[ANN][XBet.IO] - The world's first distributed betting application - escrowed

[wevus]

Plans for betting on the NFL? Especially the Superbowl the largest MoneyPool every year for gambling?

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[poncho32]

This looks like it's going to be popular.

[xbet.io]

I've given it a try. It was really easy after I watched the 1 minute video.

Are you planning to add a feed which shows the 'live' bets as they are being made as each block rolls by?

This is a good idea. added to our "to do" list.

[IamNotSure]

A suggestion : Since the goal (and the fun) is to bet each other, a good idea would be to publish oddsshark.com odds (or another big bookmaker odds) below every match, so you can suggest a realistic odd when there are "not bets yet" Correct me if I'm wrong but it is in your intrest for the bets to be as fair as possible since you only take 1% of the resolved bets.

[Anotheranonlol]

I came across a helpful introductory guide to using Xbet posted by user knircky over in the counterparty forums

http://knircky.blogspot.com/2014/06/peer-to-peer-sportsbetting-in-5-steps.html

[mortare]

Site is looking good.

[led_lcd]

XBet.IO mentioned in a Coindesk article:

http://www.coindesk.com/bitcoin-betting-kicks-brazil-world-cup/

[chong ching]

I came across a helpful introductory guide to using Xbet posted by user knircky over in the counterparty forums

http://knircky.blogspot.com/2014/06/peer-to-peer-sportsbetting-in-5-steps.html

+1

just used it and it works like a charm.

go brazil!!!!!

[adept]

So you need counterparty coins to bet with?

[led_lcd]

So you need counterparty coins to bet with?

Yes, you will need XCP. It is easy to buy on:

https://poloniex.com/exchange/btc_xcp
or
https://bter.com/trade/xcp_btc

After you have bought some XCP, create a wallet on:
http://counterwallet.co/

Then withdraw your XCP to Counterwallet and then you're good to go.

[Jpja]

I've tried out Counterwallet and Xbet. I'm amazed by both 

Wrote a positive review on my blog.
http://jpja.net/2014/06/counterparty-adds-betting-to-bitcoin/

[xbet.io]

Important questions were asked about XBet.IO and we will address them here.

https://bitcointalk.org/index.php?topic=395761.msg7273811#msg7273811

are the odds for an individual bet set in stone when you make the bet or do they change when other people bet?

The odds that are displayed on XBet.IO are one of two:
1. User based odds that are open and can be matched by anyone on the network.
2. Odds that are backed by XBet.IO in order to create a market for the first user to place a bet in a new market.

You and you alone choose your own odds, other users can choose to accept them.
If you place a bet where you expect to receive 2 XCP for every XCP that you place as a bet, you will never be matched by a lower offer, only by a better one. The relevant odds for such a bet are those decided by the first user that has placed his bet.

[xbet.io]

ok now i'm confused, what do the numbers on there actually mean? i assumed those are the odds, so if it would be for away back/lay 10/10, that would mean 50:50 odds?

Those are the odds that you've selected; they aren't the only odds you are willing to take, they are, rather, the worst odds you will take.

If someone made a bet that with a wager of 8 and and a counterwager of 10, his bet wouldn't match yours, since those are worse odds than you specified in your order. If, however, someone made a wager of 12 and a counterwager of 10, he would match your order. And if your bet was made first, the actual odds of the bet would be 1:1, whereas if the counterparty made his bet first, the odds would be 5:6 (for you, and 6:5) for him.

The logic for matching bets is exactly the same as the logic for matching orders.

A well put answer, thank you cityglut.

[xbet.io]

ok thanks, but i'm only putting in one number right? if i put in 10 what exactly does that mean? and what does the 10 mean that's already there

In XBet.IO you are required only to fill out your address and the amount you would like to place as wager.

The 10 that is already there is the "odds" field. To determine the counterwager that will fit the odds that you wish to take, XBet.io presents an "odds" field that fits the display standards of the betting industry.

Odds are filled for you to match the most attractive offer corresponding to your bet type, however, you can change Those as well.

For example, if you place a "Back" type bet, with "amount" set to 10 and "odds" set to 4, you are in fact placing 10 XCP as wager, and 30 XCP as counterwager. That means that if another user, or users place a "Lay" type bet, with odds matching yours or better, at the sum of at least 30 XCP ( 15 from one user + 15 from another is fine too), your bet would be fully matched at the odds you chose.

More information about "Back" and "Lay" is featured on XBet.IO by pressing the "i" symbols next to the "back" and "lay" labels.

[xbet.io]

but i can't see what others are prepared to offer me?

You can view the state of the market on XBet.IO by pressing the "market" link, that is available next to each line inside a match page.

[BitCoinDream]

If it is decentralized, then why it is running on a website ? Website is centralization. It should work on a P2P model to be decentralized.

[xbet.io]

If it is decentralized, then why it is running on a website ? Website is centralization. It should work on a P2P model to be decentralized.

The website is mearly a user friendly interface to display the results of matches and coordinate between users' bets to match.

Bets are settled on the blockchain and are placed through users' private wallets, whether using a federated node of Counterwallet or from bitcoin-qt with open source counterparty software on it.

Funds are held in escrow so you do not have the vulnerabilities of traditional centralization.

[mybtclove]

Just saw this article.

http://www.bestbitcoincasino.com/xbet-io-enables-sports-bets-using-blockchain-and-counterparty-xcp/

[baddw]

If it is decentralized, then why it is running on a website ? Website is centralization. It should work on a P2P model to be decentralized.

The website is mearly a user friendly interface to display the results of matches and coordinate between users' bets to match.

Bets are settled on the blockchain and are placed through users' private wallets, whether using a federated node of Counterwallet or from bitcoin-qt with open source counterparty software on it.

Funds are held in escrow so you do not have the vulnerabilities of traditional centralization.

And in fact, anybody running bitcoind and counterpartyd (both open source) on their own PC can place bets using the Counterparty protocol using the XBet.io feeds.  The web interface for the Counterparty wallet (aka Counterwallet) is open-source as well, and it can be placed on any computer and work just like it does at counterwallet.co.

The Counterparty developers have focused on a web interface first.  It is open-source as well.  https://github.com/CounterpartyXCP/counterwallet

Everything discoverable on the XBet.io website is also discoverable using a user-compiled counterparty installation.

The only thing centralized is the Xbet.io feeds to resolve bets.  If Xbet.io turns rogue, it could upset a bunch of bets.  However, since they are taking a cut of every bet, it is in their long-term interest to maintain a good and honest service

[deliciousowl]

So you need counterparty coins to bet with?

Yes, you will need XCP. It is easy to buy on:

https://poloniex.com/exchange/btc_xcp
or
https://bter.com/trade/xcp_btc

After you have bought some XCP, create a wallet on:
http://counterwallet.co/

Then withdraw your XCP to Counterwallet and then you're good to go.

You could also buy some XCP on the Dex using counterwallet, if you don't want to use a centralized platform like poloniex or bter.