MoneyPot.com :: The bitcoin gambling wallet

[leen93]

please explain this because like this it's surely a negative EV and you are just betraying other people. there is no reason to not charge a normal commision (under the expected EV of the game) like every other dice website does

The investors will never be given a bet that is -EV, as it's a requirement that it is "acceptable" as per the kelly criterion. The reason we don't charge a normally commission, is because imagine there are two MoneyPot casinos, one who offers a game of 1% house edge dice and another offers keno, with a 20% house edge.

 From the investors perspective it doesn't matter what game people are playing, but from the casinos perspective it's huge. The keno game should expect its players to run out of money 20x faster, and have much more trouble getting customers. If we gave that huge edge to the investors, the business would be unviable for the keno casino and they wouldn't be able to use MoneyPot. So the way it works, is use the extra money to pay the casino rather than the investors. But the important thing is investors still get a good deal, they just get the worst good deal.

We hope this translates into more bankroll turnover, which should makeup for it.

then me and other investors want to know how much, the exact calculations. how much does our investment changes when someone wins/loses 1 btc? what's that on average?
for an investor nothing is "acceptable" as long as we don't know which EV we can "accept".

[leen93]

I'm quoting : We then minimize the multiplier, to find the worst acceptable bet that is a good deal for the investors, which might be: 4 BTC @ 85% chance of 1.20x.

I am just asking what you mean with "acceptable". It should be a fixed calculation
the average odd you get is 1.25
the odd you the investors is 1.2 -> WHY ? HOW DO YOU COME TO THIS NUMBER?
and the odd which would leave the investors at an EV of 0 is 1.17647059

why suddenly 1.2 ? how do you come up with this number?

[RHavar]

We then minimize the multiplier, to find the worst acceptable bet that is a good deal for the investors, which might be: 4 BTC @ 85% chance of 1.20x.

I am just asking what you mean with "acceptable". It should be a fixed calculation
the average odd you get is 1.25
the odd you the investors is 1.2
and the odd which would leave the investors at an EV of 0 is 1.17647059

why suddenly 1.2 ? how do you come up with this number?

We actually bisect this. We have a function which applies the generalized kelly, which says if it's acceptable to investors or not . So we start 1.25x,  and are told it's acceptable. So we decrease this to say  1.1x, and are told it's unacceptable. So we increase it, to say 1.17x and told it's unacceptable so we increase it again. We try 1.21x and told it's acceptable, so we decrease it etc.

And eventually we converge on what is the minimal good deal, and use that.

[leen93]

We then minimize the multiplier, to find the worst acceptable bet that is a good deal for the investors, which might be: 4 BTC @ 85% chance of 1.20x.

I am just asking what you mean with "acceptable". It should be a fixed calculation
the average odd you get is 1.25
the odd you the investors is 1.2
and the odd which would leave the investors at an EV of 0 is 1.17647059

why suddenly 1.2 ? how do you come up with this number?

We actually bisect this. We have a function which applies the generalized kelly, which says if it's acceptable to investors or not . So we start 1.25x,  and are told it's acceptable. So we decrease this to say  1.1x, and are told it's unacceptable. So we increase it, to say 1.17x and told it's unacceptable so we increase it again. We try 1.21x and told it's acceptable, so we decrease it etc.

And eventually we converge on what is the worst good odds, and use that.

give us that function please

[RHavar]

give us that function please

Code:

    function canAcceptBet(odds, wager, bankroll) {
        return computeKelly(x) <= wager/bankroll;
    }

where computeKelly the kelly criterion. In the case of a simple binary bet, it returns quite literally the house edge of that bet.

[Superhitech]

I'm wondering, will we ever be able to sign a message from the addresses we generate to prove we own them?

[katerniko1]

its great improvment what you made keep it up

[Kprawn]

Congrats Ryan ... I have a lot of reading to do, and can now see, why some coding could not be done quicker on features asked by the players on the old MoneyPot. {Keyboard hotkey for Payout and tipping in the game}

Hope your security is 100% covered... A vault is always a target. 

