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Author Topic: [GLBSE] REBATE official thread  (Read 12751 times)
DeaDTerra
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June 30, 2012, 11:35:22 AM
 #21

This site is so addictive I am sitting and fighting with others over 0.001 BTC, I feel silly but it's loads of fun Tongue
//DeaDTerra
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June 30, 2012, 11:38:33 AM
 #22

How exactly does it work ?

DeaDTerra
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June 30, 2012, 12:00:04 PM
 #23

How exactly does it work ?
The BitcoinRebate is connected to a infrastructure network called ZipConf which enables instant transfers between wallet to exchange and in between the exchanges, by hooking that infrastructure to a arbitrage bot we can get better prices on our Bitcoins hence offer better penny auctions.
The penny auctions works in this way, there is a amount of bitcoins that's sold at a certain price usually between 1-3% discount so say that we are selling 1 BTC then the price you could buy it at is 0.97 or something. You can then bid to get to buy this Bitcoin, the one that bids the highest for this deal get it. The once that lose, losses their bids, so say that you bid 0.001 BTC. If you win you gain 1-0.97-0.001= 0.029 BTC in profit. If You lose then you lose your bid of 0.001 BTC while someone else get's the bitcoins.

Is that clear or?
//DeaDTerra
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June 30, 2012, 12:00:31 PM
 #24

How exactly does it work ?

yeah... ?

I think they use zipconf to do insta trading and get immediate arbitrage opportunities not possiblle with normal bots.

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June 30, 2012, 12:06:42 PM
 #25

It is a gambling site?

Edit: How do we know the site operator is not cheating since he can see the wagers?


Yes in a sense this is gambling, as the person with the highest bid at the end of the auction wins and everyone else loses. Hence there's always a risk involved with making a bid.
In what sense are you meaning? The operator can see the wagers but so can everyone else, the highest bid is always displayed, so is the amount of BTC, the price for this BTC and the discount.
//DeaDTerra
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June 30, 2012, 12:15:32 PM
 #26

It is a gambling site?

Edit: How do we know the site operator is not cheating since he can see the wagers?


Yes in a sense this is gambling, as the person with the highest bid at the end of the auction wins and everyone else loses. Hence there's always a risk involved with making a bid.
In what sense are you meaning? The operator can see the wagers but so can everyone else, the highest bid is always displayed, so is the amount of BTC, the price for this BTC and the discount.
//DeaDTerra

I do not fully understand how this works. I did not know we could see the highest bid.

Since we can all see the highest bid, what is stopping people from bidding higher?

Thank you.
The auctions only last something like 50-500 seconds. Someone can bid higher, but then they risk someone bidding higher than them. It is a gambling site, effectively - or a kind of penny auction, depending if you consider the two different. You're betting nobody else will bid higher than you, essentially.

Highest bid is displayed at the bottom-right of the screen once you're logged in.

Don't mix your coins someone said isn't legal
DeaDTerra
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June 30, 2012, 12:19:45 PM
 #27

It is a gambling site?

Edit: How do we know the site operator is not cheating since he can see the wagers?


Yes in a sense this is gambling, as the person with the highest bid at the end of the auction wins and everyone else loses. Hence there's always a risk involved with making a bid.
In what sense are you meaning? The operator can see the wagers but so can everyone else, the highest bid is always displayed, so is the amount of BTC, the price for this BTC and the discount.
//DeaDTerra

I do not fully understand how this works. I did not know we could see the highest bid.

Since we can all see the highest bid, what is stopping people from bidding higher?

Thank you.
The auctions only last something like 50-500 seconds. Someone can bid higher, but then they risk someone bidding higher than them. It is a gambling site, effectively - or a kind of penny auction, depending if you consider the two different. You're betting nobody else will bid higher than you, essentially.

Highest bid is displayed at the bottom-right of the screen once you're logged in.
The auction lasts for 60 Seconds, of sorry I forgot to mention that. So it become a battle between the players of who has the highest still profitable bid before the time runs our. It's a arbitrage and penny auction site Smiley I would say it's a form of gambling but instead of the classic against the house it's against other players.
//DeaDTerra
DeaDTerra
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June 30, 2012, 12:21:48 PM
 #28

It is a gambling site?

Edit: How do we know the site operator is not cheating since he can see the wagers?


Yes in a sense this is gambling, as the person with the highest bid at the end of the auction wins and everyone else loses. Hence there's always a risk involved with making a bid.
In what sense are you meaning? The operator can see the wagers but so can everyone else, the highest bid is always displayed, so is the amount of BTC, the price for this BTC and the discount.
//DeaDTerra

I do not fully understand how this works. I did not know we could see the highest bid.

