Other > DAC PLAY
BitShares Lotto
SatoshiFantasy:
--- Quote from: bitbadger on March 25, 2014, 10:38:08 pm ---
--- Quote from: bytemaster on March 25, 2014, 10:10:47 pm ---
--- Quote from: SatoshiFantasy on March 25, 2014, 05:17:26 pm ---
--- Quote from: bytemaster on March 22, 2014, 06:05:59 pm ---I think we simply make it a market for data feeds. Have someone produce a data feed that the network uses. Every time a transaction references that data-feed, the owner of the feed gets a cut of the transaction fees. Now market participants can place bets according to the feed.
--- End quote ---
Isn't this centralized with a singe point of failure? One idea is to use a PoS Consensus transaction, where the data from the feed becomes valid only after it is signed by majority stake.
--- End quote ---
No it is free market competition. There can be many data feeds and anyone can start a business producing the feed. The bet odds will factor in the probability that the feed is corrupt. Market incentives are for honest feeds.
--- End quote ---
And there will of course be multiple feeds for the same event. John_SuperBowl_Feed, Jim_SuperBowl_Feed, Sam_SuperBowl_Feed. The bettors could set it up to require X% of feeds in agreement, or else the bet is cancelled.
Of course then you have potential conflict-of-interest where somebody with a large losing bet goes to John and Jim and offers to pay them off if they provide the wrong info in their feeds. So the betting system needs some kind of built-in payment to the feed providers (which can be specified when setting up the bet) to keep them honest. They would rather get a cut of 10% of the total bets made, than a big payoff from some losing bettor.
--- End quote ---
i don't know the context here, but at some point, the after the fact data "results" needs to be unanimous or else there is a fork. especially if its binary (bool) data.
or is each provider his own "broker" to both sides of the trade?
I really think that the problems/solutions regarding feeds is specific to the DAS (system), and cannot be generalized. If there is a solution in BitShares then its a feature of bts, and cannot be abstracted for implementation in NXT :P or Ether for example.
bitbadger:
--- Quote from: bytemaster on March 25, 2014, 10:10:47 pm ---
--- Quote from: SatoshiFantasy on March 25, 2014, 05:17:26 pm ---
--- Quote from: bytemaster on March 22, 2014, 06:05:59 pm ---I think we simply make it a market for data feeds. Have someone produce a data feed that the network uses. Every time a transaction references that data-feed, the owner of the feed gets a cut of the transaction fees. Now market participants can place bets according to the feed.
--- End quote ---
Isn't this centralized with a singe point of failure? One idea is to use a PoS Consensus transaction, where the data from the feed becomes valid only after it is signed by majority stake.
--- End quote ---
No it is free market competition. There can be many data feeds and anyone can start a business producing the feed. The bet odds will factor in the probability that the feed is corrupt. Market incentives are for honest feeds.
--- End quote ---
And there will of course be multiple feeds for the same event. John_SuperBowl_Feed, Jim_SuperBowl_Feed, Sam_SuperBowl_Feed. The bettors could set it up to require X% of feeds in agreement, or else the bet is cancelled.
Of course then you have potential conflict-of-interest where somebody with a large losing bet goes to John and Jim and offers to pay them off if they provide the wrong info in their feeds. So the betting system needs some kind of built-in payment to the feed providers (which can be specified when setting up the bet) to keep them honest. They would rather get a cut of 10% of the total bets made, than a big payoff from some losing bettor.
bytemaster:
--- Quote from: SatoshiFantasy on March 25, 2014, 05:17:26 pm ---
--- Quote from: bytemaster on March 22, 2014, 06:05:59 pm ---I think we simply make it a market for data feeds. Have someone produce a data feed that the network uses. Every time a transaction references that data-feed, the owner of the feed gets a cut of the transaction fees. Now market participants can place bets according to the feed.
--- End quote ---
Isn't this centralized with a singe point of failure? One idea is to use a PoS Consensus transaction, where the data from the feed becomes valid only after it is signed by majority stake.
--- End quote ---
No it is free market competition. There can be many data feeds and anyone can start a business producing the feed. The bet odds will factor in the probability that the feed is corrupt. Market incentives are for honest feeds.
SatoshiFantasy:
--- Quote from: bytemaster on March 22, 2014, 06:05:59 pm ---I think we simply make it a market for data feeds. Have someone produce a data feed that the network uses. Every time a transaction references that data-feed, the owner of the feed gets a cut of the transaction fees. Now market participants can place bets according to the feed.
--- End quote ---
Isn't this centralized with a singe point of failure? One idea is to use a PoS Consensus transaction, where the data from the feed becomes valid only after it is signed by majority stake.
JakeThePanda:
I may be way off base with this, but my concern as a U.S. citizen is the government making a case that every holder of BitsharesLotto is considered an illegal gambling operator.
Is there a way to incorporate code for anonymous transactions like Darkcoin or Zerocoin? I would hate for the government to track down large holders and start prosecuting. Please tell me I'm wrong.
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