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Bitcoin Gambling (OP)
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May 30, 2016, 05:08:45 PM
Last edit: September 20, 2022, 08:01:12 PM by Bitcoin Gambling |
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https://www.Chain-Bet.com is a gambling game, standing on a very simple question - What would be last digit of the block hash that includes your transaction? Players guess last digit of the block hash and bet on that. If the guess is correct, player gets back 15 times of the bet amount.Minimum Bet: 0.0001 LTC Maximum Bet: 0.1 LTC Minimum Investment: 1 LTC Investor Dashboard - https://www.Chain-Bet.com/invest.phpAll addresses generated by Chain-Bet.com are signed by Lchn36PE24xJwab26SoLhcuKaWj6xYdWRm. BitcoinTalk forum users of Sr. Member rank or higher may wear the following signature...[center][size=18pt][b][url=https://www.chain-bet.com][color=red]Chain-Bet.com [/color][color=black]|[/color][color=blue] On Chain Litecoin Gambling [/color][color=black]|[/color][color=red] 15x Win [/color][color=black]|[/color][color=green] Provably Fair[/color][/url][/b][/size][/center]
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Bitcoin addresses contain a checksum, so it is very unlikely that mistyping an address will cause you to lose money.
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Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction.
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TigerMart
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May 30, 2016, 06:07:06 PM |
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I like the clean design and the concept of using block hash as random number. Do some promotion. This game gotta be popular.
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tiffyroman
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May 30, 2016, 06:39:25 PM |
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By my calculation, if I bet against the house, I get 400% return which is really too good but the odds are only 6.25% which is kind of... eh.
I don't know if this is true so please do clarify.
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Bitcoin Gambling (OP)
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May 30, 2016, 07:01:20 PM |
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By my calculation, if I bet against the house, I get 400% return which is really too good but the odds are only 6.25% which is kind of... eh.
I don't know if this is true so please do clarify.
Yes. You are correct if you are betting on only one digit. You can bet on multiple digits at a time and thereby have more chance to win. |
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Angelina Jolie
Member
 Offline
Activity: 169
Merit: 10
Global Risk Exchange - gref.io
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May 30, 2016, 08:22:19 PM |
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By my calculation, if I bet against the house, I get 400% return which is really too good but the odds are only 6.25% which is kind of... eh.
I don't know if this is true so please do clarify.
Yes. You are correct if you are betting on only one digit. You can bet on multiple digits at a time and thereby have more chance to win. It is interesting that user can chose multiple options to increase their odd. This is not possible in Dice games. I guess, this game will soon catch up gamblers' attention. |
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CrazyJoker
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May 31, 2016, 10:14:49 AM |
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Anyone tried this so far?
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maxhor
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May 31, 2016, 10:18:37 AM |
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Anyone tried this so far?
Odds are very strange and really high as compared with winning chance so that players are not interested to place bet there, i think some kind of attractive payout ratio can make this site more better to get attention from players. |
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Oralmat
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May 31, 2016, 10:21:33 AM |
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I like your site, but now i m not ready to play it, because i have save my bitcoins your halving, actually within week i have lost so in this time i don't want to touch it, but i give you guaranty that after halving i definitely play it, it is easy to understand how to play it, also no need to registration, so no problem for me or others.
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Angelina Jolie
Member
Offline
Activity: 169
Merit: 10
Global Risk Exchange - gref.io
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May 31, 2016, 10:39:07 AM |
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Anyone tried this so far?
Odds are very strange and really high as compared with winning chance so that players are not interested to place bet there, i think some kind of attractive payout ratio can make this site more better to get attention from players. I think, players are allowed to bet on multiple options to bring down odds. |
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Capradina
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May 31, 2016, 10:41:35 AM |
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I love your site, the whole site is quite interesting. It's just the lack of support for doing a communication against the owners in the event of a problem. And the lack of features that can be used to interact against a fellow player/owner of the site. I hope it can be added for convenience all players
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jambola2
Legendary
Offline
Activity: 1120
Merit: 1038
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May 31, 2016, 11:31:07 AM |
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The player vs house game has a 1/16 * 4 = 1/4 = 0.25 expected value
That implies a 75% house edge, making playing against the house an extremely stupid idea.