Since we can all see the highest bid, what is stopping people from bidding higher?

Thank you.
The auctions only last something like 50-500 seconds. Someone can bid higher, but then they risk someone bidding higher than them. It is a gambling site, effectively - or a kind of penny auction, depending if you consider the two different. You're betting nobody else will bid higher than you, essentially.

Highest bid is displayed at the bottom-right of the screen once you're logged in.

Okay, I understand the gambling part and suspect bots will get in on this sooner or later (if it works the way I assume it does).

However what does arb have to do with this?

Thanks
The arbitrage system is what enables us to bid off cheap Bitcoins, By buying and selling Bitcoin on different exchanges we can offer cheaper Bitcoin which then people can bid on.
//DeaDTerra
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June 30, 2012, 12:22:32 PM
 #29

Its a parimutuel bet Smiley

DeaDTerra
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June 30, 2012, 12:29:49 PM
 #30

It is a gambling site?

Edit: How do we know the site operator is not cheating since he can see the wagers?


Yes in a sense this is gambling, as the person with the highest bid at the end of the auction wins and everyone else loses. Hence there's always a risk involved with making a bid.
In what sense are you meaning? The operator can see the wagers but so can everyone else, the highest bid is always displayed, so is the amount of BTC, the price for this BTC and the discount.
//DeaDTerra

I do not fully understand how this works. I did not know we could see the highest bid.

Since we can all see the highest bid, what is stopping people from bidding higher?

Thank you.
The auctions only last something like 50-500 seconds. Someone can bid higher, but then they risk someone bidding higher than them. It is a gambling site, effectively - or a kind of penny auction, depending if you consider the two different. You're betting nobody else will bid higher than you, essentially.

Highest bid is displayed at the bottom-right of the screen once you're logged in.

Okay, I understand the gambling part and suspect bots will get in on this sooner or later (if it works the way I assume it does).

However what does arb have to do with this?

Thanks
The arbitrage system is what enables us to bid off cheap Bitcoins, By buying and selling Bitcoin on different exchanges we can offer cheaper Bitcoin which then people can bid on.
//DeaDTerra

Do you personally fully understand how this arb technically works or is this just what you were told? In my mind some red flags are being raised. It sounds like "magic" from the limited information I know about it.


I did not code this bot by my self neither the system, I was not the one with the idea. But I do know how arbitrage bots work (I have one myself) and I do know how penny auctions work, so I see how the idea could be formed and I know how it can be executed using ZipConf. But I am not the man with the real details.

From what I know when you deposit the Bitcoins enter the ZipConf system, which is connected to the exchange a arbitrage bot is connected to this system and uses the funds to find good deal between the exchanged to buy "cheaper" bitcoins then on other exchanges. As we then can buy Bitcoins at a discounted rate we can also sell them of at a discounted rate on BitcoinRebate, ofc the dicount is not only from the arbitrage trading as the profit from arbitrage is currently very limited, we also rely on the bid amount from the losers to keep the platform profitable.

The man with the Idea JRO, will soon wake up xD, he's the guy that has the brain that you should be poking Tongue
//DeaDTerra
DeaDTerra
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June 30, 2012, 12:53:02 PM
 #31

I look forward to what JRO has to say. From my understanding his "arb bot" has the ability to do something that no other person in BTC can do. Assuming this is true, I just find it shocking that the end use for it turned out to be a gambling site.

How is Matthew involved in this project? Thanks.
I am not sure of how trading 1 BTC for x dollars and buying 1 BTC for Y dollars is any different from any other arbitrage bot? They work in the same way but the advantage of using ZipConf is instant transaction between customer and exchanges. I am not sure if I have managed to explain the arbitrage part in a confusing way?
As I said if you want the details talk to Alberto or JRO, they probably know more about it then I do Smiley
//DeaDTerra
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June 30, 2012, 01:02:53 PM
 #32

I look forward to what JRO has to say. From my understanding his "arb bot" has the ability to do something that no other person in BTC can do. Assuming this is true, I just find it shocking that the end use for it turned out to be a gambling site.
I don't think they even need some arb system to back this.

I give you an example:
1BTC for sale.
Now the bids come in: 0.1BTC 0.15BTC 0.2BTC 0.25BTC 0.3BTC 0.35BTC and finally 0.4BTC. Sold for 0.4BTC.
So they got 0.1+0.15+0.2+0.25+0.3+0.35+0.4=1.65BTC and gave 1BTC away for this. Instant 0.65BTC profit.

