https://btc-e.com/betsI really don't understand this. They are letting you bet on what the price of bitcoin will be in 5 minutes. How is this fair at all? Could a whale not bet and then buy/sell to take everyones money?
No, that's more or less the same idea as opening a short or a long.
It's just made in another way so it's even easier, that's all.
I have to personally recomend btc-e as a very professional site, they have a very good support even if not the best volumes ever.
The time interval is so short though. Short/long is over longer than 5 minutes. I wish exchanges had more features but I don't like the way this "betting" is designed.