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Update binary-markets.md (#512)

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@ -33,14 +33,15 @@ Uniswap's CPMM and a suggestion from Manifold user Pepe.
- If you bet M$100 on NO and the resulting probability without fees would be 10%, then you pay M$100 _ 13% _ 10% = M$1.3. - If you bet M$100 on NO and the resulting probability without fees would be 10%, then you pay M$100 _ 13% _ 10% = M$1.3.
- If you bet M$100 on YES and the resulting probability without fees would be 90%, then you pay `M$100 * 13% * 10% = M$1.3`. - If you bet M$100 on YES and the resulting probability without fees would be 90%, then you pay `M$100 * 13% * 10% = M$1.3`.
- The fees are used to provide a commission to the market creator and to subsidize trading within the market. - The fees are used to provide a commission to the market creator and to subsidize trading within the market.
- 6% goes to the market creator, 6% to liquidity providers, and 1% is burnt to prevent inflation
- The market creator’s commission is paid out only after the market is resolved. - The market creator’s commission is paid out only after the market is resolved.
- No fees are levied on sales. - No fees are levied on sales.
# Market creation # Market creation
- Users can create a market on any question they want. - Users can create a market on any question they want.
- When you create a market, you must choose an initial probability and a close date (after which trading will halt). - When you create a market, you must choose a close date (after which trading will halt).
- You must also pay a M$ 50 market creation fee, which is used to subsidize trading on your market. - You must also pay a M$100 market creation fee, which is used to subsidize trading on your market.
- You will earn a commission on all bets placed in your market. - You will earn a commission on all bets placed in your market.
- You are responsible for resolving your market in a timely manner. All the fees you earned as a commission will be paid out after resolution. - You are responsible for resolving your market in a timely manner. All the fees you earned as a commission will be paid out after resolution.