🔶 YOLOdice.com 🔶 suspended on 16st Mar 2021

[HeRetiK]

While I wasn't an active part of YOLOdice's community I still followed you guys pretty closely and I'm really sad to see you go.

Thank you for keeping the site running the way you did, you've been some of the most reliable crypto-casinos operators out there. Kudos!




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1,000 DOGE for YOLOdice, last offer!

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[BayAreaCoins]

<snip>
I respect Dooglus for closing JD and switching from BTC to CLAM - it was a sort of solution to keep the game rolling, but detach the value of the tokens from BTC.

YOLOdice might actually come back in the future (that's why I am reluctant to sell it), but in a different form.

Cheers,
Ethan

PS. If you really want to buy YOLOdice, please spare me some nerves and don't offer 1 BTC for it :-)

I'm curious, when you come back (if ever), will you run YOLOdice as how you run it. About the currency that is using, do you consider also changing or accept bets using other cryptocurrencies like CLAM?
If you happen to made your come back, I'll be wanting to invest some to the bankroll.
If it happen that someone bought the site, I hope it's on good hands.

CLAM is a lot less stressful than Bitcorn.

<3

I'm glad y'all are closing in such a classy way.  Congrats and gg!

[BayAreaCoins]

IMO, if you said reluctant to sell Yolodice to other people, it would be great if you never give a little hope for them to tell them pm/email you their offer since you will decline it.
Or atleast tell them how much mininum amount you want to accept so they won't spam your email with their offers (if you changed your mind and would sell Yolodice)

Here's my thinking: YOLOdice is not for sale. Definitely not to a random unknown buyer. I can image a few scenarios in which I would consider selling YOLOdice, but I don't think it would be an easy process. As you can imagine, it's not just about the money.

Since people are withdrawing I can hear a lot of complains about withdrawal fees. It's been something I've been fighting with since day 1. BitcoinCore fee estimations suck in a big way - for some reason the developers have chosen the worst possible way to do it, based on historical data and not the current state of mempool. I've been trying to use external services (btc.com) for fees, but this ended pretty badly because their API was very unstable. Since I am fanatic about improving BTC I did not want to dig into the actual BC code and fix it, so we have to live with that for a few more days :-/

You're one of the first people I've seen say this publicly and I FULLY agree.

Bitcoin Core fee estimator is like trying to drive on Sunday using Friday's vision... so stupid.

On FreeBitcoins.com, we look at the current blockchain and then put the transactions 0.75MB deep in the chain or the max we spend the max fee.

It works a fuckton better than the Core estimator.

[2double0]

Here's my thinking: YOLOdice is not for sale. Definitely not to a random unknown buyer. I can image a few scenarios in which I would consider selling YOLOdice, but I don't think it would be an easy process. As you can imagine, it's not just about the money.

Feeling bad about the site and while goodbyes are never good, we must say it some day, so today is the day. And I agree that selling it to some unknown buyer may have hazardous effects both, to your reputation as well as the site's name if that buyer's intentions are not good or if they are not professional enough to handle the site the way you did. It has many emotions attached, so selling it will not be good for the business and I hope you will make it even better and present us with something that is unavailable in the gambling industry right now.

[ReiMomo]

Here's my thinking: YOLOdice is not for sale. Definitely not to a random unknown buyer. I can image a few scenarios in which I would consider selling YOLOdice, but I don't think it would be an easy process. As you can imagine, it's not just about the money.

Feeling bad about the site and while goodbyes are never good, we must say it some day, so today is the day. And I agree that selling it to some unknown buyer may have hazardous effects both, to your reputation as well as the site's name if that buyer's intentions are not good or if they are not professional enough to handle the site the way you did. It has many emotions attached, so selling it will not be good for the business and I hope you will make it even better and present us with something that is unavailable in the gambling industry right now.

Exactly, unless if the buyer was had a business here and also a reputable one, the long-time running gambling site. I guess it is considerable in that case.

I just now heard a gambling site was closing but the reputation remained valuable, I truly salute you Ethan, and your partner on this business. I guess you have other business outside in the crypto world. Hopefully, one of these days you and your partner will change your mind and reoperate this site again.

Farewell to you.

[ultrloa]

IMO, if you said reluctant to sell Yolodice to other people, it would be great if you never give a little hope for them to tell them pm/email you their offer since you will decline it.
Or atleast tell them how much mininum amount you want to accept so they won't spam your email with their offers (if you changed your mind and would sell Yolodice)

Here's my thinking: YOLOdice is not for sale. Definitely not to a random unknown buyer. I can image a few scenarios in which I would consider selling YOLOdice, but I don't think it would be an easy process. As you can imagine, it's not just about the money.

Great stand for this salute for having that mindset in you "it's not just about the money" sounds really good to us since reputation really matter the most.

