Chain-Bet.com | On Chain | No KYC | 15x Win | Provably Fair | Since 2016

[RocketSingh]

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.

After 4 months of operation, this game probably has the most attractive payout ratio among known bitcoin gambling games.

True. 0% house edge is rare and www.bitcoinbetting.website has implemented it in a very transparent way using blockchain based verification, which has made this game unique.

[Bitcoin Gambling]

Get 25% bonus on Happy Hour at www.BitcoinBetting.website.

Details: https://bitcointalk.org/index.php?topic=1650687.0

[actmyname]

Can you explain to me why you're advertising a 0% house edge when in reality that's not the case?

You can choose to deduct whatever amount for the transaction fee - that is fine, but the amount should NOT be deducted from the bet amount! Only the return if the player wins!


For those of you who cannot see the math behind it, allow me to fetch a quote by myself:

This means for a bet of minimum size (0.0005 BTC) the house edge is:

Win event [1/16]: return of 16 * 0.0003
Lose event: return of 0

ev: 0.0003

This means you lose 40% per bet - a 40% house edge on the minimum amount. That's pretty far from a 0% house edge, don't you think?


Even at the maximum bet: 1 BTC, there's still a house edge.

If you win, you are returned 15.9968 BTC.
This does correspond to a 0.02% house edge, which is far from the 40% earlier, but it's still not 0%.

(Though it's fair enough - this amount can correspond to a transaction fee, albeit it's a whopping 0.0032 BTC)


The deduction should only apply to the payout. Either do this, or stop advertising the website as as having 0% house edge.

If this were a website with 0% house edge, then when you bet 0.00060000 BTC and win, you should be returned 0.0094 (which is 0.0006*16-.0002) instead of the 0.0064 that you DO return.

This example uses this bet: https://archive.is/Nd9EE#selection-4919.0-4919.3
... and this transaction: https://archive.is/NX5AZ

Details:

[dooglus]

the amount should NOT be deducted from the bet amount! Only the return if the player wins!

You could argue that if it costs 0.0002 BTC to make a transaction with 1 input, and since one average only 1 in 16 bets will win, the average payout transaction will have 16 inputs making the transaction roughly 16 times bigger and so 16 times more expensive to send.

If all that is true then it is right that they deduct the 0.0002 from the stake amount and not the payout itself. Someone has to pay to "tidy up" all the small bet amounts. The actual number of inputs per payout is going to be pretty random, depending on the coin selection algorithm of the client they are using, but on average there will be 16 inputs per payout.

[Victor Beckham]

Can you explain to me why you're advertising a 0% house edge when in reality that's not the case?

You can choose to deduct whatever amount for the transaction fee - that is fine, but the amount should NOT be deducted from the bet amount! Only the return if the player wins!

The question u r asking was raised before and was answered in another thread - https://bitcointalk.org/index.php?topic=1643248.0.

Relevant part is quoted below...

It is an on-chain game and 0.0002 BTC is used in mining fee.

No, it's a "transaction processing fee". Look at Bet #530 or any other bet that lost.


The bet amount is 0.0006BTC, and the transaction that was given is 981f3689d2ef7e8f477948ea17287eb90472ab189d3c803cb05478b076a3bb64

There are 2 outputs - one of 0.0008BTC, and one of 0.008BTC. It would seem logical to assume that the 0.0008BTC was the bet, right? Why would they need to pay the miners fee if the bet lost? Actual 12x payout for this example btw, not the 16x they advertise.

Your assumption that mining fee is not required for a lost bet is incorrect. Let us see how in your example...

First this address was created - https://blockchain.info/address/1J9uBy5ba1pqtXfYfxzzAxK74qUK1sAfo1

User sent the Tx to this address - https://blockchain.info/tx/981f3689d2ef7e8f477948ea17287eb90472ab189d3c803cb05478b076a3bb64 (User paid the mining fee of 0.000117 BTC)

This address forwarded the fee to the hot wallet - https://blockchain.info/tx/156a3a82fd231097ea41955f8e5f9c122c055f392179507209ba6404de96f927 (House paid the mining fee of 0.0001 BTC)

So, just to accept a lost bet, house already paid 0.0001 BTC. Now remains another 0.0001 BTC from the Tx processing fee of 0.0002 BTC they mentioned in their FAQ.

Whenever, a winning bet is paid, all these small bets are accumulated and paid from the hot wallet. This increases the Tx size and hence the mining fee required for quick confirmation. So, let us have a look at the latest winning bet right now, i.e. Bet #537.

Wining Tx: https://blockchain.info/tx/0e6af2f890bac066d349c2b56fff45aa62ddac0fd8b2a5706e5d5212ea5295d9

Tx fee: 0.0002 BTC

For this, bet 0.0001 BTC was already with the house from the deposit of the winner of Bet #537. But, who'll pay the rest of 0.0001 BTC? That is taken from the loser of Bet #530. That is how it is compensated.

This is why I said 0.0002 BTC is used in mining fee. I hope it makes sense now.

[CrazyJoker]

How things are working lately? Is it paying as before?

[Warren Buffet]

How things are working lately? Is it paying as before?

Everything looks good so far...

[BTCevo]

How things are working lately? Is it paying as before?

What do you mean by this? I think they doesnt have any issue about the paying or everything seems quite good though. And they have some big payout too. The only problem is about their cold wallet which they never said how much they got it for now

[CrazyJoker]

How things are working lately? Is it paying as before?

What do you mean by this?

Last time I played here about a month ago. I saw a few old sites scamming recently. So, thought of asking about it before playing.

I think they doesnt have any issue about the paying or everything seems quite good though. And they have some big payout too.

That's nice to know. How do u know about big payouts?

