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Author Topic: THE PRICE OF BITCOINS IS CRASHING SELL SELL SELL  (Read 22531 times)
billyjoeallen
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June 10, 2011, 06:16:28 PM
 #21

You're correct in the case of selling a covered call, which is what I did.

This seems too good to be true. Why don't you just borrow money on your credit cards at 21%, buy bitcoins, lend them out and get a guaranteed 72%? 
It's not a guaranteed 72% unless bitcoins are worth what you paid for them before the option expires.

I wish someone would starting writing puts come on pumpers put your money where your mouth is


Bitcoins are already worth more than double what I paid for them. I'd rent them to you if I could be reasonably certain I'd get paid back with interest. I just don't understand the best way to do that or if it's possible.

insert coin here:
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clickbangdone
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June 10, 2011, 06:27:32 PM
 #22

Write some puts on the option exchange I they will get snapped up fast
bitoption
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June 10, 2011, 06:37:16 PM
 #23

1) So, register at https://bitoption.org.

2) Deposit some BTC

3) On the right side, under Place an order, put in order in.

You want to keep your coins and get some cash, and are willing to give them up if the price goes up, say double again.

You want USD now, and are willing to sell BTC later for a fixed price. You are Writing a call, or "Asking".

So, you should write a call with strike of $50 US, closing, say end of July, and asking whatever you'd like in "interest".  "Interest" is really just USD that someone pays you for the right to buy if the price goes over the "strike price." It will be USD denominated; so once someone buys your call you can exchange back for BTC if you like, or keep it as USD if you prefer.

Attached is an explanatory image.

----** In Beta: The First Bitcoin Options Market ----**

Explanation and discussion: http://forum.bitcoin.org/index.php?topic=9611.0

API Developer Thread:
http://forum.bitcoin.org/index.php?topic=14194.0

-----------------------------------------------------------
tonto
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June 10, 2011, 07:44:40 PM
 #24

So if I understand this correctly.
 
If I used your example, of 50USD per btc, in July.  If July comes and it doesn't hit that, I'm not out anything, right?  But if July comes and hits $50, then I get that $50 plus whatever I put in the strike price?
 
so it's a win-win?  Or do I lose if one of those parameters doesn't hit right?

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billyjoeallen
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June 10, 2011, 07:49:18 PM
 #25

ok. 20 BTC coming your way. I hope I can in this before the selling panic ends.

insert coin here:
1Ctd7Na8qE7btyueEshAJF5C7ZqFWH11Wc

Open an exchange account at CampBX: options, lowest commissions, and best security
https://campbx.com/register.php?r=0Y7YxohTV0B
onesalt
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June 10, 2011, 08:00:52 PM
 #26



Um, Hes actually correct, the price of bitcoins is crashing.
bitoption
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June 10, 2011, 08:02:03 PM
 #27

So, tonto, your currency risks with that trade are essentially that BTC goes super low, and you'll wish you'd been able to sell, while they were instead locked up in the call until July 28.

The USD will go to you immediately, and you'll get either your BTC back, or the $50 at some point. If you don't get the $50 by the expiration date, you'll have the BTC unlocked and you can do it again, withdraw, exchange, whatever you like.


----** In Beta: The First Bitcoin Options Market ----**

Explanation and discussion: http://forum.bitcoin.org/index.php?topic=9611.0

API Developer Thread:
http://forum.bitcoin.org/index.php?topic=14194.0

-----------------------------------------------------------
Jack of Diamonds
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June 10, 2011, 08:02:56 PM
 #28



Um, Hes actually correct, the price of bitcoins is crashing.

No, a group of speculators is pushing it up and down. It literally was down to $20 5 minutes ago and I refreshed the page 10 minutes later & trades were being done at $26.

A limit on trades per hour by one person could be useful.

1f3gHNoBodYw1LLs3ndY0UanYB1tC0lnsBec4USeYoU9AREaCH34PBeGgAR67fx
sam
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June 10, 2011, 08:03:21 PM
 #29

Thanks for the new graph, I updated my post. I feared something awful may happen.

