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Author Topic: Dragon's Tale: Buy Bitcoins on a Credit Card (sort of!)  (Read 1358 times)
teppy (OP)
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June 18, 2013, 09:49:36 PM
 #1

Dragon's Tale is once again running from Costa Rica. This means that non-US players can now buy Bitcoins in-game at any of the ATM machines using a credit card. As always, US players can play with Bitcoins. Each of the Governed islands has an ATM, as does Xinren Tang. The minimum cash-in is 1 Euro worth, or about 12 BTM as of this post.

We sell and buy back at exactly the midpoint between the current MtGox highest bid and lowest ask prices.

There are some rules:

* If you buy Bitcoins on a credit card, then you can't withdraw them as Bitcoins; you can only cash out to the same card you last bought them on.

* If you're from the US you can't use this feature, because only brick & mortar casinos that pay what are essentially multimillion dollar bribes to politicians are allowed to do gambling. It will be sweet revenge when Bitcoins replace the dollar as the world's currency. Smiley

* If you buy Bitcoins and then immediately sell them back without gambling, we'll charge you 12% of the amount you bought them for. The 12% is our cost, and factors in credit card fees both ways, MtGox commissions, typical market spread, and a 3% estimated fraud rate.

* If you play through the purchased coins six times (raked games) we'll waive the 12% fee. We'll even pro-rate it, so if you only play-through three times, we'll charge 6% of the purchase amount when you cash-out.

* With Visa cards you can cash in and out on the card. For Mastercards, we'll send winnings by wire transfer and charge you whatever our cost is for that, around 250 BTM ($25) as of this post.

* We can waive any of these fees/restrictions on a case by case basis.

Dragon's Tale is the longest running Bitcoin enterprise in the world.
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Dabs
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June 19, 2013, 12:14:46 AM
 #2

I haven't checked it out. But let's say I buy 1 bitcoin (at about $100, or whatever is the current price.)

I have to play some game inside the MMORPG 6 times, then I can withdraw the bitcoins (or whatever is left of it) to my wallet?

So if I lose (likely) then I get less. But if I win, and double my coins for example, I can actually get everything?

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June 19, 2013, 02:00:12 AM
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I haven't checked it out. But let's say I buy 1 bitcoin (at about $100, or whatever is the current price.)

I have to play some game inside the MMORPG 6 times, then I can withdraw the bitcoins (or whatever is left of it) to my wallet?

Sure teppy will be along to answer, but no.  It's a playthrough.  You have to play through 6 BTC worth of raked wagers, just like with a bonus.
teppy (OP)
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June 19, 2013, 11:15:19 AM
 #4

Darkmule is correct. And if you don't do the full 6x playthrough, the withdrawal fee is based on the deposit amount, not the withdraw amount. So for example:

Buy 2 BTC on a Visa card for $200 [Balance is now 2 BTC]
Bet 1 BTC on a Trash Can, win 10 BTC [Balance is now 11 BTC]
Bet 1 BTC on a Trash Can and lose [Balance is now 10 BTC]
Bet 2 BTC on a Trash Can and win 6 BTC [Balance is now 14 BTC]
Sell 14 BTC back to the house for $1400
  [At this point you've only made 4 BTC of bets, or a 2x playthrough, so the fee would be 2.00 BTC * 12% * ((6-2)/6) = 0.16 BTC = $16]

So you'd actually only get back $1384 rather than $1400 because of only doing a 2x playthrough.

Dragon's Tale is the longest running Bitcoin enterprise in the world.
Mooshire
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June 19, 2013, 03:41:35 PM
 #5

Damn it US, y u no let us gamble

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June 19, 2013, 05:11:41 PM
 #6

This is different, but is it provable fair?

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June 19, 2013, 05:21:23 PM
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This is different, but is it provable fair?

It isn't, DT has been up for so long though that most players do not doubt it being fair.

BA Computer Science, University of Oxford
Dissertation was about threat modelling on distributed ledgers.
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