Topic: Bets Of Bitcoin? (Read 1045 times)

EDIT: Outcome was reversed. Situation resolved.

I'm a bit pissed. My bet was closed - incorrectly - as true:

http://betsofbitco.in/item?id=1738

This statement is closed.
Decision: True
The price of Bitcoin will be higher than $150 by October 15th 2013

The price of Bitcoin on BitcoinAverage.com will be higher than $150 at any point of the day on October the 15th 2013.

Info
Opening date: Sept. 5, 2013
Bet deadline: Oct. 13, 2013 end of day Eastern Time
Event date: Oct. 15, 2013 end of day Eastern Time



Actually, I watched it until midnight, EST.  It got extremely close but did not crack 150 once before midnight EST.

I realize I'm shouting at wind, but this actually bothers me a bit more than if it had not been closed at all.

http://betsofbitco.in/item?id=1032

I did find BitBet after BOBTC.

I might give it a try.

It looks like the last confirmed event on BOBTC was "Walter White dies in Breaking Bad".

 

It does. I won't have lost a terribly large sum of money, but it'd be nice to get it nonetheless.

Otherwise, stupid tax paid. 

I've used and loved betsofbitcoin for about a year.  My initial response would have been don't worry.  However, now that I've read elux's post, I am very, very afraid.  I hope coinjedi will see this and respond shortly.

BitBet is about a thousand times more trustworthy.

Hmm...

---

---

---

First, I have used BetsOfBitcoin for a couple of years. I REALLY enjoyed bets of bitcoin.  

That said, I would very strongly recommend against trusting them your money.



Here is why:


Coinjedi, the owner and developer of BetsOfBitcoin is (AFAICT) anonymous.

Depositing money to BetsOfBitcoin is exactly equivalent to "sending cash to a stranger on the internet".

This is a bad, problematic, entirely not acceptable state of affairs.




Coinjedi could run away with all the money entrusted to the site, at any time.

There wouldn't be any obvious way for users of the site to even reach him.


For example: If he "forgets" to renew the domain registration, he could just take the deposited money, and...

well... on second thought... he wouldn't even need to do anything,  other than forget to pay the bill.

That would be the end of it.



Those moneys have already been given to him, and the users of the site have no choice but to blindly trust that he will return them, according to his rules.

Now, when dealing in bitcoin... This trust model.... How do I put this...


History teaches that it often seems to work flawlessly for a time, a long time, until it one day catastrophically stops working with little or no warning.

The website in question mysteriously ceases to exist, citing "technical difficulties", followed by promises of "be back soon", followed by... radio silence forever.

And your money would be gone. And you would be sad. And there would be nothing you could do to get them back.


As for warning signs: The owner has not responded to users on BitcoinTalk for a month... The site seems to have fallen into disuse and disrepair as of late. SSL cert expiry, and so on...


So... yeah...

Does that answer your question?

I have used it for half a year to a year.  So far everything has been handled correctly.  They can be a bit slow on processing bets after they are resolved though (can be several days).

It has been around for awhile so I'm assuming its legit.  I don't know the other details you requested OP.

Does anyone know anything about this site? If legit, does anyone have any idea what the average length of time is before an outcome can be decided and closed, and the bidders paid out?