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

[itod]

Dooglus, it would bi nice to change https://just-dice.com/#stats->"user-contributed live stats" to point to https://bitcoinproject.net/justdice.php instead of https://bitcoinproject.net/just-dice-casino/just-dice-charts, it gives annoying 404 page now.

[olesentv]

What about using the coins in cold storage to invest in an ongoing, or start a bitcoin mining operation? 

It's about 20 million in equipment that could be bought to mine.  You could just lower the maximum profit on bets since the amount is rarely being tested anyway. 

An 80/20 ratio seems reasonable.  That should allow for very fast compounding and gives investors three layers of investment.

1.  The 1 percent edge
2.  The mining
3.  The bitcoins themselves

[SebastianJu]

What about using the coins in cold storage to invest in an ongoing, or start a bitcoin mining operation? 

It's about 20 million in equipment that could be bought to mine.  You could just lower the maximum profit on bets since the amount is rarely being tested anyway. 

An 80/20 ratio seems reasonable.  That should allow for very fast compounding and gives investors three layers of investment.

1.  The 1 percent edge
2.  The mining
3.  The bitcoins themselves

Never ever. Im out then. Mining operations are way too risky lately, buying miners wont break even in bitcoins, developing asics and miners is a competitive and prone to error market. Not a good idea for me. On top the house has to be there in case someone beats big parts of the house.

If investing then better with your own money. Otherwise you could open a just-dice-website, claim a house of 50k bitcoins and promise to pay later if someone wins. That wouldnt be a reputable business.

[itod]

What about using the coins in cold storage to invest in an ongoing, or start a bitcoin mining operation? 

There can not be a profitable bitcoin mining operation, it's a myth. Since almost a year ago all mining hardware is being sold way above the mined BTC price. People a willing to pay more than the equipment is worth because they don't know how to use a mining calculator, and that can not be changed.

Nevertheless, even if for some magical reason there would be realistically priced equipment on the market, buying that would mean you give up the right to divest from JD, you are aware of that? I'm not willing to give up that right.

[olesentv]

What about using the coins in cold storage to invest in an ongoing, or start a bitcoin mining operation? 

There can not be a profitable bitcoin mining operation, it's a myth. Since almost a year ago all mining hardware is being sold way above the mined BTC price. People a willing to pay more than the equipment is worth because they don't know how to use a mining calculator, and that can not be changed.

Nevertheless, even if for some magical reason there would be realistically priced equipment on the market, buying that would mean you give up the right to divest from JD, you are aware of that? I'm not willing to give up that right.

I think what is happening is that the market is proving the viability of bitcoin by making the cost of mining the coins more than what could be gained from the coins produced.

If people are willing to invest money into mining bitcoins even when it's unprofitable it proves that those people believe that the coins will be more valuable than their current cost of mining them.

For instance, let's say the price of bitcoin moves to 2000 dollars per coin.  Those people who had been mining all along will get the full benefit of that profit because everyone else for certain will have quit.

Someone investing in mining bitcoins causes the price of bitcoins to go up because their investments increase the utility of bitcoin both information-ally and directly depending how they purchase the equipment to do the mining.  If they buy their gear with bitcoins it increases the utility of the currency. 

The most important part to remember is that mining difficultly increasing is not an indication that mining is not profitable.  It is an indication that the future price of bitcoin is going to be a lot higher almost always. 

Miners that have the most invested will have the largest edge.  As far as the efficiency of the individual mining itself that's an entirely different thing.  In theory if you could find a way to get a bunch of free electricity and computing power that was cheaper than the super high-tech miners it wouldn't matter what equipment was used to mine the coins.

[Skinnkavaj]

dooglus have you considered making just-dice open source or make a Litecoin version?

[pascal257]

dooglus have you considered making just-dice open source or make a Litecoin version?

Right, there aren't enough dice sites already.

[olesentv]

I've been watching the site for two days now I think it's an elaborate form of scam.  The game is provably fair for the players but that simply means they have a -1 percent disadvantage. 

