“A better investment than ASIC chips!”
Introducing LetsDice.comI have spent innumerable amounts of time and energy doing research and preparation for the creation of this site. I have good reason to believe that letsdice.com will provide the next big investment opportunity in the bitcoin gambling world, ever since SatoshiDice was sold to a private buyer and taken off the market. LetsDice will innovate in the following areas:
Simultaneously support both the Satoshi Dice and Just-Dice styles of betting. That is, both on- and off-blockchain betting.
Shares of LetsDice will pay daily dividends equal to 1% of the daily wagered amount. Shareholders will not be subject the house’s fluctuations of wins and losses. Investors maintain a steady profit. (Although the bankroll of any gambling site will go up and down, the laws of mathematics ensure long term growth of bankroll.)
Letsdice.com will offer a jackpot side game. 0.48% of the total wagered amount will go into the jackpot pool. A player can then win the entire jackpot by rolling the exact lucky number for the jackpot.
The website will employ the use of a “seed user” plus invitation system:
- The first batch of users (“seed users”) will comprise of 127 people. Once there are 127 registered users, registration will be closed and new users must come by way of invite.
- The first 127 users in the system will comprise the main branches of the User Tree. The User Tree will employ a binary tree method. This method will be used to generate the client seed.
- New users will have to follow the invitation link of an existing user in order to create an account.
There will be a referral program in place, where users can earn extra money for inviting more users. More details to follow.
The site will have an anonymous board of directors. Shareholders with more than 20,000 shares (initial price: 0.01 BTC per share) will receive a board seat. Important decisions will be made by board member votes.
Other small but important refinements:
- Built in martingale scripts.
- Enhanced user experience.
- Responsive design. Mobile & tablet device compatible.
- Multi-language interface (English, Russian, German, French, Chinese, Japanese, Korean)
- High-speed, automatic, deposits and withdrawals
- Deposits are 0-confirmation. Small withdrawals are also automated. Large withdrawals must wait for manual confirmation.
- Advanced risk management and extensive backend management.
- Multi-dimensional, extensive data analysis tools will be made available.
- After the dice game fundamentals are in place, we will create more gambling games in the future.
Player Referral Plan and User Tree DividendsApart from the first 127 “seed users”, subsequent users must receive an invite to create an account. This is how the user tree is composed.
-Alice sends an invite to Bob. Bob creates an account and becomes part of Alice’s branch of the invite tree.
-Any user, including seed users may invite new users. New users join the branch of the user that invited them.
-Every player’s sub-branches have no limits on the number of users they can contain. The more users you invite, the greater your profit.
-Players will receive benefits from the 7 layers of users below them. 0.5% of a user’s daily wagered amount (denoted as Y) will be distributed to the branches above them in the user tree.
First level: 40%(Y), parent node
Second level: 20%(Y), child node
Third through seventh levels: 8%(Y)
*NOTE*: the benefits are calculated by the wagered amount, not by the site’s profit, which means, you are not living on other’s losses, rather, both you and your friend have the same opportunity to profit!
In order to receive a daily dividends from sub-users, a player must have a wagered amount greater than or equal to 0.1 BTC for that day.
If the user does not meet this condition, his branch will be skipped (however dividends will still move upwards)
If there are not seven remaining branches moving upwards, the remainder of the dividend returns to the site’s bankroll.
A player can attach an amount of BTC to his invitation link.
By attaching a gift of BTC to an invitation link, a user can incentivize others to sign up on their sub-branches.
Site IncomeHouse EdgeLetsDice.com will have a house edge of 1.98%
This will be distributed in the following ways:
- 1% as site profit
- 0.5% as player referral bonuses
- 0.48% adds to the jackpot
Investor ProfitAs an investor, letsdice.com gives you the following ways to earn profit:
Share dividendsEqual to (.75)*1% of total daily amount wagered. Shareholders do not bear risk for fluctuations in the site’s bankroll. Investors will receive a steady and reliable dividend.
