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Author Topic: [CLOSED] S.DICE - SatoshiDICE 100% Dividend-Paying Asset on MPEx  (Read 315725 times)
nebulus
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June 13, 2013, 03:36:39 PM
 #1781

Wow, that's unexpected! How about some good news for a change?

4000BTC for this month already !! but Erik payback himself for a 6000BTC loan huhuhu

The whole profit thing only matters when the money gets put in wallets until then it's speculative.

Also, (harping on this now), it's kind of lame that the disclaimer said that the investors were buying into 10K of BTC equity but instead they bought 10K - 6.2K = 3.8K.

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June 13, 2013, 05:57:05 PM
Last edit: June 13, 2013, 06:10:00 PM by Bugpowder
 #1782

Unreal.  The point of an IPO is to provide capital to run a company.

100% of the betting pool must be provided by IPO proceeds.

If not, S.DICE is just another bitcoin scam, albeit a more complex and profitable one than most.

Way to squeeze the last drop out of this lemon, Erik.
Erik was selling off his own shares, not newly issued shares.

There were no shares before the Tier 1 IPO.  I'm talking about the 10M shares that were initially offered when the security was created on MPEX.  I'm not talking about the extra 3M he sold later.  

The initial IPO yielded 35,000 coins. That 100% of those coins should go to enriching the founders, and 0% going to support the company is a pretty gross distribution for an IPO.

Then there is the whole unresolved issue of the mystery bettor that Erik knows, but we don't, that accounted for >50% of the lifetime volume.  We still have no evidence that those bets were not just IPO proceeds being recycled to prop up the share price for a better cashout. 10% loss on the distribution of the 35,000 BTC to shareholders, drive the price to .0075, dump 3M more shares right before the whale runs dry, increasing the total BTC extracted from the community by another 10,000 coins.  When the public appetite for new shares drops and looks unlikely to ever recover without restarting the whale-bot, seize an arbitrary number of coins from future dividends.

I wanted to believe in S.DICE. I DID believe in S.DICE... But after this last move, looks like a death spiral scam from my vantage point.  Other's risk tolerance may vary.

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June 13, 2013, 06:08:03 PM
 #1783

Unreal.  The point of an IPO is to provide capital to run a company.

100% of the betting pool must be provided by IPO proceeds.

If not, S.DICE is just another bitcoin scam, albeit a more complex and profitable one than most.

Way to squeeze the last drop out of this lemon, Erik.
Erik was selling off his own shares, not newly issued shares.

There were no shares before the Tier 1 IPO.  I'm talking about the 10M shares that were initially offered when the security was created on MPEX.  I'm not talking about the extra 3M he sold later. 

The initial IPO yielded 35,000 coins. That 100% of those coins should go to enriching the founders, and 0% going to support the company is a pretty gross distribution for an IPO.

Then there is the whole unresolved issue of the mystery bettor that Erik knows, but we don't, that accounted for >50% of the lifetime volume.  We still have no evidence that those bets were not just IPO proceeds being recycled to prop up the share price for a better cashout. 10% loss on the distribution of the 35,000 BTC to shareholders, drive the price to .0075, dump 3M more shares right before the whale runs dry, increase the total BTC extracted from the community.  When the public appetite for new shares drops and looks unlikely to ever recover without restarting the whale-bot, seize an arbitrary number of coins from future dividends.

I wanted to believe in S.DICE. I DID believe in S.DICE... But after this last move, looks like a death spiral scam from my vantage point.  Other's risk tolerance may vary.

Welcome to the dark side!
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June 14, 2013, 01:06:43 AM
 #1784

LOL!

First month things seem to be calming down... profits are up... and boom goes Erik with some ridiculous news again.

Ok.

5K for an IT guy.

Nope, now it's 10K.

And the fiat-exchange is calculated whenever you so desire, how convenient.

Oh, and now the US is blocked from playing, because... you know, one day they could get mad at us and that would be bad so to mitigate "bad" why not just block the country!  Why not block ALL the countries?  It's possible that within each national jurisdiction they come after big bad SDICE!

