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13832371 No.13832371 [Reply] [Original] [archived.moe]

Ok since LINK is literally free falling and most likely going to be dead during the Summer, I thought about actually building something with smart contracts and chainlink. So here it goes:

A market where you can "bet" that, for example, a certain famous person will die within 1 month. Now this is highly unlikely to happen, so let's say you bet $100k and you would be ok if the counterparty bets $10k(meaning you will either win $10k or lose your $100k). You could also do this with terrorist attacks or something else. Lets say you "bet" that the jewish community in Ohio gets bombed within 1 month. You bet $100k. If casualties are less than 100, you will get $50k back from the $100k. The counterparty would deposit like $10k since it's again "highly unlikely" to occur.

The way the smart contract would work, is that it will get data throught chainlink from multiple news sites that an event has occured(like bombing, some famous person dead etc). This could ofc be tested first that the algorithm has like 99.99% record of making right decisions based on the news reports api.

Now, the problem is that terrorist might bet themselves the $10k, go do the act and get $100k in my examples. This is not what I intended, ofc. So my question is will I get in trouble for creating such smart contracts? I don't want to get v&.

>> No.13832411

Wow super unique idea.

The fact that these are the only retarded use cases for smart contracts is pretty hilarious: retarded betting apps that literally no one will use.

>> No.13832445

>>13832411
What's your name? I'll bet $50k you will die within a month.

>> No.13832514

>>13832445
I’ll bet you don’t have $50k to bet.

>> No.13832518
File: 5 KB, 300x168, benshalombernanke.jpg [View same] [iqdb] [saucenao] [google] [report]
13832518

Also, how could I profit from this?

>> No.13832528

>>13832514
How much are you willing to bet and what kind of proof you need?

>> No.13832660

bump

>> No.13832909

FUCKEN BUUUMPPPP!!!!!!!!!!!!!!!!!!!

God damn I will ask 4channel to provide user IP addresses so people can start betting on anons getting killed.

>> No.13832970

>>13832371
How is this not a form of derivatives?

>> No.13832980

>>13832371
>A market where you can "bet" that, for example, a certain famous person will die within 1 month.
that's practically a bounty offer for any murderer ready to do the job, you'd probably go to jail for that

>> No.13833023

>>13832980
What if I just created the contract and released it to the public and some people would start using it in this bad way?

>> No.13833042

>>13832371

i don't think sergey would really appreciate this assination game. but who knows, it could take off like crypto kitties and ruin the whole chainlink network.

the motivation to commit murder to get 100k is not exactly the insentives the network strives for. however maybe you can channel your creativity to actually helping other people through chainlink

>> No.13833056

>>13832371
PredictIt is a thing but they don't bet on retarded shit like that

>> No.13833090

>>13833056
Ok retard it's not actually a betting market. It's a decentralised assasination/hitman market.

Disclaimer: It's a betting market.

>> No.13833155
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13833155

>>13833042
Ok, people can pool money and bet/donate $100m that Al Qaeda will be defeated within a year or something like that. Or if Wakanda's aids levels drop to 10%, then they'll pay out/donate $50m to whoever accepted the contract(some non profit fighting against AIDS, or maybe the Wakanda government itself has a bigger incentive now to fight against AIDS to receive $50m once AIDS level is at 10%).

>> No.13833174

Nice Black Mirror episode, OP.

>> No.13833183

>>13833023
Then it would be impossible to catch you, provided you didn't do anything stupid in the process that would compromise your anonymity

I guess it's gonna be one of those really weird consequences of blockchain technology being widely adopted

Actually it's pretty crazy thinking about it

>> No.13833191
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13833191

>>13832528

>> No.13833230

How would a distributed network of oracles know that the person died, to trigger the payout?

>> No.13833237
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13833237

>>13833183
Ikr I'm already thinking about scenarios in the future where some people pool together $100m for some 9/11 type of scenario to happen. Also if there are some public daily/monthly updated APIs about any person being announced dead, then you could literally set a bounty to anyone. John across the street who flipped you off? $50k to anyone who kills him, and to make sure the person who accepted the contract is serious, he will have to "stake" $5k, so if he doesn't do the job within let's say a month, you get $5k.

