I have an idea about betting on bitcoin - page 4.

ethereumhunter

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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.

Then BitMEX will serve you well. You can bet the price where it will go, and that needs skills to predict where the price will move. With using leverage, you can get a bigger profit if your prediction is right, and you will get lose the money if your prediction is wrong. But in the poker games, you need skills to play better than the other opponent, and you should realize the bluff factor will be necessary to make your opponent scare of your card.

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Quote from: bitbollo on July 06, 2020, 04:41:40 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.

In the past there was secondstrade.com a website (binary option) where you were able to bet about the bitcoin price (upper or lower) in short time frame. Long story short, they closed activities since isn't impossible manipulate the market Sad

and they were affected very hard by several users, achieving at the end a big loss.

This site has been long gone I guess, I actually had gambled in this site in the past but all I can say is that it's not an easy game, I'd rather go with sports betting since it gives me a good picture of the game and I believe I can easily predict the winner compared to Binary.

Quote from: freedomgo on July 06, 2020, 04:26:36 AM

Just don't mind the site, they know what they are doing, they won't start operating their business if they don't know how to minimize the risk on the bitcoin price volatility, instead, mind your own business and find a strategy that would be helpful for you to win.

Maybe OP's wasn't so clear but I was able to snip it, it's about adding a game called Binary options.

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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.

In the past there was secondstrade.com a website (binary option) where you were able to bet about the bitcoin price (upper or lower) in short time frame. Long story short, they closed activities since isn't impossible manipulate the market Sad

and they were affected very hard by several users, achieving at the end a big loss.

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Just don't mind the site, they know what they are doing, they won't start operating their business if they don't know how to minimize the risk on the bitcoin price volatility, instead, mind your own business and find a strategy that would be helpful for you to win.

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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!

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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.

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I don't like betting. There is a system of earning a lot of money on the one hand and on the other hand there is a system of losing everything. I will never lose my hard earned money like this. This often leads to many losses not only for oneself but also for the family. For these reasons, I do not like batting.

rhomelmabini

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Freebitco.in already has that kind of betting and it's not new but that wouldn't mean you'll get the amount of the same price you bet on. Poker isn't a game of luck it's a game of strategy and chances.

pooya87

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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.

Akiko

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Quote from: BlackHatCoiner on July 05, 2020, 02:35:41 PM

Quote

Even it's already existed, and if you really have the needed skills, you can still implement it and start a business. But, to be honest, it's not that easy as you may thought because it's not that easy to determine the exact price of bitcoin in an exact time.

This kind of sites must have many limits. Like, the user cannot gamble on the price of the next 12 months. It's too dangerous.

there is always a warning with that kind of trading before you start because it is possible to lost big amount in short time doing that.

And of course before trader/gamblers started they already know the risk it can drain the balance they have if they failed to predict the right one you can also start with only small capital.

Exchange and gambling sites know that they added this function to easily earn money from traders in short period time since its always the same style of trading in forex .

davis196

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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.

What you are describing is called Binary options,but people should stay away from Binary options websites.Most of these websites are scams.
Another variation of what you are describing is the so called "contracts for a difference" (CFDs),which are popular on eToro and other forex trading platforms.In a CFD,you play against the broker,by betting certain amount of BTC.
If you bet $100 BTC and the Bitcoin price goes up by 30%,the broker pays you 30 USD(minus fees).If the BTC price goes down by 30%,you have to pay 30USD to the broker,which are deducted from your BTC deposit.
CFDs are legal in most countries,without the USA,as far as I can remember.

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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.

Basing of on the things you've been trying to say up here which do particularly talks about Binary options same as mentioned above ^ yet it do involves out betting on btc price in a certain period of time.

Yeah, this idea isnt something new and there are already several platforms that do offer this one out. As i have remembered you can check out Betinance.com to see the full aspect

on the idea that you've been talking on.

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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.

You can already bet whether price of bitcoin will rise or not and that's called Binary Options. There are a lot of Bitcoin Binary Options websites that you can use. There are odds like: Bitcoin will rise - 1.90 --- Bitcoin will fall - 1.90 (just for example).
It's a little bit hard to understand what you mean when saying "get the analogues amount of BTC". But if you mean to bet on price higher/lower than specific amount and get bitcoins calculated in that price, then you can use Pricelock feature. If price is $9000 right now, you can plan sell bitcoins at $10 000. You can't get tomorrow's $10 000 value today converted in bitcoins.

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Quote from: BlackHatCoiner on July 05, 2020, 02:35:41 PM

Quote

Even it's already existed, and if you really have the needed skills, you can still implement it and start a business. But, to be honest, it's not that easy as you may thought because it's not that easy to determine the exact price of bitcoin in an exact time.

This kind of sites must have many limits. Like, the user cannot gamble on the price of the next 12 months. It's too dangerous.

Well, no one will bet on the price of the next 12 months and even earlier. You have to a reasonnable limit for the prediction. In my opinion, you can give it a try here in the forum. Someone started a competition in my local board for users to predict the price of bitcoin in a short period, maybe one month (i can't remember), but users were just have to publish their predictions in an unedited post without the need to pay for a slot, i will send you the link to that thread once i find it. Maybe you can set something similar in the "games and rounds" section.

jossiel

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This is more like the options or sort of that name and the idea isn't dumb.

They're risky as gambling but the mechanics are completely different from each other. IIRC, there's one website in the past that has this kind of game but I can't recall the name of it.

Quote from: BlackHatCoiner on July 05, 2020, 02:35:41 PM

This kind of sites must have many limits. Like, the user cannot gamble on the price of the next 12 months. It's too dangerous.

It's unfair if the user losses with his bet and gets disabled for 12 months, that's just too much for a rule.

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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.

I think their are already platforms the offer that kind of betting game something that is like a bitcoin price prediction.

Also, I think the post belongs to gambling discussion since it more about betting.

https://bitcointalk.org/index.php?board=228.0

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Quote

Even it's already existed, and if you really have the needed skills, you can still implement it and start a business. But, to be honest, it's not that easy as you may thought because it's not that easy to determine the exact price of bitcoin in an exact time.

This kind of sites must have many limits. Like, the user cannot gamble on the price of the next 12 months. It's too dangerous.

coupable

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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.

Yes, it already exists. Betting on the price of bitcoin or any other alt for a determined time is already set by some major platforms in the Gambling field and i remember seeing it in some exchanges too.
Even it's already existed, and if you really have the needed skills, you can still implement it and start a business. But, to be honest, it's not that easy as you may thought because it's not that easy to determine the exact price of bitcoin in an exact time.

BlackHatCoiner

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Farewell, Leo

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.

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