Investing in Mircea Popescu's Options Emporium

[MPOE-PR]

Hehehe, so you have splendid car security with a proven track record. Geddit? *track* record.

Anyway, add *no accounts* to that list 

[bitcoinBull]

An improved UI might attract more buyers (which in turn could attract more sellers).

[MPOE-PR]

An improved UI might attract more buyers (which in turn could attract more sellers).

It's not an exchange bitcoinBull. You get 100% liquidity at the quoted rates.

[bitcoinBull]

OK, I see now that you're the sole writer of the options.  And I also see that you're the only who sets the prices.

The spreads are way too large.  I'd prefer to make my own bid to a market, not buy from you at whatever price you set.

It's not an exchange bitcoinBull. You get 100% liquidity at the quoted rates.

You call it an exchange on your site.  And its not 100% liquidity if you refuse orders that are "too large".

The system is designed to allow anonymous use of the exchange.
...
I reserve the right to refuse any transactions for any reason (including excess risk load on the book, order too large to effectively hedge etc)

[MPOE-PR]

Good news: MPOE now allows short selling of options (calls or puts). Covered only.

bitcoinBull, I think it's called an Emporium there, but anyway. The ability of users to offer their own quotes on contracts is being worked upon and will probably be here by Monday. Maybe you give it a spin then.

[finway]

Short of liquidity...

[MPOE-PR]

What do you mean finway?

[brendio]

Good news: MPOE now allows short selling of options (calls or puts). Covered only.

bitcoinBull, I think it's called an Emporium there, but anyway. The ability of users to offer their own quotes on contracts is being worked upon and will probably be here by Monday. Maybe you give it a spin then.

^ like! But could you explain more? Do you mean writing options? For example, I have 100 bticoins and I write 100 call options at $5.5 and collect the premium, but potentially have to sell my 100 bitcoins if the price increases. How does this work with holding the bitcoins in escrow?

[copumpkin]

Good news: MPOE now allows short selling of options (calls or puts). Covered only.

bitcoinBull, I think it's called an Emporium there, but anyway. The ability of users to offer their own quotes on contracts is being worked upon and will probably be here by Monday. Maybe you give it a spin then.

^ like! But could you explain more? Do you mean writing options? For example, I have 100 bticoins and I write 100 call options at $5.5 and collect the premium, but potentially have to sell my 100 bitcoins if the price increases. How does this work with holding the bitcoins in escrow?

As far as I can tell, no. This means that you can sell options that you've bought from MPOE at prices other than the ones he's willing to buy them back for, and other people can buy yours at your price instead of his. Since he seems to give an infinite supply of options at his price, though, you don't have much flexibility in pricing

[brendio]

Good news: MPOE now allows short selling of options (calls or puts). Covered only.

bitcoinBull, I think it's called an Emporium there, but anyway. The ability of users to offer their own quotes on contracts is being worked upon and will probably be here by Monday. Maybe you give it a spin then.

^ like! But could you explain more? Do you mean writing options? For example, I have 100 bticoins and I write 100 call options at $5.5 and collect the premium, but potentially have to sell my 100 bitcoins if the price increases. How does this work with holding the bitcoins in escrow?

As far as I can tell, no. This means that you can sell options that you've bought from MPOE at prices other than the ones he's willing to buy them back for, and other people can buy yours at your price instead of his. Since he seems to give an infinite supply of options at his price, though, you don't have much flexibility in pricing

Well, that's not really short selling then, if you're only covering a long position.

[MPOE-PR]

Do you mean writing options? For example, I have 100 bticoins and I write 100 call options at $5.5 and collect the premium, but potentially have to sell my 100 bitcoins if the price increases.

That's exactly how it works, actually. Give this guide a look, 1b explains exactly what you're looking for. MPOE itself is the escrow if you're trading them with other participants.

This means that you can sell options that you've bought from MPOE at prices other than the ones he's willing to buy them back for

That too, but what he says too.

[NASDAQEnema]

I may look into this for funding some future software development at least partially.

[smickles]

I announced this a little while ago, I've made a fund on GLBSE for those who wish to invest in MPOE. https://bitcointalk.org/index.php?topic=67535.0

[MPOE-PR]

March 2012 Results :

*******************
Operational results
*******************

Overall 3`587 contracts, of which +1`893 -100 CALL ; +394 -1`200 PUT.

Received : 2`504.45113888 BTC.

Expended : 1`891.81938897 BTC, of which :
     *owed to customers, 1`770.97441517 BTC
     *capital expenses : 50.84497380 BTC (1`893 BTC + 662.02380952 BTC) × 1.99%
     *advertising expenses : 70 BTC

Third parties covering shorts : +501.84210500 BTC (total 501.84210500 BTC).

