Bitcoin's and the future of online banking - Page 8

On April 17 2013 10:35 NMcNasty wrote: "Well, I'm sure bitcoin prices couldn't have changed too much from 2009. I guess I'll order this 8 bitcoin pizza." (Its $700)

loled

Sorry folks, gg?
Wow bitcoin you suck, could have been something really great.


http://thenextweb.com/insider/2013/04...n-funds-to-users/?utm_campaign=social media

Up to over 100 now so that hasn't had any effect on the price

On April 18 2013 10:29 whamm! wrote: Sorry folks, gg? Wow bitcoin you suck, could have been something really great. http://thenextweb.com/insider/2013/04...n-funds-to-users/?utm_campaign=social media

im not exactly number 1 bitcoin believer but i think it's a bit blowing out of proportion to say gg bitcoin cause some tiny exchange site shut down? That's like saying gg online poker upon hearing the news "reefer poker.com" ceased operations.

(note: just used reefer poker as an example of some obscure small site to illustrate the point, that i once heard of years ago. apparently it's actually still around...)

Hello guys I am uping this just to let you know I created a bitcoin trading / gambling business based on the price of bitcoin.

We are way above our expectation in term of users and volume for the first day so thats great

So far we are offering great odds so I believe betting could often be very EV+ for players when the market condition are good

http://btcoracle.com/

what's the rake

There is no "rake". The odd we offer are what you get paid.

Just, we have a mathematical formula that will make the odds evolve to converge towards "fair odds" or so. So far we did put the odds pretty randomly so we might be looser.

Anyway our formulas are set so what we payout will converge between 95% and 99% on each bets

isnt this just satoshi dice?
edit: oh nevermind I see it's betting futures laying 5%

On April 27 2013 12:07 brambolius wrote: what's the rake

Apparently 1-5%

Well we have been really inspired by satoshi dice. The idea of betting directly into the blockchain is just great : no account, no registration, just nothing but pure instant betting into an address.

And the odds offered can be better if you want to do short term trading than 1 paying the spread on the exchange + the fee. Just now there is only one "time frame" offered but very soon we will have 1 day, 2 day, one week etc.

The spread is often 5% on the bitcoin world, so...

So far thats beta, we will have a lot of others features and bet later

That was really just a test, but we have been so successful that we are now working on this project 100% of our time or so :D

--

On April 27 2013 22:05 Emi wrote: The really funny thing is so far the betters have been really bad

Sounds hilarious for the people who have lost bets so far.

"Here is the gambling platform I'm selling, lose and I'll tell you how bad you are and laugh at you" quite the salesman.

No kidding - but CLEARLY us 'savvy poker players' will bet better and beat the 5% rake!

Hello,

I think I expressed myself in a incorrect way as I did not meant to be insulting.
I am sorry to anyone that felt offended, and we really truly appreciate that people have tried our service.

I am myself a poker player & a casual gambler and I understand the thrill of gambling and how one can feel after a loss.

I cant sayh enough how i am thankful that our service is used, and I ll pay many beer to anyone that helped us by using our service if I meet them.

I truly believe that predicting short term financial variations is almost truly random, so in no way am I surprise that so far our users seemed to have failed at it. I dont think I could do any better.

Saying "bad" should have been "so far no working pattern seems to have been found which exploit our betting system", which was one of our fear going into this business.

But to be honnest, I dont really know. So for me this is a social experiment as well, I dont know where we are going with this and how this will work out.

PS : the rake is more like 2.5%, assuming the odds are 1:2.
1 : 1.95 is equal to a EV of 97.5%.
I think thats fair for a totally experimental business where we make odds blindly on a concept that we dont know yet if it could be exploited or not

Cheers & love

To make amends I'll send 0.01 btc to anyone that will bet days and send me his address in PM.

You can minbet thats totally fine so thats 50% ROI on a bet.

regards

reefer poker... heh

I dont understand what you mean... I am french sorry btw we used to play together nl 50 on stars

Apology accepted for being French.

Lol @ the rake

On April 28 2013 22:36 Emi wrote: I dont understand what you mean... I am french sorry btw we used to play together nl 50 on stars

From Ket's post (reefer poker was an example he used of a small poker site).