Author Topic: BTS & Prediction Markets, looking at Augur...  (Read 15010 times)

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Offline topcandle


So atm people would prefer Bond or Prediction markets? I'm curious. What do you think would bring in more liquidity? I would go with bond markets. Augur already has all the media, etc, it would be a waste to build something and compete atm. Bond markets make more sense imo.

Its a good question.  I'm thinking Bond markets are the harder of the two to deploy and has greater chance of failure than prediction markets.  We haven't seen bond markets done in a decentralized manner.  Although to do Votecoin/REP style PM's would be more difficult than bond markets. 

So I'm not sure.  A PM would bring many eyes towards Bitshares because of the countless questions being asked.  Coupled with referral it could be quite viral. 

Bond+PMs+ Referral = Next big thing. 
« Last Edit: November 02, 2015, 01:56:52 am by topcandle »
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Offline Akado

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How does casino gambling fit with our slogan "industrial-grade financial smart contract platform"?

Why don't we do Prediction Markets first and evaluate the need for casinos after.  Its the next logical step.  And least controversial.

Casinos and stuff can be separated businesses who simply use bitAssets, it doesn't need to be built in BitShares. CCEDK already has an online casino with BTC and mentioned it will use bitAssets in the future. It will only take one and we can have huge liquidity, look SatoshiDice. That and silkroad at some point made the most % of btc transactions.

So atm people would prefer Bond or Prediction markets? I'm curious. What do you think would bring in more liquidity? I would go with bond markets. Augur already has all the media, etc, it would be a waste to build something and compete atm. Bond markets make more sense imo.

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Offline topcandle

How does casino gambling fit with our slogan "industrial-grade financial smart contract platform"?

Why don't we do Prediction Markets first and evaluate the need for casinos after.  Its the next logical step.  And least controversial. 
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Offline BunkerChainLabs-DataSecurityNode

If you think of BitShares as a free economic zone then you should look at what has historically worked to bootstrap others.

How do you bootstrap a word famous, successful city in the middle of a desert?

Quote
Realizing that gambling would be profitable for local business, the Nevada state legislature legalized gambling at the local level in 1931. Las Vegas was poised to begin its rise as the gaming capital of the world

https://en.wikipedia.org/wiki/History_of_Las_Vegas

How does a bankrupt city become one of the wealthiest in Europe?

Quote
By the 1850s Monaco's reigning family was almost bankrupt.  At the time, a number of small towns in Europe were growing prosperous from the establishment of casinos... . The success of the casino grew slowly, largely due to the area's inaccessibility from much of Europe. The installation of the railway in 1868, however, brought with it an influx of people into Monte Carlo and saw it grow in wealth.[2] 

https://en.wikipedia.org/wiki/Monte_Carlo

How do you create one of the world's richest cities in communist China?

Quote
Macau is one of the world's richest cities, and as of 2013 its GDP per capita by purchasing power parity is higher than that of any country in the world, according to the World Bank.[11][12] It became the world's largest gambling centre in 2006,[13] with the economy heavily dependent on gambling

https://en.wikipedia.org/wiki/Macau

What helped Bitcoin get bootstrapped?

Quote
Firm says online gambling accounts for almost half of all Bitcoin transactions
Although it's not quite legal in the US, online gambling is big business in BTC

http://arstechnica.com/business/2013/08/firm-says-online-gambling-accounts-for-almost-half-of-all-bitcoin-transactions/

Customers aren't attracted to shopping malls with no businesses and businesses aren't attracted to shopping malls with no customers.

Traders don't want to risk holding illiquid assets but the assets won't become liquid without traders using them.

Gambling doesn't have that chicken and egg problem, hence why it works so well as a catalyst to kickstart the economies where it's introduced provided there's a market for it.

Given that blockchains can undercut centralised options, offer privacy, provable fairness and funds are safer. the future of gambling is definitely on the blockchain.

I predict this sector will be the one that creates the first crypto-billionaires.

PLAY doesn't seem to be doing very much/moving slow. So I think if BitShares is struggling to gain traction it should re-look at introducing gambling at the blockchain level.

