Is Binary Options Trading Gambling Anonymous

I just decentralized the entire $1.4 trillion derivatives market and created a new kind of mathematical object.

White paper is in progress, but I will summarize the theory here. I offer it to the internet for free, and only hope that you will use its power responsibly. Also, I made an error in the topic title... the derivatives market isn't worth 1.4 trillion (ap, you twit). It's $1.4 quadrillion.
What I propose is a new kind of asset, a 2-dimensional and n-dimensional bitcoin. I am calling it a cryptocontract.
As I listened to speculation about the price of bitcoin on stage at the Dubai Conference, it occurred to me what the next step should be.
Bitcoin binary options recently became a thing (http://btcoracle.com/) but it's not enough. It's all still centralized. All trading is.
All trading and asset speculation is conducted through the SEC and other central regulatory agencies. There's no way to either hedge your risk on a given asset, OR to speculate on a particular asset's price in the future without going through a centrally regulated agency.
Say hello to crypto-options.
It's been a while since I've been in computer science (like ten years) so I don't know exactly how this would work, but I do know how it would function. What you would need is a crypto asset with a public hash that has TWO solutions (or more, but lets start simple). That way, when that crypto asset is generated (let's call it a cryptocontract for future brevity) it has a hard condition coded into it that will resolve at some point in the future, based on the price of a given asset.
For example, let $condition = "the price of bitcoin is greater than $1000 on June 1st, 2015".
Now I know this is problematic on several fronts. First of all you have to encode date sequencing into the condition, but that could be taken care of via block numbers. Second, you need to agree on a metric of measure for the value, which I'm not sure how you would hard code into the contract.
The ultimate goal, of course, is to allow two people to make a bet which neither can back out of.
Now that the cryptocontract is generated, the public hash that represents it (or is it, again I'm not an expert on this stuff) needs to have TWO solutions or keys. That way owner 1, who is betting that $condition will be false owns it, and owner 2, who is betting that $condition will be true also owns it.
As the specified block (or date) on the condition approaches, the contract naturally resolves to either true or false. In other words, just like a real options contract, it becomes either more or less likely to happen.
See where I'm going with this? Just like a real options contract, it's not just about the cryptoasset and it's eventual resolution. The contract itself THEN also has a value and can be traded, sold, and bought.
Right now if you want to do this, whether it's to wildly gamble or hedge your risk, you have to go through a central agency. But with my cryptocontract you don't have to. It's decentralized by design, anonymous so you don't even have to know or trust the person that you are creating the contract with, and resolves automatically so that no one can back out of the bet once made.
Even better, if you later decide that you like the value of your current side of the contract at this moment and don't want to see it through to resolution, you can simply sell it on the open market.
Here's an important part: Once the asset hits its expiration block, it AUTOMATICALLY resolves so that at that moment, only one of the private keys becomes valid and the other invalid, based on whether $condition is true.
Once you can create a hash with two private solutions, it should be trivial to create one with multiple solutions, or even one with multiple conditions.
Basically, you can then create a ladder of conditions with multiple owners all owning a slice of that cryptocontract. As the contract nears resolution and only one of those eventualities becomes true, one owner emerges and resolves at the specified time.
Holy shit, this could even be used for elections and all sorts of other applications. Imagine an election with perfect transparency, with all voters assigned a way to 'bid' on the outcome of the cryptocontract, with each candidate owning a slice of that contract. When the contract resolves at 'final' election day, one candidate emerges.
I just decentralized the 1.4 trillion derivatives market and solved the transparency problem with democracy, and it's not even noon yet. If one of you other geniuses makes this real, hit me up on Changetip. Consider this my first white paper, bitch.
2-dimensional and n-dimensional cryptocoins are a real, mathematical construct. Because they can exist, they will eventually exist. And they will be worth trillions of dollars. The only question is who will create and popularize them first?
americanpegasus just changed the world. Again.
edit #1 - 0902z - 14/12/14: I'm just realizing how such an asset would have initial value, and I'm thinking about how it would function. Would it be a side chain, or built upon the bitcoin block chain? It would have to be. Because in order for it to exist, value has to be input into it.
For example, if I offer you such a contract, you have to buy it from me. The only way to make this happen is in bitcoins. So how would this work? Ok, let's let the cryptocontract be represented by the symbol &, and this particular contract, "The price of bitcoins will be greater than $1000 on June 1st, 2015" be 'b'. Also, let my stake in the contract be represented by &b-1 (believing it will happen), and yours represented as &b-0 (believing it will not happen).
