Bitcoin Forum

By my calculation, if I bet against the house, I get 400% return which is really too good but the odds are only 6.25% which is kind of... eh.
I don't know if this is true so please do clarify.

Yes. You are correct if you are betting on only one digit. You can bet on multiple digits at a time and thereby have more chance to win.

Anyone tried this so far?

Odds are very strange and really high as compared with winning chance so that players are not interested to place bet there, i think some kind of attractive payout ratio can make this site more better to get attention from players.

The player vs house game has a 1/16 * 4 = 1/4 = 0.25 expected value

That implies a 75% house edge, making playing against the house an extremely stupid idea.

Something like 15x instead of 4x would make more sense, and it would still leave a 6.25% house edge (15/16 = 0.9375 EV = 6.25% house edge)

Player vs Player may be somewhat better as it is claimed that it has only a 1% house edge, but details are still murky. The site really needs to fix PvH and make rules of PvP more clear.

I like your site, but now i m not ready to play it, because i have save my bitcoins your halving, actually within week i have lost so in this time i don't want to touch it, but i give you guaranty that after halving i definitely play it, it is easy to understand how to play it, also no need to registration, so no problem for me or others.     

I love your site, the whole site is quite interesting. It's just the lack of support for doing a communication against the owners in the event of a problem. And the lack of features that can be used to interact against a fellow player/owner of the site. I hope it can be added for convenience all players

Your calculation seems to be wrong. While we say a dice site having 1% house edge, does it mean that player has 99% chance to win? No. It means the players has 49% chance to win. Similarly, here, if they make it 8x return, that would mean, they are running on 0% house edge. Your demand of 15x return is absurd, as it would mean -ve house edge, i.e. house is certain to lose in the long run. 4x return is 25% house edge, with the chance of 400% return.
                                                      
At 8x, EV = (-15 × 1 ÷ 16) + (7 × 1 ÷ 16) = -0.5 (still extremely unreasonable proposition)


I myself played their PvP game. They dont have many players playing right now. But, the game is working perfectly, with the advantage that u get back your bet amount, if everyone has lost in a round. Rules seems to be pretty clear to me. U might like to read the FAQ.

At 8x, EV = (-15 × 1 ÷ 16) + (7 × 1 ÷ 16) = -0.5 (still extremely unreasonable proposition)

And, people wonder why they walk away with empty pockets!  They make things too complicated to formulate reasonably efficient decisions.

EV= (-15*1/16) + (3*1/16) = -0.75........Translation: expect to lose 75% of your money on average.
                                                        Interpretation: don't be stupid enough to play against the house.

Quite a good concept and this is totally based out of luck and provably fair!

However what I find lacking is,players should be able to select a block manually like they can decide which block they wish to bet on,depending on the last digit of that has,they can put their guesses.

Anyhow playing against the house is good to since you're paying out 4x.Trying my first bet as a type!

Your calculation seems to be wrong. While we say a dice site having 1% house edge, does it mean that player has 99% chance to win? No. It means the players has 49% chance to win. Similarly, here, if they make it 8x return, that would mean, they are running on 0% house edge. Your demand of 15x return is absurd, as it would mean -ve house edge, i.e. house is certain to lose in the long run. 4x return is 25% house edge, with the chance of 400% return.

You did not consider the fact that, unlike dice sites, you can bet on multiple options at a time here and thereby significantly raise your chance of win.

We have experimentally raised the Player vs House multiplying factor from 4x to 8x. Any further changes will be notified here. Thank you everyone for showing interest in this new game.

Great. Just placed a bet of 0.005 BTC on 7. :-*

https://blockchain.info/tx/9daf07a1369d33eb080ea6b242f0b61f8472845ab39b22c00361374216944f6b

By my calculation, if I bet against the house, I get 400% return which is really too good but the odds are only 6.25% which is kind of... eh.
I don't know if this is true so please do clarify.

Thanks for pointing out the difference between house edge and expected value.

What are the EVs of established Dice sites?

Gambling is not charity. People are expected to lose as well as multiply their wealth. It is part of the game.

You did not consider the fact that, unlike dice sites, you can bet on multiple options at a time here and thereby significantly raise reduce your chance of win.

If you bet on all 16 possibilities you do have a 100% chance of winning the game, but you also have a 100% chance of losing 3/4 of your money in doing so!  So, you can win the game but lose your money.

I was also thinking that. Since dice gives you almost 200% with a 50% that means 400% is 25% win. Odds are 4x worse then dice.

Similar tables can be constructed for 8x return....it might be a fun exercise to compare them; however, the math associated with calculating expected value should be sufficient enough to make sound decisions.

it is easy to understand how to play it, also no need to registration, so no problem for me or others.    

You dint answer this basic Q of mine...

Bet id 20   8    0.0003   Click Here   414057   won

but on detail it shows return of 0.0012 BTC which is only 4x of bet but OP claims to return 8x on correct guess quite confusing. ???

We have experimentally raised the Player vs House multiplying factor from 4x to 8x. Any further changes will be notified here. Thank you everyone for showing interest in this new game.

We launched with 4x return and then raised it to 8x. Here is the announcement...

What he is saying is that he only received 4x when he should have received 8x.

Verification:

Bet ID: 20
Choice: 8
Bet Amount:  0.0003
Tx Hash: 21f91e4610d533c4428f04905579277851e2e37f108c6ad6caa443a95069cee4
Status: won
Confirmation Block Height: 414057
Confirmation Block Hash: 000000000000000000ffaa5c9ce3bb1af2618e858f5711244b5ce22d72a3ca08
Won Amount:  0.0012
Return Address: 3GN4YRrj68cnYqEBMD2xDMUSSJXzFBEznc
Return Tx: ad86c488f3ea0730611f2b675f28934e41e4782828d4342197d4af8c5fe3b94d

mobnepal checked a previous bet and asked about it. The person, who placed the bet, was supposed to receive 4x, as that was the return we were offering initially after launch. Please check the time stamp of the Confirmation Block Hash.

https://blockchain.info/block/000000000000000000ffaa5c9ce3bb1af2618e858f5711244b5ce22d72a3ca08

Timestamp   2016-05-30 12:46:56

Now, please check the date of my quote. It is June 01, 2016, i.e. the raise to 8x was made on this day.

Hence, system worked perfectly as expected.

Example (PrimeDice): at default 2x roll; out of 10,000 possible outcomes the house reserves 100 of those possibilities for themselves (49.50 < house < 50.49).  So, house edge = 100/10000 = 0.01 = 01%

It seems u r mistaken in your calculation.

Example (PrimeDice): At default 2x roll, out of 10,000 possible outcomes the house DOES NOT DOES TOO reserve 100 of those possibilities for themselves (49.50 < house < 50.49). Because, player CAN NOT roll both over 50.49 and under 49.50 at a time. Player can bet either over or under at one roll. Hence, at any certain roll, house reserves 5100 possibilities for themselves.  (reserve means nobody else but "reserver" can have the reserved places.)

Edge is the house percentage greater than player percentage.

So, according to your calculation, PrimeDice house edge = 5100/10000 = 0.51 = 51%, whereas Bitcoin Betting Website house edge is 50%. (<--wouldn't even entertain the thought of making such inept calculations)


Please correct me if I am wrong...

(PrimeDice: have 50.49% chance to win) - (Players: have 49.51% chance to win) = (EDGE is 01%)
(5049/10000) - (4951/10000) =(0.5049) -(0.4951) = .01 0.0098 = 01% 0.98% EDGE <--important concept->"edge"

To convert the expected value to the house edge multiply the expected value by 100.  So, as in the above expected value of -0.50, HE = (-0.5) * 100 = 50% house edge.  (note: negation of the negative sign in the identity is accomplished thru the words "house edge" in the translation)

Yes. I am talking about none other than the reservoir, i.e. house, holding here. Out of 10000 possibilities, house holds 5100 possibilities at any certain roll (over or under). Your mistake is, you are considering over or under as over and under, which is giving you a false depiction of only 100 possibilities for house. That is untrue. House holding is 5100 possibilities, whereas players holding is 4900 possibilities at any certain roll (over or under).

Please go through my logic carefully, before arriving at a conclusion.



FTFY. Now, you have come up with a new formula to explain EDGE, which is different than the previous.

According to your previous formula, the corrected value of house edge for PrimeDice was 51%. Still, I would like to see how you apply your new formula to Bitcoin Betting Website, as the operating mechanism appears different for this game than an average dice site.

