Bet increments and Bitcoin ratings

[Gimmoroy]

Because of high volatility of bitcoin, minimal bet( and, consequently, bet increment ) in games becoming a problem.

Some games should have minimal bet value. For example roulette, where bet increments wired to standard chips value, or other games which doesn't allow dust bettings because of limitations commission by bitcoin network.

We make a new Bitcoin Game, where bet increments was nominated in mBTC. Due to bitcoin rating changes, today it's too much. While we build game, bitcoin grows 5 times. We should rewrite some sensitive game parts.

We decided to use "internal dollar" $BTC as a ingame currency. All deposit/withdrawal functions are still performed in bitcoins, but bets in game are nominated in $BTC, which is approximately equal to one USD in bitcoins. It's related only bets value, not deposit or withdrawal values. User can't earn or lose on ratings changes. Ratings of bitcoin renewed on daily basis and value of $BTC changing when bitcoin stock ratings changed more then 10%. All the internal operations of Game are still made in bitcoins.

Bitcoin Ratings affect only display of current game balance, just because we think balance and bet should be nominated in same units.
Bitcoin Deposit stays intact.

We ask all bitcoin gamblers and game owners share their thoughts on this problem. May be you have more rational and comfortable solution?

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[FrueGreads]

I'm note sure I understood. So you deposit in BTC, and when you enter a game, let's say roulette, or a poker table etc, you convert your BTC to the in game currency. You keep that rate stable and when you exit that game, you convert the in game currency back to BTC at the same rate?

[Gimmoroy]

I'm note sure I understood. So you deposit in BTC, and when you enter a game, let's say roulette, or a poker table etc, you convert your BTC to the in game currency. You keep that rate stable and when you exit that game, you convert the in game currency back to BTC at the same rate?

Yes. It's made only to have more or less stable minimal bet and bet increment values. Like a bitcoin payments in dollar casino, but without currency conversion tricks.

[marlboroza]

I've seen this kind of system in some slots in fortune jack - for example mega moolah slot, it just calculate bitcoin value in dollars and your bets are in dollars - so minimum bet in that game will always be 0.25$.
In some other slot games spins are in mBTC, so when bitcoin price go up you have only choice -to place higher value bet or don't bet at all.

IHMO first example is better than second one because it always keeps minimal bet, well, minimal.

[lite]

What do you mean by internal dollars? i think it can be directly pegged to bitcoin USD value(as marlboroza said about mega moolah slot). so for example if price is $1000 and minimum bet value is $1 we'll be betting 0.001 BTC and when price is $2000 it'll be betting 0.0005 BTC and so on..

[AmoreJaz]

while attempting to simplify and stabilize your complicating and pushing away those who actually prefer to have the possible edge while using BTC.
if over simplifying means over complicating  then what is the true meaning of sending a few USD and exchanging them to btc to send to you internal dollar then back again ? each step will have its minimal charge and time and delays and wow i already got board of the idea before i finished my first sentence.......

[Gimmoroy]

What do you mean by internal dollars? i think it can be directly pegged to bitcoin USD value(as marlboroza said about mega moolah slot). so for example if price is $1000 and minimum bet value is $1 we'll be betting 0.001 BTC and when price is $2000 it'll be betting 0.0005 BTC and so on..

Bitcoin USD value (rate) can have accident change in short time, so user will be discouraged.

Today rate is 2540.01 so bet of $1 should be 1/2540.01 =  0.00039369. Not much comfortable.
And who will calculate this?

Internal dollar should have stable rate during some period (day) and value ABOUT dollar. This will help users to estimate their decisions. People still think about money in dollars    

while attempting to simplify and stabilize your complicating and pushing away those who actually prefer to have the possible edge while using BTC.
if over simplifying means over complicating  then what is the true meaning of sending a few USD and exchanging them to btc to send to you internal dollar then back again ? each step will have its minimal charge and time and delays and wow i already got board of the idea before i finished my first sentence.......

Conversions with internal dollar don't need a time and doesn't charged. People, who use bitcoins, preferred to keep their actives in bitcoins. Again, no conversions, no charges.  Not sure I understand you.
Its many places to use dollar.....

