[LINK] Intrade Shuts Down

Douglas_Reay

[LINK] Intrade Shuts Down — LessWrong

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You'd have to pay a percentage of proceeds to the authorities in order to monetize staying an authority over selling your reputation for a guaranteed win in bitcoins. Especially in a single-authority system.

The basketball score is 94-72 late in the fourth quarter. "Second team wins" contracts go down to pennies on the dollar. But, the arbitrating authority has the fix in for "Second team wins", and buys out massive numbers of the same contract, then takes vast quantities of money out of the system.

For sports, however, there's an easy solution. Just have Google be your authority. So, for figuring out who won the Oregon-UCLA game last night, the system would pay out on the results of the Google search "Oregon UCLA basketball score" as of a certain time. Reading your earlier posts this seems like what you already described, though.

ChristianKl13y00

So, for figuring out who won the Oregon-UCLA game last night, the system would pay out on the results of the Google search "Oregon UCLA basketball score" as of a certain time.

You need to have someone that you trust to perform that Google search and read it and then decide who won the money. Otherwise the two people who bet might disagree on what the Google search says.

1Douglas_Reay13y

Depends on the authority type. The pre-agreed format type of authority shouldn't need paying; nor one that relies upon mass voting to make decisions. Because in neither case is there a small group of controllers with the power to 'fix' the result. One that uses a panel of experts will need some way to prevent a cabal of experts colluding together, and some form of reward for their time. The reward might be the reputation they gain from being seen as an expert (like with WikiPedia). The anti-collusion measure might be by having quite a large panel and selecting 7 members from it at random for each decision (preferably, selected only after the bets have been laid). However, yes, the system ought to be set up in a sufficiently flexible manner to allow each authority to be able to set in advance a rate of 'cut' for bets using them as the decider (with competition between authorities keeping such rates low).

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[LINK] Intrade Shuts Down

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[LINK] Intrade Shuts Down

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