I have an idea about betting on bitcoin - page 2.

Ucy

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Quote from: Bezobraznike on July 06, 2020, 04:23:11 AM

Quote from: Ucy on July 06, 2020, 03:58:16 AM

That sounds a bit more like Binary option trading.
I guess you could do that using a cryptocurrency smart contract feature or a well decentralized betting platform to avoid the situation you described.
You will need to find people to bet with though.

It is a binary option trading, and for me it's the same as trading. If you bet that price will go over $10k it's the same as holding
Bitcoins and selling them when price do as you predicted. But in gambling if you make a wrong prediction you lose your bet, in
trading if price do not rise you still have your Bitcoins and you can wait longer to sell, but you have them.
I tried Binary option game and I didn't like it. That's not for me, I like traditional crypto-games more!

What makes betting on games gambling is if you take big risk. If you bet a dollar worth of bonus once, and you lose your bet, you don't consider it gambling. "Betting" should be the general term for them. The term "gambling" should be used when it involve big risk. This is why you advice people to bet little on good/safe games or bet what they can afford to lose, maybe until they are skilled and consistently profitable.
You can't call a person who has $10,000 in his/her bank account and use only $20 for lottery tickets per year, a gambler, would you? Lottery is a bet and win or lose everything "competition"

Mauser

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Quote from: BlackHatCoiner on July 05, 2020, 02:19:47 PM

I have an idea. I will not implement it, I don't know if already it exists, but I would like to post it. Tell me, if it would be dumb.

These days, there are many online casinos with games like poker. I wonder, how would a betting price site would be?

Like betting 0.01BTC on the price of bitcoin. If, I've bet that by tomorrow it will have pass 10,000$ I would get the analogous amount of BTC
If the price wouldn't, I would have simply lost my funds. There is a difference with poker here, tho. Central authorities, cannot control it. So the man that has the site, may bankrupt. On the other hand, I think we can admit that online poker (especially with real money) is never on pure luck of the cards.

This sounds pretty much just as derivatives on bitcoins, options would be a good start but it sounds more like CFDs. The problem here with offering such contracts is that you would need to be able to hedge yourself. Do you want to be other party and always bet against your customers?

michellee

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Quote from: Saint-loup on July 07, 2020, 10:16:54 AM

Quote from: michellee on July 07, 2020, 04:32:51 AM

Quote from: Tipstar on July 07, 2020, 02:13:32 AM

It's called binary options.

If that is binary options, then I don't think that will be easy to predict the bitcoin move because I think the binary system will be more complicated than the usual exchange. We need to know about the indicator, and that will need some time to learn or master the lesson. I prefer to use the usual than risking the money using binary options. Binary options need more skills to make a profit, and not all trader can do that.

I don't think so, vanilla options are maybe a little bit complicated to trade efficiently https://cointelegraph.com/explained/bitcoin-options-explained
but binary options are trivial. Like betting they are even more safe and simple than basic trading because you know exactly how much you could lose and how much you could win. Then it's very useful for developing money management strategies.

Although you can say that it is safer, I would need to learn harder than you because I need more time to understand the article. Maybe later, if I think I have spare money, I will try to learn binary options, and I hope I don't need too long to know the lesson. Is the strategy really difficult to understand? If that is not too difficult, maybe that can bring me more profit if I can understand the lesson first.

Lucasgabd

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There's no need to be upset

Hxro has a game where you can bet on the outcome of bitcoin in the next X minutes
so you bet if it'll go up or down

its quite popular and getting bigger now, you can check their twitter account here:
https://twitter.com/realhxro

have anybody used it?

BitcoinTurk

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Yes, this idea that you mentioned is known as options and is actively used by investors. Although it generally varies between services, estimates are made above or below the determined price and results are obtained according to these estimates. With this method, amateur investors generally lose money and are not preferred by professional investors. In addition to the already used method you mentioned, there is a very high transaction volume in the estimations made in this way.

teosanru

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Quote from: iv4n on July 06, 2020, 01:46:04 PM

Quote from: teosanru on July 06, 2020, 08:11:06 AM

Quote from: BlackHatCoiner on July 05, 2020, 02:19:47 PM

I have an idea. I will not implement it, I don't know if already it exists, but I would like to post it. Tell me, if it would be dumb.

These days, there are many online casinos with games like poker. I wonder, how would a betting price site would be?

Like betting 0.01BTC on the price of bitcoin. If, I've bet that by tomorrow it will have pass 10,000$ I would get the analogous amount of BTC
If the price wouldn't, I would have simply lost my funds. There is a difference with poker here, tho. Central authorities, cannot control it. So the man that has the site, may bankrupt. On the other hand, I think we can admit that online poker (especially with real money) is never on pure luck of the cards.