Did my post help you? Feel free to donate:
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kuba_10
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June 10, 2011, 08:04:04 PM
 #30

MtGox's ball bounced up again. And again, nothing to worry about.

EN<->PL, GER->EN, GER->PL TRANSLATIONS? Send a PM, will do it cheaper than others!
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bitoption
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June 10, 2011, 08:06:16 PM
 #31

Limiting trades is not the right answer. The graph is misleading; if you sell down all the way to $20, and then buy 1 BTC, you'll buy back at the original price up at say $26, and the price graph will look like that. You need to take into account volume; also, there's not enough high frequency trading and breadth to keep the graphs from looking like that right now.

The best thing that can happen right now is more traders, faster trade execution and keeping websockets up at Mt. Gox;all those will curb this a bit.

----** In Beta: The First Bitcoin Options Market ----**

Explanation and discussion: http://forum.bitcoin.org/index.php?topic=9611.0

API Developer Thread:
http://forum.bitcoin.org/index.php?topic=14194.0

-----------------------------------------------------------
bcpokey
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June 10, 2011, 08:06:37 PM
 #32

I wish I had had some more money in mtgox, woulda been nice to buy up at 20.
sketchman
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June 10, 2011, 08:07:22 PM
 #33

http://i.imgur.com/uVrXG.png

Um, Hes actually correct, the price of bitcoins is crashing.

No, a group of speculators is pushing it up and down. It literally was down to $20 5 minutes ago and I refreshed the page 10 minutes later & trades were being done at $26.

A limit on trades per hour by one person could be useful.
It was back down to 22.8, then I refreshed and got 22.5. It seems that the limited demand for coins by actual merchants and the potential shutdown by the US government are starting to scare people away.
Jack of Diamonds
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June 10, 2011, 08:10:40 PM
 #34

A limit on trades per hour by one person could be useful.
It was back down to 22.8, then I refreshed and got 22.5. It seems that the limited demand for coins by actual merchants and the potential shutdown by the US government are starting to scare people away.
[/quote]

Price fluctuates wildly every weekend because wire transfers are disabled. You can't withdraw or add money by bank funds during Sat-Sun.

Take a look at historical data to back it up.

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onesalt
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June 10, 2011, 08:12:33 PM
 #35

Trying to delude yourself into thinking the crash isn't happening is only going to make you lose more money!! you need to get out now before your btc are worthless!
Bazil
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June 10, 2011, 08:16:49 PM
 #36

Sell sell sell, and I'll buy buy buy, all you bitcoins at a dollar each! Wink Cheesy J/K,  I get get a good deal buying bitcoins because of this market dip though

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sam
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June 10, 2011, 08:17:55 PM
 #37

Price fluctuates wildly every weekend because wire transfers are disabled. You can't withdraw or add money by bank funds during Sat-Sun.

Take a look at historical data to back it up.
Don't worry I'm sure everything will be alright http://i.imgur.com/UA1jK.gif

edit: dropped even further since I made this post

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sketchman
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June 10, 2011, 08:18:18 PM
 #38

A limit on trades per hour by one person could be useful.
It was back down to 22.8, then I refreshed and got 22.5. It seems that the limited demand for coins by actual merchants and the potential shutdown by the US government are starting to scare people away.

Price fluctuates wildly every weekend because wire transfers are disabled. You can't withdraw or add money by bank funds during Sat-Sun.

Take a look at historical data to back it up.
[/quote]A viable currency shouldn't fluctuate so much when it first takes off. People who bought at 30+ BTC took a huge bath and probably have no confidence in the Bitcoin market now.
josell
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June 10, 2011, 08:46:23 PM
 #39

I have a question: does this means that difficult will decrease, or it is just a relative price compared to USD?

Thanks.
jakemates
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June 10, 2011, 08:54:46 PM
 #40

Sam is a troll.

Quote
I feared something awful may happen.

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