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

[dooglus]

where's the rest ~30k?

maybe its expected result was -25K but he finished +5K

Yes, it's something like that.  The extra 30k (or whatever - it's hard to put accurate numbers on it because he constantly switched accounts and so it was hard to know which accounts were him) is the amount nakowa should have lost but didn't.

To make a cleaner example / thought experiment:

If someone comes to the site, deposits 10k BTC, bets it over and over again, making a total of 3 million BTC wagered, and ends up breaking even, the expected profit increases by 30k BTC, but the actual profit doesn't change.  The shortfall increases by 30k.  Where is the missing 30k?  The player doesn't have it - he only deposited 10k BTC and withdrew 10k BTC.  The site doesn't have it.  It's merely a shortfall of expectation, I guess.

[drawingthesun]

where's the rest ~30k?

maybe its expected result was -25K but he finished +5K

Yes, it's something like that.  The extra 30k (or whatever - it's hard to put accurate numbers on it because he constantly switched accounts and so it was hard to know which accounts were him) is the amount nakowa should have lost but didn't.

To make a cleaner example / thought experiment:

If someone comes to the site, deposits 10k BTC, bets it over and over again, making a total of 3 million BTC wagered, and ends up breaking even, the expected profit increases by 30k BTC, but the actual profit doesn't change.  The shortfall increases by 30k.  Where is the missing 30k?  The player doesn't have it - he only deposited 10k BTC and withdrew 10k BTC.  The site doesn't have it.  It's merely a shortfall of expectation, I guess.

Or another way of looking at it:

Someone deposits 1,000,000 bitcoin. They hit max chance to win and hit play 10 times. (assume he doesn't lose 10 bets at 98.99%)

The sites expected profit is now +100,000 bitcoin but in reality the gambler walks away with 1,000 bitcoin.

The gambler comes back and plays with the 1,000 bitcoin and loses it all.

So the site profit is now 0.09% not 0.3% and is down 100,000 bitcoin. The reality is that the sites profit is exactly the same because he lost the 1,000 bitcoin, but now newcomers see the site being short over 100,000 bitcoin.

[boumalo]

where's the rest ~30k?

maybe its expected result was -25K but he finished +5K

Yes, it's something like that.  The extra 30k (or whatever - it's hard to put accurate numbers on it because he constantly switched accounts and so it was hard to know which accounts were him) is the amount nakowa should have lost but didn't.

To make a cleaner example / thought experiment:

If someone comes to the site, deposits 10k BTC, bets it over and over again, making a total of 3 million BTC wagered, and ends up breaking even, the expected profit increases by 30k BTC, but the actual profit doesn't change.  The shortfall increases by 30k.  Where is the missing 30k?  The player doesn't have it - he only deposited 10k BTC and withdrew 10k BTC.  The site doesn't have it.  It's merely a shortfall of expectation, I guess.

Or another way of looking at it:

Someone deposits 1,000,000 bitcoin. They hit max chance to win and hit play 10 times. (assume he doesn't lose 10 bets at 98.99%)

The sites expected profit is now +100,000 bitcoin but in reality the gambler walks away with 1,000 bitcoin.

The gambler comes back and plays with the 1,000 bitcoin and loses it all.

So the site profit is now 0.09% not 0.3% and is down 100,000 bitcoin. The reality is that the sites profit is exactly the same because he lost the 1,000 bitcoin, but now newcomers see the site being short over 100,000 bitcoin.

I don't think the exemple would help someone that didn't understand

dooglus, would you disclose if you have a security feature that automatically send the invested money in case you are AOK for too long in case of an unfortunate event.

[Bitcoin Betting Guide]

Seems like investment went up 2000 BTC in the last day.

[Bitcoin Betting Guide]

It would be cool if JD gave us more investment stats like % profit or loss overall, annualised and for customer time frames.

[jarlelin]

Hi.

The site's FAQ does a great job of explaining most aspects of the investment and the security of the funds; I do however have one question that I haven't seen addressed:

Seeing as the site claims that doog is the only one with access to the cold storage, what would happen to the site in the unfortunate event of doogs untimely demise? Is there a dead man switch on a timer for instance or some other security feature set up?

