BetMoose.com - Betting Exchange | Prediction Market | Real World Events | P2P

[BetMoose]

I will like to know if the bitcoin betting on your website works like binary betting we see in currencies.

Not exactly. Although we have the same idea, the payout structure is different. See here: https://en.wikipedia.org/wiki/Parimutuel_betting

and from our FAQ:

1. How is the payout calculated for parimutuel bets?
If you are correct, your payout is (your bet) + [(your weighted bet) / (total weighted volume on your side) * (total volume to be split among the winners)]. "Weighted" means (time-multiplier * bet amount) and doesn't apply to 'Unweighted' bets. Payouts are also deducted 3% which is shared between the host and BetMoose.

We have a second payout method known as "fixed odds" bets. The bets that are using the traditional, "fixed odds" payout scheme are clearly marked different than our normal, parimutuel style. Here's an example: https://www.betmoose.com/faq#betting1

[Rmcdermott927]

This site seems like a great place for people like me who like to bet on literally everything.  Betting on sports is fun, but really, how many people can say that they are addicted to gambling enough to have bet on the date of the first hurricane warning?

[EternalWingsofGod]

This site seems like a great place for people like me who like to bet on literally everything.  Betting on sports is fun, but really, how many people can say that they are addicted to gambling enough to have bet on the date of the first hurricane warning?

That is what makes it amusing though if you can find a bet people want to join in on, it doesn't really matter what it is so you have the freedom to make weird ones like that ha-ha.

[Swisswatcher]

I like it

[Jamphone]

This is what I've been waiting for since InTrade closed shop. I was all over that last US election.

[BetMoose]

An important notice to all UK-based users:

The UK Gambling Commission has been pressuring BetMoose to IP block UK users from accessing the site. This is unfortunate as we have proposed other solutions which the commission has rejected. We have offered to pay for the license but the UK commission does not accept Bitcoin (and we do not transact with fiat). This means that in a few weeks time, users with UK-based IP addresses will not be able to use the site.

If you are a UK user, don't worry - your funds and account is safe (and will always be).
We strongly recommend exploring VPN and/or proxy solutions, such as our friends over at http://www.vpnreactor.com/

In addition, here are some top suggestions from Google. Once setup, all these methods are very convenient to use, and may have other beneficial side effects such as the ability to stream US shows and Netflix:

http://techpp.com/2009/07/09/top-5-free-vpn-clients/
http://freevpnaccess.com/

If anyone from the community wants to add anything, please do!

Adam

[EternalWingsofGod]

If anyone from the community wants to add anything, please do!

Adam

Just a bit curious if the Bitlicense in New York has any impact on Betmoose
Or if it doesn't affect US users.

[BetMoose]

No effect as we know it at this point. From our understanding, the Bitlicense laws are focused more towards exchanges and establishments where BTC->Fiat and vise-versa. Because BetMoose is Bitcoin-only, it is unlikely that we will come under any regulatory pressure in the near future. In any case, it seems that IP blocking is a satisfactory way of avoiding certain laws, and VPNs will continue to increase in popularity as a result.

There's no such thing as true censorship when you have the internet.

[freedomno1]

Thinking about it wanted to put some life into this thread
- Was wondering if we could put user generated bets in this thread instead of a new gambling thread for bets as it seems like an appropriate use of the gambling section.

[sportfan]

Thinking about it wanted to put some life into this thread
- Was wondering if we could put user generated bets in this thread instead of a new gambling thread for bets as it seems like an appropriate use of the gambling section.

this was unnessesery

[EternalWingsofGod]

Thinking about it wanted to put some life into this thread
- Was wondering if we could put user generated bets in this thread instead of a new gambling thread for bets as it seems like an appropriate use of the gambling section.

this was unnessesery

Looking up your posts I would disagree mate and it's a fair question they wanted to know if they should just open up gambling threads or not.
https://bitcointalk.org/index.php?action=profile;u=443438;sa=showPosts;start=40

[BetMoose]

Hey freedom,

We wouldn't mind, as long as I'm assuming you're planning to host these on BetMoose!

P.S: Sorry for the hiatus everyone, we're in between scaling our infrastructure (we're running a bank in addition to a betting exchange here!), fixing known bugs, and working on a new site expansion. It's 95% of the way there but the other stuff has been getting in the way. Will hopefully have something soon!

