Bet with a Shitcoiner
132 sats \ 10 comments \ @grayruby 19 Aug 2023 bitcoin
Reaching out to the crowd for ideas how to execute this.
I want to bet a shitcoiner that ETH will not flip Bitcoin anytime in the next 3 years.
I am giving him odds. I put up 10M sats, he puts up 5M sats, winner gets the pot if either ETH flips Bitcoin (hahaha) or the 3 year time limit ends and Bitcoin is still king (duh).
What is the best way to execute?
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201 sats \ 4 replies \ @monaco 19 Aug 2023
Using Bitcoin's Taproot upgrade, you can create a Pay-to-Taproot (P2TR) address that embeds specific conditions within the contract, allowing for a more private and efficient arrangement. Both parties would need to agree on a reliable data source to determine whether Ethereum flips Bitcoin, as well as define the exact terms of "flipping." Once the details are settled, both parties would send their agreed-upon amounts, in this case, 10M and 5M sats, to the P2TR address.
The scripting would involve the creation of time-locked conditions that allow for the release of funds to the winner based on the bet's outcome. A 3-year time lock can be included to release the funds to the party betting on Bitcoin if Ethereum does not exceed Bitcoin's market cap within the specified timeframe.
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20 sats \ 2 replies \ @mallardshead 19 Aug 2023
Is this easier than a scriptless DLC which requires 2/2 multisig funding and a CET for a binary outcome? Or is that what you're describing?
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100 sats \ 1 reply \ @monaco 19 Aug 2023
DLCs, involving a 2/2 multisig funding and Contract Execution Transactions (CETs), offer more privacy but are more complex to set up. They require oracles to sign possible outcomes without revealing contract specifics. Time-locked Taproot scripts, on the other hand, provide a more transparent approach, embedding conditions directly within Bitcoin's script and possibly incorporating an oracle if needed. While DLCs might be the choice for those prioritizing privacy and scalability, a Taproot-based approach might be easier for those looking for straightforward execution.
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20 sats \ 0 replies \ @mallardshead 19 Aug 2023
Great thanks for this. You're right, DLC's are complex and specification is a work in progress. I tried last year by running Bitcoin-S on my node and using Suredbits oracle explorer but could never get to the CET execution. Maybe I was just too stupid, or there's been a since updated spec, but I'm going to try again with the PLTC method you described, cuz we need a tutorial up for the inbound StackerSports gambling escapades.
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10 sats \ 0 replies \ @grayruby OP 19 Aug 2023
Excellent info. Thanks.
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30 sats \ 0 replies \ @carlosfandango 19 Aug 2023
Not sure. But taking sats off someone who (I’m guessing) will lose their money on ETH seems like double pain…
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20 sats \ 1 reply \ @2bithits 19 Aug 2023
Is he a good friend?
There are probably better ways, but I would get another neutral friend to hold it in a multisig 2/3. After 3 years the winner & escrow can sign & collect
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21 sats \ 0 replies \ @grayruby OP 20 Aug 2023
No, I don't consort with shitcoiners. Just a random .eth I argue with on twitter all the time.
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0 sats \ 0 replies \ @mallardshead 19 Aug 2023
deleted by author
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0 sats \ 0 replies \ @Longtermwizard 19 Aug 2023 freebie
I wanna bet too, if there is a way to bet with a eth fan I want to try.