Share price increaseAs this is a stock that will be paying a reliable daily dividend, we believe that it is practically inevitable for it to become a viable asset that people want to hold (read: higher stock price). The only way for there to be no dividend is for no one to use the site at all.
Popularizing letsdice.com = ProfitNew users must pass through an existing user’s invite link. Assuming they use your invite link, you will receive payments based on how much this user (and those he invites) wager. Even if you aren’t a shareholder, you can still make money in this way.
Profiting from other gambling gamesAfter developing the dice game, shareholders of letsdice.com will share a cumulative 10% of equity in new projects created under the LetsDice banner. Shareholders will also receive priority purchase rights to additional shares of those projects.
IPO Details- Total market value: 50,000 BTC
- Each share is valued at 0.01 BTC, in total there are 5,000,000 shares
- This IPO is the sale of 20% of total equity: 1,000,000 shares, for 10,000 BTC.
- The purpose of the IPO is to guarantee the site’s bankroll can cope with large-sized bets. All 10,000 BTC will be used as the site’s bankroll. Development expenses have already been paid out of pocket.
- Of the 1% of daily amount wagered (calculated by the wagered amount, rather than “profit”):
- 20% will be sent back into the bankroll; (exact percentages may be changed by board member vote.)
- 5% will be set aside for the maintenance and upkeep; (this percentage will be determined by votes of board members.)
- 75% will be sent as dividend to shareholders daily.
- 5,000,000 shares is a fixed number - no new shares will ever be created.
- After this IPO, there will be 1,000,000 tradable shares on the market
- When the site’s bankroll hits 20,000 BTC, an additional 3,000,000 shares will be released to the market as tradable shares, bringing the total number of shares on the market to 4,000,000.
- When the bankroll hits 30,000 BTC, another 500,000 shares will be released to the market as tradable shares, bringing the total number of shares on the market to 4,500,000.
- The final 500,000 shares will be retained as reserve funds, in case of dire circumstances (for example, if a whale won big and the site’s bankroll fell below 5,000 BTC). If this were to happen, the shares would be sold at market price. We chose to do it this way to safeguard from share dilution.
- Each board member must hold at least 20,000 shares (direct shares) for at least two months to achieve board seat status. (Any passthroughs created in the future will not count towards a board seat).
- Items which the board of directors may need to vote on:
- Decide how much of the money the site earns should be funneled back into the bankroll (we will begin by sending 20% of site profits back into the bankroll. The site’s profit is calculated as Wagered Amount x 1%)
- The house’s maximum bankroll (currently set at 50,000 BTC)
- What percent of site profit will be set aside for maintenance and upkeep (currently set at 5% - for example, some of this will go to funding bounties for users who report bugs)
- Max bet winnings (currently set at 2% of site bankroll)
- This IPO will end September 15th, 2013, 00:00:00 UTC.
- If the IPO raises more than 8,000 BTC before the deadline, it shall be considered a success. If the IPO fails, all funds will be returned to their original owners.
- After the IPO is complete, shareholders will be able to transfer them to the various exchange sites to engage in trade.
- The website will pay a dividend from it’s first day of operation, that is, September 15th, 2013. Once the IPO is completed, we encourage shareholders to create passthroughs on the various bitcoin stock exchanges.
How to register shares1. Send money to the following address:
1LDipoYVWA7UsFzWrrcXUGLnsXWuYaJB9f.
2. Make sure you send from an address that you fully control (NO SHARED WALLETS! DO NOT SEND COINS FROM ANY EXCHANGE!), as your sending address is where dividends will be sent.
3. During the IPO period, we shall only accept sales of equal to or greater than 1 BTC, sent in whole integer amounts (For example, you could buy 100 shares for 1 BTC, or 200 shares for 2 BTC, but could not buy 123 shares for 1.23 BTC)
4. Non-integer amounts of BTC will be refunded.
5. If the balance of the address exceeds 10,000 BTC, all coins in excess of 10,000 BTC will be refunded.
6. If the IPO succeeds, for the one week following it being closed, all new deposits to the address will be returned. After the one week, any more BTC sent to this address is sent at your own risk.
