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

[🏰 TradeFortress 🏰]

Trading closed?

Edit: Take this what you will.

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[stshiOption]

With respect TradeFortress, you said "I've observed and tested Satoshi Option long enough" ... and yet you're commenting on trading being closed on our website, like you're surprised?

If you had actually been observing SO you'd have noticed trading closes regularly, when there are no price movements (this was added after the back of Mt. Gox closing the exchange thus removing most of our liquidity). It has nothing to do with this thread and is completely automated. It's also the same method we use to know when to close the EUR/USD options.

Regarding the code; what we have provided is 'as is', and exactly what we're using to generate the price. This means it's completely transparent. If you're not getting the same price when you implement the same code, then you're not implementing it correctly. Now, with regards to your example, not sure I follow at the moment, but give me some time to digest what you're showing. It sounds like you're telling us we're creating a price that is bad for you. Surely if it's bad for you, it's good for someone else betting on the other side? Either way, whatever you're trying to say (I will do my best to digest it when I have a moment), it's clearly artefactual and not by design.

Given that we've now shared our code, we'd be very happy for you to make a combined price and we'll implement that should it be suitable.

[🏰 TradeFortress 🏰]

If you're not getting the same price when you implement the same code, then you're not implementing it correctly. Now, with regards to your example, not sure I follow at the moment, but give me some time to digest what you're showing. It sounds like you're telling us we're creating a price that is bad for you. Surely if it's bad for you, it's good for someone else betting on the other side? Either way, whatever you're trying to say (I will do my best to digest it when I have a moment), it's clearly artefactual and not by design.

Given that we've now shared our code, we'd be very happy for you to make a combined price and we'll implement that should it be suitable.

I removed the module wrapper, and ran the code as is via "node pricing.js" without any modifications. The price that I get has a difference ranging from $0.60 to $0.01, and I've noticed the difference get smaller/larger in ways contradictory to active bets. With the example I gave you, if the difference remained constant (at the 4 cent up baseline), the bet would have won (by a few pips), but your data had another 4 cent up (+$0.08) compared to my price.

I have to say that I have not performed a scientific study and these were just my observations. It should be easy to output the difference as a chart, or well, getting the same data running the same script?

[sippsnapp]

Thanks for your comments sippsnapp. However, they are misleading and unfair.

Firstly, your comments seem to be about binary options in general, rather than Satoshi Option per se. More specifically, you said it is "more safe and fair to play cfd 500:1 without stop." This is nothing to do with Satoshi Option and is only about your opinion regarding binary options. Consider the following: in order to make a profit on the EUR/USD you need to be able to get 6 out of 10 picks correct, or more precisely 58.824% accuracy rate to break even. Your performance merely says that you aren't good enough to achieve 6 out of 10 decisions and manage your bankroll according to account for the times when you are invariably incorrect. For example, if you have 1 BTC to spend, you should not be making 0.1 BTC trades. You should be making ~ 0.03 BTC trades.

Secondly, the odds are +70% return on EUR/USD and the price is provided by a independent third party that can be verified using any number of binary options platforms (e.g. try www.24option.com which is one of the bigger ones). Our payout is inline (perhaps 2% different) with everyone else, which is hardly a premium to pay considering Satoshi Option is the only site that offers binary options where you can pay with bitcoin, from any country.

Finally, regarding your comments about BTC trading being not transparent.....? Every trade you make is publicly viewable in the blockchain. This is easier said than done, so to actually facilitate this we publish every trade in real-time, live, to the site so you can see what the bet amount was, the start price, end price, start time, end time, and so on. There is 100% transparency.

In summary, you were unable to perform at an accuracy level that is profitable and have somehow decided that this is Satoshi Option's fault, rather than your own decision making. Please clarify how Satoshi Option has let you down? For example, have you made trades that were not cashed out when correct? We didn't think so....

In other news, big update coming soon. It will make even sippsnapp very happy!

Hi,
i dont think the comments where misleading or unfair.
However, partly they where indeed about option trading in general considering the odds if this is industry standard.

