de people.

"De state as usual go try to slow or stop de spread of dis technology, say na national security concerns - de use of de technology by drug dealers and tax evaders, and de fear of societal disintegration. Many of de concerns go dey valid, crypto anarchy go allow de trade of national secrets freely and go allow de trade of illegal and stolen materials. Anonymous computer market go even make possible de repugnant markets for assassinations and extortions. Various criminals and foreign elements go be active users of CryptoNet. But e no go stop de spread of crypto anarchy".

De essay end wit "Arise, you no get anything to loose but your barb wire fence!" Americans really know de barb wire fence, na part of deir history. Dem be separate de western cities from de cowboys with barb wire, wey want freedom come dey cut de wires. Na de call to fight against de governs corruption and oppression. Against secret agencies effort to shut down information.

Make all of us continue Cypherpunk work and dey fight for freedom!

Translated Topic in Pidgin Language: Real Stori--Watin you go see wen person theft ur identity ||Comot hand from CEXs oh
Original Topic:What happens when your identity is stolen -- real story || Avoid CEXs!
Author: GazetaBitcoin

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Watin u go read so na real stori of one Romanian guy way cor dey see shege everyday, after person thief he Identity. Nor b say he dey use centralise exchange but d way life tel show m shege e cor b like say hackers thief he identity from centralise exchange or any other platform. Dis stori na stori way go make you shine your eye. Everyone way dey use centralise exchange need to know say hackers fit hack d exchange any time and nor be only money dem fit collect bcos dem fit thief person personal identity and cor use against d person or d worst, be say d hackers fit go sell d person personal information for dark web where criminals fit buy m btw 1-5$ and d criminals fit cor go meet d real person of the information...

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One new stori from d Romanian newspaper Adevărul na talk about d stori of C.T. (36 years old), way dey stay Germany for the last 8 years.

He main hustle na driver in Mannheim but he still be vlogger and cor be like say d thieves of personal information cor go collect him name.

D matter start 2018 wen he dey drive go he house from Romania to Germany and Police cor arrest m for Hungary after he stop for normal check up, then d Police cor tell m say he dey part of d thieves way dey steal cars. He name way come out from police computer show say d guy na thief and he thief 22,000 Eur car but d guy be para for dem and try to explain say he nor get hand for d matter but d police cor tell m way make he call one Court for one city wa he never go b4.

Months later, wen he cor dey Germany, Romanian Police cor call m say person theft he personal information. They tell m say they know d thief but they still need m to come meet dem for Romania for some declarations. Wen d man cor go meet d Romanian police, normally he expect to fill forms but they still come carry him fingerprints, cor take m pictures, cor measure he height and make do lie-detector test.

Since then, d matter cor somehow worst for m. Everytime he dey drive go Romania, Custom Officer always dey stop m for road. Everytime way dis thing dey happen he dey always dey ashamed bcos dem go dey look m like criminal and na everytime way he dey go Romania he dey do dis thing bcos them dey see m as person way runaway comot for country because of bad way d person do.

Small time Austrian Police cor tell m say dem don arrest and imprisoned d person way thief he personal information.

But d matter nor end for there, in February dis year he cor get another issue, dis time with German Police. One day, around 6 in the morning, wen he dey work, he neighbour tell m say Police dey he house say dem dey look for m, bcos he thief 38,000 EUR boat. So d man believed say another thief don dey use he personal information again. Augsburg Police na cor look into d case dis time. He go there and he cor see d Augsburg police get plenty of he data, but d picture na another person dey. D Police cor dey ask m where he dey one day like dat for 2022 and he cor show them prove where he dey dat day with he phone for he Google account location history.

Lawyers don advice m to change name but he dey avoid dat side. For d end of d stori he cor dey talk say he dey fear make he nor go find out say person don go use he name carry loan or say dem go dey arrest m everywhere he dey go.

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D stori na sweet one abi. E nor matter how those thief tel dey collect d man personal information. Watin matter na be say dis thing fit happen to anybody way dey use centralised exchanges. Hackers fit collect your data. Even d exchanges fit sell m sef, just as Coinbase first do. You see say we nor dey talk about exchange way b like say their ways nor clear, way come from country way still dey grow but one of d biggest exchange for d world, dem catch m dey sell customers data.

So You go still like to use CEXs?

Thank you sokani as you translate dis my topic. Dis na de third article wey de reach de Nigerian community and I dey more than happy to see my words as you translate am in your beautiful language 😊

Dis topic torchlight small history information wey go help us understand how e bin take dey difficult to use cryptography few decades ago. Time don pass, dem no ban cryptocurrencies, still government dey use many tricks to stop cryptocurrencies. But as e take dey for cryptography, all their efforts no go work. As no person fit stop cryptocurrencies for olden days, no person go fit stop am today.

Translated Topic in Pidgin Language: Governs try to limit de public to access of information and freedom long long time ago
Original Topic: Governs try to limit access of public to information and freedom since ages
Author: GazetaBitcoin

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Today piece of history information come as a sequel to my other posts 1, 2, and 3.

Governs no wan make de public fit get information and dem don do everything wey dem fit do kpata-kpata to stop am long long time ago. The popular example na de invention of de printing press for 1884, as e come give big progress for information to dey easy to access and to make people dey free. After Gutenberg invention come enter public eye, de govern no fit hold again de way people fit get information as dem fit translate writings, books and manuscripts for different languages and spread am for different cultures. Na since dat year wey decentralization start. In 1517, de 95 theses wey Martin Luther write dem bin print am for thousands of copies and dem translate am for different languages and wetin him talk about de whole continent come know. As a result of him actions, de church come exclude am as their member. But without him and without de printing press, e dey sure say de protestant reform movement for fail.

Na person wey get information na him get power, and in general na de elites - governs, agencies, law enforcement na dem hold information. Or de church as e take be for Martin Luther case, and dem no wan make the public get am because e go mean say dem don lose power.

As we come dey enter modern times, but still in de olden days. De time of Cyberpunks, John Gilmore wey be one of dem bin get issue with de NSA. Or maybe I for write say de NSA bin get issue with am? One of de okponge victory of information against oppression na Gilmore wey lead am for 1989, wey him expose to de public secret document. De author of de document bin dey work for Xerox, and NSA bin specifically ask Xerox to destroy de document. John Gilmore bin no gree make dem suppress de information and come post de document for internet. Naso, people come sharply download am in thousands, and de kata-kata between Gilmore and NSA come start.

In 1992, another big kata-kata bin take place between John Gilmore and NSA. For obvious reasons (as e relate to suppression of free information), de manuscripts of William Friedman - as people regard am to be de grandfather of cryptography in USA - dem been classify the document, though na de time of WWII him write am. Gilmore no gree dis time, say Friedman work suppose dey available to any person wey dey interested. So him carry NSA go court and him come talk say de reason him request for dem to declassify the book na because of de Freedom of Information Act. Naso, NSA no gree respond to him request, las las na for court of law dem settle de mata. After dat, him come manage to find Friedman book for public library. During the court case dem bin tell am say if him no give de book to de govern, dem go accuse am of espionage wey go fit lead to 10 years in jail, as him bin dey in possession of classified materials. NSA no end there. Dem try to find any other "sensible" materials wey dey for public spaces. Gilmore tell de judge say wetin him find already dey public since de book dey for public library and na de same time wey him tell de press about the whole case. After small time, Aegean Park Press come print de book.

Gilmore case come become public de moment de govern back-off. Dem drop de charges and dem declassify de manuscripts. John Gilmore win, de people win, as public information remain for public hands, de way e suppose always be.

De fight for freedom of speech, for privacy and to make governs irrelevant start long long time ago. Now e dey our hands.

Tank u Agbe 4 translating ma topic into ur language! I dey happy sae anoda topic of ma own has been translated in ur local board!

Nd I see am sae im go dey help many piple wey wan kno abt Bitcoin, im history nd help dem 2 understand dis phenomenon more easily.

Di current topic sheds light on di palava many countries dey face as govts start doing CDBCs. Many go fall 4 di fact dat di state go offer cryptocurrency 2 di piple, bt dis topic go help us understand dat no govt go ever bring cryptocurrency 2 e citizens. Every govts dey find how dem wan control di piple, nd not 2 help dem 2 get their freedom. So take dis topic as a warning story. Di time of CDBC dey come nd all of us need go ready not 2 be fooled by di govts!

Translated Topic in Pidgin Language; Cryptocurrency nd digital money Palava by di state
Original Topic: Cryptocurrency vs digital money issued by the state
Author: GazetaBitcoin

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A specter dey haunt di present world, di specter of crypto anarchy - Tim May

I dey start dis topic as na "part two" of anoda topic of mine - Governs dey come 4 di traders!, im sef follow, 2 influenced by reading (di title of) dis thread: y di world governments e no dey use cryptocurrencies?.

Governments e no wan 2 use cryptocurrencies; at least no be even decentralized ones. Bcos dem need 2 control everything - 4rom personal information 2 data nd money. U no go fit do anything without a government issued ID - u no go go school, u no go go drive car, u no go go marry nd so on. Governs needs all their citizen's data, including their financial information. 4 dis reason governs try many ways 2 eradicate cash money nd switch dem with credit / debit cards. Cash money e no hard 2 tracked, while digital transactions e deh always stored by di banks, wey dey do doing na government arms, providing di leaders all di data dey ask abt piple.

Knowing all di hype abt crypto, understanding dat piple deh  head towards using digital currencies, governs don start, with bigger or smaller steps, 2 think abt offering such money 2 their piple. Bt no bi decentralized cryptocurrencies, wey dey anonymous or pseudonymous -- dem wan 2 offer centralized cryptocurrencies, a kind of money wey go be tracked, associated with real names nd wey get value 2 determined by di govern instead of di free market. Take 4 example Venezuela's Petro, Russia's CryptoRuble, Japan's J-coin, China nd so on.

Na true, state-issued digital currencies dey totally against 2 cryptocurrencies nd di differences btwn dem wey make so many, dat difficult 2 count all of dem:
- cryptocurrencies wey dem do am 2 liberate piple 4rom di slavery imposed by banks nd governments, removing di middle man nd facilitating peer 2 peer transfers; digital currencies issued by governs na based on trusted third parties (banks), dem don designed am 2 continue 2 enslave piple, 2 give dem dem illusion of freedom, wey be sae dem dey oppressed;
- cryptocurrencies dey provide anonymity / pseudonymity nd di users na their true owners, as dem dey hold their private keys; digital money invented by governs no go offer private keys 2 piple, go be trackable nd, highest won, e no go be mineable (instead, im go be held by di banks);
- (most of) cryptocurrencies get a particular number of coins, in order 2 avoid inflation; digital money issued by governs e no go get particular number, as di governs dey find inflation nd no deflation, bcuz inflation dey indirect tax supported by many piple even without being aware of. E dey more hard 2 force piple 2 accept direct tax, compared with imposing dem an indirect tax; in case di indirect tax e no even realized, governs' work e dey easier;
- cryptocurrencies' value is determined by the free market (or, at least, it should be; let's not think now abt whales); governs' money e get value established by di State.

