Bitcoin Forum

Economy => Gambling => Topic started by: Crypto-Flip on April 08, 2014, 10:27:32 AM



Title: CryptoFlip | Peer-to-Peer Gambling | 50/50 Odds, 1% Rake | Coin Flipping Fun!
Post by: Crypto-Flip on April 08, 2014, 10:27:32 AM

We are excited to announce the brand new peer-to-peer Bitcoin and Altcoin gaming website CryptoFlip!


Launch Date
Friday, May 2nd 2014

IRC (Freenode)
#cryptoflip



IMPORTANT UPDATE

During our run of stress tests, we've discovered a couple performance wrinkles that we would prefer to smooth
out before launching. We have pushed back our launch date to Friday, May 2nd to ensure enough time to correct
the issues, and perform another run of stress testing. In addition, we are tightening up our strategy to provide you
with the ultimate gaming experience. Updates are listed below. As well, it has been brought to our attention that a
house edge and a rake are in fact the same - we appreciate the users pointing this out and have updated our description of the site.



-What is CryptoFlip?
CryptoFlip is a peer-to-peer Bitcoin and Altcoin game site based on the classic notion of a coin toss.
1 vs. 1, human-to-human fun, with true 50/50 odds and a 1% rake!

Included site features:
  • Chat box to connect with other players and CF community
  • Statistics and Graphs to determine success rate of you and your opponent (per game, and total history)
  • Wide array of Altcoins to choose from, with the potential for many more coins in the future
  • Invite-only games (perhaps you want to challenge a friend?)


-How does it work? Where does the house profit?
At CryptoFlip, we take a 1% rake from the winnings of each bet. For us, this is our form of revenue to maintain
the site and to support our developers, with the exception of every Friday (information below). As you can imagine,
1% is a minor amount from a players perspective, and a fair amount from the developers eye, and we believe this should
leave both parties happy at the end of the day.

Example:
If you bet BTC0.1 against a player, and you win, you would be returned BTC0.199, total profit being BTC0.099
The remaining BTC0.001 goes to house.


-Do you accept Bitcoin only?
Absolutely not! One of our major goals is to diversify the online gaming industry. We accept BTC, LTC and a good selection of popular altcoins,
with the potential for many more to be added in the future..


-Provably Fair?
Yes, CryptoFlip is provably fair - this means that based on the client seed you provide and the server hash we return, you can be sure that the
final result is not tampered with. The math will be on site and open to view for anyone interested in the fairness of CryptoFlip.


-Other interesting features
In the creation of CryptoFlip, we have used HTML5 sockets, which means new games and accepted bets are updated in realtime!
Because of this we also have a very low server load and little bandwidth usage. (Only when required will data be transferred)
Due to the light-weight framework, CryptoFlip is extremely fast and sure to be responsive during the most important of times.
Our many security measures makes sure your coins are safe while playing on CryptoFlip, which means no mysterious coin disappearances!


**Update 1**
We are Happy to introduce Free Play Fridays! At CryptoFlip we've decided to provide ZERO rake every single Friday. This means
that you are playing with true 50/50 odds and full 2x profits. No strings attached!

And for those interested in the aesthetic of our site, please see the screenshot below:

http://i.imgur.com/ocbkj2z.png (http://i.imgur.com/ocbkj2z.png)

Happy Flipping!

-CF Team


Title: Re: CryptoFlip | Peer-to-Peer Gambling / No House Edge | Coin Flipping Fun!
Post by: poordeveloper on April 08, 2014, 10:42:29 AM
Will you have an affiliate program?


Title: Re: CryptoFlip | Peer-to-Peer Gambling / No House Edge | Coin Flipping Fun!
Post by: chisefu on April 08, 2014, 08:27:49 PM
Wow this is really cool, I like how it's not a 'house edge' just 1% take, this makes it so the site doesn't care if you win or lose they get paid regardless.  This would be a good site to keep 'doubling your bet until you win' kind of thing.


Title: Re: CryptoFlip | Peer-to-Peer Gambling / No House Edge | Coin Flipping Fun!
Post by: emsjvh on April 08, 2014, 09:41:17 PM
bump for interest.



Title: Re: CryptoFlip | Peer-to-Peer Gambling / No House Edge | Coin Flipping Fun!
Post by: chaosagent on April 08, 2014, 10:08:54 PM
Given the p2p nature of this coinflip site, one does not even need to prove if it is fair or not. The outcome of the dice rolls only affect the players, not the house (which gets a fixed profit of 1% for each roll). I'm definitely gonna play once this is launched.

AKA:
FAIREST COINFLIP EVARS!!!

SHUT UP AND TAKE MY (nonexistent) BTCs :D


Title: Re: CryptoFlip | Peer-to-Peer Gambling / No House Edge | Coin Flipping Fun!
Post by: Rulishix on April 08, 2014, 10:41:55 PM
It looks good admittedly thus far but how will it perform? How does it perform under pressure? Will there be bugs ever present and if so will they be handled accordingly? Only time will tell.