No....you changed the formula....the house edge is 01% not the 51% that you claim.  --CJMOLES--

The "edge" is how much greater a percentage one has over the other.  In the case of PrimeDice, the house probability is 50.5% and the player probability is 49.5%, so the difference is 01% <- that is the "edge."

And, the house DOES only reserves 100 numbers, the 9900 other possibilities are distributed equally 4950 for the house and 4950 to the player....

Going by this formula of yours, in the case of Bitcoin Betting Website, the house probability is 50% and the player probability is 50%, so the difference is 0% <- that is the "edge."

When house reserves 100 numbers and 9900 other possibilities are distributed equally 4950 for the house and 4950 to the player, then obviously house reserve becomes (4950 + 100) = 5050. I'm not sure, what is stopping you from seeing this crystal clear reasoning!

Love your "on chain" concept. It's a more trustable and easily verifiable method of gambling, so you don't put all your trust into that "probably fair" script. Also love your UI!

Nice to know you loved the game. In the unlikely event of any problem, players are free to report in this thread. In coming days, we'd also try to open up more communication channels. Convenience of players is of utmost importance to us.

Love your "on chain" concept. It's a more trustable and easily verifiable method of gambling, so you don't put all your trust into that "probably fair" script. Also love your UI!

This is what I said in my previous post on this thread. But, there is one downside as well. This game is slower than classic dice sites. You need to wait for block confirmation to know if u won or lost.

The house edge of this site is 50%. This has been explained many times by cjmoles now. You must be an idiot to actually play here.

The payout (for a 1% HE) should be: 0.99/(1/16) = 15.84x - not 8x.

Thank you for the confirmation....I was trying to use logic.  I guess sometimes somethings should just be said bluntly.  I hate to see people be duped by the bitcoin predators....It gives the real bitcoin gamblers a bad image that becomes hard to shake.

As promised to open up more communication channels, we are now available on Twitter. Feel free to follow and tweet us @BitcoinBetting_ (https://twitter.com/BitcoinBetting_)

I partially disagree with you. No offense, I dunno if u r a professional gambler or a habitual one. But, for me, gambling is trying luck in various platforms, i.e. where the method of creating randomness is different. When I buy ticket for a jackpot in my country, I dont go for half of the all tickets available. I just buy one to give my luck a chance to hit the jackpot. I know the chance is negligible, but that is where the luck plays. Similarly, in this game, they offer 4x, 8x or 15.84x is immaterial. At a time, I'll always bet for only one option and if I hit the correct one, I'll always win multiple times of my investment. If luck favors me, I may win two consecutive one to gain 16x. May be this logic is not applicable to a professional gambler, but most, I think, bet for fun.

And, I have a question:  if your local lottery that you play charged you 1 dollar to play for a chance to win half that dollar back, would you still play?  See, most lotteries are low probability, but they are equitable in turn....you can win a lot of money in return for a low wager and the amount you can win correlates very closely with the odds of the game.  If a local lottery kept half of the entire pool of money for themselves, would you still play?

We have experimentally raised the Player vs House multiplying factor from 8x to 15x. Any further changes will be notified here. Thank you everyone for showing interest in this new game.

We have now experimentally raised the Player vs House multiplying to 16x. This means, the game is now running on 0% house edge. This might be for a little while. Do NOT miss this opportunity to multiplying your bitcoins! Any further changes will be notified here. Thank you everyone for showing interest in this new game.

By my calculation, if I bet against the house, I get 400% return which is really too good but the odds are only 6.25% which is kind of... eh.
I don't know if this is true so please do clarify.

Great. Just placed a bet of 0.005 BTC on 7. :-*

https://blockchain.info/tx/9daf07a1369d33eb080ea6b242f0b61f8472845ab39b22c00361374216944f6b

Those odds would not make sense or add up, the payout is way too low. If you go to another site it will be about 18x or so  now a mere 4x .

Goodluck with that bet mate, let's see if this game will attract many players.
-cheers-

Nice new site. But i saw so many status is lose in Live Gambling Data. Maybe it's hard game. Good Luck For New Betting Site :)

Is it the only game running with 0% house edge?

We have now experimentally raised the Player vs House multiplying to 16x. This means, the game is now running on 0% house edge. This might be for a little while. Do NOT miss this opportunity to multiplying your bitcoins! Any further changes will be notified here. Thank you everyone for showing interest in this new game.

With this increasing odds

its actually a way to increase users on this platform

the rate of losing is high as someone has rightly said that reds signifying losses are on the rise...

EV= (-15*1/16) + (3*1/16) = -0.75........Translation: expect to lose 75% of your money on average.
                                                        Interpretation: don't be stupid enough to play against the house.

We have temporarily quashed the Player vs Player game, as it was creating confusion for new players. Now, every bet is placed directly against house.

nice game, that's a very good way to have a provably fair game but the odds are still not matching the payment...



See my point?  :D :D

We liked the reCAPTCHA !!!

Where can we find the script for it ?


Thanks
 

Anyway after we win, our payout will deduct any fees? Or it is pure 16x payout?

7. Why is 0.0002 BTC missing from the bet amount I sent?

A transaction processing fee of 0.0002 BTC is deducted from each bet.

Actually this is the first time that I saw your site and after I read some of your game explanation, it is quite good though. You should give more promotion on this so you will get more players.

From the FAQ and existing bets placed, it can be said that they deduct 0.0002 BTC from each bet sent to their address as transaction processing fee. Following is taken from their FAQ...


So, if u send 0.1002 BTC, your bet amount will be 0.1 BTC. And if you win, u'll get back 1.6 BTC. I hope, OP may confirm this explanation.

is this for real? 0 house edge? just can't say how this things would work or how the house will profits from this site if the house edge where 0% let me see it by myself and check this site.

Seems like the no. of winning bets have significantly increased since the game turned into 0% house edge.

Can you proof you have 16 btc or more if someone play 1 btc and win?

Actually this is the first time that I saw your site and after I read some of your game explanation, it is quite good though. You should give more promotion on this so you will get more players.

Check this (http://bfy.tw/7mWb).

Is it possible for miners to team up and wash the bankroll of this site?

I think the "threshold" for risking losing 99.99% of earning 12.5 BTC is a gamble of how many percent of their hashpower is to the total network of about double or triple. Or 25 BTC. Or more.

No miner in his right mind will give up the current block reward for anything less than double or triple that. I think no miner would give up 12.5 BTC unless the gamble has a higher than 50% chance of earning 25 BTC, or a higher than 75% of earning 50 BTC (if the bet or prize gets that big).

Now if the last digit of a block hash is used in conjunction with a secret, then the website owner would have to collude with a large or strong miner or a pool.

Currently, there is no known single pool or sufficiently large solo miner that has the hashpower to even consider this kind of attack, plus it is a gamble, so why would they do it?


Nope. Too risky for a winning amount that small. I'd rather take the 12.5 BTC because I have that now. (not even guaranteed).

Odds are very strange and really high as compared with winning chance so that players are not interested to place bet there, i think some kind of attractive payout ratio can make this site more better to get attention from players.

After 4 months of operation, this game probably has the most attractive payout ratio among known bitcoin gambling games.

This means for a bet of minimum size (0.0005 BTC) the house edge is:

Win event [1/16]: return of 16 * 0.0003
Lose event: return of 0

ev: 0.0003

This means you lose 40% per bet - a 40% house edge on the minimum amount. That's pretty far from a 0% house edge, don't you think?

---

Even at the maximum bet: 1 BTC, there's still a house edge.

If you win, you are returned 15.9968 BTC.
This does correspond to a 0.02% house edge, which is far from the 40% earlier, but it's still not 0%.

(Though it's fair enough - this amount can correspond to a transaction fee, albeit it's a whopping 0.0032 BTC)

---

The deduction should only apply to the payout. Either do this, or stop advertising the website as as having 0% house edge.

the amount should NOT be deducted from the bet amount! Only the return if the player wins!

Can you explain to me why you're advertising a 0% house edge when in reality that's not the case?

You can choose to deduct whatever amount for the transaction fee - that is fine, but the amount should NOT be deducted from the bet amount! Only the return if the player wins!

Your assumption that mining fee is not required for a lost bet is incorrect. Let us see how in your example...