Nd di list go go on.

As e be like dis, di only thing in common 4 cryptocurrencies nd di digital currencies palava by State na dat both wan 2 get rid of fiat money. Bt, obviously, 4 totally different reasons: cryptocurrencies wan 2 change di actual system, wey deh corrupt 2 di roots, nd di governs wan 2 keep di system, bt with a different financial instrument, wey go give piple di fake thinking of using cryptocurrencies.

Dis future wey forseen a long time ago by di Cypherpunks, di Founding Fathers of crypto anarchy. If na u dey among those who started 2 refuse governs' corrupt fiat money, no let urself tricked into using a digital currency issued by di State!

Arise, u no  lose anything bt ur barbed wire fences! (Tim May, Di Crypto Anarchist Manifesto, 1988)

[2 be continued]

Hey Davidvictorson, tank u 4 di gud words u tok!

I go tell u di truth nd I go admit dat, na Agbe helped me do am with a proper formulation any how, Me, I no bi Nigerian I bi Romanian.

Nd yes, Agbe don do a wonderful work nd im get all my respect!

Tank u 4 ur interest in translating ma topics! U go fit pick any one u like, of course. U go follow di rules wey I specified in ma topic nd send me a preview b4 posting di translation (dis na 2 make double-check b4 u go post am). Nd, of course, if u need any support 4rom me while working on a translation, I go always available.

Shew, GazetaBitcoin you too much. I shock when I see say you dey write for pidgin. The thing sweet me for belle I nor go lie. I even gats check your profile becos I come dey think say e be like say we get Nigerian wey dey disguise. Well nothing spoil sha. I like wetin Agbe don do. Me sef don look through your topics and I go try still translate one or two into our Nigerian Pidgin. Una doh

I thank u Agbe 4 every thing u do in translating dis topic of ma own! Dis na di first time wen a writing of ma own bin dey translated in ur language nd I dey happy well well 2 see dat! I dey very happy 2 see ur words translated in different languages, di thing dey give piple awareness abt different topics.

U select a very interesting topic, wey dey tell us how our leaders come dey strong head with bitcoiners. Na di thing wey happened in Romania nd oda kwantries 2. Secret e no dey anywhere: Leaders no like Bitcoin bcos dem think sae bitcoin go remove dem 4from power nd give am 2 di piple. Di konkon mata be sae, di mata go bad well well.

We go only think dat our fight 4 freedom -- through Bitcoin -- go help us be free of governs' nd banks' slavery! Di more we use am, di more power im go gets. nd di more powers im gets, di more powers im takes away 4rom governs nd give am back 2 us.

Be dey wise, be anonymous nd use Bitcoin!

Translated Topic in Pidgin Language; Governs dey come 4 traders!
Original Topic: Governs are coming for traders!
Author: GazetaBitcoin

Hey,

Wen I don think mani about am, I decided 2 translate dis write up of mine 4 di benefit on di oyibo pple wey dey di world. Di writing bin dey Romanian house of di forum, bt I think di information dey gud nd he go go around 2 mani pple wey im go reach, in order 2 avoid being subpoenaed by governs or oda law enforcing mechanism.

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Autor: GazetaBitcoin
Topic original: Guvernul vine! ANAF si DIICOT ii urmaresc pe traderi

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Dis won no bi joke o!
 I don talk am b4 with a lawyer friend, who don tell me about di mata (about traders being pursued by Romanian govern). 2 be more specific, authorities dey investigate some of his clients, which have 2 explain some plenty money dem transferred 2 their bank accounts.

Di traders come 2 di lawyer as they dem no know how 2 do their trading benefits. Nd di lawyer dey ask me if I go help am anyhow.

Basically, in Romania, di mata dey bad dis year afta di law 30/2910 was issued. Dis law wey about collecting di profits, adding di profits 4rom crypto, bt di wey dey carry out di e no dey pursue those pple wey no dey pay taxes, bt dem dey pursue those with big amounts transferred into di bank accounts.

I don tell ma friend dat make im tell im clients 2 get any possible log 4rom all di crypto exchanges wey im dey work with, in order 2 prove di acquisition price, bt na di marketing price. Anoda wisdom was 2 directly tell di exchanges, who dey act as companies nd who dem granted by di law 2 act as money processors, nd 2 ask dem extrasses with di transactions. If e dey possible, stamped wons. Since di exchanges dey use KYC nd AML, dem go also offer official papers wen dem need.

Ma friend tanked me 4 my ideas nd im come say im go try these methods.

TL;DR: governs dey come! Make u dey aware!
I never be fan 4 centralized crypto exchanges, as dem dey embrace exactly di opposite of di ideas behind Bitcoin: decentralization nd pseudonymity. Nd if everybody dey use Bitcoin nd di oda cryptocurrencies instead of our kwantri money (dat won means be sae “cryptonians” go realize only crypto-2-crypto transactions), den nothing go exist in any taxable earning. Bt nobody (or, almost nobody) acts dis way. Wat remains bi sae,  di centralized exchanges maintain di idea of trusted third party, concept wey Satoshi need am 2 remove am finished kpatakpa. Nd, if im go be used again di way dem do am 4, Bitcoin go remove any third party wey dey.

Mani of di users go 2 a centralized crypto exchange bcoz dem dey convenience, bcuz dem no understand di risks or bcoz dem lack di knowledge abt their alternatives.
1. Convenience dey understandable. Basically, u'v ur funds in a wallet (which u no own actually, as di exchange dey true 4 di owner of di money) nd u go access dem anytime. Nd u go make transactions also anytime u need am.

2. Risks, however, dey many. “ur” exchange wallet e no actually belong 2 u, bt 2 di exchange. Why? Bcos u no have di private keys. See wat happened with Mt. Gox, Binance (twice), Criptsy, Cyptopia, Bitfinex etc. Di same thing happens also if di owner of di exchange e don decides an exit scam. Wen dem never get di private keys, u no own di funds.

Anoda risk is determined by di fact dat di centralized exchanges act as banks nd collect customers’ private data, being forced by governs 2 hve implemented KYC nd AML (Know Your Customer nd Anti Money Laundering) procedures. Nd di govern dey hungry well well 4 all di entity 4 personal data. Giving ur secret info, 2geda with being totally careless abt ur own privacy / anonymity will only put in di frying pan, sooner or later, all those who used these “services”, as it happened with Coinbase clients. If di users hve an evidence of all di transactions nd if dem paid their taxes, dem go bi OK. Besides, everything go bi OK also with those who bought at a higher price nd sold at a lower prices, thus without earning any profit, bt dem go present these evidences as well 2 di authorities. However, even di “law abiding citizens”, go certainly no go like all w bi investigated by di authorities.

Di major problem na 4 those who no hve such evidence nd with those who no pay di taxes. These ones, 4 di governs, go appear as criminals. As tax evazionists.

I agree, di question “if state no accept cryptocurrency as a form of money, why  dem go tax am?” Na di gud won bi dat. Di following na di answer: bcuz it generates earnings. Maybe, if there go bi such thing as trading leaves, even di  profits 4rom selling leaves go bi taxed.

Thus, we get 2 di question “how we go preserve our privacy?”.

3. Lack of knowledge abt alternatives na won of di konkon 4 wat di crypto newbies head towards centralized exchanges. Bt alternatives dey exist.
Di number 1 solution dey represent di peer-2-peer decentralized exchanges, where di transactions dey performed directly between di users, dem dey fully unknown, nd di role of di exchange dey merely 2 help users 2 contact each oda, without holding their money / private keys.
Besides, di cash-in / cash-out Bitcoin ATMs may bi an alternative, bcoz in dis case we no need 2 reveal personal information. Indeed, these terminals e no use a friendly price 4 buying / selling crypto. Bt privacy e get price, though.
Finally, u can perform peer-2-peer transactions with piple u know, or with piple with high reputation in di field, bt also with pesens u don’t personally know, similar with Amazon / Ali Express transactions.

All of di above dey suggestions 4 those willing 2 exchange crypto with fiat money. Only wen doing dis intervenes di pseudonymity nd di exposure. However, while di transactions dey entirely crypto-2-crypto, di anonymity e fi bi preserved beta. Apart 4rom, all of di above e no dey represent an advice 4 how 2 avoid taxes. Every citizen go pay im taxes. Bt working with centralized crypto exchanges e no dey just exposing di users 2 governs, bt also endangering their funds.

I dey close am here by admitting di contribution of centralized crypto exchanges in raising di awareness about cryptocurrencies. Perhaps, without dem, fewer piple go e don hear about Bitcoin nd oda cryptocurrencies. Di exchanges e don overwhelm di role inside di ecosystem. Bt still, dem fit bring huge prejudices. Now, whoever chooses using dem, go do it by fully understanding how dem work.

Edit: just afta writing di topic it came into mind anoda example of traders being chased by governs.

Also in Romania, afta di first crypto exchange wey closed BTCxChange, di owner made di paperwork 4 fully shutting down di company. Practically, in such a case, di site (operation) e dey close, bt di company still dey exists in di registries until I'm go fully closed.

Max Nicula, di owner if di defunct BTCxChange stated recently dat even 2day, 1.5 years afta closing di exchange's site, im no fit close di firm bcuz ANAF (di Romanian version of IRS) started an investigation wen im requested 2 close di operations. Wat dey very important, im asked 2 provide 2 di authorities all im customers names nd data, dis also happened at Coinbase. In dat case, di company was requested forced 2 release di clients' data in order 2 function, while in dis case di company has (still) 2 give out dis data in order 2 bi closed.

Even many intriguing dey dat Coinbase, where de applied a decision of a Court, in BTCxChange's case ANAF came with only a formal request. Max Nicula said im no keep di clients' data after dem close dey site, therefore di investigation still dey go on, di company never closed, bt dat won na anoda story.

Wat dey important dey dat Coinbase history repeats nd I suspect dem dey hundreds of oda similar cases worlwide.

