[CLOSED] S.DICE - SatoshiDICE 100% Dividend-Paying Asset on MPEx

[romerun]

you know what none of this does matter if sdice release new games or make noticeably improvement on the service.

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[ThickAsThieves]

you know what none of this does matter if sdice release new games or make noticeably improvement on the service.

Oh, you still have hopes that this company will actually try to move forward and progress?

In the time that sdice has dropped fart after fart on shareholders, people like CoinRoll.it, and even Dooglus (not to mention many others surely), have managed to innovate in this area without the backing of IPO funds.

I'll believe it when I see it, and even then I'll be too sore to feel good about it anyway. This is the sound of a sinking ship, no?

[Abu22]

@madmax_ger
Thank you and I agree, overloading it would be a mistake...But adding many of these prospects to the todo list and developing over time would give everyone at least some hope SD's engines are still working and that we're not simply dead in the water.

@ThickAsThieves,
Exactly. This is why it is in Erik's best interest to make mention in detail of what developments are being made and what level of progress they're at.

@thoughtfan
A well thought out post, your contributions are appreciated.

@RationalSpeculator (who has me on ignore thanks to their willing ignorance)
1: Fuck you. There is NO NEED to quote a long post in full (on the same page) just to give a +1 thumbs up. It slides the page unnecessarily.
2: Fuck you. Your accusations of my apparent "rudeness, obnoxiousness, invasiveness, scepticism and false accusations, none of which are 'being critical'." are just that, baseless accusations. Pull your head out of your arse and try construct a post with some actual content. Skimming through your posts, you're the worst kind of forum member. All you do is bloat everything with irrelevant or unnecessary posts.
3. Fuck you. I know I can be rude. I reserve it for those no longer deserving of common politeness.

@Rampion
Bro? Bro.. Bro..Shut Up. People who want to read my posts can and do. Don't speak for everyone, thinking that because your 3rd grade reading and comprehension level prohibits you from understanding what's being discussed that that all somehow applies to everyone here. Go be useless somewhere else.

---
I think it's unacceptable that Erik presents himself here so little, and his PR even less. Of course usually there wouldn't be this much demand from him to make comments but the past few months have just been him giving drive-by bombshells.. "by the way nothing is yours I'm taking the money cya bye!"

[chriswilmer]

I think it's perfectly fine that Erik doesn't post here. Erik is a visionary entrepreneur who will go on to start other companies. Something like SatoshiDice just needs a decent MBA to manage the company at this point.

[zebedee]

The poorly thought out MPEX contract is already revealing its problems.

100 % of profits are paid to shareholders. Absolutely zero room for reinvestment. Basic probability theory says it's guaranteed SD will exhaust its pool eventually. What then? Who bails it out? On what terms?

The likelihood of this happening rises enormously with raised limits or lower house edge. A competitor can come along with deep pockets and improve either of those.

Worst it would seem this contract straitjacket cannot be changed. How then can SD compete and survive?

Quite unfortunate. There should have been made room for the "representatives" to decide monthly on potentially reinvesting up to say 10% of earnings. I suspect hubris is what prevented such a common sense clause from being written, along with the other issues like lack of transparent balance sheet.

[Peter Lambert]

The poorly thought out MPEX contract is already revealing its problems.

100 % of profits are paid to shareholders. Absolutely zero room for reinvestment. Basic probability theory says it's guaranteed SD will exhaust its pool eventually. What then? Who bails it out? On what terms?

The likelihood of this happening rises enormously with raised limits or lower house edge. A competitor can come along with deep pockets and improve either of those.

Worst it would seem this contract straitjacket cannot be changed. How then can SD compete and survive?

Quite unfortunate. There should have been made room for the "representatives" to decide monthly on potentially reinvesting up to say 10% of earnings. I suspect hubris is what prevented such a common sense clause from being written, along with the other issues like lack of transparent balance sheet.

I need to reread it but too busy. Can they even take out funds to pay for costs?

I think the contract allows costs for "development" and "marketing"

[kokojie]

The poorly thought out MPEX contract is already revealing its problems.

100 % of profits are paid to shareholders. Absolutely zero room for reinvestment. Basic probability theory says it's guaranteed SD will exhaust its pool eventually. What then? Who bails it out? On what terms?

