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  1. #21
    Solid Member Frontline's Avatar
    Great, Michael. Please update us how you bought them - what all you had to do to accomplish a cryptocurrency purchase.
    I have heard that cryptocurrencies are coming to binary options world too. There are very few brokers now, who offer bitcoin to trade, so maybe it will become a more popular instrument.

  2. #22
    Legendry Member milos's Avatar
    It can be traded by Bitcoin and Litecoin.

    http://prntscr.com/g79ywr

  3. #23
    Legendry Member Michael Hodges's Avatar
    Quote Originally Posted by Frontline View Post
    Great, Michael. Please update us how you bought them - what all you had to do to accomplish a cryptocurrency purchase.
    I have heard that cryptocurrencies are coming to binary options world too. There are very few brokers now, who offer bitcoin to trade, so maybe it will become a more popular instrument.
    OK, so to buy I had to verify two stage my account on sign up, and then had to verify my bank account with test transactions. the only issue I had was on my fist attempt at bank verification my bank flagged the transactions as possible fraud so I had to accept them, and then wait a day to try again. That try worked like a charm, you just have to be patient.

    I bought my first Ethereum this morning.... LIke I told Okane, it was a little scary but you have to ride the bull to win the rodeo...

  4. #24
    Moderator Kolyo's Avatar
    Haha Congratulations, Michael! Having real Ethereum or Bitcoin is very different than trading on binary options or CFDs. At the end you own it haha, maybe it is a bit scary with this extreme volatility but who knows maybe you can be one day a millionaire from this One Ethereum
    "The goal of a successful trader is to make the best trades. Money is secondary." - Alexander Elder

  5. #25
    Legendry Member Michael Hodges's Avatar
    Quote Originally Posted by Kolyo View Post
    Haha Congratulations, Michael! Having real Ethereum or Bitcoin is very different than trading on binary options or CFDs. At the end you own it haha, maybe it is a bit scary with this extreme volatility but who knows maybe you can be one day a millionaire from this One Ethereum
    exactly, I made an actual purchase of Ethereum, which in itself is kinda odd because Ethereum only exists digitally on the ether, but you are right. so long as it keeps working there will be value, just depends on the market and etc.

  6. #26
    Solid Member Frontline's Avatar
    I watched a Youtube video of a webinar, which the BlueSkyBinary company has had some days ago. They were talking about this Ethereum, and about a totally new BO trading system it will make possible. Must watch it again... did not quite understand everything. But interesting. - Michael, were you there??

  7. #27
    Legendry Member Michael Hodges's Avatar
    Quote Originally Posted by Frontline View Post
    I watched a Youtube video of a webinar, which the BlueSkyBinary company has had some days ago. They were talking about this Ethereum, and about a totally new BO trading system it will make possible. Must watch it again... did not quite understand everything. But interesting. - Michael, were you there??
    I wasn't but Okane was. the idea though was to use the block chain to verify trades so the brokers couldn't scam you, not sure how it was going to work though because you would still someone to match trades, or have a platform to make trades on.

  8. #28
    Active Member Anci's Avatar
    I was there for the webinar. It's an exciting application of blockchain technology.

    The plan is to have an Initial Coin Offering (ICO) to raise capital for a decentralised trading platform. There is no need to match trades since capital will provide liquidity. This is similar to what Nadex did by inviting big players to provide liquidity to its market. In this case, the liquidity comes from the early investors of their new Alt Coin (Spectre?).

    Traders do not deposit to a broker. Trades are made directly from their Ethereum wallet. There is no way for management to prevent them from walking away with their money.

    Coin investors make money from dividends (5%) paid out (based on the growth of capital) and rising value of the coin. Management makes 2%. Winning traders can continue to make money without fear of a broker playing tricks on them.

    All of these hinge on the fact that most traders lose money. They provided data from Oanda and other sources that showed ~70% of FX and ~90% of Binary traders lose money.
    Last edited by Anci; 08-18-2017 at 04:11 PM.

  9. #29
    Solid Member Frontline's Avatar
    Anci. Sounds a very interesting system. So the broker (BSkyB??) offers the trading platform, but does profit only 2% of the losses the traders make, and the rest goes to the funding pool, where the wins and withwrawals are paid from. Well, they are surely not running out of money if the statistics of 90% loosing trades are accurate. Still, sounds more fair system than the traditional, where the broker more or less owns your money. - Did they say the trading instruments will include traditional currency pairs, but also crypto currencies?

  10. #30
    Legendry Member Michael Hodges's Avatar
    Quote Originally Posted by Frontline View Post
    Anci. Sounds a very interesting system. So the broker (BSkyB??) offers the trading platform, but does profit only 2% of the losses the traders make, and the rest goes to the funding pool, where the wins and withwrawals are paid from. Well, they are surely not running out of money if the statistics of 90% loosing trades are accurate. Still, sounds more fair system than the traditional, where the broker more or less owns your money. - Did they say the trading instruments will include traditional currency pairs, but also crypto currencies?
    I think the thing to make it work is for there to be an ethereum based binary trading application that exchanges or brokers who want to offer trading can access, then they should make a small commission on the trade volume and not win out on the profits.... any profits that are "lost" into the system should stay there until someone wins them... right?

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