Secure future contracts using smart contracts / Orisi oracles

[kolinko]

Hi,
The problem with current futures/CFD/option trading services is that they all have to rely on a single company for contract fulfillment.
While this might be good for smaller speculators, for bigger ones, and for companies that want to launch services on top of such contracts, this is a no-go.

But what if the contracts were mediated by M of N oracles? If you wanted to buy/sell a put/call option, you'd lock your funds on a multisig address maintained by a set of ~10-15 trusted people and companies. Even if one or two, or five of those people/companies would disappear before contract expiration date, you'd be safe.

There are some obvious problems with this - like choosing the respectable oracles to run the system, and having a good data feed for arbitration... But those problems aside, what do you guys think?

I'm wondering if there's anyone interested in such a solution.

[justusranvier]

At this moment, I'm sitting in a room with 8 other people who are busy coding this:

http://otblog.net/2014/05/voting-pools-stop-plague-bitcoin-heists-thefts-hacks-scams-losses/

The functionality you describe is a subset of what OT voting pools can do.

[kolinko]

Cool. What's the eta? Do they plan to launch a for-profit company managing those pools? Any way to contact them?

btw. where are you guys located? Europe as well?

[justusranvier]

Cool. What's the eta? Do they plan to launch a for-profit company managing those pools? Any way to contact them?

btw. where are you guys located? Europe as well?

Monetas is a for-profit company developing open source software on the Open-Transactions platform, including voting pools. They will not operate any voting pools themselves - they'll provide support and services for companies that use them (Bitcoin exchanges, etc).

ETA for voting pools is next year. Hopefully early next year.

[kolinko]

Nice. Are you aware of any companies planning to develop on top of voting pools, or any communities in this field? (aside from OT community, obviously ).

Also, any other cool bitcoin things happening over there in Switzerland? I plan to drop to Basel in December, but perhaps could visit some other city if there's any community around...

[justusranvier]

Nice. Are you aware of any companies planning to develop on top of voting pools, or any communities in this field? (aside from OT community, obviously ).

I know there are companies interested in using OT in various capacities. I'm not really current on any of those details.

Also, any other cool bitcoin things happening over there in Switzerland? I plan to drop to Basel in December, but perhaps could visit some other city if there's any community around...

I wouldn't know because I don't live in Switzerland (I just visit occasionally). You should ask them: http://www.meetup.com/Bitcoin-Meetup-Switzerland/

[barbierir]

Hi,
The problem with current futures/CFD/option trading services is that they all have to rely on a single company for contract fulfillment.
While this might be good for smaller speculators, for bigger ones, and for companies that want to launch services on top of such contracts, this is a no-go.

But what if the contracts were mediated by M of N oracles? If you wanted to buy/sell a put/call option, you'd lock your funds on a multisig address maintained by a set of ~10-15 trusted people and companies. Even if one or two, or five of those people/companies would disappear before contract expiration date, you'd be safe.

There are some obvious problems with this - like choosing the respectable oracles to run the system, and having a good data feed for arbitration... But those problems aside, what do you guys think?

I'm wondering if there's anyone interested in such a solution.

This would be very interesting and useful against price volatility