Good luck for new future plans since I know you will be back for sure you are cooking something big here.

[2double0]

Exactly, unless if the buyer was had a business here and also a reputable one, the long-time running gambling site. I guess it is considerable in that case.

I just now heard a gambling site was closing but the reputation remained valuable, I truly salute you Ethan, and your partner on this business. I guess you have other business outside in the crypto world. Hopefully, one of these days you and your partner will change your mind and reoperate this site again.

Farewell to you.

I think that even if any buyer has respectable business, then also, as Ethan said, they must not sell their business to anybody. It took ages for many people to develop such big businesses and yolodice has got enough reputation built already which may not be sold to any other guy because a business run by a good person should only be his, or should me winded up.

[sunsilk]

I think that even if any buyer has respectable business, then also, as Ethan said, they must not sell their business to anybody. It took ages for many people to develop such big businesses and yolodice has got enough reputation built already which may not be sold to any other guy because a business run by a good person should only be his, or should me winded up.

Yeah, he has mentioned it. What I'm thinking is that he just want to see what people can offer for the acquisition of yolodice. And if ever there's an interesting offer and it's hard to decline, he might consider it.

But as he said, it's not for sale. Well, enjoy your holidays Ethan and whatever plans you've got in the future, good luck.

[Timetwister]

I have to admin that what you are saying is highly inspiring to me. The decision about suspending is final, so that did not change my mind, but damn, [/b]YOU GUYS ARE GREAT[/b].

I am getting tons of emails from "potential buyers" about YOLOdice, and let's make it clear: our intention is NOT to sell it. Especially not for 1 BTC, as offered by one of such "buyers".

As you noted earlier, there is a matter of reputation - the new owner would basically have to start building his reputation from ground, and there is a pretty long way from that to accepting investments.

On the other hand I strongly believe that what makes YOLOdice reputable is 1. people that run it, 2. people that support it, 3. people that use it. There is a huge value in the package (1+2+3), not necessarily in the separate pieces.

Suspending YOLOdice is not THE end. It's the end of something, but come on - there are less and less people who want to deposit coins if transaction fees are over $10, and coins themselves are increasing in value even if you don't gamble them.

I respect Dooglus for closing JD and switching from BTC to CLAM - it was a sort of solution to keep the game rolling, but detach the value of the tokens from BTC.

YOLOdice might actually come back in the future (that's why I am reluctant to sell it), but in a different form.

Cheers,
Ethan

PS. If you really want to buy YOLOdice, please spare me some nerves and don't offer 1 BTC for it :-)

Selling for a decent price is going to be extremely complicated because the new buyer is unlikely to have your reputation, which means that they would expect people wagering less and therefore wouldn't be able to offer something attractive to you. I really like being an investor (even if LTC went very bad), but I wouldn't buy the casino because I wouldn't know how to run it nor have your reputation.

It's up to you but I think the optimal solution would be to keep the business but delegate everything or almost everything, so you don't have to spend time on it but you still make some decent money passively.

Just based on Dicesites.com, assuming you weren't providing any bankroll (I will assume that's also the case for Ethreum for simplicity), your expected revenue was 0.5% of what was wagered. Let's use 1-year numbers to have an idea of how much is this.

- BTC: 8175 wagered, 40.875 expected revenue
- Litecoin: 959,381 wagered, 4,796.905 expected revenue
- Dogecoin: 5,187,780,657 wagered, 25,938,903.285 expected revenue
- Ethereum: 136544 wagered, 682.72

To have a better idea of how much was the actual expected revenue we would need to convert those currencies to USD day by day, but I think it's evident that the revenue was huge. I don't know how much are your expenses in terms of cashback and other promotions and some salaries, but I doubt this business can't be run profitably.

If what you don't like is having to take care of too much capital from other people, you could implement something similar to what Bustabit is doing, so that you highly encourage people to divest if there's too much bankroll.

Also consider that if you think you may want to run the business again in the future, it would be much better to keep it running, even if you implement measures to lower bankrolls, as getting traction again in the future would be very costly.

Don't kill the golden goose...

[Karartma1]

I was trying to win some money again on yolodice and reading this in the chat was quite a thing. I loved this dice site so much, both for its simplicity and for its uniqueness. Only 4 coins, good support, great promos for long-timers etc...
I hope somebody would put some real money on the line and get YOLOdice up and running after March 1st.

[tygeade]

Obviously this is going to be a sad affair to see yolodice go, but maybe that is the best for the team, it has been getting to a point where it was harder to control something this huge, we are talking about tens of millions of dollars in their responsibility and honestly I wouldn't want that neither. Do not think about just how much was there in the investment, do not think how much people gambled neither, think about how much money was in the wallets of yolodice total, all of it combined, that would be a huge amount and would literally cause people to lose sleep over security of it.

