“Skill of the game”: US market technology providers launched a bit coin betting game

nnnIn the Chicago Science and Technology Company Level Trading Field will launch a Bitcoin price betting game that allows users to predict the price of the coin in the game and win the top three of the game to divide the total amount of the bet. The company’s chief executive said the game was legal and the user could be assured of participation and said it was important for US retailers to provide US investors with a new mechanism for forecasting bitcoin prices.n
nnTranslated by: Inan
nA “skill game” around the change in the price of the bitcoin is about to begin.n
nBitcoin Market Predictor, launched by Chicago’s Level Trading Field, allows users to bet on future bit-price movements, increasing the way that US investors can use to speculate on the price of bitcoins.n
nMost of the mechanisms of Bitcoin, at least in the United States, are targeted at institutional investors, while Bitcoin Market Predictor is specifically targeted at retail investors. It costs $ 50 per game.n
nLanza Sarumi, chief executive of Level Trading Field, said in an exclusive interview that the company’s clients include users of Bank of America, Deutsche Bank and Barclays Bank, explaining why he thinks the game is very important for US retailers.n
nSarumi told CoinDesk:n
nn”If you think the price will drop, how do you bet? There is no available tool for this.”n
nnSarumi’s words are well founded. While some global exchanges allow users to make short bits of money, only Coinbase’s GDAX exchanges provide such functionality to US residents, but this short function is currently disabled, waiting for GDAX to review the unusually volatile fluctuations in the currency in June End.n
nGames start n
nSo what is its working principle? The structure of the game is that a group of ten people participate in the game, the user can start at the beginning of each hour betting on the price of special currency. The most accurate three predictions can divide the total amount of the bet – $ 450 per game (minus the 10% fee charged by Level Level Field).n
nThe closest guess is 50% ($ 225), the second is 30% ($ 135) and the third is 20% ($ 90).n
nWhile Illinois law prohibits gambling on the game and the odds, Sarumi says their predictive game is legal because it is a skill game that, in some ways, is similar to fantastic sports betting.n
nLevel Trading Field uses the price data provided by the Chicago Mercantile Exchange (CME) as a reference for the game. CME’s data comes from four Bitcoin exchanges – Bitstamp, Coinbase’s GDAX, itBit and Kraken, to standardize price data.n
nTo further minimize the impact of price volatility, Level Trading Field used more logic to determine the final price to measure winning or losing. The company will store all the ticks for the last minute of each game and then calculate the average to determine the winner.n

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