Assassination Betting Markets Now on Augur

As reported by the news, Augur’s platform is playing host to several assassination markets that have just emerged on its blockchain. In these markets, users are placing wagers lives of iconic figures and when they will die.


The Platform

Augur wager platform was deployed after it was created by Forecast Foundation and launched on ETH. Launched on the 9th of July and permits wagers on any event to occur bets on any future event, including the now new "death" markets. Users will profit in one of two ways, either purchasing shares through ETH if they believe a bet to be true or through selling shares, if they aren’t convinced. If a bet comes true in both situations, then everyone wins.

New posts that have shown up on Augur have given birth to these assassination markets. President Trump is among the iconic figures to have bets placed against. Warren Buffet, an investing giant within the industry is also included. The bet consists of when and where the President will diet this year.

In 2013, another market was launched and users were pouring big-time funds into a bet involved Ben Bernanke as well as former US President Obama. Although bets made on Augur’s platform and strictly wagers and nothing more, with a big enough reward pool, an individual might try and commit the crime.

How to Handle

On Reddit, users have pointed to these markets and that something must be done to deal with them. One issue remains is that the platform is decentralized and as the company states, no single entity can control it or change it.

A new method of confirming the completion of a bet is through the company’s “reporters” or native coin REP holders. Initially, REP is to be placed on an events right prediction and will be awarded accordingly. Should the participant lose, so do their tokens. Users avoiding “forks” will see a reduction in their REP by up to 5%. Inactive REP possessors will also face penalties should they go along with no wagers or other activity.

2 years ago

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