Edit 2: 4 more dangers associated with KYC please read also a topic which dey complementary 2 dis won: Why KYC dey extremely dangerous – nd useless

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Translations (in chronological order):

• Română: Guvernul vine! ANAF si DIICOT ii urmaresc pe traderi, translation by GazetaBitcoin

Translated Topic in Pidgin Language: How You go Fit Secure Your Seed Phrase wit Washers
Original Topic: Securing Your Seed Phrase with Washers
Author: fillippone

Introduction
Custody of d seed na tori wey don dey my mind since. For d first time, Bitcoin na d system wey don put the responsibility to get your own moni for your inside your hand. This feature cari beta opportunities and risk, bcos of the way wet Bitcoin dey. D person wey get d bitcoin na him fit sign and transaction with komputa wit the private key wey follow am - no oda person fit do am. Person, institution, or bot, whoever get control of d private key, am him fit control d bitcoins. Wetin dat mean b say d custody of bitcoin dey importanta if we dey reason d possibility of signing transactions and d other gbege wey person nor fit sit, whether now or for we future, whether na personal, social, or na technological matter wey person wey get bitcoin fit see for d years to come. We gats assess d technological, personal, and legal gbege wey fit happen when we dey reason d kind way we go take store am:

If u dey find correct guide on how u go tek choose how to backup your seed phrase, you fit look this new article, na from Jameson:
How u go tek Backup a Seed Phrase

Of course, d important tin be say Bitcoin don make the self-custody option wey dem no allow for nornal finance dey possible. Na confam feature dey give bitcoiners mind no mata d kind gbege wey go dey happen and fit dey happen anytime for d future.
D wahala b say self-custody dey complex, and d amount of bitcoin wey pipo don loss na d warning for anybodi wey dey reason do am: d challenges wey dey tire wrapper.
I don dey do research for dis topic for some years, and ono of d first articles wey totori me for body na:

Gifting satoshis to future generations


As I dey read the article, na den I come dey realise say if person get keep him own private key by himself for a physical wallet d tin get plenti advantages:

• person nor go dey depend on d technological development in for d wallets/IT supports
• You nor go dey fear say d physical support fit spoil
• E dey easy to take use am dash person as gift.

As i dey browse for d internet, I come see dis page for Jameson Lopp’s website, na famous Cypherpunk and security expert, where him bin test different Metal Seed Storage:
Metal Bitcoin Seed Storage Stress Test

For the first round of testing, d tin wey catch my eye, as na d first implementation of d idea of printing d seed for washers by SAFU Ninja:
SAFU Ninja Review

Him yarn about dis confam idea for him blog:

Cheap and Easy DIY Metal Bitcoin Seed Storage – Safu Ninja



D mata be say you fit do the storage tim with pieces way you fit find for welder shop to tak print d seed.
D most critical part for d work na how to tak stamp d letter for d washers, e nor dey easy, and d tin nor go too fine if na hand wey you use do am.
Therefore, some kind welders fit get their kind machine(jig) wey dem fit use do d correct orientation, separation, and correct printing of the letter
The most famous jig for oyibo side na from Cryptocloacks.


Dis jig fit do the arrange the letters wella as e suppose be.
You fit find d n0nce jig for bitcointalk.org.
n0nce's Steel Washer Backup jig



D advantage of dis jig dey two: d first one be say d project dey modular. Therefore, you fit use am for different sizes for d washers(d main koko about d project na to just print on more large size washers) and kpatakpata, adapt to d various dimensions wey d punches get.
Secondly, n0nce don do beta design of the Blockmit jig, dis one make the different parts dey strong and e com dey protect d invention with small small tolerance to take reduce d work wey dey happen between d components.
Na d n0nce jig I go use for d remaining of this guide, but d way e dey work dey de same. Finally, for d last part, I go analyse d difference wey dey for d two projects in details.

As Federico Tenga don already yarm, d BIP39 standard presents "risks of obsolescence" and, kpatakpata, risks wey dey becos of d derivation path wey dem use. Na why him use d WIF format for him test.
Even though say I understand wetin dey make am fear small, I still decide to use the normal usual BIP39 format instead of dis project's first iteration. Wetin I believe be say e present d correct risk/benefit balance for d practical possibility of recovery by d person wey go receive d message.
Nothing fit stop you from hacking d key wey dey d format for d washers: d string get 51 characters so wetin you need na only seven washers.
For internet, na econoalchemist be d first person to take yarn about hoe d tin go take go:
Securing a Bitcoin seed phrase in stainless-steel washers (abridged)

Wetin I fit talk? Na über cool guy wey him be. A complete test wit a blowtorch! I no even dey reason am, and I go dey okay to do d printing for washers wey fire, corrosion and pressure nor fit touch. I dey fear say e nor go dey different from the kind tests wey econoalchemist and Lopp do.

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Shopping List
As I don talk before, d company advantage na to use d pieces wey already de ground. Dis choice go helep d person get some kind security by obscurity, as nobodi go fit sabi wetin you dey do. Indeed as Safu talk for him guide, if you get sometin wey dey your house wey you go fit use, use am, no even tin to go market go buy am. If you know person wey already get those punches, beg say make e borrow you say you wan use print keys instead of to go market go buy am(no ever tell d anythin about bitcoin o)

Make you use dis models as suggestions:
Washers
Washers wey get an outside diameter na 24 mm, inside diameter na 8 mm, and stainless steel dey okay. You fit find dem for mechanic workshop or shops wey dem dey sell hardware store. Twenty-four washers naim we nee for d key and four washers for d additional safety devices. You go need mani extra washers for d mistakes you go make when you first start.



Wetin I go advise be say make dem be stainless steel. The most corrosion-resistant steels are 304 and 321.

Bolt
We need like 60 mm bolt with a nut, a diameter of 8 mm (if you get correct eye you go don notice say d diameter dey d same wit d washers!).


As we talk before na still stainless steel you go use.

Sledgehammer
You go need sledgehammer. Normal hammer nor go fit do d job well go since d weight must impart enough force to take stamp d washer wella. Again, e nor dey hard.



Anvil
Who fit believe say na your passion for Bitcoin go make you buy anvil!
Becos of wetin dey involve to take print d washers wella, you go need beta support wey nor go damage as you dey knack am.
Na this small 1kg anvil, d smallest wey I fit find, na him dey okay to take do d job.




Of course, if e big na him dey beta, but if you want save some euros, you fit use d side wey smooth of another club or a d bottom of a metal. D important tin be say na correct large surface wey fit give us assurance of good stability of d jig and d force wey dey applied by d club - well na person choice sha. However, my own be say this min anvil make beta sense if you use am take do d work.

Stamps
Regarding d stamps set, wetin I choose na d 6 mm punch set: e get 36 characters, all letters, digits, and d “&” character. d quality dey good, and d dimensioning of d punches is okay. I nor see error when I been use am, and d print quality nor fade during d whole process.



Safety labels
These ones na adhesive labels wey, as you attach am, break, leaving a mark for d surface.



To fit close d container, you go need safety label wey go leave a mark if dem open am. You must number dem one by one to print d serial number inside d washers.

Hermetic container
We want put d seed for container wey air nor fit enter because e fine and to take confam e integrity. I see dis for a lovely bitcoin orange. Among oda tins, d internal diameter na 25 mm, therefore ideally e dey okay to take contain d washers. If you decide say na another type you wan buy, make sure say d diameter and length of d space wey dey inside dey okay to take contain your seed.



Laidis laidis eh, the setup don almost complete.
For bottom I don give d necessary materials.



Oda miscellaneous material

• A pair of gloves.
• Hot glue gun and stick. To take seal d washers.
• Circular labels for security seals.
• D private key for BIP39 format.
• Indelible marker.

D following na d summari of wetin e go cost you for oyibo moni( I nor add d time wey you go spend):

Washers+Bolt+Nut	EUR 3.00 (Sold By Weight)
Blockmit Jig	free
n0nce Jig	EUR 30.00
Sledgehammer	EUR 12.99
Anvil	EUR 9.90
Stamps	EUR 28.79
Safety Labels 100x	EUR 12.99
Container	EUR 15.27
Gloves	EUR 2.50
Duct Tape	EUR 03.99
Microfiber Cloth	EUR 01.00
Hot Glue Gun	EUR 09.50
Circle Stickers	EUR 00.90
Indelible Marker	EUR 8.13
GRAND TOTAL	EUR 138.96

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Stamping Verifying and Sealing d Seed
D procedure dey straightforward. Put d washer inside d jig, cover d yansh of d jig wit tape. D tape go weaken d washer wey dey inside d support so dat e nor go stop as you dey hammer am.
If you do am like this, the letters wey you dey print go dey alright, but if e nor sweet your belle as the letter dey when you print am, you fit try make you reprint am, untop of d signs. This one na d main advantage wey dey when you dey use jig: to do everytin with your hand, fit make the printing dey jagajaga, but if you use a jig, you sef go confam d printing, and if you do am wella all the letters go make correct sense for the metal. Nevertheless, if you use jig, d work go dey straightforward and e go dey presentable if you follow d gif:


You fit use d two upper notches take identify d correct way wey d words suppose dey, while you fit use d eight lower take print d terms. For d BIP39 standard, na only 8 letters wey the words fit reach, and d first four letters dey sufficient enough to take identify them. You nor need to worry say d data go loss if one or two letters not dey clear.
Put d jig for d anvil and knack am.
Do am like dis for all d letters and all d words.

To talk too much nor good so make I show una one or two videos make una confam am:

	Where I dey do the work for outside. Look d washers wey don spoil wey I throway. Agbe hero member Activity: 854 Merit: 1246 Re: Info-thread: Translation of Useful English topics to Pidgin {mix images} July 04, 2022, 03:44:11 PM #7 Translated Topic in Pidgin Language: Everythin u wan know about BTC option bt u dey fear 2 ask Original Topic: Everything you wanted to know about BTC options but were afraid to ask! Authur:fillippone Options wey dey  bitcoin hav bin accessible only 2 whales nd dey very specific exchanges as Deribit, bt wen Bakkt nd CME, di 2 kamkpe traditional bitcoin exchanges go open di products 2 their clients option trading in bitcoin go bcome more widely open 4 everybody. Ehen, options trading has been open on Bakkt since December 9th, wey CME go launch a simila thins later dis month, starting trading 4rom January 13th. Options deh strong things 2 trade. Dis deh true 4 traditional markets, but dis deh even more true in a wild market like bitcoin. With dis thread, I go try 2 give a few practical nd practical wey go dey understandable, price nd use options. I go start reveal wat an option dey, explaining all d characteristics of di options nd wat dey mean 4 di investor. Den I go briefly explain how 2 price dem. I no go explain di details wey di mathematical side l used 2 price dem, becos  he go imply som advanced different calculus wey  nobodi wants 2 hear about. Wat I go try  do 2 convey wat factors hav an impact on option price nd how 2 interpret dos. I go dey try 2 clear di field 4rom som common misconceptions about options. Las I go explain small common strategies 4 options trading. Nothin 2 strong, just small example on how 2 use dem according 2 di investment purpose: be it speculation or hedging. INDEX Introduction Weti bi option Strike Time 2 expiry Volatility Example How we go market option Historical Volatility vs Implied Volatility Option strategies - How 2 use an option Leverage Trading Covered call writing Collar Word of caution Useful resources: Online Calculators: Exchanges product informations: Online courses: Weti bi option Option wey bi contract dat gives di holder di faculty, bt nt di obligation, 2 trade an asset, called di underlying asset, b4 di expiry, di ending date of such contract. Di option dat gives di holder di thinking 2 buy di underlying asset wi  dey  called call option. Di option dat gives di holder di thinking to sell di underlying asset wi dey  called put option. Di price at di trade go happen is called di strike price. Wen an option generates a trade den wi say it is "exercised", if not he go simpli ends without ani trade put in place wi say it is "abandoned". If na option wey bi exercised only at di ending we dey called am European Option, while if wey bi exercised anitime b4 di ending dey called American Option. Di price di buyer of di option pays to di seller, or di writer of di option, wi dey call am di premium. If di market price wey dey up di strike price, di call option wi dey call am "in-the-money", bcos in di case of American exercise he go fit exercised with profit. If not, di call option wi dey called am "out-of the-money". If di market price dey below di strike of di put option, di put option wi dey called am "in-the-moni", bcos in di case of American exercise he go bi exercised with profit. If not, di put option dey called "out-of-the-moni". If wi luk at a certain strike den, onli call options or put option go bi in-di-money, not both of dem. 4 example, if wi luk at 10,000 strike options, di calls go now out-of-di-money, while puts go dey in-the-money. Wen he don expire, if di option go generate di underlying asset weti e don bin priced dey called “physical delivery”. Mani commodity or financial options dey physically settled. Alternatively, na option go regulate onli di moni wey e dey good go make profit exercising di option itself: dat expiry den na in-di-moni option e don deliver di buyer a cash amount di same 2 di difference between di asset price nd di strike (in case of a call option) or di difference between di strike price nd di asset (in case of a put option). In this case, di option dey called cash-settled. In di mata of Bitcoin options, namely di Bakkt options wey bi BTC futures, di option dey physically settled: at di expiry of di option di in-di-money option generates an appropriate position in di underlying future. There’s only a peculiarity: as e dey common on mani commodity options, di option itself expires some days b4 di future, so di holder of di in-di-money options has di possibility 2 close di future position b4 di real delivery of di underlying of di future (di option has di future as underlying, di future has di bitcoin as underlying). Dis is y u probably heard some marketing nonsense where “Bakkt options allow u 2 choose di type of delivery: physical or cash)". B4 analysing mathematically how 2 market an option, we go see dat impact di marketing with di intuition. STRIKE: Di first element dey di strike. Of course, di difference between di market price and di strike dey di first hint at di value of an option. Intuitively di more an option dey in-di-money, den di more such an option must have value.   Wen an option dey in-di-money, such an option has intrinsic value. 4 both call nd put options, di intrinsic value dey equal 2 di difference between di underlying market nd tdi strike market: intrinsic value onli measures di profit as determined by di difference between di option's strike market and market price. Wen an option dey out-of-di money instead, di intrinsic value deh zero. Di intrinsic value dey di minimum value of an option: if di value of an option go bi less dan di intrinsic value, go bi arbitraged, buying dat option nd exercising it 2 profit. So wen BTC dey trading at 7,000, a call with strike K = 5,000 dey in-di-money nd has an intrinsic value of 2,000, so di market must bi greater dan dat. At di same time, a call with a strike K =10,000 has no intrinsic value, so di intrinsic value dey zero. Of course, intrinsic value dey onli a part of di marketing of an option: oda things impact di option marketing each won of dem adding value 2 di intrinsic value getting di final value of di options: TIME 2 EXPIRY: di second most important element wen marketing an option dey di time 2 expiry: di longer di time 2 expiry, di dearer di option. If wi market 2 options with all characteristics wey dey equal, bt di exercise date, di won with di exercise date di furthest away, go have di greater price. VOLATILITY: di greater di volatility of di underlying asset, di greater di value of di option. Here di explanation e gets small bit tricky. Wi go say dat di konkon reason he no go pass di volatility of di underlying, di greater di possibility of di underlying going in-di-money. We go see later why dis dey gud, make dis no dey  obvious. di option e no profit 4rom di option going in-the-money. E no profit only if di option goes in-the-money. di buyer of di option benefits just bcos di underlying asset walker (i.e. e deh volatile) under a risk-neutral approach, i.e. without taking di “risk” of profiting bcos di option goes in- di -money. we go see example: We buy a call option on BTCUSD, with a strike price of 8,000 USD, expiring in June 2020. Di way dey named Long call bcos buying something dey called being "long" in finance jargon. di premium for dis option e dey  1,350 USD, wi ve 2 pay fast fast ("upfront", again in finance jargon). Fast forward 2 option expiry. Di outcomes of our option e dey differ according to di final price of bitcoin: If BTCUSD e dey down to  8,000 USD  di option go abandoned, it expires worthless. If BTCUSD e dey up to 8,000 USD di option go exercised, nd generate a payoff equal to di difference (positive) among BTCUSD nd di strike price. In more formal terms di call option payoff e dey di following: Call=max(0;Spot-Strike) Di endingl payoff of di strategy go be di following: Note dat dis graph considers we paid a premium of 1,350 USD upfront, di premium go paid in every scenario: if di option expires worthless di P&L (Profit&Loss) of di strategy e dey bad and equal 2 di premium paid, otherwise e dey equal 2 di option payoff netted with di premium paid. Note dat di P&L starts increasing at di strike price level, 8,000 USD in dis matter, but breaks even at a higher level equal 2 di strike + di premium plaid, or 9,350 USD in dis example.   Make we see di same thing for a put option. We buy a put option on BTCUSD, with a strike price of 6,000 USD, expiring in June 2020. Di strategy dey named long put. Di premium for dis option dey  732 USD, we hav 2 pay "upfront". Fast forward 2 option expiry. Di outcomes of our option differ according 2 di final price of bitcoin: If BTCUSD deh above 6,000 USD di option go deh abandoned, it expires worthless. If BTCUSD dey below 6,000 USD di option go deh exercised, nd generate a payoff equal 2 di difference (positive) between di strike price nd di BTCUSD. In more formal terms di put option payoff dey di following: Put=max(0;Strike-Spot) Di final payoff of di strategy go be di following: di graph luks familiar, as e dey di symmetrical payoff than di call. Note dat di graph considers we paid a premium of 732 USD upfront, di premium must be paid in every scenario: if di option expires worthless di P&L of di strategy go deh  negative nd equal 2 di premium paid, otherwise is equal 2 di option payoff netted with di premium paid. Note dat di P&L go dey high at di strike price level, 6,000 USD in dis matter, but breaks even at a lower-level equal 2 di strike - di premium plaid, or 5,267 USD in dis example.    Wi go hav a luk at an options exchange luking for confirmations. All di examples come 4rom Deribit, who dey di only widely available source 4 option prices: creating an account dey easy nd e no require KYC. If u come interested 2 do am 4 educational purposes. Of course standard disclaimers apply nd I linked 2 dat exchange. If wi select BTC options, nd den 26 Jun 2020 wi go find a screen like di following: (click on di image 2 enlarge it) Dis particular page considers di options maturing on 26 Jun 2020. Di centre grey column represents di strike levels. Di options on di same row share di same strike price. On di left of dat column, we have di call options 4 each strike, while di puts come deh on di right-hand side. di bid price na di price where oda pipo want 2 buy di options, i.e. di price u hav 2 sell at if u want di sell am. Di ask price na di price where oda pipo want 2 sell di options, i.e. di price u hav 2 pay 4 if u want 2 buy am. Each bid nd ask price has a corresponding Implied Volatility level, nai bi di volatility level dat, if inputted in di model, gives back di aforementioned price. Dis na y speaking of options, volatility nd price come exchangeable concepts. As we dey see am early, we see dat di calls hav a diminishing price wen di strike goes up: di 6,000 call has a mid-price (di average between di bid nd di ask) of 0.29725 BTC, while di 10,000 call has a mid-price of 0.11275 BTC. Di opposite dey true 4 di puts. Di puts with lower strike hav lower premiums. Di put stuck at 10,000 has a price of 0.46075 BTC, while di 6,000 put has a mid-price of 0.09725 BTC. Also, we go see dat examining options with greater time 2 expiry each option has a greater value: di 10,000 USD strike call maturing in September has a value of 0.16775 BTC versus the value of 0.11275 of di same option maturing in June. Di 6,000 strike put has a value of 0.13175 BTC versus di value of 0.09725 of di same option maturing in June. If we plug di data we find on dat page in an options calculator we go reprice di option itself. If we try 2 reprice di 8,000 USD call, inputting 0% as di interest rate (BTC dey 4 non-dividend paying asset) nd di correct information about strike, underlying nd implied volatility, we get di (almost) exact valuation we hav on Deribit:   Di numbers wey deh down di option price na di "greeks" or di sensitivities of di option price 2 their different component: DELTA: na di sensitivity of di option price 2 di underlying: if di underlying go up 1 USD, di option price go up 0.55 USD. GAMMA: na di second-order sensitivity of di option price 2 di underlying: if di underlying go up 1 USD, di option delta go up 0% (I guess there's a rounding factor here 2 consider in dis calculator) VEGA: na di sensitivity of di option price 2 di volatility level: if di volatility go up 1%, di option price go up 20.54 USD. THETA: na di sensitivity of di option price 2 di time: if 1 day passes, di option price go down 4.39 USD. RHO: na di sensitivity of di option price 2 di interest rates: if interest rates go to 1%, di option price go up 13.49 USD. Di