US Federal Minimum Wage will be raised above $7.25 by the end of 2013
The U.S. Federal minimum wage will be raised above $7.25 by the end of 2013. Approved proposals alone will not qualify as Yes; federal minimum wage increase must go into effect by the end of the year.
Bet outcome: No
- Bet started:11 months 2 weeks ago (02-04-2013)
- Bet closed: 2 months 2 weeks ago (28-12-2013)
- Resolved: 2 months 1 week ago (31-12-2013)
- Weighted No: 909`568
- Weighted Yes: 496`250
- Confirmed bets: 34 ( No: 32 / Yes: 2 )
CONFIRMED BETS: 59.60 BTC
|TIME||BET||WEIGHT||BTC IN||IN||BTC OUT||OUT|
#1806: Anonymous 20-11-13 at 22:46
Beware of this website! READ THIS BEFORE BETTING: https://bitcointalk.org/index.php?topic=339544.0;all
#2075: Read The FAQ 14-12-13 at 15:33
Or save yourself some time and read the site’s FAQ before betting and understand how Bitcoin works so you don’t waste your money betting at the last minute.
#2076: Anonymous 14-12-13 at 17:39
this is somethign i don’t understand: someone placed a 30 btc bet with a time-weight 8219. so that means the maximum payout is 8.219% assuming an even # of bets on YES/NO side but that is not the case– the actual #’s are 54 NO and 5 YES so that makes the payoff even less attractive… why would someone risk almost $30,000 to get paid a few hundred bucks? seems like a really poor ROI…. better off putting that money in the bank… and earning 1.5% interest on it….? i just don’t understand this– am i missing something? like the maximum payout the person who put in 30 BTC on "no" will be around 0.4BTC… not to mention the counter-party risk…. what if bitbet.us goes off-line…. at least in the bank you have FDIC insurance for up to $250,000 per account…
#2077: Anonymous 14-12-13 at 18:24
I don’t think you understand how the weighting system works here. His maximum payout is 30+1.06 BTC (and seeing the state of the bet that’s most likely what he’ll get). So you’re right it’s not a whole lot and I totally agree on the risk of bitbet going dark for some reason. But if he wins he’ll still get an interest of 3.5% on his bet in the space of less than a month. I’d like to see you try to get that at a bank, any bank.
#2080: Anonymous 14-12-13 at 22:23
Moreover, maybe he judges the risk of BitBet going dark less than the risk of him losing his wallet somehow. In which case it’sd actually > 3.5%.
#2081: Anonymous 15-12-13 at 00:53
how did you calculate 30+1.06BTC, what math did you use? i’m going by what the the bitbet calculator says– i just typed 30btc and it said "No" pays: 30.38849611 BTC. that’ show i got my + 0.40BTC value, based on the calculator and based on the fact that the time weight a few weeks ago was slightly higher…
#2082: Anonymous 15-12-13 at 00:58
regarding your second point, i’m also struggling to understand that– some people on here have said that bitbet is their "cold storage"– as though to imply that if their wallets get stolen the coins are safe with bitbet– but the flaw that i find with this argument is that if your wallet is compromised let’s say, then whenever your bet expires, whoever compromised your bet will receive the money once bitbet sends it back to the wallet…. so what am i missing? i really would like to understand this, i’m not trying to be an ass.
#2083: Anonymous 15-12-13 at 02:11
Anon, current weight is 4k, weight at the time of the bet you’re discussing is about 9k. The difference between your .4 and his 1.06 comes exactly from there.
#2084: Anonymous 15-12-13 at 02:16
There are many ways to use BitBet as cold wallet. I. Make paper wallets, use the addresses there for the winnings, send bets from your normal wallet. II. Make web-based wallet, use that for winnings, once the winnings are paid move BTC off immediately. That is also how it works for a compromised wallet: if someone manages to get your wallet they are probably going to empty it, but they are not likely going to keep a bitcoin client running forever scanning the blockchain in the hopes that maybe two weeks or five months later that wallet gets a BitBet payment. So you just watch it once it comes in and move it to safety, possibly before the thief even notices.
#2085: Anonymous 15-12-13 at 04:10
Well, first that was not my second point, it was some other anon. But my calculation of 30+1.06 is fairly easy. You just can’t get there by just inputting 30 in the calculator, why? First, because the weight is lower now but second and most importantly because when the bet was made the overall "no weight" was lower as it did not include his gigantic bet. To calculate his winnings, here’s what you do: 1.Calculate his weight, 8.21930=246.570 ; 2. Divide this by the overall "no weight" to figure out his stake in the winnings, 246.570/909.568=0.271 ; 3. He thus stands to gain 0.2715.07=1.374 BTC on top of the original 30 ; 4.You deduct 1% of the 31.374 for the BitBet fee and you get… 31.06 BTC. You’re welcome
#2171: Anonymous 22-12-13 at 21:48
I think this should be closed as neither house has passed a hike (which would be the first step to a YES resolution) and they are out of session until 2014. I’m saying this considering that you have resolved the ENDA bet when it’s way less restrictive (no need for implementation)
#2173: Anonymous 22-12-13 at 23:02
You’re discounting the fact that the US Congress has long ceased having any actual input in the governing of the US. If Obama comes up on TV declaring that the law shall henceforth be X, that’s what it is over there.
#2212: Anonymous 01-01-14 at 01:14
This is a big fat no, resolve it!