Bitcoin Future Event Prediction Exchange Features for Beta Trial

[cliff101]

I am working with a couple of friends to develop a robust future prediction exchange platform powered by bitcoin. The ideas we've discussed will make it way better than intrade.com. Some features are similar but we are also adding some pretty cool new features. Here are some of the features we are putting into the platform:

1. Because we are using Bitcoin, anyone around the world with a connection to the internet can participate
2. All you need is an email and a Bitcoin wallet address to participate. So you can remain pretty anonymous if you wish.
3. User can submit events to bid on
* users will be able to submit events and other users will be able to vote them into the featured question line-up. If your event makes it into the line-up, you get a percentage from the proceeds.
4. Users will be able to set buy and sell limits
* we know that you don't always have a computer handy to submit a trade. This feature will allow you to set-up selling buying and selling parameters to be executed based on predetermined values.
5. There will be opportunities to earn free Bitcoin or fractions of a bitcoin by visiting our advertisers page.
6. Website security is very important so users will have double encryption option to log-in and email verification before we release funds to wallets.

There are some other upcoming features as well but what's more important for us is to get feedback. Please tell me what you think so far and let me know if there are other features you would like to see on the website. We are looking to have a grand roll-out by the end of summer 2013. You can check out my indiegogo page at http://igg.me/at/BitPEx/x/3269453 if you would like to support this project. Hope you are as excited as we are.

[cliff101]

Here's a bit more on how this will work:

All you need is an email to sign up. Then you transfer funds into a specified BTC wallet. Transferred amount
is reflected into your account in seconds and you are ready to roll.



There are a multitude of events on which to set a value. You set the value by selecting the probability percentage of the event occurring and the number of share you would like to buy or sell for that event. A few examples of events might be:

•   Miami Heat to Win 2013 NBA Championship
•   Dow Jones to close above 15,500 on May 31st, 2013
•   A Republican to win 2016 U.S. Presidential election
•   Taylor Swift to receive MTV Video Music Award for  "22"

Let’s say you select to place a bid on ‘Miami Heat to Win 2013 NBA Championship’ as an example for sports fans. Considering currently there are 4 teams left in the Playoffs, that gives them a 25% chance of winning. You can select 25% chance of winning but most likely no one will take the other side of that deal. You can take a few other facts into consideration and say you make a deal for 100 shares at 30% probability (each 1% represents 0.01BTC at this point).

Let continue with this example and the Heat Manage to make it to the finals against and near equal match opponent. At that point, the likely hood percentage for new buyers might be around 50%. You can chose to either sell all or some of your shares that you purchased at 30%. The shares you successfully sell at 50% just netted you a 20% profit. You can buy or sell at any point before the closing of an event so long as you have a willing participant on the other side of the deal.

The charge per completed transaction is 2%. 0.5% of the 2% on each completed transaction goes to the user who submitted the event.