So I am offering &b-1 for sale. My price is approximately $350, or 1 bitcoin. Even if that's not a fair price, let's just assume it is for ease of illustration. I don't believe it will come true, and if you do, let's dance.
You agree to purchase this asset, and so we have to create it on the network. To do that we'll need to both pay into a system so that we both have something at stake. I transfer a bitcoin into &b, and so do you.
At this point we both own &b, as there are two private keys. By design, no value can be extracted from &b until the target block (resolution date) has passed. This prevents anyone from backing out of the bet. And at the target block (which it timed to occur around June 1st, 2015) one of our private keys is destroyed, and only the other remains, effectively granting us access to the 2 bitcoins stored within. Of course, throughout the contract process, the value of each of our keys fluctuates too. If it looks increasingly likely that condition will be true, the value of &b-1 approaches the limit of 2, while &b-0 approaches zero (worthless).
But this method only allows the issuance of straight bets. It works as long as all the functions work, but there's a better way, and also the problem of external values still needs to be solved.
I have a long drive home. I'll keep thinking about this. Ideas are welcome. I don't own math; we all do, I just want to help create it.
edit #2 - 0936z - 14/12/14: Shit, what if value didn't NEED to be extracted? What if bitcoins were destroyed in the process of creating this cryptocontract (&)? Then the contract would by default have the value of 2 bitcoins because that's how much currency was destroyed in the creation of it.
Then no 'extraction of value' is necessary. The asset (almost like a collectible trading card, but one created by literally burning money) only exists because two people agreed to destroy money to create it. And eventually, only one of them will own it.
The value of 2 bitcoins in this object is inherent, as long as the faith of the cryptocontract system remains.
edit 3: I figured it out. I solved the centralization issue. It obviously can't be based on a USD exchange set value. It either has to be one of two things. Either a fluctuating value determined by people's faith in buying what the contract represents.... or A globally observable and verifiable metric like total hash rate!
Holy shit! Game theory for the win!
submitted by americanpegasus to investing [link] [comments]

[megapost] NYANdeas

We've come a long ways and I'm at a point where I've decided I'm going to really pursue this with everything I've got in terms of energy and devotion. I've got a prior commitment hanging over my head towards the end of this month, but once I resolve that, I'm planning on spending a couple months really digging into NYAN and seeing what I can do. So far we've just chipped away at the edges, but already we've seen some pretty impressive results. Just a brief recap of our successes first and then I'll talk about my ideas.
We've gone from 1-3 satoshi to 10-30 satoshi prices. Not bad. We've got two new block explorers up in response to the previous one going down. We've got an irc channel and active community members both here and there. And we've got me, the crazy bastard who's locked up 25% of the available supply and is planning to do everything he can to build up NYAN to its proper greatness, and got tipnyan going and did a major giveaway with it. Oh, and we survived a dump of ~10% of the available supply quite comfortably. Probably other stuff I'm forgetting about right now.
So, what next? Well, a lot of stuff. This is just a huge dump of ideas for discussion and inspiration. It's not necessarily ordered, although I'll try to have it go roughly from simplest to most complex. These are by no means promises or guarantees. This is just stuff I think would be cool.
Some of this isn't a "implement this", it's more of a blog post prompt or general concept.
submitted by coinaday to nyancoins [link] [comments]

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submitted by Mariajuana01 to u/Mariajuana01 [link] [comments]

I recently had a trillion dollar idea, but don't have the time or the knowledge necessary to make it real. So I'm giving it to you: decentralized crypto derivatives + transparent democracy. You're welcome.

As I listened to speculation about the price of bitcoin on stage at the Dubai Conference, it occurred to me what the next step should be.
Bitcoin binary options recently became a thing (http://btcoracle.com/) but it's not enough. It's all still centralized. All trading is.
All trading and asset speculation is conducted through the SEC and other central regulatory agencies. There's no way to either hedge your risk on a given asset, OR to speculate on a particular asset's price in the future without going through a centrally regulated agency.
Say hello to crypto-options.
It's been a while since I've been in computer science (like ten years) so I don't know exactly how this would work, but I do know how it would function. What you would need is a crypto asset with a public hash that has TWO solutions (or more, but lets start simple). That way, when that crypto asset is generated (let's call it a cryptocontract for future brevity) it has a hard condition coded into it that will resolve at some point in the future, based on the price of a given asset.
