Bets of Bitcoin
Bets of Bitcoin is a prediction market where users can bet on the outcome of future real world events.
Bet results are decided by the site moderators. The winners will get their wagers back plus will earn the wagers from those that lost (less a small commission paid to the site).
The returns will vary for the winners though as bets are time-weighted and there is a premium earned for those who place their wagers earlier versus those place a bet later.
Anyone can create a bet statement, though new bets are vetted to eliminate bets whose outcome can't be easily determined or is easily manipulated and for bets that the site moderators would rather not see listed. The site pays half of the commission it receives to the person that created the bet statement.
When adding funds to the account with the site (an EWallet), deposits are credited after three confirmations[1].
History
The service was launched on August 14, 2011[2]. On April 18th, 2012 there was nearly $5,000 USD worth of open bets on the site.[citation needed]
Criticism
The site does not offer a profit[3] or bet payout calculator, and there is no way to recover a forgotten password[3]. Some betters disagree on the site's decision that a certain bet[4]'s outcome was too ambiguous to judge. Others hold a position that the site should be more careful in accepting bets with ambiguous terms in the first place.
External Links
- Bets of Bitcoin Official website
- /r/betsofbitcoin reddit for discussion of the site or any bets.