Bitcoin Forum

Over 1880000 shares sold so far at average price 0.00062543 BTC , totaling over 1,180 BTC... and counting.

Congratulations, bitbet.us (http://bitbet.us/) !

The asset page: http://mpex.co/?mpsic=S.BBET

Chart: http://live.coinbr.com/?mpsic=S.BBET

MP's pre-IPO commentary (http://polimedia.us/trilema/2013/sbbet-its-happening/)

Congrats. Let's see how well it does after the hype has cooled down.

Spoiler: It's not going to beat betsofbitco.in

betsofbitcoin is a complete failure, how could bitbet.us do any worse? Betsofbitco.in doesn't have smart owner/operators, they don't have variable time decay and they don't have any big bettors setting odds lines with their own capital.  Bitbet will have all three.

I'm glad to see S.BBET have a successful IPO. Very interesting price action- it has a hell of a spread right now. Will be interesting to watch.

Lol what a blast from the past. Reminds me of the days back in May when MPEx was doing 170k BTC a day to GLBSE's 30k and people just like you were ranting about how "it's not going to" lalala.

For curiosity sake, did you sit down and compare BTC flow through the two? You might have noticed BBET has at launch a solid 80% of the Bitcoin betting market if you had bothered to do your research.


Indeed.

Of course. At launch. Did you see my part about "after the hype has cooled down"?

"200% more visitors than other sites on the first day! Just so people check it out and never come back again"

Let's play the numbers game.

Betsofbitco.in: 140 active statements
Bitbet: 75 active statements

Betsofbitco.in: 230 btc highest bet sums
Bitbet: 101 btc highest bet sums

Betsofbitco.in: Dozens of topics in the Games and rounds forums
Bitbet: 0 ???

9 of the top 10 bets on Betsofbitco.in are variations on when BFL will ship or what will the bitcoin price be.  This is not a distribution you want for a site to capture the mainstream betting market.  $100 billion is bet on the NFL in the US per year.  Betsofbitcoin has < 6 BTC total in outstanding bets on this topic and its the middle of the playoffs.

It's basically a BFL and BTC price hedging/speculation site, for small-time players who can't afford to buy an MPEX account and trade BTCUSC options or real network difficulty futures.

The IPO has now sold through the 180th block (0.002 / share).

'who can't afford to buy an MPEX account'...

Pay over 400 dollars to be able to bet when you can do the same at almost no cost at somewhere else?

You cannot do the same anywhere else.  The volume on that site, and the time decay structure is such that you cannot take a side on either side of an issue without shifting the odds terribly against you and/or having the expected value strongly discounted due to the time decay.  It's fine if you want to wager a coin on something, worthless if you want to hedge your mining operation.

Well, seems your numbers are meanwhile invalidated. Are you going to repost a corrected list now?

Funny that you say my numbers have being invalidated (hint: they're not and still zero threads in games and rounds), but I can go cherry pick some more numbers if you want.

My prediction is that bitbet will fade out into obscureness. It doesn't bring anything *new* to the table, just like dice site of the month.

FYI: I don't have any personal interests in this.

Let me help you out then:

Betsofbitco.in: 230 btc highest bet sums
Bitbet: 253.69 btc highest bet sums

But this is really immaterial, Bitbet does about 80-90% of all Bitcoins bet in any one day. Your fave does about 5 to 10%.

As to what it brings to the table: other than superior management, which you're excused from considering because it is not something that you are mentally equipped to consider, it brings to the table an entirely new referral mechanism which is bound to change the affiliate marketspace. That's as far as gamechangers go.

It also has much smaller fees (MUCH smaller fees, 1% vs 5%+) and it rewards people for proposing bets rather than charging them.

Again, why are you even discussing this? You're a two bit nobody, wanna-be web dev, wanna-be bitcoin fund manager, probably in a couple of weeks wannabe copywriter or whatever. You don't have an investment, you don't have an actual intellectual interest in it (or at least you're asking questions as if you know the answers, which is usually the sign of militant stupidity). What's driving you?

