I was loosely looking into making a Just-dice competitor. It turns out you would be able to have all the investors funds guaranteed using HD wallets for .5 % of every winning bet. I think you wouldn't even need to hold the funds of the investors. I'm surprised someone hasn't done this already considering JD had 30 million invested completely unsecured.
from a legal perspective why is being decentralized or being the arbitrator less of a legal liability? I have been working on a bunch of stuff lately but haven't been willing to really pull the trigger on any because I'm unsure of the legal ramifications or how to minimize/avoid them
BetXCP has retained legal counsel and the advice given is that it's very unlikely there is any legal liability for BetXCP's model.
Out of the three categories
1. Legal
2. Unknown
3. Illegal
BetXCP's model falls in the first two.
BetXCP does not match bets nor does it ever have access to money That is all done at the protocol level. BetXCP simply broadcasts information. As laws are drafted that cover this type of model, BetXCP will be sure to abide by them.
Last edited by Bitcoin boom; 07-04-2014 at 05:08 PM.
yea despite not handling money it's still facilitating the exchange of money for the purpose of betting (similar to how silk road never sends people drugs themselves :-p)
BetXCP does not facilitate the exchange of money. We do not have a wallet service, nor do we connect party A with party B. That is handled automatically by Counterwallet, a web wallet that has XCP support which allows users to broadcast their bets, matches bets, and then pays out winnings automatically.
I was loosely looking into making a Just-dice competitor. It turns out you would be able to have all the investors funds guaranteed using HD wallets for .5 % of every winning bet. I think you wouldn't even need to hold the funds of the investors. I'm surprised someone hasn't done this already considering JD had 30 million invested completely unsecured.
The owner of just-dice has visited both the Counterparty and Ethereum threads recently. It will be interesting to see if he finds a way to facilitate his model legally in a decentralized way.
Not if you don't even get involved in helping people find each other. You make that the decentralized part so it just runs on its own without anyone actually in charge. GL stopping that.
For p2p sports betting, It would be cool to have a site that lists pinnacle odds with the vig taken out of them. You'd place a bet on what you want and whatever is matched on the other side is booked. Most p2p betting sites now are people posting a bet at a price they choose instead of having an odds maker posting the price.
The other thing is there shouldn't be any reason to have to deposit into these sites. You should be able to make a bet with your bitcoin remaining in your wallet.
For p2p sports betting, It would be cool to have a site that lists pinnacle odds with the vig taken out of them. You'd place a bet on what you want and whatever is matched on the other side is booked. Most p2p betting sites now are people posting a bet at a price they choose instead of having an odds maker posting the price.
The other thing is there shouldn't be any reason to have to deposit into these sites. You should be able to make a bet with your bitcoin remaining in your wallet.
If it were 0.5% shouldn't it show 0.995 XCP? That second image makes it look more like you are taking 5% instead of 0.5% to me. 0.05 of 1 = 5%, not 0.5% in every math class I ever took.
Quote:
Originally Posted by Bitcoin boom
I'll be launching a decentralized betting site in the next few days. The focus will initially be sports, however, we will add contract for difference functionality later (ability to bet on the price movements of currencies and commodities with "leverage").
The commission for sports betting will be 0.5% of the amount wagered. Because the site is built on Counterparty, which will automatically escrow the funds, no person will never have access to user funds.
Here are a couple screenshots you guys can check out if you're interested:
If it were 0.5% shouldn't it show 0.995 XCP? That second image makes it look more like you are taking 5% instead of 0.5% to me. 0.05 of 1 = 5%, not 0.5% in every math class I ever took.
I should have been more clear that those are just images created by a designer which were turned into PSDs that were then used to create the actual site. The numbers and lines are just filler.
