Bitcoin Forum

if all the btc games provably fair.

So which casino do you mean thats not provably fair ?

The owner will never go bankrupt if the house edge exist. House edge prevents the owner from falling into the negative range most of the time.

In that case  you will need a big bankroll to prevent that .

I knew one, i didn't know it's a bug or not,  i told the owner a week ago, but it happened again.
I lost some coin by the same way.

This discussion is  worthless till you dont mention site name, without that how we will say anything.

Any real casino should have an edge otherwise they will fail.

If the owner has a positive (provably fair) edge and a large enough bankroll and adjusts the maximum payout to the bankroll there is zero chance he will go bankrupt.

Provably fair just means it can be proven that the house edge is what it is and can not be manipulated by the owner/admin.

Not now maybe, i keep playing there, if it's a bug they should fix it, i told them twice.

So does the house have a negative edge there? Or a not provably fair positive edge?

If it's the first you should definately play there, if it's the second you should stop immediately hehe.

Please OP refrain from posting meaningless shit on this forum to get your post count up.

Agreed this is bizarre post... it makes no sense. The owner might go bankrupt if he doesn't have enough liquidity to cover some high stake flukes, but if the bet sizes and edge exist, the owner is never going to go bankrupt in practice.

You misunderstand what provably fair means.

It does not mean there is no house edge.

Provably Fair = Provably Fair.
For example, you can see a dice being rolled with your own eyes. If you roll an even number, you will get 2x your money, and if odd, nothing.
If you gamble $1 you won't get $2 back even if you win. If the house edge is 1% for example, you get $1.99 back.
That's why all gambling sites and casinos profit. No one will run a business to lose money.

http://dictionary.reference.com/browse/provably

Will help you out a little OP, Provably is more a measure of what the owner says and what is really going on in the odds.

Indeed OP there is a misunderstanding.

Provably Fair refers to verifiable randomness in the mechanism which produces the result.

If an operation has a house edge, and institutes a reasonable maxbet, the chance of ruin is infinitely small as to almost not exist.

The smaller the house edge, the greater the variance.  If the maxbet % stays constant, the risk of ruin is virtually 0.

There usually a 1 % of house edge on all casino , what happen to you and we still dint get the actually thing hapends ?

Do you even get the term provably fair mate?
Maybe its time to look up the word in the dictionary before making a topic of it ;)

I dont think so, once one man told me about a pshysical cassino where they had a non-cero roulette, yes! a roulette table with cero hause edge, and do you imagine what happened there? yes... people was still losing.

So the "fair" or hause edge means almost nothing at the time when the people win or lose unless you are doing linear bets, but you know that the people always use progressive martingales and is when they lose it all.

$1.98, not $1.99.  $1.98 is 99% of $2.

If you got $1.99 back, that would be a 0.5% house edge.

Consider two bets, where you win one and lose one.

In total you risk $2 and end up with $1.99

You have lost 0.5% of everything you risked.

That's a 0.5% edge.

I'm not quite sure about that, but I assume you're correct. I thought the house edge was based on the number you gambled.

Original Post is so lame

Troll IMO

Correct, most/all of the casinos have a very big bankroll.

I don't think OP knows what probably fair means. I think he thinks it means a 0 percent house edge. OP research what it means. All bitcoin casinos have a house edge so they are fine.

1% house edge means that in the long run you will lose 1% of everything you gamble.

Your example of the $1.99 payout doesn't do that.


You need your bankroll to be significantly bigger than your maximum payout.  If you have a small bankroll you can avoid the risk of going bust by reducing your maximum bet.

Research the "Kelly Criterion" for the gory details.

http://en.wikipedia.org/wiki/Kelly_criterion

He is sayin 1% of $2.00 you get back is .02 = $1.98 not $1.99

Either way real world casinos are Provably Fair, doesnt mean you should win or the odds are in your favor just that they arent cheating.

Why are you still playing on that site, when you believe it is not provably fair or has a bug?

It's called the law of averages..

two things proove you wrong; one is that a hause allways has house edge, and second, and more important is human greed.
Those of you who gamble will know how hard it is to resist sometimes.

And variance, you cannot always have one win every two bets on 2x.

Did you try playing gamble such as: satoshicircle, reel, coin flipping, coin wheeling, lucky coin dropping, coin dice rolling ...etc.... If YES you should read this

First, we know these gambles allow us to set personal SEED (seek) for fair playing (some other sites dont allow this).
What is SEED (seek) ?
as peerbet.com explain https://www.peerdice.org/default.aspx

as betcoin.tm explain http://www.betcoin.tm/circle/howtoplay

So now I trying input some special character into SEED (seek) field such as: ∞ ⅍ ₮ ₱ ₳ ℅ □ ₴ ⁿ ∏ √ ‰ ≈ ≡
And I play to get the result. Extremely I found that the result array now is not the same.

Here is some screnshot from betcoin.tm
http://imgh.us/x25_betcoin.tm.jpg
http://imgh.us/dice_betcoin.tm.jpg
http://imgh.us/rollette_betcoin.tm.jpg
http://imgh.us/reel_betcoin.tm.jpg

You can try to set a special personal seed (seek) to know this is true.
Especially DICE gamble. The server result give out the number result quite differently with our number result (in spite of our personal SEED)

At last so what is the exactly fair playing? The generate results are not the same. Is this not fair OR am I so stupid to understand about this? The answer is yours.