Title: Re: CryptoFlip | Peer-to-Peer Gambling / No House Edge | Coin Flipping Fun!
Post by: Crypto-Flip on April 09, 2014, 12:46:52 AM
to poordeveloper:

No affiliate program as of yet, we don't have the capital to guarantee referral bonuses. Perhaps based on the success of the launch we will consider some affiliate incentives to attract more players. As a "poordeveloper", surely you understand.  ;)
We will keep this thread updated with any developments!

to Rulishix:

The site itself is essentially completed as of now; we are holding off our launch for a week to stress-test the site and weed out any bugs and glitches that might jeopardize a smooth launch. We realize that the launch is basically a make-or-break type of deal when it comes to a gambling site, and so we are doing everything we can to ensure that the site runs without any flaws.

We will have some screenshots before next week, so stay tuned!


Title: Re: CryptoFlip | Peer-to-Peer Gambling / No House Edge | Coin Flipping Fun!
Post by: Stunna on April 09, 2014, 12:51:09 AM
Is this going to be 0% house edge? The title indicates no house edge but the description mentions a % of the pot is taken by the site.


Title: Re: CryptoFlip | Peer-to-Peer Gambling / No House Edge | Coin Flipping Fun!
Post by: Crypto-Flip on April 09, 2014, 01:33:04 AM
Stunna:

We are marketing it as "No House Edge" in the sense that you aren't playing at slightly unbalanced odds against the house; the odds of winning are 50% as opposed to, for example, 49.5% or similarly sub-50% odds on the majority of gambling sites. We consider this a fair trade-off, as the "house" doesn't take the sum of your bet if you lose - it goes to the competing player. Instead, we take 1% of each bet exclusively, and as mentioned in the original post, this is initially to cover hosting and pay our dev team for their work. In the future, assuming the site is a success, our cut of the bets will be distributed in other means, including possibilities like an affiliate program, a dice-bot for our chatbox, and potentially other types of games within the site where you do in fact play against the house.


Title: Re: CryptoFlip | Peer-to-Peer Gambling / No House Edge | Coin Flipping Fun!
Post by: Billy_Blaze on April 09, 2014, 01:48:27 AM
Cool idea, gonna keep my eye on this


Title: Re: CryptoFlip | Peer-to-Peer Gambling / No House Edge | Coin Flipping Fun!
Post by: Kyraishi on April 09, 2014, 09:19:31 PM
Stunna:

We are marketing it as "No House Edge" in the sense that you aren't playing at slightly unbalanced odds against the house; the odds of winning are 50% as opposed to, for example, 49.5% or similarly sub-50% odds on the majority of gambling sites. We consider this a fair trade-off, as the "house" doesn't take the sum of your bet if you lose - it goes to the competing player. Instead, we take 1% of each bet exclusively, and as mentioned in the original post, this is initially to cover hosting and pay our dev team for their work. In the future, assuming the site is a success, our cut of the bets will be distributed in other means, including possibilities like an affiliate program, a dice-bot for our chatbox, and potentially other types of games within the site where you do in fact play against the house.

it has no use to have 50% if it is not to win 2x.


Title: Re: CryptoFlip | Peer-to-Peer Gambling / No House Edge | Coin Flipping Fun!
Post by: Rulishix on April 10, 2014, 03:16:05 AM
They do win 2x but the house fee takes 1%. I think I see your point, though. Might as well adjust the percentage to include the house fee instead of saying 50% when it is not truly that.


Title: Re: CryptoFlip | Peer-to-Peer Gambling / No House Edge | Coin Flipping Fun!
Post by: mem on April 10, 2014, 03:19:26 AM
you are making false advertisements - you do have a house edge and it is 2% for a 50/50 bet.

I bet 1 BTC
You deduct 0.01 BTC.
I win and claim (2 x 0.99 BTC) 1.98 BTC.

your house edge is 2%


Title: Re: CryptoFlip | Peer-to-Peer Gambling / No House Edge | Coin Flipping Fun!
Post by: EL_Sago on April 10, 2014, 06:21:59 AM
mem,

the way i saw it is.
they take only 1% on your winnings.

so as their example sais. Example:
If you bet BTC0.1 against a player, and you win, you would be returned BTC0.199, total profit being BTC0.099
The remaining BTC0.001 goes to house.


let me clarify that to your example.
you bet 1 BTC and win! YAY!
then you get your own 1 BTC back.
and the 1 BTC of your counterplayer gets reduced by 1%. thus giving you 0.99 btc winnings.

i definetly am interested in this site.
it's good to see a site where you have a fair chance.
while all other sites only want to make big money by giving you a lower winchance.

so i will definetly be checking this site out! ^^


Title: Re: CryptoFlip | Peer-to-Peer Gambling / No House Edge | Coin Flipping Fun!
Post by: Tersken on April 10, 2014, 06:42:02 AM
you are making false advertisements - you do have a house edge and it is 2% for a 50/50 bet.

