Exchange-Traded and Online-Traded Binary Options - Binary ...

No gods, no kings, only NOPE - or divining the future with options flows. [Part 3: Hedge Winding, Unwinding, and the NOPE]

Hello friends!
We're on the last post of this series ("A Gentle Introduction to NOPE"), where we get to use all the Big Boy Concepts (TM) we've discussed in the prior posts and put them all together. Some words before we begin:
  1. This post will be massively theoretical, in the sense that my own speculation and inferences will be largely peppered throughout the post. Are those speculations right? I think so, or I wouldn't be posting it, but they could also be incorrect.
  2. I will briefly touch on using the NOPE this slide, but I will make a secondary post with much more interesting data and trends I've observed. This is primarily for explaining what NOPE is and why it potentially works, and what it potentially measures.
My advice before reading this is to glance at my prior posts, and either read those fully or at least make sure you understand the tl;drs:
https://www.reddit.com/thecorporation/collection/27dc72ad-4e78-44cd-a788-811cd666e32a
Depending on popular demand, I will also make a last-last post called FAQ, where I'll tabulate interesting questions you guys ask me in the comments!
---
So a brief recap before we begin.
Market Maker ("Mr. MM"): An individual or firm who makes money off the exchange fees and bid-ask spread for an asset, while usually trying to stay neutral about the direction the asset moves.
Delta-gamma hedging: The process Mr. MM uses to stay neutral when selling you shitty OTM options, by buying/selling shares (usually) of the underlying as the price moves.
Law of Surprise [Lily-ism]: Effectively, the expected profit of an options trade is zero for both the seller and the buyer.
Random Walk: A special case of a deeper probability probability called a martingale, which basically models stocks or similar phenomena randomly moving every step they take (for stocks, roughly every millisecond). This is one of the most popular views of how stock prices move, especially on short timescales.
Future Expected Payoff Function [Lily-ism]: This is some hidden function that every market participant has about an asset, which more or less models all the possible future probabilities/values of the assets to arrive at a "fair market price". This is a more generalized case of a pricing model like Black-Scholes, or DCF.
Counter-party: The opposite side of your trade (if you sell an option, they buy it; if you buy an option, they sell it).
Price decoherence ]Lily-ism]: A more generalized notion of IV Crush, price decoherence happens when instead of the FEPF changing gradually over time (price formation), the FEPF rapidly changes, due usually to new information being added to the system (e.g. Vermin Supreme winning the 2020 election).
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One of the most popular gambling events for option traders to play is earnings announcements, and I do owe the concept of NOPE to hypothesizing specifically about the behavior of stock prices at earnings. Much like a black hole in quantum mechanics, most conventional theories about how price should work rapidly break down briefly before, during, and after ER, and generally experienced traders tend to shy away from playing earnings, given their similar unpredictability.
Before we start: what is NOPE? NOPE is a funny backronym from Net Options Pricing Effect, which in its most basic sense, measures the impact option delta has on the underlying price, as compared to share price. When I first started investigating NOPE, I called it OPE (options pricing effect), but NOPE sounds funnier.
The formula for it is dead simple, but I also have no idea how to do LaTeX on reddit, so this is the best I have:

https://preview.redd.it/ais37icfkwt51.png?width=826&format=png&auto=webp&s=3feb6960f15a336fa678e945d93b399a8e59bb49
Since I've already encountered this, put delta in this case is the absolute value (50 delta) to represent a put. If you represent put delta as a negative (the conventional way), do not subtract it; add it.
To keep this simple for the non-mathematically minded: the NOPE today is equal to the weighted sum (weighted by volume) of the delta of every call minus the delta of every put for all options chains extending from today to infinity. Finally, we then divide that number by the # of shares traded today in the market session (ignoring pre-market and post-market, since options cannot trade during those times).
Effectively, NOPE is a rough and dirty way to approximate the impact of delta-gamma hedging as a function of share volume, with us hand-waving the following factors:
  1. To keep calculations simple, we assume that all counter-parties are hedged. This is obviously not true, especially for idiots who believe theta ganging is safe, but holds largely true especially for highly liquid tickers, or tickers will designated market makers (e.g. any ticker in the NASDAQ, for instance).
  2. We assume that all hedging takes place via shares. For SPY and other products tracking the S&P, for instance, market makers can actually hedge via futures or other options. This has the benefit for large positions of not moving the underlying price, but still makes up a fairly small amount of hedges compared to shares.

Winding and Unwinding

I briefly touched on this in a past post, but two properties of NOPE seem to apply well to EER-like behavior (aka any binary catalyst event):
  1. NOPE measures sentiment - In general, the options market is seen as better informed than share traders (e.g. insiders trade via options, because of leverage + easier to mask positions). Therefore, a heavy call/put skew is usually seen as a bullish sign, while the reverse is also true.
  2. NOPE measures system stability
I'm not going to one-sentence explain #2, because why say in one sentence what I can write 1000 words on. In short, NOPE intends to measure sensitivity of the system (the ticker) to disruption. This makes sense, when you view it in the context of delta-gamma hedging. When we assume all counter-parties are hedged, this means an absolutely massive amount of shares get sold/purchased when the underlying price moves. This is because of the following:
a) Assume I, Mr. MM sell 1000 call options for NKLA 25C 10/23 and 300 put options for NKLA 15p 10/23. I'm just going to make up deltas because it's too much effort to calculate them - 30 delta call, 20 delta put.
This implies Mr. MM needs the following to delta hedge: (1000 call options * 30 shares to buy for each) [to balance out writing calls) - (300 put options * 20 shares to sell for each) = 24,000 net shares Mr. MM needs to acquire to balance out his deltas/be fully neutral.
b) This works well when NKLA is at $20. But what about when it hits $19 (because it only can go down, just like their trucks). Thanks to gamma, now we have to recompute the deltas, because they've changed for both the calls (they went down) and for the puts (they went up).
Let's say to keep it simple that now my calls are 20 delta, and my puts are 30 delta. From the 24,000 net shares, Mr. MM has to now have:
(1000 call options * 20 shares to have for each) - (300 put options * 30 shares to sell for each) = 11,000 shares.
Therefore, with a $1 shift in price, now to hedge and be indifferent to direction, Mr. MM has to go from 24,000 shares to 11,000 shares, meaning he has to sell 13,000 shares ASAP, or take on increased risk. Now, you might be saying, "13,000 shares seems small. How would this disrupt the system?"
(This process, by the way, is called hedge unwinding)
It won't, in this example. But across thousands of MMs and millions of contracts, this can - especially in highly optioned tickers - make up a substantial fraction of the net flow of shares per day. And as we know from our desk example, the buying or selling of shares directly changes the price of the stock itself.
This, by the way, is why the NOPE formula takes the shape it does. Some astute readers might notice it looks similar to GEX, which is not a coincidence. GEX however replaces daily volume with open interest, and measures gamma over delta, which I did not find good statistical evidence to support, especially for earnings.
So, with our example above, why does NOPE measure system stability? We can assume for argument's sake that if someone buys a share of NKLA, they're fine with moderate price swings (+- $20 since it's NKLA, obviously), and in it for the long/medium haul. And in most cases this is fine - we can own stock and not worry about minor swings in price. But market makers can't* (they can, but it exposes them to risk), because of how delta works. In fact, for most institutional market makers, they have clearly defined delta limits by end of day, and even small price changes require them to rebalance their hedges.
This over the whole market adds up to a lot shares moving, just to balance out your stupid Robinhood YOLOs. While there are some tricks (dark pools, block trades) to not impact the price of the underlying, the reality is that the more options contracts there are on a ticker, the more outsized influence it will have on the ticker's price. This can technically be exactly balanced, if option put delta is equal to option call delta, but never actually ends up being the case. And unlike shares traded, the shares representing the options are more unstable, meaning they will be sold/bought in response to small price shifts. And will end up magnifying those price shifts, accordingly.

NOPE and Earnings

So we have a new shiny indicator, NOPE. What does it actually mean and do?
There's much literature going back to the 1980s that options markets do have some level of predictiveness towards earnings, which makes sense intuitively. Unlike shares markets, where you can continue to hold your share even if it dips 5%, in options you get access to expanded opportunity to make riches... and losses. An options trader betting on earnings is making a risky and therefore informed bet that he or she knows the outcome, versus a share trader who might be comfortable bagholding in the worst case scenario.
As I've mentioned largely in comments on my prior posts, earnings is a special case because, unlike popular misconceptions, stocks do not go up and down solely due to analyst expectations being meet, beat, or missed. In fact, stock prices move according to the consensus market expectation, which is a function of all the participants' FEPF on that ticker. This is why the price moves so dramatically - even if a stock beats, it might not beat enough to justify the high price tag (FSLY); even if a stock misses, it might have spectacular guidance or maybe the market just was assuming it would go bankrupt instead.
To look at the impact of NOPE and why it may play a role in post-earnings-announcement immediate price moves, let's review the following cases:
  1. Stock Meets/Exceeds Market Expectations (aka price goes up) - In the general case, we would anticipate post-ER market participants value the stock at a higher price, pushing it up rapidly. If there's a high absolute value of NOPE on said ticker, this should end up magnifying the positive move since:
a) If NOPE is high negative - This means a ton of put buying, which means a lot of those puts are now worthless (due to price decoherence). This means that to stay delta neutral, market makers need to close out their sold/shorted shares, buying them, and pushing the stock price up.
b) If NOPE is high positive - This means a ton of call buying, which means a lot of puts are now worthless (see a) but also a lot of calls are now worth more. This means that to stay delta neutral, market makers need to close out their sold/shorted shares AND also buy more shares to cover their calls, pushing the stock price up.
2) Stock Meets/Misses Market Expectations (aka price goes down) - Inversely to what I mentioned above, this should push to the stock price down, fairly immediately. If there's a high absolute value of NOPE on said ticker, this should end up magnifying the negative move since:
a) If NOPE is high negative - This means a ton of put buying, which means a lot of those puts are now worth more, and a lot of calls are now worth less/worth less (due to price decoherence). This means that to stay delta neutral, market makers need to sell/short more shares, pushing the stock price down.
b) If NOPE is high positive - This means a ton of call buying, which means a lot of calls are now worthless (see a) but also a lot of puts are now worth more. This means that to stay delta neutral, market makers need to sell even more shares to keep their calls and puts neutral, pushing the stock price down.
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Based on the above two cases, it should be a bit more clear why NOPE is a measure of sensitivity to system perturbation. While we previously discussed it in the context of magnifying directional move, the truth is it also provides a directional bias to our "random" walk. This is because given a price move in the direction predicted by NOPE, we expect it to be magnified, especially in situations of price decoherence. If a stock price goes up right after an ER report drops, even based on one participant deciding to value the stock higher, this provides a runaway reaction which boosts the stock price (due to hedging factors as well as other participants' behavior) and inures it to drops.

NOPE and NOPE_MAD

I'm going to gloss over this section because this is more statistical methods than anything interesting. In general, if you have enough data, I recommend using NOPE_MAD over NOPE. While NOPE in theory represents a "real" quantity (net option delta over net share delta), NOPE_MAD (the median absolute deviation of NOPE) does not. NOPE_MAD simply answecompare the following:
  1. How exceptional is today's NOPE versus historic baseline (30 days prior)?
  2. How do I compare two tickers' NOPEs effectively (since some tickers, like TSLA, have a baseline positive NOPE, because Elon memes)? In the initial stages, we used just a straight numerical threshold (let's say NOPE >= 20), but that quickly broke down. NOPE_MAD aims to detect anomalies, because anomalies in general give you tendies.
I might add the formula later in Mathenese, but simply put, to find NOPE_MAD you do the following:
  1. Calculate today's NOPE score (this can be done end of day or intraday, with the true value being EOD of course)
  2. Calculate the end of day NOPE scores on the ticker for the previous 30 trading days
  3. Compute the median of the previous 30 trading days' NOPEs
  4. From the median, find the 30 days' median absolute deviation (https://en.wikipedia.org/wiki/Median_absolute_deviation)
  5. Find today's deviation as compared to the MAD calculated by: [(today's NOPE) - (median NOPE of last 30 days)] / (median absolute deviation of last 30 days)
This is usually reported as sigma (σ), and has a few interesting properties:
  1. The mean of NOPE_MAD for any ticker is almost exactly 0.
  2. [Lily's Speculation's Speculation] NOPE_MAD acts like a spring, and has a tendency to reverse direction as a function of its magnitude. No proof on this yet, but exploring it!

Using the NOPE to predict ER

So the last section was a lot of words and theory, and a lot of what I'm mentioning here is empirically derived (aka I've tested it out, versus just blabbered).
In general, the following holds true:
  1. 3 sigma NOPE_MAD tends to be "the threshold": For very low NOPE_MAD magnitudes (+- 1 sigma), it's effectively just noise, and directionality prediction is low, if not non-existent. It's not exactly like 3 sigma is a play and 2.9 sigma is not a play; NOPE_MAD accuracy increases as NOPE_MAD magnitude (either positive or negative) increases.
  2. NOPE_MAD is only useful on highly optioned tickers: In general, I introduce another parameter for sifting through "candidate" ERs to play: option volume * 100/share volume. When this ends up over let's say 0.4, NOPE_MAD provides a fairly good window into predicting earnings behavior.
  3. NOPE_MAD only predicts during the after-market/pre-market session: I also have no idea if this is true, but my hunch is that next day behavior is mostly random and driven by market movement versus earnings behavior. NOPE_MAD for now only predicts direction of price movements right between the release of the ER report (AH or PM) and the ending of that market session. This is why in general I recommend playing shares, not options for ER (since you can sell during the AH/PM).
  4. NOPE_MAD only predicts direction of price movement: This isn't exactly true, but it's all I feel comfortable stating given the data I have. On observation of ~2700 data points of ER-ticker events since Mar 2019 (SPY 500), I only so far feel comfortable predicting whether stock price goes up (>0 percent difference) or down (<0 price difference). This is +1 for why I usually play with shares.
Some statistics:
#0) As a baseline/null hypothesis, after ER on the SPY500 since Mar 2019, 50-51% price movements in the AH/PM are positive (>0) and ~46-47% are negative (<0).
#1) For NOPE_MAD >= +3 sigma, roughly 68% of price movements are positive after earnings.
#2) For NOPE_MAD <= -3 sigma, roughly 29% of price movements are positive after earnings.
#3) When using a logistic model of only data including NOPE_MAD >= +3 sigma or NOPE_MAD <= -3 sigma, and option/share vol >= 0.4 (around 25% of all ERs observed), I was able to achieve 78% predictive accuracy on direction.