greeks of an option e don linked 2 each other in a pretty difficult way, e get many ways 2 interpret dem nd they all varies continuously given di level of di market, di volatility nd di time 2 maturity. Books hav been written on how 2 tame dem nd use dem in your favour. I think dis very brief explanation  e deh ok 4 dis thread. How 2 price an option Understanding di details of how options dey priced, would mean understanding very advanced mathematics, including stochastic calculus, differential calculus, statistics, etc. Here I go only give u a few important concepts, u hav 2 keep in mind wen thinking of options nd their value. Black&Scholes won di Nobel prize 4 their option pricing model. Their biggest achievement was 2 demonstrate nd e deh  possible 2 price an option using non-arbitrage conditions. Arbitrage na di trade where a profit dey  gained involving no risk nd no capital. Of course, dose trades e no deh exist, so markets go adapt demselves 2 avoid dese situations. Thinking under di “non-arbitrage” conditions, means also dat no risks go involved, hence di individual appetite 4 risk of each different trader in di market go bi taken out of di equation. Dis means dat every trader in di  market go think  using d same “language” of a world without risk (if we think with no-arbitrage conditions, we go ignore di associated risk, den we go ignore di willingness of every trader 2 take dat risk). Dis means di price of such a derivative dey unique, irrespective of di risk appetite 4 each trader. Dis won has di important consequence di price of an option dey INDEPENDENT of di probability given by each trader about di possibility of di underlying ending in-di-money. Dis na something wey wi hav 2 keep in mind: di price of an option e no mean automatically dat di scenario where e deh ends in-di-money dey more “plausible”. Historical Volatility vs Implied Volatility As wi go see di only “difficult” input 2 price an option dey di volatility 2 bi used. Di correct number 2 bi plugged into 2 pricer dey di expected future realised volatility until di expiration of di option. Quoting dis number means quoting di price of di option (being di other option pricing numbers deterministic, i.e. known without uncertainty). Di volatility level used 2 price an option dey called implied volatility bcos na di level of volatility “implied” by di quoted price. How do u quote di future volatility? Here’s di trick of options trading. Di first idea e go look at di realised volatility: looking at di past go give first guidance of di future volatility. Of course, dis won e no deh always true as e go be many factors dat go change di volatility in di future. One easy example, specific 2 bitcoin options go bi di halving. Dis event, according 2 many models, go hav a great impact on di bitcoin price. So wi go guess dat coming into di halving d volatility go bi low: bitcoin might move, but without great variations, but once di halving happens, di price go possibly start swinging more, due 2 di very different valuation di S2F model implies. In dis case realised volatility won’t bi gud guidance 4 di future volatility: namely di realised volatility go bi much lower dan di future volatility used 2 price options with expiries after di halving. Many websites calculate di realised volatility of bitcoin: on Deribit u get get won. Calculating historical volatility with different horizons yield very different results: In di above graph, wi see di bitcoin price (black line, left axis), with di superimposition of different historical volatility calculations using different terms (yellow, red and blue lines, right axis). Volatility in di short term go bi more “volatile” itself (yes, na di volatility of volatility, but dis na 4 advanced options trading). Di yellow line represents di annualised historical volatility calculated using di previous 10 trading days, nd as wi see in di above graph dey swinging more violently, 4rom 180% 2 below 20%. Volatility calculated over more extended periods of time, like di blue line (calculated over di last 30 days of data) or di red line (calculated over di last 180 days of data) dey instead more nd more stable as wi extend di calculation interval. Of course, wi  deh more interested in matching, with di caveat earlier explained, di historical volatility computation with di time 2 expiry of di option wi want 2 price. Di implied volatility go instead bi observed on options markets. If wi luk at di options screen above wi see some IV columns: dat dey di implied volatility corresponding 2 each quote. If wi use di model in di opposite way, wi go use di price as an input nd find di volatility implied into dat price: dat dey di implied volatility. Option strategies - How 2 use an option Options go dey very complicated instruments, here I want 2 highlight only a few uses of dem. Dese go bi most simple ones, nd all hav in common 2 bi “static” strategies. Dis means dose go meant 2 bi put in place nd not touched until maturity. There go bi different strategies meant 2 bi adjusted during di life of di option. Dese go totally different animals nd wi dey call am dynamic strategies. Leverage Trading Scenario: U want 2 gain as much possible exposure 2 bitcoin. U hav a very clear trading view. U no dey interested in losing ur capital if dis view e no deh materialise. Strategy: Use ur funding 2 pay di premium 4 an out-of-di-money option, choosing di strike 2 maximise di expected final payout. Example: - Buy 1 call option strike 7,000 USD, Jun Expiry at 0.233 BTC. alternatively - Buy 1 call option strike 8,000 USD, Jun Expiry for a total of 0.1805  BTC.   Analysis: In dis scenario, u hav gained exposure 2 di appreciation of bitcoin above di strike level using only a fraction of di capital required 2 buy di underlying (i.e. 1 bitcoin). In di case of bitcoin being at a price of 10,000 at expiry, in di case of a bitcoin investment, u would have a return equal 2 (10,000-8,000)/8,000=25%. Dis na di base case scenario of no leverage. Buying an in-di-money call option di return would bi instead (10,000-7,000-1,742)/1,742=72%. Note dat if di option gets further in-di-money di return go go up even further as di option paid  e dey constant, while di gain increase linearly. In di second example, wi bought an out-of-di-money option, using even less capital. In di case of bitcoin being at a price of 10,000 at expiry, di yield go bi in dis case (10,000-8,000-1,350)/1,350=48%. Of course in di scenario of an opposite movement, ur loss dey limited 2 di premium paid, which e go lost entirely. Dis implies dat u hav 2 choose wisely not only di strike level, 2 gain di correct level of exposure, but also di expiry, as di movement has 2 materialise B4 di expiry of di option.   Covered call writing Scenario: Na u bi whale u want 2 sell part of ur bitcoin holding 2 finance ur daily expenses. u go bullish on bitcoin as an investment. Strategy: Sell out-of-di-money calls, cash in di premium 2 finance ur expenses, actually sell bitcoin only if di price go up (possibly on a spike). Example: - long 1 bitcoin, - sell 1 option strike 10,000 USD, Jun Expiry at 0.11 bitcoin. Analysis: Di payoff of di structure gives u a benefit over di simple holding of bitcoin equal 2 di premium if di price dey below di strike price at maturity. If at expiry di price dey above dey strike, dey option go go in-di-money nd u sell di bitcoin. Di strategy has a break-even, compared 2 bi long di BTC only, at a level equal 2 strike + premium received (in dis example at 10,000+0.11*7,478=10,826 roughly). If di BTC go further up, u basically sold a bitcoin at 10,826, hence di strategy has a lower value against holding di bitcoin. Collar Scenario: U bi whale. U want 2 sell part of ur bitcoin holding 2 finance ur daily expenses. U bi bullish on bitcoin as an investment. U get pissed off in case of a violent drawdown in bitcoin prices. Strategy: Sell out-of-di-money calls, cash in di premium 2 finance ur expenses, actually sell bitcoin only if di price go up (possibly on a spike). Use di cashed-in premium 2 buy protection on di downside, i.e. buying a put option. Buying an out-of-di-money call nd selling an out-of-di-money put is a strategy known as "Collar". Example: - long 1 bitcoin, - sell 1 call option, strike 10,000 USD, Jun Expiry at 0.11 BTC, - buy 1 put option, strike  6,000 USD, Jun Expiry for 0.098 BTC. Analysis: Di final payoff is similar 2 di won of di covered call writing. Di payoff of di structure give u a benefit over di simple holding of bitcoin equal 2 di difference between di premiums paid 2 buy di put nd di premium cashed in 2 sell di call. In dis particular case, I chose 2 strike levels 2 hav di smallest positive difference between di twos. If di price dey below di strike price at maturity. If at expiry di price dey above di strike, di option go in-di-money nd u sell di bitcoin. Di strategy has a break-even, compared 2 bi long underlying, at a level equal 2 strike+premium received (in dis example at 10,000+(0.11-0.098)*7478=10,093 roughly). If di BTC go further up, u basically sold a bitcoin at 10,093. On di contrary, if BTC go down, u also bought protection at 6,000, as u dey long a 6,000 put. More precisely, as u cashed in a premium of 93 dollars, u dey protected at a 6,093 USD. In case bitcoin go down more, u no dey affected, as di payoff of di put protects u on di downside. Word of caution. Options dey  very complicated topic. I tried ma best effort 2 explain dis topic in di most simple nd intuitive way. I go expand di thread in di direction u prefer. Just ask mi 2 explain wat u dey interested in most, or just ask mi 2 clarify di point u want mi 2 dig more precisely. If u think dis thread or any other of my threads dey worth 2 bi translated in ur own local board, please do! I go happy 2 provide assistance! Useful resources: Online Calculators: Option Calculator Exchanges product information: Option on Bakkt ™ Bitcoin (USD) Monthly Futures Options on Bitcoin Futures Online courses: Basic: CME Option Course Advanced: Options Theory for Professional Trading Dis post dey eligible 4 ma project: Help me translate my best posts in your Local Board Quote I bi strong believer in di utility of local boards. I dey lucky enough 2 bi able 2 express myself in at least a couple of languages, but I know dis won no bi case 4 everyone. plenti users post only on di local boards bcos of a variety of reasons either language or cultural barriers, lack of interest or whatever other reason. I personally know a lot of very good users (from di Italian sections mainly, for obvious reason) who no dey post in di international sections. I think all dose users dey miss a lot of good contents posted on di international (English) section or on other boards. If u think u go help here, just visit di thread! Davidvictorson hero member Activity: 952 Merit: 824 Livecasino.io Re: Info-thread: Translation of Useful English topics to Pidgin {mix images} July 01, 2022, 05:10:56 AM #6 Translated Topic in Pidgin Language; Everythin wey you wan be know about Grayscale BTC Trust but fear no gree you ask am! Original Topic: Everything you wanted to know about Grayscale BTC Trust but were afraid to ask! Author: fillippone Since dem publish PlanB articles, d Bitcoin value proposition don get confirmation sake of say na correct model, wey dem use serious maths talk say "Bitcoin dey valuable because say e dey scarce". Na him make Bitcoin Investment dey ok for some kind pipo, wey dey ready to carri d court, regulatory and fiscal mata for head to mak sure say bitcoin get exposure. Oda pipo go follow, but those pipo wey carri d matter for head first na dem collect beta shares and profits as no competition been dey d market. D one wey dem don talk about wella among dis funds na Grayscale. D plenti bitcoin wey dem buy don mak pipo for d community dey look their side. Becos e be like sign say big big companies don dey accept am, or na wetin dem use tak measure how scarce wey bitcoin dey wen dem measure am against mined bitcoin. Wetin I tink be say dem don too simplify plenti of d concepts about dis fund, and some of d technical details of how e dey take operate fit mak pipo sabi how d fund dey work, how big compani investors dey use am, whether na "fiat investors" or whales, and small small investors. Sake of say dem don too talk about Grayscale news, some beta reports, and dem don do correct thread for d Italian board, I decide say I go follow d thread wey don talk about d main aspects, I go go thru some of d correct details, I go also try yarn about wetin I don learn as I dey talk. As I dey on top of dis article I go dey look dis this spreadsheet, na there you go fit see mani of d