Topic: I have an idea about betting on bitcoin (Read 725 times)

Quote from: jossiel on July 09, 2020, 12:13:49 PM

Trading is difficult and so the prediction of what's going to be the next price of bitcoin within a certain period of time. A person that makes living out of it is very skillful because the risk is very high just so we know.

Both are difficult and skill is required. But the skill that you will have for trading and binary options are going to be different, while in the options you have to be quick thinker and be decisive with every single move you do.

I know one of my friends can make a living out of trading, and I already see that he can make a profit every day. Even if he can only make a small amount, the next day, he will make another big profit. I don't know how he can get the sign that can help him to make a profit because he never tells me.

That is why I think I can not learn fast about binary options. I feel that the trade is different than the trade that I usually did. The fast think and decisive will be needed, and I still figure out how to find the right method.

There's no sign, you ask him since he's your friend so that you will know if there's a sign or he's just a skilled person and became an expert because it's already part of his living. People who have dealt with their lives and chose to live with it, they thrive to make a living out of it.

At least if you trade, you can have an idea of how options work.

There will be a sign if you analyze it well. The chart never lies, Indicators is one of the keys of the trader for him to make a successful trade. Though skills are important and relying on trading purely to survive every day is a hard thing to do. Considering yourself that you always need to win because your financial status is on the line every time you trade. Your friend should be a really confident person.

Actually there's an existing indicator that is used by some traders, are you familiar with RSI or relative strength index. It's a technical indicator that lets you analyze the market to determine its strength and weakness. Also, you need to be dedicated to trading, even a small percentage of growth, it should be treated as a big advantage for you. So technically, signs in trading do exist, it will help you to determine its flow for you to gain profit on each market change. But this kind of indicators is very hard to learn and master, only few people who've studied finance are good at trading.

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Quote from: michellee on July 09, 2020, 02:28:46 AM

I know one of my friends can make a living out of trading, and I already see that he can make a profit every day. Even if he can only make a small amount, the next day, he will make another big profit. I don't know how he can get the sign that can help him to make a profit because he never tells me.

That is why I think I can not learn fast about binary options. I feel that the trade is different than the trade that I usually did. The fast think and decisive will be needed, and I still figure out how to find the right method.

There's no sign, you ask him since he's your friend so that you will know if there's a sign or he's just a skilled person and became an expert because it's already part of his living. People who have dealt with their lives and chose to live with it, they thrive to make a living out of it.

At least if you trade, you can have an idea of how options work.

I think there will be a sign he will get, but he doesn't tell me about that. I think he learned well than me so he can trade with better, and he chooses trading as his way to make money, although he still has another way to make additional money. But I guess that if we still try to trade and learn more, we will have more experience and of course, our skills will also improve.

Quote from: Saint-loup on July 09, 2020, 01:41:55 PM

Quote from: michellee on July 08, 2020, 12:34:15 AM

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.

The article is about classical options (aka vanilla options) not about binary ones. As I said above vanilla options are a little bit complicated to trade efficiently, but binary options aren't, they're just a little bit more sophisticated than a basic bet on the BTC price. When you bet you know exactly how much you will win or lose unlike trading, that's why it's more safe and simple for the money management. But I didn't say you would earn more money than with trading this way.

I see that. Later on, I think that if we do not stop learning, we will have the chance to get a better result. Maybe we will feel hard to learn, but as long as we don't stop for what we learn, in the end, we will get what we want. Earning more or not will depend on how hard we try.

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Quote from: michellee on July 08, 2020, 12:34:15 AM

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: leea-1334 on July 08, 2020, 04:45:16 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.

The article is about classical options (aka vanilla options) not about binary ones. As I said above vanilla options are a little bit complicated to trade efficiently, but binary options aren't, they're just a little bit more sophisticated than a basic bet on the BTC price. When you bet you know exactly how much you will win or lose unlike trading, that's why it's more safe and simple for the money management. But I didn't say you would earn more money than with trading this way.

