The launch of BitOffer's options will be one step ahead of Bakkt

[alanshen23]

BitOffer will launch a major financial derivative product “BTC Seer” in Oct., which is a digital option innovation product. Users can start with 1 US dollar to speculate whether the price of Bitcoin will increase or decrease in the next 1 minute, 2 minutes or even longer. Profit can be up to 1000 times. The risk is controllable and the users can withdraw at any time.

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[ZimmerJason]

Sound like a new option product! Up to 1000 times but the risk is controllable? In this pattern whatever the bitcoin price is drop or bull, we can make money from it.

When does BitOffer release this BTC Seer? I try it for $100 first, see if it really can make money for me LOL !

[CryptoBry]

Sound like a new option product! Up to 1000 times but the risk is controllable? In this pattern whatever the bitcoin price is drop or bull, we can make money from it. When does BitOffer release this BTC Seer? I try it for $100 first, see if it really can make money for me LOL !

I am about to say the same thing just reading the post above. This really looks like the risky binary options trading to me the main difference is that instead of forex what we have here is Bitcoin. I am not really an expert in binary options but my take is that it is more of a gamble rather than investing or trading but for people who like to experience higher rewards despite the higher risks then this can be the best platform for them. I already read a post on BTC Seer but I never know until now how the product work. I do hope OP has some special techniques and strategies to beat the house in BTC Seer...we would be happy to hear of them, please.

[elda34b]

It's funny because Bakkt is active now. Which 'one step ahead' you're talking about? It's clearly not about the launch or the product itself.

Not to mention that binary option is considered as fraud by some major investors, and the license to run such business comes from gambling regulation.

[Kakmakr]

I cannot see how this will be better for Bitcoin, because this is a high risk investment option. There are no skill involved with investments like this and I agree this is just another legal way to gamble. Most traders are not going to dump large amounts of money on these trades, because of the risk involved with trades like this. 

The Bakkt offering is settled with actual bitcoins and investment options like this is usually cash settled. So how will this be better than the Bakkt offering?

[optionbeginner]

It seems like it's a really valuable news in crypto-space that bitoffer will launch the financial derivative product"BTC Seer"(bitcoin options) . I know a little about this Bitcoin options called "BTC Seer" from bitoffer exchange. So let me tell you a little bit about this opduct.(but it's nearly the core competitiveness on the market of derivative product) In BTC Seer, users own the opportunity to earn profit up to 1,000X leverage no matter bear/bull markets, and this is a feature which other bitcoin options product don’t have. In my opinion, it has potential to be a good product and I would like to experience "BTC Seer" as well when it is launched.

[slaman29]

BitOffer will launch a major financial derivative product “BTC Seer” in Oct., which is a digital option innovation product. Users can start with 1 US dollar to speculate whether the price of Bitcoin will increase or decrease in the next 1 minute, 2 minutes or even longer. Profit can be up to 1000 times. The risk is controllable and the users can withdraw at any time.

There is already a product called BTC Seer, if I'm not mistaken, and it has the same concepts where you bet on the price of Bitcoin. It was an ETH dapp, so also you could settle prices up or down immediately.

One question that could be different: This is p2p or we are just betting directly against BitOffer?

[Coyster]

This looks more like a gambling stuff to me, this isn't promoting the bitcoin, instead it's presenting it more as a tool for gambling, which has made many people lose interest in the past.

I doubt too many people would be to interested in this risky venture, just look at the odds, it's simply crazy, the bitcoin price is too volatile and betting on whether it will either increase or reduce in a space of time is just all about luck. I wouldn't put a cent in this.
This is no way like or better than Bakkt.

[avikz]

BitOffer will launch a major financial derivative product “BTC Seer” in Oct., which is a digital option innovation product. Users can start with 1 US dollar to speculate whether the price of Bitcoin will increase or decrease in the next 1 minute, 2 minutes or even longer. Profit can be up to 1000 times. The risk is controllable and the users can withdraw at any time.

It is called Binary option trading and such kind of trading platforms are widely available in the market already. I don't know what extra Bitoffer is offering!

However, can you please explain how the profit will go up to 1000 times? Is it due to the leverage offered or any other calculation methodologies? Such kind of binary trading platform is no match with Bakkt for obvious reasons! Bakkt is mainly focusing on institutional investors where the traders can get physical delivery of the bitcoin if needed! Alsp binary options are mainly offered to the day trader class of people! Bakkt really doesn't have any competition with Bitoffer whatsoever!

[ChrisPop]

First of all I haven't even heard of Bitoffer until now so it is probably a retail maybe gambler focused platform. Secondly it sounds like a binary trading platform and from my own experience I'll tell you that is close to gambling. The broker actually has an edge over you and as far as I know, for a trader is extremely hard to predict the "time" in which a move will occur. But on the other part it is a very fun experience, I'll tell you that - I like it more than the usual gambling games (dice, blackjack, roullette, etc.) especially if they have a nice interface and maybe an app so it is playable from phones.

On the bad part - the comparison with Bakkt is childish and not a good marketing strategy at all in my opinion.

[timerland]

BitOffer will launch a major financial derivative product “BTC Seer” in Oct., which is a digital option innovation product. Users can start with 1 US dollar to speculate whether the price of Bitcoin will increase or decrease in the next 1 minute, 2 minutes or even longer. Profit can be up to 1000 times. The risk is controllable and the users can withdraw at any time.

Isn't this just a more extreme version of longing or shorting BTC? Much risker with shorter times and up to 1000 time profit.

Isn't this basically gambling? I don't think you'd be classify this site as just an exchange/trading platform anymore with these profits.

Also, doesn't look like it's much better Bakkt, or anything related to that at all - this is more a gambling version of trading BTC, much different to what Bakkt is doing.

[Kemarit]

Yes, this is simply a Binary Options and sort of a gambling per se. And this cant even be compared to Bakkt future offerings though so I think the title of this thread is a bit misleading or OP doesn't understand what Binary Options is. And I doubt that it can have a significant effect as Bakkt is, although we haven't seen such impact in the price as of yet. And this Binary Options has been in the market for many years now and I think that BitOffer is kinda late in this game.

[squatter]

Users can start with 1 US dollar to speculate whether the price of Bitcoin will increase or decrease in the next 1 minute, 2 minutes or even longer. Profit can be up to 1000 times. The risk is controllable and the users can withdraw at any time.

Isn't this just a more extreme version of longing or shorting BTC? Much risker with shorter times and up to 1000 time profit.

Isn't this basically gambling?

It's essentially flipping a coin with worse odds. Even when they are not outright scams, binary options are constructed in a way to fleece traders based on the spread. Like any casino table game -- if you're gaining $45 on every win and losing $55 on every loss, it's a losing proposition.

Then we have to consider that the binary options industry is rife with fraud. I wouldn't go anywhere near them, particularly on small and unregulated exchanges. Bitoffer doesn't even show any data on CMC.

[gentlemand]

Never heard of this joint before which is rarely a good start and anywhere that bills itself as 'safest bitcoin exchange' is likely to not be.

I'm surprised something like this hasn't popped up already. It's the inevitable direction all these degenerates want to go in. If they want to ruin themselves then who are any of us to stop them?

The idea that this is a Bakkt competitor is beyond laughable.