Bitcoin-based online gambling

[MonkeyF0cker]

Hmm.

 

[Blitty]

MF, can I fly out to Vegas sometime this summer and learn about technical/sharp shit from you?

Maybe like a 1 week intensive course.

Name your price.


Obviously hookers and drugs will be extra credit.

 

[MonkeyF0cker]

I would probably just tell you to read a bunch of books, Blitty...

But come for the hookers and drugs obviously.

 

[Blitty]

There must be other options than books..

I was thinking meth would be involved somehow..

You would be Heisenberg, me Jesse etc.

 

[MonkeyF0cker]

LOL.

Gotta figure out how to cook somehow...

 

[Blitty]

Meth lab in one room. Bit mine rig in the other.

I could see it.

 

[MonkeyF0cker]

Paradise. LOL.

 

[reno cool]

There must be other options than books..

.

Blitty, you're cracking me up today pal.

 

[Matty]

I sent Bitfinex 5BTC to fok around with. Max leverage is 2.5:1.

Let's see what happens.

 

[MonkeyF0cker]

Does the margin shit at the bottom change when you fund it?

I guess I don't see how to short. I don't even know what those bid/asks mean. Why do they say MtGox?

 

[MonkeyF0cker]

Does the lender have to purchase the underlying? Is that why they're there? There's nothing on the site that seems to explain it well.

 

[Matty]

Yeah the site is confusing. You first send the btc to your trading wallet, then you borrow BTC in the Lending section, then you put in a sell order up to your max leverage. The wallet/$ details look confusing to me - all I know is I borrowed 1BTC at 12% per annum.

 

[Matty]

Does the lender have to purchase the underlying? Is that why they're there?

I think so. Two separate guys filled my loan request.

I acually got 9% and 9.25%.

 

[MonkeyF0cker]

So when is your expiration? And how do you exercise the option?

 

[Matty]

60 days from now. You can "close" your position in one click which sends a market order to Gox, or you can re-buy manually with a limit order, then you pay back the lender.

 

[MonkeyF0cker]

So, where does the profit from a short come from? The "lender"?

They just pull it from his wallet and throw it in yours?

 

[Matty]

From the guy who sells you the BTC at the lower price? It goes straight to you.

I'm just assuming here. Seems logical though.

 

[MonkeyF0cker]

Well, if that's the case, you're not actually borrowing. You're putting him on margin.

Do you have to exercise the contract no matter what? Can't expire worthless?