MoneyPot.com :: The bitcoin gambling wallet

[erwin45hacked]

Seems like you will get alot of advantage for being developer and use moneypot bankroll.

The split of profit is 50 50 . If I am a developer and bet at my own site for 1 btc and win, I will get 2 btc . If I lose 1 btc, then I will get back 0.5 since the split of profit is 50 50 isnt it? this is simple calculation assuming that there are no investor, of course after cutting with the investor profit I will still get back like 0.4 btc , so It is a plus point betting at my own site if I am the developer right?

This is incorrect, the amount gained is 50% of 1% for every bet. So using Betterbets.io as an example since we are the first to use this system we currently have 237 BTC wagered since launch. Our gains from this is 1.185 BTC. Hope this clears up all your questions regarding gaming the system on the developer end. In other words, to succeed you must have high volume and produce a quality Casino or game, and that's the bottom line.

This means this is a zero risk opportunity for developer isnt it since he/she will get 50 % of 1 % house edge of the wagered amount . It means that if he wager a 1 btc then he can get 0.005 btc from it too even if he win. Could perhaps play at 98 % chance to win to get more wagered 


@ryan, does faucet lost/wagered count towards the profit for developer?

[arallmuus]

Some big bets today on DustDice, if you're one of the lucky MP investors you'll have got your share of around 10 BTC =)

Some thoughts after reading this because I invested on MoneyPot as well and just checked on my investment on MoneyPot and it is increasing a little

Ryan, Could you add a counter at the investment tab where we could see either the increase/decrease of our invesment in percentage daily? I could not see anything regarding how much my investment has increase or decrease though (either I couldnt find it or there is no such thing), basically I counted them manually by checking on how many bits I have invested and substract them from what I have currently as investment

[Altcoin4life]

Some big bets today on DustDice, if you're one of the lucky MP investors you'll have got your share of around 10 BTC =)

Some thoughts after reading this because I invested on MoneyPot as well and just checked on my investment on MoneyPot and it is increasing a little

Ryan, Could you add a counter at the investment tab where we could see either the increase/decrease of our invesment in percentage daily? I could not see anything regarding how much my investment has increase or decrease though (either I couldnt find it or there is no such thing), basically I counted them manually by checking on how many bits I have invested and substract them from what I have currently as investment

Great idea this would be a nice feature request for investors.  Maybe a future update?

[arallmuus]

Some big bets today on DustDice, if you're one of the lucky MP investors you'll have got your share of around 10 BTC =)

Some thoughts after reading this because I invested on MoneyPot as well and just checked on my investment on MoneyPot and it is increasing a little

Ryan, Could you add a counter at the investment tab where we could see either the increase/decrease of our invesment in percentage daily? I could not see anything regarding how much my investment has increase or decrease though (either I couldnt find it or there is no such thing), basically I counted them manually by checking on how many bits I have invested and substract them from what I have currently as investment

Great idea this would be a nice feature request for investors.  Maybe a future update?

Indeed right, perhaps the sooner the better or if it is too much to add a counter for each of the investor then it might be better to add a counter just for the site itself, basically about how many bits the site loss/gain in 24 hours period ( or it could be in percentage, whichever is better though )

Currently all it displayed on the site is this, which is less informative imo wether the investor is gaining profit or losing profit throughout the day

Code:

Site Bankroll: 151,168,061.98 bits
Wagered against bankroll: 643,722,205.53 bits
Investor Profit: 11,092,104.82 bits

[multicryptos]

Nice servie, are you plannig to include other options into the "investment" section?

[arallmuus]

Yeah, agree. Ideally we'd take continual snapshots of all figures for the purpose of charting and showing incremental losses/profits/wagered. However at the moment, we have a backlog of over 50 issues and API feature requests, that purely due to time constraints it has to be pushed back a bit. It's a good idea however to do what arallmuus just did, and record your own snapshot and see the progress from there =)

Once we get around to it, we'll definitely do it though and backfill it with the data we already store.

Thanks for the suggestions, we're working as fast as we can while maintaining the security and reliability of the site.

No need to rush on it I guess since you have stored the previous data before, once you get over with all the issues then you can start tinkering about this thing though and make some improvement with the investor area tab.

Anyway ryan, I saw this site (minidice.ga) popped out earlier and claimed that it is backed by moneypot, but I dont see it is listed officialy on the applications tab though and it is currently on the not verified state, could you confirm about this site here https://bitcointalk.org/index.php?topic=1080136.0 ?

Cheers

[arallmuus]

Hey, I just verified the domain. The point of the verification, is to make sure they own the domain (e.g. I don't want people pretending to be an existing site) rather than I'm partnered with them in any way.