Caveats/Read This

Like all models, NOPE is wrong, but perhaps useful. It's also fairly new (I started working on it around early August 2020), and in fact, my initial hypothesis was exactly incorrect (I thought the opposite would happen, actually). Similarly, as commenters have pointed out, the timeline of data I'm using is fairly compressed (since Mar 2019), and trends and models do change. In fact, I've noticed significantly lower accuracy since the coronavirus recession (when I measured it in early September), but I attribute this mostly to a smaller date range, more market volatility, and honestly, dumber option traders (~65% accuracy versus nearly 80%).
My advice so far if you do play ER with the NOPE method is to use it as following:
  1. Buy/short shares approximately right when the market closes before ER. Ideally even buying it right before the earnings report drops in the AH session is not a bad idea if you can.
  2. Sell/buy to close said shares at the first sign of major weakness (e.g. if the NOPE predicted outcome is incorrect).
  3. Sell/buy to close shares even if it is correct ideally before conference call, or by the end of the after-market/pre-market session.
  4. Only play tickers with high NOPE as well as high option/share vol.
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In my next post, which may be in a few days, I'll talk about potential use cases for SPY and intraday trends, but I wanted to make sure this wasn't like 7000 words by itself.
Cheers.
- Lily
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Earning on stocks, stock indices and fiat currencies through a blockchain

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https://preview.redd.it/q6y3yepyiuv51.png?width=1200&format=png&auto=webp&s=9fb9cb56c21cad4e44f9425cb60e3efc52e6bb05
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Everything You Always Wanted To Know About Swaps* (*But Were Afraid To Ask)

Hello, dummies
It's your old pal, Fuzzy.
As I'm sure you've all noticed, a lot of the stuff that gets posted here is - to put it delicately - fucking ridiculous. More backwards-ass shit gets posted to wallstreetbets than you'd see on a Westboro Baptist community message board. I mean, I had a look at the daily thread yesterday and..... yeesh. I know, I know. We all make like the divine Laura Dern circa 1992 on the daily and stick our hands deep into this steaming heap of shit to find the nuggets of valuable and/or hilarious information within (thanks for reading, BTW). I agree. I love it just the way it is too. That's what makes WSB great.
What I'm getting at is that a lot of the stuff that gets posted here - notwithstanding it being funny or interesting - is just... wrong. Like, fucking your cousin wrong. And to be clear, I mean the fucking your *first* cousin kinda wrong, before my Southerners in the back get all het up (simmer down, Billy Ray - I know Mabel's twice removed on your grand-sister's side). Truly, I try to let it slide. I do my bit to try and put you on the right path. Most of the time, I sleep easy no matter how badly I've seen someone explain what a bank liquidity crisis is. But out of all of those tens of thousands of misguided, autistic attempts at understanding the world of high finance, one thing gets so consistently - so *emphatically* - fucked up and misunderstood by you retards that last night I felt obligated at the end of a long work day to pull together this edition of Finance with Fuzzy just for you. It's so serious I'm not even going to make a u/pokimane gag. Have you guessed what it is yet? Here's a clue. It's in the title of the post.
That's right, friends. Today in the neighborhood we're going to talk all about hedging in financial markets - spots, swaps, collars, forwards, CDS, synthetic CDOs, all that fun shit. Don't worry; I'm going to explain what all the scary words mean and how they impact your OTM RH positions along the way.
We're going to break it down like this. (1) "What's a hedge, Fuzzy?" (2) Common Hedging Strategies and (3) All About ISDAs and Credit Default Swaps.
Before we begin. For the nerds and JV traders in the back (and anyone else who needs to hear this up front) - I am simplifying these descriptions for the purposes of this post. I am also obviously not going to try and cover every exotic form of hedge under the sun or give a detailed summation of what caused the financial crisis. If you are interested in something specific ask a question, but don't try and impress me with your Investopedia skills or technical points I didn't cover; I will just be forced to flex my years of IRL experience on you in the comments and you'll look like a big dummy.
TL;DR? Fuck you. There is no TL;DR. You've come this far already. What's a few more paragraphs? Put down the Cheetos and try to concentrate for the next 5-7 minutes. You'll learn something, and I promise I'll be gentle.
Ready? Let's get started.
1. The Tao of Risk: Hedging as a Way of Life
The simplest way to characterize what a hedge 'is' is to imagine every action having a binary outcome. One is bad, one is good. Red lines, green lines; uppie, downie. With me so far? Good. A 'hedge' is simply the employment of a strategy to mitigate the effect of your action having the wrong binary outcome. You wanted X, but you got Z! Frowny face. A hedge strategy introduces a third outcome. If you hedged against the possibility of Z happening, then you can wind up with Y instead. Not as good as X, but not as bad as Z. The technical definition I like to give my idiot juniors is as follows:
Utilization of a defensive strategy to mitigate risk, at a fraction of the cost to capital of the risk itself.
Congratulations. You just finished Hedging 101. "But Fuzzy, that's easy! I just sold a naked call against my 95% OTM put! I'm adequately hedged!". Spoiler alert: you're not (although good work on executing a collar, which I describe below). What I'm talking about here is what would be referred to as a 'perfect hedge'; a binary outcome where downside is totally mitigated by a risk management strategy. That's not how it works IRL. Pay attention; this is the tricky part.
You can't take a single position and conclude that you're adequately hedged because risks are fluid, not static. So you need to constantly adjust your position in order to maximize the value of the hedge and insure your position. You also need to consider exposure to more than one category of risk. There are micro (specific exposure) risks, and macro (trend exposure) risks, and both need to factor into the hedge calculus.
That's why, in the real world, the value of hedging depends entirely on the design of the hedging strategy itself. Here, when we say "value" of the hedge, we're not talking about cash money - we're talking about the intrinsic value of the hedge relative to the the risk profile of your underlying exposure. To achieve this, people hedge dynamically. In wallstreetbets terms, this means that as the value of your position changes, you need to change your hedges too. The idea is to efficiently and continuously distribute and rebalance risk across different states and periods, taking value from states in which the marginal cost of the hedge is low and putting it back into states where marginal cost of the hedge is high, until the shadow value of your underlying exposure is equalized across your positions. The punchline, I guess, is that one static position is a hedge in the same way that the finger paintings you make for your wife's boyfriend are art - it's technically correct, but you're only playing yourself by believing it.
Anyway. Obviously doing this as a small potatoes trader is hard but it's worth taking into account. Enough basic shit. So how does this work in markets?
2. A Hedging Taxonomy
The best place to start here is a practical question. What does a business need to hedge against? Think about the specific risk that an individual business faces. These are legion, so I'm just going to list a few of the key ones that apply to most corporates. (1) You have commodity risk for the shit you buy or the shit you use. (2) You have currency risk for the money you borrow. (3) You have rate risk on the debt you carry. (4) You have offtake risk for the shit you sell. Complicated, right? To help address the many and varied ways that shit can go wrong in a sophisticated market, smart operators like yours truly have devised a whole bundle of different instruments which can help you manage the risk. I might write about some of the more complicated ones in a later post if people are interested (CDO/CLOs, strip/stack hedges and bond swaps with option toggles come to mind) but let's stick to the basics for now.
(i) Swaps
A swap is one of the most common forms of hedge instrument, and they're used by pretty much everyone that can afford them. The language is complicated but the concept isn't, so pay attention and you'll be fine. This is the most important part of this section so it'll be the longest one.
Swaps are derivative contracts with two counterparties (before you ask, you can't trade 'em on an exchange - they're OTC instruments only). They're used to exchange one cash flow for another cash flow of equal expected value; doing this allows you to take speculative positions on certain financial prices or to alter the cash flows of existing assets or liabilities within a business. "Wait, Fuzz; slow down! What do you mean sets of cash flows?". Fear not, little autist. Ol' Fuzz has you covered.
The cash flows I'm talking about are referred to in swap-land as 'legs'. One leg is fixed - a set payment that's the same every time it gets paid - and the other is variable - it fluctuates (typically indexed off the price of the underlying risk that you are speculating on / protecting against). You set it up at the start so that they're notionally equal and the two legs net off; so at open, the swap is a zero NPV instrument. Here's where the fun starts. If the price that you based the variable leg of the swap on changes, the value of the swap will shift; the party on the wrong side of the move ponies up via the variable payment. It's a zero sum game.
I'll give you an example using the most vanilla swap around; an interest rate trade. Here's how it works. You borrow money from a bank, and they charge you a rate of interest. You lock the rate up front, because you're smart like that. But then - quelle surprise! - the rate gets better after you borrow. Now you're bagholding to the tune of, I don't know, 5 bps. Doesn't sound like much but on a billion dollar loan that's a lot of money (a classic example of the kind of 'small, deep hole' that's terrible for profits). Now, if you had a swap contract on the rate before you entered the trade, you're set; if the rate goes down, you get a payment under the swap. If it goes up, whatever payment you're making to the bank is netted off by the fact that you're borrowing at a sub-market rate. Win-win! Or, at least, Lose Less / Lose Less. That's the name of the game in hedging.
There are many different kinds of swaps, some of which are pretty exotic; but they're all different variations on the same theme. If your business has exposure to something which fluctuates in price, you trade swaps to hedge against the fluctuation. The valuation of swaps is also super interesting but I guarantee you that 99% of you won't understand it so I'm not going to try and explain it here although I encourage you to google it if you're interested.
Because they're OTC, none of them are filed publicly. Someeeeeetimes you see an ISDA (dsicussed below) but the confirms themselves (the individual swaps) are not filed. You can usually read about the hedging strategy in a 10-K, though. For what it's worth, most modern credit agreements ban speculative hedging. Top tip: This is occasionally something worth checking in credit agreements when you invest in businesses that are debt issuers - being able to do this increases the risk profile significantly and is particularly important in times of economic volatility (ctrl+f "non-speculative" in the credit agreement to be sure).
(ii) Forwards
A forward is a contract made today for the future delivery of an asset at a pre-agreed price. That's it. "But Fuzzy! That sounds just like a futures contract!". I know. Confusing, right? Just like a futures trade, forwards are generally used in commodity or forex land to protect against price fluctuations. The differences between forwards and futures are small but significant. I'm not going to go into super boring detail because I don't think many of you are commodities traders but it is still an important thing to understand even if you're just an RH jockey, so stick with me.
Just like swaps, forwards are OTC contracts - they're not publicly traded. This is distinct from futures, which are traded on exchanges (see The Ballad Of Big Dick Vick for some more color on this). In a forward, no money changes hands until the maturity date of the contract when delivery and receipt are carried out; price and quantity are locked in from day 1. As you now know having read about BDV, futures are marked to market daily, and normally people close them out with synthetic settlement using an inverse position. They're also liquid, and that makes them easier to unwind or close out in case shit goes sideways.
People use forwards when they absolutely have to get rid of the thing they made (or take delivery of the thing they need). If you're a miner, or a farmer, you use this shit to make sure that at the end of the production cycle, you can get rid of the shit you made (and you won't get fucked by someone taking cash settlement over delivery). If you're a buyer, you use them to guarantee that you'll get whatever the shit is that you'll need at a price agreed in advance. Because they're OTC, you can also exactly tailor them to the requirements of your particular circumstances.
These contracts are incredibly byzantine (and there are even crazier synthetic forwards you can see in money markets for the true degenerate fund managers). In my experience, only Texan oilfield magnates, commodities traders, and the weirdo forex crowd fuck with them. I (i) do not own a 10 gallon hat or a novelty size belt buckle (ii) do not wake up in the middle of the night freaking out about the price of pork fat and (iii) love greenbacks too much to care about other countries' monopoly money, so I don't fuck with them.
(iii) Collars
No, not the kind your wife is encouraging you to wear try out to 'spice things up' in the bedroom during quarantine. Collars are actually the hedging strategy most applicable to WSB. Collars deal with options! Hooray!
To execute a basic collar (also called a wrapper by tea-drinking Brits and people from the Antipodes), you buy an out of the money put while simultaneously writing a covered call on the same equity. The put protects your position against price drops and writing the call produces income that offsets the put premium. Doing this limits your tendies (you can only profit up to the strike price of the call) but also writes down your risk. If you screen large volume trades with a VOL/OI of more than 3 or 4x (and they're not bullshit biotech stocks), you can sometimes see these being constructed in real time as hedge funds protect themselves on their shorts.
(3) All About ISDAs, CDS and Synthetic CDOs
You may have heard about the mythical ISDA. Much like an indenture (discussed in my post on $F), it's a magic legal machine that lets you build swaps via trade confirms with a willing counterparty. They are very complicated legal documents and you need to be a true expert to fuck with them. Fortunately, I am, so I do. They're made of two parts; a Master (which is a form agreement that's always the same) and a Schedule (which amends the Master to include your specific terms). They are also the engine behind just about every major credit crunch of the last 10+ years.
First - a brief explainer. An ISDA is a not in and of itself a hedge - it's an umbrella contract that governs the terms of your swaps, which you use to construct your hedge position. You can trade commodities, forex, rates, whatever, all under the same ISDA.
Let me explain. Remember when we talked about swaps? Right. So. You can trade swaps on just about anything. In the late 90s and early 2000s, people had the smart idea of using other people's debt and or credit ratings as the variable leg of swap documentation. These are called credit default swaps. I was actually starting out at a bank during this time and, I gotta tell you, the only thing I can compare people's enthusiasm for this shit to was that moment in your early teens when you discover jerking off. Except, unlike your bathroom bound shame sessions to Mom's Sears catalogue, every single person you know felt that way too; and they're all doing it at once. It was a fiscal circlejerk of epic proportions, and the financial crisis was the inevitable bukkake finish. WSB autism is absolutely no comparison for the enthusiasm people had during this time for lighting each other's money on fire.
Here's how it works. You pick a company. Any company. Maybe even your own! And then you write a swap. In the swap, you define "Credit Event" with respect to that company's debt as the variable leg . And you write in... whatever you want. A ratings downgrade, default under the docs, failure to meet a leverage ratio or FCCR for a certain testing period... whatever. Now, this started out as a hedge position, just like we discussed above. The purest of intentions, of course. But then people realized - if bad shit happens, you make money. And banks... don't like calling in loans or forcing bankruptcies. Can you smell what the moral hazard is cooking?
Enter synthetic CDOs. CDOs are basically pools of asset backed securities that invest in debt (loans or bonds). They've been around for a minute but they got famous in the 2000s because a shitload of them containing subprime mortgage debt went belly up in 2008. This got a lot of publicity because a lot of sad looking rednecks got foreclosed on and were interviewed on CNBC. "OH!", the people cried. "Look at those big bad bankers buying up subprime loans! They caused this!". Wrong answer, America. The debt wasn't the problem. What a lot of people don't realize is that the real meat of the problem was not in regular way CDOs investing in bundles of shit mortgage debts in synthetic CDOs investing in CDS predicated on that debt. They're synthetic because they don't have a stake in the actual underlying debt; just the instruments riding on the coattails. The reason these are so popular (and remain so) is that smart structured attorneys and bankers like your faithful correspondent realized that an even more profitable and efficient way of building high yield products with limited downside was investing in instruments that profit from failure of debt and in instruments that rely on that debt and then hedging that exposure with other CDS instruments in paired trades, and on and on up the chain. The problem with doing this was that everyone wound up exposed to everybody else's books as a result, and when one went tits up, everybody did. Hence, recession, Basel III, etc. Thanks, Obama.
Heavy investment in CDS can also have a warping effect on the price of debt (something else that happened during the pre-financial crisis years and is starting to happen again now). This happens in three different ways. (1) Investors who previously were long on the debt hedge their position by selling CDS protection on the underlying, putting downward pressure on the debt price. (2) Investors who previously shorted the debt switch to buying CDS protection because the relatively illiquid debt (partic. when its a bond) trades at a discount below par compared to the CDS. The resulting reduction in short selling puts upward pressure on the bond price. (3) The delta in price and actual value of the debt tempts some investors to become NBTs (neg basis traders) who long the debt and purchase CDS protection. If traders can't take leverage, nothing happens to the price of the debt. If basis traders can take leverage (which is nearly always the case because they're holding a hedged position), they can push up or depress the debt price, goosing swap premiums etc. Anyway. Enough technical details.
I could keep going. This is a fascinating topic that is very poorly understood and explained, mainly because the people that caused it all still work on the street and use the same tactics today (it's also terribly taught at business schools because none of the teachers were actually around to see how this played out live). But it relates to the topic of today's lesson, so I thought I'd include it here.
Work depending, I'll be back next week with a covenant breakdown. Most upvoted ticker gets the post.
*EDIT 1\* In a total blowout, $PLAY won. So it's D&B time next week. Post will drop Monday at market open.
submitted by fuzzyblankeet to wallstreetbets [link] [comments]