Profit : 110.78964491 BTC

*******************
Shareholders table
*******************

Total shares : 1`000`000`000, of which :
     1. 12fmA1LuYpXqGzguWmDV7efRAHwrUcxxy8, 1`100
     2. 1LH8pRGWtgVWAw13Tqc8H3iys4mmKYygB3, 330`214
     3. 142Y7SccDv471NirBJoWpsDo9yLQgd92r5, 22`014
     4. 1CMeG8KzxzYRjRQS7BzfsMbW2b2FPf4RHw, 55`035
     5. 1MqrNNoRrtyJiv5HnBNEG2hb3itae7Pdt8, 165`107
     6. 1BvaoNBkNFkaHLUavJFAXRRrnxjqfdJYW6, 88`057
     7. 1GUpLZyMMBR7hig5zxnzfLabMXGay7JmXp, 55`035
     8. 17W4tjwJwPSJBDAA2uav2xuoj8cAocitxV, 110`071
     9. 1JdSigiyLRXiBingciXegfGWAjdzLW1AAH, 173`362
     10. Mircea Popescu, 999`000`005

Total dividends : 110.78964491 BTC (per 1 mn share block : 0.11078964 BTC).

******************
Bondholders table
******************

Total retained capital : 2`555.02380952 BTC, of which
     1. 1HLWcPokYJixh6BsJH9JWa8MzDaGSLGDds, 100.00000888 BTC @ 1.99%
     2. 1NcrEUkRzqQaAEGabZKPTZhArzhJvYNGWh, 100.00000888 BTC @ 1.99%
     3. 1CkEwsGgZ9saNRmr5FnbtYJjnLBdgGpS7J, 100.00000888 BTC @ 1.99%
     4. 1J9AN7LiDNDUfzAwk8D3uBLT5diWHFFCh5, 1000.00000888 BTC @ 1.99%
     5. 17KZZq1Q8dD3no2×9Ww2XqVVq6aw1JB69Q, 50.00000888 BTC @ 1.99%
     6. 1swAzHw1zTWqoi5184VinvUxLWnBskPVW, 1205.02376512 BTC @ 1.99%

To cover : 0 BTC
Loss per BTC : 0.0

Final bondholder list :

     1. 1HLWcPokYJixh6BsJH9JWa8MzDaGSLGDds, 100.00000888 BTC
     2. 1NcrEUkRzqQaAEGabZKPTZhArzhJvYNGWh, 100.00000888 BTC
     3. 1CkEwsGgZ9saNRmr5FnbtYJjnLBdgGpS7J, 100.00000888 BTC
     4. 1J9AN7LiDNDUfzAwk8D3uBLT5diWHFFCh5, 1000.00000888 BTC
     5. 17KZZq1Q8dD3no2×9Ww2XqVVq6aw1JB69Q, 50.00000888 BTC
     6. 1swAzHw1zTWqoi5184VinvUxLWnBskPVW, 2000.00000888 BTC @ 1.99%
     7. Mircea Popescu (creditor of last resort), 2%

**************
Miscellaneous
**************

 4`000`000 shares offered through public subscription through the 6th of April (more info).

[MPOE-PR]

As you know, March IPO (1mn shares offered) closed 90.850079910 BTC total investment.

April IPO (4mn shares offered) runs until April the 6th (~48 hours left). Currently 97.35175995 BTC subscribed, thus trading at ~73.3% discount so far.

Read all about MPOE and the IPOs and get yours!

[MPOE-PR]

Ok, this is pretty huge.

The April results were published (English version here).

The highlights:
* 1500 BTC gross, 1100 BTC net profit this month.
* New limit for bonds, at 5% now. Possibly the best returns for the level of risk.
* MPEx - MPOE merger, delivering a windfall to current shareholders.

Various and sundry other points.

[MPOE-PR]

May 2012 Results :

*******************
Operational results, MPOE
*******************

Overall trade 5`976 contracts, of which +3`056 -0 CALL ; +120 - 2`800 PUT.

Revenue : 317.66278560 BTC, of which :
     *contract sales : 317.66278560 BTC

Expenditure : 473.16436150 BTC, of which :
     *contracts bought : 104.66612200 BTC
     *exercise : 227.05882352 BTC
     *capital expenses : 141.43941598 BTC (2`843.00333640i × 4.975%)

Profit : -155.50157590 BTC

Third parties covering shorts : + 0 BTC - 0 BTC (total 0 BTC).

*******************
Operational results, MPEx
*******************

Overall trade : 28`303.64909712 BTC
Revenue from sales fee : 56.60729819 BTC
Revenue from new accounts : 20 BTC

Profit : 76.60729819 BTC

*******************
Shareholders table
*******************

Total shares : 1`000`000`000, of which :
     1. Mircea Popescu : 983`714`137 shares,
     2. Third parties : 16`285`863 shares.

