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Author Topic: Seeking bitcoin options  (Read 2733 times)
Ian Maxwell
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April 21, 2011, 07:59:54 PM
 #1

I'm interested in buying 91-day bitcoin options, up to 2000 BTC. I'd require "American-style" options: that is, redeemable at any time until expiry. I'll be paying in USD, either Mt Gox or ACH.

I'm looking for a strike price in the 1.00 - 1.30 range. Open to negotiation on the premium.

Note: In addition to price, I'll take reputation into account in choosing an offer. (I assume this won't be an issue for anyone who seriously has 1000-2000 BTC to put up.)

Also note: I reserve the right to refuse all offers.

Ian Maxwell
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nanotube
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April 21, 2011, 08:05:21 PM
 #2

you forgot a most important detail. call or put? Smiley

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Ian Maxwell
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April 21, 2011, 08:09:07 PM
 #3

I'm just learning to keep these terms straight. I want the option to pay USD, and receive BTC, at a rate of 1.00 - 1.30 USD per BTC.

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April 21, 2011, 08:10:10 PM
 #4

I'm interested in buying similar length options, strike price up to $1.50. American style not required.

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deadlizard
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April 21, 2011, 08:10:16 PM
 #5

you forgot a most important detail. call or put? Smiley
Quote
(I assume this won't be an issue for anyone who seriously has 1000-2000 BTC to put up.)
Call of course Tongue

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Stephen Gornick
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April 21, 2011, 09:00:52 PM
 #6

I'm interested in buying similar length options, strike price up to $1.50. American style not required.

I wanted to make sure I truly understood what "American-style" options were, so I checked Wikipedia:
  http://en.wikipedia.org/wiki/Option_style#American_and_European_options

American-style option: may be exercised at any time between the purchase date and the expiration date

European-style option: can only be exercised on the date of expiration


The #bitcoin-otc exchange provides a suggestion on how ClearCoin escrow can be used to help ensure that the call writer actually holds the bitcoins and how to lessen the chances that the BTC holding has been levered:
  http://wiki.bitcoin-otc.com/wiki/Option_orders

Incidentally, I too wish to buy a call option:
  http://bitcoin-otc.com/vieworderbook.php?notes=option

demonofelru
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April 21, 2011, 09:42:58 PM
 #7

What kind of premium are you willing to pay to the writer?  I might be interested.

Edit:sgornick I would be very interested but I don't do paypal would you be able to do it with mtgox USD?

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April 21, 2011, 11:43:00 PM
 #8

Should be able to do this on the stock exchange when it launches.

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Ian Maxwell
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April 22, 2011, 11:12:39 AM
 #9

Really? Nothing?

Given the way the market has moved, I'll change my window of strike prices to 1.10 - 1.50. If you're not interested in offering American options but will offer European, I'll consider it.

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April 22, 2011, 11:21:12 AM
 #10

Really? Nothing?

Given the way the market has moved, I'll change my window of strike prices to 1.10 - 1.50. If you're not interested in offering American options but will offer European, I'll consider it.

The exchange is launching this Sunday, you might be able to have better luck with that. We'll be having some "promotinoal" bonds for sale after launch.

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nanotube
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April 22, 2011, 05:12:53 PM
 #11

Really? Nothing?

Given the way the market has moved, I'll change my window of strike prices to 1.10 - 1.50. If you're not interested in offering American options but will offer European, I'll consider it.

given the way the market has moved... are you surprised that nobody wants to sell you call options? Smiley

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Ian Maxwell
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April 22, 2011, 05:28:15 PM
 #12

That doesn't make sense, because a free market is always approaching equilibrium. If everyone were anticipating a further rise in the exchange rate, it would have happened already.

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demonofelru
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April 22, 2011, 05:48:12 PM
 #13

Really? Nothing?

Given the way the market has moved, I'll change my window of strike prices to 1.10 - 1.50. If you're not interested in offering American options but will offer European, I'll consider it.

I asked what kind of premium you will offer the writer of the call I might be interested.

Edit: For example I'll write you 2 contracts with a strike price of 1.5 BTC with a july 24th expiration American style.  How much would you offer me as a premium per contract?  Per contract so per 100 BTC ( I know the premium usually is dont per share but just multiply that by 100)

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Ian Maxwell
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April 22, 2011, 09:39:11 PM
 #14

Well, I was looking for someone else to make the offer... but what the hell. Based on this calculator and some soul-searching, I'll start out at 11 USD per 100-BTC contract, paid via Mt Gox.

Some numbers to put this in perspective:
  • At 1.50 or less, you gain $11/contract
  • At 1.61, we break even
  • At 1.71, you lose $10/contract
  • At 2.01, you lose $40/contract

Hmm.... this feels fair to me as someone just coming in, but maybe not to someone who watched the exchange rate soar up from 0.2 or so a few months ago. I point out that I would most likely call if the spot price passed 1.9 or so, so the downside isn't quite as unlimited as it appears.

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demonofelru
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April 22, 2011, 09:59:52 PM
 #15

Well, I was looking for someone else to make the offer... but what the hell. Based on this calculator and some soul-searching, I'll start out at 11 USD per 100-BTC contract, paid via Mt Gox.

Some numbers to put this in perspective:
  • At 1.50 or less, you gain $11/contract
  • At 1.61, we break even
  • At 1.71, you lose $10/contract
  • At 2.01, you lose $40/contract

Hmm.... this feels fair to me as someone just coming in, but maybe not to someone who watched the exchange rate soar up from 0.2 or so a few months ago. I point out that I would most likely call if the spot price passed 1.9 or so, so the downside isn't quite as unlimited as it appears.

That seems totally fair to me I'd like to write 2 contacts worth.  I'm not afraid call it off whenever you want I have the coins so it would be a covered call basically I just won't profit as much lol.  feel free to PM me or post details here on how you want to get started.

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Ian Maxwell
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April 22, 2011, 11:11:13 PM
 #16

demonofelru and I have made a deal! I am buying two contracts for call options on 100 BTC at 150 USD, to expire July 24. Paying a premium of 11 USD per contract. He'll post to confirm this once he's been paid.

I think that offer was pretty sweet. Anyone else willing to take me up at only a 9 USD premium?

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demonofelru
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April 23, 2011, 12:15:16 AM
 #17

I can confirm I have received my premium for the 2 contracts and have agreed to the terms in his last post.

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April 27, 2011, 11:24:20 AM
 #18

I'm looking for quotes on $3 options expiring 3 months from now.

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Ian Maxwell
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April 27, 2011, 11:43:10 AM
 #19

Also still in the market to buy American call options at $2.00 (negotiable on this number), expiry July 24. Bidding $11 per 100BTC contract.

Ian Maxwell
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