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Better idea: Go to work, earn money, and use some of that money to buy bitcoins.
Bitcoin mining is a specialized industry, just like gold mining, and unless you really work at it for a long time and stay ahead of the curve, you'll lose.
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It's because some players bet big money all at once or right after each other.
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No and it never will. A change like that would require literally 100% support of all users as it would be a hard incompatible fork.
No need to use tiny decimals though. 5 mBTC vs 0.005 BTC. 5 uBTC vs 0.000005 BTC. It is possible people will call these by slang or informal names. i.e. millies of mikes.
This. When coffee costs 0.00000012 btc, then starbucks will just say, "That'll be 12 satoshis for the latte" Problem solved. |
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However, as a potential investor, I'd like some idea as to whether there are plans to invest in protecting this immense market lead. There are some gambling outfits out there valued at magnitudes of order larger than SatoshiDICE who could potentially overnight launch a competing service with a slick marketing campaign and loss-leading incentives. The tiny costs SatoshiDICE manages for such a huge turnover is fantastic but existing companies who are potential competitiors have customer service, PR and marketing departments and budgets.
This is a good point, but it is not specific to SatoshiDICE. Every Bitcoin company faces the looming possibility of more professional outfits recognizing the huge potential of this system, dropping a million or two to build a superior competitor, and winning the business. While this is a challenge Bitcoin companies all face, it is immeasurably good for Bitcoin itself. Key here, however, is that because of the technical nature of Bitcoin systems, it will often make sense for these outsiders to buy out the current leaders because they have the technical expertise for these systems. Bitcoin is dangerous to use if you don't know how to use it properly... and a naive company that drops big money into this may fall victim to any number of problems because they weren't experts in Bitcoin itself. I will simply state here that if a sale of SD happens to some outside party, the current MPEx shareholders will receive buyout funds proportionately to their shares. In other words, if an outsider moves into this industry, there is a good chance SD would be bought out, and then S.DICE holders still end up winning (perhaps winning big). |
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 Since Satoshi Dice has incorporated a "maximum bet" feature for any given line, it eliminates the possibility of someone with a huge bankroll whittling away their funds using a Martingale strategy. I've only spot checked the math on their odds and payouts (not even considering the transaction fees) but I didn't find anywhere that it might be feasible to do so. As a share holder, I encourage anyone to go prove me wrong. Also yes, I'm sure the majority of their business comes from the type that would buy scratch off tickets every day. Like they always say, lottery should not be played for investment purposes... unless you are investing in the lottery itself. Yes and this is very important. I've worked with some of the brilliant statisticians from within this very community to understand these risks of the "player with a huge bankroll" and taken steps to mitigate that risk. Suffice to say that the numbers in SatoshiDICE are not arbitrary - the max bets, the formulas for determining them, the way transactions are processed, how the coins are stored, etc... lots of work has gone into making the system sustainable and reducing vulnerabilities. |
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Don't forget the new v1.1 version of SatoshiDICE for Android Tablet (not for phones) SatoshiDICE Android App MD5: ff89d643b9b2c8ab2c539dbcd6e2c73d SHA1: 5fa09730ed612c48817f84c79758857f62441fc7 ( mac/pc/linux app also available) Installation instructions for Android: Download file, then enable Settings -> Security -> Unknown Sources. Then install a file browser (folks recommend Astro), find the .apk you downloaded and run it. Android should install directly from the file on the device.  |
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UPDATE Jan 13, 2013: The SatoshiDice apps for desktop and android have been updated to v1.1 and are now in open beta. They will now be available from SatoshiDice.com for the first time (they'll be going up this week). This new version (v1.1) can be downloaded here: SatoshiDICE Android App MD5: ff89d643b9b2c8ab2c539dbcd6e2c73d SHA1: 5fa09730ed612c48817f84c79758857f62441fc7 (Installation instructions for Android: Download file, then enable Settings -> Security -> Unknown Sources. Then install a file browser (folks recommend Astro), find the .apk you downloaded and run it. Android should install directly from the file on the device.) SatoshiDICE PC/Linux/Mac Desktop App MD5: bfa7f5ec58a3bc45dd6b8904b356cd2b SHA1: 9c1c76aef3dd825151f40b89d30acde7df4fc0b9 Ooh. As a shareholder, this pleases me. Up up up! I want to see S.Dice @ 0.007xx a few months from now. If you buy enough shares, I guarantee that will happen!  |
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UPDATE Jan 13, 2013: The SatoshiDice apps for desktop and android have been updated to v1.1 and are now in open beta. They will now be available from SatoshiDice.com for the first time (they'll be going up this week). This new version (v1.1) can be downloaded here: SatoshiDICE Android App MD5: ff89d643b9b2c8ab2c539dbcd6e2c73d SHA1: 5fa09730ed612c48817f84c79758857f62441fc7 (Installation instructions for Android: Download file, then enable Settings -> Security -> Unknown Sources. Then install a file browser (folks recommend Astro), find the .apk you downloaded and run it. Android should install directly from the file on the device.) SatoshiDICE PC/Linux/Mac Desktop App MD5: bfa7f5ec58a3bc45dd6b8904b356cd2b SHA1: 9c1c76aef3dd825151f40b89d30acde7df4fc0b9
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Why is there always this urge to attribute price movements to "one large buyer" or "the manipulator" etc?  I feel like there is a psychological need to attribute things to single people... maybe this is why so many believe in god, and in a king or president to control things? |
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Is it safe to say that S.Dice won't have unbelievable runs like December?