calculations wey I do. You fit open am and play wit am. I throwway salute to my fellow Italian members wey don shook mouth inside d mata Grayscale thread by Plutosky for their local board. Table of Contents Grayscale Company Profile and Faq Primary Market Secondary Market Arbitrage In-Kind Buying Hedging Strategies Conclusions 1. Grayscale Company Profile and Faq For Grayscale Website we fit get beta tori wey concern d whole compani and organization: Quote Grayscale Investments, LLC (“Grayscale”) na d largest digital currency asset managa. Wit approximately $3.3B AUM,* Grayscale dey provide opportunities for him investors to collect beta exposure to d digital currency asset class. Grayscale na d sponsor of Grayscale Bitcoin Trust (BTC), Grayscale Bitcoin Cash Trust (BCH), Grayscale Ethereum Trust (ETH), Grayscale Ethereum Classic Trust (ETC), Grayscale Horizen Trust (ZEN), Grayscale Litecoin Trust (LTC), Grayscale Stellar Lumens Trust (XLM), Grayscale XRP Trust (XRP) and Grayscale Zcash Trust (ZEC), and d managa of Grayscale Digital Large Cap Fund LLC. Both d trusts and d fund dem dey call dem “Products”. Any Product wey dey give share creations dem go call am “Offered Product”. Grayscale Digital Large Cap Fund currently nor be Offered Product. Grayscale LLC  dey manage plenti Trusts, wey resemble each other, and dem get d same format for operation. Quote D Products na privately offered investment vehicles wey dey available to institutional and confam individual investors for their different private placements. Grayscale’s single-asset Products dey provide exposure to Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Ethereum Classic (ETC), Horizen (ZEN), Litecoin (LTC), Stellar Lumens (XLM), XRP, and Zcash (ZEC). Grayscale’s diversified Product, Grayscale Digital Large Cap Fund, dey provide exposure to d top liquid digital assets by market capitalization and e currently get BTC, ETH, XRP, LTC, and BCH. D Grayscale Digital Large Cap Fund private placement dey also offered on a periodic basis to correct investors* only but e dey closed now. Each Product’s investment objective na for d value of d shares (based on digital assets per share) to show how d price of the Product’s underlying digital asset(s), less fees and expenses dey perform. Dem do am afta popular commodity investment products, dem create each Product for investors wey dey find exposure to digital assets through a traditional investment vehicle. Those products wey be privately offered investments, dey available to investors thru private placements. D objective of each fund na to passively check d performance of d underlying wey dem use am join bodi. So Grayscale nor dey look for addition yield for thru active management, investments or oda revenue sources. Dem be just passive investors. D Trusts dey open-ended, and dem dey different from d majority of publicly traded futures wey dey any exchange, wey get expiry date, and dey request say make d investor cari him position to other contracts(e get some "Perpetual futures, but where dem cover too dey small) Quote Additionally, Grayscale Bitcoin Trust (OTCQX: GBTC), Grayscale Ethereum Trust, (OTCQX: ETHE), Grayscale Ethereum Classic Trust (OTCQX: ETCG), and Grayscale Digital Large Cap Fund (OTCQX: GDLC) dey publicly-quoted for d OTCQX® Best Market, wey be numba one by d OTC Markets Group and e dey available to all individual and institutional investors. Some of those investments wey dey private also dey publicly-quoted for d public market. Quote Except for Grayscale Bitcoin Trust, wey trun to SEC reporting company for January 21, 2020, d Products nor dey registered wit d U.S. Securities and Exchange Commission (d “SEC”) and dem nor fit subject am to disclosure and certain oda requirements wey d U.S. securities laws talk say dem suppose do. D biggest fund na d Grayscale Bitcoin Trust (BTC), wey dey small pass 90% of the total AUM of Single assets funds. GBTC na d only fund wey dem register with d SEC, so na only him on respect all the rules wey the public agency been talk. D smallest investment threshold and d management fees na him represent correct informate. The smallest threshold for $ 25,000 ($50,000 for GBTC) come mean say those product nor mak sense for small small investors, e give d Sponsors a series of disclosure to take protect most of d investors wey never sabi wella. Dem dey comot d management fee from d theoretical price on a daily accrual basis to tak cover for d annual administration and safekeeping fees. All these funds get some common regulatory characteristics: Most notable ones na d Index Provider wey be Tradeblock and Coinbase custodian. Wetin e mean be say all d calculation dey for d back of Tradeblock price computations (I go give more update on this matter later) and say d assets det for cold wallet for Coinbase. On a side we sabi say Grayscale na part of a group: Quote Grayscale na subsidiary of Digital Currency Group, Inc. (“DCG”). DCG put hand for mani digital currency ventures in addition to Grayscale. CoinDesk, wey be d leading digital media, events and information services company for d digital asset and blockchain technology community, na also a subsidiary of DCG. CoinDesk dey editorially independent from DCG and Grayscale, and any views or opinions wey CoinDesk talk nor be d views or opinions of Grayscale. So, CoinDesk dey independent from Grayscale, but dem na d same family. 2. Primary Market Mak we look d BTC trust fact sheet. E dey clear say d private trust naim get d right to give shares for d primary market afta dem don follow the correct procedure to Accredited Investors (AI), wey be d only subject wey dem allow to put moni inside d Trust. Wetin be d requisites to be an AI? Quote Any normal human being wey him income big pass $200,000 for each of him two most recent years or joint income wit him partner wey big pass $300,000 for each of those years and wey dey expect dey to dey d same income level in the current year; or Any normal human being wey him net worth, or joint net worth wit him partner, big pass $1,000,000 (minus d value of d place wey d person dey stay or if him dey owe moni for the place wey him dey stay). Of course banks, partnerships, corporations, nonprofits and trusts (with wey get moni pass $ 5 millions) dem be Accredited Investors. D procedure to give new shares dey very simple. Every day at 4:00 PM d VWAP, a Volume Weighted Averaged Price, of d XBX Index (a volume weighted average of bitcoin on different exchanges) dey calculated. Dis one follow for d benchmark index of d fund. Quote Notably, na only once dem dey calculate d official NAV for Bitcoin Investment Trust (on business days at 4pm) by Grayscale, dem dey use d weighted average of d XBX Index over d preceding 24-hour period. Dem go later divide d funds by d price to tak check d equivalent amount for BTC. Dem go still divide dis amount by d per-Share Digital Asset Holdings to tak calculate d actual numba of Shares. For d attached spreadsheet I do show una d live calculations: D Bitcoin per shares amount na numba wey dey reduce everyday to show d accruing of d yearly 2% fee. I don show you d example of d calculation for d spreadsheet. Wetin dis one mean be say each share dey control each day less and less bitcoin, d portion of bitcoins wey no dey "controlled" by d shares na d payment for GBTC. For here you fit still calculate d NAV. If you times d official Benchmark Price and d Bitcoin per Shares, wetin you go get na the NAV of each share: As dem talk am for Grayscale Website: So, as each share get a "bitcoin per share" equivalent, d NAV na d US moni equivalent for dis measure. As for SEC regulations, you nor fit just transfer d shares like dat. We read am for their termsheet, na their we tak discover am: Quote Eligible for resale dey accordin to Rule 144 for d Securities Act afta a one-year holdin period. Pursuant to Rule 144, once d Product done dey subject to d reportin requirements of Section 13 for d Exchange Act for a period of 90 days, d minimum holdin period go come dey short from one year to six months. We nor fit give you assurance say secondary market go develop. So d subscriber of dat kind shares go expose herself for 6 months wey be d holdin window. For d end of dis window period she go dey free to tak sell d shares for d open market. As long as say she get, becos Grayscale nor go fit get hand for am. Also, Grayscale nor go fit collect d shares back, becos say buyback agreement nor dey sure. Quote Grayscale Bitcoin Trust persently nor dey do any redemption program and e fit stop creations from time to time. Assurance nor dey say d value of d shares fit dey approximate to d value of d Bitcoin wey dey d Trust and d shares fit trade at a substantial premium over or discount to d value of d Trust's Bitcoin. D Trust fit, but e nor dey compulsory to, seek regulatory approval to run a redemption program. So, wen you put moni for Grayscale shares,, you don lock into dat, and d only way to take comot an for d secondary market, afta like minimum of six months. I write one post on d thread about d restricted shares. You fit see am here here 3. Secondary Market As dem talk for Grayscale website, eligible shares of Grayscale Bitcoin Trust dey quoted for OTCQX® under d symbol: GBTC, e make am dey possible to buy or sell shares continuously thru d tradin day at prices wey d market don set. Some information dey old (market Shares). Dem tak dis picture before d market open, na im mak some information nor dey (volume, range, etc.). D market nor get any relationship wit Grayscale, and e dey rum independently. Dem nor get any market making obligations at all at all, so d price fit dey go up dey come down as e like accordin to bid-offer pressures. Dis one na d graph of d last 12 months, wit volumes. Na an average of 4.75 millions of shares wey dem dey trade every day, e dey equivalent to more or less 4,500BTC. 4. Arbitrage We don see from d oda sections say NAV and Quote prices get big difference. If you buy a quote of GBTC for d secondary market u dey actually but bitcoin for 20% premium, or you dey pay high pass 11,350 USD per BTC. Make e nor shock you, e follow for wetin dey GBTC. Premium is dey close to historical minimum level, but e don big pass 100% for some kind times like that. If you buy a quote of GBTC u dey actually but bitcoin for 20% premium. Why e be so? Well, d first reason be say you nor fit buy GBTC shares for d primary market. Back den to give shares don close for some kind times like dat. And as e be  it nor always dey possible to buy shares for d primary market, na dis one make d demand for quotes dey high for d secondary market wey make d prices and d premium dey go up up. Secondly, mani of d big men investors nor fit trade restricted financial instruments. So dem nor fit buy GBTC shares becos dem nor fit carry am do trade as dem like for d first six months and e nor get any buyin agreement wit d issuer. Lastly, e get plenti investors wey go like buy bitcoins, but dem nor fit do am. So wetin dem dey do na to buy quotes wit premium so dat dem fit get an object wey dem fit carri trade for a regulated exchange, wit correct fiscal, regulatory and legal benefit. You fit reason am like say na family office wey dem don tell to sell only listed products. Dis one mean say physical bitcoins don comot for d matter, obliging d moni managa to divert to GBTC so dat e fit get exposure to bitcoins. Na dis market frictions dey give premium of secondary market quotes mind for where NAV of  trust dey. Dis premium nor dey stable for d past, but contrary to wetin people believe e nor get any relationship wit "market sentiment" so I dey guess say na outside public information dey push am, and e dey related to offering policies: Correlation wit price level is nor dey exist, and na even negative. Hyphen(-) hero member Activity: 798 Merit: 725 Re: Info-thread: Translation of Useful English topics to Pidgin {mix images} June 29, 2022, 06:29:53 AM #5 Translated Topic in Pidgin Language:- Anythin u wan know about BTC option bt u de fear to ask Original Topic:- Everything you wanted to know about BTC options but were afraid to ask! Authur:fillippone Option 4 bitcoin don de accessible only to whales and som khyn exchanges as Deribiit , bt wen Bakkt nd CME wey b d two main traditional bitcoin exchanges go open d product to dir clients option trading 4 bitcoin go becum widely accessible. Actually option trading don de available 4 Bakkt since December 9th, while CME go launch product wey de simila leta dis month, and dem go start d trading 4 January 13th. Options na instruent wey de hard to trade. Dis wan de sure 4 traditional bt e even too de sure 4 wild market like bitcoin. Wit dis thread i go giv some som khin little theoretical nd practical ways (hints) on how u go tek understand and use options. I go start de brief wetin option b, explain all d characteristics wey option get and wetin dem mean to investors. Den i go explain well how we go tek price dem. I no go explain d main mathematical model wey dem use price d optons, becus e go cary us go advance differential calculus wey nobody wan hear. wetin i go use to convey d khin factors wey get impact on option price and we go tek interpreat dem. I go also try clear rod 4 som common misconceptons we de about opton.   