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

[LMGTFY]

OK, closed tab and logged in again. There's some improvement - the dialog isn't appearing, but clicking on anything is having no effect (e.g. I start with binary options selected, and the nearest expiry. Clicking on, say, Vanilla Options, has no effect. Likewise, clicking on another expiry time has no effect. I've clicked on "History", and the history tab is highlighted, but the screen remains on the binary options page).

Actually, disregard that first part - I've just had several dialogs again

(I don't know if this is useful, but I'm running Chrome (Version 45.0.2454.85 (64-bit)) on OS X (10.10.5)).

There is a chat box on the web page now. You can chat with me there.

Thanks, wangxinxi - I'm there now.

[Patejl]

How long does it take a withdrawal to process? I have requested one over an hour ago and still haven't got paid.

[wangxinxi]

How long does it take a withdrawal to process? I have requested one over an hour ago and still haven't got paid.

Just processed it.

[wangxinxi]

We are on CoinDesk now!!!

http://www.coindesk.com/press-releases/coinut-the-worlds-first-true-bitcoin-options-exchange/

[mobnepal]

OK, guys, after spending my past two years on my PhD thesis, the situation now has become very different from two years ago when I launched http://workforbitcoin.com.
Right now, it is much more difficult to gain people's trust.

But please also notice that I didn't run away with the money in http://workforbitcoin.com. That should increase your confidence on me, right?

I have checked your site but i found it is now bittask.com . You haven't changed the title till now. Its better you change it. I see lots of work also there i will try to do them. Best of luck with your site.

[wangxinxi]

Hi guys, we just added the 5-minute binary options.

[Cryptlexity]

Looks cool,
Are you guys the market makers for the binaries?
Do you publicly publish all expiration prices rates (Vanilla and Binary)?

[chriswen]

Yeah you need to publish your 5 minute expirations some where for more transparency and accountability. Quite amazed you added 5 minutes.

Also 20 cents and 10 cents strikes sound like a good system. Yeah some transparency would be good. Bitmex publishes the 5 minute snaps they use from Bitfinex.

Also how is the engine doing? It couldn't really handle volatility before (from the extra trades). And users can't be blamed for trading more.

And I think you might need to do something about self trade statistics. It does make sense that market makers may self trade to get out of risky positions during periods of volatility. But, especially with the 5 minute binary options, it's seriously inflating the daily volume. It's quite the joke. While I know you have a vested interest of having an inflated daily volume, you should also consider having a more accurate daily volume. That way you'd get more trust.

[wangxinxi]

Now we have an even more robust price index.

[LMGTFY]

Now we have an even more robust price index.

Nice one! I've seen more changes today, as well. I like the "time to expiry" change to the tabs on the trading page.

One change I'm less keen on is when I download historical positions from the history page - the opening time format has changed from "YYYY-MM-DD HH:MM:SS" to "Sep 21, 12:00" - the comma makes it really tricky to import the downloaded file to a spreadsheet, and makes it inconsistent with the other date fields in the file.

[wangxinxi]

Now we have an even more robust price index.

Nice one! I've seen more changes today, as well. I like the "time to expiry" change to the tabs on the trading page.

One change I'm less keen on is when I download historical positions from the history page - the opening time format has changed from "YYYY-MM-DD HH:MM:SS" to "Sep 21, 12:00" - the comma makes it really tricky to import the downloaded file to a spreadsheet, and makes it inconsistent with the other date fields in the file.

Good suggestion. We will change the format in the history.

[chriswen]

Hi, do you think you should develop procedures when an exchange goes online?

I don't think you should add it right away. This might be too complex for you guys. But I think that when an exchange goes back online from being offline the price will not be accurate for a bit. And it may cause a jump in the index price if its different. Or only add new exchanges 5 seconds after the 5 minute close. That's easier to implement. This will only need to happen if it's been down for more than 5 minutes.

[chriswen]

Okay, so that other post was because I thought Bitstamp was down. But actually you don't include Bitstamp in your index calculations because of a high spread. And this makes a lot of sense.

So from this I see that Coinbase would be a good candidate to make the index more robust. Coinbase has low spreads and high liquidity.

Also from playing around on the 10 minute options. I've realized that a spread of 0.06 means that including fees you could do a spread bet of 10% risk to get 200% return. So more of a 5% fee.

Actually redoing the math. Occasionally you lose 0.1 contracts sometimes you win 1 contract. So that's 10%. If you think the range is tight enough you could try doing a spread bet.

