Xbet.io does not hold your money. They only broadcast results and the counterparty protocol will escrow the money. The only bad thing they can do is to broadcast incorrect result where they bet against, resulting in being out of business after that.
Topic: XBet.IO– the world's first distributed betting application - page 4. (Read 8797 times)
I heard about your website and as I understand your website is more secure than other bitcoin betting sites, or at least it is different.
why can i trust you with my money?
why can i trust you with my money?
Hi everyone,
We have added a support chat on XBet.IO for your convenience.
If you have any question regarding XBet.IO and how to use it, or just want to talk about the world cup and the NBA finals, we welcome you to the XBet.IO chat.
We have added a support chat on XBet.IO for your convenience.
If you have any question regarding XBet.IO and how to use it, or just want to talk about the world cup and the NBA finals, we welcome you to the XBet.IO chat.
it wasnt clear that the match names are clickableThanks for pointing that out.
It is now more prominently displayed.
it wasnt clear that the match names are clickable questions:
https://xbet.io/categories/main_page/Soccer/worldcup/World:%20World%20Cup
Does it mean most matches have people betting on ? How do I know the wagers of each bet ? And is it showing only the best odd if there are many odds on a bet ?
https://xbet.io/categories/main_page/Soccer/worldcup/World:%20World%20Cup
Does it mean most matches have people betting on ? How do I know the wagers of each bet ? And is it showing only the best odd if there are many odds on a bet ?
XBet.IO displays the updated state of the market for each line, including the odds and wagers. To view it from the page you linked, click on the match you are interested in and press on the "market" button next to the market you wish to explore.
Odds presented on XBet.IO are the best odds that you will get for any bet. In the market view, the information is more detailed.
questions:
https://xbet.io/categories/main_page/Soccer/worldcup/World:%20World%20Cup
Does it mean most matches have people betting on ? How do I know the wagers of each bet ? And is it showing only the best odd if there are many odds on a bet ?
https://xbet.io/categories/main_page/Soccer/worldcup/World:%20World%20Cup
Does it mean most matches have people betting on ? How do I know the wagers of each bet ? And is it showing only the best odd if there are many odds on a bet ?
Come be a part of bitcoin history:
Bet on the opening match of the Brazil 2014 world cup between Brazil and Croatia.
The match will start in a few hours and you have the time to get to know the new decentralized way to make user based bets on the bitcoin blockchain.
The match will demonstrate our automatic system and failsafes - the result of the match will be displayed on XBet.IO with streaming live updates.
Minutes after the match is over, users will have the chance to report if XBet.IO has made a mistake and displayed the wrong result. If a line is reported. it must go through manual authorization, and until that happens, a result will not be broadcasted and the funds will be held in escrow by the bitcoin network.
If you haven't tried it out before, here is our 1 minute demonstration:
https://xbet.io/how_to_bet
Bet on the opening match of the Brazil 2014 world cup between Brazil and Croatia.
The match will start in a few hours and you have the time to get to know the new decentralized way to make user based bets on the bitcoin blockchain.
The match will demonstrate our automatic system and failsafes - the result of the match will be displayed on XBet.IO with streaming live updates.
Minutes after the match is over, users will have the chance to report if XBet.IO has made a mistake and displayed the wrong result. If a line is reported. it must go through manual authorization, and until that happens, a result will not be broadcasted and the funds will be held in escrow by the bitcoin network.
If you haven't tried it out before, here is our 1 minute demonstration:
https://xbet.io/how_to_bet
Quote
Quote
What happen if a bet is not matched, or partially ?
The unmatched parts of the bet will return to the user if the bet expires. The expiration is set to happen at the end of each match.
Thx for this explanation. this is important.
So do I understand correctly that whenever i make a bet I will pay a btc fee but when the bet is settled or returned there is no bet fee. (i dont quite understand how the network can return stuff to me) Could you elaborate how that works? So how does the escrow work I guess.
BTC is used as a means to get XCP and as a way of securing the bet. Your bets, other users' counter bets, the pot and the XBet.IO fee are all in XCP. Actions made using XCP are actualy very small bitcoin transactions and so they cost around 0.0006 BTC.
When you place a bet, you place your XCP in the hands of the network. XBet.IO can only publish the winner of an event, and collect the fee in xcp. The pot goes to the winner of the bet. If a user placed a bet and did not find a match, those funds are returned to him without any fee. XBet.IO can't do anything that will change this course of events. The pot will always be devided between users and the fee is always predeclared.
Quote
Quote
What happen if a bet is not matched, or partially ?
The unmatched parts of the bet will return to the user if the bet expires. The expiration is set to happen at the end of each match.
Thx for this explanation. this is important.
So do I understand correctly that whenever i make a bet I will pay a btc fee but when the bet is settled or returned there is no bet fee. (i dont quite understand how the network can return stuff to me) Could you elaborate how that works? So how does the escrow work I guess.
are deposits and cashouts instant or how much they take
are there any bonuses when depositing ?
and what are the fees for depositing or cashouts?
are there any bonuses when depositing ?
and what are the fees for depositing or cashouts?
