Is there a historical chart somewhere of all the random numbers rolled since day 1?
I don't believe so |
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The fact that the Foundation pays Gavin a salary now is reason enough to join as a member.
This is another reason I will not join. Your telling me Gavin needs a salary which tells me two scenarios A) Gavin didn't believe in bitcoin so he never invested his money which at is time could have made him a millionaire, which would mean he doesn't need a salary. B) Gavin is super greedy and wants a salary which really should go to all those developers equality that work hard not just him. Regarding A: So if Gavin did buy lots of coins and is currently a millionaire, he doesn't deserve a salary for all the work he's doing? And why should he divulge how many coins he has? Regarding B: Everyone wants more money. I do, you do, Gavin does. There is nothing wrong with that. Gavin's work has been instrumental, and he deserves a salary after working pro-bono for years. Other devs do as well. All the more reason to support the Foundation. |
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Beautiful!! Just tweeted this and posted to FB One suggestion: Say something next to the private key like "KEEP THIS PRIVATE - ANYONE WHO HAS THIS CAN SPEND YOUR MONEY". Preferably in red bold text  |
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Really great piece, Tacticat. Simple, easy, and accurate. I wonder if gradeschool children read that essay once a year if many of today's economic problems may have been avoided? Perhaps kids are too busy saluting flags. I do have one suggestion, remove this part completely: Also, the problem with food is that we eat it and thus destroy it. Good money must be non-consumable as it would cause a certain amount of problems otherwise. The constant destruction of money would have a serious effect on the economy.
I don't think money needs to be "non-consumable." Indeed gold is consumable (utilized in many industrial processes, or when placed in jewelry it is removed from the money supply). I don't think the ability to consume a good makes that good less useful as money, so long as it satisfies the other requirements you mentioned. You should remove that section as it's the weakest out of your very strong whole. Great job! |
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At some point in the future, I envision BitPay setting up similar options for various government agencies, states-wide, to have their constituents pay taxes and other municipal payments.
Sure, some Bitcoin companies will be in full compliance with Governments (and this is a good strategy, as I've expressed before). Some may even advocate government regulation and involvement. But it doesn't matter, because Bitcoin itself is fundamentally free-market and government-proof. |
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Personally I support the Foundation and became a lifetime member.
The group still needs to prove itself with time, but even having the Foundation exist offered immense confidence to many investors and outsiders looking at our new ecosystem.
The fact that the Foundation pays Gavin a salary now is reason enough to join as a member.
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Just got this in my email this morning... Subject: Dwolla teams up with the government In case it wasn't clear what the difference was between a distributed Bitcoin open-source system and a central corporate proprietary system... If Bitcoin could send out emails, they would say "Bitcoin teams up with freedom"  |
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. . . Sounds like your funds were sent to a different address. Did you give him the wrong payment address?
If so, this certainly won't be the first time that someone gives BitInstant the wrong bitcoin address from their wallet and then blames BitInstant when they send the coins where they were told to. LOL... as part of the team here at BitInstant I can tell you this happens ALL THE TIME |
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Hello and welcome to the community.
You've stumbled on the most important project currently happening in the world.
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This ^ If you want to mine because you're into the tech side of it, then that's fine. But if you're trying to mine to "earn money" then you should stop right now, because you'll never be able to outcompete the guys who know this stuff and have super special custom hardware. It's very competitive. If you just want some Bitcoins, then go buy them using BitInstant.com. (just like if you want some gold, you go buy some, you don't try to mine it...) |
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Many colas exist but there is only one coke
The way I see it,
satoshiDICE is a household name in the bitcoin niche. It would take ad spend beyond belief for an upstart to match them on branding.
What could a competitor even say to get interest? "Hey look at us, we are like satoshiDICE" ... um, ok. So why not just play at SD?
