Quote from: plast555 on April 15, 2020, 05:36:52 PM

This peer to peer betting looks interesting but creating our own betting hedge fund at this stage where the market is not very clear as the only good news ahead is the bitcoin halving and what is the minimum amount you are looking to raise for the functioning of this decentralized peer to peer betting.

I would like to launch real money betting with a game that isn't too long (say 1 week or a month).

Anyone who wants to participate can sign up and commit a dollar amount. Once enough commitments are made, everyone will send in their money via BTC which I'll immediately convert to dollars. The game will then be launched, and I'll distribute in-game coins to the investors in proportion to the amount of money they sent in. (In game coins will just be called dollars since they're pegged to the dollar). The game will run on Litecoin network, which means that to launch the game I'll create a genesis transaction on Litecoin, and then each investor will receive their in-game coins via a Litecoin address. (They will receive a tiny amount of litecoins which will have a larger value in dollars via the PolyCash protocol).

Betting on eSports events will then commence while the game is in progress. You'll be paying Litecoin transaction fees to get your betting transaction fees confirmed, so you may need to mix in some more litecoins if you make a lot of betting transactions. The game will end at a fixed time, at which point the currency will be wound down by the stablecoin issuer (me in this case) buying back the in-game coins while maintaining the 1 dollar per in-game coin peg.

Players / investors should install their own nodes. It's possible to play by creating a web wallet on a hosted node, but much better if players run their own nodes.

I would like to get at least 20 players who each put at least $100 for this trial run. Some of the details of this are still flexible. For example, we could use Rock Paper Scissors betting rather than eSports betting. We could use Bitcoin blockchain to run the game rather than Litecoin. (The reason I'm proposing Litecoin is because the fast blocks are good for betting, and transaction fees are low). We could keep the in-game coins pegged to BTC rather than dollars. Buy-ins and payouts could be done with Tether rather than Bitcoin.