The Beginner's Guide to SPACs

What are SPACs?
A special purpose acquisition company (SPAC) is a company formed solely to raise capital through an initial public offering (IPO) for the purpose of acquiring an existing company. SPACs are also called “blank check companies” because they IPO without having any actual business operations.
SPACs are generally formed by investors, or sponsors, with expertise in a particular business sector, with the intention of pursuing deals in that area. The founders generally have at least one acquisition target in mind, but they don't identify that target to avoid extensive disclosures during the IPO process.
A SPAC generally has two years to complete a deal (by a “reverse merger”) or face liquidation. Companies aiming to go public with this route are typically 1x-5x larger in terms of market cap than the SPAC itself.
The SPAC Process
The money SPACs raise in an IPO is placed in an interest-bearing trust account. These funds can’t be used except to complete an acquisition or to return the money to investors if the SPAC is liquidated.
So, in practice, these companies will typically have a $10 floor on their share price, as that is what must be paid out to holders of shares if the company does not successfully reach a deal. If the deal is not completed in time, the warrants expire worthless and the remaining funds are distributed back to the shareholders.
After a SPAC has completed an acquisition the SPAC then trades as any other company listed on an exchange. If you came across a SPAC stock several years after the acquisition, you would likely have no idea it ever started as a SPAC unless you did some research into the company’s history.
Finally, the SPAC symbol and name will change to reflect the company that has been purchased. Often the SPAC takes on the name of the new company, but that is not always the case. If you own either common shares or warrants in your brokerage account, those shares will automatically be converted to the new name/symbol.
The SPAC is Back
SPACs were popular before the financial crisis, but use of SPACs declined following the market meltdown.
Recently, though, an excess of capital has led investors to seek out merger and acquisition opportunities more aggressively, and that's led to the return of SPACs.
More SPACs went public in 2018 than in any year since 2007, raising more than $10 billion in capital for use in searching for investment opportunities. In 2019, the figure was even higher $13.6 billion —more than four times the $3.2 billion they raised in 2016.
SPACs have also now also attracted big-name underwriters such as Goldman Sachs, Credit Suisse, and Deutsche Bank, as well as retired or semi-retired senior executives looking for a shorter-term opportunity.
Through May 2020, $9.8 billion has been raised in 21 SPAC IPOs.
Recent High Profile SPACs
Example 1: SPCE. Before it was Virgin Galactic, it was a SPAC trading under the ticker IPOA. Social Capital Hedosophia raised over $650 million in 2017.
Example 2: DKNG. Before it was Draft Kings, it was Diamond Eagle Acquisition Corp. The SPAC originally raised $350 million in May 2019, listing its units under the symbol DEACU, which comprised common shares and 1/3 warrants. When the investors approved the merger, the SPAC's common shares traded at $17.53, a 75% return from the $10 offer price.
Example 3: NKLA. Before it was Tesla-killer Nikola, it was VTIQ. VectoIQ Acquisition raised $200 million in a May 2018 IPO. In March 2020, the SPAC agreed to merge with Nikola Corp at an implied enterprise value of about $3.3 billion. The rest is history.
Units, Shares and Warrants
Units
When the IPO occurs, a SPAC generally offers Units – generally at $10 per Unit. These Units are comprised of one share of common stock (Share) and a Warrant (or portion of a warrant) to purchase common stock (generally exercisable at $11.50).
Depending on size, prominence/track record of sponsors, and investment bank leading IPO, Units may consist of one Share of common stock plus one full Warrant, ½ of one warrant or ⅓ of one warrant.
Shortly after the IPO, the common stock (Shares) and Warrants included in SPAC Units become separable. At that point, the Warrants and Shares trade separately alongside the unseparated Units.
Shares
SPAC common stock is linked to the SPAC’s secure trust account. SPACs are structured such that the trust account contains at least $10.00 per public share.
Liquidity may be limited in the open market for Shares but the defined liquidation term of SPAC common equity can provide for a relatively attractive yield with an option to own a SPAC's future acquisition target.
If the SPAC fails to complete a business combination in the required timeframe, all public shares are redeemed for a pro rata portion of the cash held in the trust account.
Companies will typically have a $10 floor on their share price, as that is what must be paid out to holders of shares if the company does not successfully reach a deal.
Warrants
A warrant is like an option but traded like a stock. Warrants provide the owner the right (but not the obligation) to purchase one share of the underlying company at a predetermined price per warrant – typically at $11.50.
Almost all SPAC Warrants have a five-year term after any merger has been consummated. However, SPAC warrants, expire worthless if the SPAC can't close a business combination, are thus a binary bet on a five-year warrant on a hypothetical future company.
Warrants become exercisable only if the SPAC completes a business combination transaction before the specified outside date.
The speculative nature of this Warrants tends to lead to wild price swings.
SPAC Tickers
SPAC Shares typically trade with a four-character ticker – eg. MNCL
The SPAC Units are identified as the Share ticker plus “U” at the end – eg MNCLU
Finally, the Warrants are the Share ticker plus “W” at the end – eg MNCLW.
submitted by SPACvet to SPACs [link] [comments]

How profitable is binary options trading?

How profitable is binary options trading?
Greetings! 👋🏻 Today we will tell you about the profitability and benefits of trading binary options on BAEX.
With binary options, your profit or loss is locked. That is, you will earn a fixed amount depending on how well you speculate on the price of the underlying instrument for the move.
So, if you get $ 100, if Etherum's price rises in the next 60 seconds, that's what you get, whether the price rises to $ 1 or $ 300. If the price falls, you lose your investment.
You don't need to open a cryptocurrency wallet to get started. Trading binary options does not require you to own the underlying instrument, which in this case, could be $ 5000 Bitcoin. This is a good option if you do not want to hold long positions.
In general, there are two options for correctly predicting the price movement and, accordingly, making a profit on binary options.
The first option involves an active analysis of the market situation using fundamental and technical methods to predict the short and medium-term market behavior.
In our opinion, the second option is more popular among traders and involves the use of two main advantages of binary options - the time and distance that the price of the selected asset must "pass" (we will talk about these advantages below). This option is also called "news trading" - quite often; the market reacts to momentary events.
🏆 Benefits of trading binary options on BAEX:
🔹 Simplicity and accessibility of the "mechanics" of binary options;
🔹 Transaction costs - your associated costs will be zero;
🔹 Time - there is a chance to earn, for example, 100% of the invested amount in just one minute;
🔹 Distance - the profit a trader makes does not depend in any way on the distance the price travels.
✅ Also, BAEX is the only binary options system where the profit can exceed 100%! On BAEX tokens, you can trade options on exchange rates and stocks through the blockchain and earn almost instantly! Typically, profits will be in the range of 180 to 220% of the trade volume, but the system automatically adjusts the odds based on the ratio of losses to winnings.
⚡️ Join BAEX today: https://baex.com
https://preview.redd.it/s1ru2p9h8gv51.png?width=1200&format=png&auto=webp&s=df3b9970c18848f3629f1b4260bea3ae14ed00a5
submitted by VS_community to BaexExchange [link] [comments]

Trade binary options on the real market quotes on BAEX Blockchain eliminates exchange rate manipulation!

Trade binary options on the real market quotes on BAEX Blockchain eliminates exchange rate manipulation!
Hello. 👋🏻 Today we will tell you about trading binary options on real market quotes.
📌 A quote is the value of a product at a specific point in time. The change in quotes occurs due to a change in the ratio between buyers' and sellers' orders. For example, if the total volume of sellers 'orders dominates the total volume of buyers' orders, then the asset's market price will decrease.
📌 Binary options quotes are an important concept for a trader. Successful trading without taking into account the indicator is simply impossible. Therefore, it is simply necessary to follow their changes. It is the asset price indicators that provide information about the state of the market.
📌 Quotes are indicative and real. The first is just information for reference. But to buy, for example, a currency at the exchange rate you saw, you need a real indicator - it is at this indicator that all transactions will be made.
❓ Where can you trade real binary options?
✔️ It is best to trade real Binary Options on blockchain-based exchanges like the BAEX Platform. This platform operates as an open-source smart contract on the Ethereum blockchain. The source code proves that BAEX is a 100% transparent, fair, self-balancing binary options trading system.
Blockchain eliminates exchange rate manipulation! BAEX Oracle interacts with Yahoo Finance and stores quotes to the blockchain.
Profitable deals are determined by a smart contract, according to Yahoo Finance, one of the world's largest providers of quotes. All deal rates are stored in the blockchain and can be checked at any time.
❗️ A unique feature of BAEX is that it is possible to trade binary options on real market quotes of the most popular stocks, currencies, and indices for the first time. Trade Tesla, Apple, Amazon, SP500, EUR / USD, and other traditional stock instruments directly through the blockchain!
💡 In BAEX, not only can you trade options, but you also provide liquidity for other traders as a counterparty.
✔️ With BAEX tokens, you can trade options through the blockchain and earn almost instantly! Typically, the profit will be in the range of 180 to 220% of the trade volume, but the system automatically adjusts the odds based on the loss to win ratio.
💰 BAEX is the only binary options system where the profit can exceed 100%!
🔥 Register now: https://baex.com
https://preview.redd.it/lhu6uvz76xp51.png?width=1200&format=png&auto=webp&s=ed6b53e10e19f433a77b2b8e96e6f1a91c8910cf
submitted by VS_community to BaexExchange [link] [comments]

Extons || Let's get familiar with its tools and features

Extons || Let's get familiar with its tools and features
crypto is well known for its volatility and unpredictable nature. Many projects show good improvement when they first launched but at the end of the campaign, they failed to deliver a promising product to its community. This is a crypto and it gave us a lot of good and useful projects.
Binance doesn't become binance in one day. It takes time to build up a quality exchnage. Though crypto is a very unpredictable sector of finance still there are some qualities that we can judge to know about the project merits. Today I am going to talk about an upcoming exchange that offers so much good tools and service. The name of that exchange is Extons.
For those who are already with me for quite a few days, you all must have known about my previous article about Extons. Today I am going to talk about its service, tools, and potential in the market. Then let's jump into it.

