I have an idea about betting on bitcoin

[btc_angela]

This is what we call binary options,  and when I started here, I remember there was a campaign, "Secondstrade" to promote this kind of "trading". I don't know what happen to them, but there seems to be a lot of similar websites back then. I assume it didn't get enough traction as this is clearly 'gambling' per definition and it was also been used to scam crypto traders if I remember it correctly.

[1715292782]

1715292782

[1715292782]

1715292782

[bitbollo]

Freebitcoin promote a "fixed" term for betting and has a relatively long term for expiry/settlement of each bet.
Likewise "price of bitcoin at end of december 2020" ...
Meanwhile Secondstrade (as the name said) was used with bets settled in "few" minutes /hours (like a classic binary option).
the idea itself is not bad at all. I mean we love bets we are gamblers. But it's very hard have such type of site, since it's very easy manipulate the market (at least this is what happened in the past for secondstrade).

[20kevin20]

why would anyone want to bet on something they can trade unless they are gambling addicts betting on anything that moves?
the difference is just too huge to ignore. if you bet on the price and you lose, you lose everything you put down. but if you trade and buy/sell making the same guess about price movement and you lose, you only lose a small percentage since you still can sell/buy respectively to go back where you were minus the small loss.

There was one app for Android phones that let us do exactly what OP has suggested; you could bet for free using free credits and the top 5 players with most virtual credits at the end of the month would get cash prizes. It's a quite interesting idea, but knowing Bitcoin's volatility .. it's very, very risky.

If you gamble on Bitcoin this way and you think in 5hrs the price will be lower than now, when exactly 5 hours hit there might be a huge 2-min price spike although the market goes very bearish again afterwards. That means you were theoretically right - in 5 hours the price was still lower than when you bet if you exclude the spike, but that one spike would turn it into a huge, annoying loss.

[Shimmiry]

~

AFAIK, such games already exists yet requires hard work by book makers as there would be so many instances and criteria to consider. Yet it would be fine if there would be a specific time of what is the price of that time and others would bet from choices. But I think it is just a waste of time and you could just rather be fond on trading than to predict prices as trading involves such predictions as well (which is much profitable if you would spend trading whole-day everyday.)

..but knowing Bitcoin's volatility .. it's very, very risky.

If you gamble on Bitcoin this way and you think in 5hrs the price will be lower than now, when exactly 5 hours hit there might be a huge 2-min price spike although the market goes very bearish again afterwards. That means you were theoretically right - in 5 hours the price was still lower than when you bet if you exclude the spike, but that one spike would turn it into a huge, annoying loss.

Indeed... Bitcoin's price was too high and too volatile to have bets on a certain and exact amount and it cannot be gambled if they would only consider predicting the whole numbers and not the decimals, as some of the time the price only changes on the decimals in which could affect the time frame limit of the bet.

[teosanru]

I have an idea. I will not implement it, I don't know if already it exists, but I would like to post it. Tell me, if it would be dumb.

These days, there are many online casinos with games like poker. I wonder, how would a betting price site would be?

Like betting 0.01BTC on the price of bitcoin. If, I've bet that by tomorrow it will have pass 10,000$ I would get the analogous amount of BTC
If the price wouldn't, I would have simply lost my funds. There is a difference with poker here, tho. Central authorities, cannot control it. So the man that has the site, may bankrupt. On the other hand, I think we can admit that online poker (especially with real money) is never on pure luck of the cards.

Poker may it be online or offline is never pure luck of the cards. It actually is playing the human behavior and some even are such good calculators that they play it by the probabilities. But mostly I feel it's about stepping into the shoes of the other person and thinking that how could he play it next. Moreover coming to betting on the price of bitcoin. If you are interested in betting on price why don't you just go into trading yourself. Moreover pretty much same as poker luck isn't a major thing here. What matters the most is how well you can control your own nerve while trading and you obviously do need to have a sound knowledge of Technical Analysis. So be it gambling or trading when you are playing without any knowledge you are just playing pure luck but if you have some knowledge and expertise it's never pure luck.

[iv4n]

I have an idea. I will not implement it, I don't know if already it exists, but I would like to post it. Tell me, if it would be dumb.

These days, there are many online casinos with games like poker. I wonder, how would a betting price site would be?