First this address was created - https://blockchain.info/address/1J9uBy5ba1pqtXfYfxzzAxK74qUK1sAfo1

User sent the Tx to this address - https://blockchain.info/tx/981f3689d2ef7e8f477948ea17287eb90472ab189d3c803cb05478b076a3bb64 (User paid the mining fee of 0.000117 BTC)

This address forwarded the fee to the hot wallet - https://blockchain.info/tx/156a3a82fd231097ea41955f8e5f9c122c055f392179507209ba6404de96f927 (House paid the mining fee of 0.0001 BTC)

So, just to accept a lost bet, house already paid 0.0001 BTC. Now remains another 0.0001 BTC from the Tx processing fee of 0.0002 BTC they mentioned in their FAQ.

Whenever, a winning bet is paid, all these small bets are accumulated and paid from the hot wallet. This increases the Tx size and hence the mining fee required for quick confirmation. So, let us have a look at the latest winning bet right now, i.e. Bet #537.

Wining Tx: https://blockchain.info/tx/0e6af2f890bac066d349c2b56fff45aa62ddac0fd8b2a5706e5d5212ea5295d9

Tx fee: 0.0002 BTC

For this, bet 0.0001 BTC was already with the house from the deposit of the winner of Bet #537. But, who'll pay the rest of 0.0001 BTC? That is taken from the loser of Bet #530. That is how it is compensated.

This is why I said 0.0002 BTC is used in mining fee. I hope it makes sense now.

How things are working lately? Is it paying as before?

How things are working lately? Is it paying as before?

What do you mean by this?

I think they doesnt have any issue about the paying or everything seems quite good though. And they have some big payout too.

The only problem is about their cold wallet which they never said how much they got it for now

That's nice to know. How do u know about big payouts?

Pretty BIG winnings are taking place at www.BitcoinBetting.website. Confirming the bet Tx and sending back the winning Tx took place within just 3 block time. Below are the bet details...

BTC 0.0698 to BTC 1.1168
Bet ID: 322
Choice: 4
Bet Amount: BTC 0.0698
Tx Hash: 5de218e4f956ece04b23cfaac9471365285415597c2ceaa10dbd283161048a1f (https://blockchain.info/tx/5de218e4f956ece04b23cfaac9471365285415597c2ceaa10dbd283161048a1f)
Status: won
Confirmation Block Height: 433692 (https://blockchain.info/block-height/433692)
Confirmation Block Hash: 0000000000000000037fe5a1b797b226ba24f3f882fd9cbc627f44a95d20acf4 (https://blockchain.info/block/0000000000000000037fe5a1b797b226ba24f3f882fd9cbc627f44a95d20acf4)
Return Amount: BTC 1.1168
Return Address: 1BLockKo8FLApX2Wx7rJXv9C3bk9FJPzJj (https://blockchain.info/address/1BLockKo8FLApX2Wx7rJXv9C3bk9FJPzJj)
Return Tx: de726e982b98993a1e97dd86b4ceb0211f03892047ed2a74443a9d8e2042c484 (https://blockchain.info/tx/de726e982b98993a1e97dd86b4ceb0211f03892047ed2a74443a9d8e2042c484)

BTC 0.0198 to BTC 0.3168
Bet ID: 598
Choice: 3
Bet Amount: BTC 0.0198
Tx Hash: 90f498a2a0f06839eb62eaff89fc1072aec7a322a3f288957a911804f3ffc0c0 (https://blockchain.info/tx/90f498a2a0f06839eb62eaff89fc1072aec7a322a3f288957a911804f3ffc0c0)
Status: won
Confirmation Block Height: 435283 (https://blockchain.info/block-height/435283)
Confirmation Block Hash: 0000000000000000001fdfa9afc5c98cdbc7e2cf81dabc038b4f062ded1d2e73 (https://blockchain.info/block/0000000000000000001fdfa9afc5c98cdbc7e2cf81dabc038b4f062ded1d2e73)
Return Amount: BTC 0.3168
Return Address: 17YTi5T5pGhsu3XJsRdMAiUwfsRLtsQEkJ (https://blockchain.info/address/17YTi5T5pGhsu3XJsRdMAiUwfsRLtsQEkJ)
Return Tx: 60017b53b1153714d1138c16b82a13238e98287d68fea3b1f0261a362e3a61e1 (https://blockchain.info/tx/60017b53b1153714d1138c16b82a13238e98287d68fea3b1f0261a362e3a61e1)

BTC 0.01065 to BTC 0.1704
Bet ID: 253
Choice: 4
Bet Amount: BTC 0.01065
Tx Hash: 4c525b1eed39a0a174fcf84f827e06a15e63eb2c08ac0dcab7fd3fed2c8eca8d (https://blockchain.info/tx/4c525b1eed39a0a174fcf84f827e06a15e63eb2c08ac0dcab7fd3fed2c8eca8d)
Status: won
Confirmation Block Height: 432839 (https://blockchain.info/block-height/432839)
Confirmation Block Hash: 000000000000000003175c2b1ed904d19664640c87c850228e6187a880a0d2a4 (https://blockchain.info/block/000000000000000003175c2b1ed904d19664640c87c850228e6187a880a0d2a4)
Return Amount: BTC 0.1704
Return Address: 15KAjydnfMAhrgQePavBLJxjtoGfk7qv5h (https://blockchain.info/address/15KAjydnfMAhrgQePavBLJxjtoGfk7qv5h)
Return Tx: 802947b764453dd39fd66d1855f78767303c69f86ec207fb328f2698ff52283d (https://blockchain.info/tx/802947b764453dd39fd66d1855f78767303c69f86ec207fb328f2698ff52283d)

There is a thread listing BIG wins of this game. May be u can check this - https://bitcointalk.org/index.php?topic=1635955.0. I have also quoted the list below...

BTC 0.0998 to BTC 1.5968
Bet ID: 685
Choice: 2
Bet Amount: BTC 0.0998
Tx Hash: 7d7a65100e600d7b535687adaf0e26efa8dcf1a5291be3f5587ed54f438e8702 (https://blockchain.info/tx/7d7a65100e600d7b535687adaf0e26efa8dcf1a5291be3f5587ed54f438e8702)
Status: won
Confirmation Block Height: 437693 (https://blockchain.info/block-height/437693)
Confirmation Block Hash: 000000000000000000fafc2ec0ccf2df5ce6ba6aa7c68a1c1fe035ed778b3ee2 (https://blockchain.info/block/000000000000000000fafc2ec0ccf2df5ce6ba6aa7c68a1c1fe035ed778b3ee2)
Return Amount: BTC 1.5968
Return Address: 1CoinBcK1kA9uK8vpkUncEwLHjEm5Wbkph (https://blockchain.info/address/1CoinBcK1kA9uK8vpkUncEwLHjEm5Wbkph)
Return Tx: 80023ca0cf1a34d865389118c4bb1247dd8cbe9a3719a5741e9deb82ec8db58e (https://blockchain.info/tx/80023ca0cf1a34d865389118c4bb1247dd8cbe9a3719a5741e9deb82ec8db58e)

It´s SCAM!!!

There is a thread listing BIG wins of this game. May be u can check this - https://bitcointalk.org/index.php?topic=1635955.0.
-snip-

It's not 0%... as explained higher, the bet fees are killing you.

Please stick to a name. Dont change it on & off.

Frankly, I expected more interest after it moved to .com.

Looking at their board, it really seems like the interest is growing. :)

Nice game! But some more graphics wouldn't hurt.

~BitWAB Team~
Be the winner!

If your house edge is 0%, how do you make money with your service? I doubt you are a welfare office.

If your house edge is 0%, how do you make money with your service? I doubt you are a welfare office.

HaHa it seems like the operator of this site manipulates the bet history  ;D. This address https://blockchain.info/address/1HymtXgagEJjHQAX2UwpwrD6P1Vr6PAaF1 sends bets only to chain-bet.com and always wins!! With this behavior I don't trust this site

HaHa it seems like the operator of this site manipulates the bet history  ;D. This address https://blockchain.info/address/1HymtXgagEJjHQAX2UwpwrD6P1Vr6PAaF1 sends bets only to chain-bet.com and always wins!! With this behavior I don't trust this site

I never heard that there is a legit 0% houseedge well lets see if this site will stay long..
The good thing they are relaying in blockchain that i think he can not manipulate it its all depends in the blockchain..
Lets hope that this site can be stay long and see if this is really provably fair and 0% house edge.