If not we'll be able to see in a few months if the potential and market is there with Augur.

I understand what you are saying... but what you are basically stating is that our only true customer target is the gambler. What topcandle and perhaps others have expressed is that this will reduce bitshares to a very specific segment, and everything else people have dreamed about or wished for would be finished.

I don't see why this should be on Bitshares... you mentioned Play which is a side chain.. why not let a side chain do something in this space? Leave Bitshares out of it.

We do have Lottoshares! :)

The industry is HIGHLY regulated. In the vacuum of not having blockchain tech these past 20 years regulations have come down hard on the industry to make it accountable. While your arguments are that we have a better mouse trap.. it would only really provide any value to new comers which are far and few.. it also remains to be seen if the current regulations even somehow work with how blockchain works.

If you are suggesting that the big idea is to skirt regulations by hiding behind the thin veil of decentralization, that will come to a quick end when the big guns of the gaming industry put us in its cross-hairs.

I understand that some small time gambling stuff with Bitcoin made it gain traction.. but look around.. bitcoin never got mass adoption.. so if we want to take the same type of empirical evidence you have used to prove your point.. adding gambling to bitshares will not enable us to gain mass adoption.. but it will help some who use it for such to make some 'billions'.. before the regulation hammer comes down on it... same way it has on Bitcoin.

Bytemaster made a commentary in last weeks hangout about who bitshares should be targeting.. he specifically thought that freedom lovers should be who we are going after. Full transparency is not everyones thing... and if we are going to change that.. well we have to vote on that.

Prediction/future markets sound promising and don't have associations with destroying lives.  +5%
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Offline Empirical1.2

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I think we need both gambling and prediction markets.

This is disappointing to hear.  Clearly you need to think about Bitshares perceptions in China.  Any kind of association with casino style gambling would bring disciplinary action from the government in China.  This would kill Bitshares. 

The minute the chinese community hears Bitshares is putting gambling into the blockchain, the chinese will start taking out their money in droves.... 

Prediction Markets offer value and will benefit society, unlike casino style gambling.  Its less risky and provides a new financial category that would be bitshares to dominate.  Why not advocate for something that is revolutionary (information markets) , rather than devolutionary (casinos)?

Yes this was the argument.

If anyone wants to drive BTS out of  China and lost the only major fiat portal we could ever have in at least 6 months and ruin all the hard working promotion effort with serious VC investors  , please do this . Otherwise , don't . No gambling should be on BTS wallet , period . I've already obtained opinion from experienced lawyers .

spoiler alert : BTS is gonna go viral in several months due to some major promotion effort in China , unless we do something to drag their feet . A crowd funding company already got millions of USD of VC to operate their operation on BTS . That's once in a life time opportunity for BTS .


I don't know the status on fiat portal, their big VC investors, or this super viral event that was going to happen but I haven't seen much yet & according to them BTS won't easily expand with the current fee system in China anyway.

What I do see is even centralized gambling companies making billions in China..

Quote
China is one of the world’s largest online gambling markets despite the government having outlawed betting in all but a few controlled scenarios.

http://www.theguardian.com/society/2014/oct/03/bet365-profit-china-online-gambling


« Last Edit: November 02, 2015, 12:32:13 am by Empirical1.2 »
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Tuck Fheman

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This is disappointing to hear. 

You make some good points. It would do more harm than good perhaps. I can do without it, but would welcome it as long as it did not have detrimental consequences.

Offline topcandle

I think we need both gambling and prediction markets.

This is disappointing to hear.  Clearly you need to think about Bitshares perceptions in China.  Any kind of association with casino style gambling would bring disciplinary action from the government in China.  This would kill Bitshares. 

The minute the chinese community hears Bitshares is putting gambling into the blockchain, the chinese will start taking out their money in droves.... 