Though the spread is usually more than 0.06, including fee it might be 0.15. Obviously the market maker takes into account spread bets, but this is just a low risk strategy for a gambler.

Okay so that's spread bets. Been thinking about them because of all the close calls on 5 minute options. Also over the last 3 days I've paid 0.4 BTC in fees. Seriously needs some incentives for people who do high volume for fee discounts. Bitfinex, Kraken, and okcoin have similar programs.

[wangxinxi]

Okay, so that other post was because I thought Bitstamp was down. But actually you don't include Bitstamp in your index calculations because of a high spread. And this makes a lot of sense.

So from this I see that Coinbase would be a good candidate to make the index more robust. Coinbase has low spreads and high liquidity.

Also from playing around on the 10 minute options. I've realized that a spread of 0.06 means that including fees you could do a spread bet of 10% risk to get 200% return. So more of a 5% fee.

Actually redoing the math. Occasionally you lose 0.1 contracts sometimes you win 1 contract. So that's 10%. If you think the range is tight enough you could try doing a spread bet.

Though the spread is usually more than 0.06, including fee it might be 0.15. Obviously the market maker takes into account spread bets, but this is just a low risk strategy for a gambler.

Okay so that's spread bets. Been thinking about them because of all the close calls on 5 minute options. Also over the last 3 days I've paid 0.4 BTC in fees. Seriously needs some incentives for people who do high volume for fee discounts. Bitfinex, Kraken, and okcoin have similar programs.

Coinbase is just added. If you know other liquid market, please let me know.

[wangxinxi]

Okay, so that other post was because I thought Bitstamp was down. But actually you don't include Bitstamp in your index calculations because of a high spread. And this makes a lot of sense.

So from this I see that Coinbase would be a good candidate to make the index more robust. Coinbase has low spreads and high liquidity.

Also from playing around on the 10 minute options. I've realized that a spread of 0.06 means that including fees you could do a spread bet of 10% risk to get 200% return. So more of a 5% fee.

Actually redoing the math. Occasionally you lose 0.1 contracts sometimes you win 1 contract. So that's 10%. If you think the range is tight enough you could try doing a spread bet.

Though the spread is usually more than 0.06, including fee it might be 0.15. Obviously the market maker takes into account spread bets, but this is just a low risk strategy for a gambler.

Okay so that's spread bets. Been thinking about them because of all the close calls on 5 minute options. Also over the last 3 days I've paid 0.4 BTC in fees. Seriously needs some incentives for people who do high volume for fee discounts. Bitfinex, Kraken, and okcoin have similar programs.

Actually, I still think it's not betting. If you have the skills, you can estimate the probability and make profit consistently.

[chriswen]

Also note the term Kelly betting. A +EV wager is still a bet.

The spread bet is just an interesting wager which is low risk 10% usually depending on the spread. And it's a bet on the strike ending on a zero. It's positive EV if you think the probability that it'll land exactly on a strike is more than 10% of the time.

[chriswen]

Note: Self trading has been fixed. You won't see it being reported for volume per contract and daily volume.

Also Coinbase has been added to the index. It seems Coinut also wants to make their index more robust.

[bitdeep]

Hello, anyone know the difference between POSITION_OPEN and ORDER_OPEN in API call?

I'm implementing order close API call, but, doesn't make sense to close a BUY CALL|PUT, so, when I close a BUY VANILLA PUT I'm exercising it?

[chriswen]

Hello, anyone know the difference between POSITION_OPEN and ORDER_OPEN in API call?

I'm implementing order close API call, but, doesn't make sense to close a BUY CALL|PUT, so, when I close a BUY VANILLA PUT I'm exercising it?

ORDER OPEN is for orders. It means that your order is on the market book.

POSITION OPEN is for your positions. It's the contracts that you bought (or sold).

I hope that makes sense.

The benefit of closing a BUY CALL|PUT is that you don't need to pay the fee for closing positions.

The vanilla options are european which means there's no early assignment. When you close a BUY VANILLA PUT it means you're selling the right to exercise the option on the expiry date to someone else.

[chriswen]

Okay, spread bets suck.

There's also been complaints by other people about not getting paid put options that hit the strike. And that's because the Coinut index actually has 8 decimals.

So spread options suck and if you're closing a binary option position it would be recommended to close the position instead of buying the corresponding hedge. You have to pay an extra fee by buying the corresponding hedge and the extra fee is probably not worth it for the chance that it'll land on the strike.

Also as a customer I think it would be beneficial to show more decimals on the index.