For example, let $condition = "the price of bitcoin is greater than $1000 on June 1st, 2015".
Now I know this is problematic on several fronts. First of all you have to encode date sequencing into the condition, but that could be taken care of via block numbers. Second, you need to agree on a metric of measure for the value, which I'm not sure how you would hard code into the contract.
The ultimate goal, of course, is to allow two people to make a bet which neither can back out of.
Now that the cryptocontract is generated, the public hash that represents it (or is it, again I'm not an expert on this stuff) needs to have TWO solutions or keys. That way owner 1, who is betting that $condition will be false owns it, and owner 2, who is bettering that $condition will be true also owns it.
As the specified block (or date) on the condition approaches, the contract naturally resolves to either true or false. In other words, just like a real options contract, it becomes either more or less likely to happen.
See where I'm going with this? Just like a real options contract, it's not just about the cryptoasset and it's eventual resolution. The contract itself THEN also has a value and can be traded, sold, and bought.
Right now if you want to do this, whether it's to wildly gamble or hedge your risk, you have to go through a central agency. But with my cryptocontract you don't have to. It's decentralized by design, anonymous so you don't even have to know or trust the person that you are creating the contract with, and resolves automatically so that no one can back out of the bet once made.
Even better, if you later decide that you like the value of your current side of the contract at this moment and don't want to see it through to resolution, you can simply sell it on the open market.
Here's an important part: Once the asset hits its expiration block, it AUTOMATICALLY resolves so that at that moment, only one of the private keys becomes valid and the other invalid, based on whether $condition is true.
Once you can create a hash with two private solutions, it should be trivial to create one with multiple solutions, or even one with multiple conditions.
Basically, you can then create a ladder of conditions with multiple owners all owning a slice of that cryptocontract. As the contract nears resolution and only one of those eventualities becomes true, one owner emerges and resolves at the specified time.
Holy shit, this could even be used for elections and all sorts of other applications. Imagine an election with perfect transparency, with all voters assigned a way to 'bid' on the outcome of the cryptocontract, with each candidate owning a slice of that contract. When the contract resolves at 'final' election day, one candidate emerges.
Holy shit, I just decentralized the 1.4 trillion derivatives market and solved the transparency problem with democracy, and it's not even noon yet. If one of you other genius mother fuckers makes this real, hit me up on Changetip. Consider this my first white paper, bitch.
2-dimensional and n-dimensional cryptocoins are a real, mathematical construct. I propose they are even an eventuality. Because they can exist, they will eventually exist because rational players will create them (because they are profitable). And because they are mathematically solid, and profitable, they will take the fuck over. And they will be worth trillions of dollars. The only question is who will create and popularize them first? Niggas better suit up. This is not a drill.
americanpegasus out. Peace.
submitted by americanpegasus to Bitcoin [link] [comments]

[Table] IAmA full-time Bitcoin day-trader, blogger, and explainer. I was a pro TCG player. Here until Midnight EST. AMA!

Verified? (This bot cannot verify AMAs just yet)
Date: 2014-02-20
Link to submission (Has self-text)
Questions Answers
Let's say someone was looking for a stay at home computer job, would you recommend doing what you do? Is it something you can hop into, or is it something a lot of time must be put into before considerable income comes? You handle risk and pressure well, and you don't let your emotions guide your decision-making. Professional Poker and TCG players often develop this skillset.
You have experience working with stocks, bonds, derivatives, foreign exchange, or other financial instruments. If you have a strong mathematical background, that would also likely fulfill this.
You can invest significant capital into trading while remaining financially secure if it all suddenly vanishes.
You are capable of constantly monitoring a situation, waking up in the middle of the night if an alarm goes off, etc. It requires serious dedication.
You are good at keeping up with news, understanding market psychology, and "feeling" shifts in attitude and perception among other market participants.
Of those, I'd be most cautious if you don't meet no. 3. Going bust is a real possibility--day-trading a volatile commodity is inherently extremely high-risk. Nos. 2 and 4 are the easiest to learn or force through routine. No. 1 requires a person who approaches things in an emotionally detached manner. No. 5 is something that comes with investing enough time.