Not safe to say that. The results in December were indeed "better than statistically expected" but not by that much. The real reason the results were so good was that tons of btc was bet in December. If there are months with that kind of bet volume in the future, then more returns like that can be anticipated. |
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What the fuck is wrong with SD lately?? It has been completely unplayable for the past week or so... I would make successive bets, and then it just stops responding and doesn't return result until next confirmation. And yes, I am including 0.001 tx fee. Also, I often get orphaned transactions that take hours to confirm with no payout. Martingales are not fun if it takes hours to stack them. If something doesn't get fixed soon, then SD is pretty much dead to me.
Hi, Can you provide a few of your transaction links? I'll look into it. Wallet is healthy so there shouldn't be any abnormal complications going on. |
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Of course it would be silly to expect the bitcoin qty bet on SD to be the same when coins are worth $1,000.
The $$ value of the betting should remain fairly constant, and if more people play then that amount will raise.
There is also the "wealth effect" so that if bitcoin doubles people will feel richer and feel okay with spending or gambling more, so nominally the btc amount bet at SD may still increase if the btc price increases, but really it all depends on the aggregate behavior of thousands of people. Very hard to predict.
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where is the contradiction?
the only thing evoorhees adds is that the qualities of gold make it a good candidate for money. otherwise, "common agreement" and "most bartered for" seems to be pretty similar.
"Common agreement" infers that people agreed with each other what to use as money. This never happened. It is not "common agreement" but a harmony of "individual preferences" which is almost the opposite of common agreement, and I think this is a very important distinction. Achieving common agreement among disparate people is very difficult, and often leads to squabbling. Markets are amazing in that through the differences in individual opinion, exchange ratios (prices) are arrived at, without anyone having to agree with anyone else beyond the specific individual trades and trading partners they deal with. "Community consensus" is not required, only narrow self-interest between two individuals. The magic of money then is that it might appear as though an entire society has agreed to use it, when nothing of the sort ever occurred. They use the specific money not because they agreed on it, but because their variant, disparate disagreements led to a distillation of bartering objects toward one or two narrow objects which are then called money. Maybe I'm being nitpicky, but I think it's important to see the difference here. |
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what struck me is that you were arguing from a position that gold bugs argue from and that is the Regression Theorum. that was not the best angle to come from as we, as Bitcoin advocates, argue against the need for that Theorum all the time.
I think there regression theorem is excellent. It demonstrates how money tends to come about. It doesn't mean that money can't come about in other ways... fiat is one other way, and spontaneous usage due to extreme usefulness (like Bitcoin) is another way. |
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Bitpay raised half a million in funding, Bitcoin was discussed on Fox Business' Stossel, and there was a great discussion on prime time Israeli tv all in the past few days. That's why =)
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So i am to believe every bit of bitcoin profit.. None was sold to get a countries currency? Really? Pfft. I have a bridge to sell. Brb.
No you should not believe that. Of course some profit is sold for fiat currency. What's your point? The important thing here is that some profit is NOT sold for fiat. That's is the phenomenon you should ponder about for a while... |
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Reason #14912 to use Bitcoin. The world will learn in time  |
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I strongly recommend that new users DO NOT use the satoshi client. I typically recommend Paytunia if they are super noob, or blockchain.info if they're ready for a bit more advanced functionality.
I follow the twitter feed for keyword "Bitcoin" and it's amazing how frequently some new person says something like, "wow just downloaded bitcoin and it takes forever! this is ridiculous!" And for everyone who bothers to tweet about it, a hundred more just got turned off.
The satoshi client is important for a number of reasons, but noobs should not be directed to it, ever. It shouldn't even be mentioned to them.
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