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Author Topic: Peerbet.org - Play without house edge!  (Read 80963 times)
giantdragon
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December 07, 2012, 03:17:04 PM
 #1

I am happy to announce Peerbet.org - the first online gambling platform with zero house edge and without negative profit expected value for the players! It is really free: players compete against each other, not against the gambling site and there are no hidden costs or commissions. 100% of the revenue comes through ads.

In any casino or online gambling site like Satoshidice with non-zero house edge players will always lose playing long term, but in the truely zero-sum game (i.e. where no house edge or any other commission fees applied) players will NOT lose anything playing infinite long.

We offer raffle-style game in which users can create rounds with an arbitrary number of tickets (from 2 tickets to 10 million) and the price for a single one (from 1 Satoshi). This allows to choose any winning odds and profit expectation. When a game is created, players can start buying tickets and the game will be complete when all tickets sold and next Bitcoin block generated.

Peerbet is provably fair. When a game is created, we generate a random nonce and publish its SHA-1 hash. When this game is complete (all bets are made), we wait for the next Bitcoin block, and then concatenate its hash with the nonce's plaintext and use this value to determine the winner. This approach lets you to ensure that the Peerbet operator cannot possibly change the outcome of the game before it completes, or even to know its results ahead of time.

A code to determine the number of winning ticket:
Code:
function getWinningTicket($nonce, $blockHash, $ticketsTotal)
{
    $randMax = 268435455;
    $remainder = $randMax % $ticketsTotal;
    $output = -1;

    do {
        $hash = hash('sha256', $nonce . $blockHash);
        $randHex = substr($hash, strlen($hash) - 7, 7);
        $x = base_convert($randHex, 16, 10);
        
        $output = $x % $ticketsTotal;
        $nonce .= '0';
    }
    while($x >= ($randMax - $remainder));
    
    return $output + 1;
}

We store wallet with all funds off-site on the encrypted HDD and have its backup copy. Every 24 hours we perform backup of the database. Even if the server will be hacked, no funds will be lost. White hat hackers are welcome to check security of the server and report any vulnerabilities to me.

Good luck playing!
https://peerbet.org

Peerbet is being owned and operated by Bit777 now!


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FreeMoney
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December 08, 2012, 01:16:43 AM
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This is very interesting.

I think part of why a casino can get away with charging so much is that being able to make a wide range of bets instantly is a highly desired feature.

Allowing anyone to offer any wager, even -EV ones might lead to a very large selection of wagers at very low fees as competition does it's thing. I don't have any interest in making wagers, but if I stood to profit a little bit on average I might load some in an set some up.

Everyone would be on equal footing, able to make or decline any wager, but I suspect you'd get two sorts of customers, those with a lot of money who want to profit by 'being the house' without setting up a 'house' and those who want instant gratification and don't mind paying .1% or 1.5% or whatever the market demands for instant gratification of their desired wager.


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giantdragon
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December 08, 2012, 02:51:01 AM
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being able to make a wide range of bets instantly is a highly desired feature.
When Peerbet will gain momentum and have enough number of the users, most of the games will complete almost instantly.
Also I have plans to add "express mode" feature, in which game rounds will complete without waiting ~10 minutes for the next Bitcoin block (it will be optionally because make impossible proof of the game fairness, but I think some users whatever will select it to get faster completion time).

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December 08, 2012, 03:03:05 AM
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Nice. I suggest not asking people to make lots of choices. i.e. encourage them to choose a default lottery.
Perhaps the default choice should be a 50-50 lottery, where you are matched with one other person.

People do not like too much choice. Choices are confusing and stressful. You can allow choices, but you should not encourage them.

In a Society in which there is no law, and in theory no compulsion, the only arbiter of behaviour is public opinion. But public opinion, because of the tremendous urge to conformity in gregarious animals, is less tolerant than any system of law. When human beings are governed by "thou shalt not", the individual can practise a certain amount of eccentricity: when they are supposedly governed by "love" or "reason", he is under continuous pressure to make him behave and think in exactly the same way as everyone else. - George Orwell
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December 08, 2012, 03:16:57 AM
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cunicula, I have set 2 tickets / 0.005 BTC each as default values.

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December 08, 2012, 03:32:11 AM
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cunicula, I have set 2 tickets / 0.005 BTC each as default values.

Good. I'd suggest giving a title and highlighting the default game to make it more prominent. Perhaps 'Flip a Coin'. People intuitively understand what this means.

My concern is that Satoshi's Dice will seem 'simpler' to people and that therefore they will opt for Satoshi's Dice. You should make your own product seem simple too.
If I was running Satoshi's Dice, I would eliminate the less popular bet options, or shuttle them of into an 'advanced options' menu.