Second question: I'm answering this after that big block of text because this answer will come off like a get-rich-quick scheme. Yes, you can hop into it very quickly, and you can start making very high profits very quickly. I put in a small initial investment to test the waters, and made 10% on it in a few days. If you have the right skillset, composure, and resources, yes. It is a potentially very lucrative and exciting stay-at-home job. It is not for everyone, though.
As much as it would be beneficial for me (being in the industry and all), to tell everyone it's easy and that it will help them provide for themselves I feel that people need to know the real risks that are involved. Regardless, that's all a little irrelevant. We're not playing the house, and we're not flipping coins. We're playing other investors, and we're making actual decisions. You keep saying things like "98% lose money" and "Go onto any FOREX forum, and you will see from the users posts that they pretty much all lose money" but you don't back it up. Cool, yeah, it's a zero-sum game with a rake: a little more than half of the players will lose. That's expected. They'll probably complain about it, too, huh?
Retrospect can have a very positive effect. Got any real account trading statements I can have a look at? Let's see how fast you can come up with excuses not to show me ;) I only have and need one: I have chosen not to disclose my personal valuation for privacy reasons. Same reason I've had all along. I instead publicly disclose my trades, as they happen, on my website. The posts are timestamped, and the ones that are the start of a position contain the price I entered at. Go check the posts, then go check the charts, then go check my archive. But feel free to continue to arbitrarily call my credibility into question--that makes your argument better!
What leverage do you use? In Australia the leverage is typically 100:1, perhaps that's why your not seeing how risky I deem it to be. First, our argument so far has had nothing to do with risk. Second, I told you I am leveraged 2.5:1, two posts ago. Third, you realize I'm trading Bitcoin, not ForEx, correct? And that no one in their right mind would offer 100:1 leverage on Bitcoin due to its volatility?
What's your last year's hourly salary? A year ago I was finishing up college and extricating myself from the TCG business I'd co-founded. I took very little in take-home pay over that period, but kept part ownership of the continuing business. Money isn't just about the number on your bank account--it's also about residual future income.
How many hours a week are you typically on a computer? On a computer, probably 50-55, if you add in time I spend on my phone, I'd say 65-70. Day trading takes constant watchfulness. I imagine it's like an easier version of taking care of a baby.
What are your favorite to sources of news besides waiting for it to get to the front/hot page of /Bitcoin when it's several hours old? I have an IFTTT for /BitcoinMarkets and /Bitcoin that notifies me early on about some posts.
What's the weirdest thing about your mom? She started a bookselling business online in her 50s and makes more money than me.
Or.
She's a little old lady who loves gadgets and technology.
What are your thoughts on Dogecoin and other bitcoin competitors? Do you think any have staying value? LTC.
DOGE.
NXT.
VTC.
Coins that offer something different or that have a strong community to them can be valuable prospects.
LTC is the first-mover scrypt coin - DOGE has the most non-techies interested in its success and is spreading quickly as a result - NXT is a cool generation two coin that has a lot of features BTC doesn't have - VTC is ASIC-resistant
Ok, let me spell it out to you. The retail forex market only makes up 5% of the total forex markets liquidity. The other 95% is from hedge funds and institutions. Therefore, 99% of the retail market losing their money is very possible, as that only makes up 4.95% of the whole market. Is it possible that 4.95% of the market generally loses? Yes. How is that infeasible? Nope. That's a false equivalence. It is possible that 4.95% of the market loses. It is not feasible, that, say, 99% of people with blue eyes lose. What, exactly, in empirical terms, is the difference between retail investors and hedge/institutions that causes this INCREDIBLE disparity? Would you care to respond to my above empirical argument that demonstrates that a zero-decision system is flipping a losing coin? Do you consider it feasible for 99% of people playing a 45-55 game to lose?
Are there options and/or futures markets for Bitcoin? Not really yet, but there will be more prominent ones soon. I hear about a new one pretty regularly, it seems, but nothing that seems truly legitimate has come out. I'm certainly excited for them, though.
Eventually, once Mr. Lawsky and co. get things sorted out, I'm certain we'll see a big-name investment bank start offering them.
From the time you started trading until today, what is your overall percentage return? In USD, my percentage return calculated from investment to current valuation is about 300% over a little more than 2 months.
In BTC, my percentage return calculated from investment to current valuation is about 425% over a little more than 2 months.
Using my average per-coin buy-in price, if I had just bought-and-held, I would have lost about 27% of my initial investment value.
Ben, i told you I'd be here and asking about Hearthstone first. If there's one class that needs a bit of tuning, up or down, which is it and why? I think Mage needs basic, class-level tuning. I'm not sure what needs to be done exactly, but I don't like what the Mage class power does to gameplay. I've thought some about how different it would be if it could only hit minions, and I'd want to know if Blizzard had tried that out. The Mage power is too versatile, and over the long-term I think it will prove to be problematic.
What's your favorite card? Lord Jaraxxus is my favorite card. He has a truly legendary feel to him when you play him, but your opponent can still win, even though he's very powerful.
So, where do you think we go from here? I'm currently short, but I don't expect to be so for a lot longer. I don't think we'll get past 550. I also don't expect this drop to hold on for a really long time.
I haven't seen a good, substantive rationale for what the MtGox situation really has to do with Bitcoin price. Yes, it looks bad, it certainly doesn't help with our legitimacy, but is it really worth the incredible price declines we continue to see? I don't think so. I think we are seeing these impressive declines because the price on MtGox (which is a reflection of trust in MtGox relative to Bitcoin price, not just Bitcoin price) has been declining heavily. I don't expect it to continue forever, especially not with things like the Winkdex and the accompanying ETF launching.
MtGox is basically dead to me, for now at least. The sooner everyone stops paying attention to it, the sooner we can all get back on track, which I, for one, will be quite happy about.
Do you think that it's a good thing for a game when the developers of that game discourage certain playing styles (e.g. mill decks or decks that try to win in unconventional manners) whether in hearthstone, MTG, or other TCGs? It can be. I don't want the developers metaphorically over my shoulder outlawing strategies, but I don't mind if the strategies that are "less fun" for your opponent (Draw/Go, Mill, or Hard Combo from MTG, for example) are also less powerful. Most players prefer a game where the best decks are also among the most fun, because it means that they are playing against fun decks more often. Clearly the 2-cost 3/3 will be played most often. If you fix this by making both 2-cost guys 2/2s or 3/3s, or by making one a 2/3 and the other a 3/2, then you've done something--but it's not that interesting. If you instead make the 2-cost 2/2 have text that says "While you control the 3-cost 3/3, this gets +2/+2" and you give the 3 cost 3/3 text that says "While you control the 2-cost 2/2, it has Taunt" you now have more complex cards that reward players for doing something other than just playing the best stand-alone card.
Which do you think is a better option to encourage diversity in TCGs; improving/buffing cards/decks that hardly see any play versus weakening/nerfing cards that are overwhelmingly played? This is obviously a very simplistic example, but I hope it makes the point. Games are more fun when you give players more relevant choices: buffing and nerfing cards tends not to do that as well as promoting synergies does.
Where/what is the actual money behind bitcoin? If it does exist. You might need to rephrase your question for me to understand what you're asking. If you're asking why a Bitcoin has value, the answer is the same as any other good: because someone is willing to pay it.
If you're asking why someone is willing to pay that amount, my answer would be utility.
I just got started on Bitfinex (using your referral link) and am a little intimidated. What types of trades would I recommend I try as a beginner? From there, just keep careful watch, and see what happens. Be neutral and objective toward your own hypothesis, just like in science. Don't be biased by your hopes, be focused on the reality.
So far I've only done a liquidity swap offer to try it since it seemed (nearly) risk free. Have you done any liquidity swap or is it too low in profit? If I'm not going to be able to check my computer for a day or two, or I'm uncertain of what's going to happen the next few days, I do use the liquidity swap function. It's actually very profitable, relative to traditional investments. And you're right, it is low-risk. I'm a fan. Good job selecting it if you were intimidated--that's a good place to start. As far as actually starting trading, do science. Start with a hypothesis. If you were up at 5 AM today when MtGox published their announcement, a good hypothesis might have been something like: "This announcement is going to be a blow to their credibility, and might panic the markets. We'll probably drop by some amount as a result." Invest based on it, figure out around what price you want to take profits, and at what price you'll cut your losses and get out. Stick to those determinations unless something substantive changes. The time you tell yourself you can afford to not close your position because it will "rebound" back to where you want is also the time you lose your shirt.
Is it true that you like Balloons? No, I <3 them.
Lol to the question about your mom... Ben, from my understanding Bitcoin is anonymous, does this mean that you can avoid taxation when receiving payment? Bitcoin isn't anonymous. That's actually a common misconception. It's actually pseudonymous, like Reddit. You end up with an online identity--a wallet address--that you use with Bitcoin.
