[ANN] Coinut.com - The only Bitcoin Options Exchange [beta]

[Indamuck]

Suggestion for the binary options:

Instead of a flat .0002 trading fee, make it the lesser of .0002 and 20% of the contract price. Thus a contract that is bought/sold for .0009 would only charge a fee of 20%*.0009=.00018

And a contract that trades for .0002 would only cost a fee of .000040

This change will encourage bigger volumes on your lowest price contracts. Currently I see contracts quoted for prices that are less than the transaction cost, which makes little sense, unless of course your aim is to limit trading.

Why don't you wear our signature campaign? I think you will gain some registrations and thus earn some commissions in additional to the campaign payment.

I've thought about it. Two issues for me: First, in the short-to-medium term I think BitBingo pays better. Second, if I campaign with Coinut and a referral link, I will likely post some instructional stuff, which would require more of my time. And right now I DON'T want people imitating me because I could get crowded out.

And finally, I'm concerned you guys are vulnerable to competition. Currently your functionality remains quite primitive, and I'm thinking there are a few guys/teams looking to do you one better. It doesn't appear you have a credible, direct competitor at the moment, but rest assured one is on the way.

[wangxinxi]

Suggestion for the binary options:

Instead of a flat .0002 trading fee, make it the lesser of .0002 and 20% of the contract price. Thus a contract that is bought/sold for .0009 would only charge a fee of 20%*.0009=.00018

And a contract that trades for .0002 would only cost a fee of .000040

This change will encourage bigger volumes on your lowest price contracts. Currently I see contracts quoted for prices that are less than the transaction cost, which makes little sense, unless of course your aim is to limit trading.

Why don't you wear our signature campaign? I think you will gain some registrations and thus earn some commissions in additional to the campaign payment.

I've thought about it. Two issues for me: First, in the short-to-medium term I think BitBingo pays better. Second, if I campaign with Coinut and a referral link, I will likely post some instructional stuff, which would require more of my time. And right now I DON'T want people imitating me because I could get crowded out.

And finally, I'm concerned you guys are vulnerable to competition. Currently your functionality remains quite primitive, and I'm thinking there are a few guys/teams looking to do you one better. It doesn't appear you have a credible, direct competitor at the moment, but rest assured one is on the way.

The first reason is quite understandable. Regarding the second one, we know that we still need to add a lot more functionalities. But we have built a very strong foundation. We have very efficient backend and frontend. We have designed our system in a very flexible way so that many functions can be added without much difficulty. We just need you guys to suggest what you want. A few days ago, you guys told us you need the volume and open interest metrics and less strike prices etc. We just implemented them. So our team is always here doing our best to make the platform professional and easy to use.

[wangxinxi]

Just fixed the withdrawal form. Now you will get notified if an invalid Bitcoin address is used.

[Indamuck]

Just fixed the withdrawal form. Now you will get notified if an invalid Bitcoin address is used.

Lol .. ok thanks.

(I sent a couple withdrawal requests today with address that was missing a digit ... my guess is he's referring to that.)

[wangxinxi]

Just fixed the withdrawal form. Now you will get notified if an invalid Bitcoin address is used.

Lol .. ok thanks.

(I sent a couple withdrawal requests today with address that was missing a digit ... my guess is he's referring to that.)

You we are welcome. 

[Indamuck]

Just fixed the withdrawal form. Now you will get notified if an invalid Bitcoin address is used.

Lol .. ok thanks.

(I sent a couple withdrawal requests today with address that was missing a digit ... my guess is he's referring to that.)

Here's some insight for your business. Today I withdrew half my balance ... in order to send it to 796 xChange and sell the FTSE China A50 contract they have now. The A50 was down some 8% on the day this afternoon ... but I missed the bulk of it, of course.

Ideally Coinut was a derivatives exchange, and not just an options exchange. Then many of your traders could consolidate trading on your site. Futures+Options are a perfect fit, especially with portfolio margining. I would MUCH prefer NOT to be sending my coins all over the place in search of a good trade - ideally they were all under one roof.

[wangxinxi]

Just fixed the withdrawal form. Now you will get notified if an invalid Bitcoin address is used.

Lol .. ok thanks.

(I sent a couple withdrawal requests today with address that was missing a digit ... my guess is he's referring to that.)

Here's some insight for your business. Today I withdrew half my balance ... in order to send it to 796 xChange and sell the FTSE China A50 contract they have now. The A50 was down some 8% on the day this afternoon ... but I missed the bulk of it, of course.

Ideally Coinut was a derivatives exchange, and not just an options exchange. Then many of your traders could consolidate trading on your site. Futures+Options are a perfect fit, especially with portfolio margining. I would MUCH prefer NOT to be sending my coins all over the place in search of a good trade - ideally they were all under one roof.

Sure, futures will definitely be our next derivative.

[chriswen]

Just fixed the withdrawal form. Now you will get notified if an invalid Bitcoin address is used.

Lol .. ok thanks.

(I sent a couple withdrawal requests today with address that was missing a digit ... my guess is he's referring to that.)