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Quick introduction:
Before we jump into details about that exchange I want to give you guys a quick introduction about the exchange. Extons is a centralized cryptocurrency exchange that is a part of the thisoption ecosystem. Extons offers multiple payment gateways and a wide variety of crypto trading pairs for its users. They also have some amazing programs for users that can give them an opportunity to make some passive income. Let's talk about different tab of Extons exchange and their use.
Markets: The very first tab a user will see in that exchange when they log in is the market tab. By clicking this tab users will see an interface where they will see various market pair and their annual return based on their investment products. This is a very basic and common tab that every other exchange has.
Trade: In this tab, the user will see the 3 subcategory tab. They are accordingly Basic, Classic, Advanced. Basic one offers the simplest way of trading. The user just needs to select the coin he wants to convert and the coin he wants to receive in return. The conversion rate will be in the current market price and current market price details will be shown right below. In classic trading, users will get old charts and tools but in advanced trade, users will get the most advanced tools and charts for trading.
Finance: In this tab, there are two options available for the user. One is saving and another is staking. Both of them give users a chance to make some passive income by putting their assets into saving program or staking program. The saving program is pretty unique in the Extons platform.
Ecosystem: In this tab, there are 5 components. At first, came white paper. In this project whitepaper, users will be able to know about project details, roadmap, and other project related information.
By clicking the Binary option tab it will redirect users to another website called thisoption where users can take a part in options trading. It is also a product of the Thisoption company.
By clicking the Forex trading tab user will be able to see the Thisoption company's forex trading website. Forex is also a form of trading where cryptocurrency and fiat currency can be traded with each other.

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The payment gateway tab will take the user to a page where they will be able to use different payment options offered by the Extons platform. There are traditional and crypto payments system.
The communication portal will help traders to keep in touch with other traders in the extons community. They can talk and share with each other will news, trading experience, and opinion.
More: This tab contains News and support. Users can contact support for any help or know about project developments.
Fund: In the fund's tab users will be able to know about their overall portfolio and they can deposit or withdraw their funds from this tab. Also, users will be able to check their deposit and withdraw history from here.
Orders: In the orders, tab users can check their current order status and old order history. They will be able to cancel their current order or modify them as they can.
My savings: In this tab users can see the currently active saving packages they are in. They can join different saving packages based on their portfolio. Also, they can check their income form their savings packages.
I.B Program: In this tab users will be able to check their invitation record and their commission from their referrals. Also, they can find their referral link here that they can share with others to get more referrals commissions.
Profile tab: In this tab, users will get to know about their profile information, security settings, and Address management. They can change their profile information, profile security, and also be able to change their withdrawal address for a different cryptocurrency. Also, they can log out from the platform by clicking log out from this tab.
Wrap up:
Extons doing a massive bounty program for their community. They are super active in social media and keep updating their community about new listing and partnership. I am very impressed with the project and its dedication.

Website || Thisoption || Whitepaper || Telegram || Facebook || Medium

Author: u/thorex25
Disclaimer
This article is not meant to give commercial or any other kind of advice. It is just an informative text at all.
submitted by dojogang to DigitalCryptoWorld [link] [comments]

Recover Stolen Bitcoin and Cryptocurrency

Recover Stolen Bitcoin and Cryptocurrency

Recover Stolen Bitcoin and Cryptocurrency
Cryptocurrencies are a high priority target for cybercriminals. Whether targeting your wallet directly or hacking the exchanges once cybercriminals have access to your currency you need to act fast! You can also recover money lost to binary options.
Lost Bitcoin? Stolen Cryptocurrency? Hacked virtual currency account - Follow these steps now!
  1. Report to appropriate authorities - Report the case to the appropriate authorities, for them to be able to have it looked into.
  2. Change your login details - If you are still able to login to your account then follow the normal procedure to reset your password and other security information. Enable two-factor authentication. This should lock the criminal out of the account.
  3. Notify the exchange/provider - If you have purchased or are storing your currency with a service provider then let them know about the breach and the fraudulent transactions. They may be able to retain some information about the transaction that could come in useful in an investigation.
Will I Recover my Stolen Bitcoin?
Once your virtual currency has been stolen it is incredibly unlikely that you will be able to recover it. In theory, it’s possible to track your stolen bitcoin by monitoring the blockchain – in practice, however, this is made difficult by both the anonymous nature of the currency and the fact that the thief will most likely use a bitcoin exchange to trade the currency for normal cash straight away. However, money does leave a trail and you may be able to follow it to the identity of the criminal.
How to Recover Stolen Bitcoin and Cryptocurrency
  1. Check your devices for malware - It is worth considering that a malicious software infection may have led to the hacker accessing your currency. Scan the devices you use to handle your currency and make sure they are clean. You can follow our guide on checking for and removing malware here.
  2. Call your bank - If the transaction had related costs that hit your bank accounts - such as transaction fees or deposits - then contact your bank immediately and let them know it is an unauthorized/fraudulent transaction.
  3. Follow the money - You can follow the transactions of the wallet address that your funds were scammed into. If you notice the scammer attempt to transfer funds from the wallet to cryptocurrency exchanges to sell for fiat currency, report to the relevant exchanges immediately. An opportunity to catch the scammer is to follow the money trail through blockchain explorers and trace your lost funds. You can use browser-based blockchain exploring software such as https://blockexplorer.com to ‘follow’ the payment through to an end bitcoin address. Once you have this address you can check whether the owners of the end address(es) appear on http://bitcoinwhoswho.com/. In order to trade crypto to regular money on most popular exchanges, the thief would need to submit KYC (Know Your Customer) information, such as names, addresses, and ID information. Contacting the exchanges can potentially help you to track down the scammer’s identity. This is another reason why it is important for you to file a police report as soon as the incident has taken place.
  4. Hire a Verified Recovery Expert - If you are willing to pay a decent amount for the return of your funds there are websites where you can post a bounty. Experienced blockchain searchers will investigate the theft and see if they can recover the funds for a price. Check out the list of verified recovery experts.
How to Avoid your Cryptocurrency Being Stolen in Future
  • Don’t talk publicly about owning virtual currency - If it is easy to work out that you own a cryptocurrency from your social media activity then you are much more likely to be a target.
  • Use multi-factor authentication - Ensure that you have multi-factor authentication enabled. Use an authenticator app rather than the SMS option. If the option to disable SMS authentication exists then do it.
  • Use a new email address and complex password to set up the account - A new, clean email address that you will only use for the virtual currency account is best. This reduces the chance of you being targeted via your email account.
  • Use a ‘cold-wallet’ - Keep your cryptocurrency off the internet, in a "cold wallet." "Cold wallet" is not a brand, it's a concept of storing bitcoins offline (not connected to the internet) so that it reduces the opportunities for hackers to steal via online techniques.
  • Spread your investments across exchanges - A number of exchanges have been breached. Spread your investments across exchanges to minimize the impact.
  • Get secure - Take time to improve your general online security. Use sites like getting Safe Online and Cyber Aware to understand what good security looks like and make changes. I was personally able to recover my lost bitcoin with the help of Express Recovery Pro – [email protected]
submitted by Babyelijah to u/Babyelijah [link] [comments]

Extons: Trade your digital assets with confidence

The financial market is a place where goods are exchanged between two people. There are different mediums people use to exchange their goods and commodities. According to the financial market, there are six(6) different types of financial markets which are: the derivative market, the bond market, the commodity market, cryptocurrency, binary option trading and the stock market. The financial market performs different functions amd makes transactions easier and profitably. The financial market benefits every one of us in one way or the other, either directly or indirectly.
INTRODUCTION TO EXTONS: Extons is a cryptocurrency exchange platform that looks into finding the solution to the many problems the DeFi world faces. Extons advanced tools and methods makes transaction processes easier and faster. Extons exchange is for every trader, professional or learner. It is an experienced crypto exchange but yet, it is simplified for users and gives them good aptitude in trading digital assets.
Extons plans to change the look of crypto trading system by: 1. Transaction: The transaction processes of exchange platforms is what most traders consider when picking a crypto exchange platform to trade on. Extons lowers the transaction costs that users use while trading. The reduction of these fees gives traders access to their total profits. It is one of the factors that has gathered enough users on the Extons platform in order to experience what Extons has to offer. 2. Security: Traders also consider security when picking a suitable crypto exchange platform. Security of one's funds makes traders at peace when trading. Extons exchange has a safeguarded security system that protects users data from hackers. 3. Speed: Extons adopts technologies that have high processing capabilities that gives it the capacity to carry out different transactions in seconds to avoid keeping users waiting.
TONS TOKEN: TONS is the token used on Extons crypto exchange platform. It is built on the Tron blockchain network. TONS token is made available on the Extons platform to carry out transactional activities and will also be used by project owners and traders to to list their project on exchanges and pay for trading fees. The TONS token has been listed on popular exchanges to give users more access to the token and also encourage the acceptance of cryptocurrencies. 180.000.000 TONS will be distributed among team development, marketing, saving, profit saving, partner, insurance fund
CONCLUSION: Extons is a trustworthy cryptocurrency exchange platform that eliminates all the problems traders face in other exchanges. Extons has an upgraded system to deliver the best to their traders. Traders trade with Extons because it is secure to keep their funds in. It's transaction fees are also affordable for the traders unlike the high fees other exchanges charge. Extons plans to fully eliminate traditional exchanges by bringing in an ideal exchange that will attend to all the needs of the traders. It is an exchange that has brought about an improved way to trade digital assets and receive large products from your trade. Extons seeks to be a good reputation to the cryptocurrency world.
submitted by Ambestmanbuka to AltcoinTrader [link] [comments]

Thisoption || A platform that needs to reckon with top tier

Thisoption || A platform that needs to reckon with top tier
Binary options were first introduced to the public in May 2008 and available for trading by American Stock Exchange(AMEX). In this trading method, you can bet on any financial assets and make a good amount of profit in a very short time. When the subprime mortgage crisis in USD occurred on one of the worst financial crises in human history then investors realized that they need a low-risk investment option which led to the emergence of binary options trading.
After AMEX launch this trading option for the first time publicly, some new binary options platforms were introduced by brokers such as 24option, Banc De Binary, and AnyOption. Those brokers are considered as the first one in binary options history. After that, we have seen a lot of brokers came into the market. A various trading platform dedicated to options trading emerged and start to support a wide range of crypto assets and tools for trading.

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Advantage of Binary Option

Before jumping into our main topic. I want to show some advantages of Binary options trading to our users.
  1. Binary option gives traders to get a high return of investment with a minimal cost. That is a reason behind the popularity of binary options in the market.
  2. Binary options offer a high reward for a very short time. It can be from 1 minute to 1 hour.
  3. There is a limited risk and with proper money, management trader can use its advantages.
  4. Trade can be done only by choosing yes or no. Thats make it one of the simplest trading method of all.
  5. Very low investment is required for trading. Most of the brokers let their clients trade with only 50$.
  6. A wide range of trading assets pair is available for traders.
  7. It can be traded on any market condition from anyplace at any time.

What is ThisOption?

Thisoption is a product of the Thisoption ecosystem which is first founded in 2016. Its a trading platform that is dedicated to Binary options trading and they already engaged with huge amounts of active members in their platform. It is estimated at over 700,000 and the number is constantly changing over time. It’s a platform that offers up to 80% of the return of investment for the traders with over 100 international trading assets.

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Advanatges of Thisoption.

Thisoption is another binary options trading platform that is well known for its high return of investment. There are several advantages of this platform and now I am going to introduce them to you guys.
  1. The high return of investment: Traders can get profits up to 80% of their initial investment and this platform is accessible from any device. A deal can be made with just a minute and its pretty fast.
  2. Low investment: Trades can stat up their trading account with just a handful of money and that is 50$. There is no KYC required to deposit, trade, or withdraw from the accounts.
  3. Limited risk: Thisoption is offering the best trading activity with the limited risk taken. It’s up to the traders how he is going to manage his fund and increases their portfolio.
  4. Many trading assets: Thisoption supports a wide range of international trading assets and even they will support crypto-fiat trading pair that is volatile and traders can make a huge profit through this market.
  5. 24/7 customer care: There is an active customer care service that can provide any help and support for the users. User will get a 24/7 customer care for solving their problems and any means necessary.

Conclusion:

There is a lot of brokers that give a variety of tools for trading in their Binary options platform. Thisoption is one of them and to be honest, it already shows its place in the market with over 700,000 clients. We can only lead its constantly growing rate faster.

