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mjr_: my point is just this...if you sold the put, and the price goes up 10x
mjr_: each contract would be liable for 2 bitcoins right?
mjr_: so anyway, let's say the vwap is 50 and you sell puts at 50, the price drops to 25
mjr_: wait reverse that lol
mjr_: and you sold puts at $50
mjr_: just for example...let's say the vwap hits $100
mjr_: but what is the capital requirement
mjr_: how many are required
mjr_: my point is that since you COULD be on the hook for millions of bitcoins
mjr_: hmmm yes when writing them
mjr_: it varies doesn't it?
mjr_: thats why i was wondering the specific collateral requirements
mjr_: but usually you have to have something to back against the most likely scenario
mjr_: you technically expose yourself to unlimited liability when you write options (at least calls)
mjr_: they probably will just expire worthless
mjr_: thought they would only do that if they are in the money
mjr_: do they always autoexercise?
mjr_: i meant you can send them, but i can not display them
mjr_: no i didn't mean you
mjr_: i know you can in colloquy, but not sure about MIRC
mjr_: no worries...to be honest, i think you can just turn off showing joins and parts
mjr_: mircea_popescu: i have to imagine that your bot buys them as part of a hedging strategy
mjr_: ;;calc 239+213+188+165+143
mjr_: to clarify: i meant you could end up with more bitcoins
mjr_: i just don't like the other funding options
mjr_: you can get access to better prices
mjr_: well...if you move them to btc-e
mjr_: lol it hasn't worked for me
mjr_: but because i can send them to btc-e
mjr_: not because i particularly like them
mjr_: i am actually trying to mine litecoin
mjr_: s.dice is back up too
mjr_: what's the equation for collateral?
mjr_: the bot bought them
mjr_: whoever sold those puts
mjr_: so, that guy just collected 948 bitcoins
mjr_: ;;calc 239+213+188+165+143
mjr_: mircea_popescu: what is the capital requirement for someone to sell the amount of puts we just saw
mjr_: so in your case smart
mjr_: but not when you have rampant inflation
mjr_: that is a smart idea
mjr_: like kahn academy or something about finance
mjr_: i was actually thinking about trying to create a web based class
mjr_: shit they should teach people what a debit and a credit is
mjr_: some people sell puts in order to buy calls (lowers their cost)
mjr_: so if you think something is going up you can sell puts and collect premiums and buy calls as well
mjr_: it is a bullish move
mjr_: if you are "short" a put
mjr_: no selling a put = buying a call
mjr_: yeah i figured someone was hedging something with those
mjr_: lol i just realized that i had kleopatra installed already and i was doing everything from the command line
mjr_: cool thats what i was figuring
mjr_: does anyone know how to type the double barred B
mjr_: still getting used to gpg
mjr_: i managed to import your pub key mircea
mjr_: yeah i think this is a great system
mjr_: and i mean, it is pretty much exactly what they believe in as far as distributed systems and freedom
mjr_: they only take credit card and paypal right now
mjr_: oh...i emailed freenode and asked if they would accept bitcoin donations
mjr_: in which case you would still be paying the same 30 btc you would have before
mjr_: but in a bitcoin economy, the opposite may be true until you can finally do most of your transactions in bitcoin
mjr_: on most consumable things
mjr_: typically...if you wait, prices usually fall
mjr_: this is a whole new world
mjr_: hmmm that is a good point
mjr_: and just realized that it will now be around $1500
mjr_: lol, was just thinking about back in the days when we were discussing mpex fee being around $450
mjr_: volume weighted average price
mjr_: hold on i am gonna try it out
mjr_: do the other commands not come encrypted?
mjr_: from market data perspective i mean
mjr_: just realized that now mpex is only for mpex registered people...
mjr_: i know, i was hoping for a dip