Not done yet!  Let's hire a PR guy/gal to do... PR stuff "what's that?!" you say?  A PR person.  For doing PR things.  Like rehashing things Erik says and informing us of bad news, once per month.  Let's pay this person a bunch of money to make 5 posts/month too!

Lose BTC last month, no dividends, not a big deal.  No ideas being brought forward as to how to address this issue.  Whatevs, just SDICE, guys!

Profits up this month, woooohoo!

Nope, guys, come on, Erik used ~6000BTC of his own BTC to float the betting pool (we have a NET profit of over 70000BTC since dooglus started calculating the finances... and somehow, of that 70000BTC, we don't have enough in the pool all of a sudden?

What a convenient time for a loan pull!

BUT ITS OK.  BECAUSE ERIK'S GOING TO PUT HIS DIVIDENDS IN THE POOL NOW.  OK, so let's get this straight, Erik, you come to us saying you want to take out 6000BTC of your own personal loan... and then say "nevermind, I'll just give you guys that, and make another loan out of my dividends?"

What the flying fuck is going on with this disaster of a company?!?!?!?
There is NO accountability here at all.  It's an unmitigated disaster (if it isn't now, with this leadership, it certainly will be in the future).

Anyone who thinks this ship is heading to shore with Erik at the helm is deluded.

I'm out of this thread for good.  

Good luck investors.
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June 14, 2013, 03:04:15 AM
 #1785

Let me step back a bit here.

My last few posts were unprofessional. I apologize for the tone.

...

I'll continue with the last plan I mentioned. My dividends for June will be retained by the site for the betting pool. S.Dice holders will receive dividends as normal. I'm sorry for the drama today, I can see it was largely because of me and how I approached the issue and responded to you guys.

I think one of the root causes here is a failure to properly and professionally apply double-entry bookkeeping and standard accounting principles.

I think spending $500-750 per month to have your attorney hire a CPA (that way the CPA's work is protected by attorney client privilege) to do the books for SD would be a great benefit to yourself and for the shareholders. Plus, the Google Doc can be formatted and presented in a much more professional manner. And you should be outsourcing this rather menial work, which you seem to be fairly incompetent at, anyway just like you outsource the programming work, etc.

A second issue would be to raise the BTC pool as it should be large and growing and on the balance sheet anyway. It will be a little tricky to do this and properly apply double-entry bookkeeping principles to be in compliance with the MPEx IPO contract terms but I think it should be possible.

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June 14, 2013, 04:24:30 AM
 #1786

Let me step back a bit here.

My last few posts were unprofessional. I apologize for the tone.

...

I'll continue with the last plan I mentioned. My dividends for June will be retained by the site for the betting pool. S.Dice holders will receive dividends as normal. I'm sorry for the drama today, I can see it was largely because of me and how I approached the issue and responded to you guys.

I think one of the root causes here is a failure to properly and professionally apply double-entry bookkeeping and standard accounting principles.

I think spending $500-750 per month to have your attorney hire a CPA (that way the CPA's work is protected by attorney client privilege) to do the books for SD would be a great benefit to yourself and for the shareholders. Plus, the Google Doc can be formatted and presented in a much more professional manner. And you should be outsourcing this rather menial work, which you seem to be fairly incompetent at, anyway just like you outsource the programming work, etc.

A second issue would be to raise the BTC pool as it should be large and growing and on the balance sheet anyway. It will be a little tricky to do this and properly apply double-entry bookkeeping principles to be in compliance with the MPEx IPO contract terms but I think it should be possible.

It's over dude. I know you were a believer too. Cash out while you still can.  In bitcoin, if it smells like a scam 100% of the time it is a scam.

I keep trying to figure out alternative explanations for the whale-bot betting patterns, the timing of the secondary sale and now the final cash squeeze. The only thing that makes perfect sense is what I laid out above. IPO recycling. First rule of bitcoin, trust nobody.  Erik has cashed out over $5,000,000 from S.DICE.  He is good at crafting the respectable, reasonable email.  For $5,000,000 I could craft some good ones too.

