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Author Topic: PRE [ANN] CryptoCasino First Proof Of Risk coin- Internal Decentralized Casino  (Read 8877 times)
CryptoCasino
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February 08, 2014, 09:08:21 PM
 #1

Crypto Casino
The First of it's kind
Proof Of Risk (POR) with internal decentralized casino
The definitive gambling experience of the next generation

CryptoCasino: Bitcoin the first true decentralized currency - Crypto Casino the first true decentralized economy

Stop claiming shares on this thread and just posting interested low content posts will be deleted by mods
Premine: Their will be a premine of..... 0%  Grin


Proof Of Risk - Decentralized Economy - Financial Freedom

Mining Algorithm: TBA
Block time/Retarget/Reward: Based on POR - discussed in detail below
House Block Time: 24 hours - first 18 hours released last 8 hours retained for those that beat house
Max Coins: TBA
Release date: TBA


Mining in Crypto Casino
Mining coins in Crypto Casino are 100% earned by Proof Of Risk Protocol and collecting transaction fees for securing the network and processing the transactions. This efficient mining protocol results in low energy mining so mining profits won't be negated by high electricity bills and it's very environmentally friendly unlike Bitcoin and many Bitcoin clones.

Internal decentralized Casino
In Crypto Casino their is House gambling and peer 2 peer gambling. Like any other casino in Crypto Casino the house has the slight upper hand when a player beats the house they keep their profits, however when a player loses to the house these funds go to the house. In turn these funds will be distributed to all miners and some gamblers under proof of risk and dynamic distribution. People gambling against each other in peer 2 peer will not be able to earn coins through proof of risk for the most part because of the chance of game setting and manipulation. People gambling against eachother will win profits like a conventional casino (a small percentage of wins may be taxed to go to the house to discourage fake wins this however is TBD and is not final).

Proof Of Risk
Proof of Risk is a new protocol built from the ground up for Crypto Casino. The mining Distribution relies almost completely on POR and so do house gambling aspects. POR allows the distribution of coins through mining to be more dynamic seeing as how CryptoCasino is non-inflationary in the traditional manner a 51% attack will not be possible and other malicious attempts by big miners are negated.

House Safegaurd
To protect the House from going into debt and not being able to pay out wins Log will be implemented (Lesser Opposition Gain) that makes sure overall the house does not end up in the red and it is able to pay out wins while still paying miners.

Work for CryptoCasino
We will be placing positions for development, marketing etc. soon so keep an eye out.

Note this is just the initial Announcement
This is just the Announcement of CryptoCasino further aspects such as Decentralized Exchange, Live Event Integration and more technical Aspects are yet to be released but will be done in a timely manner. At the moment no Donations or investment are being accepted this phase will be released along with other technical announcements soon, please do not send funds to anyone claiming to be accepting them on CryptoCasino behalf unless otherwise stated in this official post.
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tmullett
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February 08, 2014, 09:12:01 PM
 #2

Can't wait for the POR-house jokes :-)

"Hundreds of people can talk, for one who can think. But thousands of people can think, for one who can see." - John Ruskin

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CryptoCasino
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February 08, 2014, 09:14:27 PM
 #3

Can't wait for the POR-house jokes :-)
haha you win the CryptoCasino award for best worst pun.

On a more serious note I'm hoping the community sees the true inovation in this and adopts it as what it is one of the most innovate things yet in the cryptocurrency world.
tmullett
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February 08, 2014, 09:18:46 PM
 #4

Oh I think it's very innovative. Can't wait to see what happens. Best of luck!

"Hundreds of people can talk, for one who can think. But thousands of people can think, for one who can see." - John Ruskin

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February 08, 2014, 09:23:27 PM
 #5

To protect the House from going into debt and not being able to pay out wins Log will be implemented (Lesser Opposition Gain) that makes sure overall the house does not end up in the red

So ... no matter how hard you try, you can't win?

Either the game will be fair (with some house edge) and then the casino can end up in red, though with reasonable house edge it can be quite unlikely if there is big enough initial bank.
Or the house can't be broken, but then the game won't be fair, as there will inevitably be some "and now you cannot win" mechanism in place.

Big brother is not watching you anymore. Big brother is telling you how to live.
CryptoCasino
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February 08, 2014, 09:32:28 PM
 #6

To protect the House from going into debt and not being able to pay out wins Log will be implemented (Lesser Opposition Gain) that makes sure overall the house does not end up in the red

So ... no matter how hard you try, you can't win?

Either the game will be fair (with some house edge) and then the casino can end up in red, though with reasonable house edge it can be quite unlikely if there is big enough initial bank.
Or the house can't be broken, but then the game won't be fair, as there will inevitably be some "and now you cannot win" mechanism in place.

