Honest99 - Ethereum-based casino you don't have to trust (explained)

[joinu14]

If @OP can add more coins, I think he can still promote his website because I see only ethereum used to gamble. While the ethereum price now is at a high price, maybe many gamblers do not want to use ethereum to gamble. They will choose the other altcoins that do not need to pay a high fee and use too big money in ethereum to play any gambling games. But maybe some gamblers who have a lot of ethereum amount to still playing gambling.

Thank you for your response.

The feature you're asking is actually not as good as it might seem.
Right now the casino is completely self-contained. It doesn't require any centralized backend (a single point of failure) to work. It's only the smart-contract and the frontend (which I sure too find not very visually appealing).
The player uses their ethereum wallet (like Metamask or any mobile wallet with WalletConnect) to connect to it and send transaction directly to a blockchain.

What would it mean if we introduce another coin as a payment method? There are two scenarios:

1. We use wrapped representations of coins of other blockchains inside Ethereum (like WBTC). Players still interact with the casino by their Ethereum wallet. The casino would continue to be decentralized.
Yes, this is possible. But you would still need to pay transaction fees with ethers. Problem doesn't solved.

2. We make a real use of other cryptocurrencies and other blockchains. But it is impossible to achieve without adding some kind of central point, that can operate over multiple blockchains at once. But we can't, because this would mean, that you now have to trust the casino. It is no longer decentralized. It can be attacked by hackers at any minute.

This is an interesting topic to think about. If you're using some gambling platform that offers you such an ability to use multiple cryptocurrencies from multiple different blockchains - you're actually in danger.
You don't know how well they secure your funds. You believe they do it well, but who knows?

You don't need to trust Honest99 - that is exactly what the title says.

[1715607583]

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[joinu14]

And also I would like to add some words regarding the current prize fund situation.
Yes, there is only ~$400 in it right now. And considering the rule that you can only win a half of the prize fund at once (per one bet) it makes maximum bet value to 400 / 2 / 66 = ~2.5 bucks.
This means you can only bet a couple of bucks right now. The guessing smart-contract function is very well optimized and cheap in terms of gas fees. With 100 GWEI gas price it takes only 0.006 ETH to make a guess (to bet). But with current ETH price it doesn't help a lot.

This means, that you need like $6 additional to your $2 bet to play at least once.
And I can't do anything about it. This is just how ethereum works.

But, if you win, you could still make profit, because your $8 (6 + 2) would evaluate in $66 prize. Yes, it is lower than x66, but at least now it is solid x6.
And this will get better and better over time.

1. One day the bullrun ends, and the gas price become normal again.
2. The more money is locked in the prize fund, the bigger bet you're able to place at once. With the prize fund holding 200 ethers the maximum bet size would be 200 / 2 / 66 = ~1.3 ETH ($1000+). But fees would be the same $6.

Also, as I mentioned, x66 prize with 1% winning chance make the casino to accumulate value. So, there will be 200 ethers in the prize fund one day - math doesn't lie. The only thing this casino needs are players who are willing to pay $8 to get $66 right now.

As I get my next-month salary from my main job, I'll invest as much as I can into the prize fund to make it look more appealing for users. But right now, I'm near broke.

[Haunebu]

This means, that you need like $6 additional to your $2 bet to play at least once.
And I can't do anything about it. This is just how ethereum works.

Gamblers already need to deal with several risks and your excuse regarding the ETH fees makes things worse since we stand to lose more in the long-term.

Why would anyone be remotely interested in taking extra risks and dealing with issues like gas fees etc when all of that can be avoided through popular crypto gambling sites op? Can you answer this query?

[joinu14]

Why would anyone be remotely interested in taking extra risks and dealing with issues like gas fees etc when all of that can be avoided through popular crypto gambling sites op? Can you answer this query?

You should read my articles.

