evoorhees (OP)
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Activity: 1008
Merit: 1021
Democracy is the original 51% attack
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August 20, 2012, 04:14:43 AM
Last edit: July 19, 2013, 04:54:32 AM by evoorhees |
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UPDATE July 18, 2013: SatoshiDICE was sold in full to a private party. S.DICE has been delisted and closed. S.DICE holders were paid .0035 BTC per share at close.
In liberty,
-Erik
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The block chain is the main innovation of Bitcoin. It is the
first distributed timestamping system.
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Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction.
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evoorhees (OP)
Legendary
Offline
Activity: 1008
Merit: 1021
Democracy is the original 51% attack
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August 20, 2012, 04:15:31 AM |
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Bitcoin Oz
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August 20, 2012, 04:48:01 AM |
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So how could I bid?
Hopefully someone will setup a GLBSE passthrough so people dont have to deal with MPEX. |
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CIYAM
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Activity: 1890
Merit: 1075
Ian Knowles - CIYAM Lead Developer
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August 20, 2012, 04:49:57 AM |
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The FAQ mentions about having to pay a 20 BTC amount to register your GPG key with them. So does this mean that it would cost each person 20 BTC just to put in a bid for the shares? |
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drakahn
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August 20, 2012, 04:52:42 AM |
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facebook lol
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14ga8dJ6NGpiwQkNTXg7KzwozasfaXNfEU
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Nefario
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August 20, 2012, 04:53:16 AM |
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The FAQ mentions about having to pay a 20 BTC amount to register your GPG key with them. So does this mean that it would cost each person 20 BTC just to put in a bid for the shares? Yes. Also by the end of next week GLBSE will have options available (and the ability to make options) on all assets listed on GLBSE. |
PGP key id at pgp.mit.edu 0xA68F4B7C To get help and support for GLBSE please email support@glbse.com |
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Bitcoin Oz
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August 20, 2012, 04:58:08 AM |
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facebook lol
Facebook doesnt have a business plan apart from selling your personal info to other companies. |
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Brunic
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August 20, 2012, 05:01:32 AM |
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So...all the public shares have a total of 10 millions, that's 10% of total shares.
Let's say I buy 1 million shares to get 1% of satoshidice.
1 000 000 x 0.0032 = 3200 BTC.
It costs 3200 BTC to buy 1%.
Expected to have 2700 BTC / month in total profit. 1% of 2700 BTC = 27 BTC.
It cost me 3200 BTC to get 27 BTC / month and it would take me around 118 months to recoup my initial investment, or around 10 years.
I like satoshidice and I appreciate its potential....but I'm not sure at all.
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btharper
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August 20, 2012, 05:14:27 AM |
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So...all the public shares have a total of 10 millions, that's 10% of total shares.
Let's say I buy 1 million shares to get 1% of satoshidice.
1 000 000 x 0.0032 = 3200 BTC.
It costs 3200 BTC to buy 1%.
Expected to have 2700 BTC / month in total profit. 1% of 2700 BTC = 27 BTC.
It cost me 3200 BTC to get 27 BTC / month and it would take me around 118 months to recoup my initial investment, or around 10 years.
I like satoshidice and I appreciate its potential....but I'm not sure at all.
yeah, i was like lulz.... Given the figures of 65BTC/day, 10% across all shares, and so on, I got about 0.5%/month return. With your figures I got about 0.8%/mo. I understand that under most business plans 7%/wk is a clear scam, but this seems like the other side of crazy. |
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stabs
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Activity: 109
Merit: 10
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August 20, 2012, 05:14:44 AM |
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SatoshiDICE is worth 320,000 BTC or $3,200,000 at $10/BTC?
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Brunic
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August 20, 2012, 05:20:43 AM |
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BTW, it seems that a couple of people made the mistake.
In the IPO, the shares are valued at 0.0001 BTC each for a total of 10 000 BTC. But they sell at 0.0032+.
