runz
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Activity: 103
Merit: 11
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May 10, 2017, 07:22:31 PM |
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I am wondering, if I would place a bet of 0.04 BTC at your site and lets say I win. What happens in this case, since the funds of your sites wallet is only 0.42 BTC?
Why do u think there is only one address in the site wallet? Fund may spread across multiple addresses in the same wallet... Maybe he does always think that a certain gambling sites do only have a single wallet which is not right at all and its not really a good move if they would tend to do such thing.Having multiple wallets on a certain gambling site is normal and including this site is no exception.Why wont bother not to be paid? If you hit and win then site will pay you no matter what as long they have the money,theres no problem at all. That is probably true but my question was if the site can pay if I am betting a higher amount.. Most gambling sites have a large amount on their hot wallet and here it is only 0.4 BTC |
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RocketSingh
Legendary
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Activity: 1662
Merit: 1050
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May 12, 2017, 07:37:05 PM |
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I am wondering, if I would place a bet of 0.04 BTC at your site and lets say I win. What happens in this case, since the funds of your sites wallet is only 0.42 BTC?
Why do u think there is only one address in the site wallet? Fund may spread across multiple addresses in the same wallet... Maybe he does always think that a certain gambling sites do only have a single wallet which is not right at all and its not really a good move if they would tend to do such thing.Having multiple wallets on a certain gambling site is normal and including this site is no exception.Why wont bother not to be paid? If you hit and win then site will pay you no matter what as long they have the money,theres no problem at all. That is probably true but my question was if the site can pay if I am betting a higher amount.. Most gambling sites have a large amount on their hot wallet and here it is only 0.4 BTC I wonder why do u think that the hot wallet has only 0.4 BTC? U may have checked one or two addresses that are regularly used. But, u may never know how many addresses it has in hot wallet. Hence exact hot wallet balance will not be known either. Is not it? Here we have a list of BIG payments that the site has previously made - https://bitcointalk.org/index.php?topic=1635955.0 |
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BTCevo
Legendary
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Activity: 1834
Merit: 1008
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May 13, 2017, 03:41:25 AM |
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I am wondering, if I would place a bet of 0.04 BTC at your site and lets say I win. What happens in this case, since the funds of your sites wallet is only 0.42 BTC?
Why do u think there is only one address in the site wallet? Fund may spread across multiple addresses in the same wallet... Maybe he does always think that a certain gambling sites do only have a single wallet which is not right at all and its not really a good move if they would tend to do such thing.Having multiple wallets on a certain gambling site is normal and including this site is no exception.Why wont bother not to be paid? If you hit and win then site will pay you no matter what as long they have the money,theres no problem at all. That is probably true but my question was if the site can pay if I am betting a higher amount.. Most gambling sites have a large amount on their hot wallet and here it is only 0.4 BTC I wonder why do u think that the hot wallet has only 0.4 BTC? U may have checked one or two addresses that are regularly used. But, u may never know how many addresses it has in hot wallet. Hence exact hot wallet balance will not be known either. Is not it? Here we have a list of BIG payments that the site has previously made - https://bitcointalk.org/index.php?topic=1635955.0Yes of course but that is already long time ago, we really need some recent activity on this site if you are saying that they really hold up to 1 btc right now. There is no updates or anything mentioned towards this site. And btw this is 0% house edge? I do not think how this gambling site is getting his money without giving some house edge here |
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RocketSingh
Legendary
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Activity: 1662
Merit: 1050
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May 15, 2017, 04:59:51 PM |
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Yes of course but that is already long time ago, we really need some recent activity on this site if you are saying that they really hold up to 1 btc right now. There is no updates or anything mentioned towards this site.
The site has very recent activities as well. Please check the dashboard and verify latest Tx dates. And btw this is 0% house edge? I do not think how this gambling site is getting his money without giving some house edge here
U may think that man has not stepped on moon yet. But, that's gonna be the reality. It has been almost a year chain-bet.com is running with 0% house edge. Enough has already been discussed about the possibility or impossibility of it. Unfortunately, it is the reality u have to live with. |
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BTCevo
Legendary
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Activity: 1834
Merit: 1008
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May 18, 2017, 12:14:31 AM |
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Yes of course but that is already long time ago, we really need some recent activity on this site if you are saying that they really hold up to 1 btc right now. There is no updates or anything mentioned towards this site.