This is one of the features XBet.IO is all about-
You control your money. There are no deposits or withdraws made because XBet.IO does not store your coins. We recommend using the open source free wallet called Counterwallet.
Counterwallet integrates smoothly with XBet.IO and makes betting easy and safe.
Of course, there are no deposit / withdraw fees or delays.
This means that all bets will be seen attached directly without any other party holds funds betting?
see, for example, Brazil vs Germany I bet on brazil, and I bet the funds will be collected on all others who choose brazil?
and if Germany lost, the total funds betting Germany will be divided equally to all who choose brazil?
see, for example, Brazil vs Germany I bet on brazil, and I bet the funds will be collected on all others who choose brazil?
and if Germany lost, the total funds betting Germany will be divided equally to all who choose brazil?
Actually, it doesn't work that way.
(xbet.io, correct me if I'm wrong)
You bet against other betters, for example, you chose to bet for a Brazil win against Croatia, you chose a "back" bet with the odds you want. You funds (in XCP) will be escrowed at that point (by the counterparty network, inside the BTC blockchain, and NOT by xbet. This is the true novelty here)
From that point on, you will have to wait for someone to place a "lay" bet (meaning, Brazil WILL NOT win) that matches (or surpass?) the odds of your bet.
Bets will be matched by the counterparty network and you will then have to wait for xbet.io to publish the result (the feed) after the match
No "pot" is made and if no one matches you bet, your XCP are released from escrowed and you receive them back.
About the 1%, is it taken at the betting moment or at the bet is resolved ? What happen if a bet is not matched, or partially ?
As said before, you don't trust XBet with your money, but you trust them only to publish the correct feeds (results) But that would be silly for them to rig the results because everybody would notice it immediately...
This is a fine description of the way XBet.IO works.
Regarding the open questions:
Quote
matches (or surpass?)
Matches is enough, if it will surpass it, it will also be matched. In that case, the odds chosen by the first bet, will be the relevant one.Quote
About the 1%, is it taken at the betting moment or at the bet is resolved ?
The fee is taken only when a bet is settled.Quote
What happen if a bet is not matched, or partially ?
The unmatched parts of the bet will return to the user if the bet expires. The expiration is set to happen at the end of each match.
I have been waiting for something like this for a long time! Looks fantastic, I will check it out now!
Eventually the market will have some with lower fee since this model is much easier to do. Wait for the next year, guys.
And eventually, there might be hedge against BTC too. So you can have your bet tagged against BTC while bet on future events. Such that the volitility of XCP won;t be affecting the bet
And eventually, there might be hedge against BTC too. So you can have your bet tagged against BTC while bet on future events. Such that the volitility of XCP won;t be affecting the bet
Cool app. GL guys.
I came across a helpful introductory guide to using Xbet posted by user knircky over in the counterparty forums
http://knircky.blogspot.com/2014/06/peer-to-peer-sportsbetting-in-5-steps.html
http://knircky.blogspot.com/2014/06/peer-to-peer-sportsbetting-in-5-steps.html
are deposits and cashouts instant or how much they take
are there any bonuses when depositing ?
and what are the fees for depositing or cashouts?
are there any bonuses when depositing ?
and what are the fees for depositing or cashouts?
What I cannot grasp yet is how XBet.IO takes the 1% cut? If they never have access to your "bet". how does the CounterParty network know that it should send 1% of the profit to XBet.IO's address?
Because the 1% is sent to the feed issuer (xbet in this case) by the counterparty network after the result feed is published.
The % is actually decided by the issuer, so you could eventually publish "free" feeds to bet on...
What I cannot grasp yet is how XBet.IO takes the 1% cut? If they never have access to your "bet". how does the CounterParty network know that it should send 1% of the profit to XBet.IO's address?
This means that all bets will be seen attached directly without any other party holds funds betting?
see, for example, Brazil vs Germany I bet on brazil, and I bet the funds will be collected on all others who choose brazil?
and if Germany lost, the total funds betting Germany will be divided equally to all who choose brazil?
see, for example, Brazil vs Germany I bet on brazil, and I bet the funds will be collected on all others who choose brazil?
and if Germany lost, the total funds betting Germany will be divided equally to all who choose brazil?
Actually, it doesn't work that way.
(xbet.io, correct me if I'm wrong)
You bet against other betters, for example, you chose to bet for a Brazil win against Croatia, you chose a "back" bet with the odds you want. You funds (in XCP) will be escrowed at that point (by the counterparty network, inside the BTC blockchain, and NOT by xbet. This is the true novelty here)
From that point on, you will have to wait for someone to place a "lay" bet (meaning, Brazil WILL NOT win) that matches (or surpass?) the odds of your bet.
Bets will be matched by the counterparty network and you will then have to wait for xbet.io to publish the result (the feed) after the match
No "pot" is made and if no one matches you bet, your XCP are released from escrowed and you receive them back.
About the 1%, is it taken at the betting moment or at the bet is resolved ? What happen if a bet is not matched, or partially ?
As said before, you don't trust XBet with your money, but you trust them only to publish the correct feeds (results) But that would be silly for them to rig the results because everybody would notice it immediately...
Jump to: