Author Topic: BTS killer apps. [Available today] - The decentralised binary option market  (Read 3248 times)

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Offline tonyk

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Assuming in one week PM assets can be cleared to reuse. [some input and info from [member=120]xeroc[/member]  will be highly appreciated]

example is for BTC binary option series, but the same applies to every market (currency, index whatever)

The committee buys:
BTC_Monday1percent, BTC_Monday2percent, BTC_Monday3percent etc..
BTC_ Tuesday1percent, BTC_ Tuesday2percent, BTC_ Tuesday3percent

and so on for each day of the week


those are PM (aka binary option) assets, the backing asset is bitUSD.

The witnesses are set to be the one settling the asset. They publish once a day the price at close (the price is taken from whatever the contract states at time 3:00PM Eastern or whatever)
The contract is a call binary option with strike: 1% (2%, 3% as per the name of the asset) percent above yesterdays close..

SVK displays them in the GUY as real prices (using the last publish close price) , not percent above yesterday's close.(!!!Optional!!! and does the borrow sell in one step aka hides the borrow step  from GUI view)


You have the first BTS killer app (well maybe the first of many) . Overtaking over the binary option markets.

« Last Edit: January 31, 2016, 04:18:45 am by tonyk »
Lack of arbitrage is the problem, isn't it. And this 'should' solves it.

Offline rgcrypto

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Yep, I would definitely have an actual reason to use Bitshares if I can bet on the presidential run and other fun prediction markets.

Offline Shentist

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you can not reuse the symbols, after the issue settled the symbol.

hopefully this can be changed, i think this is really a needed markettyp and could be a unic feature for bitshares.

- would also be good to allow "numbers" as the names for symbols.

Offline tonyk

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you can not reuse the symbols, after the issue settled the symbol.

hopefully this can be changed, i think this is really a needed markettyp and could be a unic feature for bitshares.

- would also be good to allow "numbers" as the names for symbols.

xeroc claimed in a post not more than 2 weeks old that he has found a way to reuse them. The possibility does not seem too unbelievable if all previous holders are paid out after settling the asset.
Lack of arbitrage is the problem, isn't it. And this 'should' solves it.

Offline fuzzy

you can not reuse the symbols, after the issue settled the symbol.

hopefully this can be changed, i think this is really a needed markettyp and could be a unic feature for bitshares.

- would also be good to allow "numbers" as the names for symbols.

Love it. loved the idea of the SPORTS.NFLAFC/NFC tokens and now the Hillary / Trump tokens coming soon. im loving this stuff. its starting to make my mouth foam in anticipation...

as for resetting tokens i think there is a feature that enables the issuer to take them back at any time.  maybe that would help?
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Offline tonyk

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you can not reuse the symbols, after the issue settled the symbol.

hopefully this can be changed, i think this is really a needed markettyp and could be a unic feature for bitshares.

- would also be good to allow "numbers" as the names for symbols.

Love it. loved the idea of the SPORTS.NFLAFC/NFC tokens and now the Hillary / Trump tokens coming soon. im loving this stuff. its starting to make my mouth foam in anticipation...

as for resetting tokens i think there is a feature that enables the issuer to take them back at any time.  maybe that would help?

Aren't you curious what the OP said? It as well might have some anti-fuzzy stuff written all over it.

[for the casual readers fuzz has me on 'ignore' so he is totally unaware what the OP or  any other of  post of mine contains (supposedly). He is sleeping better that way, (or so he says). You should try it if you experiencing similar problems]

/ derailing my own thread
« Last Edit: January 31, 2016, 08:21:04 am by tonyk »
Lack of arbitrage is the problem, isn't it. And this 'should' solves it.

Offline xeroc

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you can not reuse the symbols, after the issue settled the symbol.

hopefully this can be changed, i think this is really a needed markettyp and could be a unic feature for bitshares.

- would also be good to allow "numbers" as the names for symbols.

xeroc claimed in a post not more than 2 weeks old that he has found a way to reuse them. The possibility does not seem too unbelievable if all previous holders are paid out after settling the asset.
I thinks so but i havent tried and i may run into problems on the way. I'll try to test my idea asap.
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Offline alt

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I have test op override_transfer, it looks worked, so the token can be reused now.
we need a script to withdraw all assets still not been settled, settle for users,  return left money to users.
seems so wonderful

Offline puppies

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Don't we need a way to undo the global_settle?

Also I get the feeling that if we forcefully remove the asset from our customers that don't settle and settle for them there would not be a huge demand for my service.  We are going for decentralized aren't we. 