1. The quoting is shady because i dont know where you get your quotes from or who is the liquidity provider.
2. Concerning the platform. Just the order execution fact doesn't make it worth to look any further, that n regulation or register fin biz is in place on the first view is acceptable in the bitcoin environment, nevertheless, trust is a huge thing if you want people to trade with moar than beer moneyz. .
3. The odds are indeed bad. If i play any cfd/fut on margin, considered there is a reasonable stop in place and the tp on the equal level, i guess i make 100%, correct me if im wrong.
4. Indeed not sure, but im getting interested in the binary option model, if i just had the facilities .
5. Its not fair (to talk about not fair) to offer 1h and below trades in such an environment. It should be in your interst for customers to gain equity. Lets take nfp or other movers into account, i think you agree that 1h and below timeframes for options in this environment paired with the odds is "not optimal" to enhance customer experience.

Indeed there is something that would catch my attention, that is volatility betting on medium - long term timeframes, however, 70% is not acceptable, ill stick to futures meantime.

[capoeira]

one question regarding the maximum bet size:
if I send a bet of 0,1 BTC and than another one of 0,1 BTC before the first expires; what will happen?

[stshiOption]

one question regarding the maximum bet size:
if I send a bet of 0,1 BTC and than another one of 0,1 BTC before the first expires; what will happen?

We only allow one bet per instrument and duration at a time. Your second transaction will be refunded immediately (minus the standard Bitcoin transaction fees).

[mrkent]

The site is currently a manipulable gambling site. What's the max bet?
Would be much better as a binary exchange, where you'd trade on anything and users sell contracts at their own prices.

[Welsh]

The site is currently a manipulable gambling site. What's the max bet?
Would be much better as a binary exchange, where you'd trade on anything and users sell contracts at their own prices.

Agreed. I think that would be much better than the current system.

[stshiOption]

The site is currently a manipulable gambling site. What's the max bet?
Would be much better as a binary exchange, where you'd trade on anything and users sell contracts at their own prices.

Please remember that the price feed - specifically how it's aggregated and calculated - is public; you can run this yourself to get precisely the same price as we publish. I mentioned this because it proves that the price is independent and obviously, therefore, not manipulated. Check the start of this thread for more information.

However, great minds do often think alike. Your suggestion of a binary exchange is something we've been working on. You've let the cat out of the bag a little bit, but that's OK. We do agree, that this will be a much better option. More updates on this to follow.

However, while we're working on this new system of an exchange similar to what you have described, we have made some updates to the existing website

- The site is now served through SSL, in preparation for future updates where communication with our server should be secure
- We have added more assets: GBP/USD, EUR/GBP, USD/JPY, Gold, Silver, Crude OIl, Nasdaq
- We have updated the maximum bet from 0.1 to 0.25 BTC

Thanks for the continued feedback. Will keep you posted on the exchange.

[BitCoinPokerBro]

Some complaints

1. What is the problem with implementing longer term trades? I and most others traders will not trade 60 second intervals gamblers on the other hand probably don't have a problem with it. Back in march you'd been considering implementing longer TF trades it's been almost 3 1/2 months with no improvement.

2. As someone said on the first page. No deposit only per trade based transactions which means fee's per trade. This is not a satoshidice type game it's a trading platform and as such traders should have access to their funds and be able to trade instantly instead of waiting for transactions to go through then have to pay a fee on every single trade. BTW I wouldn't mind paying a withdrawal fee just every trade lol.

3. BTC/USD @ 1.5? 1.5 return is unheard of in the options market a few years back 1.6 was OK but the standard was 1.7 nowadays the standard is 1.75 with most brokers offering 1.75-1.85 variable return throughout the day.

Honestly at this point the mechanics of satiosh option are built just like a satoshidice clone except with trading as the main concept instead of gambling. If you reworked the site a bit this could be huge. It's the only half way decent bitcoin option site BUT the negatives outweigh the positives.

Really like the looks of the site though.

[stshiOption]

Thanks for the feedback BitCoinPokerBro, very interesting and matches with our developments.