The only problem is about their cold wallet which they never said how much they got it for now

That's not an issue as long as they are not accepting investment in the bankroll. Most of the sites, that does not accept investment in bankroll, does not show their cold wallet.

[ReckLess.6]

I think they doesnt have any issue about the paying or everything seems quite good though. And they have some big payout too.

That's nice to know. How do u know about big payouts?

There is a thread listing BIG wins of this game. May be u can check this - https://bitcointalk.org/index.php?topic=1635955.0. I have also quoted the list below...

Pretty BIG winnings are taking place at www.BitcoinBetting.website. Confirming the bet Tx and sending back the winning Tx took place within just 3 block time. Below are the bet details...

BTC 0.0698 to BTC 1.1168
Bet ID: 322
Choice: 4
Bet Amount: BTC 0.0698
Tx Hash: 5de218e4f956ece04b23cfaac9471365285415597c2ceaa10dbd283161048a1f
Status: won
Confirmation Block Height: 433692
Confirmation Block Hash: 0000000000000000037fe5a1b797b226ba24f3f882fd9cbc627f44a95d20acf4
Return Amount: BTC 1.1168
Return Address: 1BLockKo8FLApX2Wx7rJXv9C3bk9FJPzJj
Return Tx: de726e982b98993a1e97dd86b4ceb0211f03892047ed2a74443a9d8e2042c484

BTC 0.0198 to BTC 0.3168
Bet ID: 598
Choice: 3
Bet Amount: BTC 0.0198
Tx Hash: 90f498a2a0f06839eb62eaff89fc1072aec7a322a3f288957a911804f3ffc0c0
Status: won
Confirmation Block Height: 435283
Confirmation Block Hash: 0000000000000000001fdfa9afc5c98cdbc7e2cf81dabc038b4f062ded1d2e73
Return Amount: BTC 0.3168
Return Address: 17YTi5T5pGhsu3XJsRdMAiUwfsRLtsQEkJ
Return Tx: 60017b53b1153714d1138c16b82a13238e98287d68fea3b1f0261a362e3a61e1

BTC 0.01065 to BTC 0.1704
Bet ID: 253
Choice: 4
Bet Amount: BTC 0.01065
Tx Hash: 4c525b1eed39a0a174fcf84f827e06a15e63eb2c08ac0dcab7fd3fed2c8eca8d
Status: won
Confirmation Block Height: 432839
Confirmation Block Hash: 000000000000000003175c2b1ed904d19664640c87c850228e6187a880a0d2a4
Return Amount: BTC 0.1704
Return Address: 15KAjydnfMAhrgQePavBLJxjtoGfk7qv5h
Return Tx: 802947b764453dd39fd66d1855f78767303c69f86ec207fb328f2698ff52283d

[Warren Buffet]

I think they doesnt have any issue about the paying or everything seems quite good though. And they have some big payout too.

That's nice to know. How do u know about big payouts?

There is a thread listing BIG wins of this game. May be u can check this - https://bitcointalk.org/index.php?topic=1635955.0. I have also quoted the list below...

Correct. The biggest one so far seems to be this...

BTC 0.0998 to BTC 1.5968
Bet ID: 685
Choice: 2
Bet Amount: BTC 0.0998
Tx Hash: 7d7a65100e600d7b535687adaf0e26efa8dcf1a5291be3f5587ed54f438e8702
Status: won
Confirmation Block Height: 437693
Confirmation Block Hash: 000000000000000000fafc2ec0ccf2df5ce6ba6aa7c68a1c1fe035ed778b3ee2
Return Amount: BTC 1.5968
Return Address: 1CoinBcK1kA9uK8vpkUncEwLHjEm5Wbkph
Return Tx: 80023ca0cf1a34d865389118c4bb1247dd8cbe9a3719a5741e9deb82ec8db58e

It´s SCAM!!!

LoLz... So u suddenly woke up after August 29, 2013 to write this post without any proof for the same?

[CrazyJoker]

I think they doesnt have any issue about the paying or everything seems quite good though. And they have some big payout too.

That's nice to know. How do u know about big payouts?

There is a thread listing BIG wins of this game. May be u can check this - https://bitcointalk.org/index.php?topic=1635955.0.
-snip-

Thanks. Nice to see this game growing. They introduced the concept of block hash based provably fair checking. Now many sites seem to be trying to copy the same concept. I wish, the original game that introduced the idea remains in the market.

[arcathomas]

It's not 0%... as explained higher, the bet fees are killing you.

[Victor Beckham]

It's not 0%... as explained higher, the bet fees are killing you.

It is definitely 0%. Both dooglus & me have explained above. Mining fees and bet fees are not the same thing.

[Bitcoin Gambling]

www.BitcoinBetting.website is now https://www.Chain-Bet.com.

[Angelina Jolie]

www.BitcoinBetting.website is now https://www.Chain-Bet.com.

+1

A good step towards the right direction.

[Victor Beckham]

www.BitcoinBetting.website is now https://www.Chain-Bet.com.

Please stick to a name. Dont change it on & off.

[CrazyJoker]

www.BitcoinBetting.website is now https://www.Chain-Bet.com.

Please stick to a name. Dont change it on & off.

Frankly, I expected more interest after it moved to .com.

[Rupert Murdoch]

www.BitcoinBetting.website is now https://www.Chain-Bet.com.

Please stick to a name. Dont change it on & off.

Frankly, I expected more interest after it moved to .com.

Looking at their board, it really seems like the interest is growing.

[RocketSingh]

www.BitcoinBetting.website is now https://www.Chain-Bet.com.

Please stick to a name. Dont change it on & off.

Frankly, I expected more interest after it moved to .com.

Looking at their board, it really seems like the interest is growing.

At high Bitcoin price, almost all bitcoin sites face a dry period. I think, it was no different for chain-bet.com.