Is it that you perceive yourself equal to the people involved and it somehow grates that they meet success and you're still nobody? The problem there's your perception, you are not equal to the people involved. Or is there something else?

http://en.wikipedia.org/wiki/Ad_hominem  :)

1. You can get Nakabot fees down to 0.01% or something.

Ebay has fees as high as 30%. Why not look for someone to start a site exactly like ebay, with a couple of improvements, and 6% fees? Because people look on ebay.

2. SEO

https://www.google.com/search?q=bitcoin+bet

When people search for bitcoin betting, they're going to see betsofbitco.in first.

Alexa:
Alexa Traffic Rank: 580,358
Alexa Traffic Rank: 2,639,420

Guess which one is which.

3. Better management? Probably, since I don't know much about betsofbitco.in operators.

4. Referral system: Because that has never being done before. Also learn about http://en.wikipedia.org/wiki/Feature_creep

Also, this is subjective but the design for bitbet.us feels like a facebook "Hot or Not" app rather than, you know, a betting site.

Either way, feel free to wait 3-6 months and come back to this thread. Maybe even start a bet on which site is going to have higher volume.

Dude, you made an account four months ago and are telling me about coming back in six? How about you stfu for six and get back to me then? Jesus the bright minds on this forum, it's incredible.

Alexa traffic rank? Feature creep? Do you even know what words mean at all or is this the first pass of like...everything?

Do not worry about the numbers. Now they have the coin from IPO and they can make it look amazing. LOL
Huge bets will show up soon and all we can do is wonder, who are those retarded whales... or is it just the coin from IPO that bloats the books. You never know...

Where is it you think the funds from the IPO are supposed to go that it would be bad for investors if they were gambled on the site?

Hint: the funds raised from the IPO are NOT meant to be going into the company wallet (it's not a house that's being bet against - so it doesn't NEED large cash reserves in the way S-Dice does).

A tiny clarification to that. The site has a hotwallet from which it pays two things: referral fees (since these are automatic) and the house bonus for new bets (total of at least .1 BTC for both sides). These go straight into the blockchain because that's how BitBet is made to work (this means it's fully auditable by anyone, even anonymously) and this means there's need for "a little" BTC on hand.

Originally 10 BTC was allocated to this purpose, on the expectation that it'll last "a long time". Five days later it was running out and more BTC had to be put in, which is currently just about running out. The uptake is fabulous, especially on the referrals side, we've paid whole BTCs in commissions - something that doesn't really happen all that often in that business (and rarely for a new service etc).

So, the site does have some capital needs. You are certainly correct that they're nothing compared to S.DICE, and I guess we could say they are actually negligible (then again people are very happy when they hit a block, and that only pays 25 BTC). Obviously the stuff about how "now they have the IPO money" doesn't carry much seeing how MP flashed 26k BTC in November (http://polimedia.us/trilema/2012/mpoe-november-2012-statement/), the ~6% already sold of S.MPOE is worth significantly more than that etc.

As of tonight, it looks like bitbet.us now greater total BTC outstanding in bets than betsofbitco.in

Lets compare.

Betsofbitcoin

NFL Playoffs - Atlanta Falcons over the San Francisco 49ers
For 0.10, Against 0.0

NFL Playoffs - Baltimore Ravens over the New England Patriots
For 0.10, Against 0.0

bitbet.us

NFL Playoffs - San Francisco 49ers over the Atlanta Falcons
For 38.06, Against 62.04

NFL Playoffs : New England Patriots over Baltimore Ravens
For 22.04, Against 78.06


Looks like bitbet has about 1000x the volume for NFL bets.

And this is exactly how you bloat your books with coin from IPO, to make yourself look  better than your competition :)
And then, all you need is few not so bright shills to do the rest - "astounding success"
This .us domain is interesting. I thought that .us TLD is only for US companies. I guess you had to lie to get that one.

Check it out... a year later the expert is a fugitive fraudster, betsofbitcoin is dead, and BitBet rules supreme. How very valuable the consensus of the community, aka fecal matter (http://trilema.com/2013/soft-consensus-aka-fecal-matter/), actually is! Who knew!