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He lost 69k on the Predyx bet? How does the platform even allow a bet that big with such low liquidity? Shouldn’t it cap the bet at the available liquidity?
No, he basically bid the price to 100% and then bought a ton of shares at 100% odds.
@mega_dreamer, setting a cap might be reasonable. I'm thinking about the level at which the possible return becomes negative because of fees.
I might be missing something, but who ends up with the extra liquidity he injected into the market that didn’t get used? Does it go to Predyx?
When he placed the bet there was 2,100 sats of liquidity, and he injected 69k. So best case scenario, he could only win those 2,100. Maybe more if someone else bet against him afterward.
Basically, he just added liquidity to the market, right? I didn’t see how the market looked at resolution, but I’m guessing there was still unused liquidity left. Does that excess go straight to Predyx?
Most of it went to liquidity bot which bought up 65k seagulls shares after RBD made his trade but there were other winners too.
Here is what was left over once the market was settled.
Poor @realBitcoinDog, jumping into something he doesn’t fully get, while Predix makes a killing off people’s ignorance. That’s how the game works.
To be fair to Predyx, they're donating the sats he blew to ~Stacker_Sports.
So, RBD will have an opportunity to win them back from all the contests we run.
Poor Predix, they felt sorry! Haha, what a contradiction. Shouldn’t they donate it to the ~HealthAndFitness territory insted? Ahahah
Felt sorry!
For what?? Where?
lol, clearly they think sats directly in RBD's hands are too dangerous.
Predix makes a killing off people’s ignorance. That’s how the game works.
Are you alleging something here?
That’s not specific to Predix, it’s how the whole betting industry works.
It should be noted that Predyx being in beta, besides the costs of operations, has lost a ton of sats standing up all these markets with very little fees earned so we can all essentially beta test the product. They are far from making a killing, quite the opposite in fact.
What happened is a Predyx bot saw the insane price and bought up a ton of very cheap shares to get the odds back to a reasonable place. So, a lot of it goes to Predyx that way.
However, had the bot not swooped in, another user would have purchased the very cheap shares and gotten most of RBD's sats.
So just to wrap it up: he bet 69k knowing that, at minimum, he’d make those 2,100 sats, with a chance to make more only if someone else bet against him? If that’s the case, the platform should at least warn users, shouldn’t it?
he’d make those 2,100 sats, with a chance to make more only if someone else bet against him?
No, he bought 69k shares in the outcome, which would pay 69k sats if that outcome happened. What other people do makes no difference.
the platform should at least warn users, shouldn’t it?
Probably, hence my suggestion to @mega_dreamer. Most of the users don't just YOLO into a position without looking at the terms, but that is something they should be prepared for and protecting wildly reckless gamblers from themselves would be smart PR.
I think there's always a warning/transparency on what a user would win on his investment.
It's quite visible on the Prediction slip itself.
It is quite visible for those who are paying attention. It's not actually clear what the marginal costs and benefits are, just the averages. So, you can make an order that includes negative net-value shares without realizing it.
What I'm recommending is some sort of warning or automated veto for trades that are guaranteed losses: ie, once you're paying so close to 100 sats per share that your payout can only be less than what you spent.
In this case, it would have purchased however many thousands of shares got the price up towards 100 and then refunded the rest of the sats that he tried to spend.
You lost slightly less than 69k sats