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Author Topic: Just-Dice.com : Invest in 1% House Edge Dice Game  (Read 434903 times)
dooglus
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June 26, 2013, 03:27:29 AM
 #21

On the stats page, does the amount invested include the amount that the site is up?  Or, should these two numbers be added to determine the house's total bankroll?  Does the amount the site is up get debited when investors make a withdrawal or is it a running total that tracks the profits even after they've been withdrawn?

The invested amount is the same as the bankroll.  If you are the sole investor, invest 100 BTC, then someone bets and loses 1 BTC, your investment is worth 101 BTC, and the site is up 1 BTC.

When you then withdraw your 101 BTC, the amount invested is 0, and the site is still up 1 BTC.

So "yes, no, and the latter".

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dooglus
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June 26, 2013, 03:29:51 AM
 #22

I'm watching the stats page and the ALL USER STATS > INVESTED number changes continuously but at the same time my INVESTED number stays unchanged for 1 or 2 minutes many times. How's that possible?

Could it be because your investment is such a small percentage of the whole that your share of the profits and losses during the time you were watching were below the satoshi rounding threshold?  If you have 0.01% of the site's bankroll, you get 0.01% of the profits and losses.

I have a relatively large investment and even then during quiet periods only the last couple of digits of my invested amount twitch back and forth.

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shawshankinmate37927
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June 26, 2013, 04:07:32 AM
 #23

On the stats page, does the amount invested include the amount that the site is up?  Or, should these two numbers be added to determine the house's total bankroll?  Does the amount the site is up get debited when investors make a withdrawal or is it a running total that tracks the profits even after they've been withdrawn?

The invested amount is the same as the bankroll.  If you are the sole investor, invest 100 BTC, then someone bets and loses 1 BTC, your investment is worth 101 BTC, and the site is up 1 BTC.

When you then withdraw your 101 BTC, the amount invested is 0, and the site is still up 1 BTC.

So "yes, no, and the latter".

Okay, that's what I thought.  Just wanted to be sure.

"It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning."   - Henry Ford
SilentSonicBoom
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June 26, 2013, 05:22:25 AM
 #24

I'm watching the stats page and the ALL USER STATS > INVESTED number changes continuously but at the same time my INVESTED number stays unchanged for 1 or 2 minutes many times. How's that possible?

Could it be because your investment is such a small percentage of the whole that your share of the profits and losses during the time you were watching were below the satoshi rounding threshold?  If you have 0.01% of the site's bankroll, you get 0.01% of the profits and losses.

I have a relatively large investment and even then during quiet periods only the last couple of digits of my invested amount twitch back and forth.
Interesting concept. I wish you luck. Any chance of an IPO on BTCT(I understand you don't need one, just curious)?

dooglus
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June 26, 2013, 05:51:01 AM
 #25

Interesting concept. I wish you luck. Any chance of an IPO on BTCT(I understand you don't need one, just curious)?

I won't rule it out, but I don't think so, no.

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blackreplica
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June 26, 2013, 06:56:34 AM
 #26

Great site!

Do you have a limit as to how much funds you will accept for investment in total?

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dooglus
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June 26, 2013, 08:43:44 AM
 #27

Great site!

Do you have a limit as to how much funds you will accept for investment in total?

Yes.  I am committed to never accepting more than 21 million coins.  We have to leave some for the players to play with.

But seriously, I think it will limit itself.  When the site has more coins than it needs, the expected return will be poor enough that investors would do better putting their coins elsewhere, and so they will.

And if we carry on losing like we have been today, then it won't be an issue.  We just dropped below 1% profits for the first time since launch (I think?), having been comfortably up in the 3 to 4% range a lot recently:

  wagered: 9,484.45 BTC
  site is up: 87.98 BTC

Congratulations to all the winners today. Smiley

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June 26, 2013, 08:46:10 AM
 #28

Great site!

Do you have a limit as to how much funds you will accept for investment in total?

Yes.  I am committed to never accepting more than 21 million coins.  We have to leave some for the players to play with.

But seriously, I think it will limit itself.  When the site has more coins than it needs, the expected return will be poor enough that investors would do better putting their coins elsewhere, and so they will.

And if we carry on losing like we have been today, then it won't be an issue.  We just dropped below 1% profits for the first time since launch (I think?), having been comfortably up in the 3 to 4% range a lot recently:

  wagered: 9,484.45 BTC
  site is up: 87.98 BTC

Congratulations to all the winners today. Smiley

LOL and thank you for the response. What a day for me to invest then, I put some coins in a couple hours ago and am actually down now (though just by a tiny amount but still). The occasional win streak for the players every once in a while is a good thing in any case

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June 26, 2013, 10:01:46 AM
 #29

Yesterday I invested 3.35 BTC. Right now I have 3.32925858 BTC  and declining really fast. Be careful. Never again.

!!My ID is 2336

LWWE6dtTUXuaq36KTCne5XqMQHfhfwpadC
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June 26, 2013, 10:05:21 AM
 #30

Yesterday I invested 3.35 BTC. Right now I have 3.32925858 BTC  and declining really fast. Be careful. Never again.

How ever will you cope with such a loss?
TradeFortress 🏕
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June 26, 2013, 10:11:25 AM
 #31

This is quite interesting from the perspective that you can gamble at 99% EV instantly, or at 101% EV if you choose to wait and gamble it slowly.
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June 26, 2013, 11:42:03 AM
 #32

gamble it slowly.
You don't "gamble slowly".
Either you gamble and take your chance against unfavorable odds.
Or you let the numbers work for you, but the more you wait the less you gamble.

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June 26, 2013, 12:22:11 PM
 #33

Yesterday I invested 3.35 BTC. Right now I have 3.32925858 BTC  and declining really fast. Be careful. Never again.


Be careful of what exactly...? The law of probability?
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June 26, 2013, 01:11:16 PM
 #34

The site is down for me...
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June 26, 2013, 02:04:07 PM
 #35

The site is down for me...
same here
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June 26, 2013, 02:08:48 PM
 #36

The site is down for me...
Down for me too, and according to hosttracker down for someone but not for everyone.

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June 26, 2013, 02:09:37 PM
 #37

The site is down for me...

@EricMuyser | EricMuyser.com | OTC - "Defeat is a state of mind; no one is ever defeated until defeat has been accepted as a reality" - Bruce Lee
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June 26, 2013, 05:24:43 PM
 #38

Yesterday I invested 3.35 BTC. Right now I have 3.32925858 BTC  and declining really fast. Be careful. Never again.

!!My ID is 2336

That looks like a less than 1% loss.  The site risks up to 1% of your investment on every dice roll.  You realise that, right?

The house edge is 1%, so lots of variance is to be expected.  It's possible you'll make a quick profit, or a quick loss.  The edge means that the longer you stay in, the more likely you are to make a profit.

I hope it's clear that we are using your investment to back bets that players make, and that sometimes we will lose...

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dooglus
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June 26, 2013, 05:26:35 PM
 #39


It's back up.  I don't know why it chose the 16% of the day that I was unconscious for to freeze hard, but it did.

Will get onto preventing that from happening again as soon as I'm done responding to the "it's down" posts.  Smiley

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MrBubbles007
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June 26, 2013, 05:31:38 PM
 #40

Some feedback:

Love the site, it is simple to navigate (although eventually will need graphic updates, etc).

Bets are easy to make, its quick to see who won/lost

The only negative I can see is that its addicting Smiley one more roll..one more roll... haha. Great job man. Thanks for the bitcent to try it out!
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