If I walk up to you on a street corner and buy Bitcoin with cash, then I'm pretty much anonymous. If I buy it from a large institution like Coinbase or some other company, they will have records of the address my Bitcoin was bought for. As a result, you can trace them down, generally speaking.
As for avoiding taxation, that's a general no.
What do you think Bitcoin's biggest hurdle is and how do you think it can be overcome? Are there any misconceptions about Bitcoin that you think people have? The biggest hurdle for Bitcoin to overcome is governments. Governments have a variety of reasons not to want an alternative currency. We seem to have done pretty well on that front here in the US, but for other countries (China) that is not the case. Past that, the other major hurdle is something I consider an inevitability: consumer adoption. Business adoption has begun in earnest, consumer adoption hasn't. It will when enough businesses take Bitcoin to give it sufficient utility for the average customer.
What trading platform do you use to daytrade Bitcoin? What is the standard margin that Bitcoin brokers offer? what's the typical ask/bid spread? I primarily use Bitfinex.
Very few Bitcoin brokers currently offer leverage, Bitfinex offers 2.5:1. Over time, I anticipate it will become more like current Forex, where 10:1 or greater leverage is common.
It varies by exchange depending on their fees. Huobi charges 0% fees, so their spread is generally tiny. Some exchanges can be as wide as 1.5%. Typically, I see spreads between .5 and .7%.
Do you invest in any other type of cryptocurrency? if so, which is your favorite besides bitcoin? I currently have no other holdings, but I've held DOGE and LTC at points and am considering VTC and NXT. DOGE is probably my favorite, because if the community can keep this up for a little longer it will snowball into amaze.
Can you trade me a Jace? TMS WWK, TMS FTV, Beleren, MA, or AoT?
Beleren. M10, M11, LOR, JVC, JVCJPN, or Book Promo?
M10 and if not possible then M11. Sure.
I've been reading your blog for quite some time and especially like your summaries for recent events. Keep up the good work! Do you use strict stop-loss orders for your trades? When do you decide to close a trade? Especially in situations where you can basically see you profit/loss grow by the minute. When is enough? Do you have a longterm bitcoin investment you don't touch or do you use everything you have for trading? I do use relatively strict stop losses, but they're not stop loss orders. My conditions usually aren't just the price hitting a certain point, but instead it sustaining for a brief period, or hitting it with a certain volume, or with a certain amount of resistance to retreat. I don't want my stop loss to be triggered by some idiot who dumps 300 BTC and temporarily drops the price 15, but only ends up really dropping it 3. I am very strict with myself about this, though, generally speaking--if I can't trust promises I make to myself, what good am I?
Let's say for example you have a sum x dollar and a sum y bitcoin on your trading account. How much % of x or y do you risk at every trade? I've seen a formula for the max. amount of investment and read numerous times that traders shouldn't risk more than one or two percent of their "bankroll". Do you generally have dollar and btc or just one of them at any given time? 100% of funds in every trade, so long as all funds are easily moved into the position. Common exceptions are lack of liquidity and funds being on other exchanges. My reasoning for being all-in all-the-time is that it's a profit-maximizing move. It is also risk-maximizing. My risk tolerance is infinite; most people's isn't. Only ever one. Generally BTC if I'm long, dollar if I'm short. I prefer to double-dip, as otherwise it would be in contradiction to the 100% plan. I use everything I have for trading. Again, profit-maximization, infinite risk tolerance.
I decide a closing price when I'm near either my stop loss or my profit aim. I place a limit order or multiple limit orders wherever I need to. I avoid market orders whenever possible. Enough is when I hit my goals or my loss tolerance. I decide these at the start, but I frequently re-evaluate them as news and market conditions develop.
What is a typical bid/ask spread for Bitcoin? It depends what exchange you're looking at, but generally .5-.7%.
What's the best way to popularize Bitcoin among the masses? Add your own but would love your thoughts on: -microtransactions developing nations -gift economy (tipping) I would suggest just running around shouting "You get to be your own bank" is probably the best way.
In all seriousness, though--we don't need to try. It's going to happen on its own from now on, as the news media slowly starts to pick up the story. People will start appearing on TV talking about it with more and more frequency. Things like the Dogelympic teams are great PR and help boost it up, as well, of course, but in general it's just going to follow the adoption curve of every other technology.
