Bitcoin Forum

WeBetCoins.com (http://webetcoins.com/) beta


What is WeBetCoins.com?
WeBetCoins is a website where everyone can bet bitcoins on anything - sport, politics, games, finance, really on anything! Moreover, you can earn bitcoins by creating new events. You don't need to register to make bets!

How can I earn bitcoins?
With WeBetCoins.com you can not only bet on some statements, you can also earn bitcoins. In fact, all statements on this site yields profit for their authors. To start making money with WeBetCoins.com all you need is sign up and create new statement, this is absolutely free and doesn't cost anything.

How much can I earn?
Each statement author can choose how much he will take. Currently you can choose between 0% and 7% of the total bitcoins received during the round.  Because creating new statements costs nothing you can make money without any investment, all you need is to be creative and active. Because your earnings depends on the popularity of the statement you've created it is highly recommended to promote the link to the statement and attract new bettors. Sign up and make new statement, share a link with people, engage new bettors, make profit!


So, what kind of statements can I create?
You can create statements with many different outcomes, not just plain Yes/No or Agree/Disagree. You are free in you choice of outcomes, would it be teams or persons or prices or anything else.

Who will win the bet
Everyone who chose right outcome.

Who decides on the bet
Outcomes of completed bets decided by the moderators, so if you are willing to create new statement make comprehensive description so that everyone can check the outcome.


Grammar Nazis needed
I'm not a native english speaker so I always make a lot of mistakes, I would appreciate any help with grammar on site as wel as on forum, if you see some errors, inaccuracy in sentences, misused words just send me PM or write about it in this topic.


Check it now - WeBetCoins.com (http://webetcoins.com/)!

Currently the site is pretty empty. Be first and create new statement!

I registered, but can't access my account page, I get an internal server error.

Oh, yeah. I made some changes a before rolling out this site and forget to test some things =). It should work now.

Works :)

Will the fees be paid to the address you make your bet as the creator of the statement?

Nope, I'll add withdrawing option on the profile page (I think I'll make it within a couple of days).  Currently you can't withdraw bitcoins.

How much can a bet earn?

Interesting idea, I am going to add some events.

Now that a statement has ended, what can I do to post it's results?

Once the statement has ended it will be reviewed and if everything is OK all winning bets will receive their rewards in one day.
But, statement can be canceled if:

• The outcome of the statement couldn't be determined
• The statement received no bets
• The statement has huge disproportion in the bets (for instance if 9 bets were made on the Outcome A, and 1 on Outcome B, and the Outcome A is the real outcome of this event
• Statement has bets only on one outcome

In all this cases all deposits will be returned.

I added a percentage of expected return besides each outcome of the event, so now you can see your odds. For now, the most profitable bet could be this one - http://webetcoins.com/rounds/2  :)

Hi xyu,

I looked but could not find it; what percentage does WeBetCoins get from each round/bet?

In a statement with more then two options and many bettors; who gets the stake if nobody selects the winning option? Is the round cancelled as stated above?

Thanks,
n.olmos

1. 3%
2. Yes, I think it should be canceled.

For now, I'm working on tagging  and adding a new type of betting wich permits the user to select a few possible outcomes. This could be useful in some scenarios, say, you want to bet on who will get through the judge's houses in the X Factor  :), obviously there could be variety of combinations of the contestants and current scheme with only one possible outcome won't work.
Does anyone one know the right terminology for this type of betting?

Cool site.  I like that it doesn't cost me to make statements - it's fun to come up with interesting bets, but I don't want to bet money that people will want to bet money on it.  If that makes sense.  :)  I've created a few statements already.

Also, this is the best statement ever:  http://webetcoins.com/rounds/10

Hi xyu,

Thanks for your response.

OK, I was thinking that the house and/or host would get the stake as in Bitcoinduit.

Cancelling would work; however, is it good form for a host to bet all options to provide both a winner and starting pot.

This is mine: http://webetcoins.com/rounds/7

I did it just to get started, but I already have some better ideas and will be making more rounds.

Thanks,
n.olmos

Yeah, that's a good call.  I'll start doing that on mine when I get on the computer that has my wallet on it.  That way, people won't feel awkward about being the first to bet.

I've been waiting and thinking about this for quite some time now.

First I have to read carefully how it does work though,  but I'm definitely interested.

I think declarative statement form should be enforced. You can't agree or disagree with a question.

"Disagreed will win this bet" is devilish.

edit: n/m I see now you can make the answers what you want.

I have red a few description of betting protocols and I'm afraid I'm not much convinced by any of them.

As far as this one is concerned, I still don't get exactly how it works.  I guess I'll have to read more.

Anyway, so far what I think about this is that a prediction market needs a clear specification of the market rules, and more precisely, a better description of the financial vehicle it involves.


Here is how I see it:

- an event should only have a Yes/No outcome (i.e. 'will happen'/'will not happen' betting possibilities)

- anyone should be able to create an event.  But the person who creates an event should also be responsible of settling it down.   Byt settling down, I mean "telling everyone wether the event occured, or not".  Such a person could be called the "referee" for this event.  The honesty of the referee should be appreciated only on a reputation based way.  Thus all referee should cryptographically sign their event descriptions.

- the bookkeeper is normally a different person from the referee.  He is basically the website admin and he earns money from his own bets and/or advertisements on the website.

- a bet should be considered as some kind of a conditional bond.  It is a promise to pay a certain amount of money in case some event happen at a certain time.   This makes it possible to follow the same financial principles than 'normal' bonds.  In particular, a bond emission is based on a auction system that determines the final winning ratio.  For instance, if a 100BTC bet that Obama will get elected on 2012 is sold at 50BTC, then the winning ratio is 200% on one side, and 50% on the other.

- As a consequence, as soon as your bet has been bought, you know exactly how much you can earn from it.

- this would allow a second market for bets.  Therefore, as times goes on and the likelihood of the event  changes, owners of bets can sell them before the event is settled, and the winning ratios get adjusted by the selling prices.  Exactly as it is for bonds.

-   The bookeeper should also act as a third party (escrow), so that he supports all credit risk associated to a bet.  For instance, in order to bet 100BTC for an event that will settle in a year, you have to pay 100BTC immediately to the bookkeeper who will hold the bitcoins until settlement.

Awesome, amazing, keep it up! If you guys want any grunt work done (graphics, writing, etc) I'd be happy to help, free of charge. Just PM me if interested.

What are the terms of service? I couldn't find them while browsing on my phone, and I hope that some evil stuff like "will Explodicle be assaulted tomorrow?" won't be allowed.

Can you add something like tags or anything else to group every bets?
So players will be able to group bets under sports,politics ...

cool i might try this.