Bit harsh/hostile...

Nonetheless, point taken. We think it's to do with the Kendo UI and knockout bindings that refresh that part of the page for the live price. When you begin to try and copy the address, it effectively refreshes that part of the page and deselects it.

We'll get that fixed today.

Second update of this week
- Now offering basic charting functionality (to be improved)
- Trialing the offering of multiple assets, EUR/USD and BTC/USD (subject to change)

Forthcoming updates
- Multiple time periods for the existing live assets

As a reminder, a maximum of 0.1BTC per trade/bet is currently in place.

Makes sense. It did look very interesting.

We're in the process of offering automatic binary options on major currency pairs over different time periods, and working on a way to offer BTC/XXX pairs too. Trying to avoid the user having to create an account in order to buy the option. In addition, we've tried BTC/USD fairly successfully but to offer a good real-time price, we are having to pull from multiple exchanges and they're pretty patchy at times in terms of connectivity. Right now we're working out a way to produce our own price that uses all the data from all of the exchanges... while still having integrity.

Any thoughts?

Anyone else had any experiences with this website?

Looking to get feedback we can use on ours to help improve it.

How did you get on with your trial?

We have just made a major design release to the Satoshi Option website, that provides significant insight into the features that you will be able to use moving forward. Let us know what you think about it and also, tell us if you like the features that you can clearly see are en route. For example, the design allows us to offer multiple assets over multiple time periods. Based of early user feedback on this forum and elsewhere, options longer than 60 seconds are desirable. Accordingly, we have some in the pipeline.

http://www.satoshiOption.com

Looking forward to your comments/requests/questions.

Now, for that spec of our BTC/USD pricing:

We currently use a weighted average of mid ((bid+ask)/2) prices from four exchanges: MtGox, Tradehill, Coinbase, and Bitfloor. While a price is considered 'good', it has a weight in the average of 1.

A price is considered good for a 5 second window since it was last updated. When we lose connectivity to an exchange, its price will stop updating and will age. After 5 seconds, the weighting of the price starts to exponentially decay (based on time), until eventually, its effect diminishes completely.

We poll for new prices from the exchanges every second, and use a streaming connection to MtGox.

Yeah, it would be nice if connectivity was better for us regarding mtgox. Similar to our EUR/USD pricing, we will look to pull the price from multiple high quality sources to get a price that is as accurate/recent as possible. This is particularly relevant for BTC/XXX, where trades are less frequent.

Our intention is to be 100% transparent with all appropriate technical specs, especially on details such as these, so we will publish the smoothing spec and the exchanges we use so people can calculate the precise same price should they wish. We're busy on working up a new design, more durations and other instruments at the moment so we'll get onto providing this detail tomorrow at the latest since we recognize it's important.

To provide a brief description, it's basically a weighted average of mids where the weight reflects the recency of the price. Like I said, full disclosure later.

We're using a combination of exchanges, with smoothing. We'd ideally like to stick to one, but found that there either isn't enough volume or the API isn't reliable enough (Mtgox). If BTC/USD isn't popular, we'll probably switch back to EUR/USD on Monday, given that we have more established data there.

Thanks for the support SRoulette, and for the feedback, it's much appreciated!

Update: We've now added a BTC/USD option (as traditional forex only trades on weekdays). Give it a go, and let us know what you think.

Thanks for the feedback

A deposit-based method is something we might look at in the future. For now, we'd like to keep things simple and avoid all the complexities of login, holding user's money, etc... But of course, if the demand is there, it can be done.

And yes, we always include the 0.0005BTC miners' fee on winnings. This becomes negligible for larger bets though.

Glad you like the site!

Noted.

Like the sound of this.

Everyone has to start somewhere. We're just starting out too. However, you are building a clone of something already out there that works better than your product, and offers more features, and a better UX.

If you're going to copy something, that's fine, but I suspect that you need to do a better job than the person you're copying if you are to stand out and get noticed.

Sorry, you're right, the statement was ambiguous. The data does not originate from one source, so that's what I meant by custom. If you would like to verify our data against a 3rd party, try EUR/USD over at www.24option.com and compare them side by side. Furthermore, if you have live data available with your forex broker, you can do the same thing there. We may differ slightly from your forex broker, only by sub pip fractions.

Thanks for your comments.

We're soon to implement additional durations, and we'd be interested to get your feedback on what might be of interest to you.

We're thinking of adding a few more short term durations, but also some longer ones. For example, 2 minutes, 5 minutes, 15 minutes, 30 minutes, 60 minutes, 3 hours and EOD and EOM.

In the spirit of only building what people want, in the order they want it, we'd be interested to go ahead with whatever is the most popular time period. We'll then be able to factor this in with what we're capable of doing.

Regarding the pricing of the data. We're not using a bid, or ask, or even a last trade price. We're using a custom price that can be validated against any 3rd party source or existing Binary Option website (try 24option.com for example).

Finally, we're soon to offer shares, commodities and indices, if these are of interest to people.

Look forward to hearing your thoughts.

Thanks MPOE, we've already read your article, and it's a great read.

We're not looking for investment though - at the moment all users need to trust us with is their <=0.1BTC stake, for 60 seconds. And of course, everyone can check the block chain to see we always pay out as promised!

Well you could argue that all stock market activity is gambling - you take a view on a stock and if you're right, you win! The difference is, predicting the market takes skill, you're not just rolling a dice

www.satoshioption.com

We're announcing release of the first binary options trading platform designed exclusively for bitcoin - Satoshi Option!

Inspired by SatoshiDICE, to trade you simply send bitcoins to a specific address, and your trade is executed with zero confirmations. Unlike SatoshiDICE, there are no random number generators involved - just real market data. If you are not familiar with what a binary option is, you may know it as a fixed return option, or digital option. Quite simply, a binary options is a financial tool that allows you to predict if the market price of an asset will rise or fall within a certain time period.

Once you send your bitcoins to the address that represents your decision, you simply wait 60 seconds and if you predicted the movement of the asset's price correctly, you will recieve your return almost instantly. Just like in SatoshiDICE.

This is an early beta release, and we're very keen to gain lots of feedback from the Bitcoin community. Please test out our site with small trades (a 0.1 BTC limit is in place for now).

Good luck, and have fun!

OPEN SOURCE BTC PRICE FEED

To allow independent verification of our BTC price feed, the source is available as a standalone Node.js module:
http://pastebin.com/u0PSarFs

Note that due to weighting of exchanges in the underlying mid price driving the feed, your own price may take some time to converge with our price when you first run the module. This process is completely transparent and included in the source above for you to verify.

So I'm logged in... but the timer isn't ticking down...

How does this work?