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Author Topic: Miners, You Should Be Earning 7% Fixed Income With Options  (Read 9774 times)
punningclan
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Making a better tomorrow, tomorrow.


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July 09, 2012, 10:33:47 PM
 #101

Our site is highly secure. Security experts agree a password at least 6 characters long with a mixture of upper and lowercase letters numbers and symbols is very secure. Our generated passwords meet this criteria, but are at least 8 characters long. Such a password is impossible to guess.

There are two other things that make this secure: 1) The site allows only 7 login attempts before locking the user out so brute force attacks won't work. (otherwise brute forcing would take over 200 years to crack) 2) We use two-factor authentication which means an intruder must not only get the password right, but also your security answer to your security question.

If interested please also check out this informative article on password security:

http://www.baekdal.com/insights/password-security-usability

We don't allow users to set their own password to ensure they don't use a weak one, and also to ensure it's not duplicated from their other Web accounts. You may have heard LinkedIn and Last.fm databases with passwords were recently hacked. This makes all user online accounts vulnerable if they used the same password.

Wow... talk about not understanding security.  This post alone scares me away from this venture.

Hint: Security questions are not 2FA.
Hint: 6 characters are not enough.

I noticed that! Eight's not secure at all and be cracked with some gpus?

It was a cunning plan to have the funny man be the money fan of the punning clan.
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DeathAndTaxes
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July 09, 2012, 11:05:51 PM
 #102

Wow... talk about not understanding security.  This post alone scares me away from this venture.

I'll take that challenge.  I'll give you a bcrypt hashed (workload 20) of a random 7 char password (all keyboard keys) If you can't return the password in "minutes" (lets say 60 minutes) you lose.  If you can you win. How much do you want to wager?  I agree with the larger point that OP security policies are .... lacking but your belief you can crack any 7 char hash in minutes is probably unfounded.  A high end GPU will get less than 1kh trying to brute force bcrypt (workload 20).
  
BitcoinOPX
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July 09, 2012, 11:33:22 PM
 #103

I noticed that! Eight's not secure at all and be cracked with some gpus?

We salt and hash passwords with bcrypt. We also require the password be at least 8 characters, numbers, letters upper and lowercase, and symbols. You say that's not secure at all?

This also means an attacker has gained access to our database to try a brute force attack.

I'm mindful that computer hardware is advancing, probably helped by Bitcoin mining demand. I'd be curious to know if this community believes 8 characters is no longer adequate.
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July 09, 2012, 11:35:46 PM
 #104

Withdrawal pending for > 24 hours now.

Apologies, Obsi. It's approved. We don't yet have much withdrawal activity.
BitcoinOPX
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July 09, 2012, 11:59:29 PM
 #105

Apologies, Obsi. It's approved. We don't yet have much withdrawal activity.

Understood. Withdrawal completed without a hitch. I'll definitely be back once volume picks up. Thanks.

We're working on adding BTC <-> USD currency exchange (via MoneyPaks) which should be ready soon. I think that will help with traffic, which may spill over to trade activity too. People are still getting up to speed with options and how they can be applied to their own situation.

The overall Bitcoin community continues to grow too, so with luck things will pick up. Smiley
yochdog
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July 10, 2012, 03:12:02 PM
 #106

Why do I see absolutely NO bids on options?

Am I doing something wrong, or is there simply zero interest in your service? 

I am a trusted trader!  Ask Inaba, Luo Demin, Vanderbleek, Sannyasi, Episking, Miner99er, Isepick, Amazingrando, Cablez, ColdHardMetal, Dextryn, MB300sd, Robocoder, gnar1ta$ and many others!
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July 10, 2012, 03:15:57 PM
 #107

Why do I see absolutely NO bids on options?

Am I doing something wrong, or is there simply zero interest in your service? 

OK, I actually found some bids.....I am trying to hit them, and I get this error:

Preview order There was a field error. Please click here and verify field values.

I am a trusted trader!  Ask Inaba, Luo Demin, Vanderbleek, Sannyasi, Episking, Miner99er, Isepick, Amazingrando, Cablez, ColdHardMetal, Dextryn, MB300sd, Robocoder, gnar1ta$ and many others!
BitcoinOPX
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July 10, 2012, 04:13:42 PM
 #108

Why do I see absolutely NO bids on options?

Am I doing something wrong, or is there simply zero interest in your service?  

OK, I actually found some bids.....I am trying to hit them, and I get this error:

Preview order There was a field error. Please click here and verify field values.

Regarding interest in our service, I think there is good interest. During our beta soft launch we had lots of testers and helpful feedback. Since going live we have had sign ups, but not many have taken trading action. I think people are still getting up to speed with how they might use options for their own situation. This is a small community and people comfortable with options will be smaller.

For placing an order from the Trade screen please be sure the quantity and limit fields have a value entered. If you would like to email a screenshot of your entries before clicking 'preview order' to info@bitcoinopx.com I can give more information.

BitcoinOPX
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August 03, 2012, 08:16:53 PM
 #109

Hey everyone,

I'm happy to announce our exciting new change: hourly options.

https://bitcoinopx.com

Our lack of volume may have been due to our options not being a good fit with the needs of the community. People deposit, withdraw, and trade bitcoins on exchanges 24/7, so it makes sense hourly scheduled options might be a better fit Smiley

We've added trade examples to our options overview page, including how miners as coin sellers can benefit.

Details are on our updated How it Works page.

We hope you'll try out our new set up, and let us know what you think.

Happy trading! Smiley
BitcoinOPX
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August 07, 2012, 12:33:36 AM
 #110

Update: thanks to user feedback we've now switched to American style ability to exercise options anytime before maturity!

If the market price is above (or below for puts) the strike price you can exercise the option immediately and cash out your payment.

We've also added a handy view all link on the Trade page to see all active options on the same page.
koin
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September 01, 2012, 10:48:13 PM
 #111

bitcoinopx site is down, or ... gone now?
yochdog
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September 05, 2012, 12:05:00 AM
 #112

bitcoinopx site is down, or ... gone now?

Never really took off......which is a shame.  I would LOVE to be able to trade calls and puts on BTC. 

I am a trusted trader!  Ask Inaba, Luo Demin, Vanderbleek, Sannyasi, Episking, Miner99er, Isepick, Amazingrando, Cablez, ColdHardMetal, Dextryn, MB300sd, Robocoder, gnar1ta$ and many others!
Stephen Gornick
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September 07, 2012, 08:59:25 AM
 #113

Never really took off......which is a shame.  I would LOVE to be able to trade calls and puts on BTC. 

MPEx:

 - http://en.bitcoin.it/wiki/MPEx

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