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

[snip]

But you also have manipulation on poker sites. For one, you need to trust the software and provably fair mechanism. How do you know the casino does not have behind the scenes an algorithm that gives you a bad hand, or draws cards based on player opening hands?

And then you have bots to fight against,,, poker software is very bad at that because they do not care if you win or lose, they only get rakes!

Well, I have been playing poker for months and as far as I know, there is an easy way to verify the fairness of the game. Before you will sit on the virtual poker table, --you can easily check the provably fair algorithm and how this mechanism works. It is simply because you can receive a sever seed and client seed before the game start. Players should have complete control over checking verification fairness because fairness on the gambling sites you have chosen is the key to the gamblers will stick around for a longer time and nobody would ever doubt the fairness of their operations ever.

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Quote from: jossiel on July 09, 2020, 12:13:49 PM

Quote from: michellee on July 09, 2020, 02:28:46 AM

Quote from: michellee on July 09, 2020, 02:28:46 AM

Trading is difficult and so the prediction of what's going to be the next price of bitcoin within a certain period of time. A person that makes living out of it is very skillful because the risk is very high just so we know.

Both are difficult and skill is required. But the skill that you will have for trading and binary options are going to be different, while in the options you have to be quick thinker and be decisive with every single move you do.

I know one of my friends can make a living out of trading, and I already see that he can make a profit every day. Even if he can only make a small amount, the next day, he will make another big profit. I don't know how he can get the sign that can help him to make a profit because he never tells me.

That is why I think I can not learn fast about binary options. I feel that the trade is different than the trade that I usually did. The fast think and decisive will be needed, and I still figure out how to find the right method.

There's no sign, you ask him since he's your friend so that you will know if there's a sign or he's just a skilled person and became an expert because it's already part of his living. People who have dealt with their lives and chose to live with it, they thrive to make a living out of it.

At least if you trade, you can have an idea of how options work.

There will be a sign if you analyze it well. The chart never lies, Indicators is one of the keys of the trader for him to make a successful trade. Though skills are important and relying on trading purely to survive every day is a hard thing to do. Considering yourself that you always need to win because your financial status is on the line every time you trade. Your friend should be a really confident person.

jossiel

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Trading is difficult and so the prediction of what's going to be the next price of bitcoin within a certain period of time. A person that makes living out of it is very skillful because the risk is very high just so we know.

Both are difficult and skill is required. But the skill that you will have for trading and binary options are going to be different, while in the options you have to be quick thinker and be decisive with every single move you do.

I know one of my friends can make a living out of trading, and I already see that he can make a profit every day. Even if he can only make a small amount, the next day, he will make another big profit. I don't know how he can get the sign that can help him to make a profit because he never tells me.

That is why I think I can not learn fast about binary options. I feel that the trade is different than the trade that I usually did. The fast think and decisive will be needed, and I still figure out how to find the right method.

There's no sign, you ask him since he's your friend so that you will know if there's a sign or he's just a skilled person and became an expert because it's already part of his living. People who have dealt with their lives and chose to live with it, they thrive to make a living out of it.

At least if you trade, you can have an idea of how options work.

jademaxsuy

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I read the post few times becuase I did not get the idea. And after seeing some few replies I had understand that it is all about betting with bitcoin on its market price movement.

Well actually there is a betting like that already and if you wish to join them then you can search it here in the forum and you can also visit this page speculation for your reference on your bet.

Whatever decisions will you going to make then hoping for the best of your interest with cyrptocurrency especially to bitcoin.

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

Quote from: Lucasgabd on July 07, 2020, 04:10:06 PM

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.

Trading is difficult and so the prediction of what's going to be the next price of bitcoin within a certain period of time. A person that makes living out of it is very skillful because the risk is very high just so we know.

Both are difficult and skill is required. But the skill that you will have for trading and binary options are going to be different, while in the options you have to be quick thinker and be decisive with every single move you do.