Website || Thisoption || Whitepaper || Telegram || Facebook || Medium

Author: u/thorex25
Disclaimer This article is not meant to give commercial or any other kind of advice. It is just an informative text at all.
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Binary Options Recovery: Scammed Traders, Fake Brokers, and Funds Recovery

Binary Options Recovery: Scammed Traders, Fake Brokers, and Funds Recovery
Following the “permanent temporary” measures against binary options and CFDs (contract for difference), the body in charge implements its own set of limitations that simply forbids regulated houses to offer such product in the UK, hence increasing the risk of pushing retails traders towards illegal brokers and outright scams. Fortunately, a new solution is now available to UK traders via a new United Kingdom Financial regulatory ruling.
More scrutiny from UK banks about financial transactions, even to binary optionsIn short, banks will have to take more responsibility about the financial transactions they facilitate. This new ruling should lead to the creation of a new code of conduct that will help defrauded people to have their funds recovered by their bank, unless it is proven they acted recklessly.
As a popular Financial blog puts, it, “It is likely that should a bank or credit card company be either impersonated by a fraudster in order to gain money, or trick a client into depositing, and the bank allows the transfer, a client will be able to take recourse.
The broad protection should kick for many online scheme and scams, whether it is fake investment companies, fraudulent binary options brokers or those scammers who promise to help you recover your stolen funds…only to steal from you once again. On the other hands, it means the banks will be more likely to forbid transactions to legit businesses, such as reputable cryptocurrency exchanges or honest smart options platforms.
The regulating bodies and financial institutions are taking a number of measures to prevent financial fraud. Binary options trading, in particular, is being controlled with a greater degree of robustness to protect the unwary general public being drawn into a situation where they suffer financial losses. Many hundreds of people around the world are targeted each day.
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Frequently they are novice investors who are unfamiliar with the markets and do not recognize that the so-called trading platform and its way of working are actually bogus. The individual only realizes the extent of the fraud when eventually when the fraudsters finally decide that there is no more money to be had and shut down the account and promptly vanish without trace.
Spotting Fraudulent Binary Options Broker
Some lawyers in the financial fraud division are very familiar with the pattern of behaviour demonstrated by the fraudulent brokers and the distress caused by their dealings with inexperienced investors. There is a track of record of recovery in relation to financial fraud and has a number of strategies and tactics to compel the fraudulent broker or associated financial service providers to restore funds to those who have been deceived.
Needless to say, the fraudsters are accomplished at hiding their tracks and frequently there are myriad inter-connected limited liability companies, often some are registered in different countries, with some dormant and some active. It is hardly surprising if the complexity of the situation results in a failure to discover a single person who can be challenged and held accountable.
However, there are various channels financial fraud lawyers use when attempting to retrieve money for clients and each avenue is investigated. Whilst an individual may be alarmed and confused at the prospect of navigating through the complex structures that have been deliberately set up to confuse, Financial fraud lawyers are usually quite familiar with strategies fraudsters use, and frequently can steer a course to the recovery of some or all of the lost money.
https://preview.redd.it/daa505b3ecf51.jpg?width=600&format=pjpg&auto=webp&s=b27aa7697b0bf1afbd238964166ce40c693db2e3
The step of last resort, legal action, is understandably daunting for a person who often has lost significant amounts of money to the fraudulent brokers. It is fully understandable that such a situation will leave the victim decidedly risk-averse. There have been experiences with class actions against the fraudulent brokers and has developed links with litigation funding organizations in order to offset the risk in respect of class actions.
The lessons that can be drawn from the experiences of those individuals who have had the misfortune of losing their investments to fraudsters are to be extremely cautious. Always consider every offer or investment for at least 48 hours before making a decision, a genuine broker will understand the caution that a new investor will view a proposition.
All investments carry a risk and anything that promises a return on your initial investment seems to be significantly higher than normal it is almost certainly not to be trusted. Do not allow yourself to be hurried into a decision, it is highly unlikely that an authentic broker would try to rush you into an investment, especially if you demonstrated reluctance; their reputation would suffer by such behaviour.
You can now recover all money lost to bitcoin, binary options, cryptocurrency, investment, scam by hiring any one of these Verified Wealth Recovery Experts.
To recover money lost to binary options, forex, bitcoins, cryptocurrency, and investment, get all the information you need here; https://bitcoinbinaryoptionsreview.com/binary-options-uk-scammed-traders-fake-brokers-and-funds-recovery/
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Love May Be Blind, But It Blinded Me to a Problem Player

Act I: The New Girl

It all began back in November of 2019 (feels like it was ages ago). I was running a second pass at my first ever campaign, as the original group I had fell apart due to scheduling conflicts and interpersonal drama. This new group had started playing together in August and well... it was a rough start. I made the beginner mistake of taking in more people than I could manage, and by November 3 of those original players had dropped. Having this many players dropping in such a short time was a little disconcerting for me, and as such I tried to foolishly "recoup my losses". The next person I recruited was a pretty cool guy, but after two weeks he just stopped showing up/responding to messages on Discord. To this day, I have no idea if he was just too overwhelmed by school (we're all college students) or he died.
This disappearing player caused my anxiety over the stability of my campaign group to spiral further, causing me to open up my local university's DnD club Discord in desperation. That's when I found her.
Let's call her June. June was posting in the general chat, talking about how she was interested in joining a campaign since she had some extra free time. I then sent her a private message, and she expressed interest in joining my game. In this initial exchange, there was the first of many red flags:
Red Flag #1: She was incredibly inflexible with her character concept and was rarely willing to meet me halfway on things. The character she had in mind for my game was a Victorian-era Elf noble who hunted vampires. The "vampire-hunting" part happened to line up with the next arc of the campaign, but the "Victorian-era noble" part did not. The continent where everything took place did not have much in the way of "nobility", which was something I made very clear to her. Despite this, she would then proceed to reject any of my compromises for 3 HOURS until we both gave up and settled on something equivalent to a "lukewarm idea" concept-wise.
Another thing about the character she pitched to me was that the Elf noble had a retainer who was non-binary. That was totally cool in my book; however, besides the fact they were an alchemist, there was nothing else that was given to me regarding their personality. Remember this, it'll come back up later.

Act II: The Status Quo

After hashing out character details, June then proceeded to tell me that...
Red Flag #2: She couldn't make the day/time we met up for our campaign. Due to some other obligations she had, she wasn't able to make our regularly scheduled time. In all of my infinite wisdom I thought no problem, let's just get everyone to reschedule for this girl. Thankfully, this actually ended up working out and our day changed from Tuesday to Monday.
After June joined, I had become confident that the "balance" had been reset. June was a fantastic RPer and her character had served to be a great thematic foil to one of the other PCs. Until we all went on hiatus for winter break, things were moving smoothly. But in hindsight, it really wasn't.
Red Flag #3/3.5: Constant "below the table" messages and aggressive callouts. During sessions, June would send me Discord DMs constantly asking me questions about the game along with her comments on certain situations. This was highly distracting, and it eventually got to a point where I would ignore them. She would also make comments about encounters, saying stuff along the lines of "this is railroady as hell" or "x monstecheck is bullshit". I also tried my best to ignore these, but at some level, it did get to me.
Then there was winter break. That's where things escalated.

Act III: The Incident

On the night of Christmas Eve, I was browsing through Discord and saw on our campaign Discord a message from June. She appeared to be in distress and needed someone to talk to. I quickly responded and messaged her privately. She told me about the situation and I ended up talking to her and keeping her company until 5 A.M. on Christmas morning.
Now, the reason I mention this specific incident is that after this point we started talking to each other a lot. Sometimes it was every day for multiple hours at a time. At some point during those conversations, I began to catch feelings for her. This led to me eventually confessing to her in February. What was her response? Well...

Act IV: The Fickle Heart

In regards to my feelings, June told me she knew, giving me what equated to a "non-answer". I took this as rejection and carried on with my life. As for how June acted as a player, now that she had been in the campaign for a couple of months, some things were becoming painfully evident:
Red Flag #4: She took wayyyyyyy too long on every single turn of her combat. I get that some people need time to think about their turns, especially if they're playing a spellcaster. However, she was playing a FIGHTER and a BARD. Bard can have some complexity, but most of the fighter is running up and hitting things. She would spend 5 minutes of everyone's time figuring out that her best option was just to run up and hit something or cast an enchantment spell that would end up failing anyway because her bard saves were low.
Red Flag #5: She wanted homebrew, but her stubbornness kept me from coming up with anything for her. I tried. I really did. But when we discussed making homebrew modifications to her character or I gave her character a magical item, she would always complain about it. It didn't matter that I had spent literal hours of my time thinking about/discussing it with her: No, if it didn't fit the very exact flavor she wanted, it was bad.
At some point, I talked to her about these issues along with the issue of her character's NB retainer having zero defining character traits (besides being non-binary). In regards to my concerns, she genuinely felt bad, realizing that she was failing to respect both my time and position as the DM. As for the retainer, she stated that my characterization of them was "not what she envisioned" and that it was "regrettable" that she had introduced them as only being NB. This was true, but I gave up any further discussion of that due to red flags #1 and #5.
Remember that "non-answer" I had mentioned? Well when quarantine hit, I was finally given a response. June told me she had feelings for me and since I was still interested I decided to risk it and had her come over one night. The morning after I went to work, excited at the thought of being in a relationship (after being out of one for two years). However, she then sent me a text while at work telling me how she finally ended her relationship with her ex-GF (whom she was in an open relationship with). Given that I had been cheated on before, this triggered bad memories for me and I ended up breaking up with her right away after that. Even though we remained friends, both our friendship and my campaign started to take a turn for the worse.

Act V: The Fall

Outside of sessions, June and I began to get into fights more and 90% of what we talked about was the fact that she still loved me. She refused to quit my campaign, claiming she was "too invested" and I lacked the courage to kick her out, having just kicked out someone else a few weeks prior. So she stayed in the campaign and I tried my best to weather it out. But then I got a message from one of my other players, Sam, who told me...
Red Flag #6: She had a tendency to "hog the spotlight" with her character. Sam expressed frustration at how June's character was "stealing her character's thunder". Sam was playing a full-on bard, but as a person she tended to be quieter and more introverted than June. As a result, many of the chances that Sam could've had to shine as her bard were squashed by June. When I read this, I was pissed. Sam had been with me through the entire campaign: She showed up on time, told me when she was gonna miss a session far in advance, and overall was a wonderful person to play with. I immediately sent messages to June confronting her about this.
Jump to the final session of the campaign. This was it! The epic final battle against Orcus was upon my players. With a mega-session to accompany it, I invested all of my efforts into making it the most satisfying session yet. I had spent hours practicing my Orcus voice, recorded a "last time on..."-style audio reel recapping events from the entire campaign and meticulously crafted endings for every NPC that the party held near and dear to their hearts. However, despite all of this, June's actions caused the campaign to end on a sour note.
During the Orcus fight, June decided to use an item she had bought from a magic item shop (the Slice of T'pir Weir Isles from TAZ) to try and convince Orcus to trade it for his wand. I told her that Orcus had gotten a natural 20 on his Insight check to tell if it was a good deal or not (which made sense given the fact the party had unanimously refused his previous offers to cooperate with him). She got upset and immediately left the Discord call all of us were on.
This sent me into a panic as I frantically messaged her, begging her to come back. You see, I planned on having her character be a key part of the final vignette of the campaign and with no plan B in sight everything felt like it was falling apart. I managed to get her to come back, but her refusal to speak combined with the hostile energy caused me to have a panic attack. June announced to everyone that we should take 5, and I calmed myself down to continue.
Then, in a move that nobody could have totally predicted, on June's next turn she said to everyone "my character stabs herself and is now dead." At this point I was tired of it so I just let her be a moody bitch and continued on my way with everyone else. After defeating Orcus in his layer of the Abyss and returning to the Prime Material Plane, I attempted to retcon her suicide by saying that her character was with everybody to which she vehemently replied, "no she's not." I did my best to change the final scenes on the fly and once the session was over she left the call again and began messaging me, saying how she should've left when I kicked the last guy out and how I should've let her do the trade since "I reward people for doing OP shit." I remember sending her a message along the lines of "I'm not gonna put up with this horse shit" and then proceeded to kick her off of the server and block her.
TL;DR I fell in love with one of my players, she fell in love with me. After I found out she was still in a relationship, I broke it off, which caused her to be miserable and make my campaign worse for it. Before I confessed to her my desperation to have a new player join my game caused me to ignore all of her red flags as a "problem player" that manifested not only before she joined but ALSO as the campaign went on. Long story short... don't simp.
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THISOPTION RELEASES THE BENEFITS OF DIGITAL ASSETS TRADING TO THE WORLD

The increasing growth in technologies has opened the world to varieties of opportunities through which the global masses can enjoy more benefits.
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Another great opportunity which the advent of improved technologies has presented is the trade of cryptocurrencies, a form of digital assets which could be used to carry out transactions, and could even pass for an alternative to the fiat currency.
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Both Binary option trading and cryptocurrency trading needs a reliable exchange which will help the users seamlessly take part and the benefit greatly from their trade.
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USEFUL LINKS Extons: https://www.extons.io THISOPTION: https://thisoption.com Whitepaper: https://www.extons.io/whitepaper Telegram: https://t.me/thisoption ANN : https://bitcointalk.org/index.php?topic=5263768 Medium: https://medium.com/@thisoption.com
AUTHOR Bitcointalk Username: Intertek Bitcointalk Profile Link: https://bitcointalk.org/index.php?action=profile;u=2760026;sa=summary
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Medium Link: https://medium.com/@thisoption.com
Bitcointalk Username : priyapolypro
My Bitcointalk Profile Link : https://bitcointalk.org/index.php?action=profile;u=2355878
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Extons Exchange 💱

The financial/commercial market is a place where goods and services are exchanged between dealers and purchasers. Industry insiders present the commercial market with numerous names because they also partake in the commercial market (organizations and financiers) to gain more profit. The financial market is made up of numerous types: The bond market, cryptocurrency, derivative market, commodity market, binary option trading, and the stock market. These different commercial markets still buy and sell in different ways through different means, and investors or businesses still earn their profits whichever way. The financial market performs various functions: 1. Reduce the charge of transactions: There is always funds and time wasted whenever securities are bought and sold. The traders need quality information before they can safely trade. The commercial market supplies information to traders without collecting any money. Financial markets therefore lower the charge of different transactions. 2. Financial market decides the value of securities: Investors watch for gains from their securities, but according to the law of supply and demands, securities do not change the prices. What alters the cost is the commercial market. 3. Circulation of financial resources: The commercial market makes it possible for purchasers and dealers to exchange their securities whenever they want to. The commercial market can be used to invest and financiers can trade their securities for cash bringing about circulation. The financial market has importance in the society such as reducing the unemployment leve by creating job opportunities for individuals, gives individuals and businesses right to funds. INTRODUCTION TO EXTONS: Extons was founded in 2016 in Toronto, Canada where it began to grow massively with so many members joining each year. ADVANTAGES OF EXTONS 1. All day support: Extons supports their members online all through the day and is always available to any problems they might encounter on the way. 2. Members can easily deposit money and withdraw easily without any issues whatsoever. 3. Strong security: Extons is highly secured and can't be disrupted by hackers looking to steal users data. Extons makes use of a token called TONS(Thisoption). TONS is a known crypto payment gateway in the Contract for Difference market. TRC20 operates on the Tron blockchain when issuing TONS token. 1 TONS=0.2 USD and the total tokens to be distributed is 180.000.000 TONS. The TONS distribution plan is shared to saving, profit saving, team, founder, marketing, partner and insurance fund with each holding different percentages of the plan. The TONS token savings plan is shared into different levels with different profits per month. TONS token ecosystem is made up of TONSTRADE, TONSFX, EXTONS(TONSEXCHANGE which helps to trade cryptocurrency) THISOPTION and TONSPAY. They have their different purposes. EXTONS' exchanges partner are: OKEX, LIVECOIN, STEX, CoinMarketCap, YoBit and many others.
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Analysis: Why Kayle is Failing | The legacy of the 9.17 mini-rework