But the actual MoneyPot system itself is completely open (Even if I don't verify the domain), anyone is allowed to use it. It's up to you, as the user if you want to authorize the app and how much money you want to deposit into it. That's why all apps have a balance, they can only use that money as opposed to using your actual MoneyPot balance (or investment).

Perhaps I should create a better splash screen which says exactly what apps can and can not do. But basically they can:

* Bet with ONLY the money you give them
* See your username
* See how much money they can spend
* See a deposit address, that is specifically tied to their app


So as you can see, it's more or less perfectly safe to play at even the most evil casino as long as you only authorize them with a little amount of money. That said, I'm regularly keeping an eye out on the behavior of casinos using our API, and will not put up with any that have untowards behavior.

Is it safe to assume that anyone could use it even without contacting you beforehand as they please? If so what will be the different between dustdice and betterbets compared to this minidice website since both dustdice and betterbets are on the application tab? Although it is now verified, I dont see that it is listed on the application tab, basically people wont even know that the site exist in the moneypot system though ( to be honest that site lacks of everything and dont think that it will attract players though )

Also as an investor, you'll be glad to know all bets are verified to make sure they are +EV and less than the kelly criterion, so you too are protected against bad actors.

I have no doubt about this since this is coming from you and this is my sole reason I am investing here (not much, atleast I am increasing it each day though ) 

[elm]

is a referral program on MP to do list? thanks

[Pores]

I actually use MoneyPot as my main wallet now. Everything I need to manage my bitcoins are in there

[syuhide]

arallmuus please let me know what it means... i have seen it in moneypot??

Casino   Bets              Wagered                   Net Profit
MiniDice   12859      82,643,322 bits           -422,153.95 bits


question 1:

is the owner is in profit or loss? net profit is in -ve so is he in loss??

if some one deposit .5 btc and just gets 1 btc then who will bear the loss?? the owner or moneypot??

this minidice is very nice dice site..i really love to spend time there...

[arallmuus]

arallmuus please let me know what it means... i have seen it in moneypot??

Casino   Bets              Wagered                   Net Profit
MiniDice   12859      82,643,322 bits           -422,153.95 bits


question 1:

is the owner is in profit or loss? net profit is in -ve so is he in loss??

if some one deposit .5 btc and just gets 1 btc then who will bear the loss?? the owner or moneypot??

this minidice is very nice dice site..i really love to spend time there...

First, I asked syuhide to post his question here since it is being off topic to ask about moneypot in minidice thread here https://bitcointalk.org/index.php?topic=1080136.40

So to address your question, the owner of moneypot (Ryan is in loss because he is a top investor) as well as the other investor but not to the owner of Minidice because he absolutely got nothing to do with the net profit. The more wager amount the site has the more profit he will get because developer share a 50 % of the house edge considering that minidice has a standard edge of 1 % that would mean that he got 0.5 % of whatever is being wager there (rough count)

tl;dr : owner of the website/developer got no risk at all even if the net profit of the site is on heavy minus

[syuhide]

arallmuus please let me know what it means... i have seen it in moneypot??

Casino   Bets              Wagered                   Net Profit
MiniDice   12859      82,643,322 bits           -422,153.95 bits


question 1:

is the owner is in profit or loss? net profit is in -ve so is he in loss??

if some one deposit .5 btc and just gets 1 btc then who will bear the loss?? the owner or moneypot??

this minidice is very nice dice site..i really love to spend time there...

First, I asked syuhide to post his question here since it is being off topic to ask about moneypot in minidice thread here https://bitcointalk.org/index.php?topic=1080136.40

So to address your question, the owner of moneypot (Ryan is in loss) as well as the other investor but not to the owner of Minidice because he absolutely got nothing to do with the net profit. The more wager amount the site has the more profit he will get because developer share a 50 % of the house edge considering that minidice has a standard edge of 1 % that would mean that he got 0.5 % of whatever is being wager there (rough count)

tl;dr : owner of the website/developer got no risk at all even if the net profit of the site is on heavy minus

means if i open a site on moneypot no matter if the game is whole in a loss or not , all i need to send traffic and let people invest in it..??
is it so??

[arallmuus]

arallmuus please let me know what it means... i have seen it in moneypot??

Casino   Bets              Wagered                   Net Profit
MiniDice   12859      82,643,322 bits           -422,153.95 bits


question 1:

is the owner is in profit or loss? net profit is in -ve so is he in loss??

if some one deposit .5 btc and just gets 1 btc then who will bear the loss?? the owner or moneypot??

this minidice is very nice dice site..i really love to spend time there...

