How can we know they won't run away with 4000+BTC (2.000.000 $)?
I don't trust even to my father, how can people invest thousand of btcs... Interesting.
Here's my take:
This isn't the major risk in my opinion, the inherent risk you need to consider is the possibility that an operator will play against their own investors. This is pretty much impossible to detect/prove. Someone could run an investment based site for years and profit off commissions and playing against investors and then run with the bankroll if they were so inclined. This is one of the primary reasons why I'm not interested in dealing with investments at the moment, it requires too much trust. When you weigh the risk of an operator playing against the casino, your expected value from the investment quickly dips and when you factor in the chance of the site getting "hacked this probably drops negative.
I'm not trying to accuse dicebitco of anything as they are possibly legitimate, but in my opinion pretty much every major scam in bitcoin has occurred when the amount at stake becomes greater than the reputation. Can anyone firmly argue that dicebitco.in has proven themselves trustworthy to handle well over $2M in bitcoin, I don't think anyone would agree with that if weighing the
facts alone. The only facts we have is that they ran a litecoin gambling site which had relative success but pales in comparison to the current site they are running and also the fact that dooglus has a small amount invested.
I do have some doubts with this site as I did with
Everydice. The gain exceeded the reputation and they seemed to have made off with investor funds as a result. They weren't met with as much success though given that just-dice was operating during that time period, but they still made off with a couple hundred coins it seems.
I've debated posting something like this for a while as I fear it will make me even more hated in the investment communities which often assume I'm a miserly asshole judging from my brief viewing of one of the chatrooms earlier today. I'm not accusing dicebitco.in of scamming or acting unethically as there is no proof of anything of that sort, it's just important to treat investments like this as a gamble which it truly is. I choose to keep 100% of my earnings in bitcoin which is a significant gamble in its own, however I am still too risk averse to consider any sort of bitcoin "investment". I was surprised that dicebitcoin did not take dooglus up on his offer which seemed like a no-brainer which is partially why I ended up posting this. Even if they considered a multisig it wouldn't mean much, I was hoping they would create some sort of fair scheme where dooglus will generate their rolls and access the seeds.
At the end of the day purely based off expected value I am not willing to risk my bitcoins on an investment site that in my opinion has a 50-50 chance of not playing against the house or running with funds. Feel free to disagree, many people will believe this comes from a biased perspective but this is just my personal take and I feel I've raised at least one valid argument.
tl;dr Bitcoin investments are gambling and often don't end well, risk what you are willing to lose
EDIT: Everyone deserves a chance to prove themselves, as does dicebitco. I'm just hoping people understand and weigh the potential risks.
Show Posts
