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mircea_popescu: <pankkake> looks like bitcoin-central is goxed << hi davout
mircea_popescu: yes, if they want to store data they;ll need a filesystem or some other similar implement
mircea_popescu: bbet's interface is very simple by design, but your thing would be sort-of like the rpc call of all time
mircea_popescu: and the fact that you will need a very solid api or nobody will mm it.
mircea_popescu: or for that matter invest in zh's darling, i forget what it was called.
mircea_popescu: if you're gonna do that may as well just make it the thing, let people trade shares.
mircea_popescu: honestly i dun see myself using it, sounds like a sort of bettrade w/e that thing was called, except with a perhaps very broken auto-mm tacked on
mircea_popescu: the blockchain exists in the first place because time isnt reliable.
mircea_popescu: like say pool x could mine me before kako, and pool y could mine kako before me
mircea_popescu: (depending who mines the block the same exact tx can end up with diff timestamps)
mircea_popescu: say both me and kako send in block 275000. who goes in first ?
mircea_popescu: i now go to the forum and open a scam thread, saying you put the 10 btc
mircea_popescu: suppose i send 1 btc, ion the reps, and discover i didn't get 8 shares but .7 because someone put 10btc in 10 minutes before me.
mircea_popescu: then as long as the odds are 10:1 or less i am safe buying 10 btc each side, cheap shares
mircea_popescu: but if i know that a certain bet will reach say 200 btc total wagered
mircea_popescu: basically to extract value out of this scheme all you need to know is your avg volume
mircea_popescu: so any new bet is basically a landrush to buy the early shares ?
mircea_popescu: even if these could be within five minutes of each other ?
mircea_popescu: so now obama comes and dumps 10 btc on reps. cause he's hedging.
mircea_popescu: aite. so dems side is now 3 (opresumably) + 3.5 + .95 shares
mircea_popescu: aite, so let's try it. since you're somehow decided it must be 0.1s for some reason, i put 0.5 on dems. what's that do ?
mircea_popescu: bbv1 is neutral on thsi score. if someone buys the other side later it lifts you up
mircea_popescu: just guess the value of the integral, it won't kill you .not like it's a binding contract or anything
mircea_popescu: so if i spend 10 btc i get a number of shares you can't specify. wjhat happens next ?
mircea_popescu: i got 10 btc on the dems right here. i send it to your site. what happens ?
mircea_popescu: so let's run through this. bet is gribble's coin toss comes out heads.
mircea_popescu: mike_c did the academia folks invent something again ?
mircea_popescu: this was "news" in 200 bc too. i dunno why it's so counterintuitive
mircea_popescu: i don't think there's possible substitution for reputation generally.