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fcmatt
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Activity: 2072
Merit: 1001
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August 20, 2012, 05:21:22 AM |
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what is stopping someone from coding up a clone of satoshi dice over a weekend and taking a piece of
the pie... thus reducing your profits.
it seems that is a major threat i would love to hear countered.
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drakahn
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August 20, 2012, 05:25:16 AM |
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There are clones up and running
I'm working on a variant myself
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14ga8dJ6NGpiwQkNTXg7KzwozasfaXNfEU
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mem
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August 20, 2012, 05:28:17 AM |
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did i read the fine print right, 100,000,000 shares at .0032 or 3,200,00 btc or more than 30 million usd?
that is insane...
So...all the public shares have a total of 10 millions, that's 10% of total shares.
Let's say I buy 1 million shares to get 1% of satoshidice.
1 000 000 x 0.0032 = 3200 BTC.
It costs 3200 BTC to buy 1%.
Expected to have 2700 BTC / month in total profit. 1% of 2700 BTC = 27 BTC.
It cost me 3200 BTC to get 27 BTC / month and it would take me around 118 months to recoup my initial investment, or around 10 years.
I like satoshidice and I appreciate its potential....but I'm not sure at all.
I am convinced you are not a ponzi scheme - mainly because the returns are so unattractive  There is at least 1 clone of SD: http://btcdice.com/And a "themed" clone of satoshidice: http://satoshiroulette.com/with the market expected to grow I dont see people ever getting their ROI. Also Id like to know what bank SD has behind the casino  |
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MPOE-PR
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August 20, 2012, 05:30:58 AM |
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did i read the fine print right, 100,000,000 shares at .0032 or 3,200,00 btc or more than 30 million usd?
that is insane... Your math is a little broken there, but as they say practice makes perfect. yeah, i was like lulz.... Me too. Cause of the math. In general money people are good with numbers. what is stopping someone from coding up a clone of satoshi dice over a weekend and taking a piece of
the pie... thus reducing your profits.
it seems that is a major threat i would love to hear countered. I'm not a tech, but I would guess the same thing is stopping someone today that stopped someone up until today. And also the same thing that stopped all the groupon clones from becoming groupon and all the facebook/twitter clones from becoming facebook/twitter. In the words of the once-famous Jerry Seinfeld, No Resources, No Skills, No Talent, No Ability... Go with the flow, hate less, live longer. |
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mem
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August 20, 2012, 05:40:44 AM |
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I'm not a tech, but I would guess the same thing is stopping someone today that stopped someone up until today. And also the same thing that stopped all the groupon clones from becoming groupon and all the facebook/twitter clones from becoming facebook/twitter. In the words of the once-famous Jerry Seinfeld, No Resources, No Skills, No Talent, No Ability... A very good point, SD did get its name out there and established Care to elaborate what mistake was made with the maths. |
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fcmatt
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Activity: 2072
Merit: 1001
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August 20, 2012, 05:47:40 AM |
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I'm not a tech, but I would guess the same thing is stopping someone today that stopped someone up until today. And also the same thing that stopped all the groupon clones from becoming groupon and all the facebook/twitter clones from becoming facebook/twitter. In the words of the once-famous Jerry Seinfeld, No Resources, No Skills, No Talent, No Ability... A very good point, SD did get its name out there and established Care to elaborate what mistake was made with the maths. First, I am not knocking the website/business. I think it was clever, well executed, and they deserve credit. Comparing them to facebook is ludicrous when trying to infer they have a wide moat around their business model that is impenetrable from others looking to take a piece of the pie. As soon as a clone is polished up, offers better payouts for the same exact bet, SD will have to match it (thus reducing profits) or admit they cannot control the market for this type of gambling. Word of mouth is strong in bitcoin land and most users know where to get the best bang for their btc. A simple add on this website and a few others would reach many users over a one week period getting the clone's name out there immediately. |
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mem
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August 20, 2012, 05:52:53 AM |
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did i read the fine print right, 100,000,000 shares at .0032 or 3,200,00 btc or more than 30 million usd?
that is insane... Your math is a little broken there, but as they say practice makes perfect. I dont see it - checks out fine. |
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