Each question market is a separate stand-alone contract. All contracts are parimutuel, and distribute winnings proportionally based on the total wagered by an address selecting the correct answer. It is therefore possible for every
market participant to lose money if the entirety of Ether in the contract is placed on one answer. The inverse is also possible. You can win all of the pool for only 1 Wei if you are the only person to pick the correct answer.
It is for this reason the integrity of the game is kept by carefully selected questions that encourage market polarization on two or more of the answers.
If nobody bets on the correct answer, then the contract is voided. You will need to use the "Claim Winnings" function to retreive your funds in this rare, but possible situation.
All answers are hashed with SHA256, and each answer's hash is included immutably in the contract's constructor. Once an answer closes, a link to centralized, and decentralized file resolving to that hash will be appended to the contact. You can verify the file's hash matches the one in the contract by calculating the hash yourself with SHA256.
Once a quiz closes, funds will be left in limbo until an administrator manually uploads the answer and verification file. Should this for some reason not happen, the market will be voided, and all bets will automatically be refunded. You will need to use the "Claim Winnings" function to retreive your funds.
There is no minimum or maximum bet. The slider that goes from 0.01 to 1 is only a suggestion, and used for convenience. (This range may also change based on the price of Ether.) Advanced users are free to bet what you wish manually using the publically available ABI. It might make sense to bet outside the suggested range depending on the circumstances.
Winnings are not automatically paid out. You must transact with the "Claim Winnings" function after each and every win to receive your Ether. This is partly due to a limitation in block size and the way the EVM currently works.
It would also be very expensive and sometimes impossible to pay out many thousands of addresses. Claiming winnings after the fact fairly distributes the gas cost on each individual person.
The biggest reason this process is asynchronous is because of the way mapping functions work in current Ethereum smart contracts. There are an astronomically large amount of addresses to iterate through, and unless you keep track of each address (expensive, bad design), then you are out of luck.
There is an integrity fee of 5% that goes to the creator of each contract. This is to insure that there is no incentive to cheat. It is quite trivial to forensically detect irregular betting patterns over 2% of the market, and
the 5% amount represents an amount that guarantees more profit from keeping an honest market.
In the unlikely event of answer(s) becoming compromised, markets can be voided with all bets returned evenly. Voids can also happen because of errors in the contract, or because an answer was not added to the contract in time by
the administrator. A market is also autmatically voided if nobody selects the correct answer.
All results are final. This means that if a market is erroneously adjudicated that the results stand. The same is true for contract errors or hacks. Any refunds for human error or security issues would only be at the sole discretion
of the administrator.
All participants should be of legal age in their jurisdiction to participate. It is your responsibility to determine if participation in such markets are legal in your jurisdiction. Cryptocurrency regulations are evolving, and
while we strongly believe in free market principles, placating bureaucrats with easily circumvented geoblocks is not out of the question. This site is subject currently to the grey area of Armenian law. We will comply with
any directive from the Armenian Government.
In Ethereum, the code is the law of the land. The code is always right, even if the human writing it is stupid. This project is conceptual in nature. It is a celebration of free expression and art. Our advice is to bet small, and
to argue without ad hominems...unless you want to be a dick and flame everyone with pejoratives and monumental assholery. We won't try to stop you.