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Author Topic: Could Augur and Ethereum working together make centralized exchanges obsolete?  (Read 623 times)
Uberse
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January 29, 2017, 05:34:24 AM
 #1

Hypothesis:

The outcome of an Augur bet could trigger two ethereum smart-contracts, one belonging to a crypto buyer and the other to a seller. The buyer's contract would contain all the relevant data of a debit- or gift-card loaded with fiat to spend. The seller's contract would contain the public address and private key of the crypto to be sold. Both buyer's and seller's contracts would make the exchange of the debit-card data and crypto-data dependent on the outcome of an Augur bet, which would be selected only on the basis of when the outcome of the bet was scheduled to occur, not necessarily the subject matter of the bet itself. Thus the bet would act as a sort of escrow between two parties.

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January 29, 2017, 11:06:08 AM
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I am not t familiar with Augur, so maybe that is why i do not see why it is necessary to use Argur. Also i wonder how the contract can verify the amount of fiat loaded on the debit/gift card.

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January 29, 2017, 11:49:00 AM
 #3

DO you read understand what Augur is, Augur is a discentralised prediction market not an exchange, you don't gamble on exchange you trade. is like comparing apple and oranges

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Uberse
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January 29, 2017, 04:03:50 PM
 #4

I am not t familiar with Augur, so maybe that is why i do not see why it is necessary to use Augur. Also i wonder how the contract can verify the amount of fiat loaded on the debit/gift card.

You can read about Augur at Augur.net. The value of using it as I suggested is that the contracts would be triggered by a unconnected event -- the bet. To ensure that the bet has no connection to either buyer or seller, multiple bets of the same (or nearly the same) outcome time/date could be required by the contracts. As for verifying the amount of fiat on the card, the exchange of information between the contracts would actually take place before the outcome of the bet. The Augur-validated fact of the bet's outcome would then trigger the decryption of the debit/gift card data and crypto address/keys and the sending of that data to the respective parties. So if there was not enough fiat on the card, the seller's contract would fail before the bet had completed and the seller would know this.
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January 29, 2017, 04:35:13 PM
 #5

DO you read understand what Augur is, Augur is a decentralized prediction market not an exchange, you don't gamble on exchange you trade. is like comparing apple and oranges

I know that Augur is a decentralized prediction market and not an exchange. The buyer's and seller's contracts could use disinterested parties to trigger their contracts rather than depending on each other, which would necessarily allow either one to cancel the exchange by failing to act on their contract. An Augur bet, by contrast, is going to happen once it has been made and posted. It will be an event uninfluenced by either buyer or seller and its existence as an event will be validated by disinterested Augur reporters. Apples and oranges they are, and that is the point.
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January 30, 2017, 04:12:57 PM
 #6

Hello.
I have some questions about Augur could someone explain please?

What are "disinterested Augur reporters" ?!
How they validate the truth?!
Couldn't they collude with one side?

Is this the correct workflow?

1 ) Someone asks a question?  example: (will EU collapse before 2018 )
2) group of users A bets on YES
3) group if users B bets on NO
4) 2018 passes and the EU haven't collapsed yet
5) disinterested Augur reporters if honest will say NO and then group A will win and collect the bets from group B

but what if on point 5 the "reporters" report YES in majority even if is not true?!
how is this avoided?!


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January 30, 2017, 06:28:50 PM
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Best just go tohttp://blog.augur.net/faq-frequently-asked-questions/.
John Titor
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January 30, 2017, 08:25:22 PM
 #8

Unless someone discovers a way to do margin trading on a decentralized exchange and match the speed of centralized exchanges, then no its not happening.
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January 31, 2017, 09:15:09 PM
 #9

Unless someone discovers a way to do margin trading on a decentralized exchange and match the speed of centralized exchanges, then no its not happening.

This idea is just for trades between individuals, although a margin capability could probably be found. As for speed, it could be nearly instantaneous because the debit card- and crypto-data could be preloaded into the respective smart-contracts. All that would be needed is an agreement on the Augur bet that would act as the trigger, and that would be determined by the needs of the buyer and seller. Probably it would be whatever time it was when they contacted each other on a forum, and so the next few scheduled bets on Augur would do. If Augur becomes popular enough, there will probably be plenty of bets coming up for completion on a minute-by-minute basis.

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