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Has anyone found a reliable platform in the US to legally short / take out PUTs on a crypto currency in the US? I went looking last year and couldn’t find anyo

by cgb223 4y ago

Has anyone found a reliable platform in the US to legally short / take out PUTs on a crypto currency in the US? I went looking last year and couldn’t find anyone allowing this feature. Binance had something close but only on their .com site not their American .us site

throwaway1777 4y ago
Until regulators approve such things they won’t be offered legitimately after all the saber rattling from the sec.
marcrosoft 4y ago
IBKR has futures trading for bitcoin. You can go both directions with futures.
wpietri 4y ago
You could do it the old fashioned way. You find somebody who thinks the value of their crypto will go up. You pay them to borrow their crypto for, say, a year. You then sell the crypto for dollars and in a year you hope you can buy it back for less than you made. The legal way to do it would be with an old-fashioned paper contract between two known parties. But as web3isgoinggreat.com has made clear to me, the more effective way to do it is to use some crypto site for the deal. If you're lucky, the tools/sites/curriencies you've used will just have gone out of business. And even if not, apparently you can just say, "Oops, I used the money to do other things so I'm not giving anything back to you."
- foobarian 4y ago
  Wasn't ETH created just for this purpose by accomplishing these deals via smart contracts?
  - c7b 4y ago
    Yes, and they exist, that's also what the article's author ended up using.
rabf 4y ago
Why not use one of the on chain solutions? Theres quite a few options platfoens ib defi. https://www.coingecko.com/en/categories/decentralized-options https://www.coingecko.com/en/categories/decentralized-option...
- matkoniecz 4y ago
  Because Tether crashing down is very likely to destroy also them. AKA counterparty risk.
deleted 4y ago
[deleted]
tornato7 4y ago
LedgerX offers legal crypto Derivatives in the US, but it's a pretty poor customer experience.
codexon 4y ago
There are options on bitcoin futures and the bitcoin etf bito.

by cgb223 4y ago

throwaway1777 4y ago

Until regulators approve such things they won’t be offered legitimately after all the saber rattling from the sec.

marcrosoft 4y ago

IBKR has futures trading for bitcoin. You can go both directions with futures.

wpietri 4y ago

You could do it the old fashioned way. You find somebody who thinks the value of their crypto will go up. You pay them to borrow their crypto for, say, a year. You then sell the crypto for dollars and in a year you hope you can buy it back for less than you made. The legal way to do it would be with an old-fashioned paper contract between two known parties. But as web3isgoinggreat.com has made clear to me, the more effective way to do it is to use some crypto site for the deal. If you're lucky, the tools/sites/curriencies you've used will just have gone out of business. And even if not, apparently you can just say, "Oops, I used the money to do other things so I'm not giving anything back to you."

foobarian 4y ago
Wasn't ETH created just for this purpose by accomplishing these deals via smart contracts?
- c7b 4y ago
  Yes, and they exist, that's also what the article's author ended up using.

rabf 4y ago

Why not use one of the on chain solutions? Theres quite a few options platfoens ib defi. https://www.coingecko.com/en/categories/decentralized-options https://www.coingecko.com/en/categories/decentralized-option...

matkoniecz 4y ago
Because Tether crashing down is very likely to destroy also them. AKA counterparty risk.

deleted 4y ago

[deleted]

tornato7 4y ago

LedgerX offers legal crypto Derivatives in the US, but it's a pretty poor customer experience.

codexon 4y ago

There are options on bitcoin futures and the bitcoin etf bito.