75 sats \ 2 replies \ @Solomonsatoshi 13 Oct \ on: Bet on the US election with sats on bitcoinprediction.market bitcoin
how does Bitcoinprediction fund itself?
IE what percentage of the betting pool does it take from the winner?
In general I see gambling as a losers game (when there is a centralised house taking in a guaranteed cut) but for a prediction market there is a case for it.
If it can serve to give a representation of what people believe will happen it could be of value- certainly more value than standard gambling operations.
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30 sats \ 1 reply \ @HYPERBITCOINZATION OP 14 Oct
Currently we are funded by Wolf and Entrepreneur First (two startup accelerators) and we're charging a 1% tx fee.
Yeah initially I thought prediction markets were just degen gambling, but now I realize that they are market-based forecasting tools that enable people to get a sense of what will happen in the future.
As a financial technology, Bitcoin is a prefect monetary mechanism to facilitate prediction markets due to its decentralized and censorship resistant nature. As a social technology, prediction markets offer a novel use-case for both Bitcoin and ecash, enabling people to use their Bitcoin for more than just hodl.
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31 sats \ 0 replies \ @Solomonsatoshi 14 Oct
Thanks for your reply and 1% fee seems reasonable. We used to have a prediction website here in New Zealand and it was run by academics from one of the universities (using fiat) it was called 'ipredict' and it was very popular - unfortunately a supposedly right wing free markets government here closed it down- they did not like the idea of citizens having the ability to back their predictions with their own money. Alot of the political polling in New Zealand is partisan operated and they want to control it. So yes a Bitcoin based model is excellent and should be more resistant to meddling politicians who just want to control the narrative and not allow us to know what others are thinking and feeling about the issues of the day. Good on you for starting this up its a fun and informative way we can use Bitcoin. Given the academic research and perhaps market research potential of such a platform there may be interest from researchers and the like. All the best.
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