The house edge isn't guaranteed income. The actual profitability of a gambling site goes up and down dramatically. The smaller the house edge, the bigger the chance of them being unable to pay out their winning players. The bigger the house edge, the bigger the max bet they can safely offer. You don't want to be playing on a site with a 0.01% house edge because they'll eventually go bust, and be unable to pay you out when you win.
Oh, you are right. But this theory is true only for games against the house. And it is up to the player to choose to play with the negative EV and get results immediately or to play on the P2P betting exchange with zero EV, but get results later when there will be another player to match the bet. |
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I would be surprised if there are many gamblers who don't realise that the odds are tipped in favour of the house. The house is running a business. If the odds aren't in their favour, how does the house keep the business running, and why would they bother?
State-regulated casinos have enormous expenditures (even online casinos have to pay drastic license fees and taxes), but anyway they have just 1-2% house edge in average. In the Bitcoin world with negligible expenditures, more than 99% of the revenue goes to the site owner as pure profit and I am sure that SatoshiDICE would be still profitable with 0.1%, or even 0.01%, house edge. As more and more people will know about other opportunities to play with higher odds for them, popularity of the S.Dice will drop IMHO. |
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Blockchain.info offline now. Some provably fair games may still have "waiting" status as we are unable to get last Bitcoin block hash. Now I am working to switch to the alternative data provider.
Also instant withdrawals will be unavailable during Blockchain's outage. During this time manual withdrawals will be sent 2 times a day.
Sorry for the inconvenience. We hope Blockchain.info will be back again soon!
UPD. We have temporarily switched to the Blockexplorer data. Pending provably fair raffles drawn!
UPD2. Blockchain.info works normal now.
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I'm still amused at the theory that the only reason people gamble is because they've not yet heard of negative EV.
But I still very doubt if all these players would be aware about negative EV and understand what does in means, they would continue playing S.Dice. |
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Now API works normaly, but I want to know why this happened? Do I have exceeded limits? If so, lift them please for the peerbet.org.
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I use Blockchain.info API on the Peerbet.org to get last Bitcoin block hash and currency rates. I make queries 1 per 30 seconds, recently I got an error: Warning: file_get_contents(http://blockchain.info/latestblock): failed to open stream: HTTP request failed! HTTP/1.1 429 Too Many Requests
Fix please this error. |
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But SatoshiDICE is the easiest to play. There is no commitment, there is no sign up, there is nothing to do except send a payment to an address and get a "win" or "lose" back. And that, in my opinion, is why SatoshiDICE is so popular.
I am sure, most of the users who play S.Dice today will stop playing immediately after will be aware of the maths and what does negative expected value means for them. Simplicity to play does not ensures willingness to lose own money! huh? Casino roulette has higher than -2.7% i think
You are wrong, European roulette with single zero sector has exactly -2.7% expected value. http://wizardofodds.com/gambling/house-edge/ |
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It's not different in principle, but it's very very different in fact: a 1.9% house edge is pretty much the lowest in the market.
Absolutely rubbish! Roulete has -2.7% EV, blackjack -0.28% EV, video poker (jacks and better) -0.46% EV. Even casino craps have about ~1.5 edge. But otherwise, your asinine attitude likely motivated by your own personal failure is duly noted, well done with whatever peerbet thing. The bad news being that it's getting killed this month, btw.
It it just existing popularity of the S.Dice slows down entering on the market potentially better games. But nobody guarantees popularity forever!  |
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I think this might have being deliberate. SatoshiDICE wants lower variance (since it is -EV)
I am just wondering why so many people play there even knowing that odds are always against them!  SatoshiDice is no different from the Vegas casinos who make all possible to enforce positive EV for them (have you ever heard about card counting systems in the Blackjack and how casinos treated with own players? This film is almost 100% truth, IMHO). The only one difference between offline casinos and S.Dice is that real casinos have to pay workers, license fees, taxes, building maintenance costs etc, but S.Dice owner can just count all players' loses as his pure profit and even to harm other Bitcoin users by polluting blockchain. |
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Well, I asked because I was planning on Martingale my half a BTC on S*****i Dice.
Most of the gambling services have negative expected value, so you will lost in the long run. For example, S.Dice you have mentioned has 2% advantage over you! |
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danieldaniel
You are only 14 years old. You account may violate his terms of service for age requirements.
This is a not legal excuse! In most countries owners of the gambling entities are obliged by law to make complete refunds of the bets made by underage persons, even repay losts. |
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Save your time! Now you can automatically buy chosen number of tickets when you create new raffle!
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I also noticed, wallet does not works!  |
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Instant withdrawals temporarily disabled due to Blockchain.info Wallet outage. Sorry for the inconvenience!
UDP. Instant withdrawals have been re-enabled!
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Is coinurl down for anyone else? It seems like its been down off and on all day
Our hosting's server experiences some difficulties. I hope they will fix soon! UPD. Now seems to work OK! |
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Now you can choose mBTC and µBTC as a currency!
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I don't know how to do it on blockchain.info, but you can do it here: http://brainwallet.org/#txMake sure the clientside js is legit, I don't know much about this site. The bitcoin protocol has a Raw tx API as well. Until some trustworthy online wallet will not make this functionality understandable for the non-geek users it has no any sense. May be Blockchain.info will do, but I doubt IMHO. |
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I have some questions about your servicers.
I have sent vailed traff to your services for my ads and also my urls yet I have not been paid for current traffic sent to my urls and people who have clicked on links.
Not all clicks are counted. Of course false positives always exist, even some legitimate clicks sometimes may be rejected. Send more details on our e-mail, I will tell you why clicks were not counted. |
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Now you can click a button "Buy All" to instantly buy all remaining tickets in the raffle without opening it's page.
Bootstrap have been updated to the version 2.2.2. Please press F5 to refresh CSS file in your browser!
A method to get current user's raffle list have been added to the API.
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honest bob, it is really interesting idea. Could you explain with more details (preferably with examples how to easily use Blockchain.info wallet for this)? Then I will certainly implement it!
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