"This webpage is not available" withdrawel didn't work and my coins are still there.. i'm getting kind of nervous  I would not worry, Doog keeps almost everything in cold storage and he as trustworthy as they come. |
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dooglus from an objective investor perspective here this site is growing too quick too fast. I understand we all wanna get rich quick, but there are risks with rewards. This site IMO is not ready to start accepting action over 50BTC. There iS NOTHING WRONG WITH THAT either. But with the size and influx this site has grown it should'nt come off as a big suprise.
I think we should scale down the operation and grow A LOT MORE SLOWLY and then "mistakes" or "errors" are less like to be as exasterbated and as threatening to your bottom line. YES we all want whales, but the MGM didnt start taking whales over night. This is where profiling comes in, but that's damn hard with BTC being made the way it is.
Moving forward what are we going to change to prevent this mistake again?
+1 to this I proposed 0.1% max profit, that would still be 25 BTC per bet at current Bank roll. I think the ability to gamble $2500 every 1/10th of a second is plenty and lowers our risk. |
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Hi Doog,
Sorry for your loss. That is terrible. Once I get back to positive myself, I will donate as well. Most importantly, what safeguards are you going to add to prevent a similar catastrophic human error in the future. For one, I would say all BTC withdrawals over 50 BTC may take up to 24 hours to process. Ths way you will not be doing these things half asleep and making mistakes. Still, there must be some sort of additional safeguard you can add?
Mechs
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Doog did a manual withdraw for 1300 BTC and forgot to take it out of the player's account...that person just so happened to be Celeste, the site whale. Thus the whale goes and gambles away the 1300 BTC that was not suppose to be in the account. Doog has now paid 1300 BTC out of pocket to cover this joke of a degenerate.
I don't understand this. Are you claiming Doog just gave away 1300BTC of other investor's funds?! |
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By popular demand, I added Insanity Dice. The edge is 20%, there is no website interface (just send bitcoin to the operator who has no reputation) and it is not provably fair at all. If you send them your bitcoins, you are provably an idiot. Still, here it is, player beware.
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So prime dice and coin roll.it with their max payouts below 20btc or below are just foolish? I am not saying we become more conservative than the competition, but we do not need our max bet to be 10 to 20 x the competition. They will not find another site with as fair a game and as big a max bet regardless. I think you are completely wrong and I do not see the harm in testing my theory and dropping the max bet.
I think a large max bet can be fine with a big enough BR to support it, but we do not have that.
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I don't understand why the max bet should go down. I see some are surprised of the amount of loss that can be made in a short time. Indeed the site lost in a few days roughly 4,000 btc on an invested capital of around 25,000 btc, that's a loss of -16%. But if it can go down so much so quick, it can also go up so much so quick, which indeed happened right before when the site was up 2000 btc or +6% in only a few days too. As long as you have the 1% house advantage all is well I would think as you have statistical certainty that you will make up the loss as long as people continue to play. However is it not the case that lowering the maximum bet makes the site less attractive for whales? If yes, you risk indeed not making up the loss if the whales choose other destinations! I am stunned that just-dice succeeded in having MORE turnover than Satoshi Dice already after 1 month. BTC turnover being the most important factor for the bottom line that is an amazing accomplishment. Obviously just-dice is offering value. Is it offering too much value and asking too little in return resulting in a loss? I think that is too early to judge as a monthly loss of say -5% can still be made up easily the next month with say +15%, resulting in an average of +5% per month, as was 'promised' in the brochure  You should be able to bet whatever you want, even more than the investor's money. But if you want to bet something huge (let's say 10k USD), it should split the bets into smaller ones, and ran them independantly. That won't stop whales from coming, and will be safer for investors. The volatility is too much for investors and a run of "bad luck" will scare off investors and ruin the site. The fact is the whales are going to go nowhere. No place else offers 1% edge and a better max bet. The Only place with a bigger max bet is satoshi dice, but between there 1.9% edge and much slower betting interface, they are not a viable option for whales versus J-D. |
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According to this poll, satoshi dice is way out of favor. I wonder if this is showing up in their betting volumes?
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I do not get this logic. If we keep the best edge (1%), best interface, trustworthy op (Doug paid out 500,000 usd worth of winnings to a single whale), and a max bet which is on par with the competition (just not as crazy high as now) where will the whales go? This is still the best place for them to play and they will do so without ruining the site. If investors leave the site there will be none. We should make the max profit 0.1% per bet as opposed to 1% of the bankroll. That would still be 25BTC each. We could always raise it again later on. Mechs Doog，could you post all the whale bets list, and maybe the investors could find where the problem is?
you can track them here. Will |
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It is clear that the players love Just-Dice the most. I cannot say the same for investors though
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If there was an error in implementation, Dooglas should not allow new investor until the site is back to profits. Would not be fair for the early investors to be saddle with a loss due to an error as a beta tester and the new investor to benefit from that by diluting those sitting on a loss.
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Too good a job for players it seems, the house is in a deep hole. Unsure whether it just a whale with luck and overly liberal site parameters on his side or the server compromised
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Is it possible the server has been compromised at this player has the server seed? You mentioned it is hosted at Amazon, maybe an amazon employee is responsible. Then there would not even be a need to hack the server.
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As a correction, that my personnal loss as an investor. The site went from up 2k to down 2k in a couple days - a 4k BTC loss.
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Doog,
I agree with your action, to go from +20 BTC to -90 BTC in 2 days is crazy and the betting looks so suspicious. I hope you will agree, if the site has not been compromised, then you need to change the parameters. We do not need to give so many better parameters than competitors with the ultra low edge and high max payout that variance alone can cause massive loses from millionaire whales.
Anyway, my 2 bits.
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Only listing established Dice Games unlikely to be a scam.
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Last I checked bitcoins are not even worth anything officially.
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The story is so unrealistic - anyone in their right mind would transfer the bitcoins to a wallet they control, not to the victim's just-dice wallet.
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surprised noone voting for primedice or coinroll. They both seem very popular.
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