MoneyPot.com :: The bitcoin gambling wallet

[JackpotRacer]

I am wondering if there are other people like me who, uhm, don't like "bits" .. at all Option for "show as BTC" would be cool. Then again, I am currently not an active player nor investor, so no need to change it for me. Just curious if others share that opinion

agree regarding bits but I like BTC and also Satoshi
but sure thing that the better option is BTC

[RHavar]

I am wondering if there are other people like me who, uhm, don't like "bits" .. at all Option for "show as BTC" would be cool. Then again, I am currently not an active player nor investor, so no need to change it for me. Just curious if others share that opinion

We do support bitcoins in the "send" dialog as often prices are still quoted in bitcoin, so this does makes things a lot easier. But in general, I'd like to stick with bits as much as possible. It's probably selection bias, but most of the users who get used to 'bits' seem to prefer it, and express frustration with the bitcoin unit.

I would however consider making a "bitcoin helper" display. So 12,000,000 bits could show up as:  "12,000,00.00 bits"  and 10 bits could render as "00001.00 bits" to help people eyeball the bitcoin conversion easily.

[ndnh]

I am wondering if there are other people like me who, uhm, don't like "bits" .. at all Option for "show as BTC" would be cool. Then again, I am currently not an active player nor investor, so no need to change it for me. Just curious if others share that opinion

We do support bitcoins in the "send" dialog as often prices are still quoted in bitcoin, so this does makes things a lot easier. But in general, I'd like to stick with bits as much as possible. It's probably selection bias, but most of the users who get used to 'bits' seem to prefer it, and express frustration with the bitcoin unit.

I would however consider making a "bitcoin helper" display. So 12,000,000 bits could show up as:  "12,000,00.00 bits"  and 10 bits could render as "00001.00 bits" to help people eyeball the bitcoin conversion easily.

I didn't get the 10 bits part.

Anyway, why don't you add an option to switch between units? like bits, bitcoins, mBTC and satoshis, so that someone can pick the one he likes?
Yeah, bits can be default if you prefer that.
I am used to BTC unit, and okay with bits (after an initial confusion) now.

[NLNico]

For players who are playing with bits and get used to it, I can definitely see how it works good for them (instead of messing around with decimals.)

For bigger amounts "5,637,173,898.30 bits" is obv not so clear as "5,637 BTC" Making it bold seems nice solution though, although I am not sure if the 0000 solution might be confusing for some (but imo sounds clever solution too.) Another option would be to have tooltips on all amounts with the BTC amount?

[ndnh]

For players who are playing with bits and get used to it, I can definitely see how it works good for them (instead of messing around with decimals.)

For bigger amounts "5,637,173,898.30 bits" is obv not so clear as "5,637 BTC" Making it bold seems nice solution though, although I am not sure if the 0000 solution might be confusing for some (but imo sounds clever solution too.) Another option would be to have tooltips on all amounts with the BTC amount?

The problem was there only when I started with it. I had no idea how much 10k bits or 100k bits was in the beginning.

Honestly, it is a little difficult when some stick to Bitcoins, some to mBTC and some to bits.. I only got used to bits after I got to using Moneypot.

Edit: It is easy once you know that 1,000,000 bits = 1 BTC, lol.
But the 10 bits thing is a little complicated. The current one is better.

[RHavar]

I do like the idea of tooltips, it'd be handy if you hovered over 100,000 bits to see "0.1 BTC / $28.08". I'll add that to my todo, along with a setting of which fiat unit you'd like to see the conversion to.


I do like pushing bits though, as I believe it important for the bitcoin community, especially the less technical segment to have a common base unit. I don't believe BTC is suitable for that, and would be happy with either mBTC or bits, but I'd like to throw my weight behind bits as it seems to have the most momentum at the moment.

And from what I've seen on bustabit, people really do end up liking it and not trouble expressing large numbers by using "k bits" and "m bits". We also there allow people to use the suffix "k" to mean thousand. So instead of 100,000 bits, people just write 100k.  I think for most people, it's a lot easier to grok and work with  "1 million x" than it is to grok  "1 millionth of an x" so it does make sense using a very small base unit.

[Aleator]

 Even tough I like bits and I do not have troubles with it (anymore ) I feel like only offering bits is breach of freedom. I think you should allow people to use bits bitcoins satoshis mbtc or whatever they want. Maybe that is too much of work and you do not have to do it but doing it will be better then not doing it

[Aleator]

 Greatest part about moneypot approved apps? They do not care if you win or lose , so if you win and come back its better for them , hell if you keep winning and keep betting more and more and never lose its a lot better for them comparing to you going there and lose.

 So you have casino owners who are hoping you beat them. That is a first , at least first I ever heard of.

[arallmuus]

Greatest part about moneypot approved apps? They do not care if you win or lose

The owner of Moneypot and the apps owner is taking up risk free profit each time there are people that wager on the site therefore the best thing would be that to hope people to win and keep on wagering. Apart from that because each apps is equipped with house edge, investor is assured that this is profitable in the long run

Besides, the success story of a gambler is what driven people to be crazy into thinking that they can do it as well and there is no better publicity than having one big winner in your site (or two) 


On a side note, goodluck with your aleatorium

[Aleator]

 Gratitudes but it feels as if a dream passing through fingers as each day passes.

