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Author Topic: Can bitcoin casino go bankrupt?  (Read 2430 times)
koshgel
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August 02, 2015, 11:02:19 PM
 #21

It's possible but that is the entire point of casino house edge. Over the long term even if people play the games perfectly (which they often don't) the casino will win their money back. Some of these Bitcoin dice sites might not have enough coin in reserve to survive a lucky gambler and could go bankrupt in the short term.
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August 03, 2015, 03:56:04 AM
 #22

IMO it all comes down to the bankroll vs the size of wagers.  If the bankroll is large enough to cover any short term anomalies, and assuming that the casino's games are not being exploited, then it should be fine.  Casinos are in it for the long term game, over time they are guaranteed to win.  This is why they advertise big wins, in stead of hiding them.  If someone wins big it is a short term loss for the casino, but if it brings more action then it is a long term gain
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August 03, 2015, 04:02:15 AM
 #23

Can bitcoin casino go bankrupt?
there's a very slim chance that a casino go bankrupt, specially bitcoin casino is online, no face to face transaction where you can see if they are stealing money from you already. but who knows, rigged or not just enjoy your winnings and loose only what you can afford






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talkbitcoin
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August 03, 2015, 04:19:13 AM
 #24

they design the rules in a way that you always lose so they won't go bankrupt any time














 

 

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bajing
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August 03, 2015, 04:38:34 AM
 #25

Hi,

I was always told that regular casino games are rigged so that the casino never loses money.
If the bitcoin casinos are using real random number generation then it is possible for them to
actually go bankrupt no?

Thanks.

i can say yes but chance for casino bankrupt is only 10% because they have prefer with max bet amount for player win.

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izanami
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August 03, 2015, 04:47:24 AM
 #26

i don't think there would be a fool person who made the casino site to aim bankrupt.. lmao
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August 03, 2015, 04:52:51 AM
 #27

it is possible for them to
actually go bankrupt no?

Yes, its possible but chances are very slim... Either you have to be very lucky or the house house edge will never let you make the casino go bankrupt!
Remember Nakowa did the same at Just-dice a few years back ? He won 13k BTC and made JD go bankrupt! 



fox19891989
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August 03, 2015, 05:15:47 AM
 #28

it is possible for them to
actually go bankrupt no?

Yes, its possible but chances are very slim... Either you have to be very lucky or the house house edge will never let you make the casino go bankrupt!
Remember Nakowa did the same at Just-dice a few years back ? He won 13k BTC and made JD go bankrupt! 


Who? I remember there was a guru won several thousand btc on JD and he bet 7K one bet and lost all of his btc. Grin
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August 03, 2015, 05:28:10 AM
 #29

Wikipedia has a page for everything:

https://en.wikipedia.org/wiki/Risk_of_ruin

and the original meaning of:

https://en.wikipedia.org/wiki/Gambler%27s_ruin

bustabit.com :: The social bitcoin gambling site
FanEagle
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August 03, 2015, 05:30:09 AM
 #30

Even if its not rigged,a casino always profits,remember the house edge of many games? That's the point,you can't beat the casino except if you cheat them

Pk880058
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August 03, 2015, 05:35:34 AM
 #31

Due to huge house edge the online casinos never loose.
If someone finds a vulnerability in the system then yes there are much chances of casino going bankrupt.
Sarthak
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August 03, 2015, 06:15:28 AM
 #32

Who? I remember there was a guru won several thousand btc on JD and he bet 7K one bet and lost all of his btc. Grin

His name was 'fuckit' lol Tongue

Here's some more about the story:
http://www.reddit.com/r/Bitcoin/comments/1npmaq/highroller_loses_800k_with_allin_bet_on_justdice/

and here is the bet:
http://i.imgur.com/eyzhPWN.png

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August 03, 2015, 06:41:57 AM
 #33

they design the rules in a way that you always lose so they won't go bankrupt any time

Yes obsoletely correct. So for any one heard about bitcoin casino went on bankrupt? I don't think so, only people you play they will go bankrupt. So play carefully.
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August 03, 2015, 07:15:55 AM
 #34

Yes they go backrupt all the time. THere are many bitcoin casinos websites and dice sites that went bankrupt and simply closed down or didn't return any players deposits. Its happens all the time. Most likely due to capital problems when a whale takes them down.

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August 03, 2015, 07:21:24 AM
 #35

yes of course, if the owner doesnt have enough funds to cover.. well but if the owner is rich or maybe have high investment it will be highly chance not to bankrupt

QuantumDice9
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August 03, 2015, 07:34:49 AM
 #36

Depends. If you don't put contingencies and certain rules in place, a whale could just come in and put a serious dent in your bankroll.

Buziss
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August 03, 2015, 07:35:28 AM
 #37

The risk of casino going bankrupt is very low if you are talking about gamblers beating house edge continuously.

However, the casino could go bankrupt because of a hack/exploit/inside job, and the risk is not low.
For example, just a few days ago, Betterbets has lost 8 btc. The loss is not devastating to the site this time luckily.

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August 03, 2015, 07:43:58 AM
 #38

that very hard to get bankrrupt but very easy to scam Smiley
exchanger website have big chance to scaming people




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DaddyMonsi
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August 03, 2015, 08:17:18 AM
 #39

i think online casino will not go bankrupt because of a bet
they will go bankrupt because someone found a loophole






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a1choi
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August 03, 2015, 08:38:40 AM
 #40

a bitcoin casino, like any business can go bankrupt.  it'll be up to the operator to manage its risks and to make sure that it has enough revenue/profit to cover costs.
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