Chain-bet.com is already running for long. It is close to one year now. Previously they used to be known as bitcoinbetting.website.

I can't open this site..
work now?

This game is running for almost a year now with 0% house edge! This is fantastic.

I think, it is time other gambling games offer 0% house edge as well.

Did you ever played this game?

Yep ...played there multiple times.

Is there a strategy? :D I've lost like 20 times.. maybe I'll try it again ^^

I can't open this site..
work now?

A Zero percent house edge?! are you kidding me? even if there are some Q and A over the first page it is still too good to be true but I haven't try it at all but can anyone confirms the real percentage of this sites house edge? it is really true good to be true gambling sites needs some house edge to profit too, any percentage of the total winnings you guys accumulated?

I am pretty sure the developer has abandoned this website since he hasn't replied since the beginning of the year.

The 0% house edge is a big give-a-way that you might get cheated somehow.

If the dev comes back and comments on this then maybe we can reconsider however I don't think he will.

I'm pretty much on the project. Just stuck with certain development related issues.

With increasing no. of bets due to 0% house edge, I am making decent profit to run the show.

I hope the confusion is clear now.

I think the problem lies in this transaction https://blockchain.info/address/1LYgyFk9X8y3dD7uQVhmGiGhC9acXzrJLo

you sent two transactions to the same address. If you read the rules of this game only the first transaction to one address counts as bet and the rest is considered as donation.

You should make it more clear in here so users don't make any more than 1 bet per address.

Please send only one transaction to the generated address. Only the first transaction received by the generated address will be considered as bet and all further transactions will be considered as donation.

Right now I think you should just send him back the 0.01 BTC since its a large amount and since his bet was also 0.01BTC, why would he want to donate 100% of his winnings, it doesn't make sense.

Right now I think you should just send him back the 0.01 BTC since its a large amount and since his bet was also 0.01BTC, why would he want to donate 100% of his winnings, it doesn't make sense.

Refunded - https://blockchain.info/tx/0fb15e2392763f4fd5a4c25bb5ae56338394535ff1016da58c4ff745d2a3e145

Due to increase in average cost of confirming a Bitcoin transaction, we are hereby increasing transaction processing fee from 0.0002 BTC to 0.0004 BTC. We understand, this might impact small bet amounts, but to ensure faster processing of bet forwarding Tx and winning amount sending Tx, we had no other way. Sorry for the inconvenience caused.

https://twitter.com/Chain_Bet_/status/854662731085078528

Due to increase in average cost of confirming a Bitcoin transaction, we are hereby increasing transaction processing fee from 0.0002 BTC to 0.0004 BTC. We understand, this might impact small bet amounts, but to ensure faster processing of bet forwarding Tx and winning amount sending Tx, we had no other way. Sorry for the inconvenience caused.

https://twitter.com/Chain_Bet_/status/854662731085078528

This move may turn off gamblers betting less than 0.001 BTC. Otherwise, it is good for us as bet processing has become pretty fast now.

Ok.. So you take 0.0004 BTC for forwarding but actually pay 0.00025 BTC.. no 0% house edge anymore? The second thing is, I won one bet and the payout is still unconfirmed  which was transfered like 3 hours ago... Did you decrease the fees for payouts?

This move may turn off gamblers betting less than 0.001 BTC. Otherwise, it is good for us as bet processing has become pretty fast now.

How has this game been paying? I'd like to try this out, seems like a pretty decent provably fair game to me.

I cant say that it is paying high or paying low. But, it is paying as expected. I have listed some the BIG winnings on Chain-Bet.com here - https://bitcointalk.org/index.php?topic=1635955.0

I love your site, the whole site is quite interesting. It's just the lack of support for doing a communication against the owners in the event of a problem. And the lack of features that can be used to interact against a fellow player/owner of the site. I hope it can be added for convenience all players

I'm not sure that the advertising is terribly honest.

The processing fee you charge is rather high, based on running a casino it costs me a little under 500 satoshis per deposit to process (as I consolidate outputs when it's cheap), while your processing fee is 40000 satoshis. Which would be an entirely entirely reasonable processing fee for a winning bet, as sending a transaction fast is quite expensive. However, the tricksy part is that you take the processing fee before you apply the multiplier, which means the player is effectively paying that 15 times!

So based on the costs I believe the break even point would be charging ~2421 satoshis per bet in processing fees  (assuming efficient utxo consolidation). Which means you have an expected profit of around $0.46 USD per bet.

So while I understand it's a business, and your goal is to make money -- I think by claiming to be 0% house edge and not making it clear you make a flat profit on each bet is bit ifffy.

I cant say that it is paying high or paying low. But, it is paying as expected. I have listed some the BIG winnings on Chain-Bet.com here - https://bitcointalk.org/index.php?topic=1635955.0

Could u please show a recent Tx of yours, i.e. in April, 2017, where cost per Tx i/p is 500 Satoshi?

With the calculation given above with real world data, it must be clear to everyone that instead of making any flat profit, we have actually accepted (28294-15000) Satoshi, i.e. 13294 Satoshi, flat loss per bet.

If you have 0% house edge, how can you profit and how much can you profit per month? I am very curious because your site is 0% house edge.

I don’t think so it is just a 0.0002 increase after all, I mean it is not per bet increase neither just a transaction fee increase. Considering 0.0002 is just 25 cents it is not that much to consider when you are gambling. If you are worrying about a 25 cent increase than you shouldn’t be gambling anyway.

Actually it depends on the bet amount of the gambler. For a bet amount less than 0.001 BTC, a 0.0004 BTC flat deduction is huge. But, for high rollers, it does not matter, because they are enjoying the 0% house edge, which is a privilege they wont get anywhere else. I can foresee that in future chain-bet.com may turn into a temple for high rollers.

Just for everyone too lazy to do the maths, if you are betting > 0.04 BTC per bet, this site offers better odds.

I can foresee that in future chain-bet.com may turn into a temple for high rollers.

If you're betting less than that, you're better off playing a traditional 1% casino.

Although personally I'd be too skeptical to play here. The site is trivial for a miner to profitably (and undetectably) cheat...   (and even more so for a mining pool, which can cheat it's miners at the same time if they have to discard a block)

Actually it depends on the bet amount of the gambler. For a bet amount less than 0.001 BTC, a 0.0004 BTC flat deduction is huge. But, for high rollers, it does not matter, because they are enjoying the 0% house edge, which is a privilege they wont get anywhere else. I can foresee that in future chain-bet.com may turn into a temple for high rollers.

Not really. There are gamblers like me, who'll always prefer risk free on-chain gambling over risky traditional casinos, where site wallet deposit is mandatory.

The very concept of miners can cheat profitably this game was debunked long ago. Check this thread for further info - https://bitcointalk.org/index.php?topic=1493510.0.

It's not close to risk free, and offers only slightly lower risk than another BTC casino with off-chain gambling that has the exact same reputation. Both of them you have to deal with the site disappearing, or withdraws not being sent. The only plus (which is very little) is that the time your funds are held on Chain-Bet is generally less.


That thread didn't debunk anything - it just said that miners can't pick the block hash. However, they can still no broadcast blocks that contain a losing hash, and hope to get a winning hash. A bad actor pool might make a large bet on every character except one with a very low (possibly 0) fee. They can than use bitcoind to treat their tx as a 100 BTC fee transaction, so it would be added into the next block the pool finds. They can set it so the pool owner needs to check the block before it's broadcast to the network, and if it is a losing hash, they can chose to withhold the block (screwing the miners, but letting them be more likely to win).

Perhaps their profit depends entirely on the luck of each player. However, I think this is not really feasible. In my opinion, somehow, their algorithms were a bit skewed, which made their odds of winning higher, and profit easier. However, it is just my opposite inference, I do not accuse anyone. Please test yourself by joining their site.

It would be very risky for the pool to perform this and they might end up losing a block as a result of this.

I am wondering, if I would place a bet of 0.04 BTC at your site and lets say I win. What happens in this case, since the funds of your sites wallet is only 0.42 BTC?

Why do u think there is only one address in the site wallet? Fund may spread across multiple addresses in the same wallet...

Maybe he does always think that a certain gambling sites do only have a single wallet which is not right at all and its not really a good move if they would tend to do such thing.Having multiple wallets on a certain gambling site is normal and including this site is no exception.Why wont bother not to be paid? If you hit and win then site will pay you no matter what as long they have the money,theres no problem at all.