>> No.13833270

>>13833230
If it's a famous enough person, you could check news APIs (provided that the algorithm that checks the news is reliable enough, this can all be agreed upon by both parties).
>>13833237
check this for public death data

>> No.13833315

>>13833230
Also in case public death APIs are going to be very strictly regulated, you could use some other public data about the person to determine if he is alive or not. Such as YouTube account activity, Facebook, Instagram etc. Ofc some might not use these social media accounts at all so it would not be a viable solution in every case.

>> No.13833831

bump

Gonna go sleep. Hopefully, there are more link holders who are thinking of creating some new kind of smart contracts as well.

>> No.13833871

Muh smart contrax with data and shiiet mayne.

>> No.13834516

>>13833831

how about...

fucking derivatives and insurance

just get that adopted first before you worry about the anarchist hitman contracts

>> No.13834594

>>13832371
>muh assassination market
I post the same thing every time this is brought up, and no one ever listens. But guess what? Imma do it again! Assassination markets will never work because your data sources will always be vulnerable to tampering through court mandate.

>> No.13834707

>>13834594
If it's a famous person, then simply by searching through news articles(by a webscraper bot or something) you can determine if that person is dead or not. Courts can ofc ban news sites from publishing this data. However there can be other ways of determining if someone is dead or not. Like said before, through social media accounts or any other public account. You can check if they are still active. This will be a bit more complicated, but I'm sure there is a way. Then there are public gov databases. Courts could make them harder to access, but there could still be loopholes like setting up a fake insurance company, then using that as an excuse to get the death data. Ofc this is even more complicated.

I guess time will tell. I'm certain there will be some kind of market for this kind of stuff. Maybe not the "killing joe from across the street" stuff.

>> No.13834784

>mfw op activating sleeper cells through shitposting

>> No.13834785

>>13834707
but is crypto really anonymous enough for the transaction to not eventually be tracked back to you?

>> No.13834820
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13834820

kys op you insufferable troglodyte

>> No.13834853
File: 180 KB, 398x499, 1476658727758.jpg [View same] [iqdb] [saucenao] [google] [report]
13834853

>>13834594
>he hasn't read Assassination Politics
You physically mail cryptographic keys containing your "bet."
>>13832371
You have it backwards, you would need to probably be required to wager 5-10% of the current pot to make a prediction. The idea being, someone would put up $10k on a $100k bounty for a specific date is probably reasonably sure of such.

>> No.13834860

>>13833270
>>13833315
brainlet here

Could you pull data from a "reputable" news site like CNN with keywords like (Actor name + death/dead) and have it trigger a positive result once an article is posted that matches?

>> No.13834903

>>13834860
wouldn't it be easier for a h4x0r to generate fake news articles to mislead the oracle

>> No.13835255

>>13834903
You will get the data from multiple oracles/nodes which will get the data from various news sites like CNN, CNBC, FOX, BBC etc. Then you could also check from social media if there are many people posting "Rip [insert_name]". You can also let the contract wait for a week to recheck incase it was the news was false.

>> No.13835293

>>13834707
>>13834853
The only way to determine if someone is dead is a medical cert and the death register. It would be trivial to falsify the cert, fake your own death, or to simply have a court order newspapers to report in a way that would trigger the smart contract. In the case of a two sided open market, you could actually profitability bet on your own faked death.

>> No.13835325
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13835325

>>13835255
And the good thing is, they will have to join the network because you'd want to have some stakes in the data reselling market. Lowering the costs and increasing revenue at the same time, this is genius.

>> No.13835330
File: 342 KB, 632x676, 1558397192691.png [View same] [iqdb] [saucenao] [google] [report]
13835330

>>13834860
>CNN
>reputable
Fuck off back to rddit.

>> No.13836026

>>13835330
I mean, they wouldn't falsely report a celebrity death. Thats what I meant

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