4 d end i go explain som common strategies wey de opton trading. E no go too de complicated, na just small eamples on how we go tek use dem 4 mata wey concern investment: weda speculation or hedging.  INDEX Introduction Wetin b option Strike Time to expiry Volatility Example How we go tek price option Historical Volatility togeda wit Implied Volatility Option strategies - How we go tek use option Leverage Trading Covered call writing Collar Word wey matta Resources wey get use: Online Calculators: Exchanges product informations: Online courses: Wetin be option Option na contract wey go give person way dy hold the pawa, bt not d obligation to buy or sell asset, wey dy call the Underlying asset, b4 d time way the contract go expires. D option wey dy give person way the hold the pawa to buy the asset wey dem keep(underlying) na Im b call Option. D option wey giv person wey hold the pawa to sell d underlying asset na im b put option. D price wey dm use do the trading na im b strike price. wen option generate trade we go talk say it is "exercised", bt if e jst end wey dem no trade anything we talk say e dy "abandoned" If option fit de exercised only wey e wan end (termination) na dat one b European Option, While d option way fit dy exercised anytime before e reach time wey e go end(Termination) dat one na im be American Option. The moni way buyer of option pay seller or person wey b writer of option, na dat one b the premium. If price for market pas d strike price, d called option dy call "in-the-money", because say for American exercise, e fit exercised with gain. If not, dem go call d call option "out-of-the-money". If d price 4 market they below d strike price 4 d put option, d put option go b "in-the-money", because say 4 American exercise e fit exercised with gain. If not, dem go call d put option "out-of-the-money". If we look a certain strike, na only call option or put option fit be in-the-money, no be all of dem. Example if we look 10,000 strike option, d call option dy out-of-the-money, but the puts option dy in-the-money. As e dy expire, if the option fit make d underlying asset weting dem been price am na im be "physical delivery ". Many commodity 4 financial options dy physically settled. Alternatively, option fit control only the moni wey dy d same with d gain exercising the option it self: dat expiry then an in-the-money option go deliver money wey de the same with the difference way they for asset price and strike (4 call option case )  or the difference wey de for strike price and the asset (for put option case). For dis mata, them they call d option na cash-settled. 4 d case of Bitcoin option wey b Bakkt option on BTC futures, the option de physically settled: wen d expiry of d option in-the-money option generate a better position in d underlying future. e get only a trick: as e de common for plenty commodity options, d option Im self expires few days before d future, so d holder of d in-the-money options get possibility to close d future position b4 d main delivery of d underlying of future (the option get future as underlying, d future get Bitcoin as underlying). Na y you fit hear some marketing nonsense wey "Bakkt options go allow u chose d type delivery :" monei or face to face".   B4 we analys am mathematically how 2 price option, make we see the impact 4 pricing wit d intuition. STRIKE: D first element na strike.  E Sure, d different wey de between market price and strike na d first hint at d value for option. Intuitively d more d option dy in-the-money, d more dat option go get value. STRIKE: D first element na strike.  E Sure, d different wey de between market price and strike na d first hint at d value for option. Intuitively d more d option de in-the-money, d more dat option go get value. Wen option de in-the-money, dat option get a calculated value(intrinsic). 4 call and put options, the calculated value dy d same wit d different bitwn d underlying price and the strike price: intrinsic value de only measure d gain wey determined by d diffence bitwn d option's strike and d markets price. Wen option de out-of-the-money instead, d calculated value na zero. D intrinsic value na d minimum value of d option: if d value of d option go de below d intrinsic value, e fit be arbitrage, buying that option and changing it to gain. So wen BTC de trade for 7,000, a call wit strike K = 5,000 is in-the-money and get intrinsic value of 2,000, so d price go de biger dan dat. Na so a call wit a strike K= 10,000 get no intrinsic value I.e the value na zero. E sure, intrinsic value na only a part of price an option: oda variables de impact d pricing of option, any one of dem de add value to d intrinsic value to get d final value 4 the option: TIME TO EXPIRY:D second element wey de important to price option na d time wey e go take expire: d longer e go take to expire, d costly d option. If we price two option wit d same characteristics, wit different date to expiry, d one way get long expiry date go get biger money. VOLATILITY: As d volatility of d underlying asset big, naso d value of d option go big too. 4 here d explanation go de tricky small. Make we talk say d main reason no be how big d volatility of 4 underlying be, na how big d volatility fit dy be wey dy go inside d money. We go see later why dis wan dey important, just put am for mind say e no go too show. The option wey de buy no dey get anything 4rm d option wey dey go inside d money. Rather no give gain, if na only option de go inside d money. The person wey buy d option go enjoy because say d underlying asset don move (i.e he go de change) for risk wey de come neutrally, i.e make you no take d risk of gaining because the option dy enter inside d money. Make we see one example: If we buy call option wey be BTCUSD, wey get strike price of 8,000 USD, wey de expire for June 2020. Dis strategy name na Long call because to buy something na him dem dey call being “long” for finance jargon. D premium 4 dis option own na 1,350 USD, we go pay immediately (“upfront”, again for finance region). Mek we go forward sharpaly to option wey dey expire. The outcome for our option go follow d final price wey bitcoin be: If BTCUSD de unda 8,000 USD d option go dey abandoned, e don expire without use be dat. If BTCUSD de above 8,000 USD d option go still de, and e go generate payoff wey de d same wit d difference (positive) wey de between BTCUSD and d strike price. 4 more formal terms d call option payoff go be dis tins: Call=max(0;Spot-Strike) D last payoff 4 d strategy go be dis tings:   know say d dis graph reason say we pay a premium of 1,350 USD before time, we must pay d premium 4 all scenarios: if d option expires witout, d P&L (profit and loss) 4 d strategy de negative and d same to d premium wey we pay, if not e go de eqaul to d option payoff netted with premium paid. know say d gain and loss go start to de increase for strike price level, 8,000USD for dis case, but e go break even if na for high level wey de dsame wit d strike + d premium u pay, or 9,350USD fir dis example.   Mek we see d same tin for put option. We buy put option for BTCUSD 4 6,000 USD strike price, wey de expire June 2020. Dat strategy na  long put.  D premium 4 d option na 732 USD, we suppose pay am keep "upfront". Mek we go forward sharpaly to option wey dey expire. D result 4 d option de change according to d Bitcoin price: If BTCUSD pass 6,000 USD d option go de abandoned, e go expire without any value. If BTCUSD de below 6,000 USD d option go de exercised and go provide a payoff d same wit to positive difference wey de between d price of BTCUSD and strike price. 4 more formal terms d put option payoff go b dis tins: Put=max(0;Strike-Spot) D final payoff 4 d strategy go b the dis tins: D graph look familiar, as e be d symmetrical payoff pas d call. Mek we know say dis graph dy reason am say make we pay premium of 732 USD keep, to pay d premium na must for all case: wen option expire witout value, d gain and loss of d strategy de d same and negative to d premium way we pay, if not e go de equal to payoff option wey we put for d premium way we pay. Know say d gain and d loss go start to rise for strike price level 6,000 USD 4 dis one, but e go breaks even 4 lower level wey de d same with d strike - d premium wey we pay or 5,267 USD for dis example.   Make we take eye see option exchange to look 4 confirmations. All d examples na from Deribit, who be d only big source wey de available for option prices: to create account de easy and e no de need KYC. If you like am do am for educational reason. E sure say some issues de, and I no 4 any way de linked wit d exhange. If we cary BTC options, and Jun 26 2020 we go see a screen wey look like dis tins: (click on the image to enlarge it) Dis particular page de reason d options wey go mature 4 26 Jun 2020. D middle grey colum de represents d strike level. D options wey de d same row get d same strike price. 4 d of column left side, we get d call option for each strike, and d right-hand side carry d puts option. D bid price na d price wey oda participants wan buy d option, i.e. Price wey u suppose sell am if u wan sell. D ask price na d price wey oda participants wan sell d option, I.e. d price way u go pay if u wan buy am. Each bid and ask price get a corresponding Implied Volatility level, wey b d volatility level dat, if we put dem 4 d model, e go give us back the aforementioned price. Na y if u dy talk about option, volatility and price na d tins wey be d exchangeable concepts. As we don see pass, we se say d calls get price wey dy drop wen strike dy go up: 6,000 call get mid-price (d average wey de between d bid and Ask) for 0.20725 BTC, while 10,000 call get a mid-price of 0.11275 BTC. D opposite na im sure for put. D puts wey get lower strike get lower premiums. D put stuck for 10,000 get price of 0.46075 BTC, and d 6,000 put get mid-price of 0.09725 BTC. Again, we see say if we check d options wey get plenty time b4 dem expire, each of dem get bigger value: d 10,000 USD  strike call wey go muture 4 September get value of 0.16775 BTC versus d value of 0.11275 BTC 4 d same option wey de mature June. D 6,000 strike put get a value of 0.09725 for d same option we de mature June If we put data wey we find 4 dat page in option calculator, we fit price d option itself again. If we try reprice d 8,000 USD call, putting 0% for interest rate (BTC na paying asset wey dem no fit divide) d correct info about strike, underlying and implied volatility, we go get almost d same valuation we get for Deribit:   D plenty numba under d option price na d "greeks" or d toughness of d price of d option to d oda components: DELTA: na d sensitivity of d option price to d underlying: If d underlying go up wit 1 USD, option price self go go up with 0.55 USD. GAMMA: na d second-order sensitivity 4 price option to d underlying: if d underlying go up with 1 USD, d option delta go up 0% (I de reason say some rounding factors wey we suppose consider de dis calculator) The numbers below the option price are the "greeks" or the  sensitivities of the option price to their various component: VEGA: na d sensitivity for option price to d volatility level: if d volatility go up 1%, d option price go go up 20.54 USD. THETA: na d sensitivity of option price to d time: if 1 day pass, d option price go drop down by 4.39 USD. RHO: na d sensitivity for option price to d interest rate: if d interest rate move go 1%, d option price go move go 13.49 USD. D greeks for option de link to each oda for one hard way, ways chok wey we fit interpret dm and de go de change as d level of market de change, d volatility and d time 4 maturity. Dem don write books wey de show how to change and Dem d wey e go good 4 u. I sure say dis small explanation don de OK for dis thread.   