MoneyPot.com :: The bitcoin gambling wallet

[Wendigo]

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

What do you mean by funds only can be used on sites that have integrated the vault? How does the vault know which addresses come from which gambling sites? Does it use API?

[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

What do you mean by funds only can be used on sites that have integrated the vault? How does the vault know which addresses come from which gambling sites? Does it use API?

let me rephrase it once more

your funds in there can be used as a usual transaction to someone else or another sites
By actually mentioning another sites is that the sites which is not integrated with the vault

In easy words,

A is opening a dice sites and promote it here in bitcointalk, since it is a new sites, no one trust the sites with their deposits.
A then considering to intergrate the sites with the vault.
The benefit will be that A's dice sites is proven to be provably fair, since the vault will notify that if a site is not provably fair and also the your funds will never be on the possesion of A unless you lose them.

Well This is how the system on the vault is, at least it is what I think it is

for better explanation, see up dooglus post about this

As I understand it, one of the selling points of MoneyPot is that the gambling sites you deposit to using it never get access to the coins you deposit unless you lose them, and so players don't need to trust new gambling sites which use MoneyPot, they only need to trust you. As the player loses coins on a MoneyPot-linked gambling site the player's balance (at MoneyPot) is debited and the site's balance (at MoneyPot) is credited. To get their coins the gambling site requests a withdrawal from their MoneyPot account.

[Altcoin4life]

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

What do you mean by funds only can be used on sites that have integrated the vault? How does the vault know which addresses come from which gambling sites? Does it use API?

let me rephrase it once more

your funds in there can be used as a usual transaction to someone else or another sites
By actually mentioning another sites is that the sites which is not integrated with the vault

In easy words,

A is opening a dice sites and promote it here in bitcointalk, since it is a new sites, no one trust the sites with their deposits.
A then considering to intergrate the sites with the vault.
The benefit will be that A's dice sites is proven to be provably fair, since the vault will notify that if a site is not provably fair and also the your funds will never be on the possesion of A unless you lose them.

Well This is how the system on the vault is, at least it is what I think it is

for better explanation, see up dooglus post about this

As I understand it, one of the selling points of MoneyPot is that the gambling sites you deposit to using it never get access to the coins you deposit unless you lose them, and so players don't need to trust new gambling sites which use MoneyPot, they only need to trust you. As the player loses coins on a MoneyPot-linked gambling site the player's balance (at MoneyPot) is debited and the site's balance (at MoneyPot) is credited. To get their coins the gambling site requests a withdrawal from their MoneyPot account.

This idea is extremely good in essence moneypot.com is creating a casino conglomerate which is very neat.

[a1choi]

Hey Ryan,

If a developer wanted to use your bankroll in conjunction with their own bankroll in their game, would that be possible?

[RHavar]

Hey Ryan,

If a developer wanted to use your bankroll in conjunction with their own bankroll in their game, would that be possible?

It would, but it's not super clean. Effectively they could just use us to hedge the bets. So the bets go directly against their bankroll, but if they're uncomfortable risking that much they hedge it against us (by placing the opposite bet).

I'd recommend however just using our bankroll, it's quite a reasonable fee structure (especially so when the bets are small, which are the ones you'd probably want to bankroll yourself)

[Wendigo]

Well I get it now what MoneyPot wants to be - the bitcoin Paypal of gambling sites in short 

[Superhitech]

Ryan, I think there should be a simple feature to copy an address to clipboard. That way, we wouldn't have to make sure that we have copy/pasted correctly.

Also, has the API been released yet? I can't find it on the site.

[Altcoin4life]

Ryan, I think there should be a simple feature to copy an address to clipboard. That way, we wouldn't have to make sure that we have copy/pasted correctly.

Also, has the API been released yet? I can't find it on the site.

Copy to clipboard is a good idea it will be good to see more games too when they get released.

[elm]

It would, but it's not super clean. Effectively they could just use us to hedge the bets. So the bets go directly against their bankroll, but if they're uncomfortable risking that much they hedge it against us (by placing the opposite bet).

it would be very interesting to see the hedge option in real time what I mean is how an OP can hedge a few high bets and hold the other bets himself.

if I understand you right the OP of a dice site could hold all under/over 49..../50..... bets himself and MP will hold all the other bet options?

[dooglus]

it would be very interesting to see the hedge option in real time what I mean is how an OP can hedge a few high bets and hold the other bets himself.

If the casino is covering some bets itself and passing others to moneypot, doesn't that increase the potential for the casino cheating? Presumably there would be two sets of seeds (in-house, and moneypot) and the site gets to choose which set of seeds to use for each bet, giving them two chances to win each bet.

I guess that could be counteracted by declaring up front "we will pass all bets with a potential profit of more than X to moneypot", but that's not ideal.

[Altcoin4life]

it would be very interesting to see the hedge option in real time what I mean is how an OP can hedge a few high bets and hold the other bets himself.

