Who's the counter-party? That is, who has to pay up when they lose? And how do you make them?
Derivatives are only possible with a system that compels payment of debts.
Derivatives are only possible with a system that compels payment of debts.
Hi Nagle,
Predictious is an exchange, we match buyers and sellers and we act as central counterparty. We require full deposit to cover potential losses when you buy a share.
Let us know if you have more questions.
Pixode doesn't stand behind their service. From their rules:
Pixode may vary these Rules at its sole discretion at any time. Notification of any changes will be posted on the Predictious website. Pixode does not have obligation to contact you directly about a change to these Rules. All changes will apply to all outstanding trades, orders and financial transactions. You agree that should you object to these Rules or any subsequent modification, or are dissatisfied with the service; your only recourse is to close your account
That's totally unacceptable for a futures exchange. The exchange has to stay with the rules in effect when the futures contract was made.
Also, they're not a registered bookmaker in Ireland, and since they accept sports bets (you can bet on the World Cup or the Super Bowl on their site), they probably should be. It's legal to be a bookie in Ireland, but you have to be licensed.
thanks for pointing out these issues Nagle, hopefully Predictious can respond to these points soon.