The key is the edge on the site has not and will not approach 1 percent for investors.  I believe they are using big bettors to hammer the site when it's up and take off big chunks of money all at once.  Then the little bettors build the profit back up and they hammer it again.

There really is no need to have a site that allows someone to win 187 bitcoins in one roll of the dice.  The major reason it's needed is so that the mysterious big players can come in and bet obviously insane amounts per roll and walk away with a big win. 

The names of the players seem like they are taken out of a name book to make them look legit and random.  He even admits that it's not fair for investors without ever saying if he is taking advantage of that unfairness to make himself money.

[zipmaster]

Olesentv,

How much did you lose on the site?

If you go to http://just-dice.com/raw.dat you can download the raw historical data showing you how Wagered/Profit amounts have changed over time.

Apart from one VERY LARGE win by a player named Nakowa back in August (if I'm correct) the site's profit has been tracking the 1% line very accurately. Sure, Dooglus could have been Nakowa. If that were true he'd have gotten away with over 30k bitcoins by now which are pretty much enough to have him set for life. Luckily I had no money invested at the time Nakowa prowled the site.

At the same time, though, one must acknowledge the Dooglus' fair share on the site has already netted him some 1.2k bitcoins which isn't peanuts by any measure. It is in Dooglus' best interest to keep the site and, more importantly, the investor's faith in it for as long as possible. At the moment he probably has no bitcoins invested in the site bankroll. That means that he is raking in pure profit from the site's gambling operation.

Even if he had stolen in the past, the track record the past couple months has been impeccable and I will continue to trust the solidity of Doog's spectacular business model.

[conspirosphere.tk]

dooglus have you considered making just-dice open source or make a Litecoin version?

Right, there aren't enough dice sites already.

i would happily invest in an LTC dice by dooglus

[SebastianJu]

What about using the coins in cold storage to invest in an ongoing, or start a bitcoin mining operation? 

There can not be a profitable bitcoin mining operation, it's a myth. Since almost a year ago all mining hardware is being sold way above the mined BTC price. People a willing to pay more than the equipment is worth because they don't know how to use a mining calculator, and that can not be changed.

Nevertheless, even if for some magical reason there would be realistically priced equipment on the market, buying that would mean you give up the right to divest from JD, you are aware of that? I'm not willing to give up that right.

I think what is happening is that the market is proving the viability of bitcoin by making the cost of mining the coins more than what could be gained from the coins produced.

If people are willing to invest money into mining bitcoins even when it's unprofitable it proves that those people believe that the coins will be more valuable than their current cost of mining them.

For instance, let's say the price of bitcoin moves to 2000 dollars per coin.  Those people who had been mining all along will get the full benefit of that profit because everyone else for certain will have quit.

Someone investing in mining bitcoins causes the price of bitcoins to go up because their investments increase the utility of bitcoin both information-ally and directly depending how they purchase the equipment to do the mining.  If they buy their gear with bitcoins it increases the utility of the currency. 

The most important part to remember is that mining difficultly increasing is not an indication that mining is not profitable.  It is an indication that the future price of bitcoin is going to be a lot higher almost always. 

Miners that have the most invested will have the largest edge.  As far as the efficiency of the individual mining itself that's an entirely different thing.  In theory if you could find a way to get a bunch of free electricity and computing power that was cheaper than the super high-tech miners it wouldn't matter what equipment was used to mine the coins.

If you would be better investing those fiat into bitcoins instead then buying miners is not the better decision. Either you have an amount of bitcoins at the end or you dont. If deciding on if buying a miner one should consider that the amount of fiat exchanged to bitcoins or the bitcoins invested have to be mined back. That isnt happening. Some miners look like they will ROI but those are preorders only with insecure ending.


Olesentv... you should check the theoretical profit of investors against the factual profit of investors. Its always in that range. Dooglus cant possibly fake things here as long as he dont take out coins without changing the house value. I wouldnt await him doing so. But the calculations show there is no manipulation by dooglu. If there would it wouldnt even be worth trying because it cant be seen so small would it be.

