Bet for Winklevoss ETF Approval by SEC on Bitshares DEX with STEEM!
Want to learn something new or just want a new way to use Bitshares Exchange?
We came with a little betting game on the blockchain, right in the middle of exchange where you can predict the future and make money with it. Story of how did it happen on the very end of this post.
What is the Bitcoin ETF ?
An exchange-traded fund (ETF) is an investment fund traded on stock exchanges, much like stocks In short the creators of Gemini send documents to Securities and Exchange Commission and now by 11 March they will either get approved or not to start the fund legally and officially.
How to Bet on Bitshares DEX
For starters its a great exchange, fully secure - no hackers or third party can take it down as its decentralized. In this case i will use OpenLedger but mostly this is just on Bitshares Network and there are others of this kind too.
1. Register to OpenLedger
Choose a name, dont expect to get pretty one, they are costy. Just take somethig nwith numbers and letters.
2. Do The Wallet Backup
Up there wallet is your exchange. Keep this keys secure and make backup of them.
3. Send some funds
You can send directly Bitshares or by gateway like @blocktrades you an deposit STEEM or BTC.
https://openledger.io/#/deposit-withdraw/
4. Long or Short
For BTS trading go to:
https://openledger.io/#/market/ETFBTC_OPEN.STEEM
For STEEM: https://openledger.io/#/market/ETFBTC_BTS
Long means you believe the ETF will be approved, Short means you believe it wont.
5. Wait for the results
Contract will last for a month. If ETF is approve or not disapproved - its a Long win, if its disapproved - Shorters win.
It will be executed by 12th march 2017 so there is 28 days to bet, change your mind and watch others.
Currently on BitMex the betting has 41% people going "long".
How Did It Start ?
Few days ago i wrote article If Winklevoss ETF Gets Approval Bitcoin wil go to 3000USD+? Betting Opened on Bitmex! then when sharing it on #bitshares channel @kencode suggested "why dont you make a prediction market on BTS instead"?
Few minutes later i were with @linouxis9 on PM and this became real day later. Hes responsible for the whole code as i have never made MPAs myself. @officialfuzzy approved the idea.
This is a test of how popular this can get and a new way to show you OL Exchange and the awesome Bitshares network. Also keep eye for launch of @peerplays they will have loads of casino and other games of this kind on blockchain.
Hello @KingsCrown,
Congratulations! Your post has been chosen by the communities of SteemTrail as one of our top picks today.
Also, as a selection for being a top pick today, you have been awarded a TRAIL token for your participation on our innovative platform...STEEM.
Please visit SteemTrail to get instructions on how to claim your TRAIL token today.
If do not wish to be promoted by SteemTrail, please reply with "Stop" to opt out.
Happy TRAIL!
Great news and can't wait to see if it is going to roll or not because if it does get approved, it will be a free for all of madness and great great investments! Thanks for sharing this information with us all.
As a note, some of the orthographic mistakes make it a little hard to understand sometimes... Maybe there's enough time for you to correct them as there are many. In the spirit of helpfulness, I hope you don't mind.
All for one and one for all! Namaste :)
you can PM me them on steemit.chat ;) i do make mistakes - im not a robot ;) but i tend to give content so good, that people still should like it even with my typos or grammar :)
How this it will end technically?
In case I go LONG, 1 ETFBTC will be worth 1 BTS – how this is looks practically?
If you buy 1 ETFBTC for 0.3 BTS then ETFBTC becomes 1 BTS [if approved in thsi case] you make 0.7 BTS per token.
Yes, but how?
1 ETFBTC token will disappear and 1 BTS appears
or I will be able to sell 1 ETHBTC at price 1 BTC
The person selling you ETFBTC is giving a colaterral of 1 BTS per sold ETFBTC. So after the final person who sold or bought pays from colaterall
I'll check it anyway
Wow amazing, good job friend (y) @kingscrown
Is it possible to open ETFBTC/OPEN.BTC market?
Every time when you open new market, you must create new market and pay fee?
You open it by going to ETFBTC/OPEN.BTC and making a short, with even minimal of 1 unit. So the fee wouldnt be big just for opening with 1 unit worth 0.5 BTS or so
Thanks!
I do not know whether BTC is suitable for PM
Price 0.5 BTC for eg. 100[00] ETHBTC:OPEN.BTC looks strange.
Maybe someone can throw some light on this case.
This post has been ranked within the top 25 most undervalued posts in the first half of Feb 15. We estimate that this post is undervalued by $4.51 as compared to a scenario in which every voter had an equal say.
See the full rankings and details in The Daily Tribune: Feb 15 - Part I. You can also read about some of our methodology, data analysis and technical details in our initial post.
If you are the author and would prefer not to receive these comments, simply reply "Stop" to this comment.
flagged as comment spam. not even a useful statistic