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June 14, 2013, 08:07:38 AM
 #1787

(we have a NET profit of over 70000BTC since dooglus started calculating the finances... and somehow, of that 70000BTC, we don't have enough in the pool all of a sudden?

I'm a few hours behind on this thread, but my reports are from the start of satoshidice, not since I started posting reports.

Just-Dice                 ██             
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June 14, 2013, 08:57:13 AM
 #1788

I'd like to buy SD shares. Is there any way to buy them not going through MPOE?

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June 14, 2013, 08:59:40 AM
 #1789

I'd like to buy SD shares. Is there any way to buy them not going through MPOE?

yes, here you go https://bitfunder.com/asset/G.SDICE

http://btcinvest.net/bitcoin-mining-profit-calculator.php - check it out!next difficulty + time leftcustomizable monthly (diff + USD/BTC) increasements device lead timeupdate: auto-compares device costs to BTC-buy profit ♥ 1btciBCKb59TbzNj5QzC2EXWDARxtJL1f
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June 14, 2013, 09:07:32 AM
 #1790

I'd like to buy SD shares. Is there any way to buy them not going through MPOE?

yes, here you go https://bitfunder.com/asset/G.SDICE

Also havelock and btct
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June 14, 2013, 09:41:32 AM
 #1791

I'd like to buy SD shares. Is there any way to buy them not going through MPOE?

https://www.havelockinvestments.com/fund.php?symbol=SDICE

https://www.canadianbitcoins.com for quick & easy buy/sell with $CAD
Canada's Oldest Bitcoin Brokerage.  Serving Canadian Bitcoiners since 2011!
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June 14, 2013, 10:01:32 AM
 #1792

I'd like to buy SD shares. Is there any way to buy them not going through MPOE?

yes, here you go https://bitfunder.com/asset/G.SDICE
No fees pushing to your MPEx account vs an insane fee on Havelock.
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June 14, 2013, 10:28:22 AM
 #1793

I'd like to buy SD shares. Is there any way to buy them not going through MPOE?

yes, here you go https://bitfunder.com/asset/G.SDICE
No fees pushing to your MPEx account vs an insane fee on Havelock.

Shameless exchange plug... Also worth checking out:

https://btct.co/security/GSDPT   (DeaDTerra, same issuer/contract as G.SDICE on BF)
https://btct.co/security/S.DICE-PT  (Namworld)

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June 14, 2013, 11:03:06 AM
 #1794

Just means all the exchanges follow this thread and the popcorn drama sitcom that happens now and then as well  
Please don't fire the phasers at me  Wink
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June 14, 2013, 12:01:35 PM
 #1795

Ok, I think the people are finally waking up to how badly this whole business, not just this situation is being managed.

So please Erik,
take some time to both consider some of the suggestions put forward by the community (1), providing your reasoning why/why not you choose to accept or deny them; And give us all an idea of where you're steering this - What are the current developments in working and what are their expected time frames.

These are not unreasonable requests and undoubtedly will improve your public reception. If we can just see some evidence showing you're not going at this whole thing blind folded, we'll instill some confidence in the long term prospects of this endeavour.

(1)
- Unobtrusive Text advertisements/s. I gurantee there is a market for other business' wanting to plug a simple link to a high traffic BTC related site such as SD. The time-frame, advertisees and placement of course is up to you. An auction nearing the end of each time frame would be the simplest way to calculate the demand/charge cost for the ad. This provides both a source of income (That could go towards the betting pool instead of dividends) AND helps establish other btc companies trying to get some exposure to the exact crowd they want/need (btc users). I'm not usually one for supporting advertisements, but in this instance it is so clearly a smart move for all those involved. If any other members here support or dislike this idea, I urge you construct an intellectual response , not a forum sliding waste of space - "yea do that! / no that's shit!".
( A sample of how this has already been implemented in another site is here, in the top left. Generating ~100 btc a month: http://bitcoinity.org/markets? )