[dooglus]

I think it's only fair to warn you guys that someone has discovered a way of emptying the Doge-Dice bankroll.  It's only a matter of time until this strategy becomes widely known.  So in the interest of full disclosure, here it is:

[maqifrnswa]

I think it's only fair to warn you guys that someone has discovered a way of emptying the Doge-Dice bankroll.  It's only a matter of time until this strategy becomes widely known.  So in the interest of full disclosure, here it is:

I bid 6 million doges for much exploit very strong

[organofcorti]

I think it's only fair to warn you guys that someone has discovered a way of emptying the Doge-Dice bankroll.  It's only a matter of time until this strategy becomes widely known.  So in the interest of full disclosure, here it is:

I bid 6 million doges for much exploit very strong

I am simply amazed - amazed and shocked - that no one has ever thought of this before. This clearly spells the end for online casinos.

[eltopo]

You should pay those guys just for the entertainment they create... 

[SebastianJu]

Damn dooglus... you wrote so serious that i really thought there is a technical exploit... so i had to read this genius plan in full. I knew something is wrong since doge dice profit is for so long time below the theoretical profit... now i know the explaination...

[SebastianJu]

So it looks like shortly before 18 o clock someone lost 500 Bitcoins. At least the chart says so. But when i see the stats in just-dice, the biggest losses in last 6 hours then there is no loss near to that. The losses are summarized per user right?

Am i seeing something wrong here?

[meta.p02]

Doog just said this in chat:

Code:

12:22:25 [removed] Doog, biggest.txt seems to be not updating?
12:22:28 [removed] generated Tue Jan 21 19:59:30 UTC 2014
12:22:43 (1) <dooglus> [removed] yeah, I stopped it - it takes far too long and makes the server lag to update it
12:22:55 (1) <dooglus> I should make it just do the easy ones - last hour, etc.
12:23:00 (1) <dooglus> it's the 'last 52 weeks' that kills it

[dooglus]

Doog just said this in chat:

Code:

12:22:25 [removed] Doog, biggest.txt seems to be not updating?
12:22:28 [removed] generated Tue Jan 21 19:59:30 UTC 2014
12:22:43 (1) <dooglus> [removed] yeah, I stopped it - it takes far too long and makes the server lag to update it
12:22:55 (1) <dooglus> I should make it just do the easy ones - last hour, etc.
12:23:00 (1) <dooglus> it's the 'last 52 weeks' that kills it

I have a cut-down version of the 'biggest bets' report running now.  I need to work out why the queries for the individual biggest bets are so slow, but it the mean time:

Code:

biggest cumulative losses in last 12 hours

+--------+-----------------+
| uid    | profit          |
+--------+-----------------+
| 433249 |   -469.36447370 |
| 433434 |    -50.44589718 |
| 429041 |     -6.85903271 |
| 264535 |     -3.24000000 |
| 430204 |     -2.99488631 |
| 324992 |     -1.58997037 |
| 271269 |     -0.99703948 |
| 433183 |     -0.96831000 |
| 434709 |     -0.63920000 |
| 416920 |     -0.56000000 |
+--------+-----------------+

biggest cumulative amount wagered in last 12 hours

+--------+-----------------+
| uid    | wagered         |
+--------+-----------------+
| 433249 |  3,394.25000000 |
| 419859 |    176.57296154 |
| 433434 |     75.86665616 |
| 409768 |     70.62800000 |
| 264535 |     61.01665532 |
| 165757 |     53.08243584 |
| 352466 |     46.91634000 |
| 425741 |     39.74990531 |
| 433463 |     36.64697555 |
| 411587 |     35.25720000 |
+--------+-----------------+

[DomenicoRomano]

How do I monitor my Just-Dice investment without being tempted to place a bet?

I haven't placed a bet in over a month now.  I just have my few bitcoins left in as an investment.  Every now and then I look at the site to see how it is doing.  But that temps me to place a bet.  Today I checked by looking at the cold wallet but that has more coins in it than the bank.

Is there some other way to see how the bank is doing without seeing the betting form?  I know Dooglus will ban my account from betting if I ask but I want to be grown up about this.

As an investor at the rate the bank is growing I will make back my betting loses in just under a year.

BigDom