7. Refunded BTC guidelines: any deposits to be refunded will be returned, minus the miner’s fee, to the first input address from the transaction (so only send BTC from an address that you fully control)
8. You must sign a message containing an email address, proving that you own the address that coins were sent from. Your dividend address and email address will then be linked. Email this message to me. (find my email just below)
9. Receive a Google Authenticator 2-factor authentication code
Contact UsAt present, we only communicate through email:
martin.gale888@gmail.comWho are you?Call me Martin, please. I’m nobody. I first began mining bitcoins in early 2011. I was never active on the bitcointalk forums, but I am a lurker, and because of this, even my earliest bitcointalk account is still only “Jr. Member” status.
Why should I trust you？Because I would like to maintain anonymity, aside from my project itself, I don’t have anything to say to you to prove more. So, investing in this project is taking a leap of faith -- at present, there’s no other way.
What risks are there?In theory, of course there are risks. An anonymous poster reveals his business plan, provides a payment address, and asks everyone to “just trust him”. Then this anonymous person disappears into the night, taking everyone’s coins with him. This is the classic story of bitcoin scams. All I can tell you is: I believe that the long-term value of letsdice.com will be more than 10x greater than the 10,000 BTC that I am looking to raise with this IPO. This is my nature: I honor my own work.
Another dice game?Yep. Dice games are the classic bitcoin gambling game. It essentially shares the same basics as other dice games. Where it differs is that letsdice.com plans to build several improvements upon these fundamentals. Once the dice game has been perfected, we will focus on creating other games.
Why are you more qualified to build this site than others?My expertise does not lie in programming, but rather in business operations. I know how to build a good project from the ground up, and more importantly, I know how to guide my projects to natural growth. Please pay more attention to the Player Referral Plan.
What kind of major expenditures does this project have?No significant expenses. An online casino, aside from initial development costs and web hosting, will have no large expenditures. The reason for this IPO is to bankroll the site. The main expenses will be web hosting, bounties for bug discovery, etc.
What will be the done in case of your injury or death?I have a backup plan in place to ensure that in the event of my becoming incapacitated, my colleagues will be able to carry on the operation of the site and control of the site wallets.
Again, if you have questions, comments, or concerns, please get in contact with the LetsDice team via email: martin.gale888@gmail.com
Update - September 13th - New Bankroll Info1. About the Bankroll
a) The first 10,000 BTC bankroll belongs to the shareholders of the initial 20% of shares released.
b) These original IPO shares are specially noted and traceable (so we know who owns IPO shares)
c) Every time the bankroll increases by 10,000 BTC, we will send 2,000 BTC back to the shareholders who bought in at the IPO. So, when the bankroll reaches 20,000 BTC, a payment of 2,000 BTC will be spread among the original 1,000,000 shares.
i. Bankroll: 20,000-2,000=18,000
ii. Bankroll: 28,000-2,000=26,000
iii. Bankroll: 36,000-2,000=34,000
iv. Bankroll: 44,000-2,000=42,000
v. Bankroll: 52,000-2000=50,000
d) In this way, when the bankroll hits 50,000 BTC, the original shareholders will have recovered their investment, while still retaining their shares. The entire bankroll belongs to the shareholders.
e) The initial bankroll is planned to grow by [wagered amount x 1% x 25%] (although this will be decided in the initial board member meeting). Board members may decide in the early stages to increase this percentage to allow for faster bankroll growth.
f) If the bankroll drops below 5,000 BTC, we have the following plan (which we hope we will not have to ever use!)
i. We will sell the necessary number of shares at market price to bring the bankroll back up.
ii. The IPO shareholders will have first preference to buy these shares.
iii. This 5000 BTC bankroll is also the property of all shareholders, and will follow the aforementioned restitution plan (i.e., 2,000 BTC back to the original shareholders per 10k raised)
2. Regarding the Board of Directors
a) To become a board member, one must own at least 20,000 shares and hold them for more than 2 months.
b) Any given shareholder may only have one board seat, regardless of number of shares held.
c) The LetsDice team has only one board seat (although we retain a veto power)[/list][/list]