I know one of my friends can make a living out of trading, and I already see that he can make a profit every day. Even if he can only make a small amount, the next day, he will make another big profit. I don't know how he can get the sign that can help him to make a profit because he never tells me.

That is why I think I can not learn fast about binary options. I feel that the trade is different than the trade that I usually did. The fast think and decisive will be needed, and I still figure out how to find the right method.

peter0425

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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?

Not yet but i will check it now looks like interesting,Have you played it already?about the winning fair is it legit?

anyway this is like putting answer in speculation thread where there is a pot if you make the closer value.

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

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.

But you also have manipulation on poker sites. For one, you need to trust the software and provably fair mechanism. How do you know the casino does not have behind the scenes an algorithm that gives you a bad hand, or draws cards based on player opening hands?

And then you have bots to fight against,,, poker software is very bad at that because they do not care if you win or lose, they only get rakes!

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

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

Trading is difficult and so the prediction of what's going to be the next price of bitcoin within a certain period of time. A person that makes living out of it is very skillful because the risk is very high just so we know.

Both are difficult and skill is required. But the skill that you will have for trading and binary options are going to be different, while in the options you have to be quick thinker and be decisive with every single move you do.

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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!

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"

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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?

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

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.

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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.

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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.

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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.

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

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

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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.

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.

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

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

Quote from: Saint-loup on July 07, 2020, 12:55:38 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: BlackHatCoiner on July 05, 2020, 02:19:47 PM

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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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.

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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.

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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.

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

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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.

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Quote from: iamsheikhadil on July 06, 2020, 11:34:26 PM

It does exist, for bitcoin and even for fiat like in binary options where you get to predict the price and if you are correct, you are given a 80%-90% profit return but if you lose, you lose 100%. I think it's also very a typical gambling game and it's more risky to be honest. Markets can be manipulated even if it's rarely!

The profit is very tempting people to try to predict on bitcoin price. If you don't have skills in analyzing the bitcoin price, it will be difficult for you to predict where the price will move, and you will confuse to place the bets. But if you can control how much money you will use to bets, no matter if you lose or win, you will not lose too big money. But that can make you greedy once you see that you can make a big profit and you can wait for more to close the bet. Yes, those games will be too risky because when bitcoin move to the other side than we choose, we will lose much money.

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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.

And having limits that strict is only possible for popular casinos because if new casinos implements a rule where players could only bet few times a year it'll affect their profits really hard unless they have a lot of games to offer as an alternative.

iamsheikhadil

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It does exist, for bitcoin and even for fiat like in binary options where you get to predict the price and if you are correct, you are given a 80%-90% profit return but if you lose, you lose 100%. I think it's also very a typical gambling game and it's more risky to be honest. Markets can be manipulated even if it's rarely!

Coin_trader

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This is idea is like binary trading on fortunejack before but already remove now for some reason. I remember playing it during my newbie days on crypto and I believe I'm not yet a member here. The other site that I saw this idea was on livecoin exchange but I will not recommend to used that exchange anymore due to there tainted reputation.

This idea is different from leverage trading and I believe the mechanics is somehow closed on sportsbet ting mechanics tho.

imstillthebest

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its like your saying poker are controllable or the site can cheat at you ? because you can loose all at the end but price predicting arent ? because the price isnt control by the site but site can still possibly profit on it if someone losses .

what im only worrying is that price from one market to another arent simillar because there are other markets that price are already high enough while some are delayed . if i remember i think there is already a thread about betting like this but i haven see a site yet that conducts it .

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There are several platforms that already run the idea of betting on the price of Bitcoin. And that's not a stupid idea to do,
even though the risk is very high. Because predicting the price of bitcoin is very difficult, it requires high ability and experience.
I myself do not dare to bet on the price of Bitcoin, because if you lose you can lose big amounts in short time.

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Quote from: coupable on July 05, 2020, 02:31:38 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.

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.

