That could get expensive quickly, not sure I could afford that for long

But I like the idea very much. I could perhaps do something like 10,000 bits per game given out for two or three hundred games. What would you prefer, if it was given out weighted by the amount bet? (e.g. If someone bets .9 BTC and someone else bets .1 BTC,  the larger gambler gets 9000 free bits, and the smaller gambler 1000 free bits).  Or would you prefer it more of a lottery, where each bit you bet gives you 1 ticket? (So the person who bets .9 BTC would have a 90% chance of winning, and the smaller gambler a 10%)

Or something else?

We're rapidly approaching the 100,000 BTC wagered mark (probably only a month off), anyone have some good ideas how we should celebrate this milestone?

If you haven't already, one thing worth looking to is moneypot.com We offer an API and a bankroll as a service, which allows you to make risk-free profit if you can bring gamblers to the table. You can see some examples of casinos that are based on it: dustdice.com and betterbets.io

You can checkout our thread or site for more info

That's my fault, I think I wasn't overly clear and got misunderstood. I did not mean to accuse DaDice of faking any statistics:

Here is my full quote:


I'm referring to players. Players tend to make a lot of deposits and withdrawals. I don't mean that as a bad thing, or an allegation at all. It's just how players behave.

For someone who's riled against alt-accounts so much, why don't you post on your main account?


Yes they do. They allow anyone to make sure I'm counting them in the proof of liabilities. Otherwise what could happen is I pretend I owe less money than I do (e.g underestimate the bankroll) and operate fractional reserving that way. The proof of liabilities allows anyone to make sure I'm counting their money in the total money I owe people.



Please read your own link. I have never accepted investments before April 11th this year, at which time before I did I went to the trouble of proving both assets and liabilities.

I did, and always have




I'm not sure which allegations you are referring to?



It does no such thing. Bustabit has never, and still does not take investor money in any form.




Actually MoneyPot has published proof of assets (in the form of 200 BTC) before it took the first satoshi of investor funding. In fact MoneyPot goes a step further and published a proof-of-liabilities as well: https://www.moneypot.com/proof-of-liabilities.txt  So I really have no idea what you're talking about.
 

MoneyPot API now supports generalized Plinko! https://www.moneypot.com/api-docs#v1-bets-place-plinko-bet

Who will be the first to use it? 

Nice post Alex, it goes to show why just paying out withdrawals isn't enough. For a gambling site to be profitable, it needs to do a LOT of volume. As NLNico says, proof of solvency is a very important cornerstone in the bitcoin community.


It's not as much as you'd imagine, people tend to be pretty very flighty with their money (Constantly depositing and withdrawing). Normally the first thing a new user does after winning money is immediately withdraw it, to make it "real". Then seeing that the site actually processes withdrawals, they put it back. Then play a bit more, and remove the change. For instance in bustabit, historically for every bitcoin of profit we've made, we've processed 14 BTC in withdrawals, and tend to do about 100 BTC a week in withdrawals

Heads up: we're going to have about 15 to 20 minutes of downtime in around about an hour to proactively apply a serious security patch to QEMU. During this time, deposits and withdrawals will keep functioning, however games and chat will be down. =)


Edit: We're back (in less time than expected!). Play on!

If you're having any issue logging into moneypot.com, please let us know through our support channel: https://www.moneypot.com/support  and we'll fix you up real quick =)

If your account is from the era of of the "the curve game" , that account has been migrated (and still active on) bustabit.com and you'll need to create a new moneypot.com account =)

What you can do, is what betterbets.io does, and use the "confidential flow"  (See: moneypot.com/api-docs ). It allows you a lot more control, as your run your own server, and can store what ever you want. Definitely a bit harder, but might be worth doing.


The issue with a non-atomic game like blackjack, is that there is some information reveal in the middle which would mess with the investor system (they could invest during a bad hand, and divest in a good hand). So if you do want to use the MP bankroll, you need to a bet which has an instant resolution (e.g. roulette, plinko, dice) and doesn't leak intermediate state.

We're going to be supporting games like blackjack very soon, but they will have the caveat that you need to bring your own bankroll

If this is something you need help with, I'd be happy to offer my assistance. I would be able to waive the typical 1% fee on our cold address service (that will guarantee you get unrelated coins back) for the first 300 BTC. If your major investor is concerned about privacy, I would advice that you do mix the coins sooner rather than later as if you have a big withdrawal you will likely need to source his investment to pay for it.

The MoneyPot.com investors will pay. For instance, yesterday a new casino launched (betterbets.io) using our API which attracted a mini-whale (unibtc) who walked away with 1 BTC in net profit. betterbets.io made their constant commission, but the investors absorbed all that volatility. If for instance, the whale had lost 1 BTC (but wagered the same) betterbets.io would have made an identical amount of money.

So basically MoneyPot and your app do a 50-50 profit share, and investors absorb volatility for you and provide the bankroll. =)

The MoneyPot API only supports atomic bets, so it might be a bit tricky to make a true version of blackjack

Yeah, they probably should put a link back to that page from their own site. This week we're going to make some popups that they can use, specifically to make it easier to manage the balance (deposits/withdrawals).

Yeah it does, if you go to: https://www.moneypot.com/apps/14-betterbets  you should be able to easily deposit and withdraw money from the app (assuming you're logged in)

Apology revoked, just protected you guys from unibtc's wins 

No, betterbets.io is an independent team that uses our gambling api and services for stuff like proof-of-fairness, storage of player funds.

Added another 80 BTC to the MP bankroll to support the latest casino to launch using our API: betterbets.io, apologizes to the investors I diluted

Sorry this happened to you, paypal is pretty awful. I sent you the bits you lost, and will ask Snailman to repay me instead. I don't think he's a scammer, just perhaps has a bit of a problem. The money of mine he gambled away (instead of managing the sig/avatar campaign) he actually repaid in full (even though I wasn't chasing the debt).

But yeah, I agree with the notion of using proper exchanges (or localbitcoins.com) generally has better outcomes