Re: Bookie - Sports Betting Exchange on the Blockchain Wants Your Input
OP, do you really need censorship resistance and go through the inefficiencies of the blockchain only to set up a sports betting exchange? What is the value proposition of this idea and what difference does it make if I use a regulated counterpart of your service that accepts Bitcoins and altcoins?
Hi Wind_FURY, good questions.
Some of the key reasons for us building Bookie on top of a blockchain (well, not any old blockchain, it's the Peerplays blockchain, which is built specifically for gaming and betting apps):
- Provably fair - All source code for Bookie will be available on Github. No secrets.
- Real-time transparency - All Bookie bets published on a public ledger in real-time. No more doubts or arguments about what bet was or was not made, what the stakes were, for how much, etc.
The same can be achieved by your centralized counterparts, so there is no added value in using a blockchain there. You will also for sure have problems with scaling some time in the future, unless your solution is not to have a large userbase. But how would you attempt to solve that if you do?
Quote
- Decentralization - assuming posters here see the benefits of a decentralized currency
... we think there are similar upsides to bringing decentralization to sports betting. And a betting exchange (P2P) is a great fit for decentralization, as opposed to a sportsbook/house model which is de facto centralized.
Regarding censorship-resistance in sports betting, this could be seen to have value for someone who finds themselves in a situation where such censorship is practiced.
Hope that answers your questions!
I could see some benefits of censorship resistance in your service. A good example of it would be if you are running an illegal and unlicensed P2P betting exchange. Are you running one?