Bitcoin Forum

Since I am skiddish about sending my bitcoins to a 3rd party betting site, I'd like to open a thread here for any kind of bet for forum members here. The weighted system on betsofbitco.in is annoying to me. Forum betting is all the rage these days!

This will begin as an experiment, because I need to see how to run this in the most efficient manner. The layout of this thread will change as necessary (for instance, I may start asking for bet statements in pm's, which I will then put here in the OP). If there is enough demand, I would like to streamline this and make it a useful service.

The idea would be to post a statement in this thread, and I will evaluate it for clarity. Once I accept it, other members will be able to take the other side. I am available for escrow, but that be will up to the bet maker. It will be up to the bet maker to gauge the trustworthiness of other members, so only they can accept bets on their wager.

Are there any other forum members here interested in helping me proctor this? It would be very helpful to have a small cartel of trusted members to evaluate the outcomes and maintain the thread.

This is all just a messy brainstorm right now, so I'm asking for input and gauging interest before accepting any bets. Any help and input would be appreciated. I'm not planning on making any money from this, because I don't see it taking up a lot of my time. But if it is successful and time consuming I may have to start taking a cut.

I think this could be a great alternative to betsofbitco.in.

I'd like to avoid proctoring bets like this, because screenshots are no evidence at all. Of course your bet is welcome in the thread to other members but it's not a bet that I would like to make a decision on. If I'm not escrowing the coins, it wouldn't really matter anyway.

I agree that betsofbitcoin is annoying with their odds. Plus the 10% rake is too high. They also need to be able to book bets that end upon an event occurring. If you make a bet about the blockchain halving you have to close the contract to betting a month before the estimated event in case ASIC miners get going and move everything up with the increased hash rate.

I changed the name of the thread, these aren't my bets.

All bets are welcome here, but basically I am also offering to moderate if anyone chooses. Anyone else can do the same.

To clarify, you're proposing a system like betsofbitcoin, but without the weighting, right?

So nobody specifies the odds of the bet; all that happens is that all the bets made by the losers get distributed to the winners in proportion to the size of each winner's bet.

I think betsofbitcoin's weighting system is designed to counteract the advantage that can often be gained by delaying your bet (and also to encourage people to bet early to build the pot, and so to encourage more action).  It does make it hard to get an idea of what odds you're really getting though.