CALLING ALL SHORTS

[bitoption]

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.

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[Grant]

Thumbs up

I have a put option up, anyone who believes bitcoin will trade below 20$ in september should short it, if you do and it does trade below 20$ you will PROFIT!

[Enky1974]

you should increase the session timeout, every 5 min or so i've to login again.
thanks

[jed]

nice.
You should really switch it so the prices are quoted in USD rather than BTC since that is what everyone is used to thinking in. It is a bit annoying to have to go 1/x on everything.

[Enky1974]

nice.
You should really switch it so the prices are quoted in USD rather than BTC since that is what everyone is used to thinking in. It is a bit annoying to have to go 1/x on everything.

yeah maybe it's better to use USD for strike price and for call/put price.

[Clark]

I also agree about USD pricing, as that is what the MtGox exchange presents its prices as. Since you're using MtGox data, it would be best to match.

[eturnerx]

No! Expand to allow put/call options in different currencies as long as BTC is one of them. I'd prefer to hedge my btc in btc.

[SgtSpike]

Sorry, I'm wearing pants today.

[bitoption]

Re: pricing, what I'm going to do is provide a little switch that will re-render either way. We need to store in BTC for USD because we are also going to do BTC for other underlying items.

Re: BTC for BTC, we launched with that, but it was really confusing.

[buryfarmer]

my balance currently shows:

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

it should show 10btc

[jed]

I get " there was some sort of problem. Try again." when I try to register.
Are these European or American style options?

[Clark]

Are these European or American style options?

They are American options.

[bitoption]

@jed, from the logs, it looks like you didn't enter a password, or yours was too short.. You need a nine character password. If you still have trouble, email me, and I'll get you sorted. The system should complain about a short password, though, so it's a little mysterious.

@buryfarmer, on my side, the ledger that I expect is associated with your account reads 10.0 BTC. Can you confirm that you still get the empty report on your side? It does take a while for confirmation.

[jed]

my password was shorter than 9 characters. but I tried again with a longer version and it did the same thing. I think it maybe because my password had a '#' in it? I tried a different one and it worked.

[fivebells]

How do you enforce contracts?

[bitoption]

jed, great.

Re: enforcement -- it's all escrowed, so no worries about trading partners.