Nakamatsu 5: Comments/Feedback Please

[SierraDooDah]

Hi:

Please take a look at http://nakamatsu5.com/ and post any comments/feedback/(constructive) criticism here.

Thanks!

Sierra

[Hexadecibel]

What is it? why should I trust that site?

WHATS YOUR GAME?!!??

[SierraDooDah]

Hi:

The game is simple: You place a bet on whether a particular stock or stock market price will end each day above, below or at the same level as noted in each of the five opportunities.  If you bet correctly then you will double your BTC each day.

We list a combination of stocks and stock markets. We allow you to predict the coming week's outcome.  For each you can choose:

Rise/Fall: Whether the stock or market will rise or fall from the listed starting price at the end of the trading week.

Higher/Lower: Whether the stock or market will end higher or lower than the target price at the end of the trading week.

Ends In/Out: Whether the stock or market stops inside/stops outside the price range at the end of the trading week.

With regard to trust..trust, as we all know, is earned. I would encourage people to place small wagers at first to allow us to build trust.

The goal is not to take advantage of people but to build a long-term viable business. I'm not interested in screwing over people over 5 or 500 BTC when there is a long-term opportunity to earn far more.

However, I realize the nature of bitcoins and how people can be hesitant to let go of even a small amount.  This may all sound like rhetoric but it's as truthful as it gets.

Thanks,

Sierra

[Bitcoin Oz]

You should do this for http://glbse.com

[SierraDooDah]

To be honest, using GLBSE was considered. However, there wasn't quite enough market movement over the course of the day plus there is a *remote possibility* that someone could maniulate the market once we get out of beta and support much larger wagers.

Sierra

[Stephen Gornick]

If you bet correctly then you will double your BTC each day.

It might make sense to actually put that on the site, no?

For your cutoff time, is that the timestamp of the block that the transaction is included in?

It appears you are pricing the target at some level that varies to some degree from the previous close.   For instance, the FB is priced about 1.5% above the Friday close.  The cutoff time is after the market has already been open for a half hour.  A speculator would be self-imposing a handicap by wagering before the market opens.   But the target price is made well in advance.  As a result you are likely to have large amounts of bets on one side, causing an imbalance.  I presume you do not plan to always take the other side, so how to you balance the bet / hedge?

Specifying that you have a 0.5 BTC limit is ineffective.  WIth a digital currency that can be used anonymously, you have no idea how much wagering a single party has made through multiple 0.5 wagers.  As a result, you have no limit as to how much wagering occurs.

This really seems to be a system that can be gamed.  The only unknown is how much in losses the house will actually pay out.

Perhaps you might wish to refine your bucket shop concept before going live.

[Stephen Gornick]

I received a PM from SierraDooDah in reply to my previous message.  I did reply back to the PM with a PM.

[SierraDooDah]

Thanks for the PM and sage input, Stephen. 

Please take a look at the updates and let me know your thoughts.

Sierra

[ruconnection]

wwhy did you give it a Japanese name?

[SierraDooDah]

It is named in the spirit of Dr. Nakamatsu, a famous Japanese inventor. The '5' represents the five markets that players can place predictions for.

Sierra