Friday, July 21, 2017

Poker and beer in the sandbox

Part ten in a continuing series.

The game is real poker, real cards, real game, real beer, real table.  We just use our cash cards to eliminate the chips. So, we have replaced an expensive coin, plastic chip, with a cheap cpin, bits in our cash cards. We bet like usual, using a tap or other button sequence with our cards.  Players check in and check out, they play with the house coin, 100% backed by one or more market coins traded at some agreed par.  So, there is risk, my $100 entry fee is not guaranteed to make even money at the central bank while I drink and bet. Someone throws a smart phone in the center to display the bets.

No price compression because the denomination algebra is fixed to the ante.  All significant hidden information is revealed, accounts settled.  As the game takes its course,  the drop outs shorten the betting queue and more information is revealed about the remaining players. Betting is round robin and mandated, hence the account balance, there is reducing uncertainty from the previous betting event.

As a use case, it is popular, and requires.

  1. Common wireless, like NFC. 
  2. Programmable contracts with simple bet verifying tokens.  
  3. Honest accounting 
  4. Round robin access to the betting queue 
  5. Free entry and exit. 

Pit boss risk is zero, it is perfectly accurate.  No automated betting.

Otherwise, it is like a grocery store, they let in some customers and as the customers leave you try and guess what the remaining customers have in their basket.

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