Topic: Simple Options: A provably fair trustless binary options smart contract. (Read 431 times)

Compound.Finance is a major decentralized lending platform that has a public use price oracle that we source. They already average the Ethereum price from major exchanges into that oracle.

How is the price of ethereum calculated? I mean do you take price from a particular platform/website or you take into account multiple prices from various sources and average them out.

I would suggest that you must use a average of a couple of price stamps and determine the price because a single whale can fluctuate price quite easily and benefit from you guys. I will check out your telegram channel and hopefully it explains more.
I am still reading and learning more about this, looks good.

Those who are good with price action trading will probably do well in this market.

Based on the Odds, the winner can earn up to close to 90% of the pot. The less likely the odds of winning, the higher the payout when winning. That payout is taken from the house pot and a 5% fee is taken from that. The payout is though, capped to the maximum ETH of either playing side.

As mentioned where winners can get 90% the house pot.Then what you do actually mean of this one?

"There is a 5% fee pulled from the house pot distributed to the winners. There is no fee to withdraw or buy tickets".

Overall 15% and only 85% would be divided among winners? Thats too much.

What is great about this version is that you do not need players to play against. You will win some of the pot regardless of who is playing.

What sustainable approach are you going to implement later on to have a constant number of players on your platform? That you will create a strong number of followers so each round you will always get number of players and not hoping that someone will make a mistake of checking on you.

So, technically one must learned about technical analysis for a better chance of winning against other person whether the price will go up or down. You are correct that any person that doesn't have skills in predicting (only thinking randomly) are more likely to lose the bet but if the person you are against also don't know some skills then it would be harder to know which one will win and a little bit thrill.

Current Pot is about 0.5 ETH. Ticket Cost is: 0.0051 ETH

These are the Game Rules:

• Predict what direction you think the price of Ethereum will go 1 hour from the starting point.
• Winners will split the house pot, up to 90%, depending on the odds of winning.
• When you win, you will be able to withdraw what you put in plus a part of house pot.
• Winners will be rewarded a percentage of the house pot proportionally based on their tickets purchased.
• The entire market in ran on a trustless Ethereum smart contract.
• Compound.Finance price oracles are used for price determination as they update frequently.
• Buy Call tickets when you think the price will rise, Put tickets when you think the price will fall.
• When you lose a round, your funds are transferred into the house pot.
• Rounds last for only 1 hour. Tickets can be bought during the first 30 minutes.
• Odds of winning: Total Winning Tickets / Total Tickets Bought.
• Percentage paid out is calculated as: 10% + (80% x (1 - Odds of Winning) ).
• Regardless of the percent, payouts are capped to the total ETH amounts for either side, whichever is higher.
• The price of a ticket is 1/100th the house pot. This is constant during a Round.
• There is a 5% fee pulled from the house pot distributed to the winners. There is no fee to withdraw or buy tickets.
• After the round ends, you can manually close the round if the automated service fails to do so.
• Gas for closing a round is paid for from the house pot.
• You can only withdraw from a closed round. You cannot withdraw from an open round.
• To withdraw a balance from a previous round, go back to the round with the balance and then withdraw.
• If the price doesn't change or the round ends too late, the round will be a draw and you will get your funds back.
• Maximum amount of users per round is 1000.

Thanks for the feedback. Yeah, this game rewards players who are good at predicting price movement. It is fair and easy to win in that scenario.

If you want a true kind of gambling you must check this site because this is perfect for you. It is easy to play like bet game or guessing game. That all we need is mind game and your luck in guessing. But this site management is really wise because they choose to use eth that all we know that kind of fast moving coin.

Rounds are only 1 hour now, so you can earn ETH quicker if you predict correctly.

wow that's a new way to win extra ethereum, but predicting the price for 24hrs is too long as we know that the price will go down in just a minute then spike up
i guess if you really want to join this one you will need a bigger capital, and a really good analytical skills , no one had perfectly predicted the price, even the experience
one, if this predicting game became successful the price of ethereum will go up , since there will be a big movement of ethereum just a guess

Is 24 hours too long of a wait? Because I think for binary options the longer the timeframe the more edge you have against the house. It's very difficult to predict the price movement within 60 seconds, it's basically gambling and with the higher house edge why don't you just play pure dice.

On the 24 hour it's easier because if you are a swing trader it gives you an advantage and instead of buying it on spot or futures you can just buy a binary option. For example if ETH is suppose to have a hard fork tomorrow, you can just bet that ETH will go up within 24 hours and if you are correct you have a very good edge. With spot or futures price can go first against you and stop you out before heading the original direction but with binary options you don't need to worry about that. As long as it's above where you opened the trade, you get a win.

New round started where one person believes the price of Ethereum will fall in 1 hour.

*Update
Round ended with that person being correct in the prediction and earning about double what he/she spent on a ticket.

Yes, the Compound.Finance team updates their price oracles very frequently compared to the MakerDAO team. Since the rounds are every 1 hour, rapid updates are required.
One hour is enough time to buy a ticket, go to lunch then come back soon to see if you have won potentially double what you put in, chances are at least 50%.

This is ETH only for use with MetaMask.

Yes it is a single address (the contract) that controls all the funds. Not even the developer has an advantage at that point. This is unlike other gaming sites where the team has control of the funds and can run off whenever they like. Even the website is open, it is ran off GitHub pages so no hidden scripts or hidden code.

Good.
 Yours sounds like a safe place to bet. I guess you use a single address to gather the bets, right?
 You probably need to promote this well enough to attract lots of players and make the betting events successful.

Any strong reason for this? I just heard this site, lol.

why is it Ethereum only?