One bad hack and it would all be gone in a second. I think Ethan and the team made a great decision to postpone something like this, it really does ease their minds, and I am sure when the time comes and they are fully gone, it will definitely be a much more relaxed future for them as well. PS: Ethan if you come back with an idea, try to not take this much responsibility because it is really too stressful .

[whore-ray]

Here's my thinking: YOLOdice is not for sale. Definitely not to a random unknown buyer. I can image a few scenarios in which I would consider selling YOLOdice, but I don't think it would be an easy process. As you can imagine, it's not just about the money.

Since people are withdrawing I can hear a lot of complains about withdrawal fees. It's been something I've been fighting with since day 1. BitcoinCore fee estimations suck in a big way - for some reason the developers have chosen the worst possible way to do it, based on historical data and not the current state of mempool. I've been trying to use external services (btc.com) for fees, but this ended pretty badly because their API was very unstable. Since I am not fanatic about improving BTC I did not want to dig into the actual BC code and fix it, so we have to live with that for a few more days :-/

Edit: replaced "fanatic" with "not fanatic". sorry about the confusion.

Here i wonder, is "one" of the reasons you want to suspend the site, the constant complaints / problems, with the high bitcoincoin core fees ?

if yes, why not abandon btc and continue the site with altcoins (ltc, doge, etc). from what i heard just-dice went this way and was successful with it by now (even though clam drops into the cellar, but thats more a coin problem, since it has no say in the cryptosphere).

greetings, whore-ray

[whore-ray]

Here's my thinking: YOLOdice is not for sale. Definitely not to a random unknown buyer. I can image a few scenarios in which I would consider selling YOLOdice, but I don't think it would be an easy process. As you can imagine, it's not just about the money.

Since people are withdrawing I can hear a lot of complains about withdrawal fees. It's been something I've been fighting with since day 1. BitcoinCore fee estimations suck in a big way - for some reason the developers have chosen the worst possible way to do it, based on historical data and not the current state of mempool. I've been trying to use external services (btc.com) for fees, but this ended pretty badly because their API was very unstable. Since I am not fanatic about improving BTC I did not want to dig into the actual BC code and fix it, so we have to live with that for a few more days :-/

Edit: replaced "fanatic" with "not fanatic". sorry about the confusion.

Here i wonder, is "one" of the reasons you want to suspend the site, the constant complaints / problems, with the high bitcoincoin core fees ?

if yes, why not abandon btc and continue the site with altcoins (ltc, doge, etc). from what i heard just-dice went this way and was successful with it by now (even though clam drops into the cellar, but thats more a coin problem, since it has no say in the cryptosphere).

Also if you pause contests for a while and some other changes to minimize the work for you and scott on the site, you could keep running it, without having the burden to worry on it constantly. Could that be worth a thought ?

greetings, whore-ray

[examplens]

Here's my thinking: YOLOdice is not for sale. Definitely not to a random unknown buyer. I can image a few scenarios in which I would consider selling YOLOdice, but I don't think it would be an easy process. As you can imagine, it's not just about the money.

Since people are withdrawing I can hear a lot of complains about withdrawal fees. It's been something I've been fighting with since day 1. BitcoinCore fee estimations suck in a big way - for some reason the developers have chosen the worst possible way to do it, based on historical data and not the current state of mempool. I've been trying to use external services (btc.com) for fees, but this ended pretty badly because their API was very unstable. Since I am not fanatic about improving BTC I did not want to dig into the actual BC code and fix it, so we have to live with that for a few more days :-/

Edit: replaced "fanatic" with "not fanatic". sorry about the confusion.

Here i wonder, is "one" of the reasons you want to suspend the site, the constant complaints / problems, with the high bitcoincoin core fees ?

if yes, why not abandon btc and continue the site with altcoins (ltc, doge, etc). from what i heard just-dice went this way and was successful with it by now (even though clam drops into the cellar, but thats more a coin problem, since it has no say in the cryptosphere).

Also if you pause contests for a while and some other changes to minimize the work for you and scott on the site, you could keep running it, without having the burden to worry on it constantly. Could that be worth a thought ?

greetings, whore-ray

I keep some investment in Yolodice, and I must say that I understand why they closing down his business.
After six months, I am at a loss was about -30% in LTC and have some minor profit of around 3% in my Doge investment. If they also operated according to that model and shared profit/loss with investors, then it is expected to close the business there.
Also, I lose there some of my coins due to security reason, I never got a reasonably detailed explanation of what happened and who withdrew my coins from his site.