First, I asked syuhide to post his question here since it is being off topic to ask about moneypot in minidice thread here https://bitcointalk.org/index.php?topic=1080136.40

So to address your question, the owner of moneypot (Ryan is in loss) as well as the other investor but not to the owner of Minidice because he absolutely got nothing to do with the net profit. The more wager amount the site has the more profit he will get because developer share a 50 % of the house edge considering that minidice has a standard edge of 1 % that would mean that he got 0.5 % of whatever is being wager there (rough count)

tl;dr : owner of the website/developer got no risk at all even if the net profit of the site is on heavy minus

means if i open a site on moneypot no matter if the game is whole in a loss or not , all i need to send traffic and let people invest wager in it..??
is it so??

In simplest way yes all you need to do is create/code a gambling site and attract player to wager on the site but of course you will need to have an extraordinary site to lure people to wager on the site otherwise it will be hard to attract players especially dice sites . The only expenses will that you will need to do some promotions to get player and also the domain maintenance fee and the others

P.S : Mostly since there is an edge for the site, the game will profitted sooner or later, minidice will reclaim his profit soon as well

[syuhide]

I actually use MoneyPot as my main wallet now. Everything I need to manage my bitcoins are in there

Glad you like it, we've been trying to make it as useful as possible for that. However as always, keep more than day-to-day spending coins offline and we're still not at the level of stability where we can promise 100% uptime. But glad you liking our wallet features

is the owner is in profit or loss? net profit is in -ve so is he in loss??

if some one deposit .5 btc and just gets 1 btc then who will bear the loss?? the owner or moneypot??

this minidice is very nice dice site..i really love to spend time there...

The loss is 100% covered by investors. If players at that casino had made lost, the investors would've won. But from the casinos point of view, they make the exact same amount of money regardless of player win/loss. (Actually, it's probably better for them if players win! That way they're more likely to come back)

now i am using moneypot as my main wallet..how can i find different dice sites that are there in association with moneypot???

thank you.

[BetterBets.io]

I actually use MoneyPot as my main wallet now. Everything I need to manage my bitcoins are in there

Glad you like it, we've been trying to make it as useful as possible for that. However as always, keep more than day-to-day spending coins offline and we're still not at the level of stability where we can promise 100% uptime. But glad you liking our wallet features

is the owner is in profit or loss? net profit is in -ve so is he in loss??

if some one deposit .5 btc and just gets 1 btc then who will bear the loss?? the owner or moneypot??

this minidice is very nice dice site..i really love to spend time there...

The loss is 100% covered by investors. If players at that casino had made lost, the investors would've won. But from the casinos point of view, they make the exact same amount of money regardless of player win/loss. (Actually, it's probably better for them if players win! That way they're more likely to come back)

now i am using moneypot as my main wallet..how can i find different dice sites that are there in association with moneypot???

thank you.

You can see the featured Casinos/apps here: https://www.moneypot.com/apps or our site directly is here: https://betterbets.io have fun!

[Pores]

Actually MiniDice has made over 1 BTC in profit for MoneyPot investors already in its first few days of launch.
Bets Profit   1,103,198.25 bits (1.27%)

so hopefully I'm making it a win-win for everyone here )

Hope to see good updates soon! There's still an issue with MiniDice's thumbnail by the way

[Minidice Support]

There's still an issue with MiniDice's thumbnail by the way

Sorry, I didn't see this till now. What was the issue there, or it's been resolved?


BTW we've now reached the milestone of 1,000 BTC wagered, and almost 150 BTC invested. Some great new apps launched, some great apps still going, and some more to come!

Nah, it's working now, thanks. Though a little out-dated. Can I send you a new one through email?

By the way congratulations on the milestone

[Altcoin4life]

There's still an issue with MiniDice's thumbnail by the way

Sorry, I didn't see this till now. What was the issue there, or it's been resolved?


BTW we've now reached the milestone of 1,000 BTC wagered, and almost 150 BTC invested. Some great new apps launched, some great apps still going, and some more to come!

That is really good stats I think when players understand the benefits of being connected to Moneypot games and casinos this will be Epic

[Rmcdermott927]

Wow, this is great.   This is the first I have heard of this site.  I am going to look into converting my BTC poker script to your platform.    This is a great idea and will definitely help build user trust for up and coming casinos.   Good job guys!

[arallmuus]

I am going to look into converting my BTC poker script to your platform. 

The peer-2-peer game does not suit moneypot platform I think. In poker games, players are playing with another player and the house takes a fee from that (rake) which means that it will be the same as you opening your own site without moneypot and collect the rake for yourself  because promotions ( like freerolls for poker site ) will come out as an expenses from the developer itself not from the moneypot's bankroll