ICO & Binary Options — A Match Made in Hell?
Written by Scott DouglasWhen I was first approached to help the
Betex team, I’ll admit, I was taken back. Binary Options are notorious for gaining popularity in the last few years with many of the companies touting Binary Options as a legitimate investment vehicle, only to see people lose significant amounts of money in a very short period of time. Imagine — combining this with an ICO, how would anyone ever support this project?!
Before we start — let’s look at what Binary Options are. Binary Options sites are marketed to the same demographic who gamble online — unfortunately they represent themselves as a form of investing. They promise huge returns with little every hour, even though the odds are ALWAYS in the houses favour. Essentially you choose anything that is publically traded and you make a bet on whether or not that stock will increase or decrease in a very short period of time. If you’re wrong, you lose everything. Binary Options are usually an all or nothing bet. The issue with traditional Binary Options is not what the individuals are betting on, it’s the marketing and verbiage used to convince people that they have some control over the outcome of their results by being well educated, informed citizens, constantly reading charts, staying up to date on news etc.
Now — imagine combining this horrible manipulative market with an ICO, isn’t that horrible?
Surprisingly, no.
Betex does Binary Options the right way.
Betex has no illusion as to what the Binary Options market is, betting — plain and simple. They realize that gambling is OK as long as the people who are participating in it, understand what they’re doing. Betex sets up their platform as a peer-to-peer platform allowing individuals to place bets on binary Options against their peers (not the house). Betex simply acts as a service provider delivering a platform and using the service fees collected from user engagement as the sole means of operational revenue. They gain absolutely nothing from individuals winning or losing binary option bets and have completely removed themselves from any liability by only allowing fellow peers to bet against each other. They openly advertised themselves as a betting platform and will obtain all required licensing to operating a gambling/betting entity in their jurisdiction.
Leveraging the power of Blockchain technology, Betex will ensure all bets, options and payouts are instantaneous and transparent to all users engaged in the platform. They will implement KYC for both their crowdsale as well as their platform to ensure compliance and security of their users. At the end of the day — this is what Blockchain is meant for, both in practical use as well as in theory — leveraging an existing idea and making it better, safer, more transparent and more accessible to the user.