And, even though the model is quiet interesting but one hour long to put another call would be pretty boring.

There is now a new version 2 that runs only for 1 hour and pulls directly from a house pot!

The game has been modified to decrease the risk exposure and increase the reward potential.

The difference is that this platform is a trust-less smart contract that you do not have to register for and you can play anonymously. Also you don't have to worry about someone running off with your money.

Back to your MetaMask wallet. There is no betting site wallet, only the smart contract and MetaMask. Here is the exact source for withdrawals.

Withdraw to where exactly? Withdraw back to  betting site  wallet(do you charge fee for this withdrawal) or back to bettors Ethereum wallet? I noticed you allow the use of metamask on your website though... I just need to be sure about this.

There is already plenty of options for this type of betting with more recognized names already. For example if you go to Fairlay you can see many such options, not just for ETH but for BTC and LTC.

I would rather go there, and even make your own market if you do not like the offers, and see if people will take it for you.

Technically knowledgeable people can play this game and win some good amount. I am not good in predicting prices, so cannot take a risk here. By the way I like the design of your website it is plain and simple.

You can enter the round as long as 12 hours before it ends so a lot of time to analyze the market, however the main concern is the increase in the price. It does take skill to successfully predict the market but people do this everyday.


The concern with shorter time frames is that the skill element is completely removed as price swings that occur on a short time frame can be random. Ethereum was used as it is a popular smart contract platform. Are EOS and Tron also heavily used?

24 hours is too long for someone who is eager to see the result.  Does it have to be ETH only or you can also try the TRON which we can also install the browser extension wallet. Its almost the same thing with metamask I guess so is the scater for EOS for the holders of these coins. 24 hours is just too much of a wait, for binary traders a minute is better. Its too early to say if there will be more users going to bet though so lets wait.

I realize that this bet is for people who can almost have accurate predictions so they can win the bet. And for people who cannot predict or if you don't have good skills, then I suggest you be careful. I feel that I cannot predict correctly, and sometimes, I miss something in my analyzing, so I think it's difficult for me to predict where the price will move. But I am curious to see the result, and I wonder who will be the winner.

No this one isnt a ponzi but rather a binary options thing just like this one. https://betinance.com/
Where you can bet a call or put on where would prices would go but this time around it used erc20
basing up that it do use metamask.

Join the Simple Options telegram to discuss trading and price movement with other like minded speculators at @SimpleOptions

? not really speculation of an altcoin here...
would this maybe belong in the Investor-based games section or something?
Gambling even? haha  
im not sure if this technically a ponzi? either way, this is the wrong board for this haha, you can move this to the right board by an option in the bottom of your post tho
will prob get more interest over there

Simple Options is an intuitive binary options market where users can bet against each other which direction they think price of Ethereum will go. You can buy "Call" tickets if you think the price of Ethereum will increase in the next 1 hour or "Put" tickets if you think the price will decrease. If you are correct in your prediction, you will be rewarded from the house pot split proportionally based on the amount of winning tickets you have compared to the total. Rounds last for 1 hour, but you can only bet within the first 30 minutes of the round. Ticket prices are based on the size of the house pot and do not increase in the round. Losers funds go to the house pot. Rounds must be manually started but gas is reimbursed.

If no one bets against you, and you are right with your prediction, when the round ends, you will be able to withdraw what you put in plus a part of the house pot. If the price doesn't change from start to end, the round will be a draw and everyone can withdraw what they put in. The price is sourced from compound.finance price oracles.

Unlike other binary options platforms, the entire market is ran from a smart contract on the Ethereum blockchain therefore it cannot be changed or manipulated by the creator of the contract. The source of the contract can be viewed publicly. This also means it is impossible for your funds to be locked or for the developer to run off with funds. The smart contract assures that this market is accessible forever. The website is stored on Github so you can download the website source to have a localhost view of the market.

Market Website:
https://happypsyduck.github.io/simple-options/

Website Source:
https://github.com/happypsyduck/simple-options

Contract on Etherscan:
https://etherscan.io/address/0x008FaF03038c810E478013d85659e25199a79E77

Telegram Group:
@SimpleOptions

Game Rules:

• Predict what direction you think the price of Ethereum will go 1 hour from the starting point.
• Winners will split the house pot, up to 90%, depending on the odds of winning.
• When you win, you will be able to withdraw what you put in plus a part of house pot.
• Winners will be rewarded a percentage of the house pot proportionally based on their tickets purchased.
• The entire market in ran on a trustless Ethereum smart contract.
• Compound.Finance price oracles are used for price determination as they update frequently.
• Buy Call tickets when you think the price will rise, Put tickets when you think the price will fall.
• When you lose a round, your funds are transferred into the house pot.
• Rounds last for only 1 hour. Tickets can be bought during the first 30 minutes.
• Odds of winning: Total Winning Tickets / Total Tickets Bought.
• Percentage paid out is calculated as: 10% + (80% x (1 - Odds of Winning) ).
• Regardless of the percent, payouts are capped to the total ETH amounts for either side, whichever is higher.
• The price of a ticket is 1/100th the house pot. This is constant during a Round.
• There is a 5% fee pulled from the house pot distributed to the winners. There is no fee to withdraw or buy tickets.
• After the round ends, you can manually close the round if the automated service fails to do so.
• Gas for closing a round is paid for from the house pot.
• You can only withdraw from a closed round. You cannot withdraw from an open round.
• To withdraw a balance from a previous round, go back to the round with the balance and then withdraw.
• If the price doesn't change or the round ends too late, the round will be a draw and you will get your funds back.
• Maximum amount of users per round is 1000.