Bitoption Status Thread

[bitoption]

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.

[1713516400]

1713516400

[1713516400]

1713516400

[bitoption]

Update: We're up, and (I think, looking good).

Are you short bitcoin? You can come take 2 BTC off me by buying me July 28 Calls. They'll expire out of the money if BTC are under $20 US per.

https://bitoption.org

[bitoption]

I'll be taking the market down for 20 minutes or so shortly to switch over the default system to price USD-BTC, not reverse.

[bitoption]

Update, all this comes from wanting to denominate prices in BTC.

Flipping calls / puts is fine, but consider, how will they be denominated? If in BTC, then 1 unit = 1 BTC, what people are imagining. But, you can't then PAY in BTC for the puts/calls because you have weirdly non-linear payout streams.

The right thing to do is charge in USD for these options. It's going to take a little more time than 20 minutes, though. Sorry. We have a few outstanding options; you'll be contacted to see what you'd like to do with them.

[bitoption]

Market is up. It now works like everyone thought it should the whole time. Enjoy!

[FreeMoney]

Getting this for balance: {"obligations": {"msg": "Obligations includes all written unexercised contracts", "usd": "0", "btc": "0"}, "balances": [["BTC", "0.000000"], ["USD", "0.000000"]]}

after 8 confirms.

edit: showed up, is it really that many confirms required?

[Enky1974]

my call disappeared but in my balancethe money is missing,
i've [["BTC", "0.717200 
i bought 1 call for 0.28 (strike 20 for 28 july) that now doesnt show up under my contracts
what happened?

[bitoption]

Enky,

It should still be in the system; I didn't wipe any purchases contracts. PM me with your login info or mail met at admin@bitoption.com; I can't match your name here to any logins on the exchange.

Also, we can review your entire balance together since every transaction is logged, and make sure you've got everything.

[FreeMoney]

How to cancel an offer?

[bitoption]

Right now, API, or PM me. In the next 12 hours, there should be a web interface.

[FreeMoney]

Right now, API, or PM me. In the next 12 hours, there should be a web interface.

Oh, okay. It's not a big deal. I don't mind the offer I made, just wanted to make a different one and solved that problem by depositing more.

[bitoption]

Canceling and Exercising is up and running; login and click "My Contracts."

(Did I really sell $45 july 28 calls a couple days ago? Wow!)

[FreeMoney]

Canceling and Exercising is up and running; login and click "My Contracts."

(Did I really sell $45 july 28 calls a couple days ago? Wow!)

Exchanging to USD seems to fail without giving any message.

[FreeMoney]

Works now, I figured out that MtGox was down, that's all. Still it should mention the failure. I didn't know if it was no go or slow go or what.

[bitoption]

Thanks for the update. Yes, we rely on Gox, and should have better error messages there. Sorry if it was an untimely difficulty. Kind of a crazy trading day today!

[DamienBlack]

Hello, I sent in 2 btc, and they haven't shown up yet even though there are 8 conformation. I'm not really that worried, but I wanted to report a bug. When I click "balance" I just get a box that says

{"obligations": {"msg": "Obligations includes all written unexercised contracts", "usd": "0", "btc": "0"}, "balances": [["BTC", "0.000000"], ["USD", "0.000000"]]}

I was also wondering, when I exercise a call, do I have to have the USD to buy in my balance or do I get a chance to immediately liquidate the BTC and pay out of that?

EDIT: The bitcoins showed up, thanks. But I could still use an answer about liquidation.

[bitoption]

Hi Damien,

Welcome!

You need the right currency to exercise, but you could rinse/repeat/cycle if you only have enough to do one at a time; so, exercise one, sell BTC, exercise one (or two), repeat.

We may eventually allow netting, but I need to make sure that the exchange doesn't take on exchange risk doing that.

Enjoy, and happy trading!

[DamienBlack]

Ok thanks. I'll keep that in mind as I trade.

[bitoption]

Our Site is down while Gox gets back on its feet post-DDOS.

Normally we can function in 'reduced functionality' mode, but the error checking isn't quite good enough to catch the current circumstance.

Updates here as it comes.

[bitoption]

Back up.