-A dual system of account-less play and pseudo accounts (like PrimeDice (as much as I don't want to support the visibility of a real competitor)); These psudo accounts work simply with a user defined cashout wallet and a server defined play wallet...you can instantly deposit to the play wallet but Once you press cash-out, it will only send once the conditions are met (deposit has x confirmations for a amount of x btc). Additionally, the method of defining the odds you want / payout ratio is far superior. I would definitely suggest innovating on that idea. (There is no need to leave the veil of complexity and confusion by using the 0-64000 set. Of course for Authentication and result calculation you can still use them and give means to access them by users, but they should be represented as a decimal-ed percentage 99.25%...Anything more is undue complexification.

-Opt-in/opt-enabled CHAT. Giving users who wish to socialize whilst gaming the option and ability to, while leaving those who wish not to alone. Even a complex chat system is not difficult to implement ( I built one from scratch in my second year of Uni) ..I can't think of any good reason not to pioneer this idea. (I'm sure your I.T guys are itching to do something other than nothing? maybe penetration, bug, load testing?) ---Example chat, but not exactly as I'm describing === https://btc-e.com/

-Alt games. Yes the simplicity of SD has it's appeal. But one should not only eat rice, there are many different flavours out there..Many better and more appealing than 'rice'. Implemented as straight forward coupled with accounts. (blackjack, video poker, roulette, war etc.) - These can work standalone per user or on the same virtual table for a far more realistic social experience) -always opt-enabled/disabled

-Alt currencies: By all means, game the system a little and buy a bulk of coins before the announcement of plans to implement alt coins. You can let it create it's own betting pool over time by limiting the max bets etc until it can sustain higher level. The benifits of this would be increased traffic from miners who have little to do with their coins but gamble,hold or sell.

-The lifting of the overly cautious American user barring. (Of course, comply to these restrictions if and when they become present)

- A site redesign competition with a prize (in exchange for full ownership rights to the design)



Lonewolfing this operation initially started well for you, but these string of events these last past months are not showing an signs of encouragement towards a  favorable future...

Erik and others, please voice your thoughts and opinions of the above...Ensuring not to make any 'I'm an uneducated dick with an (unfounded) opinion' style posts.

P.S.
Erik, the announcement and inexplicit costs are still awaiting your (or the PR's, lolololol) appropriate explanation.
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June 14, 2013, 12:59:06 PM
 #1796

I'd like to buy SD shares.

 Huh

No longer buying/selling Casascius coins. Beware scammers.
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June 14, 2013, 01:09:21 PM
 #1797

I'd like to buy SD shares. Is there any way to buy them not going through MPOE?

yes, here you go https://bitfunder.com/asset/G.SDICE
No fees pushing to your MPEx account vs an insane fee on Havelock.

If people can afford 30BTC fee to open an mpex account, they can afford a 1BTC fee to push assets to it. I wouldn't call that 'insane'.


https://www.canadianbitcoins.com for quick & easy buy/sell with $CAD
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June 14, 2013, 01:14:06 PM
 #1798

If people can afford 30BTC fee to open an mpex account, they can afford a 1BTC fee to push assets to it. I wouldn't call that 'insane'.

+1! havelock is great, nothing but good experiences with them. deposits show up after only 1 confirmation, no buying fees and minimal selling fees.

i accidentally sold 250 ASICM shares in the middle of the night because of an ancient ask that i'd forgotten about, and the fee was equivalent to the price of 1 share. not too shabs.

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June 14, 2013, 02:36:09 PM
 #1799

Rampion and nubbins, kindly stfu. This isn't your twitter feed, nor is it a place to discuss the various exchanges. The question of where SD shares can purchased has be answered (Even though that too is not a question appropriate for this thread. If this thread could be found, then so can the pass-through threads in the securities section too...also Google achieves the same)... Tired of seeing the degeneracy in peoples understanding of how a forum works. see- https://bitcointalk.org/index.php?topic=217081.0

Shameless self repost to re-align this derailing on the glorious page 93.

