Re: BTC400 pledged to develop USD/BTC rate prediction market
In general, what you said sounds like a good way to do all kinds of betting services.
Well, yeah, I was thinking about it since 2011... My plan was to start with BTC/USD futures, and then to expand into options, prediction market, betting, etc.
Never got around to it, though
I wonder why this kind of thing doesn't seem to be standard by now.
I wonder about that too... Perhaps people simply do not give a fuck.
Even without the use of a mediator this kind of system seems quite good to me. The risk the user of a site like this
In an extreme case the operator of the site could refuse to release anybodies money, but he wouldn't get it either. The whole site could also be shut down by the authorities, with the same result.
Well, it would be great to solve this problem...
For example, it is possible to give a trusted 3rd party an ability to return funds back to user, but only after a large timeout. Say, two years... It is possible that users and this 3rd party will collude, but presumable it will be detected before timeout, and so it is possible to punish this trusted 3rd party before timeout.