[extropy-chat] Re: Why bet only imaginary money?

[Alejandro Dubrovsky]

On Sat, 2004-09-04 at 21:45 +1000, Brett Paatsch wrote:
> Alejandro Dubrovsky wrote:
> 
> > On Sat, 2004-09-04 at 19:43 +1000, Brett Paatsch wrote:
> 
> > > If the majority of scientifically literate investors are not bullish on
> say
> > > molecular nanotechnology, and they are in fact wrong in not being
> > > bullish, then shouldn't their error be seen as all the greater
> opportunity
> > > to get more easy money by those who are sure molecular nanotech is
> > > going to work?
> > >
> > but all bets are not about nanotech.
> 
> Sure, but even so, mixing bears and bulls on any issue would give the best
> market.  And nanotech would be a good thing to have a market on. Its
> already attracting plenty of commercial interest.
> 
no doubt that would be best.  what i meant was that the market is not
completely invalidated just because it is a open to a few selected
players.  its value diminishes, certainly, especially in cases where the
bias of the group is clear, but there's still plenty of other material
to play on.

> > > Or am I missing something?
> > >
> > you are probably missing the fact that a public idea futures playing
> > with real money would be considered gambling without a license in lots
> > of places.
> 
> Perceived and actual problems with different legislations across different
> legal jurisdictions might have been a possible impediment to Robin taking
> his idea further.
> 
> Its possible and apparently legal to bet in Australia over the internet.
> http://www.centrebet.com/australian-federal-election-2004.php
> I don't bet on sports but I was interested to see recently if it would be
> possible to bet on the Australian federal election.  It is. Its the
> sportsbetting places that offer it.
> 

Yes, but they have a gambling license.  Last i heard it was illegal for
an australian to offer a betting service online without a gambling
license.  (It is still legal to bet online though).  My assumption is
that a gambling license would be ridiculously hard to get, but i'm just
guessing there.


> I'm not a lawyer. I am interested in the law. Some areas of it more than
> others, but I have never done a full law degree.
> 
Ah, sorry bout that.  
alejandro