Something like 15x instead of 4x would make more sense, and it would still leave a 6.25% house edge (15/16 = 0.9375 EV = 6.25% house edge)
Player vs Player may be somewhat better as it is claimed that it has only a 1% house edge, but details are still murky. The site really needs to fix PvH and make rules of PvP more clear.
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No longer active on bitcointalk, however, you can still reach me via PMs if needed.
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Warren Buffet
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May 31, 2016, 12:03:14 PM |
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The player vs house game has a 1/16 * 4 = 1/4 = 0.25 expected value
That implies a 75% house edge, making playing against the house an extremely stupid idea.
Something like 15x instead of 4x would make more sense, and it would still leave a 6.25% house edge (15/16 = 0.9375 EV = 6.25% house edge)
Your calculation seems to be wrong. While we say a dice site having 1% house edge, does it mean that player has 99% chance to win? No. It means the players has 49% chance to win. Similarly, here, if they make it 8x return, that would mean, they are running on 0% house edge. Your demand of 15x return is absurd, as it would mean -ve house edge, i.e. house is certain to lose in the long run. 4x return is 25% house edge, with the chance of 400% return. Player vs Player may be somewhat better as it is claimed that it has only a 1% house edge, but details are still murky. The site really needs to fix PvH and make rules of PvP more clear.
I myself played their PvP game. They dont have many players playing right now. But, the game is working perfectly, with the advantage that u get back your bet amount, if everyone has lost in a round. Rules seems to be pretty clear to me. U might like to read the FAQ. |
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Bitcoin Gambling (OP)
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May 31, 2016, 05:14:31 PM |
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I like your site, but now i m not ready to play it, because i have save my bitcoins your halving, actually within week i have lost so in this time i don't want to touch it, but i give you guaranty that after halving i definitely play it, it is easy to understand how to play it, also no need to registration, so no problem for me or others.
Nice to know you liked the game. Would expect you to play soon and share your experience. I love your site, the whole site is quite interesting. It's just the lack of support for doing a communication against the owners in the event of a problem. And the lack of features that can be used to interact against a fellow player/owner of the site. I hope it can be added for convenience all players
Nice to know you loved the game. In the unlikely event of any problem, players are free to report in this thread. In coming days, we'd also try to open up more communication channels. Convenience of players is of utmost importance to us. |
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Joel_Jantsen
Legendary
Offline
Activity: 1862
Merit: 1308
Get your game girl
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May 31, 2016, 05:48:19 PM |
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Quite a good concept and this is totally based out of luck and provably fair! However what I find lacking is,players should be able to select a block manually like they can decide which block they wish to bet on,depending on the last digit of that has,they can put their guesses.Anyhow playing against the house is good to since you're paying out 4x.Trying my first bet as a type!
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cjmoles
Legendary
Offline
Activity: 1176
Merit: 1016
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May 31, 2016, 06:24:53 PM
Last edit: May 31, 2016, 07:18:40 PM by cjmoles |
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The player vs house game has a 1/16 * 4 = 1/4 = 0.25 expected value
^^^^^
EV= (-15*1/16) + (3*1/16) = -0.75
That implies a 75% house edge, making playing against the house an extremely stupid idea.
Something like 15x instead of 4x would make more sense, and it would still leave a 6.25% house edge (15/16 = 0.9375 EV = 6.25% house edge)
At 15x, EV = (-15 × 1 ÷ 16) + (14 × 1 ÷ 16) = -0.0625 (more reasonable->but I still wouldn't take it)
Your calculation seems to be wrong. While we say a dice site having 1% house edge, does it mean that player has 99% chance to win? No. It means the players has 49% chance to win. Similarly, here, if they make it 8x return, that would mean, they are running on 0% house edge. Your demand of 15x return is absurd, as it would mean -ve house edge, i.e. house is certain to lose in the long run. 4x return is 25% house edge, with the chance of 400% return. At 8x, EV = (-15 × 1 ÷ 16) + (7 × 1 ÷ 16) = -0.5 (still extremely unreasonable proposition)Player vs Player may be somewhat better as it is claimed that it has only a 1% house edge, but details are still murky. The site really needs to fix PvH and make rules of PvP more clear.
