StockBet™ is bringing liberty and freedom to the world, by letting people bet on stocks and initial public offerings (IPOs) with as little as 0.001 Bitcoin.
Nice idea, I'm looking forward to it, I ony wait for some feedbacks because there are too much scams here to believe in anything.
Thanks.
Yes, we've noticed the discussion on this forum about Coinbet. This is unfortunate. We thought that Bitcoin and all of these "provably fair" sites will elevate the trust.
We could be wrong, but maybe not all of them were scams from the onset. Maybe the following are possible factors that caused the casino and poker operators to loosen their integrity or ethics:
- Since most of those sites use software from the same vendors, they needed to differentiate and they probably had a lot of pressure to do so because there are so many operators. One of the areas where they can differentiate, was to offer bigger bonuses, vouchers, etc. This caused many people to take the offers but they didn't play the games after they took advantage of the offers. Maybe some scammed or hacked the operators. When the operator realized that they offered too much and it was a losing business model, they might have pushed back too hard (or tried to be revengeful?).
- Another area to differentiate, was to offer bigger jackpots, hoping to attract more players but also hoping that no players won it because they didn't have enough to cover. Maybe the operator had full intention of running a business, but after a player won the jackpot, the operator decided to reneg or fold shop.
- Even with provably fair games, if the players are betting against the house, some houses are going to be unlucky and lose. When the operator loses, the operator didn't have enough integrity to accept the losses.
Again, the above are just guesses as we do not know the true story behind each of the situations.
I know that it'll take time for people to trust our site, since we're new. Here are a few things you should know:
- We built our software. We don't need to differentiate from the casino, poker and sport sites.
- Players do not bet against the house at StockBet.com, so we do not offer jackpots.
- We do not offer bonuses or vouchers.
- We don't need Bitcoin or Blockchain to show that we are "provably fair". Players can check the stock market to verify the stock price.
- For security, we keep bitcoins offline in cold storage.
- We want our users to get two benefits, not just the one potential benefit of winning money. We want them to have fun as well.
- We have two objectives, not just the one objective of making a profit. Some of us are former professionals from the stock market. The stock market is very interesting and can be exciting, but this excitement is limited to the one percent or the people in the West who have thousands of dollars to trade. We want to bring this to everyone. When Facebook went public with their IPO, thousands of people around the world were bantering and debating about it. Some claimed that it will go to the moon. Some claimed that investors will get a faceplant or get Zuckered. These people were from all corners of the world, but they couldn't elevate the excitement by putting money on it. Only the one percent of the one percent who had inside connections to investment bankers on Wall Street were able to. We are trying to enable everyone to get in on the excitement. If we can accomplish this and enable them to have fun, we will accomplish our profit objective.
We know that you and players have to trust us because you need to deposit before making bets. Hopefully, we can gain your trust over time. In the meantime, we encourage you to play with the free Chips...or take a small risk, such as betting with BTC0.001. We do not encourage that you immediately withdraw your money after the round is over, as withdrawals can cost us on transaction fees, but if you feel the need to do so, then please do.
