Satoshi Option - Instant Binary Options | On-Site Wallet | Open Source BTC Feed

[stshiOption]

Would you reveal which exchange you use for the rate?

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.

[1714181056]

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[1714181056]

1714181056

[1714181056]

1714181056

[🏰 TradeFortress 🏰]

Would you reveal which exchange you use for the rate?

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.

Using multiple exchanges is cool, but smoothing? Details?

Anyone needs to be able to derive the same numbers as you, or it's likely that you're cheating / fudging with the numbers to make people lose more often like other binary options sites.

[stshiOption]

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.

* stshiOption gets back to Sublime Editor

[🏰 TradeFortress 🏰]

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.

* stshiOption gets back to Sublime Editor

That's great! As long as you have a spec that others can reproduce the price, it makes it 'provably fair' and others know that you're not influencing the price displayed (except for trading on the actual market).

[stshiOption]

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.

[stshiOption]

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.

[stshiOption]

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.

[gmiwenht]

[deleted]

[stshiOption]

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.

[fishface]

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.

I have enjoyed using the service so far, and have 2 wins and 0 losses I agree about the copypasta issue, but it is beatable- I have just been right clicking and viewing source, then copy pasting the address from the source code.

[starsoccer9]

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.

Preety sure tradehill is dead so im not really sure how your using there price

[stshiOption]

You are running a gambling racket (under the guise of a financial instrument) with an EV of -0.65. Get over it.

Definition: Racket, A service that is fraudulently offered to solve a problem.

I'm sorry, are we on the financial instruments section of this forum? I didn't think so.

Given that we posted in the GAMBLING section, and our website states "form of gambling on the stock market", I think it's pretty clear that we acknowledge binary options could be considered gambling. In our opinion all forms of trading are a gamble.

Not to mention, your calculation of EV makes no sense given that there are different payouts for different assets, AND soon to be different payouts for different option durations (including options on the end of day price).

Accordingly, we're not convinced your opinion is a useful addition to this thread so we're going to ignore you from hence forth. You just seem full of hatred and have clearly spent too much time with the trolls.

[stshiOption]

Preety sure tradehill is dead so im not really sure how your using there price

Nope, Tradehill is back. Alive and well
https://www.tradehill.com/

[EnergyVampire]

Your website is pretty nice.  

I hope you continue expanding your offerings. I would be interested in CBOE style options.

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.

Preety sure tradehill is dead so im not really sure how your using there price

Wouldn't BitStamp be a better choice over TradeHill?  

[stshiOption]

Your website is pretty nice.  

I hope you continue expanding your offerings. I would be interested in CBOE style options.

Wouldn't BitStamp be a better choice over TradeHill?  

Glad it's easy on the eyes. Always a bonus.

We are looking to expand our offerings on whatever the demand stipulates. CBOE style options are more like traditional options. Compared to European options, they can be exercised at any time, and not JUST at the point of expiry? Obviously for pricing the European style options (like Binary Options) the Black–Scholes model is a good starting point. On the other hand there is no general way to price CBOE style options , assuming they can be exercised at any point. We'll have to look into pricing these according and/or get a price feed from somewhere.

We actually just started work on Bitstamp today. Consider it work in progress!

[stshiOption]

tried to use service

could not select send address to copy+paste

feature request: non-retarded website design?

I have enjoyed using the service so far, and have 2 wins and 0 losses I agree about the copypasta issue, but it is beatable- I have just been right clicking and viewing source, then copy pasting the address from the source code.

Third update this week
We have now fixed the copy and paste issue. Thanks for the feedback.

[stshiOption]

Improved BTC/USD data, x1.5 payout

We've now improved our BTC/USD data feed - our price is now updated with price deltas from each of our supported exchanges as they come in, rather than taking a weighted average. We found that the weighted average would jump between individual exchange prices as connectivity came and went - whereas this method gives a much smoother price.

In terms of exchanges, we've added Bitstamp and Blockchain.info as sources, alongside MtGox, Tradehill, Coinbase, and Bitfloor.

As a result of this change, we've increased the payout for BTC/USD to x1.5 - we'll review this again next week once we have analysed the data.

If anyone would like more info on the specifics, don't hesitate to ask!

Good luck and have fun.

[jokerdragon]

Hello stshiOption .

I am very satisfied about your site, its clean and elegant, and it works pretty well.

But, (maybe a noob question )

I made a "bet" (I call trade, whatever it is gambling or not), so I made a winner trade:

1JipWtZ2p77KepaYxJaThPWv3NmRXbgDjy   Up   0.1   1365489243   1365489303   190.19064   190.38775   WIN

How do I receive this?  
I see no withdraw button. No place to enter an address. This address is the address I sent the 0.1 btc from? It will sent back? I send it from a MtGox account, it will work? I could wait to see if deposit come along, but maybe some others users have the same question. Thanks and good luck on your business, it looks real good.  


I think a explanation about this process will raise the courage of possible traders (or players, whatever).  

[🏰 TradeFortress 🏰]

LOL

Jokerdragon, you send coins from MTGOX wallets?

The winnings have already being sent, you will not get them because you sent it from a shared wallet.

lol.

[jokerdragon]

   Someone just like to throw rocks everywhere...