I myself played their PvP game. They dont have many players playing right now. But, the game is working perfectly, with the advantage that u get back your bet amount, if everyone has lost in a round. Rules seems to be pretty clear to me. U might like to read the FAQ. And, people wonder why they walk away with empty pockets! They make things too complicated to formulate reasonably efficient decisions. EV= (-15*1/16) + (3*1/16) = -0.75........Translation: expect to lose 75% of your money on average. Interpretation: don't be stupid enough to play against the house. |
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Warren Buffet
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June 01, 2016, 09:35:27 AM |
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Something like 15x instead of 4x would make more sense, and it would still leave a 6.25% house edge (15/16 = 0.9375 EV = 6.25% house edge)
At 15x, EV = (-15 × 1 ÷ 16) + (14 × 1 ÷ 16) = -0.0625 (more reasonable->but I still wouldn't take it)
Thanks for pointing out the difference between house edge and expected value. At 8x, EV = (-15 × 1 ÷ 16) + (7 × 1 ÷ 16) = -0.5 (still extremely unreasonable proposition)
What are the EVs of established Dice sites? And, people wonder why they walk away with empty pockets! They make things too complicated to formulate reasonably efficient decisions.
Gambling is not charity. People are expected to lose as well as multiply their wealth. It is part of the game. EV= (-15*1/16) + (3*1/16) = -0.75........Translation: expect to lose 75% of your money on average.
Interpretation: don't be stupid enough to play against the house.
You did not consider the fact that, unlike dice sites, you can bet on multiple options at a time here and thereby significantly raise your chance of win. |
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Bitcoin Gambling (OP)
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June 01, 2016, 10:36:29 AM |
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Quite a good concept and this is totally based out of luck and provably fair!
Nice to know that you liked the concept. However what I find lacking is,players should be able to select a block manually like they can decide which block they wish to bet on,depending on the last digit of that has,they can put their guesses.
We thought of that part, but it is risky. If we allow players to bet on a future block height, a rogue player may send the bet after the block is found. Any mechanism to resist that will raise unnecessary controversy about the timing. Hence we made it out of the hands of ours and players. Anyhow playing against the house is good to since you're paying out 4x.Trying my first bet as a type!
Feel free to play and report your experience here. Best of Luck  |
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jambola2
Legendary
Offline
Activity: 1120
Merit: 1038
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June 01, 2016, 01:13:56 PM |
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Your calculation seems to be wrong. While we say a dice site having 1% house edge, does it mean that player has 99% chance to win? No. It means the players has 49% chance to win. Similarly, here, if they make it 8x return, that would mean, they are running on 0% house edge. Your demand of 15x return is absurd, as it would mean -ve house edge, i.e. house is certain to lose in the long run. 4x return is 25% house edge, with the chance of 400% return.
My calculations are definitely correct. What is House Edge? The difference between expected value and 100%. For example: I say that you can flip a coin. If it is heads, you gain 1.5x profit, if it is tails you lose it all. Expected value = 50%*1.5x + 50%*0 = 75% So the house edge is 100%-75% = 25% Why does this game have a house edge of 75%? One in 16 games gives you 4x the money. So Expected Value = 1/16*4 = 4/16=25% Hence, house edge = 100-25=75% You did not consider the fact that, unlike dice sites, you can bet on multiple options at a time here and thereby significantly raise your chance of win.
That changes nothing. Let's say you bet 1 BTC spread across 5 different options. (0.2 BTC on each option) The expected value (average winnings) is 5/16 chance to win * 0.8 amount won = 0.25 BTC What if you had normally bet just 1 BTC on 1 single option? 1/16 chance to win * 4 BTC amount won = 0.25 BTC expected value The expected value in both cases is 25% (0.25 BTC / 1 BTC) and hence the house edge is 100% - 25% = 75% |
No longer active on bitcointalk, however, you can still reach me via PMs if needed.
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Bitcoin Gambling (OP)
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June 01, 2016, 04:59:42 PM |
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We have experimentally raised the Player vs House multiplying factor from 4x to 8x. Any further changes will be notified here. Thank you everyone for showing interest in this new game.
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