P.P.S: In addition to the note above, you may have noticed deposits/withdrawals are currently extremely delayed/not being processed - that's because our node is resyncing and it's taking forever. Sorry about that!

Adam

[freedomno1]

Hey freedom,

We wouldn't mind, as long as I'm assuming you're planning to host these on BetMoose!

P.P.S: In addition to the note above, you may have noticed deposits/withdrawals are currently extremely delayed/not being processed - that's because our node is resyncing and it's taking forever. Sorry about that!

Adam

Ha-ha I was wondering why it was taking so long it'll get there eventually thanks for the heads up
And but of course just waiting for some interesting news to make a wager for
Thanks.

[freedomno1]

The value of Bitcoin is rising fast enough that I think it's worth sharing this crazy bet

___________

Bitcoin Will Pass $1600 By the End of this YearOptions: Yes | No

[Jamphone]

Can we please get this one paid out and resolved? Or just cancel the bet and give us our money back? BitStamp and Bitfinex both crossed over $500. And I've e-mailed Bitpay and they won't give me their historical data.

https://www.betmoose.com/bet/bitcoin-will-break-500usd-before-january-1-2016-1215

[BetMoose]

Sorry Jamphone - we can't just decide bets because 'someone saw it'. We didn't see it; and there's no other evidence presented that it did in fact happen..

Just to be clear; it's possible that it did in fact happen, but without valid proof, the next person will say 'No it didn't happen'. Who's right then?

[Jamphone]

Sorry Jamphone - we can't just decide bets because 'someone saw it'. We didn't see it; and there's no other evidence presented that it did in fact happen..

Just to be clear; it's possible that it did in fact happen, but without valid proof, the next person will say 'No it didn't happen'. Who's right then?

So therefore - you should annul the bet. Otherwise it is unfair. The creator did not choose a metric with historical data. What is the other option? By allowing it to continue - and on Dec 31 going "hey, nobody saw it cross $500" - you've already told me you've decided it didn't happen.

[BetMoose]

The resolution will be 'No' if it never crosses $500 by EoY, which is different than cancelling the bet. The metrics the host has chosen are legitimate, and we can't nullify it because someone 'said they saw it'. Think about a court room where you have a murder victim with a suspect but no murder weapon. The suspect goes free unless proven guilty. The same thing applies here. We have no concrete evidence to resolve "Yes". Likewise, we can't just 'end his trial' without hearing all evidence. In this case, Bitcoin is below $500 (as evidenced right now). Therefore there will be an outcome here unless Bitpay shuts down.

I am sorry as you may be correct. But we cannot pick your side without seeing valid proof, or it will seem unfair from the other side (those 'who never saw it go above $500 - no way!')

Adam

[Jamphone]

The resolution will be 'No' if it never crosses $500 by EoY, which is different than cancelling the bet. The metrics the host has chosen are legitimate, and we can't nullify it because someone 'said they saw it'. Think about a court room where you have a murder victim with a suspect but no murder weapon. The suspect goes free unless proven guilty. The same thing applies here. We have no concrete evidence to resolve "Yes". Likewise, we can't just 'end his trial' without hearing all evidence. In this case, Bitcoin is below $500 (as evidenced right now). Therefore there will be an outcome here unless Bitpay shuts down.

I am sorry as you may be correct. But we cannot pick your side without seeing valid proof, or it will seem unfair from the other side (those 'who never saw it go above $500 - no way!')

Adam

I'm a lawyer and am well aware of how a court works. (Edit: For arguments sake, civil courts operate on a "balance of probabilities" standard, which in the absence of historical data would be the price on other exchanges. So I would win in court.)

So we're all straight here: because Bitpay refuses to give me historical data I lose by default.

I would be satisfied if you agree not to pay out the "no" side unless they can prove it didn't cross $500 as well by providing historical data. Otherwise, this simply isn't fair.

BitPay's price is based on internal factors that they are unwilling to share, hence why they won't show the historical data.

In retrospect, the creator picked a really dumb metric.

Further edit: thank you for explaining yourself! I do like your site and am hoping we can sort this out. I think I bet $7 on this... but its the principal!

[BetMoose]

Totally hear you there about principle. Do you have any historical data which shows other exchanges/market rate(s) going above $500 USD?

Thanks,