Another very important point regarding competition... the house edge SD uses is not arbitrary. It was arrived at after substantial analysis of volatility of the bets. If a competitor undercuts SD by any significant amount, it risks flat out bankruptcy (though it might not realize this). And if a competitor doesn't undercut SD by a significant amount, why would anyone play there? New startups are a very risky place to send your money, so if SD has a house edge of 1.9% and Competitor #151 has a house edge of 1.9%, the actual odds of losing your money are worse with the Competitor because there is risk in the unknown. This is doubly true in Bitcoinland. Could someone come along and outcompete SD? Yes, as is true in any free market. But, the costs are very high, and the risks non-negligible. There is also opportunity cost - why try to fight for one gambling niche when a new game could be built and claim its own niche? Not to mention... how do you compete with this: http://blockchain.info/popular-addresses  |
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Explosive growth in SDICE case must mean that even larger number of bitcoin holders lose their mind and start dumping it to SDICE site. The following is a pure speculation - are SDICE guys actually inflating the "popularity" of this absurdly boring game by pumping coin they got from IPO through SDICE to make it look like a growing business. Hard to prove, really easy to do. First, the IPO sold some shares and then it slowed down dramatically. No matter how actively mpex merry band of muppets regurgitated their silly sales crap all over the forum, new SDICE shares did not sell. It stopped at bout 6? mill unsold shares for months. Suddenly, we see a huge jump in gambling lunacy and guess what - someone swallowed the bait - and those rotting unsold shares started to sell again. This was so big event, that muppet MPOE-PR even gave herself a her narcissistic maser a self made medal of "Distinguished Service Order of Utter Bullshit and Arrogance". This went straight to her bloated head and she demanded "the community" to kiss her ugly and unwashed (LOL @ "This is where "the community" kisses my feet. Again" https://bitcointalk.org/index.php?topic=135574.0) Not sure how this "again" got inserted to this retarded farce. I guess in the land of "Major Puppets Exchange" (mpex), everything is possible. PS! I am glad (not really) that she did not cut herself or poked here eyes out, while making that cardboard&tinfoil medal of hers. It is not really that hard to explain. There are a number of factors which all work to increase the price of the S.Dice shares. 1: As time goes on the perceived risk of investing in S.Dice goes down. The longer the track record, the better the reputation of the asset issuers. 2: S.Dice profit has increased. Seeing the increasing profits, people are willing to pay more to get in. 3: After the shares started selling, one of the first months was a bad luck month, so very little profit (I think it was November?) That was a huge damper on share sales. Which explains why it took so long for IPO shares to sell out. 4: Once the original IPO wall was nearly gone, people waiting to get in realized they should buy shares soon since the price was going to jump, and people correctly figured they could make a quick bitcoin by grabbing the shares and listing them higher. 5: There are a number of threads, including this one, spread throughout the forum, which all deiscuss S.Dice and the suddenly increasing price and Wow, I just got rich off S.Dice and such. So more sheep join into the herd of S.Dice owners and the price goes up. 6: People opening accounts at MPEx or places with pass-throughs is cumulative. When S.Dice was first listed on MPEx fewer people had accounts there and there was no pass-throughs. As Pass-throughs get added and as more people sign up at MPEx the number of people able to buy shares goes up, and so demand rises, which causes a rise in price. And Evoorhees is a longtime bitcoin user, I am sure he did not need the IPO sale to have bitcoins to artificially pump up the usage numbers for Satoshidice. That is crazy conspiracy theory nonsense. You're missing two of the largest factors for the recent rise in S.Dice. Pirate and the collapse of GLBSE. Whilst GLBSE was running there were a lot of 'businesses' promising rates of return far higher than S.Dice could deliver. Then pirate happened and GLBSE collapsed. And investors in most of the old GLBSE companies are realising that maybe the returns from S.Dice aren't that bad compared to losing the lot by investing in a business based on lies ("I didn't invest in pirate"), deceit ("These fixed-rate mining bonds are a good investment") and imaginative accounting ("Let's value things based on what we hope they'll be worth at some point in the future"). The promises S.Dice made (and the returns it offered) were far less than many alternative offering gave. But now people can look back at what was actually delivered - and I think that may be getting a lot of people to reconsider their valuation of S.Dice. And, of course, S.Dice's revenue and profits are denominated purely in BTC - so when BTC rises (as now) the value of their investment remains the same (in BTC) rather than falling as is the case with any mining investment whose funds are stuck valued in fiat whilst waiting for ASICs to show up. Bottom-line: a fairly small profit that materialises is worth a lot more than a huge profit that is just fantasy. Wow. Peter Lambert and Deprived... both of your comments were really intelligent. I have a bit more insight as an insider, but not tons more, and I think your analyses are spot on. Principally: 1) IPO shares didn't sell as fast as I wanted because people were used to "ZOMG 50% returns per week with pirate!" 2) IPO shares finally sold off because a) November and December demonstrated the power of SD to earn real money and B) once a large portion of IPO shares are gone people rush to buy the remaining. Though Deprived you also said, "Bottom-line: a fairly small profit that materialises is worth a lot more than a huge profit that is just fantasy." And while that sentiment is absolutely true (and an important lesson for all Bitcoiners to remember), SD's earnings have been anything but "fairly small profit." Dec. earned over 5% purely in dividends for -one- month. That's amazing earnings for any business, and absolutely justified the IPO share price. |