The site has very recent activities as well. Please check the dashboard and verify latest Tx dates. And btw this is 0% house edge? I do not think how this gambling site is getting his money without giving some house edge here
U may think that man has not stepped on moon yet. But, that's gonna be the reality. It has been almost a year chain-bet.com is running with 0% house edge. Enough has already been discussed about the possibility or impossibility of it. Unfortunately, it is the reality u have to live with. First thing, you do not have real players there, only some players that try to make some fortune so I do not think that it will run well in the future and second thing is about your 0% house edge how much profit you already get from this kind of game? I believe it is hard to get profit here right with this kind of traffic |
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runz
Member
Offline
Activity: 103
Merit: 11
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May 18, 2017, 10:24:04 PM |
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Yes of course but that is already long time ago, we really need some recent activity on this site if you are saying that they really hold up to 1 btc right now. There is no updates or anything mentioned towards this site.
The site has very recent activities as well. Please check the dashboard and verify latest Tx dates. And btw this is 0% house edge? I do not think how this gambling site is getting his money without giving some house edge here
U may think that man has not stepped on moon yet. But, that's gonna be the reality. It has been almost a year chain-bet.com is running with 0% house edge. Enough has already been discussed about the possibility or impossibility of it. Unfortunately, it is the reality u have to live with. First thing, you do not have real players there, only some players that try to make some fortune so I do not think that it will run well in the future and second thing is about your 0% house edge how much profit you already get from this kind of game? I believe it is hard to get profit here right with this kind of traffic So I can say that I played a lot on this site.. Sometimes lost and on other days I made good profit. I like this game but I am not sure what happens if you bet bigger amounts. Is the site able to pay for example 1 BTC? I don't know... |
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Rupert Murdoch
Newbie
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Activity: 44
Merit: 0
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May 20, 2017, 11:33:46 AM |
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Yes of course but that is already long time ago, we really need some recent activity on this site if you are saying that they really hold up to 1 btc right now. There is no updates or anything mentioned towards this site.
The site has very recent activities as well. Please check the dashboard and verify latest Tx dates. And btw this is 0% house edge? I do not think how this gambling site is getting his money without giving some house edge here
U may think that man has not stepped on moon yet. But, that's gonna be the reality. It has been almost a year chain-bet.com is running with 0% house edge. Enough has already been discussed about the possibility or impossibility of it. Unfortunately, it is the reality u have to live with. First thing, you do not have real players there, only some players that try to make some fortune so I do not think that it will run well in the future and second thing is about your 0% house edge how much profit you already get from this kind of game? I believe it is hard to get profit here right with this kind of traffic So I can say that I played a lot on this site.. Sometimes lost and on other days I made good profit. I like this game but I am not sure what happens if you bet bigger amounts. Is the site able to pay for example 1 BTC? I don't know... According to historical data available on https://bitcointalk.org/index.php?topic=1635955.0, chain-bet has paid over 1 BTC multiple times before. So, I think, there is no reason not to pay u all in a sudden. |
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actmyname
Copper Member
Legendary
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Activity: 2562
Merit: 2504
Spear the bees
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May 20, 2017, 01:26:27 PM |
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That's a shitty line of thinking. So you're saying if I've paid out users previously, that there is no way that I could scam ever?
Well, if it's that easy to scam with no repercussions, then sign me up! /s |
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Rupert Murdoch
Newbie
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Activity: 44
Merit: 0
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May 31, 2017, 09:43:09 PM |
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That's a shitty line of thinking. So you're saying if I've paid out users previously, that there is no way that I could scam ever? Definitely not. But, claiming the reverse is a shitty line of thinking as well. If a game has paid previously, does it increase its chance of scam? Well, if it's that easy to scam with no repercussions, then sign me up! /s Since its inception one year ago, there is not a single scam accusation against chain-bet.com. And u, appearing from nowhere, claiming that because it paid before it will scam now? Are u mentally stable? |
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actmyname
Copper Member
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Activity: 2562
Merit: 2504
Spear the bees
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June 01, 2017, 02:49:51 AM |
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Definitely not. But, claiming the reverse is a shitty line of thinking as well. If a game has paid previously, does it increase its chance of scam?