[whore-ray]

I keep some investment in Yolodice, and I must say that I understand why they closing down his business.
After six months, I am at a loss was about -30% in LTC and have some minor profit of around 3% in my Doge investment. If they also operated according to that model and shared profit/loss with investors, then it is expected to close the business there.
Also, I lose there some of my coins due to security reason, I never got a reasonably detailed explanation of what happened and who withdrew my coins from his site.

i do not understand the immense loss of ltc either, even in the end a site makes profit for investors cause variance, compared to other sites i know the investment on them always went back up into positive, after a not so long time but i guess that is pure math that it ended up badly that way on yolo.

its weird you never got an explanation for your losses cause of security reasons. Did you wrote support and if yes, what was the answer ?

best wishes,

whore-ray

[DarkStar_]

Sad to see YOLOdice close down 
I never really gambled, but it was a good experience being a (BTC) investor since 2017. I'm excited to see what you end up coming up with when you return!

Here i wonder, is "one" of the reasons you want to suspend the site, the constant complaints / problems, with the high bitcoincoin core fees ?

if yes, why not abandon btc and continue the site with altcoins (ltc, doge, etc). from what i heard just-dice went this way and was successful with it by now (even though clam drops into the cellar, but thats more a coin problem, since it has no say in the cryptosphere).

greetings, whore-ray

I'm guessing the biggest reason is that Ethan wants to shut down is that he doesn't want to deal with the stress of making sure the balances of all investors (BTC bankroll alone was > 100 BTC, or roughly 5 million USD at current rates) are safe. Continuing with altcoins likely wouldn't solve that issue, especially since ETH & LTC are fairly major coins too.

[whore-ray]

I'm guessing the biggest reason is that Ethan wants to shut down is that he doesn't want to deal with the stress of making sure the balances of all investors (BTC bankroll alone was > 100 BTC, or roughly 5 million USD at current rates) are safe. Continuing with altcoins likely wouldn't solve that issue, especially since ETH & LTC are fairly major coins too.

I agree with you on that, as i said, or tried to, the same reason just-dice switched from btc to clam, as i was told dooglus didnt wanted to take the responsiblity anymore so he switched to a coin with "much" less value, cause people did not want to see the site dying.

If not with ltc or eth, i think there are still altcoins (doge, polkadot, etc) which could be used instead, from what i understood most people love the community of the site and the gui and all other things around that, to abandon it completely would be disappointing, even it is all ethans decision.

cheers, whore-ray

[amishmanish]

--snip--
Bitcoin and other coins are much more than they used to be a few years ago. Crypto is goin mainstream in a big way. Cryptocurrencies are not for geeks any more, they became the cutting edge of the future financial world.

The future financial world will still need the geeks but it is going to be much more permissioned. Boundless, open exchange that happens on crypto-gambling sites doesn't really sit well with financial institutions.
Congratulations for a great run and an incident-free, graceful closure. Hope we can hear of the experience you guys had at some outlet.

[Karartma1]

Sad to see YOLOdice close down 
I never really gambled, but it was a good experience being a (BTC) investor since 2017. I'm excited to see what you end up coming up with when you return!

Here i wonder, is "one" of the reasons you want to suspend the site, the constant complaints / problems, with the high bitcoincoin core fees ?

if yes, why not abandon btc and continue the site with altcoins (ltc, doge, etc). from what i heard just-dice went this way and was successful with it by now (even though clam drops into the cellar, but thats more a coin problem, since it has no say in the cryptosphere).

greetings, whore-ray

I'm guessing the biggest reason is that Ethan wants to shut down is that he doesn't want to deal with the stress of making sure the balances of all investors (BTC bankroll alone was > 100 BTC, or roughly 5 million USD at current rates) are safe. Continuing with altcoins likely wouldn't solve that issue, especially since ETH & LTC are fairly major coins too.

You reminded me the sad story of Safe(!!!)Dice. The owner went missing and disappeared from the scenes and even left the game running: there was an automated wallet re-balance which made deposit and withdrawals still available under some certain thresholds. People kept playing and losing but some were able to get something out. (cold wallet went rogue...)
I once remember some safedicers called a YD a scam. History proved who were the real scammers.
Good luck Ethan and see you around!

[magneto]

I keep some investment in Yolodice, and I must say that I understand why they closing down his business.
After six months, I am at a loss was about -30% in LTC and have some minor profit of around 3% in my Doge investment. If they also operated according to that model and shared profit/loss with investors, then it is expected to close the business there.
Also, I lose there some of my coins due to security reason, I never got a reasonably detailed explanation of what happened and who withdrew my coins from his site.

I don't think that you can blame the losses on Yolodice.

Unless there is substantiated evidence that Yolodice is tampering with the provably fair mechanism, which there is none, then the losses can simply be attributed to variance.

But the security problem is very interesting - how much did you lose, when was this, and what was the resolution that Yolodice gave you at the end? Did you get to speak directly to the admins about the issue or just a mod/support?