Gambling on Steemit by chitty

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gambling · @chitty · Jun 13 '16 (edited)

$7.58

Gambling on Steemit

![steemit bookies](http://www.rightcasino.com/wp-content/uploads/2014/06/william-hill-bookie.jpg)

Hello Steemians, 

We all know steemit is a great platform and I think we have only scratched the surface of what can be done with it. Today I would like to present a simple concept of how a steemit post can facilitate betting on sports or any other world event that has more than 1 possible outcome. 

The idea is simple enough: 

1.- The author describes the event and the possible outcomes.
2.- Steemians would then upvote and post their betting choice.
3.- The winners will receive the SMD of the post. The author of the post and organizer of the bet will keep the steem power (win-win). 

Possible downsides:
* Poster runs away with the rewards: This is possible but his/her reputation would be ruined and would risk getting downvoted for ever on. 
* Big whales who participate will add a lot of rewards by upvoting the post but will still get their winnings divided equally with minnows

Upsides:
* It’s fun
* You are not risking real money and you could possible win something. 
* It could attract more people to steemit
* It would make watching horrible games like Haiti vs Peru a bit more fun LOL

As a proof of concept I created the first steemit bet on the [Copa America](https://steemit.com/gambling/@chitty/proof-of-concept-steemit-bet-copa-america), feel free to participate

👍 steemit200, ihashfury, hossary, linouxis9, chitty, proctologic, hcf27, kingscrown, kencode, jerome-colley, closer, vladon, dmitry

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`permlink`	gambling-on-steemit
`category`	gambling
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`created`	2016-06-13 13:40:09
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`net_rshares`	7,948,629,993,402
`author_curate_reward`	""

properties (23)vote details (13)

voter	rshares	pct
ihashfury	961,943,691,404	100%
steemit200	6,941,210,983,701	100%
proctologic	5,544,330,756	100%
hcf27	2,957,839,959	100%
chitty	5,830,744,530	100%
linouxis9	7,750,386,371	100%
kencode	637,718,967	100%
kingscrown	1,874,532,792	100%
jerome-colley	430,004,825	100%
hossary	19,963,616,412	100%
dmitry	65,546,904	100%
vladon	180,862,386	100%
closer	239,734,395	100%

@kencode · Jun 13 '16 (edited)

Oh hell yeah. Tie the page to its prediction market post on the Bitshares dex too and you've got a win-win-win :)

👍 proctologic

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properties (23)vote details (1)

voter	weight	wgt%	rshares	pct	time
proctologic	0 B		13,746,328,724	100%

@kingscrown · Jun 13 '16

i love the gambling idea, i was posting about it before  too https://steemit.com/steem/@kingscrown/why-dont-we-get-some-dice-or-casino-games so you can have a bit there

👍 proctologic, chitty

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properties (23)vote details (2)

voter	weight	wgt%	rshares	pct	time
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@pharesim · Jun 13 '16

Gambling without commitment would just lead to sockpuppets jumping in. Create 10 accounts, bet on each possible result with 5 of them -> painless profits.

properties (22)

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@chitty · Jun 13 '16

True, but wouldnt you need to mine an account to create more than 2 users (facebook & reddit), and mining takes up resources so it wouldnt exactly be painless free if you did that.

properties (22)

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@pharesim · Jun 13 '16 (edited)

There are 8000 accounts from the initial mining phase alone.
While mining is a bit of an effort, 10 accounts aren't hard to get when you're willing to keep your laptop running for 2 days. Right now there's no incentive to do that, because you'll only have 1 SteemPower on each of those accounts. 
When you don't split the rewards proportionally to SteemPower, you'd give enough incentive for at least a few sockpuppets as soon as one whale sets a bet.

👍 chitty

`author`	pharesim
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properties (23)vote details (1)

voter	weight	wgt%	rshares	pct	time
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3 replies