Just curious that my investment is safe. Love the site and the service I've received so far.

[Dabs]

There is an emergency withdrawal address feature; that is supposed to activate in case something happens to doog. The site would no doubt shut down, but not before everyone gets their bitcoins.

[CoinDiver]

Doog has acknowledged a deadman switch. He seems to find it prudent to not divulge any details of his deadman switch. I figure it's either very well thought out, or doesn't exist. I'm betting on the former, and currently invested.

[SebastianJu]

Doog has acknowledged a deadman switch. He seems to find it prudent to not divulge any details of his deadman switch. I figure it's either very well thought out, or doesn't exist. I'm betting on the former, and currently invested.

I hope that... in case a agency comes to him... that the coins are safe and are sent back to investors and players fast since they are out of reach for the agency. That would let me sleep more calm...

[Dabs]

We don't know the details, just that doog has a trusted real life partner (could be Deb, or anyone else) that simply executes a script to send off the coins.

I think this would be at least a 3 step process, since the coins are in cold storage. Execute script on server to prepare transaction. Send it to offline storage to sign the transaction. Send it back to server to broadcast the transaction. (Or this last part can be broadcast by any online computer.)

Which reminds me, doog! Someone wants to buy my low ID number.

[freedomno1]

Which reminds me, doog! Someone wants to buy my low ID number.

How low is low anyways kind of curious see the number grew to 6 digits so 4 digits Is nice

[Light]

We don't know the details, just that doog has a trusted real life partner (could be Deb, or anyone else) that simply executes a script to send off the coins.

I'm hoping it isn't Deb (no offence to Deb) but if they both go together at the same time in let's say a car/fire accident then we have a problem. The thing is it seems that Deb would be a logical choice considering she is well aware of how JD works.

[Dabs]

Which reminds me, doog! Someone wants to buy my low ID number.

How low is low anyways kind of curious see the number grew to 6 digits so 4 digits Is nice

2 digits. PM me if interested. Also, it has 1.3 million bets in history. Hehe.

[boumalo]

sorry but is not safe if one person controls the Site I have wanted to invest but now Ill stay away. 

There is always a risk involved in any investment but if you don't invest it probably means more profit for those who are invested

[freedomno1]

Which reminds me, doog! Someone wants to buy my low ID number.

How low is low anyways kind of curious see the number grew to 6 digits so 4 digits Is nice

2 digits. PM me if interested. Also, it has 1.3 million bets in history. Hehe.

Nice and 2 digits now I can see why someone wanted it ^_^
Anyways back to normal thread

[David Latapie]

Nice and 2 digits now I can see why someone wanted it ^_^

Why would someone want to buy an ID? Ego?

[David Latapie]

It would be cool if JD gave us more investment stats like % profit or loss overall, annualised and for customer time frames.

Check here: https://bitcoinproject.net/justdice.php

[boumalo]

Nice and 2 digits now I can see why someone wanted it ^_^

Why would someone want to buy an ID? Ego?

For fun or for superstition

People buy accounts that invested and lost to save the 10% cut

[David Latapie]

People buy accounts that invested and lost to save the 10% cut

I don't understand this 10% cut. Care to explain?

[boumalo]

People buy accounts that invested and lost to save the 10% cut

I don't understand this 10% cut. Care to explain?

"The site currently charges a 10% commission on net investment profits to cover expenses such as advertising, server hosting, etc. The commission rate is subject to change. Notice will be given in this paragraph 7 clear days before any rate change takes effect.

Commission is charged when profits are divested, or at midnight (UTC) on Sunday each week, whichever happens sooner. Commission is never charged twice on the same profits. For example if you invest 100 BTC and it grows to 110 BTC by the end of the first week, you will be charged 10% of your 10 BTC profit. If your remaining 109 BTC investment then shrinks to 105 BTC over the next week, you will not be charged any commission at the end of that week. And then, if it grows to 119 BTC by the end of the 3rd week, you will only be charged 10% commission on the new 10 BTC of profit over the previous high of 109 BTC. At any point you could divest up to your original investment of 100 BTC without being charged commission since we consider that when divesting you divest the original investment first, and profits later."