If it picks up in a few developing nations that have stable internet, it will be a massive revolution for them. Self-banking can do a huge amount of good for an economy like theirs. We might see reports on that. If a major newspaper decides to run a permanent paywall like what the Sun-Times tested recently, that could be big as well. The slow PR from tipping on Reddit is another way, to be honest. Every bit helps, but the cryptocurrency community is now large enough that we're going to do a significant amount of organic, word-of-mouth style growth.
Do you think that a magic game could beat harthstone? If they do a good job, absolutely. They have to focus on the right things. It needs to be mobile-available, easy to pick up and play, and fun.
Is there a good crypto currency to get in on now, before it explodes like bitcoin did? There are plenty of options. Check out coinmarketcap.com. Fair warning, there are plenty of horrible things there--treat it kind of like penny stocks. I like BTC, LTC, DOGE, NXT, and VTC.
Also, why is it such a pain in the ass to buy them with actual money? Like you have to have bitcoins to buy other crypto currency. It's such a pain to buy them with USD because no one has made a good system to do it on, like Coinbase. If you think there's a desire, go do it!
Well the way I look at it, is how the hell else would you be able to buy them? Not everyone has piles of bitcoins lying around and I really don't want to spend $600+ on a single bitcoin just to buy some other currencies. Ah, I see the problem! You can buy fractions of a Bitcoin using Coinbase--I think .01BTC (~$6) is their minimum.
The March 2013 appreciation was from American and European investors and November 2013 was mainly from Chinese investors. Which group of people do you think will be the next to buy (I hate using the word invest when talking about bitcoin) bitcoin for investment purposes? American institutional and hobby investors. That is, Wall Street and people who pay attention to Wall Street.
Which do you think will be a better long term (~5 years) investment, Bitcoins, Litecoins, Dogecoins, Fetch Lands, Shock Lands, or Original Dual Lands? Does it change for ~10 years? Either Bitcoin or Fetch lands for 5 years. For 10 years, Bitcoin. I'd be worried about the 10-year view for paper MTG.
Ive been mining Bitcoins for years now, i have a good sum im my wallet but i never plan to use them. Does this make me a bad person? Approximately yes.
Ben, I should've simultaneously copied and pasted all of my questions from the Spreecast over to here but here are a few... It seems like the conspiracy crowd has really latched onto the idea of Bitcoin as being a discreet form of currency. If Bitcoin is backed up by the internet why would people choose having a currency that's being tracked over say cash, gold, different commodities? Having a currency be tracked has negatives and positives, but it's overwhelmingly positive for the average consumer. Because it's tracked, you don't need to pay someone to move your money for you. There also are no chargebacks, which means merchants aren't getting scammed and passing those costs onto consumers. Theft costs everyone money. It's also very fast--transactions confirm in just 10 minutes, regardless of size or where it's going. Transferring dollars from here to China is very difficult--transferring Bitcoin? Just as easy as from anywhere else to anywhere.
My job is a mix of voodoo, intuition, science, and news. In USD, my percentage return calculated from investment to current valuation is about 300% over a little more than 2 months.
No, just gambling. In BTC, my percentage return calculated from investment to current valuation is about 425% over a little more than 2 months.
Anyway, how have the profits been from start to finish compared to the market? Using my average per-coin buy-in price, if I had just bought-and-held, I would have lost about 27% of my initial investment value.
Are you willing to disclose how much you have in your trading portfolio/what kind of profit you turn both % and $ wise? In USD, my percentage return calculated from investment to current valuation is about 300% over a little more than 2 months.
In BTC, my percentage return calculated from investment to current valuation is about 425% over a little more than 2 months.
Using my average per-coin buy-in price, if I had just bought-and-held, I would have lost about 27% of my initial investment value.
What would you say is the easiest method of shorting bitcoin or any other coin? For shorting Bitcoin or Litecoin, check here.
For other coins, there isn't really a good way yet, to the best of my knowledge. A few exchanges have plans to add short-selling, but Bitfinex is really the only one I know of that has.
What did you have for breakfast today. Didn't breakfast, was delicious.
