What are bitcoin prediction markets?

Discussion in 'General Bitcoin Gambling Discussion' started by Spud, Sep 18, 2016.

  1. Spud

    Spud Member

    I've heard about bitcoin prediction markets for betting but I'm not really sure what they are. How does something like Auger or Hivemind differ from Nitrogen sports?
     
  2. Humble Servant

    Humble Servant Active Member Staff Member

    I've been scratching my head about this for a while. I see very little difference between what someone like Auger does and what CloudBet or Nitrogen Sports. You are basically taking a position on the outcome of a certain event. With prediction markets you are predicting that the Denver Broncos will win the Super Bowl or Donald Trump will win the US Election. Someone else takes the opposite position on each prediction, which is pretty similar to what happens at online bookmakers.
     
    Last edited: Oct 1, 2016
  3. Kaboom

    Kaboom Member

    i guess one big difference is prediction markets like auger are decentralised on the ethereum blockchain while bookmakers like nitrogen sports are centralised.
     
  4. Humble Servant

    Humble Servant Active Member Staff Member

  5. Humble Servant

    Humble Servant Active Member Staff Member

    Here's a video demo/explanation of how Auger works and what it is...

     
  6. Gooch

    Gooch Member

    How exactly is Auger going to function when Ethereum is under constant attack and seems to be unusable half the time.
     
  7. Freddy

    Freddy Member

    I had high hopes for Ethereum but all these hard forks are making me question its future. I'm tempted to sell my remaining Ether to buy bitcoin.
     
  8. Smug Satoshi

    Smug Satoshi Member

    Isn't Auger built on Ethereum? After the events of the past few months I don't have any trust in that blockchain or Vitalik.
     
  9. Humble Servant

    Humble Servant Active Member Staff Member

    Yes, Auger is built on Ethereum. They haven't had any major problems in the past 6 months and price has exploded so maybe Ethereum will survive despite some obvious challenges ahead.
     
  10. Doyle

    Doyle Member

    Aren't they basically the same as Betfair? You find someone who is willing to take the opposite bet to you.
     
  11. Toast

    Toast Member

    It looks like Auger, one of the oldest ICOs and prediction markets is finally going live in the coming months. About time. Have any other ICO's delivered a product?

     
  12. Pony

    Pony Member

    it looks like auger is finally going to be released. it has taken so long to develop I think most pople have forgotten about it already.

     
  13. PokerGod

    PokerGod Member

    auger finally launched and make the news because there is a market that predicts whether trump will be assassinated.

     
  14. Humble Servant

    Humble Servant Active Member Staff Member

    The launch of Auger and it's REP token was a big success, with the token being valued at over $40, giving the project a market cap of over $150 million. After the eventual failure of CryptoKitties, it looked like Vitalik had finally found a dApp that would prove the usefulness of his Ethereum blockchain. However, following a bunch of early hype due to the assassination markets, Auger looks to be dead in the water with only a few dozen daily users just months after launch. https://forum.bitcoingambling.io/threads/auger-rep-usage-drops-dramatically-after-early-hype.418/
     

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