Here's some insight for your business. Today I withdrew half my balance ... in order to send it to 796 xChange and sell the FTSE China A50 contract they have now. The A50 was down some 8% on the day this afternoon ... but I missed the bulk of it, of course.

Ideally Coinut was a derivatives exchange, and not just an options exchange. Then many of your traders could consolidate trading on your site. Futures+Options are a perfect fit, especially with portfolio margining. I would MUCH prefer NOT to be sending my coins all over the place in search of a good trade - ideally they were all under one roof.

Sure, futures will definitely be our next derivative.

Well those shouldn't be hard to find market makers for.

But you'll have the question of either doing socialized losses or not allowing a lot of leverage.

[chriswen]

There's been quite a bit of volume on longer term binary options.

I would think not a lot of it was self trading. They only do self trading when it moves really quickly and probably not very likely.

And someone amassed a decent position on biweeklies.

Oh yeah, my open interest doesn't seem to be displaying for weeklies vanilla options.

[Indamuck]

Please can we download our open positions? Keeping track of them with pencil and paper has gotten old real fast ...

[chriswen]

Please can we download our open positions? Keeping track of them with pencil and paper has gotten old real fast ...

You can currently do this with the API.

You could probably make a nice Excel sheet if you wanted to. I know some people have some sheets set up for Bitmex.

Or you can get a program to do it for you.

[Indamuck]

Please can we download our open positions? Keeping track of them with pencil and paper has gotten old real fast ...

You can currently do this with the API.

You could probably make a nice Excel sheet if you wanted to. I know some people have some sheets set up for Bitmex.

Or you can get a program to do it for you.

Thanks but I'm not a programmer, and I don't care to learn. If Coinut expects/requires every customer to program their own data dump ... they are dead in the water. I think you know this Chris ... just fulfilling your sig campaign quota ... lol. Keep up the good work.

I learned BASIC on a TRS-80, then never picked it up again. Lol ...

[chriswen]

Please can we download our open positions? Keeping track of them with pencil and paper has gotten old real fast ...

You can currently do this with the API.

You could probably make a nice Excel sheet if you wanted to. I know some people have some sheets set up for Bitmex.

Or you can get a program to do it for you.

Thanks but I'm not a programmer, and I don't care to learn. If Coinut expects/requires every customer to program their own data dump ... they are dead in the water. I think you know this Chris ... just fulfilling your sig campaign quota ... lol. Keep up the good work.

I learned BASIC on a TRS-80, then never picked it up again. Lol ...

you know, I was actually going to put the coinut in my sig anyways but since they have a signature program I might as well do it.

Also do sites usually give you data dumps of open orders?

And I could possibly try doing something. I don't know VBA at all but maybe it won't be too difficult. I really wanted a risk profile for all my positions.

[wangxinxi]

As you guys requested just lowered down the commission fee for vanilla options to 0.00002 BTC. Enjoy trading.

Open positions have no download function at this moment. If many request, we will definitely add.

[chriswen]

As you guys requested just lowered down the commission fee for vanilla options to 0.00002 BTC. Enjoy trading.

Open positions have no download function at this moment. If many request, we will definitely add.

Thank you very much for implementing this. I think this is a very beneficial change. Before vanilla option fees were taking up quite a big part of the cost. Also the fee represented a $1 move which is quite significant for a fee, that's not even the spread. Now the fee is a bit more reasonable, it'll allow people to have an easier time trading.

[CoinutScam]

Price index is too easy to manipulate.  Have been playing with it the past few days to see if I could affect some movements on the Coinut site, and although it is not by much, I usually only need to adjust it a few cents for binaries in order to swing a losing trade into a winning trade at the end of the window.  Will be hard to find serious market makers when the price is so easy to manipulate with much less than 1 BTC.  Really should use last trade price as this is a much more accurate representation of where the market currently sits.

[chriswen]

I wonder if biweekly binary contracts would be able to hedge their position.  With enough liquidity they have a nice curve that they could hedge with.

[chriswen]

Did we scare off the market maker?

[Indamuck]

Did we scare off the market maker?

This is my concern:

In the interview it was mentioned that Coinut was capitalized out of the founder's pockets in the amount US$100k. If in fact they are the primary market maker, and their 'modified Black-Scholes model' doesn't work well with Bitcoin in the short-medium term, I could see Coinut burning cash quickly ... and then all bets are off.

Just understand that when you deposit and trade here, there are many more risks involved than simply where the bitcoin price is headed. As Chris mentioned there are currently no quotes for the binary options except for the nearest 30-min and 1-hr contracts ...

[CoinutScam]

If Coinut is the market maker, they can very easily manipulate the price index to work against the major money so that Coinut profits on every trading window.  No point in investing until the market maker identity is known.  I have asked many times, and find it dubious at best that Coinut refuses to identify the market maker.  Transparency is key in these new marketplaces, and without the transparency, Coinut very well could be the market maker, as well as the price index setter, which has been pointed out in prior posts as a major concern