[joclixx]

nice site and smooth load
please add autobet 

[leen93]

To demonstrate solvency, Vault provides a proof of liabilities.

Shouldn't you prove you own the assets to demonstrate the solvency. Proving you have liabilities and owe other people bitcoins doesn't mean you are solvent.

[RHavar]

To demonstrate solvency, Vault provides a proof of liabilities.

Shouldn't you prove you own the assets to demonstrate the solvency. Proving you have liabilities and owe other people bitcoins doesn't mean you are solvent.

See the FAQ, where we sign an address that contains more than the total liabilities of the site to demonstrate solvency =)

[onewiseguy]

Deposited some Bits!! lets see the investments loving this though. would of liked the name for the game to stay the same and the vault a new name.

but damn looks great!!

[cryptworld]

it looks that the added value of your online wallet is the ability of moving bitcoin between apps.
But I can't finally understand the concept of apps, which apps do you refer to? you mean gambling sites like bustabit? Explain details, please

[RHavar]

it looks that the added value of your online wallet is the ability of moving bitcoin between apps.
But I can't finally understand the concept of apps, which apps do you refer to? you mean gambling sites like bustabit? Explain details, please

There's a few benefit's of using vault, but that's a big one. Right now the only MoneyPot.com app, is dustdice.com If you play there it should be more obvious how it works, and the idea is we're going to support more and more apps, making it easy to play with them

[Kprawn]

If I understand this correctly Ryan.... you created a more secure place {Vault} to store coins, used on APPs and services linked to it, in a central location?

Did you do this, due to the lack of security you might have had, with the funds you kept at the old "MoneyPot" game? and you expanded this service to incorporate future projects and also willing partners with their Apps and services to keep it funded?

I am in the process to test it out for myself and will give my feedback and comments soon. 

[twn]

Its preety cool. But it looks like little bit xapo.
Whats the exact difference between you and xapo? Thanks

[ticoti]

it looks that the added value of your online wallet is the ability of moving bitcoin between apps.
But I can't finally understand the concept of apps, which apps do you refer to? you mean gambling sites like bustabit? Explain details, please

There's a few benefit's of using vault, but that's a big one. Right now the only MoneyPot.com app, is dustdice.com If you play there it should be more obvious how it works, and the idea is we're going to support more and more apps, making it easy to play with them

I think the idea is interesting but you need more apps support to make it attractive. With work you will reach a good success
What type of apps are you planning to support?

[dznuts85]

it looks that the added value of your online wallet is the ability of moving bitcoin between apps.
But I can't finally understand the concept of apps, which apps do you refer to? you mean gambling sites like bustabit? Explain details, please

There's a few benefit's of using vault, but that's a big one. Right now the only MoneyPot.com app, is dustdice.com If you play there it should be more obvious how it works, and the idea is we're going to support more and more apps, making it easy to play with them

Can you pls add 8ball pool game to your apps if it is possible? That will definitely attract more players to your site

[Lies]

Hey, very nice. I'm looking forward to the apps that will be supported! 

[arallmuus]

If I understand this correctly Ryan.... you created a more secure place {Vault} to store coins, used on APPs and services linked to it, in a central location?

Did you do this, due to the lack of security you might have had, with the funds you kept at the old "MoneyPot" game? and you expanded this service to incorporate future projects and also willing partners with their Apps and services to keep it funded?

I am in the process to test it out for myself and will give my feedback and comments soon. 

In short, ryan is making this as a gambling bitcoin wallet . the different than the ordinary wallet is that, the funds can be only use in a sites that has intergrated with the vault.
Not that the old "moenypot" got some security issue, but mainly because ryan wanted to created a system which will protect the player from a mailicious or unfair sites, since every sites that intergrated with the vault will be provably fair, otherwise if they cheat, you can know it directly