The likelihood of this happening rises enormously with raised limits or lower house edge. A competitor can come along with deep pockets and improve either of those.

Worst it would seem this contract straitjacket cannot be changed. How then can SD compete and survive?

Quite unfortunate. There should have been made room for the "representatives" to decide monthly on potentially reinvesting up to say 10% of earnings. I suspect hubris is what prevented such a common sense clause from being written, along with the other issues like lack of transparent balance sheet.

Erik's personal profits are backing the pool, it's extremely unlikely SDice can exhaust the pool.

[GeoRW]

The poorly thought out MPEX contract is already revealing its problems.

100 % of profits are paid to shareholders. Absolutely zero room for reinvestment. Basic probability theory says it's guaranteed SD will exhaust its pool eventually. What then? Who bails it out? On what terms?

The likelihood of this happening rises enormously with raised limits or lower house edge. A competitor can come along with deep pockets and improve either of those.

Worst it would seem this contract straitjacket cannot be changed. How then can SD compete and survive?

Quite unfortunate. There should have been made room for the "representatives" to decide monthly on potentially reinvesting up to say 10% of earnings. I suspect hubris is what prevented such a common sense clause from being written, along with the other issues like lack of transparent balance sheet.

Erik is not allowed to sell more than 50% of company shares. So it is in his best interest to make it profitable. On the other hand, his latests moves point out that he wants to leave S.DICE or that something bad is going to happen. Anytime a lawyer is involved in a bitcoin world this happens.

[nimda]

Again, not a shareholder, but S.DICE holders might wish to know:

Eric stated that the betting pool was 6100 BTC.
The lessthan 64 bet has a payout of 999.429x and a max bet of 6.4100 BTC.
999.429 * 6.4100 = 6406.33989

6406.33989 > 6100

That is all. Draw your own conclusions. I am not a laywer or broker, and this is not financial advice.

[kokojie]

Again, not a shareholder, but S.DICE holders might wish to know:

Eric stated that the betting pool was 6100 BTC.
The lessthan 64 bet has a payout of 999.429x and a max bet of 6.4100 BTC.
999.429 * 6.4100 = 6406.33989

6406.33989 > 6100

That is all. Draw your own conclusions. I am not a laywer or broker, and this is not financial advice.

If you are betting 6.4 BTC on the lessthan 64 bet, by all means, go ahead, SDice shareholders will thank you. By the time you actually win, the betting pool would look something like 12k BTC at least. Unless of course you are extremely lucky and win in a few play.

[nimda]

By the time you actually win, the betting pool would look something like 12k BTC at least. Unless of course you are extremely lucky and win in a few play.

100% of profits are paid out to shareholders. How the betting pool is funded mid-month is unclear.

[dooglus]

If you are betting 6.4 BTC on the lessthan 64 bet, by all means, go ahead, SDice shareholders will thank you. By the time you actually win, the betting pool would look something like 12k BTC at least. Unless of course you are extremely lucky and win in a few play.

It's a pretty bad idea to be risking anywhere near to 100% of your betting pool on a single bet.

Players win "lessthan 64" around one time in a thousand plays.  The risk of ruin is just too high.  Unless of course the 6100 BTC loan is merely the tip of the iceberg, and Erik is prepared to loan much more if needed to bail SDICE out.

I took a look at the max bets currently offered, and it looks as if the site is calculating the max bet to set the max profit to one of a few different values.  It results in odd things like <3000 having a lower max bet than <2000...

                multiplier      max bet         max payout      max profit
                ----------      -------         ----------      ----------
lessthan     1  64000.0000      0.1000          6400.0          6399.9
lessthan     2  31981.5730      0.2001          6399.5127573    6399.3126573
lessthan     4  15990.7890      0.4002          6399.5137578    6399.1135578
lessthan     8  7995.3970       0.8005          6400.3152985    6399.5147985
lessthan    16  3997.7010       1.6013          6401.5186113    6399.9173113
lessthan    32  1998.8530       3.2034          6403.1257002    6399.9223002
lessthan    64  999.4290        6.4100          6406.33989      6399.9298900