How u go tek price option To understand d details of how options price dey b, e go mean say u go understand advanced mathematics, even stochastic calculus, differential calculus, statistics etc. For here I go give u small important concepts, u go keep am for mind if you dey think of options and wetin their value b. Black&Scholes na dem win d price for their option pricing model. Their achievement wey big pass na to demonstrate if e dey possible to price option wey dey use non-arbitrage conditions. Arbitrage na trade wey profit wey de gain de involve no risk and e no get capital. Naso he dey be, dos trades no dey exist, dem markets go follow adapt to avoid these situations. Reasoning wey de under d “non-arbitrage” conditions, mean say risk no de inside, hence d individual appetite wey de risk 4 each different trader for d market fit de comot for d equation. E mean say every trader for d market go reason using d same “language” of world wey no get risk (if we reason with no-arbitrage conditions, we fit ignore d associate risk, den we fit ignore wetin wan make every trader carry dat risk). E mean say d risk of dis kind derivative dey unique, irrespective for d risk appetite for each trader. Dis wan get d important consequence wey d price for option dey INDEPENDENT of d probability wey de give each trader about d possibility for d underlying ending wey de inside d monei. Dis wan na something wey we go put for mind: D price wey option get no mean say automatically say d scenario where e end inside d money dey more “plausible”.  Historical Volatility togeda wit Implied Volatility As we don se say d only "difficult" to option price na d volatility wey we go use. D correct numba wey go fit in d pricer na d expected future realised volatility until d option go expire. Quoting dis numba mean say quoting d price of option  (being d oda option pricing numba deterministic, i.e. dem no am witout uncertainty). D level of volatility wey dem use to price option na im be implied Volatility because say na d level of volatility "implied" by quoted price. How u go tek quote d future volatility? Here na d trick 4 option trading. D first idea na to look d realised volatility: if u look d past, u go get d first guidance to d future volatility. E sure, e no de always b true as many factors fit change d volatility 4 future. One easy example, we de specific to Bitcoin option fit b halving. Dis even fit get better impact to Bitcoin price according to many people model.  So we fit guess say if halving de come d volatility go low: Bitcoin fit move, without big variations, bt once d halving sup, d price fit begin de move wela, due to d different valuation d S2F model implies. For dis case d realised volatility no go b good guidance for d future volatility: D realised volatility go d lower dan d future volatility used to price options wit d expires after d halving. Plenty websites don calculate d realised volatility 4 Bitcoin: on Deribit u fit get one. Calculating historical volatility wit different horizons go giv very different results: For d graph wey dy up, we go see Bitcoin price (black line, left axis), with superimposition for different volatility calculations as dem use different terms (yellow, red and blue lines, right axis).  Volatility 4 short term fit de more"volatile" imself (yes, volatility of volatility de, bt na for advance options trading). D line wey b yellow de represents d annualised historical volatility wey dem don calculate using d b4 10 trading days, and we see say d graph de swing more volatility, wey from 180% drop down 20%. Volatility wey dm calculate for mor extended time, lik d blue line (calculated 4 lik 30days of data) or d red line (calculated 4 d last 180 days of data) is instead mor nd mor stable as d interval for d calculations. 4 sure, we de mor interested 4 matching, wit d caveat wey we explain b4, d historical volatility computation wit time wey d option wan expire we wan to price. D implied volatility fit b instead observed 4 option markets. If we see d option screen 4 up we go see some IV columns: dat is d implied volatility wey correspond to to each quote. If we use d model for opposite way, we fit use d price as input and find d volatility implied into d price: wey b d implied volatility. Option strategies - How we go tek use option Options ar instruments wey de very complex, here I wan show some small use of dem. Dis one na d easy ones, and all of dem de common to b "static" strategies. Dis means say we go put dos once in place, and we no go touch dem till dem mature. Different strategies de wey we fit adjust during d life of d option. Dis ones na totally different animals and dem de call dm dynamic strategies. Leverage Trading Scenario: U wan gain as much as possible exposure to Bitcoin. u get clear treading view. U no wan lose ur capital if dis no materialise. Strategy: Use ur own moni to pay d premium 4 option wey de out of d moni, choosing d strike to maximize d final expected payout.   Example: - Buy 1 call option strike 7,000 USD, e go expire 4 Jun at 0.233 BTC. alternatively - Buy 1 call option strike 8,000 USD, e go expire 4 jun 4 a total of 0.1805  BTC.   Analysis: 4 dis scenario u don get eposure wey u go take appreciate if bitcoin don pass strike price level usin a pat of capital wey de require to buy unerlying (i.e 1 bitcoin). 4 d case wey bitcoin de 10,000 as e wan expire, 4 d case a bitcoin investment, u go get return wey d same to (10,000-8,000)/8,000=25%. Dis one na base case scenario 4 no leverage. if we buy in-the-money call option d return go b instead (10,000-7,000-1,742)/1,742=72%. mek we no se if d option go further in d moni d retun go go up futher too as d option pay na constant,while de gain go increase linearly. 4 d second eample, we buy option wey de out of d moni wit less capital. 4 d case wey bitcoin de 10,000 as e wan expire, d yield go b in dis case (10,000-8,000-1,350)/1,350=48%. 4 sure dis scenario wey b oposite movement, ur loss de limited to d premium paid, wey go be completly loss. Of course in the scenario of an opposite movement, your loss is limited to the premium paid, which would be lost entirely. Dis sow se u go chose wisely no b only d strike level, to get beta level of exposure, bt also d expiry, as movement don materialise b4 d option go expire.   Covered call writing Scenario: U b whale u wan sell som pat of bitcoin wey u hold to use 4 ur daily needs. U de bullish on bitcoin as investment. Strategy: Sell out-of-d-moni calls, mek cash in d premium to finance ur epenses, me u actually sell bitcoin only as d pice go ip (possibly 4 a spike). Example: - long 1 bitcoin, - sell 1 option strike 10,000 USD, Jun Expiry at 0.11 bitcoin. Analysis: The payoff of d structure go giv u benefit pass d simple holding of bitcoin wey de d same to premium if d price go down d strie price at maturity. If at expiry d price pass d strike, d option de go in-d-moni and u sell d bitcoin. D strategy get a break-even, pass to being long d BTC only, at a level wey de d same to strike + premium received (in this example at 10,000+0.11*7,478=10,826 roughly). If d BTC muv further up, u cum basically sell a bitcoin at 10,826, hence d strategy get a lower vale against holding d bitcoin. Collar Scenario: U b whale U wan sell som pat of bitcoin wey u hold to use 4 ur daily needs. U de bullish on bitcoin as investment. U de pissed off in case of violent drawdown 4 bitcoin prices. Strategy: Sell out-of-d-moni calls, mek cash in d premium to finance ur epenses, me u actually sell bitcoin only as d pice go ip (possibly 4 a spike). Use cashed-in premium to buy protection 4 d downside, i.e mek u buy put option. To de buy out-of-the-money call and de sell out-of-the-money put na strategy we dem de call "Collar". Example: - long 1 bitcoin, - sell 1 call option, strike 10,000 USD, Jun Expiry at 0.11 BTC, - buy 1 put option, strike  6,000 USD, Jun Expiry for 0.098 BTC. Analysis: The final playoff de similar wit d one wey dey covered call writing. The payoff 4 d structure go give you benefit on top d simple holding of bitcoin wey equal to d difference inside d premium wey dem pay to buy d out and d premium wey de cashed in to use sell d call. For this kayn case, i chose 2 strike level to get d smallest positive difference wey dey between the twos. If d price de below d strike price for maturity. If for expiry d price de above d strike, d option go de inside the money and you fit sell your bitcoin. D strategy get break-even, if he dy compared to being long underlying, for level wey dey equal to strike+premium wey dy received (for dis example wey be 10,000+(0.11-0.098)*7478=10,093 roughly). If BTC go up pass before, you don basically sell bitcoin for 10,093. 4 d contrary say BTC go down, u also buy protection at 6,000, as you don long 6,000 put. More precisely, d way you take cash out 4 premium wey b 93 dollars, you de protected for USD wey be 6,093 USD. 4 case wey bitcoin go down pass before, you no go dey affected, as d payoff of d put go protect u 4 d downside. Word wey matter. Option topics get as e dey b. I try my best say I de explain dis topic for d simplest way and d way wey de go grab. I fit expand d thread d way u go take sabi am. Just tell me wetin u dey interested pass 4 d topic, or make u ask me make I clarify you more 4 d point wey you wan know more about. If u tink say dis thread or any oda of my threads de wey dem suppose translate go ur own local board, please mak u provide help! Resources we get use: Online Calculators: Option Calculator Exchanges product information: Option on Bakkt ™ Bitcoin (USD) Monthly Futures Options 4 Bitcoin Futures Online courses: Basic: CME Option Course Advanced: Theory 4 professional options trading Dis post de eligible 4 my project: Help me translate my best posts 4 ur Local Board Quote Me na strong believer 4 local boards mata. I de lucky enough as i don epress myself 4 at least some languages, bt i know say dis one no be d case 4 everone. Plenty users de wey b say na oly local board dem de post because of som reasons wey fit be language or culture barriers, and some na lack of interest or some oda reasons Me personally know plenty users wey good (4 d italian section mainly 4 som reasons) whu no de post 4 international sections. I think  say all dos users de miss plenty good content wey dem post 4 international (English) section or oda boards. If u tink say u fit help here, just  come see our thread! Davidvictorson hero member Activity: 952 Merit: 824 Livecasino.io Re: Info-thread: Translation of Useful English topics to Pidgin {mix images} June 19, 2022, 09:57:48 AM #4 Translated Topic in Pidgin Language; Stock-to-Flow Model: Modeling Bitcoin's Value with Scarcity Original Topic: Stock-to-Flow Model: Modeling Bitcoin's Value with Scarcity Author: fillippone Na only few articles wey don mak correct wave for were wetin concern Bitcoin dey like d one wey PlanB write. D tin wey him do na to try to explain how much wey Bitcoin be with wetin dem call Stock-to-Flow approach. Stock-to-Flow approach no be new tin for d financial world, e don tey wen dem dey use am for were dem dey do buying and selling; the first time dem relate am to Bitcoin na Saifedean Ammous for him book “The Bitcoin Standard”, him use this approach to take talk about wetin make Bitcoin be “better, correct moni” pass goods and our normal moni. PlanB’s article don come out since after Saifedean’s book, but e make ogbonge wave; d main koko na to talk about how Bitcoin Price take be and the beta effect and how importanta wey e b for were halvings for bitcoin. At the time wey I dey write this thing Bitcoin Price been dey around USD 3,400. For this thread I go try explain some kind misyarn wey dey d article, I go ansa some questions wey some pipo dey always ask, I go study the criticism wey pipo don talk about d model, and some new tins wey don come up. This link go cari you go d main article: Modeling Bitcoin's Value with Scarcity Quote from: fillippone on March 05, 2020, 08:45:29 PM I b strong believer 4 d join bodi 2geda of local boards. I get luck well well say, I sabi open mouth 2 talk watin dey my mind 4 at least som kind language dem bt I knw say no b so e be 4 evry persn. Plenty pple way dey d forum dey post onli 4 dere local boards bcus say, e get watin dey hold dem nd e ft b language, watin dem beliv in way no allow dem, netwrk no dey abi e get orda reasons. As I dey like dis, I sabi plenty pple way dey use d forum wella (frm d Italian side dem, via som kind reason way no ft hide) way no dey post 4 where evry body 4 d world dey talk. I believ say, all dose users dem way no dey talk 4 where evry bodi 4 d world dey talk 4 (English) or 4 orda boards so, dem dey miss wella. If u tink say u ft help 4 here, u fit go see dis topic! CryptopreneurBrainboss legendary Activity: 2240 Merit: 4133 eXch.cx - Automatic crypto Swap Exchange. 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