Total dividend : 76.60729819 BTC.

******************
Bondholders table
******************

Total capital : 2`843.00333640 BTC, of which :
     1. 1HLWcPokYJixh6BsJH9JWa8MzDaGSLGDds, 100.00000888 BTC @ 4.975%
     2. 1NcrEUkRzqQaAEGabZKPTZhArzhJvYNGWh, 100.00000888 BTC @ 4.975%
     3. 1CkEwsGgZ9saNRmr5FnbtYJjnLBdgGpS7J, 100.00000888 BTC @ 4.975%
     4. 1J9AN7LiDNDUfzAwk8D3uBLT5diWHFFCh5, 1000.00000888 BTC @ 4.975%
     5. 17KZZq1Q8dD3no2×9Ww2XqVVq6aw1JB69Q, 50.00000888 BTC @ 4.975%
     6. 1swAzHw1zTWqoi5184VinvUxLWnBskPVW, 1`493.00329200 BTC @ 4.975%

To cover : 155.50157590 BTC
Loss per BTC : 0.05469623

MPBOR valid 25 May - 29 June : 4.975%.

Final bondholder list :

     1. 1HLWcPokYJixh6BsJH9JWa8MzDaGSLGDds, 94.53038499 BTC
     2. 1NcrEUkRzqQaAEGabZKPTZhArzhJvYNGWh, 94.53038499 BTC
     3. 1CkEwsGgZ9saNRmr5FnbtYJjnLBdgGpS7J, 94.53038499 BTC
     4. 1J9AN7LiDNDUfzAwk8D3uBLT5diWHFFCh5, 945.30377439 BTC
     5. 17KZZq1Q8dD3no2×9Ww2XqVVq6aw1JB69Q, 47.26519669 BTC (below minimum, returned to investor)
     6. 1swAzHw1zTWqoi5184VinvUxLWnBskPVW, 1918.33834257 BTC @ 4.975%
     7. Mircea Popescu (last recourse), 5%

******************
Miscellaneous
******************

-----BEGIN PGP SIGNED MESSAGE-----
 Hash: SHA1

Your dividend payment for S.MPOE in total sum of 7660729819 to a notional float of 500000000 has been issued on May 26, 2012, 12:30 am. Feel free to publish this receipt to your shareholders.
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 =6OKD
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[brendio]

Just wondering why the dividend was paid on a notional float of 500000000, rather than the 1 billion issued shares?

[MPOE-PR]

June 2012 Results :

*******************
Operational results, MPOE
*******************

Overall trade 11`109 contracts, of which 3`266 CALL ; 7`843 PUT.

Revenue : 3`036.517555240 BTC, of which :
     *contract sales : 3`035.28351269 BTC
     *contract exercise : 1.23404255 BTC

Expenditure : 1`451.82086411 BTC, of which :
     *contracts bought : 863.81253443 BTC
     *exercise : 409.37082068 BTC
     *capital expenses : 178.63750900 BTC (3`579.91 × 4.99%)

Profit : 1`584.69669113 BTC

*******************
Operational results, MPEx
*******************

Overall trade : 30`072.44838939 BTC
Revenue from sales fee : 60.14489677 BTC
Revenue from new accounts : 80 BTC

Profit : 140.14489677 BTC

*******************
Shareholders table
*******************

Total shares : 1`000`000`000, of which :
     1. Mircea Popescu : 981`651`945 shares,
     2. MPOE.ETF : 4`083`981 shares,
     3. Third parties : 14`264`074 shares.

Total dividend : 1`724.84158790 BTC.

******************
Bondholders table
******************

Total capital : 3`579.91 BTC, of which :
     1. 1HLWcPokYJixh6BsJH9JWa8MzDaGSLGDds, 94.53038499 BTC @ 4.99%
     2. 1NcrEUkRzqQaAEGabZKPTZhArzhJvYNGWh, 94.53038499 BTC @ 4.99%
     3. 1CkEwsGgZ9saNRmr5FnbtYJjnLBdgGpS7J, 94.53038499 BTC @ 4.99%
     4. 1J9AN7LiDNDUfzAwk8D3uBLT5diWHFFCh5, 945.30377439 BTC @ 4.99%
     5. 1swAzHw1zTWqoi5184VinvUxLWnBskPVW, 1918.33834257 BTC @ 4.99%
     6. 1A2hqHVSUERAT3t1yJ7ggYCQccvH6pZGZm, 432.67672807 BTC @ 4.99%

To cover : 0 BTC
Loss per BTC : 0.

