Bitcoin Forum

Hi Everyone (and specifically those who are trading bitcoins),

unfortunately trading has slowed down lately.

At the same time, bitcoin trading remains one of the most profitable areas globally

+ the compounded average monthly grwoth rate of BTC/USD is a whopping +70%
+ BTC/USD are up + 31323% since May 2010.
+ there is quite some volatility to use in trading


I am wondering whether we should not start a trading competition and award the best traders (the ones who make the  highest percentage gain in 1 month, 6 months, etc.)

The only question remains how to track it and prove it for the participants, but with all the coding experts in the forum, this should not be a problem..?

I'ld love to see BTC/USD added in OpenBook:
  http://openbook.etoro.com (http://openbook.etoro.com)

Currencies / Commodities / Indices: http://openbook.etoro.com/Instruments

Rankings: http://openbook.etoro.com/Rankings

[Edit: From the FAQ http://openbook.etoro.com/faq.aspx :  

"You can login and enjoy OpenBook as a Practice Account user. However, trading activity and profiles are only displayed for real traders."

I see that this is only for real trades, not the mock trades from the practice accounts.   So for now, just a dream.]

Great idea.

I like it.

We could write to them asking to add BTC into the Practice Account at least.

I love it; I have a friend at ACM and have been talking about BTC for some weeks. I like the idea of a practice account as that makes it one step closer/easier and it seems to be cheap advertising, but some gaps need filling..
How would such a competition work:
One pair: BTCUSD or XAUBTC ?
10K of each currency for each participant.
2 month competition for example?
How does this, and does it need to, tie back in to the 'real mkt price' such as  on Mtgox? what incentive can be integrated? a very liquid market maker that follows an average of other exchanges?

Your proposal makes a lot of sense to me.
10k of each currency
BTCUSD for sure as it is most liquid
2 months or 3 months

Ideally link it directly to MtGox order book or from MtGox indirectly via bitcoincharts.com (tcam)

--> We need a prize for the winners, sth like 250 BTC (1.) 100 BTC (2.) 50 (3.), 10 (4.-15.)

I am happy to join the people contributing.

You have to do this live since the market is so small your orders have to take that into account.
Just deposit some small amount say 100 BTC in mtgox in a new account and take it from there.
It will be easy to verify that there were no additional deposits.

Not a bad idea,

it just means for all participants that they trade with real money right away.

Who would be interested to join? (I won't since I am analysing the market and issue technical analysis regularly)

Without a few more rules, like maximum trades per day, it will be easy to cheat by trading with yourself.  Even automated trading between bots.

That will have the benefit of narrowing the spread?

And is it possible that there be dark pool orders that will be there waiting for your cheating trades in between of the spread and get matched first as their order was older?

I don't see how limiting the number of trades addresses the cheating part.