That is probably true but my question was if the site can pay if I am betting a higher amount.. Most gambling sites have a large amount on their hot wallet and here it is only 0.4 BTC

I wonder why do u think that the hot wallet has only 0.4 BTC? U may have checked one or two addresses that are regularly used. But, u may never know how many addresses it has in hot wallet. Hence exact hot wallet balance will not be known either. Is not it?

Here we have a list of BIG payments that the site has previously made - https://bitcointalk.org/index.php?topic=1635955.0

Yes of course but that is already long time ago, we really need some recent activity on this site if you are saying that they really hold up to 1 btc right now. There is no updates or anything mentioned towards this site.

And btw this is 0% house edge? I do not think how this gambling site is getting his money without giving some house edge here

The site has very recent activities as well. Please check the dashboard and verify latest Tx dates.

U may think that man has not stepped on moon yet. But, that's gonna be the reality. It has been almost a year chain-bet.com is running with 0% house edge. Enough has already been discussed about the possibility or impossibility of it. Unfortunately, it is the reality u have to live with.

First thing, you do not have real players there, only some players that try to make some fortune so I do not think that it will run well in the future and second thing is about your 0% house edge how much profit you already get from this kind of game? I believe it is hard to get profit here right with this kind of traffic

So I can say that I played a lot on this site.. Sometimes lost and on other days I made good profit. I like this game but I am not sure what happens if you bet bigger amounts. Is the site able to pay for example 1 BTC? I don't know...

According to historical data available on https://bitcointalk.org/index.php?topic=1635955.0, chain-bet has paid over 1 BTC multiple times before. So, I think, there is no reason not to pay u all in a sudden.

That's a shitty line of thinking. So you're saying if I've paid out users previously, that there is no way that I could scam ever?

Well, if it's that easy to scam with no repercussions, then sign me up!

Definitely not. But, claiming the reverse is a shitty line of thinking as well. If a game has paid previously, does it increase its chance of scam?

Since its inception one year ago, there is not a single scam accusation against chain-bet.com. And u, appearing from nowhere, claiming that because it paid before it will scam now? Are u mentally stable?

Due to increase in average cost of confirming a Bitcoin transaction, we are hereby increasing transaction processing fee from 0.0004 BTC to 0.001 BTC. At the same time, minimum bet amount is being raised from 0.0005 BTC to 0.002 BTC. We understand, this might impact small bet amounts, but to ensure faster processing of bet forwarding Tx and winning amount sending Tx, we had no other way. Sorry for the inconvenience caused.

https://twitter.com/Chain_Bet_/status/870375527063801856

Due to increase in average cost of confirming a Bitcoin transaction, we are hereby increasing transaction processing fee from 0.0004 BTC to 0.001 BTC. At the same time, minimum bet amount is being raised from 0.0005 BTC to 0.002 BTC. We understand, this might impact small bet amounts, but to ensure faster processing of bet forwarding Tx and winning amount sending Tx, we had no other way. Sorry for the inconvenience caused.

https://twitter.com/Chain_Bet_/status/870375527063801856

Dude, are you serious :D So, as your only real player I can say I didn't care if I have to wait hours until bets confirm. I can check if I won or not by my own and wait for payout. But with this high fee the bets of today were my last ones.

I liked your game but now I say byebye. You can write me a pm if you change it back in the future

What was your average bet size?

It was between 0.004 to 0.02 btc. I was playing this game sice December 2016 and what I saw there were only like 10 bets from other people since I started playing. With new regulation it makes no sense to me to play any further. I think most people will think the same and OP can close his site.

I'm not encouraging u to gamble, but if u bet within the range of 0.1 btc to 1 btc, u probably get better house edge here than anywhere else.

I'm not encouraging u to gamble, but if u bet within the range of 0.1 btc to 1 btc, u probably get better house edge here than anywhere else.

With a 0.1BTC bet, you get a 1/16 chance to win 1.584BTC, which is a ~1% house edge so it would probably be better to bet on other websites, even ones with a 1% edge as you can continue betting if you wish without having to pay again. However, sites like Crypto-Games offer a 0.8% edge on dice, and SafeDice offers an even lower 0.5% edge. For betting on Chain-Bet.com to be worth it now (if you play on a 16x multiplier only), you would have to bet above 0.2BTC.

Knowing the very bad odds for small bets, I'm quite surprised you keep getting bets for amounts less than 0.02BTC, with a essential house edge to the player of 5% with a bet of 0.02BTC.

---

Chain-Bet, Have you considered making your game off-chain, but still betting on block hashes?

I'm not encouraging u to gamble, but if u bet within the range of 0.1 btc to 1 btc, u probably get better house edge here than anywhere else.

I love this game :D
I would add your banner in my signature for free ;-) do you have banners to advertise your site?

As newbie, your signature space wont allow prominent banners.

So you mean the forum does not allow me to add signature as newbie?

edit: in my profile I could add a signature. what do you mean with prominent banners?

[center][size=20pt][b][url=https://www.chain-bet.com][glow=white,3,300] [i][color=red]Chain-Bet.com[/color][/i] [/glow][glow=green,3,300] [color=white]Win 16x | 0% House Edge | Provably Fair[/color] [/glow][/url][/b][/size][/center]

https://www.chain-bet.com

Ok i get it now :) I have not enouth space for the whole signature.. What state do I need for it?

People are taking the house right now  ;D

Do u mean there is some secret to exploit this game's house edge?

Do u mean there is some secret to exploit this game's house edge?

another transaction is hanging

Bet ID: 2385
Choice: 6
Bet Amount:  0.0185
Tx Hash: 40c4263dd1b73d297117660bc930647cd2299f38bafdabcea8427820a979fcfa
Status: won
Confirmation Block Height: 471883
Confirmation Block Hash: 0000000000000000017c845426add77490842db4176bb942d3e3fc374cf1caa6

please check

problem has been resolved right now.. got the payment

@admin,
you should put more funds on the hot wallet. it is not good if customers have to wait until your wallet has enough funds to pay them out.

Still, I have updated my signature to promote your site.

got the payment

thanks

What sparked the decision to lower the multiplier down to 15x? That brings the house edge up to a whopping 6.25%, which is over 6 times the bitcoin gambling industry standard (1%). There is almost 0 point in betting here now (only reason to bet is to wager and try to make a profit block hashes specifically). Taking the fixed fee would probably still be better for the player, since a 0.02BTC bet @ 5% edge is still lower than a 0.02BTC bet @ 6.25% edge. Way better to play on a normal dice site.

Yeah I'm pretty sure people will still gamble even with the higher house edge. Reason being is that most people these days are tired of dice and want something different.

Same way by people go to Casinos and instead of playing Roulette which has a low house edge they play slots which has the highest house edge there is.

This way you get to watch the blocks go by and you got protection that you aren't being cheated simply by Bitcoins huge hashrate

It is not nice that multiplier has been decreased for me as player but I think adaseb is right. I like this game because on the one hand I can choose which number I want to play and on the second hand I can verify the bet is fair without checking complex algorithms. I don't like to play standard dice games because most of them just have like bet high or low crap.

One advantage with new rules is that you can also send small bets without losing a lot for transaction processing.

That's very rich of you to pay an extra 4% per bet (and probably more, because tx fees and some sites have a lower edge) just because you want easy verification. If you bet very few, it's not that hard to read up on the algorithm (it's not that complex), and verify the bets yourself. Have you read up on how the hash of bitcoin blocks are generated, and verified that it is random? Also, it's worth noting that some dice sites go as low as 0.5% for a house edge, which is a lot better than 5%. There are other provably fair games with a low house edge, that aren't dice, and there are different twists on dice (like choosing the winning range).

I think it would be way better if Chain-Bet went offchain (or offered that as an option), and let you bet on block hashes for specific blocks. I'd probably play if they did that, if the multiplier was raised.

Yeah I'm pretty sure people will still gamble even with the higher house edge. Reason being is that most people these days are tired of dice and want something different.

Same way by people go to Casinos and instead of playing Roulette which has a low house edge they play slots which has the highest house edge there is.

This way you get to watch the blocks go by and you got protection that you aren't being cheated simply by Bitcoins huge hashrate

I can tell you from experience, I have thrown away thousands of dollar in sites like SatoshiBones. I play now like one month here at chain-bet and won about 1.2 btc here. All losings are already calculated into that amount. So at the moment the edge is on my side :D. The only thing is, you need to choose your number wise ;-) If you change your decision to often you gonna lose.