If the casino is covering some bets itself and passing others to moneypot, doesn't that increase the potential for the casino cheating? Presumably there would be two sets of seeds (in-house, and moneypot) and the site gets to choose which set of seeds to use for each bet, giving them two chances to win each bet.

I guess that could be counteracted by declaring up front "we will pass all bets with a potential profit of more than X to moneypot", but that's not ideal.

Unless they are making it simple on themselves and just having devs deposit in MoneyPot to cover any change in the betting system. This isn't even a factor or issue then.

[elm]

it would be very interesting to see the hedge option in real time what I mean is how an OP can hedge a few high bets and hold the other bets himself.

If the casino is covering some bets itself and passing others to moneypot, doesn't that increase the potential for the casino cheating? Presumably there would be two sets of seeds (in-house, and moneypot) and the site gets to choose which set of seeds to use for each bet, giving them two chances to win each bet.

I understood that the hedge is actually a contrary bet that OP gets on his site. saying this would mean that the OP who is hedging the bet cant win all 2 bets. he will always win one bet and lose one bet or what did I miss here? thanks

[RHavar]

If the casino is covering some bets itself and passing others to moneypot, doesn't that increase the potential for the casino cheating?

 Presumably there would be two sets of seeds (in-house, and moneypot) and the site gets to choose which set of seeds to use for each bet, giving them two chances to win each bet.

Another option: if a casino wanted to hedge some of their bets against MP they could *always* use our seeds. Only as an internal implementation detail decide how much of that risk themselves to take. That keeps things simple for the user as there is only a single seed to verify.

In reality though, I think most casinos are much better off just placing all bets against MPs bankroll. It keeps things simple for everyone, and the sort of bets a casino would want to back themselves are already the most profitable ones using the MP system anyway. If the 50-50 profit split is too onerous and you're thinking of backing some of the bets, get in contact with me and I can move that split more in your favor (as I've already done for 1 new casino)

[Altcoin4life]

If the casino is covering some bets itself and passing others to moneypot, doesn't that increase the potential for the casino cheating?

 Presumably there would be two sets of seeds (in-house, and moneypot) and the site gets to choose which set of seeds to use for each bet, giving them two chances to win each bet.

Another option: if a casino wanted to hedge some of their bets against MP they could still *always* use seeds. Only as an internal implementation detail decide how much of that risk themselves to take. That keeps things simple for the user as there is only a single seed to verify.

In reality though, I think most casinos are much better off just placing all bets against MPs bankroll. It keeps things simple for everyone, and the sort of bets a casino would want to back themselves are already the most profitable ones using the MP system anyway. If the 50-50 profit split is too onerous and you're thinking of backing some of the bets, get in contact with me and I can move that split more in your favor (as I've already done for 1 new casino)

That makes sense looking forward to the future of this company.

[RHavar]

Big thanks to coinbuzz.com for their review: 9/10

[elm]

Big thanks to coinbuzz.com for their review: 9/10

how will we know which casino OPs work with MP?

[BetterBets.io]

Big thanks to coinbuzz.com for their review: 9/10

how will we know which casino OPs work with MP?

Due to the nature of this system it will be clearly marked on each announcement/marketing thread that they are part of the Moneypot.com gaming service. We are looking forward to launching our games with this site early next month, get ready for a fun month of May!

[Altcoin4life]

Big thanks to coinbuzz.com for their review: 9/10

how will we know which casino OPs work with MP?

Due to the nature of this system it will be clearly marked on each announcement/marketing thread that they are part of the Moneypot.com gaming service. We are looking forward to launching our games with this site early next month, get ready for a fun month of May!

I look forward to it anything related to Ryan and moneypot has always been worth checking out. I knew this whole idea would take off after reading that guys post that explained this a page or 2 back.

[shulio]

Big thanks to coinbuzz.com for their review: 9/10

how will we know which casino OPs work with MP?

Due to the nature of this system it will be clearly marked on each announcement/marketing thread that they are part of the Moneypot.com gaming service. We are looking forward to launching our games with this site early next month, get ready for a fun month of May!

If your site is associated with moneypot then it is worth checking and deposit right away . Any reason why to wait for May instead of launching it right away? Does moneypot team need to do some checking before implementing a site into moneypot?

[BetterBets.io]

Big thanks to coinbuzz.com for their review: 9/10

how will we know which casino OPs work with MP?

Due to the nature of this system it will be clearly marked on each announcement/marketing thread that they are part of the Moneypot.com gaming service. We are looking forward to launching our games with this site early next month, get ready for a fun month of May!

If your site is associated with moneypot then it is worth checking and deposit right away . Any reason why to wait for May instead of launching it right away? Does moneypot team need to do some checking before implementing a site into moneypot?

Great questions, May is our target for launch due to the required testing of games and integration into Moneypot.com API and infrastructure. The BetterBets and Moneypot team are working closely to make this a great experience for everyone and this takes time to ensure high quality service for you all. I will say candidly it is a pleasure to work with Ryan and his team they are true professionals. Last post for my team for now, look for us on twitter and we will keep you updated until launch.  https://twitter.com/Betterbets_io