Like betting 0.01BTC on the price of bitcoin. If, I've bet that by tomorrow it will have pass 10,000$ I would get the analogous amount of BTC
If the price wouldn't, I would have simply lost my funds. There is a difference with poker here, tho. Central authorities, cannot control it. So the man that has the site, may bankrupt. On the other hand, I think we can admit that online poker (especially with real money) is never on pure luck of the cards.

Poker may it be online or offline is never pure luck of the cards. It actually is playing the human behavior and some even are such good calculators that they play it by the probabilities. But mostly I feel it's about stepping into the shoes of the other person and thinking that how could he play it next. Moreover coming to betting on the price of bitcoin. If you are interested in betting on price why don't you just go into trading yourself. Moreover pretty much same as poker luck isn't a major thing here. What matters the most is how well you can control your own nerve while trading and you obviously do need to have a sound knowledge of Technical Analysis. So be it gambling or trading when you are playing without any knowledge you are just playing pure luck but if you have some knowledge and expertise it's never pure luck.

I am trying to understand how did you connect these two, poker and binary options? One has no connection with other, and what you say that it's never a pure luck of the cards, guess what, sometimes the poker is all about, lucky cards!
You can have knowledge, and you know that some wins are pure luck. Not the product of the hard work, or patience, it's nothing else than fucking river that fucks you up totally! You were better, you waited long enough, you did everything you need to do, but guess what? Destiny has a surprise for you! In gambling or trading, it's never a pure luck, but it's never knowledge as well, it's a combination!

[FontSeli]

I have an idea. I will not implement it, I don't know if already it exists, but I would like to post it. Tell me, if it would be dumb.

These days, there are many online casinos with games like poker. I wonder, how would a betting price site would be?

Like betting 0.01BTC on the price of bitcoin. If, I've bet that by tomorrow it will have pass 10,000$ I would get the analogous amount of BTC
If the price wouldn't, I would have simply lost my funds. There is a difference with poker here, tho. Central authorities, cannot control it. So the man that has the site, may bankrupt. On the other hand, I think we can admit that online poker (especially with real money) is never on pure luck of the cards.

Betting on the price of Bitcoin is not comparable to poker. The difference is very strong. What you described is very similar to buying a futures contract or even selling, where you can choose the price of Bitcoin on a specific date.

[Mahanton]

I have an idea. I will not implement it, I don't know if already it exists, but I would like to post it. Tell me, if it would be dumb.

These days, there are many online casinos with games like poker. I wonder, how would a betting price site would be?

Like betting 0.01BTC on the price of bitcoin. If, I've bet that by tomorrow it will have pass 10,000$ I would get the analogous amount of BTC
If the price wouldn't, I would have simply lost my funds. There is a difference with poker here, tho. Central authorities, cannot control it. So the man that has the site, may bankrupt. On the other hand, I think we can admit that online poker (especially with real money) is never on pure luck of the cards.

Betting on the price of Bitcoin is not comparable to poker. The difference is very strong. What you described is very similar to buying a futures contract or even selling, where you can choose the price of Bitcoin on a specific date.

I agree! Why would poker would be similar with Bitcoin price betting? Its totally different but in the sense that both do require analysis then we can at least point out some similarities.
There are lots of binary options based or even futures trading out there that do offer this stuff and we know that there are platforms that do offer poker games.
They are entirely on different field imho.

[STT]

For a long maybe you prefer to take a trade though leverage can be a cost that adds upto alot but shorts are unlimied risk as a trade and dangerous, the price for BTC can go anywhere in theory and that means a giant loss.
  On the other hand a bet that BTC goes down is not going to hurt, it will pay or it will not and the risk can be forgotten about.   It can be a kind of hedge to bet BTC will go down and mean you gain even in the worst case scenario, depends on the cost to that bet really.

[kawetsriyanto]

It is not a bad idea but yes it already exists on some sites, for example it already exists on Freebitco.in. You can visit Freebitco.in if you want to try betting on Bitcoin. Yep, @rhomelmabini has stated it above, and it is true. Also, you can bet on Bitcoin in another way, why don't bet the price of Bitcoin with your friends. You can invite your friends to play betting the price of Bitcoin. If they agree, then you can do it together. 

[FontSeli]

Betting on the price of Bitcoin is not comparable to poker. The difference is very strong. What you described is very similar to buying a futures contract or even selling, where you can choose the price of Bitcoin on a specific date.

I agree! Why would poker would be similar with Bitcoin price betting? Its totally different but in the sense that both do require analysis then we can at least point out some similarities.
There are lots of binary options based or even futures trading out there that do offer this stuff and we know that there are platforms that do offer poker games.
They are entirely on different field imho.