What I am saying is, if you know a game where you can choose the exact numbers by your self and not bet like at SatoshiBones or high low stuff.. then tell me. I like the concept of this game very much.. and if you go to a casino to play roulette the house edge is also about 6.25%.

That's American roulette, with the two zeroes.

Moneypot has a roulette game (https://www.moneypot.com/apps/529-wheelpot). House edge about 2.5% (https://www.moneypot.com/bets/1136408264).

So does crypto-games, and it's provably fair and verifiable. But this one is 2.7%, the same as European roulette.

---

---

Be as it may, despite your current winnings, you would still be at an overall disadvantage playing this game.

Why would you pay (possibly) 10 times more to play a game you enjoy a little more? (Especially when you play with high amounts of money) I personally prefer blackjack to dice but that's perfectly fine for me since the house edge there is also usually low (<1%).

They tell you that with this hashing algorithm and server seed you have 50% chance of winning. But in reality you have like 30% chance of winning...

Here the house edge is 6,25%. So it is 6 times higher than other games but here I win. So I don't care about how much I potentially pay more if in reality I don't

Your experiences will not have any impact on the mathematics. Don't try to say the house edge is something it's not.

Today I tried safedice and lost it all :) But I won it back here... So maybe you can use your mathematics to increase your chance of guessing the right number :)

Congrats that you won something but it actually doesn't mean anything. You simply had bad luck when playing on Safedice and had good luck when you played on here.

I highly doubt you can find some edge, you can look at the blockchain and see if there are any numbers that appear consecutively and just don't bet on those to increase your chances or bet on the numbers that haven't appeared in a while.

Either way you can do the exact same statics with dice.

Sure I have luck at the moment.. I just don't see why people try to convince me to stop playing here and move on to some dice site.. Never stop a winning streak :D

There is nothing wrong with this gambling site. The people who posted before are spreading FUD. The only thing that makes this site different from dice is that the house edge is a little higher.

Right now there is no way to cheat and withhold blocks to get a certain hex number. Yes its possible but mining farms are not going to give away full blocks of 12.5BTC+Fees just to cheat on this site. And FUDsters just keep complaining saying that its very easy to cheat and the site will lose its capital and become insolvent. Its ridiculous.

Today I tried safedice and lost it all :) But I won it back here... So maybe you can use your mathematics to increase your chance of guessing the right number :)

Who said anything about it being easy to cheat?

That thread didn't debunk anything - it just said that miners can't pick the block hash. However, they can still no broadcast blocks that contain a losing hash, and hope to get a winning hash. A bad actor pool might make a large bet on every character except one with a very low (possibly 0) fee. They can than use bitcoind to treat their tx as a 100 BTC fee transaction, so it would be added into the next block the pool finds. They can set it so the pool owner needs to check the block before it's broadcast to the network, and if it is a losing hash, they can chose to withhold the block (screwing the miners, but letting them be more likely to win).

Today I tried safedice and lost it all :) But I won it back here... So maybe you can use your mathematics to increase your chance of guessing the right number :)

You. Here...

@OP Do u accept investment in the bankroll?

Anyone who Gained profits for  program

Anyone who Gained profits for  program

Ouch now chain-bet.com is scamming!

I would recommend anyone to stop playing here. Yesterday I won at chain-bet and the site did not pay out. Today I checked back and the admin removed my winning bet! Here are some screenshots that prove it.

http://fs5.directupload.net/images/170719/temp/z9lr98nu.png (http://www.directupload.net/file/d/4787/z9lr98nu_png.htm)

http://fs5.directupload.net/images/170719/temp/nz6gkexw.png (http://www.directupload.net/file/d/4787/nz6gkexw_png.htm)

here is the transaction: https://blockchain.info/address/1JzrjxS7FgoGFVD2cd76NHhNDh7Lv6LFBd

Btw. @RocketSingh and milewilda it seems like I was right when saying chain-bet has only one hot wallet. If you win more then the hot wallet has you get no payout.

Extremely sorry for the inconvenience caused. Due to frequent winnings, the hot wallet dried up. We keep monitoring the hot wallet every 24 hour. As it was filled in before, your winnings ware sent out by the system automatically.

I will also open a scam accusation against chain-bet when I have some more time...

Meanwhile I would not play here until this is sorted out!

All u have stated here are correct. You won a bet which was pending because the hot wallet did not have enough balance to pay u off. But, before we refill the hot wallet, we checked our previous payments and found something strange. In a previous winning of 0.57 BTC, the amount was sent to you twice! Yes U. Because, IP address from where that bet was placed and this one is same. That has made us to withheld your latest winning bet of 0.285 BTC.

You received 0.57 BTC twice at this address - https://blockchain.info/address/1NYbyQ44JLnZPK9uugF7rGSbVfRsqcP42y.

If u do not return the rest of (0.57-0.285) BTC = 0.285 BTC to our hot wallet address https://blockchain.info/address/3BsadqM15YQFkoX8LUV7d8Kg8UUXNteiLi, we may open a scam accusation against u.

That may be true. But it is not my fault if your system is failing. I consider this double luck

Because I was continuing playing your game I have already lost that amount. But anyway, I took big risk playing that game and I could have also lost all my coins. I think now it's time to just stop playing your game and move on to a bigger and more reliable gambling site like a lot of people mentioned in this thread.

What do u mean by double luck? You got double payment for a winning bet and kept all, i.e. the whole of 1.14 BTC?

You risked, won or lost within the game rules is immaterial here. If u have got extra due to system's mistake, then u r supposed to return it to the system.

Let's say I play this game and accidentally send my bet twice.. do you think I would get one back if I say this was by accident? I would rather ask myself why has this happened and take it as punishment for doing that bullshit. But screwing off a customer is never good.

I think the problem lies in this transaction https://blockchain.info/address/1LYgyFk9X8y3dD7uQVhmGiGhC9acXzrJLo

you sent two transactions to the same address. If you read the rules of this game only the first transaction to one address counts as bet and the rest is considered as donation.

Truly amazing; thank you.

Now, ask your own conscience, what u should do?

That is what exactly happened three months ago, when u pointed another player to the stated rules...

Now, ask your own conscience, what u should do?

Other website which using same concept of block hash end digit with a different way block-bet.info (http://block-bet.info) i played both of games ..this game is bit risky as compared to new one .

I don't think so they are the same guy. block-bet.info have totally the different idea and the winning provability is much higher than the chain-bet.

Check this - https://bitcointalk.org/index.php?topic=1643248.0

I don't think so they are the same guy. block-bet.info have totally the different idea and the winning provability is much higher than the chain-bet.

Don;'t think its the same individual either.

I just took he took his ahead more or less.

Either way I've tried that website before and there is crazy lag. They really need to fix their server issues.

Here's some feedback from my side, as I already stated, I like your game very much.

One thing that is very annoying is the captcha which you have to solve every time you bet. Is there a possibility to change that?

What I also miss is the possibility to bet on the number next to the last of confirmation hash. Would be nice if you can implement that too.. I would enjoy to place one bet on the last number and one bet on the number next to the last :D

Would be nice if admin could comment on that :)

Thank you for your feedback. :)

Unfortunately, we can not do this. To prevent automated scripts to flood our DB, we have to have this CAPTCHA.

If I have understood your requirement correctly, U may place a second bet with enough mining fee after the confirmation of the first one. That would do the same. Changing the game itself would require lots of structural change.

Extremely sorry for the delayed response.

Board is pretty dry for some time. Effect of August 1? 8)

When this problem will be solve?

Other website which using same concept of block hash end digit with a different way block-bet.info (http://block-bet.info) i played both of games ..chain-bet is bit risky as compared to block-bet .

Try your luck at http://block-bet.info/

Bitcoin Betting | BlockChain Gambling | Provably Fair.

What nonsense! Why r u sending me such disgusting PM?

Try your luck at http://block-bet.info/

Bitcoin Betting | BlockChain Gambling | Provably Fair.

Thanks for your reply @Bitcoin Gambling.

Just noticed.. You should update your main post that this site operates on btc.. just to avoid confusion

I have received a similar message from gial1949 as well...

