What most likely happened was a kid had a small bit of BTC, nothing else really to his name. When entrusted with everyones BTC he went and gambled off the record to try and win more. Probably ended up losing it all then to continue "degen-ing" he scammed some people in the currency section. Hes now disappeared obviously.
Or just took the coins and bought himself a tv and an xbox. |
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dooglus you should have ran an investment site  3100 bitcoins in just 3 days. BTW how is "luck" calculated? Is that the house edge? And is it on a daily basis? |
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1KzMUFVfD15VyW6zgvmrLLUz7UmzMMUvzk
Paid. Switching to new model. |
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Just a bit... more
then I can finally be eligible xD
I think
Check the first post for our new model. It is not strapped to starting post count requirements. |
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Paid.
6/21
tadakaluri 1Lxb2kLFBQSKqHYzrf2D9dQ7ujhrFmR91m 114 251
freedom24 1EKL3LxoWHmjssghCJCFYgbGG1bWXSU5Gx 77 103
Switching to new model.
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Anyone understand how this whole activity thing works and how it translates to your member status?
There is an explanation of it in the meta forum. Its pretty much a calculation of weeks on forum + 1 post per day. Have you noted down I am taking part? I have got a few more posts now  Yes. |
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"Bitcoins now worth over one million dollars per coin!"
+10  |
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Our Weekend Special is ON again!
Contact us to get it.
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Bugpowder, there are a thousand ways to structure this without it being illegal. Selling shares of a company has never been and will never be illegal. I don't know if dooglus has yet taken the steps to incorporate, etc., but at this very moment he has 1600 btc in investments on his site, and that's about $180k. That's quite the number (and more importantly amassed in a single day) to seriously consider structuring it better.
You are not aware of the law. Read up. http://www.investopedia.com/ask/answers/08/unregistered-securities.asp. Offering shares of any investment vehicle or company without registering those shares with the SEC and being licensed to do so is a felony under US law. Enforcement simply hasn't gotten around to going after these wannabe bitcoin financiers. There are advantages for issuers being located in Romania, less so to being located in US or Canada. Also, surely most of that investment money prefers the current arrangement and would be withdrawn from the site if it were to switch to your model, which has proven great for siphoning off money from the community into the pockets of share issuers (S.DICE made Erik ~50,000BTC), but terrible for a long term ROI for investors (S.DICE trading at ~60% of tier-1 IPO price). Shares of bitcoin "companies", with rare exceptions, are for pump-and-dump, get-rich-quick shenanigans. Also have in mind, noone said it has to be be a US company. Gambling by itself is prohibited under US law, so dealing with any form of SEC is impossible. Plus we are not talking about a public company, this is more or less a startup with a SEED round of investment. Such investments are unregulated by SEC. It falls more under Angel investing. Read up: http://en.wikipedia.org/wiki/CrowdfundingAs I said, there are a thousand ways to do it legally. |
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It might be a good idea in the long run to have a fixed amount of equity, so that equity grows in value and can become worthy. For example if I invest 100 bitcoins today which will buy me 10% profit share (valuing the site at 1000btc), and you are profiting 100 btc per month, then in 3 months from now you are profiting 1000 btc per month, and my initial 100 btc investment share would be worth 1000 btc. So not only I have gained dividends from the profit, but also multiplied my initial investment. This will allow future trading of shares of the dice site, and will also bring a higher reward to the early investors who committed their hard earned btc by believing in you and your site. Does it make sense?
It does make sense. Interesting points. What I don't understand, and what seems to have gotten SatoshDice into trouble, is how do you grow the betting pool if you never release new shares? Suppose I say "no more investments once we reach 2000 BTC invested". Then the betting pool is 2000 forever? Profits are instantly taken out of the pool? Or do investors have the option of leaving their profits in, and so getting a bigger percentage of the site? And as an investor, can I take my investment out, or do I have to find someone to buy it from me? I have the feeling there's a great idea in here somewhere, but I'm not seeing it clearly yet... Meanwhile, more free bitcents: 57 2013-06-20 20:33:36 (1) manually crediting user 336 with amount 0.01 MasonIII 58 2013-06-20 21:15:40 (1) manually crediting user 399 with amount 0.01 Emergenz 59 2013-06-20 21:18:30 (1) manually crediting user 400 with amount 0.01 247saver You could do it by budgeting and paying out dividends in cycles. Example: The site makes 100 bitcoins this month. You divide that into: 30% towards the site balance, 30% dividends to current investors, 40% site running costs and marketing. This way every month your site balance will grow, your investors will get paid, and you will have money to run it. Bugpowder, there are a thousand ways to structure this without it being illegal. Selling shares of a company has never been and will never be illegal. I don't know if dooglus has yet taken the steps to incorporate, etc., but at this very moment he has 1600 btc in investments on his site, and that's about $180k. That's quite the number (and more importantly amassed in a single day) to seriously consider structuring it better. |
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Quick question dooglus. When new investments come in, does the equity of current holders get devalued, or there is a fixed equity threshold for investments that at some point will deplete?
Each investor is effectively running their own dice site. They offer up 1% of their investment to anyone who wants to play against them. The more invested, the more available for players to win per roll. I started with near 100% of the bankroll, and now, due to people investing, I have 16% or so. I still risk the same amount per roll, but the max profit per roll is now 15 BTC, whereas before it was much lower. When someone bet 1 BTC initially, I got to bankroll the whole bet. Now I only bankroll 16% of the bet. In order to risk a whole 1% of my investment, I need people to bet the maximum. Does that answer your question? 55 2013-06-20 20:23:43 (1) manually crediting user 391 with amount 0.01 TheUntitled 56 2013-06-20 20:24:29 (1) manually crediting user 393 with amount 0.01 infested999 It might be a good idea in the long run to have a fixed amount of equity, so that equity grows in value and can become worthy. For example if I invest 100 bitcoins today which will buy me 10% profit share (valuing the site at 1000btc), and you are profiting 100 btc per month, then in 3 months from now you are profiting 1000 btc per month, and my initial 100 btc investment share would be worth 1000 btc. So not only I have gained dividends from the profit, but also multiplied my initial investment. This will allow future trading of shares of the dice site, and will also bring a higher reward to the early investors who committed their hard earned btc by believing in you and your site. Does it make sense? |
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On a daily basis. Actually trying to convert some local stores to start accepting it at this very moment. |
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Quick question dooglus. When new investments come in, does the equity of current holders get devalued, or there is a fixed equity threshold for investments that at some point will deplete?
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Anyone understand how this whole activity thing works and how it translates to your member status?
There is an explanation of it in the meta forum. Its pretty much a calculation of weeks on forum + 1 post per day. |
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6/20
kinetic915 12Lwwx1nFML75ZhyycaH8nVdkniVBupzqa 631 691
Paid. Switching to new model.
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how will u pay now ? there are new rules here, no more posts count  Yes the post count is still there. In the profile. |
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Paid:
6/19
uvwvj 13hh5QeDETMbtXPRgsrZZn8kZKpXjpM7Hq 250 312
RichG 1DGUcPW6VDRLom7oT4MjfLQTr4YdrX4MX8 267 391
Switching to new model.
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This is interesting:
Game Name Game Type Games Bets Wins Payout
Blackjack Single-Hand 1233 5851.50 5630.00 96.21%
Blackjack Multi-Hand 589 7620.60 7612.70 99.90%
Someone is doing really well on BJ Multi-Hand. Got it down to 0.10% house edge.
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