Just-Dice.com : Invest in 1% House Edge Dice Game

[BlueCombWindow]

After some thought, I have only 2 concerns with investing:

1. My % of the bankroll will be so small compared to all the other money being invested that my profits will barely cover the transaction fee(s).

2. Once the responsible party (dooglus or whomever) sees a chance to walk away with > $10,000,000 USD (or more!), they will be unable to resist.

hmm.

[1714782374]

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[Eric Muyser]

After some thought, I have only 2 concerns with investing:

1. My % of the bankroll will be so small compared to all the other money being invested that my profits will barely cover the transaction fee(s).

2. Once the responsible party (dooglus or whomever) sees a chance to walk away with > $10,000,000 USD (or more!), they will be unable to resist.

hmm.

Man why even walk away with it? He could invest 50% of it and live off the interest or some other shit and we would be none the wiser because it's unlikely 50% of the assets will disappear all at once. Just like a bank.

Invested in AM, it's currently 5000/3.5*0.02 = 28 BTC a week. A cool 11 grand a month for doing nothing.

But if something were to happen, a large withdrawal or a very lucky bet, then something may go down

[dooglus]

I invested 3.35 BTC. Right now I have 3.32925858 BTC

That looks like a less than 1% loss.

No  that loss is 1,79%

How do you figure?

Here's how I figure it to be a 0.619% loss:

Code:

>>> 100 * (1 - 3.32925858 / 3.35)
0.6191468656716492

At first I eyeballed it.  1% of 3.35 is 0.335.  You lost about 0.02.  That's less than 0.335.

Maybe you're trolling me.  I keep falling for it.  It's hard for me to tell trolling from people making genuine mistakes.

[dooglus]

Is there some form of API for the operations regarding investment ?

When I make an API available, it will include invest/divest capabilities.  Currently there is no API.

[dooglus]

Percentage change = (V2 - V1) / V1 × 100%
http://www.miniwebtool.com/percentage-change-calculator/?num1=3.35&num2=3.29

Percentage change: 1.791% decrease

Here's me putting your values into your formula:

Code:

>>> # Yesterday I invested 3.35 BTC.
>>> V1 = 3.35
>>> # Right now I have 3.32925858 BTC
>>> V2 = 3.32925858
>>> Percentage_change = (V2 - V1) / V1 * 100
>>> print Percentage_change
-0.619146865672

Now you try?

[dooglus]

Guys... 11,000 BTC? I realize this is a great, low-risk, business model... but are we really that certain about the security of the server? Apologies in advance if the answer to this is obvious and I missed it.

I believe dooglus stated somewhere that most of the coins are stored in an offline wallet.

See the 'FAQ' tab on the site.  There's a question about the hot wallet.  The answer contains the address of the cold wallet.

[xaviarlol]

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...

No  that loss is 1,79%. Right now is more then 6%. All that in less than 24 hours! Great job. I choose to invest not to gamble, but obviously I was wrong. Investors stay away from these site.

You can't possibly be that stupid, surely.

[dooglus]

Someone lost a huge bet somewhere lol... "site is up" went from 115 to 204 in the hour I last checked it.  nice.

I was watching that.  It was a huge losing martingale sequence:

...
lose 1.34217728
lose 2.68435456
lose 5.36870912
lose 10.73741824
lose 21.47483648
lose 42.94967296

Total loss around 86 BTC.  The guy had been martingale betting for hours, and had slowly but surely won about 80 BTC, then lost it all back in a few bets.

[dooglus]

And be hunted down by the community?
I'm pretty sure having a steady low-risk income beats this.

I've used that argument before, and people counter with "no Bitcoin scammer has ever been hunted down".

Maybe he should take 10% of the profits not 1%.

Maybe.  Until I know what is it I'm going to be taking 1% of, it's hard to say...  The first 'week' was only 4 or 5 days, and I took a little over 2 BTC as my 1%.  It didn't even cover the cost of promoting the site.

[Deprived]

Haven't seen this anywhere - but can you confirm how long withdrawals take?

Is there some amount above which there's a delay for manual processing?