I bet 1 BTC
You deduct 0.01 BTC.
I win and claim (2 x 0.99 BTC) 1.98 BTC.

your house edge is 2%

Did you see this in the topic?
Example:
If you bet BTC0.1 against a player, and you win, you would be returned BTC0.199, total profit being BTC0.099
The remaining BTC0.001 goes to house.

It's obvious only reductions are done when the bet is finalized and only on the amount you won, not the total amount.

So to make it really clear let's put it in terms of your example.
I bet 1 BTC, someone accepts my bet and loses his 1BTC.
Now of that 1 BTC that he lost 1% is calculated as a rake, which is 0.01 BTC.

Hope that clarifies things.


Title: Re: CryptoFlip | Peer-to-Peer Gambling / No House Edge | Coin Flipping Fun!
Post by: snuffish on April 10, 2014, 07:12:33 AM
it has no use to have 50% if it is not to win 2x.

It's a huge difference between a 1% rake and a 1% house edge. The chance to win at this is 50% and not 49.5% it would have been if there was an house edge.


Title: Re: CryptoFlip | Peer-to-Peer Gambling / No House Edge | Coin Flipping Fun!
Post by: mem on April 10, 2014, 09:37:16 AM
I see so the house edge is in fact 0.5%.

Your claim of no casino offering a flat 50/50 edge is not relevant when the multiplier is not 2.
Plenty of casinos offer a flat 50% win chance with multipliers of 1.9 to 1.99.

Code:
edge:
Odds Bet Payout
49.5% 1 2

edge:
Odds Bet Payout
50% 1 1.99

^ is the same, its just being laid out differently, your casino does the 2nd option which many other casinos do.
but in your favour it seems you have 1 of the lowest house edges.


it has no use to have 50% if it is not to win 2x.

It's a huge difference between a 1% rake and a 1% house edge. The chance to win at this is 50% and not 49.5% it would have been if there was an house edge.

actually the difference is not huge, its 0.5% instead of 1%.


and you can have 50% win chance with a house edge..... its not that hard to understand, maybe this helps:

http://memslist.com/index.pl?action=house_edge_form


Title: Re: CryptoFlip | Peer-to-Peer Gambling / No House Edge | Coin Flipping Fun!
Post by: Thomasvd on April 11, 2014, 10:25:06 AM
Looks nice, ill be keeping an eye on this one.


Title: Re: CryptoFlip | Peer-to-Peer Gambling / No House Edge | Coin Flipping Fun!
Post by: EL_Sago on April 12, 2014, 01:09:52 PM
bump for interest


Title: Re: CryptoFlip | Peer-to-Peer Gambling / No House Edge | Coin Flipping Fun!
Post by: Rulishix on April 15, 2014, 05:08:54 AM
Launching tomorrow? Holy shit. Bumping this for sweet awesomeness tomorrow! Woot!


Title: Re: CryptoFlip | Peer-to-Peer Gambling / No House Edge | Coin Flipping Fun!
Post by: FanEagle on April 15, 2014, 02:21:09 PM
I'm prenoting it to test it as soon as it starts... can I have free chips to review it? :)


Title: Re: CryptoFlip | Peer-to-Peer Gambling | 50/50 Odds, 1% Rake | Coin Flipping Fun!
Post by: Crypto-Flip on April 16, 2014, 10:35:26 AM
FanEagle:

We are planning to implement a free "coin" on the site as a means for players to test out our sites functionality before sending their own coins to the site.


To all others - please refer the OP, as we have pushed back our launch to work out some minor issues we have discovered during stress testing, as well as implement some new features we have considered during our testing phase. We aim to have a flawless gaming experience, and wish to address all impediments to a smooth and successful launch. We appreciate your patience!


Title: Re: CryptoFlip | Peer-to-Peer Gambling | 50/50 Odds, 1% Rake | Coin Flipping Fun!
Post by: chaosagent on April 17, 2014, 04:22:50 AM
FanEagle:

We are planning to implement a free "coin" on the site as a means for players to test out our sites functionality before sending their own coins to the site.


To all others - please refer the OP, as we have pushed back our launch by just over a week to work out some minor issues we have discovered during stress testing, as well as implement some new features we have considered during our testing phase. We aim to have a flawless gaming experience, and wish to address all impediments to a smooth and successful launch. We appreciate your patience!
cryptoflipcoin anyone?


Title: Re: CryptoFlip | Peer-to-Peer Gambling | 50/50 Odds, 1% Rake | Coin Flipping Fun!
Post by: WaltWhite on April 21, 2014, 10:59:47 PM
Sounds like a cool idea, hope it turns out nice :D


Title: Re: CryptoFlip | Peer-to-Peer Gambling | 50/50 Odds, 1% Rake | Coin Flipping Fun!
Post by: PvP on August 27, 2014, 08:29:23 PM
what happened to this idea and site  ???