I think this is because I am not playing anymore after admin refused to pay my winnings

Anyone who gained profit by this game From this Bitcointalk forum ? kindly leave Truth Reviews

Or this is just Old thread which is bumped recently ?

Looks like the reverse is true. U refused to pay back 0.57 BTC that was sent to u twice by mistake. Moreover, the game appears to be pretty active again. Does it mean, u have started to play again or new players have arrived?

No, I stopped playing here. It would make no sense because the admin would hold back my winnings.

one advice for gamblingmonkey: I see you lost lots of money.. thats because you have a bad strategy. You need to choose one lucky number every day and stick to it. what i have seen you bet on different numbers all the time.. thats not good

Pretty sure its not his strategy. Its also not the sites fault. Basically that's why its called gambling and usually you lose more than you win. Hence many just do it for fun.

True. Otherwise, we'd have called it strategy game instead of gambling.

You are wrong. For gambling you need luck but it can help if you got a good strategy. For example in roulette if you always play red and black you can only lose. Hence bad strategy ;-)

Pretty sure its not his strategy. Its also not the sites fault. Basically that's why its called gambling and usually you lose more than you win. Hence many just do it for fun.

This game is different that most bitcoin casinos so people want to try something new from time to time.

You are wrong. For gambling you need luck but it can help if you got a good strategy. For example in roulette if you always play red and black you can only lose. Hence bad strategy ;-)

What does Red & Black signify in Roulette?

Hi Admin, could you check your site please? 67 confirmations now and didn't get the payout :(

Extremely sorry for the delay. Due to low balance in hot wallet, your payment was stuck. It has now been sent out. Please check at your end.

https://blockchain.info/tx/362c98b8ce19200332e720f12661136c83eaf8cc20d3cf33774b74e08c4a9699

Is this game still running and paying as before?

My last bet did not get paid. Please check!

Bet ID: 3450
Choice: 1
Bet Amount:  0.009
Tx Hash: 5e807ed0866c4f6ae8b6bb26c09169e9cd15c99f40cc09dc7c6b6e775fede5d8
Status: won
Confirmation Block Height: 491408
Confirmation Block Hash: 0000000000000000002ac644c9ba8ac3be966276fb7fc8f3baa1a3b9bdc615f1

Interesting projet. Who is the house?

Last bet ID is 3461, which appears to be paid! How much u r claiming to be stuck?

What do u mean? House is the house.

Bet ID: 3499
Choice: 0
Bet Amount:  0.012
Tx Hash: 7641f5899d959c160fc1ff5ec844ef4234966b3b4eee71c8aca0ce7db1daa7c5
Status: won
Confirmation Block Height: 492829
Confirmation Block Hash: 0000000000000000007dc24268221307df0acd5b47ec35e019c3c9056e57f340

Calculating Return Amount and generating Return Tx.

I won and it's been "calculating" for 18+ hrs now, is this site still active?

I won and it's been "calculating" for 18+ hrs now, is this site still active?

@OP Any plan to implement Bitcoin Cash anytime soon?

Certain important changes have been made at https://www.Chain-Bet.com . . .

- Now, the winning is 10x.

- Maximum amount of bet is now 0.01 BTC.

- Minimum amount of bet is now 0.001 BTC.


We need to wait for the stability of that network.

LOL  ;D ;D

From 0% house edge to 6,25% and now to 37,5%  ???

you getting greedy now @OP?

Nopes. Doing exactly what is required to float through turbulent times. Here is a screenshot from yesterday...

Tweet: https://twitter.com/Chain_Bet_/status/929755599293870082

Oh, did not recognize that. Maybe you should really consider to go for Bitcoin Cash

Oh, did not recognize that. Maybe you should really consider to go for Bitcoin Cash

People who are still playing this game with a multiplier of 10x must be not aware of the change or are complete retards.

It was between 0.004 to 0.02 btc. I was playing this game sice December 2016 and what I saw there were only like 10 bets from other people since I started playing. With new regulation it makes no sense to me to play any further. I think most people will think the same and OP can close his site.

Also the decision of OP to reduce the multiplier that much is just scam. He uses the good reputation of this site and makes it to 40%HE game... I'm speechless

Ouch now chain-bet.com is scamming!

I consider this double luck

Simply, I do not have this amount left. Maybe it is better that I can not play at this site anymore.. This game made me kind of addicted :D

So, almost six months back u advised OP to close his site...
...and now u r calling the people playing here are retard! ::)


How funny! First, u refused to pay back 0.57 BTC that was sent to u twice by mistake and called it a scam...
Now, they have lowered their winning multiplier and its a scam again? A game can run with whatever house edge they want, as long as the gamblers are aware of it in advance. They are not holding any gambler as hostage to play on their site.

Looks like, u have a tendency to call things scam, if u can not milk it out in your favor. Plz grow up.

I see you put a lot of efford into quoting my previous posts.

But this has nothing to do with me or if I pay back double winnings..

Do you know any other honest gambling site that charge 40%HE?

This is more like the investor based games => chain-bet = 40%HE = investor based games = scam

Since you call yourself MarbleBoss.. Would you really play this game with its current setup?

I used to play when it was running with 0% HE. After that, when they asked for investment from private investors (Ref: https://bitcointalk.org/index.php?topic=1643248.0), I joined them. Never regretted my decision.

Then, why not return 0.285 BTC to the bankroll and then bring in allegations?

Ouhh I see, you profit from the people that are beeing scammed.

The problem here is, that I advertised chain-bet before and told people that this site is a better choice than other gambling sites... but that is not true anymore. It turned to scam people with a 40% HE.

The fact is that chain-bet started with 0%HE so that gamblers start to play. After they got some people who play their game and don't watch this thread every day, chain-bet changed their rules... If you don't believe me, look at their board... there were a couple of bets higher than 0,01btc and they just got cut off. This proves that gamblers are not aware of the change and chain-bet steals their money!!

So you suggesting that I should return the amount to the scammers wallet? Is it because you make more profit then?

I am curious what you say to this post :) I think you will not answer anymore  ;D ;D

What if last bet fails but the rest have been won, will the system take back you profit that has already been made?

The opposite is most likely true. You are milking this game for a long time, while telling people that it is a scam.

Now, you are attempting to blackmail the game as well as us, the investors.

What's more, one all the more thing, as I am a games wagering individual, might want to know why you all don't put each UCL recreations or Europa League amusements for betting?just inquisitive in knowing

Is this game still working?

No it's not. I think they closed their doors

Please check https://www.chain-bet.com. Looking at the dashboard, it should be pretty clear to anyone that the game is working as is.

It's incredibly stupid to play on Chain-Bet right now though, with a 37.5% house edge. Even the owners know about this, and the claim that the fees are too high just don't cut it when you use 9 sat/byte. (https://blockchain.info/tx/cc9d381f69fffc65aeee6a30273d30d0f3a88c7005a996c69ecddf1937e94158)

So, it should be incredibly clever to invest on Chain-Bet bankroll. If u think so, u may head on to this thread - https://bitcointalk.org/index.php?topic=2239307.0.

It's incredibly stupid to play on Chain-Bet right now though, with a 37.5% house edge. Even the owners know about this, and the claim that the fees are too high just don't cut it when you use 9 sat/byte. (https://blockchain.info/tx/cc9d381f69fffc65aeee6a30273d30d0f3a88c7005a996c69ecddf1937e94158)

I think this is no different than the slots you find in casinos or those video poker machines in some bars.

Basically the house edge is clearly a rip-off but people are still playing their game.

All they need is a few gamblers a day and it's goodnprofot for them.

I dunno how house edge is calculated. I check winning % in bet history. Right now, there are 5 10x wins out of last 50 bets. Which means, winning ratio is 50:50. Is not it good?

Moreover, dice sites, that require user to sign up, may track betting pattern of a gambler and generate random numbers accordingly. This probability is absolutely non-existent in this game.

HaHa it seems like the operator of this site manipulates the bet history  ;D. This address https://blockchain.info/address/1HymtXgagEJjHQAX2UwpwrD6P1Vr6PAaF1 sends bets only to chain-bet.com and always wins!! With this behavior I don't trust this site

So, it should be incredibly clever to invest on Chain-Bet bankroll. If u think so, u may head on to this thread - https://bitcointalk.org/index.php?topic=2239307.0.

I dunno how house edge is calculated. I check winning % in bet history. Right now, there are 5 10x wins out of last 50 bets. Which means, winning ratio is 50:50. Is not it good?

