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coinjedi
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August 16, 2011, 02:53:18 AM
 #1

I thought Gambling community here may be interested in our website:
http://betsofbitco.in/

Here is our main thread:
https://bitcointalk.org/index.php?topic=37069.0

Bets of Bitcoin
http://betsofbitco.in/
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
coinjedi
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September 04, 2011, 04:26:24 PM
 #2

We now have a Twitter account where you can follow latest statements.

https://twitter.com/#!/betsofbitcoin

Bets of Bitcoin
http://betsofbitco.in/
Thndr
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October 12, 2011, 04:09:34 PM
 #3

Been paying attention to the Republican nomination process myself and submitted 9 statements that just came out of approval today.


Is there any chance of making the statements have % predictions on what the betters think like other popular sites?
coinjedi
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October 12, 2011, 09:00:11 PM
 #4

Welcome on board Thndr. Right now we display how much is actually bet on both sides (i.e. 1 BTC Agree vs 4 BTC Disagree). We think that this is more informative than just saying %20 Agree. Don't you think so?

Bets of Bitcoin
http://betsofbitco.in/
hongus
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October 13, 2011, 02:03:31 AM
 #5

This is a great idea and all, but I don't think I can stand the wait time for these bets!

1HoNGusEgzyXfvQnxHrJjx4bunJRf9pK19
coinjedi
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October 13, 2011, 02:53:16 AM
 #6

This is a great idea and all, but I don't think I can stand the wait time for these bets!

You can always submit your own statements and set the dates. If your bets attract people you can earn commission. Good luck!

Bets of Bitcoin
http://betsofbitco.in/
Thndr
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October 13, 2011, 04:55:16 AM
 #7

Couldn't think of anything closer than feb for election stuff, and I don't really care much about sports. The only major sporting even I really even notice is the Superbowl and a week of local basketball in march.

If a statement gets no votes, do you get refunded anything?

Welcome on board Thndr. Right now we display how much is actually bet on both sides (i.e. 1 BTC Agree vs 4 BTC Disagree). We think that this is more informative than just saying %20 Agree. Don't you think so?
Yeah and no. I guess I'm just used to one number showing the chance while browsing statements on another site.
coinjedi
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October 13, 2011, 10:32:51 PM
 #8

If a statement gets no votes, do you get refunded anything?

If nobody challenges you, you get your bet back but not the submission fee. We refund the submission fee if we reject your statement.

Bets of Bitcoin
http://betsofbitco.in/
barbarousrelic
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January 02, 2012, 09:53:40 PM
 #9

http://betsofbitco.in/item?id=200

Bet on the Orange Bowl here!

Do not waste your time debating whether Bitcoin can work. It does work.

"Early adopters will profit" is not a sufficient condition to classify something as a pyramid or Ponzi scheme. If it was, Apple and Microsoft stock are Ponzi schemes.

There is no such thing as "market manipulation." There is only buying and selling.
steelhouse
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January 03, 2012, 04:48:00 AM
 #10

I think you could offer parimutual wagering like they do in horse races. For example:

Pool to win Iowa Caucuses.  Pool closes in 1 day 3 hrs and 2 seconds.

56 Romney
33 Paul
11 Gingrich
5  Santorum
3  Bachmann
1  Field

Thus you don't have all these head to head match-ups.  You could also close the pool every week, and start a new one thus it would be much more interesting.  The details that it is going to close in 1 day is not detailed enough, and the idea of time weighting is rather lame too.  Yes, people can cancel their bet in the last minute but it really does not happen much.  Go to the horse races to see how they do it.  For example you could have had 3 Iowa caucus races that closed every Sunday for the last 3 weeks.  Otherwise site looks great.




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January 30, 2012, 04:15:22 PM
 #11

The Miami Heat will win the 2012 NBA Finals
The 2012 NBA Finals will be played in June of 2012. Winner to be determined by www.nba.com.



I'm betting the Miami Heat will win the 2012 NBA Finals.
If you want to get in on this bet, click here and place your bet!

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OgNasty
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January 30, 2012, 04:16:09 PM
 #12

Team USA will win Gold in the 2012 Olympic Men's Basketball Competition
Team USA will win the Gold Medal in the 2012 Olympic Men's Basketball Competition. Results determined by www.USABasketball.com.



I'm betting Team USA will win the Gold Medal in the 2012 Olympic Men's Basketball Competition.
If you want to get in on this bet, click here and place your bet!

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barbarousrelic
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January 30, 2012, 07:04:52 PM
 #13

Two questions.

First, did the bet about the Iowa Caucuses get changed when it became known days later that Santorum actually won and not Romney?

Second, it shouldn't be possible for one person to win more than they have bet. If I bet 1 BTC that something will happen, and only one person bets against me and they bet .1 BTC, and the thing doesn't happen, they win my entire 1 BTC even though I could only have won their .1 BTC. The way I think it should work is that the person betting .1 BTC should get a payoff of .2 BTC, and the person who bet 1 BTC should get .9 BTC back.

(All of this minus fees, of course.)

Do not waste your time debating whether Bitcoin can work. It does work.

