Gambling on Steemit
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, feel free to participate
Oh hell yeah. Tie the page to its prediction market post on the Bitshares dex too and you've got a win-win-win :)
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
Gambling without commitment would just lead to sockpuppets jumping in. Create 10 accounts, bet on each possible result with 5 of them -> painless profits.
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.
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.
Point taken, I guess there will always be someone that could take advantage of a free bet...thanks!
I guess a possible solution to this would be to write your answer on a piece of paper and take a selfie... however this kind of defeats the spirit of the contest I think...
Accounts will get some kind of reputation score eventually, just combine post count, curation efficiency and average pay-out per post and we'd have a real quantity that could be used to limit participation etc. :)