Even if the asset issuer can exercise this control over the asset I don't think they should, and I don’t think we should advertise it.
« Last Edit: February 01, 2016, 07:34:33 am by puppies »
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Offline xeroc

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I checked the PMs today and figured out that you cannot borrow assets if there is a settlement price.
This is the bug report for it: https://github.com/cryptonomex/graphene/issues/546
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Offline Empirical1.2

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Re: BTS killer apps. [Available today] - The decentralised binary option market
« Reply #10 on: February 01, 2016, 05:38:03 pm »
 +5% Interesting Idea.

Looks like it has some potential too. Just 6 hours there was this article...

http://www.financemagnates.com/cryptocurrency/interview/ids-b2b-ceo-talks-pent-up-demand-for-bitcoin-binary-options/

Quote
IDS Option was created on 29 June 2015 and started offering Bitcoin binary option service to customers on 1 October of the same year, with 32000 members now.The average number of orders per day is keeping at 500-700 which is leading the market

Quote
The IDS B2B CEO explained that the bitcoin binary options platform... is expected to reach $5 million in assets by the end of the year.

https://idsoption.com/welcome

If you want to take the island burn the boats

Offline Shentist

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Re: BTS killer apps. [Available today] - The decentralised binary option market
« Reply #11 on: February 01, 2016, 06:06:47 pm »
Don't we need a way to undo the global_settle?

Also I get the feeling that if we forcefully remove the asset from our customers that don't settle and settle for them there would not be a huge demand for my service.  We are going for decentralized aren't we. 

Even if the asset issuer can exercise this control over the asset I don't think they should, and I don’t think we should advertise it.

if this is a market you already know, that the issuer will force settle you, it should be ok. we should have many options, so many parallel experiments could be run. in the end we will hit something useful and the user will come :D

Offline tonyk

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Re: BTS killer apps. [Available today] - The decentralised binary option market
« Reply #12 on: February 01, 2016, 06:50:08 pm »
Also I get the feeling that if we forcefully remove the asset from our customers that don't settle and settle for them there would not be a huge demand for my service.  We are going for decentralized aren't we. 

Even if the asset issuer can exercise this control over the asset I don't think they should, and I don’t think we should advertise it.

I see no problem at all. When you buy you understand that your winning trades will be automatically paid to you 24h after the expiration date. Same goes for your now worth 0 ones - the useless tokens will be cleared from your account . BTW this applies to longs only, the global settlement does this job for the shorts automatically (I believe).
I also think it might be good (or needed* depending on the BTS implementation/protocol) to sign that transaction(to be paid) as well when entering your order.

PS
* from alt's statement it seems it is not needed!. So a line in the description will do. Some thing like "Your trade will be auto settled for you in 24 h after expiration, by the asset creator." will suffice.
« Last Edit: February 01, 2016, 07:08:15 pm by tonyk »
Lack of arbitrage is the problem, isn't it. And this 'should' solves it.

Offline morpheus

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Re: BTS killer apps. [Available today] - The decentralised binary option market
« Reply #13 on: February 02, 2016, 07:47:24 am »
+5% Interesting Idea.

Looks like it has some potential too. Just 6 hours there was this article...

http://www.financemagnates.com/cryptocurrency/interview/ids-b2b-ceo-talks-pent-up-demand-for-bitcoin-binary-options/

Quote
IDS Option was created on 29 June 2015 and started offering Bitcoin binary option service to customers on 1 October of the same year, with 32000 members now.The average number of orders per day is keeping at 500-700 which is leading the market

Quote
The IDS B2B CEO explained that the bitcoin binary options platform... is expected to reach $5 million in assets by the end of the year.

https://idsoption.com/welcome

Yes and this is a centralized service also.  What we are lacking is a fancy smooth interface.  Great idea for a worker proposal or FBA.

A quick google search for 'bitcoin binary options' reveals several sites, non of which are truly decentralized, so not competition.

http://secondstrade.com/
https://btclevels.com/
http://btcoracle.com/

Nadex is probably the benchmark fiat platform for binary options, so not competition either, but the user experience is probably top notch.  Auger would be the only real decentralized competition and it looks like formidable competition at that. 

Creating a nadex-style user experience with a bitshares backend looks like it would be a lot of work, but could be the ticket to mainstream adoption.

Offline alt

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Re: BTS killer apps. [Available today] - The decentralised binary option market
« Reply #14 on: February 02, 2016, 01:56:51 pm »
I have test op override_transfer, it looks worked, so the token can be reused now.
we need a script to withdraw all assets still not been settled, settle for users,  return left money to users.
seems so wonderful
I am thinking if the issuer have permision to transfer the asset from anybody,
why don't just give the issuer another permision, settle asset for anybody directly?