That's a terrible non sequitur you're using. I have not claimed the reverse but rather was provoking your thought process: you are stating that there is no reason not to pay a user since chain-bet has paid over 1 BTC multiple times before. I'm simply stating that if that is true, then it paradoxically creates a reason to scam. If it is common knowledge that if a casino has paid before, it will not scam, then would it not be consequence-free to do just that? Scam?
This is kind of similar to some lines of game theory. Say you're playing poker and the flop comes Ks Qs Js. Let's suppose a 10% chance of your opponent having two spades. If it's commonly thought that you would only raise if you have a flush here, would it not be advantageous to just always raise? Suppose you raise 1x the pot. That's a 90% chance of a pot-sized return and a 10% chance of a pot-sized loss if your opponent calls.
Since its inception one year ago, there is not a single scam accusation against chain-bet.com. And u, appearing from nowhere, claiming that because it paid before it will scam now? Are u mentally stable?
Never said that. Don't put words in my mouth. |
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Bitcoin Gambling (OP)
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June 01, 2017, 08:28:05 PM |
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Due to increase in average cost of confirming a Bitcoin transaction, we are hereby increasing transaction processing fee from 0.0004 BTC to 0.001 BTC. At the same time, minimum bet amount is being raised from 0.0005 BTC to 0.002 BTC. We understand, this might impact small bet amounts, but to ensure faster processing of bet forwarding Tx and winning amount sending Tx, we had no other way. Sorry for the inconvenience caused. https://twitter.com/Chain_Bet_/status/870375527063801856 |
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Warren Buffet
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June 02, 2017, 05:39:00 PM |
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Due to increase in average cost of confirming a Bitcoin transaction, we are hereby increasing transaction processing fee from 0.0004 BTC to 0.001 BTC. At the same time, minimum bet amount is being raised from 0.0005 BTC to 0.002 BTC. We understand, this might impact small bet amounts, but to ensure faster processing of bet forwarding Tx and winning amount sending Tx, we had no other way. Sorry for the inconvenience caused. https://twitter.com/Chain_Bet_/status/870375527063801856Pikers will chicken out.  |
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runz
Member
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Activity: 103
Merit: 11
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June 02, 2017, 06:33:17 PM |
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Due to increase in average cost of confirming a Bitcoin transaction, we are hereby increasing transaction processing fee from 0.0004 BTC to 0.001 BTC. At the same time, minimum bet amount is being raised from 0.0005 BTC to 0.002 BTC. We understand, this might impact small bet amounts, but to ensure faster processing of bet forwarding Tx and winning amount sending Tx, we had no other way. Sorry for the inconvenience caused. https://twitter.com/Chain_Bet_/status/870375527063801856Dude, are you serious  So, as your only real player I can say I didn't care if I have to wait hours until bets confirm. I can check if I won or not by my own and wait for payout. But with this high fee the bets of today were my last ones. I liked your game but now I say byebye. You can write me a pm if you change it back in the future |
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MarbleBoss
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June 03, 2017, 08:36:52 PM |
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Due to increase in average cost of confirming a Bitcoin transaction, we are hereby increasing transaction processing fee from 0.0004 BTC to 0.001 BTC. At the same time, minimum bet amount is being raised from 0.0005 BTC to 0.002 BTC. We understand, this might impact small bet amounts, but to ensure faster processing of bet forwarding Tx and winning amount sending Tx, we had no other way. Sorry for the inconvenience caused. https://twitter.com/Chain_Bet_/status/870375527063801856Dude, are you serious So, as your only real player I can say I didn't care if I have to wait hours until bets confirm. I can check if I won or not by my own and wait for payout. But with this high fee the bets of today were my last ones. I liked your game but now I say byebye. You can write me a pm if you change it back in the future What was your average bet size? |
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runz
Member
Offline