Four months have passed, now I have data to back up what I was saying before.
My arguments then though are still my arguments now. Though, this time I hope to be able to make my points much more clearly understood but I'm afraid it appears I'm unable to deviate from my verbose style of posting.
So what's wrong with Kayle? It's pretty simple. There's nothing about her kit or play-style that defines Kayle as Kayle.
I said it months ago and I'll say it again. The direction they took with Kayle when they capitulated to the people complaining about not getting ranged earlier on 9.17 was straddling the fence. This was a grave mistake. Riot should have invested the time to either make her kit fun when melee and embraced the evolving form of Kayle (my personal preference) or they should have fully embraced the ranged aspect of kit, making her fully ranged at level one and balancing her appropriately around that.
Riot August has said it himself, after the 9.17 changes had settled and her play-rate started to rise. As it turns out, people like to be able to play the game for the first ten minutes of the game...Shocking... Well guess what that hasn't changed? We still want to play the game. We want to be able to farm/trade comparably to at least the weakest early game solo-lane-late-game champions, or barring that to be able to have some interaction with our champion that is completely unique to that champion.
So since Kayle is primarily regarded as a top laner, let's start with the basics.
As top-laners, we need to, in some form, fulfill the role that we have chosen with our chosen champion. We approach this with the expectation that any given top lane champion will excel in some fashion in at least one aspect integral to the position itself. Those criteria in their most basic forms being as follows:
To work in top lane, you don't have to have the capacity to complete all of those functions but, at the very least, you should be able to do one. Barring that, you should bring something extraordinarily unique to the table.
An example of specialized to me would be Quinn, whose kit includes mobility so excessive that she is exempt from taking Teleport to lane and can use combative summoner spells to dominate the laning phase and later use her hyper-mobility to pressure side lanes. But this comes at the expense that if you do not perform well early… well sucks to be you (and your team) come mid/late game.
From what I can tell, Kayle is supposed to fit into this "specialized" section. The most important thing here is that, when you pick a champion who does not fit the normal criteria of the role, they excel MASSIVELY in some aspect to make up for it.
To support my claim that Kayle is intended to fit this group, the 9.5 version of the Kayle rework at least had that uniqueness. We couldn't do anything early whatsoever BUT in exchange for that Kayle's builds were completely fluid. You could build either AD or AP or both. Unlike any other damage focused champion, you were not required to purchase an armor penetration item to maintain your damage output, which further enhanced the versatility of her kit and also allowed her to scale into the game stronger than any other champion in the game.
The big issue people seemed to have with the 9.5 version was that it took until between 15 and 17 minutes for Kayle to be able to play the game and then they’d play catch-up for 2-3 minutes then actually get to have an impact.... That was hardly any fun.
The advantages with the 9.17 Kayle changes are that you now are capable of farming and light harassment/trades at roughly 7 minutes. But the issue still persists: you still don't really get to play the game until you get 2 items… or roughly 15-17 minutes. These changes were paid at the expense of all the aspects of Kayle that made her new kit unique and cool. What is worse is that the aspects of the champion that made her innately function as a unique late game top-laner were removed or significantly nerfed to appeal to a vocal group of bandwagoners. The second they got what they wanted, these same people… surprise, surprise... ditched left us one tricks and enthusiasts with a champion that is a “okay” at everything while the aspects which made her excel in a fashion unique to Kayle, necessary for specialists to be fun to play, were abandoned.
The worst part is that changes performed to her kit changed nothing from the outcome perspective. Her power spikes still align with the same minutes of the game, her win-rate has settled into roughly the same percentile (within 1%) each time she has been altered, once balanced, but she just feels less satisfying to play.
"Well... who cares? Why is that an issue? Why can't you just suck it up or play another champion Justifier? Kayle is at a 51.33% win-rate she's perfectly balanced. Fun is subjective. Just because you don't have fun with her any more doesn't mean other people don't."
Well that's just the thing. It's not just me who holds this opinion. Need proof?
Here's some data of Kayle's in game presence from u.gg a few weeks after the 9.17 changes, taken 9/27/2019 Plenty of time for people to get used to her being ranged at 6. She's at a 52.46% win-rate, 4.6% pick-rate, 1.6% ban-rate.
Those numbers are roughly equal to her game presence statistics before her changes from 9.16 going to 9.17. Here’s Kayle now that she’s been balanced properly after her ranged at 6 changes, 51.33% win-rate 2.7% play-rate, 0.9% ban-rate.
FEWER people enjoy playing Kayle with her ranged at 6 form than when they did with her 9.5-9.16 form, if both iterations are balanced and her win-rate remains stable throughout. We can conclude in my opinion, since her win-rate remains stable throughout all of these changes and nerfs, that it's not because she's "less op" but because people think she's not fun to play.
The next numbers I'd like to look at were taken at her "peak" when she was being recognized as busted due to her abusive playstyle when paired with Kleptomancy and various successful appearances on the Worlds Stage. It took an extraordinary excess of time for her numbers to climb towards their pinnacle having reached a ≈+30% combined play/ban rate nearly whole three whole months after the 9.17 changes having been recognized as busted and picked up and abused by various higher elo players. She still maintained her disgusting presence through nerfs until the season rolled over Craptomancy was finally removed from the game. Why? Because even though Kayle was busted she didn't feel fun to play. The feelgood rewards for playing Kayle didn't match the results of playing Kayle even when she was absolutely busted.
Now here’s the kicker: literally the day that the aspect of her kit that was "abusable" was addressed (finally), what happened to her game presence?
It halved.
At the end of Patch 9.22 Kayle had an 52.76% win-rate, 8.2% pick-rate and a 14.4% ban-rate for a combined 22.6% game presence, the day after? Patch 9.23, preseason patch, Klepomancy removal. A 51.4% win-rate, 4.8% pick-rate, 6.9% ban-rate for a combined 11.7% game presence which further deteriorated to the present.
Patch 10.1, 51.33% win-rate, 2.7% pick-rate and 0.9% ban-rate for a whopping 3.6% presence
Again, her win-rate stayed within a single percent of the win-rate she had before Kleptomancy and that percentile change could more easily be attributed to the change in the games meta on the turn of the season than on Kayle's reliance on Kleptomancy.
We can conclude from this that these people were NOT playing Kayle because she was busted, they were NOT playing Kayle to get free elo. They were playing her because they could finally tolerate her playstyle enough via kleptomancy proxy to validate trading over +50% of their game to have an impact on the last portion of it.
The second that proxy was removed, despite her win-rate maintaining its level even through nerfs, her game presence tanked.
Another interesting observation to point out is that when you look at her play-rates and ban-rates, her ban-rates when she is fun to play with this version of Kayle are always higher than her play-rates.
From this we can determine that when Kayle is even slightly fun to play with this form of a kit for the player piloting Kayle, she's EXTREMELY unfun to play against. Contrast this to 9.5-16 versions of Kayle where I've heard many people describe her kit as being "surprisingly balanced and fun to play against." In my estimation, this is caused because her kit is designed to NOT interact with your opponent. A Kayle playing at their best minimizes interaction with the opposing player. This is frustrating and unfun for Kayle players when she's balanced, frustrating and unfun for her opponents if she even has a perceived (not real) advantage (say kleptomancy stacks)
So here’s an issue:
As it stands, essentially what we have now is Kayle as she was before her initial (9.5) rework, stripped completely of every single thing that made Kayle Kayle. Every point of the game feels worse even when it's better than her pre-9.5 version in a state where when she's actually balanced she's unfun to play as and if even perceived as overtuned extremely unfun to play against
I think because of this it’s fair to ask once again: Were the stated design goals of her rework met?
Stated goals for Kayle's rework:
  1. Make Kayle more fun
  2. Make her auto attacks feel really good
  3. Variance in her pattern
  4. High moments outside of her ultimate
  5. Deliver on the “ranged to melee thing”
1: I have already addressed #1, when balanced no one appears to want to play her and when perceived as strong no one wants to play against her. So, the answer is no.
2: Kayle’s auto attacks excluding her E reset do not feel “really good” or “satisfying” when you smack someone it just feels like you’re hitting them with a wet noodle. This is particularly annoying when every single spell that you cast interrupts your auto attacks and while her E feels good it doesn't feel so good as to make up for the disruptive nature of her other abilities in the flow of her kit. So, #2 is No.
3: Variance in her play pattern.
I’m not sure exactly what this means but I presume this means she is capable of a fluid build style which can adapt to what the opponent is doing in the game by building uniquely. She had this with her 9.5-16 versions but her build style now is completely binary. If you deviate from the standard Gunblade > Nashors > dcap/rageblade, you’ll usually regret it. So, no.
4: High moments outside of her ultimate:
I think that again Kayle had this on her 9.5-16 versions through her late game power spike. Her true damage waves were extremely satisfying to experience when you hit that point in the game. However beyond that I cannot think of (m)any high moments that exclude her ultimate. So, no.
5: Deliver on the “ranged to melee thing”:
Maybe?
I mean the thing with this is that it feels like this rework goal was doggedly pursued at the expense of the other four. Riot chose to preserve this stated goal for some reason at the cost of the other goals. In exchange for “making her auto attacks feel really good” (via her true damage, and early wave attacks/AoE spells[meaning the ability to quickly push lanes early in the game]), we got earlier range.
The issue with this is that Range is regarded as so powerful as to require that she also lose her pattern variance (build fluidity) and extreme late game power spike in exchange for these changes… and the consequence of the loss of those four goals to meet the one is that… well she’s simply not fun. But the worst part is that I think this was a game design that should have never been a goal in the first place... Kayle was never a "melee champion who became ranged" Kayle was a ranged champion, whose attacks were processed as melee. This was an aspect unique to Kayle and demonstrated in her old interaction with Yauso's windwall.
Kayle was a Ranged&Melee champion not a Rangedmelee champion.
But even if you put all of that aside, changing it to range → melee was fine. What is not fine is that I feel most of this last stated goal was ceded when they made Kayle ranged at 6. By removing the struggle of the transition by giving it to players earlier you remove the last vestige of the stated goals of the initial Kayle rework.
Let me ask you this: when someone asks you what exactly makes Kayle Kayle, what do you respond with?
(pre-9.5 Kayle)
To me, what defined Kayle before her rework was "not a single champion in the top lane can match your pushing power early game, late game you were one of the top tier splitters/duelists who can build any item in the game."
Hell, her pushing power was so strong that it was actually her weakness. You couldn't control waves if you even last-hit or traded.
So her identity:
Shover. Versatility. Scaling. Split pusheduelist. Melee&ranged
(9.5-9.16 Kayle)
After her rework, (9.5) it was "not a single champion in the game can outscale you. Not a one. Better beat Kayle before she gets level 3 evolution." or "wait for Kayle to hit 16 guys we've got this!". This unique trait appeared to stem from her true damage wave abilities -- or in short she was unique because of her “purifying waves” which in turn still unlocked her previous identity of being able to build any item in the game. She could run either AP or AD each carrying its own perks and downsides
So her identity:
Versatility. Scaling. SplitpusheTeamfigher. Meleeranged
9.17 Kayle and onward iterations
She's not technically terrible at anything but Laning phase...I guess... But she's good at nothing as well. There is no longer anything about her that stands out in any way whatsoever. She is terrible early and okayish mid game okay late. She’s a decent source of dps and a decent laner when the game starts for her... But that's it. There’s little discernible feeling of payout for the terrible early game you’re still subject to. Sure, her win-rate hits top 3 if the game goes on for 35 minutes. She scales into the game like a monster… but she sure as hell doesn’t feel like it, and it means little to nothing in a meta where the average game time is sub 30 minutes even for unranked players. Kayle’s “unique trait” as a Champion of League of Legends now is “I do a tiny bit of everything at the expense that you will have absolutely no agency and be absolutely miserable for about 10-15 minutes of your game” or in other terms,
So her identity:
Scaling. early grouper.
Jack of all trades and master of none?
She still scales like a monster of course, so I guess you can still say that's part of her unique traits now. But there’s little to no build fluidity (variance), few if any high moments, no great feeling auto attacks.
There appeared to be one single saving grace for this iteration of Kayle’s kit for the general population though... Kleptomancy. Kleptomancy meant so much in my opinion, not because it was simply broken on her (it was certainly perceived as such), but because Kleptomancy was only integral for Kayle’s design to click with the average League player in my estimation because it gave the player the feeling that they were interacting with their opponent during the laning phase enough that people didn't get overwhelmed by the dismal feelings inherently ingrained into her kit
Now that the placebo of interaction of doing something for the first 15 minutes of the game is gone. People have apparently decided, voted if you will, with their time and choices that the design Kayle bring to the table is simply not palatable for the general player.
As a consequence, we can say with some degree of certainty that even if this kind of champion design is perceived as bat-shit busted...People don't touch it. Something HAS to feel satisfying for a significant portion of the game even if it does literally nothing in the grand scheme for players to pick her up.
Those of us left either play because it's what we've always done, or for the "angel" theme which is one of the few aspects of Kayle that remains intact and unique at this point...
This is one of the most iconic Champions in League of Legends. She’s one of the original 17 for crying out loud and it feels terrible to be in a game with her.
It wouldn’t be all that difficult to make her have an extremely satisfying kit even as is.
One example of relatively simple changes that could bring more life to her kit suggested to me in Kayle Mains Discord was changing her E: when you “cast” it, it unlocks the next tier of her ascension for 5-6 seconds. So levels 1-5, you have access to range for 5-6 seconds and range unlocking permanently at level 6; levels 6-10, you have access to your waves for 5-6 seconds and Level 11 your gain full access you your waves when your passive is fully stacked; levels 11-16, your waves could have a % chance to crit for say 25% for 5-6 seconds and level 16 your crit waves chance is doubled (25% → 50%) and when your E is active if your waves crt they deal true damage.
An integration of a small part of her old kit which we know works into the new or the waves AoE is widened/enhanced, remove the true damage and keep the rest if it's too much, or any other plethora of options.
Imagine how satisfying anything like that would be compared to currently when I press E. A high cost high cd low consequence spell, which I can throw one spell at either a minion and get a last hit, or I can throw it at the opponent and deal 50 dmg and then I'm back to the waiting game for my more favorable forms every 8 seconds.
Now I'm not suggesting Riot reverts Kayle's kit, or implements any change suggested above. (That would be super cool but let's be real it's unlikely to happen)
This post's purpose is to serve as a potential source of information for Riot addressing the opinions of people most passionate, regarding the direction pursued to make Kayle a great champion for everyone.
And to cause Riot to take a good hard look at Kayle and make sure that what they're doing and have done is matching their expectations... because it's not matching ours.
TLDR
So why is Kayle failing?
She's failing because the features that made her unique and quirky as a champion were stripped away from her in an attempt to appeal to a larger audience by making her easier to play; without something unique, potentially difficult, cool and quirky ingrained into their kits, champions with extreme trade-offs make people lose interest very quickly.
Addition: Upon suggestion I also posted this on the main League Reddit Thread, Here's a link to that if you want to check out how conversation is going there.
submitted by Justifierna to Kaylemains [link] [comments]