Their will be no "you can not win mechanism in place" the house has a reasonable but not insane edge. However the LOG (Lesser Opposition Gain) makes sure the House does not go completely in the red and unable to pay miners and bets by at times disallowing people to make extremely large bets resulting in the house going in red etc. these safegaurds are the same safegaurds used by conventional casinos and it's a way to stay completely decentralized. Think of it like this a bank has 50M in stock so it allows 100 customers a loan of 500k so even if all customers come at once to withdraw their money the bank will be at 0 but not be in the red. The house has 50m in stock we only allow a bet up to a certain price at certain times to ensure we can still pay out. If we did not do this it would be similar to fractional reserves were the bank has 50m gives out loans to 5000 people for 500k each and they can't pay out to everyone if they all come at once. This is a more simple explanation and I tried to explain it in the most understandable way possible if you have any questions please feel free to ask.
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February 08, 2014, 09:54:47 PM
 #7

looks like this will be the next nxt   Cheesy Wink Proof Of Risk looks interesting
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February 08, 2014, 09:58:56 PM
 #8

To protect the House from going into debt and not being able to pay out wins Log will be implemented (Lesser Opposition Gain) that makes sure overall the house does not end up in the red

So ... no matter how hard you try, you can't win?

Either the game will be fair (with some house edge) and then the casino can end up in red, though with reasonable house edge it can be quite unlikely if there is big enough initial bank.
Or the house can't be broken, but then the game won't be fair, as there will inevitably be some "and now you cannot win" mechanism in place.

He's saying the maximum bet amount depends upon the house's current bankroll

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February 08, 2014, 10:04:32 PM
 #9

To protect the House from going into debt and not being able to pay out wins Log will be implemented (Lesser Opposition Gain) that makes sure overall the house does not end up in the red

So ... no matter how hard you try, you can't win?

Either the game will be fair (with some house edge) and then the casino can end up in red, though with reasonable house edge it can be quite unlikely if there is big enough initial bank.
Or the house can't be broken, but then the game won't be fair, as there will inevitably be some "and now you cannot win" mechanism in place.

He's saying the maximum bet amount depends upon the house's current bankroll

you're probably right
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February 08, 2014, 10:09:20 PM
 #10

extremely innovative everyone should see this.
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February 08, 2014, 10:12:57 PM
 #11

sounds interesting...when will it start?

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cryptopaths
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February 08, 2014, 10:16:21 PM
 #12

sounds interesting...when will it start?

This is just the initial announcement it says stuff like investment opportunities release date technical details etc. will be released soon.
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February 08, 2014, 10:23:55 PM
 #13

to the moon?
blueangel01
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February 08, 2014, 10:26:43 PM
 #14

I thought this was a joke when i saw this in my email:

"A new topic, 'ey45y45y5hy45yh45h45h45h45h45h45h45h4545h45h45h htr76', has been made on a board you are watching.

You can see it at
https://bitcointalk.org/index.php?topic=455780.new#new"

Added to watch list. I hope you don't make us wait forever.

Msg me if you want me to put anything here.
CryptoCasino
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February 08, 2014, 10:35:33 PM
 #15

I thought this was a joke when i saw this in my email:

"A new topic, 'ey45y45y5hy45yh45h45h45h45h45h45h45h4545h45h45h htr76', has been made on a board you are watching.

You can see it at
https://bitcointalk.org/index.php?topic=455780.new#new"

Added to watch list. I hope you don't make us wait forever.

I had to make that the topic for a couple of seconds then changed it because their was a bug and it wasn't letting me post under the actual title. And are you referring to the release date? If so I plan on doing everything in a timely manner and will try to get everything ready as soon as possible. Release Date is still to be announced.
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February 08, 2014, 10:36:34 PM
 #16

Release date?

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February 08, 2014, 10:41:47 PM
 #17

Release date?
Release Date is still to be announced.
Seems like an interesting coin, I'll be looking forward to it. Wink

CryptoCasino
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February 08, 2014, 10:50:57 PM
 #18

thanks to all that have shown interest in this I'm also open to any suggestions and questions anyone has so feel free to ask.
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February 08, 2014, 10:54:56 PM
 #19

to the moon
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February 08, 2014, 11:01:50 PM
 #20

thanks to all that have shown interest in this I'm also open to any suggestions and questions anyone has so feel free to ask.

This looks extremely innovative and very interesting. It sounds like you have a really good concept here, this coin is innovative enough that to ensure its success you really only need to do one thing: don't rush the launch, make sure all the bugs are worked out pre-launch and that the launch is fair and runs smoothly. If you do that then this idea has the potential to meet or even surpass the other recent innovative coins (ie Huntercoin and Vertcoin).
Good Luck!
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