Bets of Bitcoin - Bitcoin betting on real world events

[Therilith]

What happens if the statement can not be decided?
If the moderators eventually decide that statement turned out to be undecidable (e.g. sports event is canceled), they will call it a draw and everyone will get their bets back without any commissions.

The way most statements are phrased, I don't think any of them would be "undecidable". For example:

The Blue Team will win the 2012 Grand Sports Trophy.

If every single team gets killed by a meteor strike (or the event gets cancelled for some other reason), the Blue Team did not, in fact, win the 2012 Grand Trophy. As such, the people who placed a bet on "disagree" deserve the money.
How will you handle situations like that?

[coinjedi]

How will you handle situations like that?

In the case of cancelled events due to unforeseen circumstances (e.g. meteor strikes) we tend to call it a draw as the statement implicitly assumes the event will take place. When it is called a draw, every bettor gets their coins back without any commissions.

[Therilith]

How will you handle situations like that?

In the case of cancelled events due to unforeseen circumstances (e.g. meteor strikes) we tend to call it a draw as the statement implicitly assumes the event will take place. When it is called a draw, every bettor gets their coins back without any commissions.

Fair enough I guess. You should probably be extremely specific in your "help" section though (more so than the example you already provide), since there could be a lot of money involved and "undecidable" sort of implies that the statement could not possibly be decided by any means.

[theymos]

You ruled a while ago that "x will be the republican nominee" was a draw because the person dropped out, which seems wrong to me. Probably many candidates will drop out before the issue is finally decided.

[coinjedi]

You ruled a while ago that "x will be the republican nominee" was a draw because the person dropped out, which seems wrong to me. Probably many candidates will drop out before the issue is finally decided.

I can only see two closed republican nominee bets, both are decided as "False" not "Draw":
http://betsofbitco.in/closed_search?q=republican
Let me know if you can find it out, I'll look into it.

[theymos]

Oh, nevermind. You actually just changed the deadline of the Cain one.

[coinjedi]

Oh, nevermind. You actually just changed the deadline of the Cain one.

Yes, when an event concludes before the deadline or a major development happens (an official announcement etc.) we set the deadline to the day before and the bets after that is cancelled and refunded.

[OgNasty]

This looks like an awesome site.  I just made my first statement.

The Miami Heat will win the 2012 NBA Finals

[coinjedi]

This looks like an awesome site.  I just made my first statement.

The Miami Heat will win the 2012 NBA Finals

Welcome on board and thank you for the compliments! Don't forget that the statements are invisible to others until they are approved, which I did just now. Also let us know by email if Miami is eliminated from the playoffs. We do our best to follow up all the statements but submitters help would be appreciated for the best experience of the bettors.

[grue]

Forbidden

You don't have permission to access /login on this server.
Apache/2.2.17 (Ubuntu) Server at betsofbitco.in Port 443


edit: nvm, cleared cache and it works again.

[coinjedi]

Forbidden

You don't have permission to access /login on this server.
Apache/2.2.17 (Ubuntu) Server at betsofbitco.in Port 443

Do you always get the same error? It seems to work fine for others. I'll try to dig the error logs to figure out the problem.

[OgNasty]

This looks like an awesome site.  I just made my first statement.

The Miami Heat will win the 2012 NBA Finals

Welcome on board and thank you for the compliments! Don't forget that the statements are invisible to others until they are approved, which I did just now. Also let us know by email if Miami is eliminated from the playoffs. We do our best to follow up all the statements but submitters help would be appreciated for the best experience of the bettors.

Thanks!  I've placed several bets now and am looking foward to playing around with the site. 

I do have a request.  The "Bet deadline" and "Event date" didn't allow for a long enough spread time to keep people from gaming the system should the Heat be eliminated early.  Is this something you could adjust for me?  In a perfect world, the bet deadline and event dates would be as shown below:

Bet deadline: April 28, 2012 (Start of the 2012 NBA Playoffs)
Event date: June 26, 2012 (Last possible date for the 2012 NBA Finals if the series goes 7 games)

[coinjedi]

I do have a request.  The "Bet deadline" and "Event date" didn't allow for a long enough spread time to keep people from gaming the system should the Heat be eliminated early.  Is this something you could adjust for me?  In a perfect world, the bet deadline and event dates would be as shown below:

Bet deadline: April 28, 2012 (Start of the 2012 NBA Playoffs)
Event date: June 26, 2012 (Last possible date for the 2012 NBA Finals if the series goes 7 games)

There is no perfect single deadline for many statements like this one. Here is our solution: We advise submitters to use a late deadline and let us know if the statement can be can be concluded early. In your case, if Heat can't make it to the playoffs let us know, we will early terminate the bets and cancel the ones that try to "game" the system. Does it sound good?

[OgNasty]

No worries.  I'm sure the bet will be handled properly.

I won my first bet today.   

[StewartJ]

Hi Coinjedi, great web site. I thought that BTCSportsBet was great for sports, but this looks to be a lot of fun at  a whole different level

Just a little feedback on web functionality: would be nice to always see current BTC balance when one is logged in, perhaps on the Black bar header, next to the Account user name.  I noticed BTCSportsBet has that available.

I just an opened an account! Can't wait to try it out!

[finway]

jedi means god (one of) ,right?

[coinjedi]

I just an opened an account! Can't wait to try it out!

Welcome on board Stewart.

[coinjedi]

jedi means god (one of) ,right?

jedi means, well.. just jedi

[Iyeman]

This website is awesome, I will definetely use this website.

[coinjedi]

This website is awesome, I will definetely use this website.

I am glad that you liked it. Go ahead and submit things you would like to bet on (or think someone might).