Ok, I think the people are finally waking up to how badly this whole business, not just this situation is being managed.

So please Erik,
take some time to both consider some of the suggestions put forward by the community (1), providing your reasoning why/why not you choose to accept or deny them; And give us all an idea of where you're steering this - What are the current developments in working and what are their expected time frames.

These are not unreasonable requests and undoubtedly will improve your public reception. If we can just see some evidence showing you're not going at this whole thing blind folded, we'll instill some confidence in the long term prospects of this endeavour.

(1)
- Unobtrusive Text advertisements/s. I gurantee there is a market for other business' wanting to plug a simple link to a high traffic BTC related site such as SD. The time-frame, advertisees and placement of course is up to you. An auction nearing the end of each time frame would be the simplest way to calculate the demand/charge cost for the ad. This provides both a source of income (That could go towards the betting pool instead of dividends) AND helps establish other btc companies trying to get some exposure to the exact crowd they want/need (btc users). I'm not usually one for supporting advertisements, but in this instance it is so clearly a smart move for all those involved. If any other members here support or dislike this idea, I urge you construct an intellectual response , not a forum sliding waste of space - "yea do that! / no that's shit!".
( A sample of how this has already been implemented in another site is here, in the top left. Generating ~100 btc a month: http://bitcoinity.org/markets? )

-A dual system of account-less play and pseudo accounts (like PrimeDice (as much as I don't want to support the visibility of a real competitor)); These psudo accounts work simply with a user defined cashout wallet and a server defined play wallet...you can instantly deposit to the play wallet but Once you press cash-out, it will only send once the conditions are met (deposit has x confirmations for a amount of x btc). Additionally, the method of defining the odds you want / payout ratio is far superior. I would definitely suggest innovating on that idea. (There is no need to leave the veil of complexity and confusion by using the 0-64000 set. Of course for Authentication and result calculation you can still use them and give means to access them by users, but they should be represented as a decimal-ed percentage 99.25%...Anything more is undue complexification.

-Opt-in/opt-enabled CHAT. Giving users who wish to socialize whilst gaming the option and ability to, while leaving those who wish not to alone. Even a complex chat system is not difficult to implement ( I built one from scratch in my second year of Uni) ..I can't think of any good reason not to pioneer this idea. (I'm sure your I.T guys are itching to do something other than nothing? maybe penetration, bug, load testing?) ---Example chat, but not exactly as I'm describing === https://btc-e.com/

-Alt games. Yes the simplicity of SD has it's appeal. But one should not only eat rice, there are many different flavours out there..Many better and more appealing than 'rice'. Implemented as straight forward coupled with accounts. (blackjack, video poker, roulette, war etc.) - These can work standalone per user or on the same virtual table for a far more realistic social experience) -always opt-enabled/disabled

-Alt currencies: By all means, game the system a little and buy a bulk of coins before the announcement of plans to implement alt coins. You can let it create it's own betting pool over time by limiting the max bets etc until it can sustain higher level. The benifits of this would be increased traffic from miners who have little to do with their coins but gamble,hold or sell.

-The lifting of the overly cautious American user barring. (Of course, comply to these restrictions if and when they become present)

- A site redesign competition with a prize (in exchange for full ownership rights to the design)



Lonewolfing this operation initially started well for you, but these string of events these last past months are not showing an signs of encouragement towards a  favorable future...

Erik and others, please voice your thoughts and opinions of the above...Ensuring not to make any 'I'm an uneducated dick with an (unfounded) opinion' style posts.

P.S.
Erik, the announcement and inexplicit costs are still awaiting your (or the PR's, lolololol) appropriate explanation.
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June 15, 2013, 01:52:34 AM
 #1800

SDICE appears to be on sale

what going on? profits are down? is the company going down the drain? good investment opportunity?

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