Yes, his idea is not new and it is already existing. But better forget building his own business because it seems that he is not ready for this. He will just fail and waste his resources.

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Quote from: Mahanton on July 06, 2020, 03:47:13 PM

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.

Well, that is a gambling person for you. More risk, more amusement. People just want to test their guessing instinct and find lots of fun or entertainment on it. Adding a larger risk will make that satisfaction intensify. I got your point and I very much agree with it. But who knows, how these gamblers' minds work.

@OP, indeed the idea already exist as stated by the earlier replies.

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Quote from: FontSeli on July 06, 2020, 03:31:02 PM

Betting on the price of Bitcoin is not comparable to poker. The difference is very strong. What you described is very similar to buying a futures contract or even selling, where you can choose the price of Bitcoin on a specific date.

I agree! Why would poker would be similar with Bitcoin price betting? Its totally different but in the sense that both do require analysis then we can at least point out some similarities.
There are lots of binary options based or even futures trading out there that do offer this stuff and we know that there are platforms that do offer poker games.
They are entirely on different field imho.

That's just it. There is no need to come up with bets on the price of Bitcoin in an online casino. All this has long been available on exchanges where you can buy and sell Bitcoin futures.
In poker, you need more skills and the ability to bluff than just rely on luck.

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It is not a bad idea but yes it already exists on some sites, for example it already exists on Freebitco.in. You can visit Freebitco.in if you want to try betting on Bitcoin. Yep, @rhomelmabini has stated it above, and it is true. Also, you can bet on Bitcoin in another way, why don't bet the price of Bitcoin with your friends. You can invite your friends to play betting the price of Bitcoin. If they agree, then you can do it together. Cheesy

STT

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For a long maybe you prefer to take a trade though leverage can be a cost that adds upto alot but shorts are unlimied risk as a trade and dangerous, the price for BTC can go anywhere in theory and that means a giant loss.
On the other hand a bet that BTC goes down is not going to hurt, it will pay or it will not and the risk can be forgotten about. It can be a kind of hedge to bet BTC will go down and mean you gain even in the worst case scenario, depends on the cost to that bet really.

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Quote from: FontSeli on July 06, 2020, 03:31:02 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. 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.

Betting on the price of Bitcoin is not comparable to poker. The difference is very strong. What you described is very similar to buying a futures contract or even selling, where you can choose the price of Bitcoin on a specific date.

I agree! Why would poker would be similar with Bitcoin price betting? Its totally different but in the sense that both do require analysis then we can at least point out some similarities.
There are lots of binary options based or even futures trading out there that do offer this stuff and we know that there are platforms that do offer poker games.
They are entirely on different field imho.

FontSeli

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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.

Betting on the price of Bitcoin is not comparable to poker. The difference is very strong. What you described is very similar to buying a futures contract or even selling, where you can choose the price of Bitcoin on a specific date.

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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!

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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.

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.

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

~

AFAIK, such games already exists yet requires hard work by book makers as there would be so many instances and criteria to consider. Yet it would be fine if there would be a specific time of what is the price of that time and others would bet from choices. But I think it is just a waste of time and you could just rather be fond on trading than to predict prices as trading involves such predictions as well (which is much profitable if you would spend trading whole-day everyday.)

Quote from: 20kevin20 on July 06, 2020, 07:40:48 AM

..but knowing Bitcoin's volatility .. it's very, very risky.

If you gamble on Bitcoin this way and you think in 5hrs the price will be lower than now, when exactly 5 hours hit there might be a huge 2-min price spike although the market goes very bearish again afterwards. That means you were theoretically right - in 5 hours the price was still lower than when you bet if you exclude the spike, but that one spike would turn it into a huge, annoying loss.

Indeed... Bitcoin's price was too high and too volatile to have bets on a certain and exact amount and it cannot be gambled if they would only consider predicting the whole numbers and not the decimals, as some of the time the price only changes on the decimals in which could affect the time frame limit of the bet.

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