I'd also recommend increasing your cut - somewhere between 5% and 25% seems the right sort of area to me.  As someone likely to use it I WANT you to be making significant profit.  An operator/issuer making significant profit is one of the single biggest factors reducing likelihood of scamming - if you can clearly make decent profit running it then there's a lot less reason for you to even consider stealing the bank.  Personally I stay well away from anything where I can't see how the operator is making a good return.

[w00dy]

I've used that argument before, and people counter with "no Bitcoin scammer has ever been hunted down".

The easy solution is to "escrow" your real identity to someone.

before or after i use a couple BTC and get good faked ID / Driver License etc. etc. from SR? 

welcome to the Internet.

[joele]

Is there some form of API for the operations regarding investment ?

When I make an API available, it will include invest/divest capabilities.  Currently there is no API.

Looking forward to that API

[Lohoris]

I'd also recommend increasing your cut - somewhere between 5% and 25% seems the right sort of area to me.  As someone likely to use it I WANT you to be making significant profit.  An operator/issuer making significant profit is one of the single biggest factors reducing likelihood of scamming - if you can clearly make decent profit running it then there's a lot less reason for you to even consider stealing the bank.  Personally I stay well away from anything where I can't see how the operator is making a good return.

+1

[Taxidermista]

After some thought, I have only 2 concerns with investing:

1. My % of the bankroll will be so small compared to all the other money being invested that my profits will barely cover the transaction fee(s).

That's not a problem if the betting volume grows accordingly.

[willphase]

Is there some form of API for the operations regarding investment ?

When I make an API available, it will include invest/divest capabilities.  Currently there is no API.

+1 for an API - even if it's just a simple API to view my current investment balance - this would be a huge benefit for me to be able to manage my BTC investments.  Also, please make API keys be specific to operations - e.g. one 'read only' API key, and one 'read/write' API key - mtgox users have been stung too many times by having a single API key for write operations and finding all their BTC stolen.

Cheers,

Will

[Taxidermista]

BTW, dooglus, do you have a chart with wagers volume/investment volume ratio over time lying around?

[radiumsoup]

After some thought, I have only 2 concerns with investing:

1. My % of the bankroll will be so small compared to all the other money being invested that my profits will barely cover the transaction fee(s).

That's not a problem if the betting volume grows accordingly.

Exactly. Volume, especially on large wagers, is key. Plus, if the operator is sharing profits with investors, some investors will pull out if they see whatever they think is "too much" being diverted to operating costs/operator skimming, and that will lower the available winnings pool, preventing larger wagers. There's simply not enough data yet to determine long-term volume and the effect on dooglus' net rake.

I'd say give it another week or five, then SLOWLY and incrementally raise it if needed so as not to spook the bankrollers. And be willing to lower it later, too

Remember - the risk is to the folks who have put in BTC (and I'm certain dooglus has put in a sizeable share, don't get me wrong...) and dooglus' risk is limited to his minimal recurring operating costs (at most a couple hundred bucks a month for hosting services, apparently at Amazon) plus his initial BTC, which he may have already taken back out for all I know. Well, that and the risk of getting the wallets hacked and having to repay, but I'm sure he's thought of that already

[bobboooiie]

Everything is perfect about this so far the only thing that is missing is early ivestors reward or long term investor or something like that

[Lohoris]

Everything is perfect about this so far the only thing that is missing is early ivestors reward or long term investor or something like that

The reward for long-term investors is that... they will have more money.
Not sure what is there to add.

I understand his concern.

The problem here is that with a normal security usually the early investors are taking a higher risk (i.e. you don't know if the company will be successfull) but will get a higher reward (i.e. they bought cheaper).
Here instead, buying early give you no benefit over buying later (when you already know if the company is successfull).

[btc_lurker]

Everything is perfect about this so far the only thing that is missing is early ivestors reward or long term investor or something like that

The reward for long-term investors is that... they will have more money.
Not sure what is there to add.

I understand his concern.

The problem here is that with a normal security usually the early investors are taking a higher risk (i.e. you don't know if the company will be successfull) but will get a higher reward (i.e. they bought cheaper).
Here instead, buying early give you no benefit over buying later (when you already know if the company is successfull).

But this is not a "normal" security, this is basically guaranteed free money supposing long-term investments and honest operation together with people "nice enough" to gamble. I guess at some point the system could change in order to make it harder to be an investor, which automatically benefits the early investors.