Canada’s Binary Options Problem

Canada’s recurring binary options problem

Approximately seven months ago the Canadian financial regulatory authorities enacted a ban on brokers offering binary options to all retail traders. Unfortunately, these actions seemed to have had little to no results on certain brokers that have implemented new tactics in order to gather money from unsuspecting investors.
On April 12th the Investment Industry Regulatory Organization of Canada, more commonly referred to the IIROC cautioned Canadian traders not to be duped by fraudulent online trading brokers attempting to unlawfully sell binary options under the pretense of legitimate brokers regulated by the IIROC.

Binary options scams still exist

Recently the ombudsman has been made aware of at least two brokers that misleadingly state that they are regulated by IIROC:

Binary options cannot be offered or sold to retail traders in Canada and the regulator has issued plenty of warnings, imploring Canadian citizens not to invest in these fraudulent companies. Under no circumstances are IIROC regulated entities authorized to sell binary options to retail investors in Canada.
This troubling tendency is bringing up concerns about how effective a blanket ban on offering of such toxic products as binaries to stop scams. ESMA, the European Securities and Markets Authority has recently put in rules that prohibit regulated brokers from offering binary options to retail investors. However, these recent developments in Canada call into question on whether a ban in Europe would, in fact, produce the wanted effect.

Opposition to the binary options ban

It should be noted that when the Canadian regulatory authorities first suggested to ban binary options, the proposal encountered stern opposition. The Investment Industry Association of Canada (IIAC), which represents 130 Dealer Member firms regulated by IIROC, asserted that the injunction should only include binary options scams offered by unregulated binary options brokers. The IIAC further maintained that its members should be allowed to offer binary options to retail traders.
Interestingly enough there have been proposals to allow trading binary options on an exchange, as this is allowed in the United States. However, opposed to that line of thinking are organizations such as the Canadian Advocacy Council for Canadian CFA Institute Societies (CAC), which heavily supported the binary options ban proposal and even went beyond it by questioning the status of OTC (Over the Counter) or more commonly known as retail Forex trading. The council questioned whether the sale of similar financial instruments to retail investors should additionally be restricted.

Get help now

If you have fallen victim to a cryptocurrency scam, send a complaint to at [[email protected]](mailto:[email protected]), and we will do our very best to get into contact with you as soon as we can to initiate your funds recovery process.
submitted by asaston to u/asaston [link] [comments]

THISOPTION EXCHANGE ADDS MORE VALUE TO BINARY OPTION TRADING

Binary option trading isn't a new concept in the digital space, seeing as it has been in play for quite sometime now.
For those just hearing about it, let's have a quick rundown on what Binary Option trading is all about.
BINARY OPTION TRADING EXPLAINED
Binary Option trading is a form of digital asset trading which gives the traders an opportunity to gain from the digital assets market, simply by leveraging on the price instability of these digital assets.
The Binary Option traders are allowed to make predictions on the price of digital assets, and the outcome of the prediction determines if the trader gains or loses. When the prediction is right, the trader makes profits from whatever was invested and if not, the trader losses the invested funds.
Now that you know all about the Binary Option trading, we can all agree that it is another great opportunity in the digital system which will help the global users benefit greatly and become financially free, hence improving the global economic system.
But, having a great opportunity as this isnt just enough, as the global masses still find it difficult tapping into and making good use of Binary Option trading, hence the need for an efficient platform which will help the global users enjoy the boons of this new trading method.
Over the years, a few Binary Option trading systems have been created with the aim of making trading activities easier and more profitable for the Binary Option traders, but all of which have proven inefficient due to the lack of improved technologies as well as advanced techniques to carry this out.
HERE COMES THISOPTION BINARY EXCHANGE
Thisoption exchange is a Binary option and CFD trading platform which has been developed as one of the many products of the Finalgo Inc.
It provides a great Option and CFD trading experience for the global users, giving them the ability to profit from their trades.
Thisoption exchange makes the entire process seamless for any participant who wishes to dive into Binary Option and CFD trading, by providing all the tools needed to help them earn massively, up to 80% of their investment within minutes.
Isn't that wonderful?
Then you need to get started and to do that, here is a quick guide that will help you.
** HOW TO BEGIN TRADING ON THISOPTION EXCHANGE**
To begin earning from price predictions on Thisoption, all one has to do is register on the system, which will qualify them for necessary trading tools to help the profit from Option trading on the system.
After the registration, the user has to fund their account which will be used for trading, by using any of the partnered funding systems of Thisoption exchange to make the process easier for users.
Upon funding of the account, the user is now ready to trade by making price predictions on assets either with help from experts on the system, or on their own, whichever one that will lead to great returns.
One might ask, HOW IS THISOPTION BETTER THAN OTHER OPTION TRADING EXCHANGES?
Thisoption allows users to trade and benefit from the price fluctuation of digital assets in a fully secured way, protecting both the users trading funds deposited on the system, and the users personal data recorded therein.
It even allows the users to carry out trading unrestrictedly even beyond working days, giving them the liberty to enjoy as much as benefits from Option trading, as possible, unlike other exchanges where trading activities cannot be carried out on weekends.
In contrast to what users experience on similar exchanges during withdrawal of funds from the system, Thisoption exchange ensures that every withdrawal request by its users is processed and confirmed just within an hour, giving users full access to their funds.
To make participation easier for the global masses, Thisoption has put in place different measures to ensure that both the funding and the withdrawal process is simplified and made stressless for the global masses.
Additionally, Thisoption exchange in its quest to see to it that every user benefits from the system, especially the new ones, has positioned an efficient user support system to help users in their trading activities on the exchange.
Thisoption has reached different milestones in the digital assets industry, some of which could be seen in the its recent achievements.
This has to do with the listing of the Thisoption native token called TON, on numerous and reputable exchanges such as Coingecko, Coinbase, Finebox, Coinmarketcap and other great exchanges, to make the acquisition and trade of the token to be easy.
TONS TOKEN
TONS is a TRC-20 token which has been created by Thisoption exchange to be its native token.
With the TONS token, every transaction will be carried out on the system ranging from fee payment, to the issuance of rewards on the system.
** CONCLUSION**
A careful look at all the great features of Thisoption exchange which makes it superior to other exchanges, will show that it has unlocked the full benefits of Binary Option trading to the global users.
Through the full adoption of this system, the world will experience a great improvement financially, as Thisoption has simplified the entire trading process for virtually everyone.
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submitted by Jealous-Diet to Cryptocoin [link] [comments]

What is binary IQ options? And how does it benefit you in the short run and long run?

Binary IQ options is a form of bitcoin investments that enables traders to earn money through investing and trading bitcoins. Well as some of us know, bitcoin is a form of digital currency also known as cryptocurrency. On wall street, one of the main criticisms of bitcoin is that it was invented only a decade ago by a computer programmeprogrammers, with no real fundamental, underlying value. It's just a made up thing as they say, with a volatile price that only derives from what the next buyer is willing to pay but in reality, they're just scared, bitcoin is taking over both as a store of value and also as an exchange medium. So how does binary IQ options work then? Firstly, an investment platform plays a major role in it, they work with standard automated mining systems that you can use to grow even the smallest bitcoins into huge amounts, but lastly none of it is possible without daily trade signals. The daily trade signals are needed to carry out successful trades and they determine the investors profits after trading. The trading last for 5 days.
Binary IQ options has changed a lot of people's lives not only were some free from the clutches and depths of their 9-5 jobs but also were they able to thread a path to financial freedom!! So many people were debt free, others were able to retire early, a few more still focused on their jobs, and work from home. Question is what would you want your story to be?
submitted by _fidel to FinancialPlanning [link] [comments]

How to avoid a forex scam

Forex Trading – Is It Legitimate?

Forex (Foreign Exchange) is not a scam and certainly can be a credible and legitimate way of making money. However, whenever there are large sums of money involved, the shadier elements of society are never lagging. There are plenty of nefarious brokers that target novices, experienced traders and everyone else in between.
Forex scams are unfortunately common. At Broker Complaint Registry we have seen many forex, binary options and CFD scams emerge. Here are a couple of things to look out for whether you are an experienced trader or a complete novice.

Regulated Forex Broker?

The very first step to take to avoid becoming a victim of a Forex scam is to make sure you open an account with a regulated broker. There are many dominions that regulate Forex trading including the FCA in the UK, ASIC in Australia, and the CFTC and the NFA in the United States. Do not solely rely what is on the broker’s website. Check them out online and make sure they are regulated. It is simple to place a regulation on a website so use the resources available to you such as https://register.fca.org.uk/. Be sure to call the forex broker and find out who they are and what they do. Do not get pressured into opening an account unless you are 100% at ease.
However, merely checking to see whether the broker is regulated is not enough. There are numerous regulatory agencies such as CySEC that do not apply strict enough oversight and fail to implement harsh penalties for any brokers that violate their rules.

Guaranteed ROI

Any broker that guarantees a return on investment (ROI) is a surefire scam. For example, a “broker” may be approached to invest your money with an organization that will trade on your behalf and promise yearly or monthly returns for as long as you keep investing with them. Many of these con artists promise 40-50 % of your invested capital guaranteed PER MONTH. These “returns” are absolutely unsustainable and almost always involve other investors continuing to add money to the pot. This is called a Ponzi scheme. Remember Bernie Madoff anyone?
Forex trading is risky and while there are plenty of individuals who can consistently earn money trading, no one will say it is a guarantee.