Activity: 103
Merit: 11
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June 04, 2017, 10:56:40 AM |
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Due to increase in average cost of confirming a Bitcoin transaction, we are hereby increasing transaction processing fee from 0.0004 BTC to 0.001 BTC. At the same time, minimum bet amount is being raised from 0.0005 BTC to 0.002 BTC. We understand, this might impact small bet amounts, but to ensure faster processing of bet forwarding Tx and winning amount sending Tx, we had no other way. Sorry for the inconvenience caused. https://twitter.com/Chain_Bet_/status/870375527063801856Dude, are you serious So, as your only real player I can say I didn't care if I have to wait hours until bets confirm. I can check if I won or not by my own and wait for payout. But with this high fee the bets of today were my last ones. I liked your game but now I say byebye. You can write me a pm if you change it back in the future What was your average bet size? It was between 0.004 to 0.02 btc. I was playing this game sice December 2016 and what I saw there were only like 10 bets from other people since I started playing. With new regulation it makes no sense to me to play any further. I think most people will think the same and OP can close his site. |
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MarbleBoss
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June 04, 2017, 02:27:55 PM |
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Due to increase in average cost of confirming a Bitcoin transaction, we are hereby increasing transaction processing fee from 0.0004 BTC to 0.001 BTC. At the same time, minimum bet amount is being raised from 0.0005 BTC to 0.002 BTC. We understand, this might impact small bet amounts, but to ensure faster processing of bet forwarding Tx and winning amount sending Tx, we had no other way. Sorry for the inconvenience caused. https://twitter.com/Chain_Bet_/status/870375527063801856Dude, are you serious So, as your only real player I can say I didn't care if I have to wait hours until bets confirm. I can check if I won or not by my own and wait for payout. But with this high fee the bets of today were my last ones. I liked your game but now I say byebye. You can write me a pm if you change it back in the future What was your average bet size? It was between 0.004 to 0.02 btc. I was playing this game sice December 2016 and what I saw there were only like 10 bets from other people since I started playing. With new regulation it makes no sense to me to play any further. I think most people will think the same and OP can close his site. I'm not encouraging u to gamble, but if u bet within the range of 0.1 btc to 1 btc, u probably get better house edge here than anywhere else. |
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runz
Member
Offline
Activity: 103
Merit: 11
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June 04, 2017, 04:11:44 PM |
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Due to increase in average cost of confirming a Bitcoin transaction, we are hereby increasing transaction processing fee from 0.0004 BTC to 0.001 BTC. At the same time, minimum bet amount is being raised from 0.0005 BTC to 0.002 BTC. We understand, this might impact small bet amounts, but to ensure faster processing of bet forwarding Tx and winning amount sending Tx, we had no other way. Sorry for the inconvenience caused. https://twitter.com/Chain_Bet_/status/870375527063801856Dude, are you serious So, as your only real player I can say I didn't care if I have to wait hours until bets confirm. I can check if I won or not by my own and wait for payout. But with this high fee the bets of today were my last ones. I liked your game but now I say byebye. You can write me a pm if you change it back in the future What was your average bet size? It was between 0.004 to 0.02 btc. I was playing this game sice December 2016 and what I saw there were only like 10 bets from other people since I started playing. With new regulation it makes no sense to me to play any further. I think most people will think the same and OP can close his site. I'm not encouraging u to gamble, but if u bet within the range of 0.1 btc to 1 btc, u probably get better house edge here than anywhere else. This is true but to much money for me ;-) |
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DarkStar_
Legendary
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Activity: 2758
Merit: 3282
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June 05, 2017, 12:27:35 AM |
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I'm not encouraging u to gamble, but if u bet within the range of 0.1 btc to 1 btc, u probably get better house edge here than anywhere else.