lessthan   128  499.7170        7.3804          3688.1113468    3680.7309468
lessthan   256  249.8610        14.7903         3695.5191483    3680.7288483
lessthan   512  124.9330        29.6995         3710.4476335    3680.7481335
lessthan  1000  63.9681         58.4541         3739.19771421   3680.74361421
lessthan  1500  42.6471         88.3795         3769.12937445   3680.74987445
lessthan  2000  31.9866         118.7853        3799.53787698   3680.75257698

lessthan  3000  21.3260         114.9903        2452.2831378    2337.29283780
lessthan  4000  15.9958         155.8637        2493.16457246   2337.30087246
lessthan  6000  10.6655         241.8181        2579.11094555   2337.29284555

lessthan  8000  8.0004          241.9136        1935.40556544   1693.49196544

lessthan 12000  5.3353          304.2483        1623.25595499   1319.00765499
lessthan 16000  4.0027          439.2706        1758.26843062   1318.99783062

lessthan 24000  2.6701          500.0000        1335.05         835.05
lessthan 32000  2.0038          500.0000        1001.9          501.9
lessthan 32768  1.9570          500.0000        978.5           478.5
lessthan 48000  1.3376          500.0000        668.8           168.8
lessthan 52000  1.2351          500.0000        617.55          117.55
lessthan 56000  1.1472          500.0000        573.6           73.6
lessthan 60000  1.0711          500.0000        535.55          35.55
lessthan 64000  1.0044          500.0000        502.2           2.2

[Bugpowder]

By the time you actually win, the betting pool would look something like 12k BTC at least. Unless of course you are extremely lucky and win in a few play.

100% of profits are paid out to shareholders. How the betting pool is funded mid-month is unclear.

Indeed.  The events of the last month have made one thing quite clear, assuming anything about Satoshi Dice is a bad idea.  It's actual finances are totally opaque and prone to seizure by Erik at any time.  This is what happens in a financial world with no regulations, people who create and control things of value will inevitably try to steal maximally.

[chriswilmer]

What's with all of the FUD? If you don't trust Erik, don't buy shares of SDICE. Sell them so that I can buy them 

[Bugpowder]

What's with all of the FUD? If you don't trust Erik, don't buy shares of SDICE. Sell them so that I can buy them 

Already did. Feels good man.

[joris]

The poorly thought out MPEX contract is already revealing its problems.

100 % of profits are paid to shareholders. Absolutely zero room for reinvestment...

Does it state gross profits (gambling result) or net profits (result after all costs)? Since the first is surrealistic, I assume the net profits. But this is only an assumptions.

Reinvestment en interest on investment loans come in between gross and net profits, unless these expenses are prohibited by the contract.

[RationalSpeculator]

A few days ago there have been 2 open bids filled for 1 million shares each at 0.0020.

That's some serious turnover! Knowing that only 13 million shares are owned via mpex and can thus be traded maximum.

I find it strange that some big holders dump so many shares into these rather low bids at 0.0020. On the other hand good to see the interest at 0.0020 is still very high considering there continue to be new decent bids for 0.0020, right now there is one open for 250,000 shares.

I'm curious though for what reasons these sellers decided to let go of 1 million shares at 0.0020.

[MPOE-PR]

The poorly thought out MPEX contract is already revealing its problems.

You know, random idiot making interested statement does not make the statement true. In this case, it makes the random idiot look ridiculous.

100 % of profits are paid to shareholders. Absolutely zero room for reinvestment. Basic probability theory says it's guaranteed SD will exhaust its pool eventually. What then? Who bails it out? On what terms?

What pool?

As the contract is written it is upon management to operate this venture. That means providing the server space, fixing any errors and doing anything and everything else the game might need in the foreseeable or unforeseeable future. Anything and everything else.

There is a reason management retains share majority, and there is a reason MPEx contracts are well written. That you don't manage to grasp such reasons is why you really have little business making statements. Stick to asking questions.

Does it state gross profits (gambling result) or net profits (result after all costs)?

Obviously the idiot can't quote. Why exactly you can't read however is a question for another day.

[joris]

Obviously the idiot can't quote. Why exactly you can't read however is a question for another day.

When MPEX is serious business, its businesses are serious. Didn't want to look up the obvious answer to this rethorical question. 

[nubbins]

there is a reason MPEx contracts are well written.

Because the funds are managed by people who act before thinking?

Lelling at unexpected share dumps, "I'm taking this month's dividends / Oops wait no I'm not", etc