Prediction Markets offer value and will benefit society, unlike casino style gambling.  Its less risky and provides a new financial category that would be bitshares to dominate.  Why not advocate for something that is revolutionary (information markets) , rather than devolutionary (casinos)?
« Last Edit: November 01, 2015, 11:37:12 pm by topcandle »
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Offline Akado

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I think we need both gambling and prediction markets.

and bond market. problem is we can't have everything at the same time. We should define what would be the most important thing for BitShares. Then once the GUI is ready we would move onto it.
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Offline Ander

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I think we need both gambling and prediction markets.
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Offline topcandle

So I think if BitShares is struggling to gain traction it should re-look at introducing gambling at the blockchain level.




No just implement Augur / Truthcoin.
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Tuck Fheman

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So I think if BitShares is struggling to gain traction it should re-look at introducing gambling at the blockchain level.


Offline Empirical1.2

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If you think of BitShares as a free economic zone then you should look at what has historically worked to bootstrap others.

How do you bootstrap a word famous, successful city in the middle of a desert?

Quote
Realizing that gambling would be profitable for local business, the Nevada state legislature legalized gambling at the local level in 1931. Las Vegas was poised to begin its rise as the gaming capital of the world

https://en.wikipedia.org/wiki/History_of_Las_Vegas

How does a bankrupt city become one of the wealthiest in Europe?

Quote
By the 1850s Monaco's reigning family was almost bankrupt.  At the time, a number of small towns in Europe were growing prosperous from the establishment of casinos... . The success of the casino grew slowly, largely due to the area's inaccessibility from much of Europe. The installation of the railway in 1868, however, brought with it an influx of people into Monte Carlo and saw it grow in wealth.[2] 

https://en.wikipedia.org/wiki/Monte_Carlo

How do you create one of the world's richest cities in communist China?

Quote
Macau is one of the world's richest cities, and as of 2013 its GDP per capita by purchasing power parity is higher than that of any country in the world, according to the World Bank.[11][12] It became the world's largest gambling centre in 2006,[13] with the economy heavily dependent on gambling

https://en.wikipedia.org/wiki/Macau

What helped Bitcoin get bootstrapped?

Quote
Firm says online gambling accounts for almost half of all Bitcoin transactions
Although it's not quite legal in the US, online gambling is big business in BTC

http://arstechnica.com/business/2013/08/firm-says-online-gambling-accounts-for-almost-half-of-all-bitcoin-transactions/

Customers aren't attracted to shopping malls with no businesses and businesses aren't attracted to shopping malls with no customers.

Traders don't want to risk holding illiquid assets but the assets won't become liquid without traders using them.

Gambling doesn't have that chicken and egg problem, hence why it works so well as a catalyst to kickstart the economies where it's introduced provided there's a market for it.

Given that blockchains can undercut centralised options, offer privacy, provable fairness and funds are safer. the future of gambling is definitely on the blockchain.

I predict this sector will be the one that creates the first crypto-billionaires.

PLAY doesn't seem to be doing very much/moving slow. So I think if BitShares is struggling to gain traction it should re-look at introducing gambling at the blockchain level.

If not we'll be able to see in a few months if the potential and market is there with Augur.
« Last Edit: November 01, 2015, 06:52:36 pm by Empirical1.2 »
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Offline Empirical1.2

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I was slightly skeptical but I see obviously Augur raised $5 million & their promo video has 188 000 views.

https://www.youtube.com/watch?v=yegyih591Jo

Quote
'Augur may become the greatest gambling platform in history'

Coming this fall, Augur will allow participants to wager money on any future event of their choosing. Software will set the odds, collect the bets, and disperse the winnings. The price alone should give Nevada sportsbook operators pause; an estimated one percent of every pot will go to keep the system running. The average vig today is about 10 times that.

https://reason.com/blog/2015/08/11/augur-gambling-prediction-ethereum

BTC gambling played a massive role in terms of attracting users and generating turnover and transactions in Bitcoin's early years. But 2.0 blockchains can go way beyond that as they can undercut centralised options while being safer & provably fair which presents huge opportunities for the platform that gets first mover advantage. Bitcoin's volatility has been a problem for longer term bets, but dollar stable options solve that too. So it's something that interests me a lot.

Where does BTS stand on prediction markets atm?
« Last Edit: October 19, 2015, 04:40:48 pm by Empirical1.2 »
If you want to take the island burn the boats