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For a preview of this look at http://feedzebirds.com which is one of the major reasons not to invest in sdice. There are some exciting plans for FZB as well, though indeed it has suffered from some neglect over the past few months. The FZB IPO was for 30% equity and only cost about $12k. S.DICE was for 10% and cost FAR more. I think the cost-to-potential return on both are very good, but then again I know the inside information on both. Expect a renaissance of FZB within 2-3 months. |
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I'm assuming you know the mystery SD 90% holder
Erik owns at least some of that 90%, and I'd wager he owns a substantial amount. Which is good, entrepreneurs should be rewarded when they succeed I agree that it is good that he is rewarded and am also pleased to hear it likely to be the case. I had just wanted to keep my stated assumption as broad as possible which was why I didn't go there specifically. But seeing as you brought it up I've got a few ifs lined up (none of which am I assuming to be true): If Erik owns a substantial amount, let's say he is the majority stakeholder and everyone else is coming along for the ride, if he is is also SD's main 'technical staff' whilst largely occupied with let's say BitInstant projects, is it possible that the SD project, which is doing just fine with minimal intervention, thank you very much, would not get the same attention to take advantage of its position today as it might were it the passion of someone who wanted it to bring him fame and fortune (or to sell out for maximum return)? I am no VC and I am not claiming rights to know everything about the business, nor even am I saying Erik is obliged to answer at all, but the principle of investing in the person as well as the business counts for me and even if nothing is forthcoming I don't think it is unreasonable to make a request forsome kind of broad statement of what is planned for SD. You have great points, thoughtfan. Is it possible that another person could run the site better than me, and make it even more successful? Absolutely. If that person reads this, please contact me, because it'll likely be a win for you, a win for me, and a win for the shareholders. But, I think I've done reasonably well turning this site into the most popular bitcoin game in the universe, no? Promoting/managing it doesn't take a huge amount of time, but yes I'm spread across a number of Bitcoin projects (and what better way to spend my time... this stuff is so damn cool) The plans for SD are fairly simple and straightforward. 1) Continue promoting Bitcoin around the world and working to bring about the global monetary revolution. SD is obviously a huge benefactor of base level Bitcoin adoption, and my passion and loyalty will always be first and foremost with promoting the Bitcoin system itself. 2) Maintain the site securely, actively monitor potential exploits, review findings with people smarter than me, etc. This is always top priority and we've done a damn good job so far I think. 3) Continue to promote through the channels I've used. I won't go into details here. 4) Continue developing and polishing the desktop and Android apps5) Find excellent partnerships (the blockchain.info integration is a prime example) 6) Watch for and seek out those who could take the site to the next level (this gets back to your prime point, thoughtfan) Thanks for the good question! |
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Wanted to post here that I deposited 100btc at 1Broker, and went long on USD/BTC at 5x leverage. I earned 40btc and the site payed out correctly (I have withdraw 140 btc). So at least from this anecdote it was smooth and legitimate. Looking forward to seeing this site develop further |
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The problem with taking in as much revenue as he would through Bitcoin is cashing it out. Totally impossible today, even if you utilized all the on and off-exchange markets...including Coinabul.
This is not true. Consider that for every puchase on his site via Bitcoin, there had to be a corresponding acquisition of coins prior to that. In other words, every coin that Kim sells on the market was first bought on the market to send to him. So the only way his site's massive volume would substantially harm the price is if people with coins just decided to get rid of them via his service and never acquire more. |
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It looks like S.Dice now waits for 1 confirmation before handing out BTC. Is this for real?
It might wait for a confirmation if the transaction looks really suspicious, but in the vast majority of bets no confirmation is required. |
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Ooops thank you OP for discovering this. Will get it corrected.
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Hey guys,
Site is only down temporarily. This week is ridiculously busy but we'll get the bug sorted and the site back online by next week. We have hired someone to help us with this site going forward so the user experience will be getting much better. Sorry for the issues thus far and thank you for your patience.
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