The only risk is that there are too little players. So to lower the overall risk, one could just connect some arb bot to this.


How is Matthew involved in this project? Thanks.
He is?

DeaDTerra
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June 30, 2012, 01:03:48 PM
 #33

I look forward to what JRO has to say. From my understanding his "arb bot" has the ability to do something that no other person in BTC can do. Assuming this is true, I just find it shocking that the end use for it turned out to be a gambling site.

How is Matthew involved in this project? Thanks.
I am not sure of how trading 1 BTC for x dollars and buying 1 BTC for Y dollars is any different from any other arbitrage bot? They work in the same way but the advantage of using ZipConf is instant transaction between customer and exchanges. I am not sure if I have managed to explain the arbitrage part in a confusing way?
As I said if you want the details talk to Alberto or JRO, they probably know more about it then I do Smiley
//DeaDTerra

The ability to have instant transactions is the "magic" part no one seems to be able to explain. I look forward to JRO explaining it.

Thanks
Ah that's part of ZipConf, the information to it has been available for a long time but the project is currently on hold. It uses float on each exchange to enable the instant transactions Smiley
https://docs.google.com/document/d/1zhBdJqp8z4bg6MKcC7yanzuiQtWJmsGQNQ7yVdDAuLU/edit
//DeaDTerra
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June 30, 2012, 01:08:15 PM
 #34

I look forward to what JRO has to say. From my understanding his "arb bot" has the ability to do something that no other person in BTC can do. Assuming this is true, I just find it shocking that the end use for it turned out to be a gambling site.
I don't think they even need some arb system to back this.

I give you an example:
1BTC for sale.
Now the bids come in: 0.1BTC 0.15BTC 0.2BTC 0.25BTC 0.3BTC 0.35BTC and finally 0.4BTC. Sold for 0.4BTC.
So they got 0.1+0.15+0.2+0.25+0.3+0.35+0.4=1.65BTC and gave 1BTC away for this. Instant 0.65BTC profit.

The only risk is that there are too little players. So to lower the overall risk, one could just connect some arb bot to this.


How is Matthew involved in this project? Thanks.
He is?



You don't really need a arbitrage bot to run a penny auction correct, but it enables you to give better deal and to reduce risks as you said Smiley
Matthew is not directly involved but he works for JRO (ringcoin) and is involved indirectly in all the projects, he will also be working for the new company called IceHill in which most of the JRO projects will be collected under.
//DeaDTerra
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June 30, 2012, 02:26:15 PM
 #35

Hey, the site isn't bad at all, I'm happy with my investment now. Definitely a recommended way to get some coins. Will probably need some advertising though.

The only thing I didn't like about the site is the alert system. It pops up messages in a manner that is impossible catch every time. The messages need to be visible in a log style list. There is enough space on the screen for that. It would be nice to see the list of auctions I won/lost too.

EDIT: There are some interface bugs too: Actual Earnings : NaN BTC Wink
DeaDTerra
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June 30, 2012, 02:43:05 PM
 #36

Hey, the site isn't bad at all, I'm happy with my investment now. Definitely a recommended way to get some coins. Will probably need some advertising though.

The only thing I didn't like about the site is the alert system. It pops up messages in a manner that is impossible catch every time. The messages need to be visible in a log style list. There is enough space on the screen for that. It would be nice to see the list of auctions I won/lost too.

EDIT: There are some interface bugs too: Actual Earnings : NaN BTC Wink
Hello, thank you. I am happy that you are happy about your investment and I am sorry about all the delays. We plan to remove all the bugs and optimize according to feedback before we start advertising, and as there are only a few players on it's quite easy to win bids now Wink so take advantage of it.

Okay I will bring this feedback to the developer and we will fix it Smiley
//DeaDTerra
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June 30, 2012, 04:11:03 PM
 #37

Nice right until,

"Certified by Godaddy" FFS why do people.....

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June 30, 2012, 04:13:10 PM
 #38

Nice right until,

"Certified by Godaddy" FFS why do people.....

Ok, it's lame. going to remove that.

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July 01, 2012, 02:27:26 AM
 #39

Nice right until,

"Certified by Godaddy" FFS why do people.....

Ok, it's lame. going to remove that.

Huh

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July 01, 2012, 04:37:04 AM
 #40

Well that's neat. Some kind of transaction/bid history would be good. Sometimes I'm not even sure if I won or not since there is a bit of lag when the next auction loads, and the one that just ended disappears so quick.

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