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1  Bitcoin / Project Development / I need some beta testers for binary options testing on: June 10, 2011, 04:28:07 AM
I need some beta testers for Binary options trading on bitoption.org.

It's MOSTLY done, and I'd like to see some trading on it, just a little before I go more broadly.

If you don't know what a binary option is, it's a very simple derivative; you purchase a 'call' or a 'put' at a point in time. If, at the close date, the underlying security is above the price at your point in time, and you bought a call, you get a certain payout. (Roughly 155-160% likely in this case). If not, you get nothing, it expires out of the money.

A put would payout the same if the price was below.

I have a few things I'm worried about doing this including server load, and I'd like to open it up slowly; PM me or respond here if you're interested.

You'll need a funded bitoption account, but those are easy to get, of course. Smiley
2  Economy / Trading Discussion / Bitoption.org API Discussion on: June 09, 2011, 09:30:39 PM
I'm fielding a good number of requests, comments and questions from API developers at bitoption.org; I thought I'd put a spot in place for them here.


To get the ball rolling; added today:

/mailResetToken?name=<login_name>
/resetPassword?reset_token=<yourtoken>&newpass=<newpassword>


3  Economy / Trading Discussion / CALLING ALL SHORTS on: June 06, 2011, 10:14:07 AM
Shorts,

You know who you are. It is time to put your money where your mouth is, and do some option trading.

https://bitoption.org is up and running. It will keep gaining features this week, but there are currently over $1k USD in options offers on the site, and more coming in quickly.

I'll look forward to seeing those bear trades roll in.

You now have a way to actively trade against BTC; enjoy! I have had fun building it.

4  Economy / Trading Discussion / Bitoption Status Thread on: June 06, 2011, 03:41:00 AM
Hi all, I'll be keeping track of bitoption up and down notices here.

Back up from our DDOS attack. Hopefully that's it for now.

5  Bitcoin / Project Development / Bitoption.org -- ESCROWED LIVE Bitcoin Options Trading on: May 24, 2011, 05:32:40 AM
Official Market Status Thread Here: http://forum.bitcoin.org/index.php?topic=12495.0

I'm pleased to announce that Bitoption is generally ready for early adopters. Trades are happening, and so far, nothing has melted! All trades at Bitoption are escrowed, so you need not worry about the reliability or credit of a transaction partner.

For options-savvy traders: read my quick notes at the bottom.

MAJOR UPDATE, WE NOW PRICE IN USD, 1 CONTRACT = 1 BTC. CHECK IT OUT!

To start trading options on Bitcoin / USD, just go to https://bitoption.org and register. Refer often to /faq and /help. I try to monitor this thread and provide support here as well as via email linked on the site in the help section.

What are options? Options are a way to bet on moves between BTC and USD without owning a huge number of BTC (or USD). There are currently options priced in the bitcents that could make you quite a lot of money depending on the swings of the market. Alternately, they're a way to LOCK IN profits you've made trading BTC so far.

Options at bitoption.org are priced in USD. They are trades on BTC. There are two sorts of option contracts available, 'calls' and 'puts.' Options have two prices associated with them; the 'strike' price and the 'bid/ask'. Bid/ask is what you wish to pay or get paid to trade the contract. The strike price is the price that the two currencies will exchange at.

  • Calls give you the right to purchase BTC for a USD at some point in the future. For instance, if you have 100 call contracts at 50 USD strike, you would be allowed to spend 5000 USD to buy 100 BTC any time before the option expiration.
  • Puts give you the right to sell BTC (put it on someone) in exchange for USD at some point in the future. For instance, if you have 100 put contracts at 20 USD strike, you would be allowed to give someone 100 BTC, and receive 2000 USD from them any time before the contract end.


Options trading is complicated; it's hard to get your head around, and you can lose your money quickly if you're not careful. Be careful! We are currently working on better documentation, and many requested new features. So, be patient with us!

Funding Your Account We currently only accept BTC; to get USD (which you'll need to take certain positions), we allow you to exchange on Mt. Gox directly from your bitoption account. This is the only way to get USD in your bitoption account currently. We are testing Mt. Gox "send USD" support and will likely support this soon.

Withdrawing We currently only send BTC out, although it looks likely we will be able to use Mt. Gox' sending facilities to allow you to withdraw funds in USD directly.

Options-savvy notes Trades are escrowed, funds are held in Mt. Gox. Contracts are American style, 1 contract = 1 BTC 1% commission on clearing, 1% for execution. Currently no auto-execution of trades (probably coming). Prices are quoted in USD-BTC We're looking for market makers, email me. No margin accounts, and that's the short version!
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