1. What is the problem with implementing longer term trades? I and most others traders will not trade 60 second intervals gamblers on the other hand probably don't have a problem with it. Back in march you'd been considering implementing longer TF trades it's been almost 3 1/2 months with no improvement.

The primary reason is because we're building a fully fledged OTC Options platform and exchange and will depreciate this; we've just done enough to keep it up and maintain some interest while we work on the bigger platform.

2. As someone said on the first page. No deposit only per trade based transactions which means fee's per trade. This is not a satoshidice type game it's a trading platform and as such traders should have access to their funds and be able to trade instantly instead of waiting for transactions to go through then have to pay a fee on every single trade. BTW I wouldn't mind paying a withdrawal fee just every trade lol.

Agreed, it's been in the plans for some time - this will be implemented in the new platform, and we might trial the code on the existing website. We'll update this thread when we go live.

3. BTC/USD @ 1.5? 1.5 return is unheard of in the options market a few years back 1.6 was OK but the standard was 1.7 nowadays the standard is 1.75 with most brokers offering 1.75-1.85 variable return throughout the day.

We offer fixed 1.7 on fiat currencies, commodities and NASDAQ. The 1.5 in Bitcoin is our choice while we are in beta mode. Regardless, this will become moot with the exchange implementation. I think everyone will love it when they see it.

[coinprize]

Check out my NASDAQ stock betting site: https://coinprize.com

[Palle1985]

You know about another bitcoin binary option, BTClevels, aren't you? They've got better design and usability, but I can not analyse game mechanics.
You've got to improve your service, mainly UI and UX to be competitive.

[Allaboutbit]

You know about another bitcoin binary option, BTClevels, aren't you? They've got better design and usability, but I can not analyse game mechanics.
You've got to improve your service, mainly UI and UX to be competitive.

If your going plug your site at least acknowledge that your doing it.

Btw your site is not much better and it's still not complete.

[coinprize]

We are proud to say that coinprize.com is the first and the most popular stock binary option platform using bitcoins, and we are the  most robust and secure binary option platform. Most importantly, coinprize.com is transparent from start to end, you know how much you gain and where those bitcoins come from (opposite players), and every investment is list on website in the "Recents" section and is public for everyone, and you are anonymous to public as well, simply because we don't offer registration, we don't track players, we use the same concept of satoshidice.com: when you win, we send your bitcoins back to your input address which is the only information we get from bitcoin blockchain.
We are so proud to be the creator of such platform and we are continuously working hard to offer a better platform day by day, step by step.

Thank you for all investors that are already engaged in, thank you very much!
Best,
All members of CoinPrize.com

To know more about it, please visit: https://bitcointalk.org/index.php?topic=274617

[stshiOption]

Hi all!

It has been a long time coming, but we're proud to announce a huge new feature today - on-site wallets. This is the first big step in implementing our binary options exchange.

With our on-site wallet, you deposit funds by transferring money to your own personal address. Your balance is available after two confirmations. You can then trade instantly on site - no more messing around copying addresses.

You can withdraw your balance at any time, with no fees from us. Your balance is auto withdrawn after 24 hours, so your coins are safe even if you lose your unique URL.

We're excited to see what you make of it. Give it a go, and watch this space for the exchange!

The SatoshiOption Team

[ravgninn]

Is this still the code used to generate the price?
http://pastebin.com/u0PSarFs

I very much doubt it is.

Bitfloor and tradehill don't return prices anymore.
The mtgox webservice connection does not work for me on two different systems and the price would be much higher if included.
Bitstamp bans me after a while.

So that only leaves coinbase working 100% and bitstamp sometimes.

Using coinbase/bitstamp and adding btce seems to match your prices best. If I add mtgox the price gets much higher.

Can we get the updated code please?

[stshiOption]

You're right - the price feed has since been updated.

Here's the latest code:
http://pastebin.com/0mE1Ev3H

[godey]

Dear Friend
I have a problem with www.satoshipotion.com
But i can't find your email where i can explain my problem.
Please give me your email .


Thank you in advance

[baokychen]

At least offer more than 60 seconds on currency pair, I was interested initially but see all the 60 seconds bet was like ?

wasn't this gamble?