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mjr__: yeah of course that is fine
mjr__: mostly just want to get more people into the bitcoin world
mjr__: my friend is finally getting sick of watching my returns and wants to get in
mjr__: think i will be getting a referral soon for coinbr soon
mjr_: and you have way more accounting to do
mjr_: only problem is you multiply CP risk
mjr_: so if i can scoop up cheap coins on camp bx, or bitfloor, i would, simply cuz i plan on holding them
mjr_: yeah, well, i mostly use the strategies i've said to try to get as long as possible, for as little money as possible
mjr_: not enough volatitliy and razor thin margins cuz of transferring money back and forth
mjr_: they are already taken
mjr_: eh, like 10 btc under 25
mjr_: you could still scoop up btc for under 25 on camp bx
mjr_: i mean...i was watching around 3am NYC
mjr_: yes...mostly US and europe i would guess
mjr_: (though i realize it is global)
mjr_: especially very early in the morning or late at night
mjr_: you can conceivably make money still just by market making and arbing different exchanges
mjr_: it is more bullish bitcoin than anything
mjr_: you can describe my positoin as bearish us dollar, or bullish bitcoin
mjr_: with a far out enough expiration date
mjr_: yes, i would definitely sell calls on the US dollar
mjr_: well...aren't there options on currency?
mjr_: it's just hard when pretty much i think "it's going up"
mjr_: yep, but options strategies are my favorite
mjr_: yes, or protect against big downsides
mjr_: but what i said earlier is the reason why "martingaling" doesn't work over the long run
mjr_: anyways, with my call, which is my favorite single legged strategy, i will prob just let it auto exercise at the end of the month
mjr_: the market can remain irrational longer than you can remain solvent
mjr_: others bought at 699 thinking it couldn't go down
mjr_: some peple sold apple at $25 and thought they were genius's
mjr_: that is a perfect example of not being able to find tops or bottoms
mjr_: missing a little profit
mjr_: yeah, more than likely, they will wait and if it turns around they will exercise there
mjr_: if i could pick bottoms and tops, i would be a billionaire
mjr_: since they can't kinow that
mjr_: they may not exercise when it's worst
mjr_: like profit = current exchange price - (strike + cost of option at current exchange)
mjr_: you can even do it as a constantly changing variable
mjr_: so i am just quibbling over how much percent i will make lol
mjr_: i think it will hit 30 by the end of the month (last friday)
mjr_: but even so...this is a matter of precision...
mjr_: i believe when i bought the option bitcoin was around $24/1btc
mjr_: ugh, i was an accounting major, but i don't do that now because it aint fun
mjr_: because that is how you show ridiculous gains against a failing dollar
mjr_: i have to translate back to USD unfortunately
mjr_: yeah. it is mainly an accounting decision
mjr_: do i calculate my average cost of bitcoins, the price at the time of purchase, or the price when i exercise....
mjr_: which adds in the extra wrinkle of how do i calculate what i paid for the option
mjr_: 0.33832578 bitcoins for that option
mjr_: nah, i was doing rough estimate
mjr_: no...you are paying $17 (i bought the right to buy a bitcoin for $17) and I paid $8 for that right
mjr_: it doesn't make sense to use that option unless they are selling for $17+8
mjr_: but if i tell you i will give you that option for $8...
mjr_: you are paying for the option to buy bitcoins at $17
mjr_: in my case, yesterday my breakeven for the $17 call was 25.30 i think...
mjr_: if you just calculate the breakeven for each of the calls, you can find the "cheapest" one and then watch it rip lol
mjr_: the 17 strike option was a good deal i think
mjr_: but yeah, options are tough, i just got calls so i wouldn't get left behind
mjr_: coinbase is too fast...but especially overnight, if you go on camp bx or bitfloor...people leave their limit orders up and you can get a bunch under $25
mjr_: specifically if you are fast on the other exchanges you can get better than mt. gox
mjr_: you can also arb the exchanges
mjr__: allow hidden orders, dark pool
mjr__: so no one has used camp bx? they have a pretty cool platform
mjr__: see how dividends go, and hopefully options are good
mjr__: i can't wait for the end of this month
mjr__: but i figured i'd just get in
mjr__: yeah i could have done limits
mjr__: options expire almost a week before month end this month
mjr__: the last assbot message was my order going through :)
mjr__: since they have an ING direct checking, if you have one, you can move money to their account same day
mjr__: bitfloor is supposed to have like same day transfer from online banking
mjr__: for the transfer to go through
mjr__: coinbase takes 4 days i think
mjr__: i can't deal with the huge wait times