All that said, the ".95" you see as the bet amount is simply how much the user (in this case the designer) decided to bet. So it could be 135, .5, 287, or any other number. It is the bet size and does not reflect a commission or charge to the user.
from a legal perspective why is being decentralized or being the arbitrator less of a legal liability? I have been working on a bunch of stuff lately but haven't been willing to really pull the trigger on any because I'm unsure of the legal ramifications or how to minimize/avoid them
its refreshing to see ppl in the poker community thinking twice be4 being involved with unethical, criminal gambling companies.
this could very well be the dumbest question i've ever asked but isn't the price at which these bitcoins were auctioned off at available through the block chain when the gov't transferred them over? Or did they just seize ownership of that specific wallet holding the coins?
this could very well be the dumbest question i've ever asked but isn't the price at which these bitcoins were auctioned off at available through the block chain when the gov't transferred them over? Or did they just seize ownership of that specific wallet holding the coins?
The blockchain doesn't know anything about anything other than transfers of ownership. You'll see a bunch of coins going to one address. That's it. No price information, etc...
The gov't did seize the coins that were held by Silk Road.
Mining sucks, you will probably have to replace the part on the miner in order for it to get back to working condition as for the first question I'd look over on the Bitcoin forums and ask there in the mining section, probably a lot more people well versed in the subject over there
On a side note I was in Vegas last week and went to the andiamo steakhouse which accept Bitcoin and it was not only incredibly delicious but paying was easier than any method available it confirmed through bitpay's app in a millisecond and my entire party was beyond impressed with it, highly recommended
Take apart the melted connector (the one with the wires), and manually insert the female pins one by one on the male pins. Be absolutely sure to keep them in the right order or it will fry something. make sure you have a good clean connection or it will heat up again. You could squeeze the pins a bit to make sure they are tight.
I went to a bbq restaurant in Toronto on Friday that I'd previously gone to and paid bitcoin. Expected to do so again. Got the bill and told them my intention to pay btc. The waitress told me the machine was wonky and wasn't working.
Was pretty disappointing to have to pay fiat.
In a way I'm happy to keep my btc, but I wasn't really expecting to pay $150 of actual currency.
In a way btc money seems kinda like poker chips and not real money.
Anyone know why bitbook.biz stopped operating? I thought it was the best sports book, but then they just refunded everyone and closed down. Worth looking into if any of you guys are actually serious about creating a bitcoin betting site.
Someone please make bank of timex with bitcoin. I really want to short everyone charging 3.0 for their main event action.
I went to a bbq restaurant in Toronto on Friday that I'd previously gone to and paid bitcoin. Expected to do so again. Got the bill and told them my intention to pay btc. The waitress told me the machine was wonky and wasn't working.
Was pretty disappointing to have to pay fiat.
In a way I'm happy to keep my btc, but I wasn't really expecting to pay $150 of actual currency.
In a way btc money seems kinda like poker chips and not real money.
How would it have been any different if they told you the credit card machine wasn't working?
Take apart the melted connector (the one with the wires), and manually insert the female pins one by one on the male pins. Be absolutely sure to keep them in the right order or it will fry something. make sure you have a good clean connection or it will heat up again. You could squeeze the pins a bit to make sure they are tight.
you're saying take apart the PCIE cables and put them in?
I have more PCIE cables that aren't being used, just an issue of taking out the melted plastic.
How would it have been any different if they told you the credit card machine wasn't working?
Credit and cash are very different. ATM machines are everywhere. CC/Debit processors rarely break down and when they do you can manually process them (also can have backup processors easily and at no cost).
$150 BBQ dinners on the other hand is probably something worth talking about.
Also cash back for the free corn and mash potatoes yo!
I would say at least once a month I go somewhere and the debt isn't working, or the atm in down.
You mean a .22 Btc dinner.
-Money is money. Businesses could care less how you identify it as long as they can process it to their liking. Looking at money in one type of term is a huge life leak.
I would say at least once a month I go somewhere and the debt isn't working, or the atm in down.
-Let those businesses know they need to step up their game. Its easy to make these types of business problems go away with the right knowledge.
