Bitoption.org -- ESCROWED LIVE Bitcoin Options Trading

[bitoptionSupport]

Hi all!

My name is Ryan and I will be working on documenting/adding/updating code for bitoption.org. I will also keep track of replies on the bitoption.org threads started by user bitoption and offer some help where I can.

Still doing some testing on a market maker bot. Should be ready before the end of the day on Monday. Might just make a new thread for it, we'll see :-)

Cheers!

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[DamienBlack]

Ryan (bitoptionsupport),

I'm having trouble withdrawing. And word on fixing that?

[mmdough]

I also have been having problems withdrawing.

[bitoptionSupport]

I sent out PM's to those having trouble withdrawing. If you haven't gotten your withdraw taken care of yet, it will happen really soon! Sorry for any delay and thanks for your patience.

As for the market maker bot, we ran into some complications with code organization and needed to switch over to a better data-structure. Stay tuned! I will provide links and more info once we finish!

[random_cat]

Much more helpful than a trading bot would be to get the exchange facility working, or implement mtgox USD deposit/withdraw

[brendio]

Much more helpful than a trading bot would be to get the exchange facility working, or implement mtgox USD deposit/withdraw

Could the new Mt. Gox voucher system be implemented to allow easier (automated) depositing and withdrawals of USD?

[bitoptionSupport]

Much more helpful than a trading bot would be to get the exchange facility working, or implement mtgox USD deposit/withdraw

Yep, we're working on exchange features and have put that at the top of the TODO list!

Could the new Mt. Gox voucher system be implemented to allow easier (automated) depositing and withdrawals of USD?

Yep, once we are finished it will be way easier!

Thanks again for your suggestions and patience. We are coding and testing as fast as we can and should start opening up features soon.

[mmdough]

Thanks to Ryan for help with my withdrawl; it's all cleared up now.

I would never have been half as enthusiastic about this service if it weren't for the great CS I've gotten from the team since its inception. Kudos.

[bitoptionSupport]

Hi all,

Here's an update: I have reworked most of the system, including how we hold bitcoin, and how we deal with withdrawals. Please read the following information:

NOT WORKING STILL

• Purchasing And Selling Contracts
• The Bitoption BTC Page
• Auto-exercise of contracts
• The Trading API

Working

• Transfers from here to Mt. Gox
• Transfers back from Mt. Gox
• Withdraw and Deposit
• Detailed history of all transactions
• The Contracts Tab

Change in Functionality: We have moved to a multi-exchange system; this means we can hold your Bitcoin for you if you prefer not to have it in Mt. Gox. Transfers between exchanges are relatively speedy. Due to how Mt. Gox works (and also what we feel are best practices) we only send and receive BTC through our own wallet now; this means you will need to have BTO-BTC to withdraw.
Ryan and I are still working feverishly, the market making bot is ready to go, and needs a few hooks written on the exchange side. I worked 22 hours yesterday, and roughly 60 hours in the last 4 days; we are very close to a much improved exchange. Thanks for your patience.

Questions: please e-mail ryan@bitoption.com or admin@bitoption.com.

Bitoption Admin

[jtimon]

Funding Your Account We currently only accept BTC; to get USD (which you'll need to take certain positions), we allow you to exchange on Mt. Gox directly from your bitoption account. This is the only way to get USD in your bitoption account currently. We are testing Mt. Gox "send USD" support and will likely support this soon.

Withdrawing We currently only send BTC out, although it looks likely we will be able to use Mt. Gox' sending facilities to allow you to withdraw funds in USD directly.

Options-savvy notes Trades are escrowed, funds are held in Mt. Gox. Contracts are American style, 1 contract = 1 BTC 1% commission on clearing, 1% for execution. Currently no auto-execution of trades (probably coming). Prices are quoted in USD-BTC We're looking for market makers, email me. No margin accounts, and that's the short version!

I don't know if it would be better than mtgox or not, but you can send USD (and EUR) between bitcoin central accounts.
I bet it will be easier for you because it is open source.
Look:

No, not yet, that's planned, but what you get for now is the ability to transfer funds other users.

Like, you can make an OTC deal and exchange LREUR for LRUSD for example.

If I give you my account number you can give me money for free

[brendio]

Man, I wish bitoption was working with all this volatility around. My bitcoins could be earning their keep.

[nrd525]

I guess it is probably a good sign that bitoptions is taking their time.  Do it right. High security!

There is an announcement on the site: "Announcement: Not Dead Yet!"  Would be nice if this had a date tied to it, so we'd know when 48 hours is.

[enmaku]

Site is showing 502 bad gateway. Why no landing page?

[nrd525]

Ok, this is looking bad.  Please at least post a landing page (we are working on our site and will be back in X days)!   Or if you are going out of business let us know. 

I'm sitting on a small number of options (that expire in December), and if I won't get the chance to exercise them - I'd like my money back and the options canceled.

Currently that would be a good deal for the people who sold me the options, as I've got puts at $2 and $1 and the BTC price has fallen steadily since I bought them.  I'd prefer to keep the options and have the ability to exercise them.

[nrd525]

I want my outstanding contracts canceled (even though they are worth money as I'm shorting bitcoin) and my money refunded.  Please send it to MtGox.

[memvola]

Bump?

It seems we are in desperate need of this service for months. Any updates? And where are the alternatives?

[jtimon]

Bump?

It seems we are in desperate need of this service for months. Any updates? And where are the alternatives?

Not sure, but I think you can trade options here:

https://campbx.com

[nrd525]

Alright, I've got $100 on my account and have been unsuccessfully trying to get my money back. 

I last heard from Peter Vessenes on Sept 16 by email, he was hired to do development on the website (and is currently listed as a contact).

If it is a scam, it is quite possible that Peter is not involved in it.

If I don't get my money back soon, I'm calling this a scam.  Or possibly an unplanned scam (they decided to run off with the money when the business model failed).

Does anyone have contact information for the site owner?  The whois is private (godaddy listing).  I've PMed him on the forum, but he hasn't been here in months.  Can we get the admins to reveal his email?

[FreeMoney]

I think I have some coins in there. Not sure if I have my password or not though. This is disappointing because I thought the guy was legit. Obviously stuff happens and projects end, but not wrapping things up fairly is theft.

edit: and of all sites one like should should acknowledge the loss simple from delay.

[brendio]

I think I have 3 BTC still in there plus a few out of the money options.

More than my 3 BTC, I want a service like this. It is needed to help people take some of the risks out of accepting bitcoin.