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Question: Since July 2013 over 2,010,365 BTC representing 17.1% of all Bitcoins in circulations have been wagered through Just-Dice.com, a bitcoin dice game.  Is this good or bad for the future of bitcoin?
Good - It all about the velocity of money
Good - It is an exampe of where bitcoin has advantages to other forms of currency
Neutral - Who cares?
Bad - Bitcoin does not need the negative publicity as a medium for online gambling
Bad - It not healthy for so much of a currency to move through so few venues

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Author Topic: 17% of Bitcoins wagered through Just-Dice in 2 Months. Is this good or bad?  (Read 3479 times)
drawingthesun
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September 27, 2013, 04:51:52 AM
 #21

Unique coins wagered is far far smaller than the wagered amount shown. I had a few accounts at one point wagered almost 5,000 bitcoin and I have nowhere near that amount.

I would estimate that 95% of the total wagered is reused coins.

Perhaps 100,000 unique coins have gone through the site, and that is an extremely optimistic estimate.
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mechs
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September 27, 2013, 04:53:43 AM
 #22

Unique coins wagered is far far smaller than the wagered amount shown. I had a few accounts at one point wagered almost 5,000 bitcoin and I have nowhere near that amount.

I would estimate that 95% of the total wagered is reused coins.

Perhaps 100,000 unique coins have gone through the site, and that is an extremely optimistic estimate.
Atleast 170,000 have gone through the site judging by the transactions through the cold wallet
http://blockchain.info/address/14o7zMMUJkG6De24r3JkJ6USgChq7iWF86
drawingthesun
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September 27, 2013, 05:00:36 AM
 #23

Unique coins wagered is far far smaller than the wagered amount shown. I had a few accounts at one point wagered almost 5,000 bitcoin and I have nowhere near that amount.

I would estimate that 95% of the total wagered is reused coins.

Perhaps 100,000 unique coins have gone through the site, and that is an extremely optimistic estimate.
Atleast 170,000 have gone through the site judging by the transactions through the cold wallet
http://blockchain.info/address/14o7zMMUJkG6De24r3JkJ6USgChq7iWF86

Is that the investment address?

Anyway you can still bodge those numbers on blockchain. I have an address somewhere with over 10,000 bitcoin received. Again I have no where near that amount. If you withdraw to block chain and deposit back to Just-Dice again then it will add total received to that number.

So I am probably quite close considering the total amount must be lower than the amount reported on that address.

EDIT: also look at one of S.Dice addresses http://blockchain.info/address/1dice8EMZmqKvrGE4Qc9bUFf9PX3xaYDp I doubt a million unique bitcoins have run throught that one.

To determine actual unique amount of coins wagered you would have to do full taint analysis on every transaction. And even then that can never be 100% accurate.

mechs
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September 27, 2013, 05:06:14 AM
 #24

Unique coins wagered is far far smaller than the wagered amount shown. I had a few accounts at one point wagered almost 5,000 bitcoin and I have nowhere near that amount.

I would estimate that 95% of the total wagered is reused coins.

Perhaps 100,000 unique coins have gone through the site, and that is an extremely optimistic estimate.
Atleast 170,000 have gone through the site judging by the transactions through the cold wallet
http://blockchain.info/address/14o7zMMUJkG6De24r3JkJ6USgChq7iWF86

Is that the investment address?

Anyway you can still bodge those numbers on blockchain. I have an address somewhere with over 10,000 bitcoin received. Again I have no where near that amount. If you withdraw to block chain and deposit back to Just-Dice again then it will add total received to that number.

So I am probably quite close considering the total amount must be lower than the amount reported on that address.

EDIT: also look at one of S.Dice addresses http://blockchain.info/address/1dice8EMZmqKvrGE4Qc9bUFf9PX3xaYDp I doubt a million unique bitcoins have run throught that one.

To determine actual unique amount of coins wagered you would have to do full taint analysis on every transaction. And even then that can never be 100% accurate.
It the cold wallet = investment + balances not invested.  There probably another 1000 BTC between the online wallet and hot wallet
drawingthesun
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September 27, 2013, 05:07:07 AM
 #25

EDIT 2: however mechs, this is an interesting discussion about bitcoins current main uses. Which are gambling and drugs at the moment. We do need the legitimate uses to eventually out pace the other stuff for people to take bitcoin seriously.
mechs
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September 27, 2013, 05:08:22 AM
 #26

EDIT 2: however mechs, this is an interesting discussion about bitcoins current main uses. Which are gambling and drugs at the moment. We do need the legitimate uses to eventually out pace the other stuff for people to take bitcoin seriously.
I think it will catch on bigtime with porn websites soon.  Anonymity and fast payments ideal there.  And it good consumer protections since noone wants a sketchy porn site to have their cc info.
drawingthesun
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September 27, 2013, 05:10:11 AM
 #27

It the cold wallet = investment + balances not invested.  There probably another 1000 BTC between the online wallet and hot wallet

The thing is, look at those outputs, all those coins that have left that address probably have came back again thus inflating the amount of unique coins.

We can safely assume that between 100,000 and 200,000 unique coins have been wagered/involved with Just-Dice thus around 1% of all Bitcoins in existence.

Also in a few months the amount wagered will be more than 12,000,000 bitcoins. Smiley
Dabs
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September 27, 2013, 05:10:55 AM
 #28

If prostitution is simply defined as providing sex in exchange for an item of value, how is it different from marriage and half of all other relationships out there?
That's OT, but this is your thread. hehehe. Marriage and relationships are different. Prostitutes do not have a long term relationship with their clients, even if you are a regular customer.

Except for high end escorts, I don't know of any prostitutes that give credit or terms of payment that extend beyond the encounter.

As for "legit" uses, I'm accepting donations to feed children. uh,, not trying to hijack the thread okay, just giving an example.

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