[ndnh]

What is the EV for investments at Moneypot? I had thought it to be a little below 1% of wagered, but it seems to be wrong. AFAIK, it could be anywhere in a range.
It has a 100% upper limit (i.e. players can play a 100% edge game). What is the lower limit (for a bet to be accepted by Moneypot)? And what is the lowest EV for investment?

[RHavar]

What is the EV for investments at Moneypot? I had thought it to be a little below 1% of wagered, but it seems to be wrong. AFAIK, it could be anywhere in a range. And with a 100% upper limit? What is the lower limit (for a bet to be accepted by Moneypot)?

It's a little involved, unfortunately, and there's no simple answer. Probably the best read is: https://www.moneypot.com/faq#what-is-the-investment-option-

Basically any bet that is kelly-compliant is accepted by investors. Sometimes a house edge of 0.001% is all that's needed for that, or other times it could be 10%. Any bet that is not kelly-compliant from the investors perspective is rejected. Any bet that is exactly kelly-compliant, the investors take 100% of the risk and 100% of the rewards. If the bet is *better* than a kelly-complaint bet (from the investors perspective), MP arbitrages the difference and does a 50-50 profit share with the app.

So from an investors point of view, the same bet with a 1% or 10% house edge would have the same amount of risk and reward (but the apps and MP are going to make a lot more from the 10% house edge bet).


And if you had a whale who was max-betting each round on a 1% house edge site, the investors would have an EV of exactly 1%  (and MP and apps would make 0).

[ndnh]

What is the EV for investments at Moneypot? I had thought it to be a little below 1% of wagered, but it seems to be wrong. AFAIK, it could be anywhere in a range. And with a 100% upper limit? What is the lower limit (for a bet to be accepted by Moneypot)?

It's a little involved, unfortunately, and there's no simple answer. Probably the best read is: https://www.moneypot.com/faq#what-is-the-investment-option-

Basically any bet that is kelly-compliant is accepted by investors. Sometimes a house edge of 0.001% is all that's needed for that, or other times it could be 10%. Any bet that is not kelly-compliant from the investors perspective is rejected. Any bet that is exactly kelly-compliant, the investors take 100% of the risk and 100% of the rewards. If the bet is *better* than a kelly-complaint bet (from the investors perspective), MP arbitrages the difference and does a 50-50 profit share with the app.

So from an investors point of view, the same bet with a 1% or 10% house edge would have the same amount of risk and reward (but the apps and MP are going to make a lot more from the 10% house edge bet).


And if you had a whale who was max-betting each round on a 1% house edge site, the investors would have an EV of exactly 1%  (and MP and apps would make 0).

Thanks
I had read the FAQ already, but things got more clear now.

Was just surprised to see some set a minimum 0.9% edge with possibly upto 100% edge (plinkopot and BB), while SharpDice offers 0.1% for smaller bets and also dice sites with fixed 1% edge.

[arallmuus]

possibly upto 100% edge (BB)

This is unintentional because unlike plinkopot that has a payout editor which you can use to set your own house edge as well, BetterBets only offer a set of payout that has been set to have an edge at exactly 1 % or 0.99 % . The plinko game has tons of payout table and that setting is kinda slip away as no one noticed it before however it will be fixed soon though

P.S : apologize if you are shocked to see that 100 % edge but thats truly unintentional though 


on a side note Ryan, has you fixed / put restriction for the other issue that I sent you before ? the one with kelly and house edge if you dont recall it

[JackpotRacer]

And if you had a whale who was max-betting each round on a 1% house edge site, the investors would have an EV of exactly 1%  (and MP and apps would make 0).

now I will send all whales to other apps to bet their max bets there 

[arallmuus]

now I will send all whales to other apps to bet their max bets there 

At this moment the max bet is still pretty low and some whales could easily bet at the max bet thus generate no income for the house however once the bankroll has gotten more BTC then the arbitrage range for the max bet will be huge as well therefore the house could easily serve a whale when they visit the house .
The bankroll needs to be atleast 2k BTC to serve a max profit of 20 BTC at this moment the investor's profit has served a good proof that this kinda investment is making a real profit . As for now, moneypot seems to be kinda left out in term of investing in a gambling site but that should change in the near future 

References : https://www.moneypot.com/investment, pretty much almost 300 BTC

[JackpotRacer]

now I will send all whales to other apps to bet their max bets there 

At this moment the max bet is still pretty low and some whales could easily bet at the max bet thus generate no income for the house however once the bankroll has gotten more BTC then the arbitrage range for the max bet will be huge as well therefore the house could easily serve a whale when they visit the house .
The bankroll needs to be atleast 2k BTC to serve a max profit of 20 BTC at this moment the investor's profit has served a good proof that this kinda investment is making a real profit . As for now, moneypot seems to be kinda left out in term of investing in a gambling site but that should change in the near future 

References : https://www.moneypot.com/investment, pretty much almost 300 BTC

agree but for now I will make a sign at the entrance of the Jackpotracer casino

Off Limits to Whales 

[katerniko1]

is moneypot down? i click login through moneypot and it just say connecting and site won't open.?
is it for just me or it is really down thanks
regards.
-Katerniko1

[GonnaGrinditout]

is moneypot down? i click login through moneypot and it just say connecting and site won't open.?
is it for just me or it is really down thanks
regards.
-Katerniko1

it's just you, http://downforeveryoneorjustme.com/moneypot.com

[joksim299]

Is it possible to make slot machine bet using MP API?