betting with bitcoins......

[spndr7]

It seems very ....ease and fairness in the play can be maintained using only bitcoins for betting....and for games of chance... whats ur opinion ?

[1714103398]

1714103398

[molybdenum]

Hrm, a third party account could hold money until the event finished, then pay the sum back to the winners... I'll have to implement something like this, at least as a proof of concept, once I manage to convince bitcoind to compile and run with 256 MB of RAM ;-)

[spndr7]

[SirArthur]

Using the bitcoin client as a bet broker would make it a "token bet place" and not a "currency".
But you can make a bet site based on bitcoins, just like my casino runs on it.

[spndr7]

but here other p2p client will be made...using different p2p protocol ..bitcoin system will only be used for payment..purpose only....More over decentralizing betting will make it impartial and  honest system

[sirius]

What would be the incentive to vote for the right result? Maybe the voters would be paid a reward only if they had voted the same as the majority of voters. How would you keep betters from creating their own voting-nodes?

[SirArthur]

Betting has to be concise on a specific event, not abstract. Therefore it makes no much sense, looks like some odd sort of "ad Populum".
Eg. "What will be the outcome of game A", "Who will be the next president of B".
You can't run betting on polls when those polls are generated by the betting system itself, 'cause that would result on the same always: the best spamer wins and I doubt someone is up to promote spam around.  A «guess the number I'm thinking» game would make more sense than that. 

[spndr7]

For entering a bet ...one has to vote in atleast one betting result...this will eliminate the need of incentive........There won't be spamming because one node votes once for an event................If spammers can forge the system then it also means that they can also forge the bitcoin generation system by generating coins on several PCs for one hash address..........

[SirArthur]

For entering a bet ...one has to vote in atleast one betting result...this will eliminate the need of incentive........There won't be spamming because one node votes once for an event................If spammers can forge the system then it also means that they can also forge the bitcoin generation system by generating coins on several PCs for one hash address..........

Well, my friend:

If for entering a bet one has to already bet at least once it means the system will never start. Since noone would be able to start the first poll.

Spammers can't "forge results" but get people to vote for "their bet", also those with botnets would have a huge advantage here.
As for generate BC, sure, perfectly possible, you can have several machines generating BC's and output them all to a single address upon creation. Just the value of BC and the uncertain whether and when you'll create some makes such system not profitable.

In the end; you can't run bets on polls generated by the betting system itself. Bet has to be on something the betting system isn't related or can't predict the outcome. That's the essence... 

[spndr7]

how would spammers would get people do anything.......??True..one can also get some one to do any sort of crime...botnets can  bring down any system in this world.........These are obvious ...dangers to any system ...Please once  visualize this project from a positive angle ...leaving a crtic frame of mind..

[SirArthur]

Botnets aren't just for DDoS, it can be used for other purpouses - can perform anything its master tells them to - including download BC Client and cast votes.

But I'm not being critic, the issue is that you're using votes on polls generated by the system to a bet system. That's a noway thing to do.

One thing is:

Who will win the next game?
- Team A
- Draw
- Team B

This is what uncertain future event stands for.

Other thing would be:

What's your favorite color?
-Red
-Yellow
-Green
-Blue

This is an opinion cast or survey, and it makes no sense to bet on its outcome. Because you're starting a question yourself for a non-event and use the number of replies as the outcome, which becomes a redudancy and a result "ad populum".
Opinions Ad Populum are natural fallacies, like "Many people believes in God" - such has no influence at all to determine whether God exists or not. People beliefs and likes/dislikes doesn't qualify then to create valid results on itsown about anything. 

[sirius]

how would spammers would get people do anything.......??True..one can also get some one to do any sort of crime...botnets can  bring down any system in this world.........These are obvious ...dangers to any system ...Please once  visualize this project from a positive angle ...leaving a crtic frame of mind..

For gods sake dude, fix your punctuation Whitespace goes before a sentence and one (1) dot after a sentence.

[spndr7]

People beliefs and likes/dislikes doesn't qualify them to create valid results on its own about anything...

You are very correct...

[spndr7]

Finally decentralized prediction market is being realized 

Augur alpha has been released

http://client.augur.net

[strategics]

I'd like to see a sports or predictive trading platform such as betfair come to the cryptospace.

[staggerpines]

Fastest way to lose your bitcoins and live with regret.....