Feeling Cheated ?

For those feeling cheated: I am about to launch a service where you would be betting on closing price of one currency being higher or lower than previous day. IMPOSSIBLE to cheat on my side (or yours!), and the winners would share a % of the loosing "pot" based on their orignal investment. Everything is TRANSPARENT AND IMPOSSIBLE to cheat from both side.

Feel free to PM and to get the URL to it, I also have a thread talking about it in this sub forum.

Yes I agree that there is still a point of failure, that would be me, if I did organize it. What I am saying is that I would both not be able to to cheat the result AND would not directly need the user to "loose" in order to win (That margin would be a small % taken from the pot that is being redistributed to all winners.

Yes there is still the worry that I could run with the first pots, but they would be a better return for me if that actually was a truly growing and successful platform.

Also are you sure I am talking about spread betting here ? It really is a simple PUT/CALL, just with a fixed a easily verifiable outcome, the only difference is that the % would vary depending on the size of the 2 pots and user's bet.

Hey everyone,

I am going to try again talking about an idea I had and hope for feedback on it.

No one likes to get scammed out of their money,  so I am suggesting this: We could have a central place where we bet about a currency closing higher or lower than the previous day. The bets would go in 2 "pots", the Call Pot and the Put Pot. At the end of the day, if the price has gone higher for example, people who bet on the CALL pot would get a share of whats on the PUT. (depending on their % of participation) AND a % of the loosing pot would be kept by the service.

This seem like it would be a good thing as people would know EXACTLY if they have won or not, and also exactly how much. All the numbers & transactions would be transparently shared to everyone.

Does this sound like something you guys would be interested into ?

Thanks for reading and hoping for some feedback here

What it the fastest web client that can be used to send bitcoins to an address then ?

Everyone, what is the fastest way to send a bitcoin to secondtrade ? The site suggests a few ways but I would like to know which one has the lowest latency ?


Thanks!

Great that illustrates my point quite well Maybe what I am suggesting could actually be a solution to those platforms that endup being scams... Anyone as any feedback on this suggestion then ?

Hey everyone,

I am like many of you in this forum,  worried about brokers fixing the results in order to make a lot of money on us. I came up with a idea that hopefully will convince a few of you that there is another way.

Within the website I am building, everyone would bets on if a the closing rate of EURUSD will be higher or lower than the day before. This cannot be cheated as everyone can check this number from which ever source they like.

The trick is that there is no "fixed" return % per say. The amount you put in determine the amount you would will in case of a successful "trade".

For example, if users collectively put 1 BTC on CALL and 1 BTC on PUT and YOU put 0.1 BTC on CALL, you would own 10% of the bet. In case of a win, you would earn 10% of the losing pot (0.1 BTC) + your initial investment (0.1). The service would keep 9% of the losing pot before distributing. This is what makes it a 91% return.

But this 91% could actually be much greater if you side with the lower trend. (lower if you are in the larger pot!)
For example, if the total trades for CALL is 3.0 BTC and PUT is 1.0 BTC, and you bet 0.1 BTC on PUT, you would be earning 30% of the CALL pot + your initial 0.1. That would be in this case 0.4 BTC ( - the 9% taken on the losing pot, 0.373 BTC)


I am thinking of stopping bets 6 hours before the closing time.

All transaction and wins would be transparent on the for everyone to see.


The site is near completion and I will send the URL really soon; If you like the idea and want to try it out, please let me know!