MPBOR valid 29 July - 27 July : 4.99%.

Final bondholder list :

     1. 1HLWcPokYJixh6BsJH9JWa8MzDaGSLGDds, 94.53038499 BTC
     2. 1NcrEUkRzqQaAEGabZKPTZhArzhJvYNGWh, 94.53038499 BTC
     3. 1CkEwsGgZ9saNRmr5FnbtYJjnLBdgGpS7J, 94.53038499 BTC
     4. 1J9AN7LiDNDUfzAwk8D3uBLT5diWHFFCh5, 945.30377439 BTC
     5. 1swAzHw1zTWqoi5184VinvUxLWnBskPVW, 1918.33834257 BTC @ 4.975%
     6. 1A2hqHVSUERAT3t1yJ7ggYCQccvH6pZGZm, 432.67672807 BTC @ 4.99%
     7. Mircea Popescu (last recourse), 5%

******************
Miscellaneous
******************
-----BEGIN PGP SIGNED MESSAGE-----
 Hash: SHA1

Your dividend payment for S.MPOE in total sum of 158469669113 to a notional float of 500000000 has been issued on June 30, 2012, 1:11 am. Feel free to publish this receipt to your shareholders.
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 Version: GnuPG v1.4.5 (GNU/Linux)

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 =wfYf
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[MPOE-PR]

July 2012 Results :

*******************
Operational results, MPOE
*******************

Overall trade 13`608 contracts, of which 5`455 CALL ; 8`153 PUT.

Revenue : 1`990.45529666 BTC, of which :
     *contract sales : 1`965.34657637 BTC
     *contract exercise : 25.10872029 BTC

Expenditure : 1`120.59435595 BTC, of which :
     *contracts bought : 14.74171324 BTC
     *exercise : 975.32207521 BTC
     *capital expenses : 130.53056750 BTC (2`623.73 × 4.975%)

Profit : 869.86094071 BTC

*******************
Operational results, MPEx
*******************

Overall trade : 19`332.34289238 BTC
Revenue from sales fee : 38.66468578 BTC
Revenue from new accounts : 20 BTC

Profit : 58.66468578 BTC
June Report : 140.14489677 BTC

*******************
Shareholders table
*******************

Total shares : 1`000`000`000, of which :
     1. Mircea Popescu : 981`865`443 shares,
     2. MPOE.ETF : 4`073`981 shares,
     3. Third parties : 14`060`576 shares.

Total dividend : 1`068.67052326 BTC.

******************
Bondholders table
******************

Total capital : 2`623.73 BTC, of which :
     1. 1HLWcPokYJixh6BsJH9JWa8MzDaGSLGDds, 94.53038499 BTC @ 4.975%
     2. 1NcrEUkRzqQaAEGabZKPTZhArzhJvYNGWh, 94.53038499 BTC @ 4.975%
     3. 1CkEwsGgZ9saNRmr5FnbtYJjnLBdgGpS7J, 94.53038499 BTC @ 4.975%
     4. 1J9AN7LiDNDUfzAwk8D3uBLT5diWHFFCh5, 945.30377439 BTC @ 4.975%
     5. 1swAzHw1zTWqoi5184VinvUxLWnBskPVW, 1394.83507064 BTC @ 4.975%

To cover : 0 BTC
Loss per BTC : 0.

MPBOR valid 27 July - 31 August : 4.975%.

Final bondholder list :

     1. 1HLWcPokYJixh6BsJH9JWa8MzDaGSLGDds, 94.53038499 BTC
     2. 1NcrEUkRzqQaAEGabZKPTZhArzhJvYNGWh, 94.53038499 BTC
     3. 1CkEwsGgZ9saNRmr5FnbtYJjnLBdgGpS7J, 94.53038499 BTC
     4. 1J9AN7LiDNDUfzAwk8D3uBLT5diWHFFCh5, 945.30377439 BTC
     5. 1swAzHw1zTWqoi5184VinvUxLWnBskPVW, 1918.33834257 BTC @ 4.975%
     6. 1A2hqHVSUERAT3t1yJ7ggYCQccvH6pZGZm, 432.67672807 BTC @ 4.99%
     7. Mircea Popescu (last recourse), 5%

******************
Miscellaneous
******************
I.

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Your dividend payment for S.MPOE in total sum of 53433526163 to a notional float of 500000000 has been issued on July 28, 2012, 1:01 am. Feel free to publish this receipt to your shareholders.
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II. Beginning this month MPEx no longer pays interest on user deposits.

III. Options were upgraded from 1-10 by .5 to 1-20 by a full dollar. The few owners of fractional options now discontinued were upgraded to the most appropriate denomination (for instance, C055T was reissued as C050 and P055T likewise to P060T).