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Author Topic: Market for Bitcoin on Intrade  (Read 1906 times)
mokimarket
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January 03, 2012, 03:50:30 PM
 #1

I really think if we have enough recommendation, we can get a bitcoin market on intrade.

Intrade is an established exchange and can be used to hedge your bitcoin exposure with binary options.

I made the following post in their forum: https://bb.intrade.com/intradeForum/forums/show/11.page

Please support my post if your a member of intrade, thanks!

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Meni Rosenfeld
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January 03, 2012, 04:54:55 PM
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Do you mean that we'll have predictions such as "The Bitcoin rate will be above X at time Y"? Sounds like a tool completely unsuited for the task...

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mokimarket
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January 03, 2012, 06:16:44 PM
 #3

Could you give a bit more explaination of how that would work exactly?

Maybe have a daily contract like they have for the dow: http://www.intrade.com/v4/markets/contract/?contractId=755518

Or you could have a contract that says: Bitcoin price to close ON or ABOVE $6 on 31 Jan 2012

If event occurs, contract expires at $10, otherwise contract expires at $0.


Do you mean that we'll have predictions such as "The Bitcoin rate will be above X at time Y"? Sounds like a tool completely unsuited for the task...

It's not a perfect hedge, but it's a binary option which can be used to hedge some risk exposure.

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January 03, 2012, 10:29:19 PM
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Do you mean that we'll have predictions such as "The Bitcoin rate will be above X at time Y"? Sounds like a tool completely unsuited for the task...

but if that is really what you are looking for: http://betsofbitco.in/list
mokimarket
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January 03, 2012, 10:34:34 PM
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Do you mean that we'll have predictions such as "The Bitcoin rate will be above X at time Y"? Sounds like a tool completely unsuited for the task...

but if that is really what you are looking for: http://betsofbitco.in/list

Well intrade is the largest predictions market currently so I think it would be an added benefit to also have bitcoins traded on their exchange.

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January 04, 2012, 11:42:30 AM
 #6

I emailed them about accepting bitcoin a couple of months ago.  Their response was that they had looked into it, but the legality of doing so was too unclear.  They operate under the same regulations as a lot of the offshore casinos, and won't accept deposits from U.S. credit cards. 

U.S. customers that want to deposit and bet on inTrade have to get a NetSpend prepaid card (from any number of retail chains) because although the NetSpend cards are sold in the U.S., they have a non-U.S. issuing bank.  Or a U.S. customer needs to use a service like EntroPay to transfer the funds from their US cc to an international cc.  The same hoops as for any online casino which tries to abide by US law and prevent US customers from playing.

The worst part is that they have an API which makes it technically possible for a third party to operate an inTrade broker sevice where customers could deposit funds with bitcoin and then trade on inTrade.  But doing so would be a violation of their ToS agreement for their API, and they would close the inTrade account of said service.

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January 04, 2012, 12:12:53 PM
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Protip: bitcoin is not US

US is not the world.
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The revolution will be monetized!


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January 04, 2012, 04:12:33 PM
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I have traded on Intrade for years. Last year I had an email exchange with then about bitcoin. They were interested, but never bit. If they hear it from enough people, I think they will create some contracts about it.

The gospel according to Satoshi - https://bitcoin.org/bitcoin.pdf

Free bitcoin=https://bitcointalk.org/index.php?topic=1610684
Kluge
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January 04, 2012, 06:01:59 PM
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Protip: bitcoin is not US

US is not the world.
Protip: US-based businesses are subject to US law.

Don't mix your coins someone said isn't legal
fornit
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January 04, 2012, 06:27:47 PM
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hm, and here i thought since a few days ago everybody is subject to US law. but probably only if you cant convince the judge whom you will never see that you are not a terrorist  Wink

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January 04, 2012, 06:34:05 PM
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hm, and here i thought since a few days ago everybody is subject to US law. but probably only if you cant convince the judge whom you will never see that you are not a terrorist  Wink
You mean "enemy combatant." All you need to know to be safe from USG drones & indefinite detainment is not to hold more than a few days of food, and get rid of your guns... and make sure you don't have an "enemy combatant watch" like the Casio F91W. Oh -- and don't leave your house at night. Follow all those rules (and more) so then if the USG kill you, it'll only be due to you being "bugsplat."

Don't mix your coins someone said isn't legal
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