With a 0.1 BTC bet, you get a 1/16 chance to win 1.584 BTC, which is a ~1% house edge so it would probably be better to bet on other websites, even ones with a 1% edge as you can continue betting if you wish without having to pay again. However, sites like Crypto-Games offer a 0.8% edge on dice, and SafeDice offers an even lower 0.5% edge. For betting on Chain-Bet.com to be worth it now (if you play on a 16x multiplier only), you would have to bet above 0.2 BTC. Knowing the very bad odds for small bets, I'm quite surprised you keep getting bets for amounts less than 0.02 BTC, with a essential house edge to the player of 5% with a bet of 0.02 BTC.
Chain-Bet, Have you considered making your game off-chain, but still betting on block hashes? |
taking a break - expect delayed responses
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actmyname
Copper Member
Legendary
Offline
Activity: 2562
Merit: 2504
Spear the bees
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June 05, 2017, 01:36:36 AM |
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I'm not encouraging u to gamble, but if u bet within the range of 0.1 btc to 1 btc, u probably get better house edge here than anywhere else.
With a 0.1 BTC bet, you get a 1/16 chance to win 1.584 BTC, which is a ~1% house edge so it would probably be better to bet on other websites, even ones with a 1% edge as you can continue betting if you wish without having to pay again. However, sites like Crypto-Games offer a 0.8% edge on dice, and SafeDice offers an even lower 0.5% edge. For betting on Chain-Bet.com to be worth it now (if you play on a 16x multiplier only), you would have to bet above 0.2 BTC. Knowing the very bad odds for small bets, I'm quite surprised you keep getting bets for amounts less than 0.02 BTC, with a essential house edge to the player of 5% with a bet of 0.02 BTC.
Chain-Bet, Have you considered making your game off-chain, but still betting on block hashes?
Considering the house edge and on-chain nature, the negatives are amplified further when one considers the fact that you need a transaction fee for every single bet as opposed to a single deposit. As of the time I'm posting, "The fastest and cheapest transaction fee is currently 360 satoshis/byte, shown in green at the top. For the median transaction size of 226 bytes, this results in a fee of 81,360 satoshis." This means that for example if you send 0.1 BTC as a transaction your bet is in reality just 0.0981864 BTC. A 1/16 chance to win that results in an expected value of 0.0981864 (given the 0-edge nature after the transaction fees) and thus is a house edge of 1.8136%. Comparing this with a 1 BTC amount, your bet is 0.9981864 BTC and thus your house edge is 0.18136%. I don't think it's a good idea to restrict your demographic so much.
Also, just for laughs, if you send the minimum bet of 0.002 BTC then your house edge is literally 90.68% with both transaction fees. |
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BTCevo
Legendary
Offline
Activity: 1834
Merit: 1008
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June 05, 2017, 08:37:56 AM |
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Due to increase in average cost of confirming a Bitcoin transaction, we are hereby increasing transaction processing fee from 0.0004 BTC to 0.001 BTC. At the same time, minimum bet amount is being raised from 0.0005 BTC to 0.002 BTC. We understand, this might impact small bet amounts, but to ensure faster processing of bet forwarding Tx and winning amount sending Tx, we had no other way. Sorry for the inconvenience caused. https://twitter.com/Chain_Bet_/status/870375527063801856Dude, are you serious So, as your only real player I can say I didn't care if I have to wait hours until bets confirm. I can check if I won or not by my own and wait for payout. But with this high fee the bets of today were my last ones. I liked your game but now I say byebye. You can write me a pm if you change it back in the future What was your average bet size? It was between 0.004 to 0.02 btc. I was playing this game sice December 2016 and what I saw there were only like 10 bets from other people since I started playing. With new regulation it makes no sense to me to play any further. I think most people will think the same and OP can close his site. I'm not encouraging u to gamble, but if u bet within the range of 0.1 btc to 1 btc, u probably get better house edge here than anywhere else. How can this be profitable? As long as there s house edge you can't be profitable in a long run. More over you suggest us to use that huge amount on each bet to get lower house edge, then I assume that this site is only for some big whale to play . And btw about this huge betting, does OP really hold that much coin to pay any of us here that make huge profit? |
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