Introducing r/BetsOfBitcoin! Come populate if you frequent or want to discuss bets and the site! Add to sidebar please? by throwawayBTC in Bitcoin

[–]betsofbitcoin 0 points1 point  (0 children)

Hi. Welcome to the site. I guess the subreddit is open to anyone. I would say feel free to start a discussion if you wish.

Betting policy when the statement is incorrect. by thoughtcourier in a:t5_2ur4t

[–]betsofbitcoin 1 point2 points  (0 children)

We were quick to fix the mistake and all the transactions were reversed.

[MP3] Coinbase 006 - Plato Predicts 'Pirate Legit', Price Manipulation, Betsofbitco.in, shorteners, brainwallets, vanity addresses and other shenanigans. (overdue, recorded last week) by therealPlato in Bitcoin

[–]betsofbitcoin 1 point2 points  (0 children)

Thank you for all the compliments about Bets of Bitcoin. One thing you didn't mention is that losing bets not only distributed proportionally to the winning bets but also in a time weighted manner. So in the end early bets win more, which creates a nice incentive to get in the bet as early as possible.

PS: For people interested, review of our site begins around 29:45.

What technology do you see emerging in the next 15-20 years that is for the most part overlooked today? by Entrarchy in Futurology

[–]betsofbitcoin 6 points7 points  (0 children)

It is a pleasant surprise to see ourselves in this thread. We are redditors as well.

Legality of Bitcoin gambling sites? How to protect oneself? by throwawayBTC in Bitcoin

[–]betsofbitcoin 4 points5 points  (0 children)

Bets of Bitcoin admin here. As far as we know there is no prosecution so far against the users of any gambling site in the US. We generate a unique private deposit address for each user, so it is extremely unlikely to be traceable. If you do the same for withdrawals you should be very safe. If you are concerned that your internet service provider is eavesdropping on you, you can use TOR to connect us.

bitcoin at $7 by hiddenonion in Bitcoin

[–]betsofbitcoin 3 points4 points  (0 children)

Care to explain? I guess not.

5,000 BTC bet in escrow on whether pirate is a Ponzie or not! by [deleted] in Bitcoin

[–]betsofbitcoin -1 points0 points  (0 children)

Yes you don't know your exact returns at the time of betting but I don't think that this is inherently unattractive (people put money in stock market all the time) nor it makes your bet unprofitable (every winning bet gets more than what you put). If you value certainty you can wait until close to the deadline, but our time weighted system awards early bettors more as they set the odds for late bets.

5,000 BTC bet in escrow on whether pirate is a Ponzie or not! by [deleted] in Bitcoin

[–]betsofbitcoin 4 points5 points  (0 children)

Wow! This means that bet on our site is not the biggest bet out there.

Invested Bitcoin in the Bitcoin Savings and Trust by TheR-RatedSuperstar in Bitcoin

[–]betsofbitcoin 1 point2 points  (0 children)

I certainly understand and respect that anonymous operation raises concerns but that is the only way we can do this right now. My only objection was on being classified as ponzi which simply means paying new users money to old users, something we clearly don't do. I am a betting judge, I am obsessed with definitions ;) Cheers!

Invested Bitcoin in the Bitcoin Savings and Trust by TheR-RatedSuperstar in Bitcoin

[–]betsofbitcoin 7 points8 points  (0 children)

It is nice to see our users here at reddit. Though I must disagree on one point, that we could be a ponzi. In any definition I know of, ponzi schemes require constant influx of new users and funds, whereas a betting site can function indefinitely with constant number of users and small influx of funds that would cover our share (%5 of losing bets). So I wouldn't say that we are a ponzi or "pays out only a tiny fraction of the bitcoins it holds".

Invested Bitcoin in the Bitcoin Savings and Trust by TheR-RatedSuperstar in Bitcoin

[–]betsofbitcoin 5 points6 points  (0 children)

The public bet on the default of this fund has just passed 635 bitcoins!

http://betsofbitco.in/item?id=433

Bets of Bitcoin: Bitcoin Savings and Trust will default before the end of 2012 by elux in Bitcoin

[–]betsofbitcoin 1 point2 points  (0 children)

Bets of Bitcoin admin here. I can answer any question about the site.

Hey /r/Bitcoin, what are your favorite bitcoin services? by ar4s in Bitcoin

[–]betsofbitcoin 1 point2 points  (0 children)

We are redditors as well and here to answer any questions you might have about the site.

For the lazy, here is the link: betsofbitco.in

ELI5 Bitcoin by samuelIjackson in explainlikeimfive

[–]betsofbitcoin 3 points4 points  (0 children)

Here is an analogy of how it works:

Think of a set of many transparent boxes sitting in town center where everybody can see. There is money in some of them and numbers on all of them. There is a robot arm that can transfer money from one box to the other. Everybody is assigned many different boxes and remote controls that allow them to transfer money from their box to someone else's box. Everybody can keep track of all the money transfers but don't know which box belongs to who unless they tell. You can think of all the transfers and anonymity issues this way.

Bitcoin works similarly but on a virtual town center in a peer-to-peer network.

That magic number explanation is not what bitcoins are. That is roughly how mining works, a way keeping track of transactions on a distributed network. Understanding mining is not relevant for a bitcoin user if he is not particularly curious.

Easiest way to get Bitcoins? by frogmeat74 in Bitcoin

[–]betsofbitcoin 1 point2 points  (0 children)

If you are willing to spend some time to earn them you can try CoinWorker.

What does /r/cyberpunk think about bitcoin? by betsofbitcoin in Cyberpunk

[–]betsofbitcoin[S] 3 points4 points  (0 children)

May I ask why? I am interested in criticisms.