Poker may it be online or offline is never pure luck of the cards. It actually is playing the human behavior and some even are such good calculators that they play it by the probabilities. But mostly I feel it's about stepping into the shoes of the other person and thinking that how could he play it next. Moreover coming to betting on the price of bitcoin. If you are interested in betting on price why don't you just go into trading yourself. Moreover pretty much same as poker luck isn't a major thing here. What matters the most is how well you can control your own nerve while trading and you obviously do need to have a sound knowledge of Technical Analysis. So be it gambling or trading when you are playing without any knowledge you are just playing pure luck but if you have some knowledge and expertise it's never pure luck.

I am trying to understand how did you connect these two, poker and binary options? One has no connection with other, and what you say that it's never a pure luck of the cards, guess what, sometimes the poker is all about, lucky cards!
You can have knowledge, and you know that some wins are pure luck. Not the product of the hard work, or patience, it's nothing else than fucking river that fucks you up totally! You were better, you waited long enough, you did everything you need to do, but guess what? Destiny has a surprise for you! In gambling or trading, it's never a pure luck, but it's never knowledge as well, it's a combination!

I didn't connect Binary Options. OP said that he wanted to bet on price of bitcoin that it will this much after a day and then he will win certain amount. So I feel when it comes to betting on price Trading can be a more lucrative and more rational option than merely gambling. Options too make pretty much sense here. Coming to the second point, If I consider your point isn't life altogether combination of luck and knowledge? Even a kick headed towards goal post doesn't gets a goal due to luck or a very poorly bowled ball in cricket fetches you a big wicket but this doesn't destroys the whole concept of skill in that game. If you are a regular poker person. In a longer term skills of a person do matter. Luck is not something that would favor you everyday and not something that would be against you each day.

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Quote from: AakZaki on July 07, 2020, 02:24:27 PM

Quote from: BlackHatCoiner on July 05, 2020, 02:19:47 PM

I have an idea. I will not implement it, I don't know if already it exists, but I would like to post it. Tell me, if it would be dumb.

These days, there are many online casinos with games like poker. I wonder, how would a betting price site would be?

Like betting 0.01BTC on the price of bitcoin. If, I've bet that by tomorrow it will have pass 10,000$ I would get the analogous amount of BTC
If the price wouldn't, I would have simply lost my funds. ~snip~

Looks like you are far behind for news or sites like that bro, now there are a lot of gambling like that, you can go to the binary or freebitco.in site if you want to bet as you say.

but if you want to bet that kind you have to have a good analysis, and of course for the sake of your security and money.
and if you cannot make a good analysis then my advice is not to play such gambling because I am sure that no one can determine the price of Bitcoin for a certain time.

This is why i do consider BO to be some sort of gambling or part of it yet predicting prices in a short span of time wont really be that easy yet price volatility will be your main concern on here.

Yes, there are already lots of platforms that offer this one out and as mentioned this had already been offered in Freebitco where you can bet out on what price it would fall neither higher or lower
into the time you have entered.

This is simply a binary option.

AakZaki

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Quote from: BlackHatCoiner on July 05, 2020, 02:19:47 PM

I have an idea. I will not implement it, I don't know if already it exists, but I would like to post it. Tell me, if it would be dumb.

These days, there are many online casinos with games like poker. I wonder, how would a betting price site would be?

Like betting 0.01BTC on the price of bitcoin. If, I've bet that by tomorrow it will have pass 10,000$ I would get the analogous amount of BTC
If the price wouldn't, I would have simply lost my funds. ~snip~

Looks like you are far behind for news or sites like that bro, now there are a lot of gambling like that, you can go to the binary or freebitco.in site if you want to bet as you say.

but if you want to bet that kind you have to have a good analysis, and of course for the sake of your security and money.
and if you cannot make a good analysis then my advice is not to play such gambling because I am sure that no one can determine the price of Bitcoin for a certain time.

semobo

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Quote from: BlackHatCoiner on July 05, 2020, 02:19:47 PM

I have an idea. I will not implement it, I don't know if already it exists, but I would like to post it. Tell me, if it would be dumb.

These days, there are many online casinos with games like poker. I wonder, how would a betting price site would be?

Like betting 0.01BTC on the price of bitcoin. If, I've bet that by tomorrow it will have pass 10,000$ I would get the analogous amount of BTC
If the price wouldn't, I would have simply lost my funds. There is a difference with poker here, tho. Central authorities, cannot control it. So the man that has the site, may bankrupt. On the other hand, I think we can admit that online poker (especially with real money) is never on pure luck of the cards.

As some of the member said it is available on freebitco where you can bet on crypto price movements and can make money.But I want to mention that there is a kind of crypto trading method exists related to this ide which is called option trading.We can buy options contracts and speculate on the price whether it will be bullish or bearish in the time period and make money if your prediction come true.

There are lot of apps also available for this option trading in android and IOS but most of them are selectively scamming and manipulating the results.

Saint-loup

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Quote from: michellee on July 07, 2020, 04:32:51 AM

Quote from: Tipstar on July 07, 2020, 02:13:32 AM

It's called binary options.

If that is binary options, then I don't think that will be easy to predict the bitcoin move because I think the binary system will be more complicated than the usual exchange. We need to know about the indicator, and that will need some time to learn or master the lesson. I prefer to use the usual than risking the money using binary options. Binary options need more skills to make a profit, and not all trader can do that.

I don't think so, vanilla options are maybe a little bit complicated to trade efficiently https://cointelegraph.com/explained/bitcoin-options-explained
but binary options are trivial. Like betting they are even more safe and simple than basic trading because you know exactly how much you could lose and how much you could win. Then it's very useful for developing money management strategies.

peter0425

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Quote from: Naida_BR on July 07, 2020, 03:12:00 AM

Quote from: BlackHatCoiner on July 05, 2020, 02:19:47 PM

I have an idea. I will not implement it, I don't know if already it exists, but I would like to post it. Tell me, if it would be dumb.

These days, there are many online casinos with games like poker. I wonder, how would a betting price site would be?

Like betting 0.01BTC on the price of bitcoin. If, I've bet that by tomorrow it will have pass 10,000$ I would get the analogous amount of BTC
If the price wouldn't, I would have simply lost my funds. There is a difference with poker here, tho. Central authorities, cannot control it. So the man that has the site, may bankrupt. On the other hand, I think we can admit that online poker (especially with real money) is never on pure luck of the cards.

Not a good idea.
It is a 50-50 betting activity and this is going to lead to huge losses or profits which makes the system not viable.
Apart from that, the price can be manipulated in order to win the bet.

But Gambling is already a 50-50 chances mate so nothings new about what OP's Plan,and besides Let Him try His strategy and try to Find His luck.

Though i have same stand on you,i won't do that to gamble instead i will choose to Invest that about in Holding because the Bull for sure is near to come.

michellee

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Quote from: Tipstar on July 07, 2020, 02:13:32 AM

It's called binary options.

If that is binary options, then I don't think that will be easy to predict the bitcoin move because I think the binary system will be more complicated than the usual exchange. We need to know about the indicator, and that will need some time to learn or master the lesson. I prefer to use the usual than risking the money using binary options. Binary options need more skills to make a profit, and not all trader can do that.

Saint-loup

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Quote from: FontSeli on July 07, 2020, 03:20:04 AM

Quote from: Saint-loup on July 07, 2020, 12:55:38 AM

Quote from: pooya87 on July 06, 2020, 02:19:02 AM

why would anyone want to bet on something they can trade unless they are gambling addicts betting on anything that moves?
the difference is just too huge to ignore. if you bet on the price and you lose, you lose everything you put down. but if you trade and buy/sell making the same guess about price movement and you lose, you only lose a small percentage since you still can sell/buy respectively to go back where you were minus the small loss.

Small loss? You only risk small losses if you don't trade with any leverage, but you can't earn money without leverages if you don't trade dozens of thousands of $. Thus you have at least to risk your funds by putting thousands of dollars of Bitcoin on exchanges. Undecided

Trading with a large leverage can be compared to a large bet in a casino when you go all-in. It's very risky. You can trade and play for small amounts and try to make money in the long run, or you can go all-in and try to hit the jackpot.
However, you can play poker, where much depends primarily on your skill. There are people who can guess the price of Bitcoin with high accuracy, they trade futures.

I don't understand your point with the poker and the futures, it seems a little bit OT/spammy, could you elaborate please?
Trading with small amounts without leverage is just a game for children IMO, you can't make decent profits like that. Pennies make pennies.

FontSeli

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Quote from: Saint-loup on July 07, 2020, 12:55:38 AM

Quote from: pooya87 on July 06, 2020, 02:19:02 AM

why would anyone want to bet on something they can trade unless they are gambling addicts betting on anything that moves?
the difference is just too huge to ignore. if you bet on the price and you lose, you lose everything you put down. but if you trade and buy/sell making the same guess about price movement and you lose, you only lose a small percentage since you still can sell/buy respectively to go back where you were minus the small loss.

Small loss? You only risk small losses if you don't trade with any leverage, but you can't earn money without leverages if you don't trade dozens of thousands of $. Thus you have at least to risk your funds by putting thousands of dollars of Bitcoin on exchanges. Undecided

Trading with a large leverage can be compared to a large bet in a casino when you go all-in. It's very risky. You can trade and play for small amounts and try to make money in the long run, or you can go all-in and try to hit the jackpot.
However, you can play poker, where much depends primarily on your skill. There are people who can guess the price of Bitcoin with high accuracy, they trade futures.

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It has different aspect on the use of the gambling through the physical game and gambling through online and I think it is better if you make a game like a poker in the real world because if you think about the online world the programmer already manipulated all the things on this game such as the probability to win the game easily and it is quite too hard than the reality.

Still, if you are just a normal gamer of gambling you will disregard all of the thoughts and information how does the gambling of poker and dice gives you the probability of winning all the things you are doing only is just to play and earn and sometimes if you find out the bug there is a chance that it can double up your funds immediately.

There are still lucky when playing gambling even on online and I watched them from twitch and some of the shock from the amount they've got

Naida_BR

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Quote from: BlackHatCoiner on July 05, 2020, 02:19:47 PM

I have an idea. I will not implement it, I don't know if already it exists, but I would like to post it. Tell me, if it would be dumb.

These days, there are many online casinos with games like poker. I wonder, how would a betting price site would be?

Like betting 0.01BTC on the price of bitcoin. If, I've bet that by tomorrow it will have pass 10,000$ I would get the analogous amount of BTC
If the price wouldn't, I would have simply lost my funds. There is a difference with poker here, tho. Central authorities, cannot control it. So the man that has the site, may bankrupt. On the other hand, I think we can admit that online poker (especially with real money) is never on pure luck of the cards.

Not a good idea.
It is a 50-50 betting activity and this is going to lead to huge losses or profits which makes the system not viable.
Apart from that, the price can be manipulated in order to win the bet.

Tipstar

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Quote from: BlackHatCoiner on July 05, 2020, 02:19:47 PM

I have an idea. I will not implement it, I don't know if already it exists, but I would like to post it. Tell me, if it would be dumb.

These days, there are many online casinos with games like poker. I wonder, how would a betting price site would be?

Like betting 0.01BTC on the price of bitcoin. If, I've bet that by tomorrow it will have pass 10,000$ I would get the analogous amount of BTC
If the price wouldn't, I would have simply lost my funds. There is a difference with poker here, tho. Central authorities, cannot control it. So the man that has the site, may bankrupt. On the other hand, I think we can admit that online poker (especially with real money) is never on pure luck of the cards.

It's called binary options. There were many sites in the past that did the same but now are mostly out of business or closed that particular option like fortunejack. Gogo options went scam while many others closed. Bitcoin future are a more advanced form of it provided by exchanges like bitmex. You can try them. Some of the popular traditional binary option site also lets you place a bet on price change of crypto price movements.

swogerino

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The idea has been discussed several times and some not well known sites which I would never go and play there are still doing this.When you compare it with online poker I see you are suggesting that sometimes casinos use bots when you say there is not always pure luck involved.This can be checked easily and there are well known casinos which offer free of bots poker tables.In there you can spend your 0.01 Btc better than betting on the Bitcoin price itself.

Saint-loup

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Quote from: pooya87 on July 06, 2020, 02:19:02 AM

why would anyone want to bet on something they can trade unless they are gambling addicts betting on anything that moves?
the difference is just too huge to ignore. if you bet on the price and you lose, you lose everything you put down. but if you trade and buy/sell making the same guess about price movement and you lose, you only lose a small percentage since you still can sell/buy respectively to go back where you were minus the small loss.

Small loss? You only risk small losses if you don't trade with any leverage, but you can't earn money without leverages if you don't trade dozens of thousands of $. Thus you have at least to risk your funds by putting thousands of dollars of Bitcoin on exchanges. Undecided

asu

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Quote from: ralle14 on July 07, 2020, 12:15:56 AM

In addition to what they said, here's a sportsbook where you can bet on the prices every day. The betting volumes might be low but it's possible to find a better one if you're serious with bitcoin price predictions.

In alternative for that sportsbook.

If s/he's looking for a high betting volume, should be this casino. They don't have daily price prediction, they do monthly and yearly prediction, but it has great volumer with great odds.

Topic: I have an idea about betting on bitcoin - page 2. (Read 725 times)