"Early adopters will profit" is not a sufficient condition to classify something as a pyramid or Ponzi scheme. If it was, Apple and Microsoft stock are Ponzi schemes.

There is no such thing as "market manipulation." There is only buying and selling.
ForceField
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January 30, 2012, 08:51:25 PM
 #14

Second, it shouldn't be possible for one person to win more than they have bet. If I bet 1 BTC that something will happen, and only one person bets against me and they bet .1 BTC, and the thing doesn't happen, they win my entire 1 BTC even though I could only have won their .1 BTC. The way I think it should work is that the person betting .1 BTC should get a payoff of .2 BTC, and the person who bet 1 BTC should get .9 BTC back.

(All of this minus fees, of course.)

Disagree, that's the purpose of odds. If you're betting on an underdog you're getting ten-to-one odds. So although it's unlikely that you'll win, the payoff is more lucrative.

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January 31, 2012, 02:44:23 AM
 #15

Second, it shouldn't be possible for one person to win more than they have bet. If I bet 1 BTC that something will happen, and only one person bets against me and they bet .1 BTC, and the thing doesn't happen, they win my entire 1 BTC even though I could only have won their .1 BTC. The way I think it should work is that the person betting .1 BTC should get a payoff of .2 BTC, and the person who bet 1 BTC should get .9 BTC back.

(All of this minus fees, of course.)

You need to bet both sides in proportion to what you think the outcome will be. Example: A die will come up number '6'. You bet 5 on 'NO' and 1 on 'YES'. If anyone feels lucky and bets against true 5:1 odds, you make money in the long run.

good judgment comes from experience, and experience comes from bad judgment
barbarousrelic
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January 31, 2012, 04:12:36 PM
 #16

Second, it shouldn't be possible for one person to win more than they have bet. If I bet 1 BTC that something will happen, and only one person bets against me and they bet .1 BTC, and the thing doesn't happen, they win my entire 1 BTC even though I could only have won their .1 BTC. The way I think it should work is that the person betting .1 BTC should get a payoff of .2 BTC, and the person who bet 1 BTC should get .9 BTC back.

(All of this minus fees, of course.)

Disagree, that's the purpose of odds. If you're betting on an underdog you're getting ten-to-one odds. So although it's unlikely that you'll win, the payoff is more lucrative.

I see the usefulness of that, but it doesn't work with bets that have few people betting. I started the betting with 1 BTC on a bet I thought was roughly 50/50, I wouldn't have done so if I had known one person could bet .1 BTC and win ten times that much.

Do not waste your time debating whether Bitcoin can work. It does work.

"Early adopters will profit" is not a sufficient condition to classify something as a pyramid or Ponzi scheme. If it was, Apple and Microsoft stock are Ponzi schemes.

There is no such thing as "market manipulation." There is only buying and selling.
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January 31, 2012, 05:49:52 PM
 #17

Second, it shouldn't be possible for one person to win more than they have bet. If I bet 1 BTC that something will happen, and only one person bets against me and they bet .1 BTC, and the thing doesn't happen, they win my entire 1 BTC even though I could only have won their .1 BTC. The way I think it should work is that the person betting .1 BTC should get a payoff of .2 BTC, and the person who bet 1 BTC should get .9 BTC back.

(All of this minus fees, of course.)

Disagree, that's the purpose of odds. If you're betting on an underdog you're getting ten-to-one odds. So although it's unlikely that you'll win, the payoff is more lucrative.

I see the usefulness of that, but it doesn't work with bets that have few people betting. I started the betting with 1 BTC on a bet I thought was roughly 50/50, I wouldn't have done so if I had known one person could bet .1 BTC and win ten times that much.

There are always odds on every bet.  Sounds like you've never been to Vegas or a horse track.

I love this site.  My only complaint is that there aren't enough users (some kind of timeline showing your bets would be nice too).  Hopefully the word will get out.

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donatello
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February 01, 2012, 03:11:19 AM
 #18

Second, it shouldn't be possible for one person to win more than they have bet. If I bet 1 BTC that something will happen, and only one person bets against me and they bet .1 BTC, and the thing doesn't happen, they win my entire 1 BTC even though I could only have won their .1 BTC. The way I think it should work is that the person betting .1 BTC should get a payoff of .2 BTC, and the person who bet 1 BTC should get .9 BTC back.

(All of this minus fees, of course.)

Disagree, that's the purpose of odds. If you're betting on an underdog you're getting ten-to-one odds. So although it's unlikely that you'll win, the payoff is more lucrative.

I see the usefulness of that, but it doesn't work with bets that have few people betting. I started the betting with 1 BTC on a bet I thought was roughly 50/50, I wouldn't have done so if I had known one person could bet .1 BTC and win ten times that much.
You should bet what you think the true odds are.  If you think it's close to 50/50 and you're the first to bet, you should put 0.5 or so on each side.  (Or at least keep an eye on it and buy the other side if nobody else does.)  The only reason it doesn't work on small bets is that nobody noticed; theoretically it should get bought up to 1:1 if it's 50/50 (at least, ignoring the time element).
OgNasty
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February 01, 2012, 05:33:46 AM
 #19

I'm surprised we're not seeing more action on the Super Bowl bets... 

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