In this game you're playing against each other.
There is no house and thus no need for a house edge.
This means that there's a 100% chance for you to break even (fair odds).
In case you win, you win double; you can bet whatever amount you want.
Step 1. Choose your teamTeam Heads vs. Team Tails
Step 2. Post your battlecry + BetFor example: "Go go Tails! - I bet 1 BTC on tails". It is important that you let others know what you have bet on, so that they can cover the bets for the opposite team. But if you're reading this and don't have a forum account, you can still participate by just sending in your bet.
You can choose whatever amount you want. If you win, it'll be doubled.
Min bet is: 0.01 BTC.Step 3. Send your bet to the address of your teamIt is not really important what team you choose since both have the same odds of winning. If you click on the addresses above, you'll be able to see their balance. If you can, try to bet on the address that has the lowest balance so that the bets can be "covered".
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Both addresses must have the same balance and all excess will be sent back to the rightful owner before the coin is flipped. If you want, feel free to bet 300 BTC or whatever sum you want... if the opposite team does not fully cover that amount, the uncovered amount will be sent back to you before the game decision.
Important: You must send your bet before Wednesday January 16th, 8 AM EST /13.00 UTC.
Step 4. The coin is flipped!!!Since this forum doesn't seem to have much activity, the coin will be flipped on Wednesday, January 16th at 9.30 EST (14.30 UTC). If this becomes popular I'll consider doing it every day or every two, but first let's see if people are interested on this first test run.
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How the coin is flipped:
A 7 digit secret random number will be XORed with the opening value of the Dow Jones on Wednesday (which opens at 9.30 EST) and is an unpredictable publicly available number which even I can't know. (This is done so that I can't possibly cheat).
The result of the XOR will be hashed using SHA-256 and the last digit will determine the outcome of the coin flip: 0-7 will be heads and 8-F will be tails. (Remember that the hash is an hexadecimal number and its digits have 16 possible values, from 0 to F).
The Hash for the secret number is: c55303d0d11d801f27c0db8a0b8ca85b3c57daddce2ac699492908f93464c03f
The Opening Value for the Dow Jones can be seen here: http://www.google.com/finance/historical?q=indexdjx:.dji
Payment
If your team wins, you'll get double of what you bet (except for the 0.0005 transaction fee, obviously.). Since I'm doing this manually, please don't expect me to send out the winnings at exactly 9.30.
Also: only use wallets that can receive payments from sending addresses. Do not use shared wallets.
Limitations
This is a first test run and I'd label it BETA. Since I don't know how many bets there'll be, I reserve the right to close bets if I see that there are too many for me to possibly process. I also reserve the right to change the "coin flipping method" in case someone on the forum proposes a different and better method. But I can promise that it'll always be 50% chance and always 100% fair.
Tip jar
I'm doing this without taking a fee because I want to see what interest there is in fair odd games. Are you interested in P2P gambling that allows fair odd bets? If there is interest, we could try to find a method to allow further automation. If we've got p2p currency... why not fair p2p gambling options?
What's the need for SatoshiDice and company if we could create a system that's not rigged by a house edge?
If you like the idea and want to encourage me to do further of such games, feel free to tip me at: 1ASzBZdtzXRn5ZcUFFGRcZyVf6EF2oUBES
