Bets of Bitcoin - Bitcoin betting on real world events

[BitcoinBug]

These are all true.
We want to earn trust by being in business for years to come. I understand people being paranoid. We were actually frustrated when our competitor moonco.in has disappeared. Community needs responsible service providers more than anything.

People trusted MyBitcoin for the same reason, being in business for long time... but it's false type of trust I believe. What prevents you from disappearing 5 years from now, when site is popular and there's big incentive/little risk to do so?

Yes, community needs responsible service providers. Hiding behind anonymity does not help at all!

[memvola]

Yes, community needs responsible service providers. Hiding behind anonymity does not help at all!

Or the service provider needs to work around it. Giving the control of all or most of the assets to a trusted network of arbiters could be one way of doing it. Every transaction above a certain amount will need signatures of a certain number of arbiters. These people need to be publicly known and trusted. They can do this for multiple projects and make money from it.

[coinjedi]

Or the service provider needs to work around it. Giving the control of all or most of the assets to a trusted network of arbiters could be one way of doing it. Every transaction above a certain amount will need signatures of a certain number of arbiters. These people need to be publicly known and trusted. They can do this for multiple projects and make money from it.

Is there such an arbiter protocol suggested somewhere? Does anybody know if this is possible with Open Transactions?

[memvola]

Or the service provider needs to work around it. Giving the control of all or most of the assets to a trusted network of arbiters could be one way of doing it. Every transaction above a certain amount will need signatures of a certain number of arbiters. These people need to be publicly known and trusted. They can do this for multiple projects and make money from it.

Is there such an arbiter protocol suggested somewhere? Does anybody know if this is possible with Open Transactions?

Not to my knowledge. I also would like to know if the scripting system of Bitcoin is capable of supporting something that would be of help in this manner? AFAIK you can theoretically require n signatures out of m to access an amount, but once you have the required criteria you access the whole amount. It can still be useful though...

[Stephen Gornick]

Competition coming?  Crowdpark the creator of the social gambling and prediction-market Bet Tycoon on Facebook just got $6M of new funding and its co-founder "would love to" add bitcoin as a virtual currency used in their betting.

Whether or not there is a sincere interest in this or if this was just a response was teased out by the reporter is something not apparent from the article.

 - http://www.benzinga.com/tech/11/10/1997687/who-wants-to-gamble-with-bitcoins-on-facebook
 

[coinjedi]

Competition coming?  Crowdpark the creator of the social gambling and prediction-market Bet Tycoon on Facebook just got $6M of new funding and its co-founder "would love to" add bitcoin as a virtual currency used in their betting.

Whether or not there is a sincere interest in this or if this was just a response was teased out by the reporter is something not apparent from the article.

 - http://www.benzinga.com/tech/11/10/1997687/who-wants-to-gamble-with-bitcoins-on-facebook
 

We welcome competition. It means that we are probably on the right track. On the other hand it may very well turn out to be vaporware. There has been many rumors of inTrade accepting Bitcoins as well.

[BitcoinBug]

Site down.
http://www.downforeveryoneorjustme.com/http://betsofbitco.in

Coinjedi?

[coinjedi]

Site down.
http://www.downforeveryoneorjustme.com/http://betsofbitco.in

Coinjedi?

Yes, we are working on it. It is possibly due to a problem with the service provider. We created a support ticket and they are working on it. Once again, we have regular off-site backups for the worst case. We hope to be back soon.

[coinjedi]

We are back online. Happy betting!

[coinjedi]

Our first bet to pass 100 BTC mark is on a new bitcoin mining hardware:
http://betsofbitco.in/item?id=141

Thanks everyone who has participated. Bets are still on, so you can join.

[Snapman]

how many confirmations before my deposit shows?

[coinjedi]

how many confirmations before my deposit shows?

Your deposit is already cleared. Happy betting!

[coinjedi]

We are on The Bitcoin Show. Check it out!

[theymos]

Some of the statements I've bet on will have no losers. Do you still take a fee in this case?

[coinjedi]

Some of the statements I've bet on will have no losers. Do you still take a fee in this case?

We get a commission from the losing bets. If nothing is lost, we get nothing and winning side gets everything back.
But once the statement is accepted submission fee is not refundable.

[jtimon]

It would be nice if you could edit your bet while is waiting for approval.
I made a mistake with the "Bet deadline" field.

[coinjedi]

It would be nice if you could edit your bet while is waiting for approval.
I made a mistake with the "Bet deadline" field.

When you need a correction, please email us (admin at betsofbitco.in). I'll take a note to make it editable in the future.

[jtimon]

It would be nice if you could edit your bet while is waiting for approval.
I made a mistake with the "Bet deadline" field.

When you need a correction, please email us (admin at betsofbitco.in). I'll take a note to make it editable in the future.

Thank you. Mail sent.

[ForceField]

Just placed my first bet, looking forward to a positive outcome.

[coinjedi]

Just placed my first bet, looking forward to a positive outcome.

Welcome on board!