There is a lot of marketing research suggesting that complex decisions make people hesitate and decide not to purchase.






In a Society in which there is no law, and in theory no compulsion, the only arbiter of behaviour is public opinion. But public opinion, because of the tremendous urge to conformity in gregarious animals, is less tolerant than any system of law. When human beings are governed by "thou shalt not", the individual can practise a certain amount of eccentricity: when they are supposedly governed by "love" or "reason", he is under continuous pressure to make him behave and think in exactly the same way as everyone else. - George Orwell
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December 08, 2012, 03:39:06 AM
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Thank you for the suggestion, I will consider.

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December 08, 2012, 06:08:28 AM
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being able to make a wide range of bets instantly is a highly desired feature.
When Peerbet will gain momentum and have enough number of the users, most of the games will complete almost instantly.
Also I have plans to add "express mode" feature, in which game rounds will complete without waiting ~10 minutes for the next Bitcoin block (it will be optionally because make impossible proof of the game fairness, but I think some users whatever will select it to get faster completion time).

I think that is true, most will complete fast if there are many games happening. But there will always be games at the margin where only one person per hour, day, month wants the other side and imo the way to get them to fill is with the market mechanism of price. It happens that in the beginning a lot of wagers fall in this area (at most one person wants them at the price of zero).


Play Bitcoin Poker at sealswithclubs.eu. We're active and open to everyone.
Herbert
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December 09, 2012, 12:11:42 AM
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Watching! Wink

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davout
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December 09, 2012, 12:18:58 AM
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That's sounds awesome.

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December 09, 2012, 12:21:26 AM
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That's sounds awesome.
And by that I mean : sub.

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December 09, 2012, 01:06:28 AM
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Giantdragon, wow! Great job on the site Smiley

One suggestion: when registering, it might be better to ask the user to confirm his password.

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giantdragon
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December 09, 2012, 01:26:02 AM
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One suggestion: when registering, it might be better to ask the user to confirm his password.
Oh, I use Twitter-inspired design and have read that password without confirmation is more convenient for the most users.
BTW, it is easy to reset a password if you have mistyped it.

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December 09, 2012, 01:59:52 AM
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One suggestion: when registering, it might be better to ask the user to confirm his password.
Oh, I use Twitter-inspired design and have read that password without confirmation is more convenient for the most users.
BTW, it is easy to reset a password if you have mistyped it.

Well, it was definitely more convenient for me. Also, I use lastpass so it's not an issue.

Another possible improvement:

When you click the deposit button, you have to click another button to generate an address. I think it might be appropriate to have one already generated, and then have the user click a button for a new deposit address. Also, the deposit page could be improved with a table of deposit addresses that includes their respective expiration dates/statuses.

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December 09, 2012, 02:04:41 AM
 #15

and another:

When creating a game, I can't see my current balance. I went a bought a bunch of tickets with the intention of creating a new game with my remaining balance, but I had to leave the page to see my current balance.

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December 09, 2012, 02:14:20 AM
 #16

some more ideas:
The raffle page could possibly be improved by:

-Your current balance in a bold or big font at the top
-a "buy ticket" button beside each raffle
    -perhaps with a confirmation window
    -perhaps it could be a buy
  • tickets with 1 as the default
    -your hypothetical balance at the top would update immediately after each purchase
-perhaps the color of the bar would change to something other than blue for raffles that you have already purchased
-each raffle bar on the raffle page could include data about how many I have purchased, etc.
-Leave the pending raffles at the top of the raffle list, with a full bar of a different color and the user stats

p.s. don't take these suggestions as being nit-picky, I think you're site is great as-is. But since it's beta and all, I thought you'd appreciate it. I think the little things go a long way.

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finkleshnorts
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December 09, 2012, 02:19:37 AM
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If you really want to have a "hook," you could have some sort of live feed on every page that displays raffle results of my purchased tickets.  That kind of instant gratification would help the site's popularity down the road. I imagine that raffles will go very quickly when the site has more traffic (and I'm pretty confident it will have a LOT more if you can keep up with it).

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December 09, 2012, 03:28:55 AM
 #18

Peerbet is provably fair. When a game is created, we generate a random nonce and publish its SHA-256 hash.

Where can I see the hash for each raffle?
giantdragon
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December 09, 2012, 03:33:23 AM
 #19

Where can I see the hash for each raffle?
Open a raffle you want to participate and click "Show verification info" button (below the horizontal banner). After raffle is complete, click the same button and you will see plaintext of the hashed nonce.

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December 09, 2012, 03:24:01 PM
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Instant mode added! If you trust the operator you can get results of the game immediately without waiting ~10 minutes for the next Bitcoin block.

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