[Slark]

Op, you made a solid point, minimal bet requirements should be tethered to bitcoin value in dollar/euro.
This is the only way to make bitcoin compatible with demands of the players.
We still think of bitcoin not a sovereign currency, but every time compare its purchasing power to USD/other fiat.

SegWitx2 signalling started today when scaling upgrade will be done we might see a significant decrease in tx fees.
We should wait for that first.

[superiorus]

I don't understand what has to do the bitcoin price with the minimum amount to bet on a website?
For example I own a roulette website and I use "bits" as currency.
Minimum bet on our roulette game is 1 coin (bit) and maximum is 25000 coins (bits).

[Gimmoroy]

I don't understand what has to do the bitcoin price with the minimum amount to bet on a website?
For example I own a roulette website and I use "bits" as currency.
Minimum bet on our roulette game is 1 coin (bit) and maximum is 25000 coins (bits).

Looks like you use MoneyPot?  People love to use the same chip values in different casinos. When chip has different value, them preferred casinos with more comfortable environment.
Chips in all casinos should have equal value. Because it's chips, not bits or mBTC or satoshis. 

[superiorus]

I don't understand what has to do the bitcoin price with the minimum amount to bet on a website?
For example I own a roulette website and I use "bits" as currency.
Minimum bet on our roulette game is 1 coin (bit) and maximum is 25000 coins (bits).

Looks like you use MoneyPot?  People love to use the same chip values in different casinos. When chip has different value, them preferred casinos with more comfortable environment.
Chips in all casinos should have equal value. Because it's chips, not bits or mBTC or satoshis. 

No I don't use Moneypot.
From what I see Moneypot uses "bits" as currency.
What you want to say is that some casinos use different exchange rates (and give more or less chips to players)?

[Gimmoroy]

No I don't use Moneypot.
From what I see Moneypot uses "bits" as currency.
What you want to say is that some casinos use different exchange rates (and give more or less chips to players)?

?? You use bits. You host roulette.

IMO roulette should use chips.... chips should be nominated standard way (any chip should have standard color/value)....

Regular casinos use different exchange procedure. For example when you make deposit - bitcoins converted to dollars with the current rate. Few days later you withdraw bitcoins. Them will be converted with different rate.

The point is to have deposit and all operations in bitcoins (that's why it's bitcoin casino), but chips nominated  regular (familiar to gamblers) way.

 

[condoras]

Op, you made a solid point, minimal bet requirements should be tethered to bitcoin value in dollar/euro.
This is the only way to make bitcoin compatible with demands of the players.
We still think of bitcoin not a sovereign currency, but every time compare its purchasing power to USD/other fiat.

SegWitx2 signalling started today when scaling upgrade will be done we might see a significant decrease in tx fees.
We should wait for that first.

I agree both with you and Op's opinion/suggestion. Most players have already converted their possible profits or losses in any fiat currency (95% their native one), before even start to...play! Even if i and some others gamble/play to earn satoshis and not $/€, we are still the minority. At least in the way of thinking and seeing BTC as their "native" currency and not as a stock...

Idk if the respectful owners of dice/casinos will agree for equal value chips for all or to have an internal "fiat" currency.
I only assume that it will be a kind of difficult to include TX fees, deposit bonus/promos, in-game exchanger, extra manpower/support etc. They will continue to pay all of them in BTC... It is sufficient from their side?

Imho as a "small" gambler, to play in different casinos that have the same Chips (value) it's a very nice scenario. I will even move them around and play!
Sorry but does that sound like...crypto?!

Having though all the casinos the same minimum bet rates, maybe it's a good (?) way to start...

[FrueGreads]

I'm note sure I understood. So you deposit in BTC, and when you enter a game, let's say roulette, or a poker table etc, you convert your BTC to the in game currency. You keep that rate stable and when you exit that game, you convert the in game currency back to BTC at the same rate?

Yes. It's done only to have more or less stable minimal bet and bet increment values. Like a bitcoin payments in dollar casino, but without currency conversion tricks.

I think it's a good idea, and I actually saw something similar in poker houses that have multi currency tables. Their balance account is converted to that table currency and when they leave, are converted back, exactly at the same rate used when they entered the room. I don't see any problem in doing something like that with BTC.