Fund Withdrawal

If the forex broker or account manager tries to prevent you from withdrawing your funds or your return on investment, then you know that it is a forex scam. There is absolutely no reason that it should take anymore than a few business days for your money to be returned. Even some regulated brokers have refused to allow their clientele to withdraw. Take OTCapital as an example. They are regulated by ASIC, but Broker Complaint Registry has dealt with numerous individuals that have been unable to withdraw their funds.
What to Do if You Have Been Scammed
If you have fallen victim to a cryptocurrency scam, send a complaint to at [[email protected]](mailto:[email protected]), and we will do our very best to get into contact with you as soon as we can to initiate your funds recovery process.
submitted by asaston to u/asaston [link] [comments]

Analysis | Why Kayle is failing

Four months have passed, now I have data to back up what I was saying before.
My arguments then though are still my arguments now. Though, this time I hope to be able to make my points much more clearly understood but I'm afraid it appears I'm unable to deviate from my verbose style of posting.
So what's wrong with Kayle? It's pretty simple. There's nothing about her kit or play-style that defines Kayle as Kayle.
I said it months ago and I'll say it again. The direction they took with Kayle when they capitulated to the people complaining about not getting ranged earlier on 9.17 was straddling the fence. This was a grave mistake. Riot should have invested the time to either make her kit fun when melee and embraced the evolving form of Kayle (my personal preference) or they should have fully embraced the ranged aspect of kit, making her fully ranged at level one and balancing her appropriately around that.
Riot August has said it himself, after the 9.17 changes had settled and her play-rate started to rise. As it turns out, people like to be able to play the game for the first ten minutes of the game...Shocking... Well guess what that hasn't changed? We still want to play the game. We want to be able to farm/trade comparably to at least the weakest early game solo-lane-late-game champions, or barring that to be able to have some interaction with our champion that is completely unique to that champion.
So since Kayle is primarily regarded as a top laner, let's start with the basics.
As top-laners, we need to, in some form, fulfill the role that we have chosen with our chosen champion. We approach this with the expectation that any given top lane champion will excel in some fashion in at least one aspect integral to the position itself. Those criteria in their most basic forms being as follows:
To work in top lane, you don't have to have the capacity to complete all of those functions but, at the very least, you should be able to do one. Barring that, you should bring something extraordinarily unique to the table.
An example of specialized to me would be Quinn, whose kit includes mobility so excessive that she is exempt from taking Teleport to lane and can use combative summoner spells to dominate the laning phase and later use her hyper-mobility to pressure side lanes. But this comes at the expense that if you do not perform well early… well sucks to be you (and your team) come mid/late game.
From what I can tell, Kayle is supposed to fit into this "specialized" section. The most important thing here is that, when you pick a champion who does not fit the normal criteria of the role, they excel MASSIVELY in some aspect to make up for it.
To support my claim that Kayle is intended to fit this group, the 9.5 version of the Kayle rework at least had that uniqueness. We couldn't do anything early whatsoever BUT in exchange for that Kayle's builds were completely fluid. You could build either AD or AP or both. Unlike any other damage focused champion, you were not required to purchase an armor penetration item to maintain your damage output, which further enhanced the versatility of her kit and also allowed her to scale into the game stronger than any other champion in the game.
The big issue people seemed to have with the 9.5 version was that it took until between 15 and 17 minutes for Kayle to be able to play the game and then they’d play catch-up for 2-3 minutes then actually get to have an impact.... That was hardly any fun.
The advantages with the 9.17 Kayle changes are that you now are capable of farming and light harassment/trades at roughly 7 minutes. But the issue still persists: you still don't really get to play the game until you get 2 items… or roughly 15-17 minutes. These changes were paid at the expense of all the aspects of Kayle that made her new kit unique and cool. What is worse is that the aspects of the champion that made her innately function as a unique late game top-laner were removed or significantly nerfed to appeal to a vocal group of bandwagoners. The second they got what they wanted, these same people… surprise, surprise... ditched left us one tricks and enthusiasts with a champion that is a “okay” at everything, while the aspects which made her excel in a fashion unique to Kayle necessary for a specialist to be fun to play were abandoned.
The worst part is that changes performed to her kit changed nothing from the outcome perspective. Her power spikes still align with the same minutes of the game, her win-rate has settled into roughly the same percentile (within 1%) each time she has been altered, once balanced, but she just feels less satisfying to play.
"Well... who cares? Why is that an issue? Why can't you just suck it up or play another champion Justifier? Kayle is at a 51.33% win-rate she's perfectly balanced. Fun is subjective. Just because you don't have fun with her any more doesn't mean other people don't."
Well that's just the thing. It's not just me who holds this opinion. Need proof?
Here's some data of Kayle's in game presence from u.gg a few weeks after the 9.17 changes, taken 9/27/2019 Plenty of time for people to get used to her being ranged at 6. She's at a 52.46% win-rate, 4.6% pick-rate, 1.6% ban-rate.
Those numbers are roughly equal to her game presence statistics before her changes from 9.16 going to 9.17. Here’s Kayle now that she’s been balanced properly after her ranged at 6 changes, 51.33% win-rate 2.7% play-rate, 0.9% ban-rate.
FEWER people enjoy playing Kayle with her ranged at 6 form than when they did with her 9.5-9.16 form, if both iterations are balanced and her win-rate remains stable throughout. We can conclude in my opinion, since her win-rate remains stable throughout all of these changes and nerfs, that it's not because she's "less op" but because people think she's not fun to play.
The next numbers I'd like to look at were taken at her "peak" when she was being recognized as busted due to her abusive playstyle when paired with Kleptomancy and various successful appearances on the Worlds Stage. It took an extraordinary excess of time for her numbers to climb towards their pinnacle having reached a ≈+30% combined play/ban rate nearly whole three whole months after the 9.17 changes having been recognized as busted and picked up and abused by various higher elo players. She still maintained her disgusting presence through nerfs until the season rolled over Craptomancy was finally removed from the game. Why? Because even though Kayle was busted she didn't feel fun to play. The feelgood rewards for playing Kayle didn't match the results of playing Kayle even when she was absolutely busted.
Now here’s the kicker: literally the day that the aspect of her kit that was "abusable" was addressed (finally), what happened to her game presence?
It halved.
At the end of Patch 9.22 Kayle had an 52.76% win-rate, 8.2% pick-rate and a 14.4% ban-rate for a combined 22.6% game presence, the day after? Patch 9.23, preseason patch, Klepomancy removal. A 51.4% win-rate, 4.8% pick-rate, 6.9% ban-rate for a combined 11.7% game presence which further deteriorated to the present.
Patch 10.1, 51.33% win-rate, 2.7% pick-rate and 0.9% ban-rate for a whopping 3.6% presence
Again, her win-rate stayed within a single percent of the win-rate she had before Kleptomancy and that percentile change could more easily be attributed to the change in the games meta on the turn of the season than on Kayle's reliance on Kleptomancy.
We can conclude from this that these people were NOT playing Kayle because she was busted, they were NOT playing Kayle to get free elo. They were playing her because they could finally tolerate her playstyle enough via kleptomancy proxy to validate trading over +50% of their game to have an impact on the last portion of it.
The second that proxy was removed, despite her win-rate maintaining its level even through nerfs, her game presence tanked.
Another interesting observation to point out is that when you look at her play-rates and ban-rates, her ban-rates when she is fun to play with this version of Kayle are always higher than her play-rates.
From this we can determine that when Kayle is even slightly fun to play with this form of a kit for the player piloting Kayle, she's EXTREMELY unfun to play against. Contrast this to 9.5-16 versions of Kayle where I've heard many people describe her kit as being "surprisingly balanced and fun to play against." In my estimation, this is caused because her kit is designed to NOT interact with your opponent. A Kayle playing at their best minimizes interaction with the opposing player. This is frustrating and unfun for Kayle players when she's balanced, frustrating and unfun for her opponents if she even has a perceived (not real) advantage (say kleptomancy stacks)
So here’s an issue:
As it stands, essentially what we have now is Kayle as she was before her initial (9.5) rework, stripped completely of every single thing that made Kayle Kayle. Every point of the game feels worse even when it's better than her pre-9.5 version in a state where when she's actually balanced she's unfun to play as and if even perceived as overtuned extremely unfun to play against
I think because of this it’s fair to ask once again: Were the stated design goals of her rework met?
Stated goals for Kayle's rework:
  1. Make Kayle more fun
  2. Make her auto attacks feel really good
  3. Variance in her pattern
  4. High moments outside of her ultimate
  5. Deliver on the “ranged to melee thing”
1: I have already addressed #1, when balanced no one appears to want to play her and when perceived as strong no one wants to play against her. So, the answer is no.
2: Kayle’s auto attacks excluding her E reset do not feel “really good” or “satisfying” when you smack someone it just feels like you’re hitting them with a wet noodle. This is particularly annoying when every single spell that you cast interrupts your auto attacks and while her E feels good it doesn't feel so good as to make up for the disruptive nature of her other abilities in the flow of her kit. So, #2 is No.
3: Variance in her play pattern.
I’m not sure exactly what this means but I presume this means she is capable of a fluid build style which can adapt to what the opponent is doing in the game by building uniquely. She had this with her 9.5-16 versions but her build style now is completely binary. If you deviate from the standard Gunblade > Nashors > dcap/rageblade, you’ll usually regret it. So, no.
4: High moments outside of her ultimate:
I think that again Kayle had this on her 9.5-16 versions through her late game power spike. Her true damage waves were extremely satisfying to experience when you hit that point in the game. However beyond that I cannot think of (m)any high moments that exclude her ultimate. So, no.
5: Deliver on the “ranged to melee thing”:
Maybe?
I mean the thing with this is that it feels like this rework goal was doggedly pursued at the expense of the other four. Riot chose to preserve this stated goal for some reason at the cost of the other goals. In exchange for “making her auto attacks feel really good” (via her true damage, and early wave attacks/AoE spells[meaning the ability to quickly push lanes early in the game]), we got earlier range.
The issue with this is that Range is regarded as so powerful as to require that she also lose her pattern variance (build fluidity) and extreme late game power spike in exchange for these changes… and the consequence of the loss of those four goals to meet the one is that… well she’s simply not fun. But the worst part is that I think this was a game design that should have never been a goal in the first place... Kayle was never a "melee champion who became ranged" Kayle was a ranged champion, whose attacks were processed as melee. This was an aspect unique to Kayle and demonstrated in her old interaction with Yauso's windwall.
Kayle was a Ranged&Melee champion not a Rangedmelee champion.
But even if you put all of that aside, changing it to range → melee was fine. What is not fine is that I feel most of this last stated goal was ceded when they made Kayle ranged at 6. By removing the struggle of the transition by giving it to players earlier you remove the last vestige of the stated goals of the initial Kayle rework.
Let me ask you this: when someone asks you what exactly makes Kayle Kayle, what do you respond with?
(pre-9.5 Kayle)
To me, what defined Kayle before her rework was "not a single champion in the top lane can match your pushing power early game, late game you were one of the top tier splitters/duelists who can build any item in the game."
Hell, her pushing power was so strong that it was actually her weakness. You couldn't control waves if you even last-hit or traded.
So her identity:
Shover. Versatility. Scaling. Split pusheduelist. Melee&ranged
(9.5-9.16 Kayle)
After her rework, (9.5) it was "not a single champion in the game can outscale you. Not a one. Better beat Kayle before she gets level 3 evolution." or "wait for Kayle to hit 16 guys we've got this!". This unique trait appeared to stem from her true damage wave abilities -- or in short she was unique because of her “purifying waves” which in turn still unlocked her previous identity of being able to build any item in the game. She could run either AP or AD each carrying its own perks and downsides
So her identity:
Versatility. Scaling. SplitpusheTeamfigher. Meleeranged
9.17 Kayle and onward iterations
She's not technically terrible at anything but Laning phase...I guess... But she's good at nothing as well. There is no longer anything about her that stands out in any way whatsoever. She is terrible early and okayish mid game okay late. She’s a decent source of dps and a decent laner when the game starts for her... But that's it. There’s little discernible feeling of payout for the terrible early game you’re still subject to. Sure, her win-rate hits top 3 if the game goes on for 35 minutes. She scales into the game like a monster… but she sure as hell doesn’t feel like it, and it means little to nothing in a meta where the average game time is sub 30 minutes even for unranked players. Kayle’s “unique trait” as a Champion of League of Legends now is “I do a tiny bit of everything at the expense that you will have absolutely no agency and be absolutely miserable for about 10-15 minutes of your game” or in other terms,
So her identity:
Scaling. early grouper.
Jack of all trades and master of none?
She still scales like a monster of course, so I guess you can still say that's part of her unique traits now. But there’s little to no build fluidity (variance), few if any high moments, no great feeling auto attacks.
There appeared to be one single saving grace for this iteration of Kayle’s kit for the general population though... Kleptomancy. Kleptomancy meant so much in my opinion, not because it was simply broken on her (it was certainly perceived as such), but because Kleptomancy was only integral for Kayle’s design to click with the average League player in my estimation because it gave the player the feeling that they were interacting with their opponent during the laning phase enough that people didn't get overwhelmed by the dismal feelings inherently ingrained into her kit
Now that the placebo of interaction of doing something for the first 15 minutes of the game is gone. People have apparently decided, voted if you will, with their time and choices that the design Kayle bring to the table is simply not palatable for the general player.
As a consequence, we can say with some degree of certainty that even if this kind of champion design is perceived as bat-shit busted...People don't touch it. Something HAS to feel satisfying for a significant portion of the game even if it does literally nothing in the grand scheme for players to pick her up.
Those of us left either play because it's what we've always done, or for the "angel" theme which is one of the few aspects of Kayle that remains intact and unique at this point...
This is one of the most iconic Champions in League of Legends. She’s one of the original 17 for crying out loud and it feels terrible to be in a game with her.
It wouldn’t be all that difficult to make her have an extremely satisfying kit even as is.
One example of relatively simple changes that could bring more life to her kit suggested to me in Kayle Mains Discord was changing her E: when you “cast” it, it unlocks the next tier of her ascension for 5-6 seconds. So levels 1-5, you have access to range for 5-6 seconds and range unlocking permanently at level 6; levels 6-10, you have access to your waves for 5-6 seconds and Level 11 your gain full access you your waves when your passive is fully stacked; levels 11-16, your waves could have a % chance to crit for say 25% for 5-6 seconds and level 16 your crit waves chance is doubled (25% → 50%) and when your E is active if your waves crt they deal true damage.
An integration of a small part of her old kit which we know works into the new or the waves AoE is widened/enhanced, remove the true damage and keep the rest if it's too much, or any other plethora of options.
Imagine how satisfying anything like that would be compared to currently when I press E. A high cost high cd low consequence spell, which I can throw one spell at either a minion and get a last hit, or I can throw it at the opponent and deal 50 dmg and then I'm back to the waiting game for my more favorable forms every 8 seconds.
Now I'm not suggesting Riot reverts Kayle's kit, or implements any change suggested above. (That would be super cool but let's be real it's unlikely to happen)
This post's purpose is to serve as a potential source of information for Riot addressing the opinions of people most passionate, regarding the direction pursued to make Kayle a great champion for everyone.
And to cause Riot to take a good hard look at Kayle and make sure that what they're doing and have done is matching their expectations... because it's not matching ours.
TLDR
So why is Kayle failing?
She's failing because the features that made her unique and quirky as a champion were stripped away from her in an attempt to appeal to a larger audience by making her easier to play; without something unique, potentially difficult, cool and quirky ingrained into their kits, champions with extreme trade-offs make people lose interest very quickly.
Check out what other Kayle Mains are saying about this
submitted by Justifierna to leagueoflegends [link] [comments]

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