Hey Ben, I know next to nothing about Bitcoin. I went to /bitcoin after seeing this AMA on your FB, and I noticed that everyone is going apeshit over "Gox". I have no idea what that means or why everyone is so sad/angry/suicidal. MtGox (which originally stood for Magic the Gathering Online eXchange) was the first prominent Bitcoin exchange. They've been going through some rather rough times lately, some of which I was an early cataloguer of here. In short, everyone is freaking out because the exchange may be insolvent. It's not really a big deal to Bitcoin as a whole, but it's certainly an obvious blow to credibility. In my view, people are primarily upset because MtGox has been a part of Bitcoin for a very long time, and it can be hard to let go of what we're used to. I expect that they will either fix the issues or will go out of business officially very soon.
Please explain what happened.
Tell me every artist in your iTunes. Daft Punk, detektivbyrån, Kid Cudi, Matisyahu, The White Panda.
Spotify for life, yo.
Follow up question, what % are you in BTC vs Fiat and when you are on the losing side of a trade do you find your self dumping in more to get right or do you pull the cord Unless my positions are on different exchanges or in different coins, they're all always 100% of what I'll put into that trade at entrance and exit. As a result, I end up with a binary choice: stay or reduce/close. I very rarely reduce position size, nearly always preferring to just end the position instead.
Last updated: 2014-02-25 04:57 UTC
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08-29 03:12 - 'I built a fully anonymous, zero-cost, Bitcoin-denominated commodities exchange in my spare time. Seeking interested parties to help test.' (self.Bitcoin) by /u/gale_boetticher_9 removed from /r/Bitcoin within 731-741min

'''
TL;DR: I'm a software engineer in the futures/foreign exchange industry with a bit too much spare time on my hands. Over the last year or so I've built a webapp that mimics, on a small scale, the functionality of a traditional commodities exchange:
[link]1
**** BULLET POINTS FOLLOW IF YOU'RE INTERESTED ****
WHY: There are plenty of other Bitcoin-denominated futures exchanges out there but I grew increasingly frustrated by (1) their high fees and (2) their requests for personally identifiable information. Further, the extreme consolidation currently occurring in the traditional futures industry, both at the exchange and investment firm level, motivated me to provide traders with an alternative.
COST: There are no fees. No per-trade costs, membership dues, transfer fees, etc. The only fee you'll pay is the standard minetransaction fee when making a withdrawal.
** [Users can also create their own pools / hedge funds and optionally charge fees to investors in those pools. That's an advanced feature, however, unrelated to the free trading capabilities described here.]
ANONYMOUS: Users are never asked for personally identifiable information, not even an email address. Trade confirmations are (optionally) relayed to the user via BitMessage, an open source anonymous communications protocol.
NOT A GAMBLING SITE: Although I'm happy to provide binary contracts based on the outcome of sporting or political events if there's a demand for them, there are plenty of other sites filling that niche quite well. Instead, my goal is to replicate financial and commodity contracts found on traditional commodity exchanges (e.g. Crude Oil, Gold, stock indexes), with a long-term plan of offering more sophisticated contracts (e.g. credit default swaps) that would otherwise require a swap (ISDA) agreement with an investment bank like Goldman.
NO FIAT: The site uses Bitcoin as its sole medium for margin and settlement. There are no facilities to accept or transmit fiat currencies, nor to exchange fiat currencies for Bitcoin.
**** STILL READING? HERE'S MY PITCH FOR HELP ****
CAVEAT, STILL IN DEVELOPMENT: I can't pretend that this webapp is anything other than pre-beta quality right now. It's in serious need of testing. Further, the API calls are hitting servers in Iceland which adds a bit of latency to the page load time. Sorry about that. It's temporary.
TESTING: There are a lot of moving parts to this app that need to be tested. If you have an interest in commodities trading and/or hedge funds and this project sounds interesting to you, please contact me. I'll pay you for your time (in Bitcoin, of course). Contact information follows.
Thanks for reading!
[link]1
Best,
Gale B.
Web: [link]3
BitMessage: BM-2cXAXMG5KGBxt1pJUFPAEJq5cuFdwi53Pi (BitMessage)
Email: [email protected]
Twitter: @BitFutures
IRC: FreeNode / #bitFutures
'''
I built a fully anonymous, zero-cost, Bitcoin-denominated commodities exchange in my spare time. Seeking interested parties to help test.
Go1dfish undelete link
unreddit undelete link
Author: gale_boetticher_9
1: www.Bit*uture**i* 2: www.B**Fut*res.i* 3: w**.bitFutu*es.i*
Unknown links are censored to prevent spreading illicit content.
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Forex trading binary options is it gambling or is it legit ...

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