-
Notifications
You must be signed in to change notification settings - Fork 0
User Stories
When a user signs up, they will be given $1000 in play money (that is not convertible to real money) in order to place wagers.
Markets are specific outcomes that users may want to predict that will or won't happen.
When a user views a market, they should:
- be able to view the question that is being debated. "Will X happen by Y date?"
- be able to view the current odds of the outcome based on previous trades by others
- be able to view the name of person managing the market to check for reputation
If a viewer would like to see the odds of a real-world outcome, they should be able to create a market.
They will have to fill out four things before publishing it:
- The outcome in question
- A short version of the question
- The description, which will include the organization or authority who will determine the outcome
- A preview image for the item.
In order to edit or delete the market post-publish, there must not be any activity on the market yet. This is to prevent market manipulation.
The resolution of the market will be allowed at any time, with the creator of the market ultimately deciding the outcome to "yes" or "no" through a "Resolve Market" button that is available.
Suppose that there is a market called "Will the rainfall in Denver Colorado in December 2022 exceed 4 inches?"
If, by the end of 2022, the market resolves to "yes", all the "yes" shares will resolve to $1 credited to the holder's account. All the "no" shares will resolve to $0 to the holder's account.
If a user, for example, holds 100 "yes" shares at time of resolution and closing of the market, the user will have $100 credited to the user's account.
The minimum price for a share is $0.01 .
The maximum price for a share is $.99 .
If another user is offering to sell X "yes" shares at $.78 , the user will have an option to purchase it at that price. If it has already been sold, the user will be told that it has already been sold and no transaction will proceed.
Suppose a user would like to wager on the outcome of the market, believing that it will resolve to "yes".
They are able to inject liquidity to the market by pressing a button called "Create Shares". This will withdraw $1 from their account, creating one "yes" share and one "no" share. They will be able to list and sell those items at any price they choose.
Suppose the user believes that the true value of those "yes" shares is $.60 . As in, they believe there is a 60% chance of the market resolving to yes.
They will be able to place a standing "sell" order for a "yes" share for $.61 , which may be fulfilled in the future by another user.