Moreover, dice sites, that require user to sign up, may track betting pattern of a gambler and generate random numbers accordingly. This probability is absolutely non-existent in this game.

(1/16)*9+(15/16)*-1

(49.5/100)*1+(50.5/100)*-1

Moreover, dice sites, that require user to sign up, may track betting pattern of a gambler and generate random numbers accordingly.

I dunno how house edge is calculated. I check winning % in bet history. Right now, there are 5 10x wins out of last 50 bets. Which means, winning ratio is 50:50. Is not it good?

Moreover, dice sites, that require user to sign up, may track betting pattern of a gambler and generate random numbers accordingly. This probability is absolutely non-existent in this game.

This game is just scam by design

You can track betting patterns without signing up.

If the games are not provably fair, they can generate whatever they like and this totally independent of your betting pattern!

How?

By design

Please explain.

Please explain.

Why r u even wasting time by arguing with this scammer? I guess, he has not yet returned the 0.57 that was sent to him twice by mistake. Better design a dashboard to monitor our investments in the bankroll.

first of all, I don't have to return 0.57 btc because, as you know chain-bet refused to pay my winnings. Its more like chain-bet owes me some btc

That may be true. But it is not my fault if your system is failing. I consider this double luck


Because I was continuing playing your game I have already lost that amount. But anyway, I took big risk playing that game and I could have also lost all my coins. I think now it's time to just stop playing your game and move on to a bigger and more reliable gambling site like a lot of people mentioned in this thread.

second, this game is scam because of a almost 40% house edge.. here you can only loose

WTF? U seem to be a compulsive liar, who is now trying to distort the fact. Your winning was 0.57 BTC, which was sent to you twice, i.e. a total of 1.14 BTC. So, u were already owing 0.57 BTC to the house. Next chain-bet blocked a winning of 0.285 BTC of yours. So, you still owe (0.57-0.285) BTC, i.e. 0.285 BTC to the house. Below is the quote where u are admitting the fact yourself...

Why the board appears to be so dead now?

Because the site is getting close to dead as well IMO, last bet was more than 10 days ago. It seems that after they reduced the winning payout from x16 to x10, people started to leave the site. As long as I remember, the winning payout was x16 which had low house edge, but now it is x10 only which means higher house edge. Other than that, the game itself is not so popular although it is a provably fair game. Gamblers prefers to play on dice  game if they want to get x10 payout, which is simple and does not require fee for every bet they make.

Because the site is getting close to dead as well IMO, last bet was more than 10 days ago. It seems that after they reduced the winning payout from x16 to x10, people started to leave the site. As long as I remember, the winning payout was x16 which had low house edge, but now it is x10 only which means higher house edge. Other than that, the game itself is not so popular although it is a provably fair game. Gamblers prefers to play on dice  game if they want to get x10 payout, which is simple and does not require fee for every bet they make.

Winning rate 10/16 but payout x10  ;D

The winning rate is 1/16 and the payout is x10 :D like i said, scam by design

@MarbleBoss aka chain-bet: please don't start another discussion. Your game is scammy crap!

Have u been to any casino at Vegas or Macau? There are many tables where the winning rate is 1/10 and the payout is x2. They're licensed and get audited as well. No one dare to call them scam.

The reason I mention this is because there is nothing scammy in running a game with low winning rate. Gamblers do not gamble only because of the winning rate. There are many other factors that makes them decide where will they throw their money at.

The winning rate is 1/16 and the payout is x10 :D like i said, scam by design

@MarbleBoss aka chain-bet: please don't start another discussion. Your game is scammy crap!

Have u been to any casino at Vegas or Macau? There are many tables where the winning rate is 1/10 and the payout is x2. They're licensed and get audited as well. No one dare to call them scam.

The reason I mention this is because there is nothing scammy in running a game with low winning rate. Gamblers do not gamble only because of the winning rate. There are many other factors that makes them decide where will they throw their money at.

That is true, but I assume most people here primarily gamble at online Bitcoin casinos where winrates and odds are better than what's offered in real-life casinos and even here. Not exactly an apples-to-apples comparison here.

Why don't you edit the FAQ on this thread as the original one on the site has changed.

I am relatively new to gambling. I have not heard this before, do the online casinos really have higher win rates than physical casinos?

But I am cynical, I think a lot of online gambling sites could be fixed...

Is this project still paying?, I haven't been able to read a current reference

How can I contact to admin about the ads on the website? ;D

That is true, but I assume most people here primarily gamble at online Bitcoin casinos where winrates and odds are better than what's offered in real-life casinos and even here. Not exactly an apples-to-apples comparison here.

Low win rates absolutely do affect where people gamble, however. I would gladly spend money on a game that is enjoyable but has low win rates, but in this case this game is nothing special and offers no new features I'd be willing to pay for at the cost of a lower chance of winning compared to another blockchain-based game.

Is there really any other proper blockchain based game? If yes, what are those?

Right now, there is an interesting stat on dashboard. From Bet ID 4846 to 4949, 50 bets have been placed. Within this range, BTC 0.26076945 has been wagered and BTC 0.2511744 has been won through 6 distinct win. This is more than 96%.

What's so interesting about players loosing only 4% in a game with a house edge of 12.5%? That they would have beat variance and made a profit if they didn't play at such a stupid high house edge?

It all comes out in the wash.

Let's say you have bet sizes of $1 to account for a large degree of variance:

With this game, you are expected to lose $375,000 for every $1,000,000 you bet.
With a 1% dice game, you are expected to lose $10,000 for every $1,000,000 you bet.

I am honestly surprised to see this topic bumped to the front page, after the math has been made explicit many times over.

Now that many casinos accept altcoins like XMR or ZEC there is less demand for anonymous onchain betting websites such as this.

Right now, the stat on dashboard is even more impressive for gamblers. From Bet ID 4910 to 4983, 50 bets have been placed. Within this range, BTC 0.40999977 has been wagered and BTC 0.5154958 has been won through 6 distinct win. This is more than 125%.

BTC is BTC. XMR or ZEC will never get its place.

If there is so much to win, why are you not playing this game? In the last two weeks there were only three bets and all of them are lost.

In the last 3 post in this thread, I am trying to point out the same thing I said in the investor's private channel. That is, this game is becoming loss making for investors. Me with few other requested multiple times to the operator to decrease the payout from 10x to 8x. But, operator is not agreeing to the idea. Hence, many of us pulled out our investment from the bankroll.

I hope, operator revisit the current bet data and re-consider our request...

I am sorry, you seem to have misunderstood my point. I am not a gambler, but an investor. Hence, I am looking at it from an investor's perspective.

In the last 3 post in this thread, I am trying to point out the same thing I said in the investor's private channel. That is, this game is becoming loss making for investors. Me with few other requested multiple times to the operator to decrease the payout from 10x to 8x. But, operator is not agreeing to the idea. Hence, many of us pulled out our investment from the bankroll.

I hope, operator revisit the current bet data and re-consider our request...

I am sorry, you seem to have misunderstood my point. I am not a gambler, but an investor. Hence, I am looking at it from an investor's perspective.

In the last 3 post in this thread, I am trying to point out the same thing I said in the investor's private channel. That is, this game is becoming loss making for investors. Me with few other requested multiple times to the operator to decrease the payout from 10x to 8x. But, operator is not agreeing to the idea. Hence, many of us pulled out our investment from the bankroll.

I hope, operator revisit the current bet data and re-consider our request...

What you did here is highly unethical IMHO. We, the investors, have had many discussion regarding how can we do better. But, that was for the private channel. No point in discussing the same here out in the open.

PROBLEM is : i deposit and you can delete a bet ? you can simply ignore it and since address are generated for bet, there is no way to link them up.i would suggest you do not dynamically generate address, allow users to choose a address from your xpub.

i never knew your site existed, my website is like a better version of you https://skobet.com

also your house edge is hard to calculate, can you please explain it ?


update :
i find 6% house edge stupid , no offence but please reduce house edge

It seems like the number of stupid people who play this game with over 37% house edge are decreasing... but I wish you good luck with your investment

There is no bets since February, probably the old users of this site has just noticed about the house edge. I wonder why they decided to accept investment while the traffic is so low? Logically, investors will not be interested because the investment will give them nothing as there number of players in regular basis is so low. I think they should make it back to x15 or x16, at least for short time only to regain user interest.