Does anyone know anything about this site? If legit, does anyone have any idea what the average length of time is before an outcome can be decided and closed, and the bidders paid out?
Hmm...
As food for thought, here is a bet to consider:
Prediction: Bets of Bitcoin won't be back online.
Rationale: Whenever a sufficiently anonymous service is entrusted with bitcoin without sufficient collateral,
and the amount thus entrusted is large in comparison to the profitability of the service,
that service will seize to exist when the ratio of coins coming in to the coins going out turns negative.
Deadline: January 1, 2014.
Name: coinjedi
Posts: 184
Activity: 184
Position: Full Member
Date Registered: May 27, 2011, 01:37:11 PM
Last Active: September 04, 2013, 03:27:22 AM
First, I have used BetsOfBitcoin for a couple of years. I REALLY enjoyed bets of bitcoin.
That said, I would
very strongly recommend against trusting them your money.
Here is why:
Coinjedi, the owner and developer of BetsOfBitcoin is (AFAICT) anonymous.
Depositing money to BetsOfBitcoin is
exactly equivalent to "sending cash to a stranger on the internet".
This is a bad, problematic, entirely not acceptable state of affairs.
Coinjedi could run away with
all the money entrusted to the site, at any time.
There wouldn't be any obvious way for users of the site to even reach him.
For example: If he "forgets" to renew the domain registration, he could just take the deposited money, and...
well... on second thought...
he wouldn't even need to do anything, other than forget to pay the bill.
That would be the end of it.
Those moneys have
already been given to him, and the users of the site have no choice but to blindly trust that he will return them, according to his rules.
Now, when dealing in bitcoin... This trust model.... How do I put this...
History teaches that it often seems to work flawlessly for a time, a long time, until it one day
catastrophically stops working with little or no warning.
The website in question mysteriously ceases to exist, citing "technical difficulties", followed by promises of "be back soon", followed by... radio silence forever.
And your money would be gone. And you would be sad. And there would be nothing you could do to get them back.
As for warning signs: The owner has not responded to users on BitcoinTalk for a month... The site seems to have fallen into disuse and disrepair as of late. SSL cert expiry, and so on...
So... yeah...
Does that answer your question?