That's just it. There is no need to come up with bets on the price of Bitcoin in an online casino. All this has long been available on exchanges where you can buy and sell Bitcoin futures.
In poker, you need more skills and the ability to bluff than just rely on luck.

[serjent05]

why would anyone want to bet on something they can trade unless they are gambling addicts betting on anything that moves?
the difference is just too huge to ignore. if you bet on the price and you lose, you lose everything you put down. but if you trade and buy/sell making the same guess about price movement and you lose, you only lose a small percentage since you still can sell/buy respectively to go back where you were minus the small loss.

Well, that is a gambling person for you.  More risk, more amusement.  People just want to test their guessing instinct and find lots of fun or entertainment on it.  Adding a larger risk will make that satisfaction intensify.  I got your point and I very much agree with it.  But who knows, how these gamblers' minds work.


@OP, indeed the idea already exist as stated by the earlier replies.

[tippytoes]

I have an idea. I will not implement it, I don't know if already it exists, but I would like to post it. Tell me, if it would be dumb.

Yes, it already exists. Betting on the price of bitcoin or any other alt for a determined time is already set by some major platforms in the Gambling field and i remember seeing it in some exchanges too.
Even it's already existed, and if you really have the needed skills, you can still implement it and start a business. But, to be honest, it's not that easy as you may thought because it's not that easy to determine the exact price of bitcoin in an exact time.

Yes, his idea is not new and it is already existing. But better forget building his own business because it seems that he is not ready for this. He will just fail and waste his resources.

[Shasha80]

There are several platforms that already run the idea of betting on the price of Bitcoin. And that's not a stupid idea to do,
even though the risk is very high. Because predicting the price of bitcoin is very difficult, it requires high ability and experience.
I myself do not dare to bet on the price of Bitcoin, because if you lose you can lose big amounts in short time.

[imstillthebest]

 its like your saying poker are controllable or the site can cheat at you  ? because you can loose all at the end but price predicting arent ?  because the price isnt control by the site   but site can still possibly profit on it if someone losses  .

what im only worrying is that price from one market to another arent simillar because there are other markets that price are already high enough while some are delayed    . if i remember i think there is already a thread about betting like this but i haven see a site yet that conducts it  .

[Coin_trader]

This is idea is like binary trading on fortunejack before but already remove now for some reason. I remember playing it during my newbie days on crypto and I believe I'm not yet a member here. The other site that I saw this idea was on livecoin exchange but I will not recommend to used that exchange anymore due to there tainted reputation.

This idea is different from leverage trading and I believe the mechanics is somehow closed on sportsbet ting mechanics tho.

[iamsheikhadil]

It does exist, for bitcoin and even for fiat like in binary options where you get to predict the price and if you are correct, you are given a 80%-90% profit return but if you lose, you lose 100%. I think it's also very a typical gambling game and it's more risky to be honest. Markets can be manipulated even if it's rarely!

[ralle14]

In addition to what they said, here's a sportsbook where you can bet on the prices every day. The betting volumes might be low but it's possible to find a better one if you're serious with bitcoin price predictions.  

And having limits that strict is only possible for popular casinos because if new casinos implements a rule where players could only bet few times a year it'll affect their profits really hard unless they have a lot of games to offer as an alternative.

[maydna]

It does exist, for bitcoin and even for fiat like in binary options where you get to predict the price and if you are correct, you are given a 80%-90% profit return but if you lose, you lose 100%. I think it's also very a typical gambling game and it's more risky to be honest. Markets can be manipulated even if it's rarely!

The profit is very tempting people to try to predict on bitcoin price. If you don't have skills in analyzing the bitcoin price, it will be difficult for you to predict where the price will move, and you will confuse to place the bets. But if you can control how much money you will use to bets, no matter if you lose or win, you will not lose too big money. But that can make you greedy once you see that you can make a big profit and you can wait for more to close the bet. Yes, those games will be too risky because when bitcoin move to the other side than we choose, we will lose much money.

[asu]

In addition to what they said, here's a sportsbook where you can bet on the prices every day. The betting volumes might be low but it's possible to find a better one if you're serious with bitcoin price predictions.  

In alternative for that sportsbook.

If s/he's looking for a high betting volume, should be this casino. They don't have daily price prediction, they do monthly and yearly prediction, but it has great volumer with great odds.