Website
https://ponzibet.github.io/bet.html
Verified Contract
https://etherscan.io/address/0x485b224c97ad56dc5b145eafdee71a7b5163f735#code
How This Works
1st slot 15 mins.
First person to place a bet triggers a call to the EthPyramid contract's buyPrice function.
People have 15 mins to claim a position up or down.
i.e. will the settlement be higher or lower than the start price
Once that 15 min period if finished we enter the claim period
Lasting another 15 mins
The person to claim sets the finishing price which will be compared to the start price
If start price >= finishing price => bulls win(edited)
Otherwise bears will lose
Everytime a claim is made the multiplier dwindles as winners are withrawing(edited)
Once that 15 mins is up
A new round has to be started in which case the relevant variables are set to zero and repeat
TL;DR
There's an Etherereum contract called EthPyramid/EthPhoenix (ethphoenix.io) where people buy/sell tokens which causes the price of those tokens to fluctuate.
What we're doing is betting whether the price of the tokens in that contract will go up within 15 minutes or down within 15 minutes.
If it goes up within 15 minutes you win - and you have 15 minutes to withdraw.
If it goes down you lose.
Notes:
Once a round's status is labelled as "expired" you can trigger a new round by placing an up or down bet. An "active" status naturally means a round is ongoing. An NAN value for the multiplier means winnings have been disbursed. High gas error means you've lost.
Discord
https://discord.gg/ApwvjSy
https://ponzibet.github.io/bet.html
Verified Contract
https://etherscan.io/address/0x485b224c97ad56dc5b145eafdee71a7b5163f735#code
How This Works
1st slot 15 mins.
First person to place a bet triggers a call to the EthPyramid contract's buyPrice function.
People have 15 mins to claim a position up or down.
i.e. will the settlement be higher or lower than the start price
Once that 15 min period if finished we enter the claim period
Lasting another 15 mins
The person to claim sets the finishing price which will be compared to the start price
If start price >= finishing price => bulls win(edited)
Otherwise bears will lose
Everytime a claim is made the multiplier dwindles as winners are withrawing(edited)
Once that 15 mins is up
A new round has to be started in which case the relevant variables are set to zero and repeat
TL;DR
There's an Etherereum contract called EthPyramid/EthPhoenix (ethphoenix.io) where people buy/sell tokens which causes the price of those tokens to fluctuate.
What we're doing is betting whether the price of the tokens in that contract will go up within 15 minutes or down within 15 minutes.
If it goes up within 15 minutes you win - and you have 15 minutes to withdraw.
If it goes down you lose.
Notes:
Once a round's status is labelled as "expired" you can trigger a new round by placing an up or down bet. An "active" status naturally means a round is ongoing. An NAN value for the multiplier means winnings have been disbursed. High gas error means you've lost.
Discord
https://discord.gg/ApwvjSy
This is interesting but I am confused how it works exactly.
You say someone has to buy and then in 15 mins another person bets whether ETH will go up or down.
But what if there are no other betters? What happens then? Do they end up getting a refund?
Also I think you should get a domain instead of the GitHub hosting. Would make it more legit.
But please explain more how it works exactly so it's not confusing.