Using one of a gambling platforms you've mentioned, you're not gambling in real. They would never prove it, if you ask them.
Their goal is to make money and when someone "wins" using their platform - it was all calculated and predefined. They need you to win (because every winner is their promoter after she wins), but not too often (because they need to make big money to make this huge machine work well), and not too rare (because players need motivation to keep gambling). You win as much as they want you to. This is not fair.

And you can't prove me wrong, because all these closed platforms are hm... closed. No one from the outside can check their exact chance of winning.
It makes them unfair.

My project is different. It is fair and honest.

By the way. Me getting 3% of each prize as a fee leads us to one interesting thing.
I'm not making any money until you do. And I think, this is also fair.


>> issues like gas fees etc
And what are other issues?


_____________________

Please be polite, mate. I still see your post of how you're calling me drunk (not sober) and it harms my dignity very well.

[joinu14]

And I was also thinking about this one thing.

Let's imagine, you guys are right and I'm planning to catch as many little fish as I can and then run away. According to info I've just shared with you here, at least I've invested in this "attack" $500 ($400 for the prize fund, which you can check at etherscan and $100 contract deployment cost) and like a couple of months to prepare: write those articles (which are, by the way, approved by hackernoon's team and granted with "#hackernoon-top-story" tag by them) and write (or steal somewhere) the code, to fill my shady github repos.

If you try to actually guess the number at Honest99, you'll quickly see that the UI doesn't let you enter a bet more than ~0.001 ether (current maximum bet) - you just can't put more money in it.
This means that a single bet only makes me richer by $2. This means that I need like a 200+ bets (players) to double my initial investment and to steal (TA-DA) as much as $800 ($400 of which are mine). And we don't even count the time I put in all this preparation and stuff.

Do you really think it is some kind of profitable thing to do like this?

[joinu14]

And I also just realized what a hilarious mistake I've made.

The subtitle should say "...casino you don't have to trust". I'm sorry to everyone who got mislead by this.

It is bad to not be native.

[Haunebu]

By the way. Me getting 3% of each prize as a fee leads us to one interesting thing.
I'm not making any money until you do. And I think, this is also fair.

Please be polite, mate. I still see your post of how you're calling me drunk (not sober) and it harms my dignity very well.

I was joking about you being drunk(not serious) since the thread title didn't make any sense and the ANN presentation itself was poor.

Also, you didn't address my earlier query properly. I still don't see any benefit in taking extra risks with your site. 3% commission on top of all this further amplifies my criticism. If you can clarify these queries, I might invest in your site.

[joinu14]

Also, you didn't address my earlier query properly. I still don't see any benefit in taking extra risks with your site. 3% commission on top of all this further amplifies my criticism. If you can clarify these queries, I might invest in your site.

This is up to you, sir. I think, I answered your question pretty well.

What's about 3% of commission - it is only collected when someone claims a prize. It is much better than to collect, for example, 1% from each bet.

UPD:
If there will be a lot of discussion around this 3% I would introduce an update that reduces this number.

[Stakefast]

Honest but pretty ugly if you ask me as a web designer   (No offense)

Obviously you don't need a super web design to be successfull.

[joinu14]

Honest but pretty ugly if you ask me as a web designer   (No offense)

Obviously you don't need a super web design to be successfull.

Yea 

It look better on mobile though.

[michellee]

It is no problem if you can not add more coins to your site, but that is a suggestion to you and your team to see the site grow in the future. A wise gambler will calculate his initial money, and also, he needs to think about the fee before he can use it to gamble. Although I am not a real gambler, I am trying to calculate the gas fees if I want to deposit for some ethereum. If there are other coins as an option, I will use the other to avoid the gas fee because it is a big problem for sending the ethereum.

I chat with my friend last few days, and he tells that to send ethereum (she does not mention how much ethereum), she needs to pay $60. That does not make sense for me because, with that amount, I can use the other altcoins to gamble, and I do not have to pay a high fee for the transaction.

We are use crypto, which we have so many options to use the coins, so when we do not want to pay the high fee, we have the other coins to be used to gamble.

[acener]

Is this the main thread ?
Since you want to be honest this would be my honest opinion about the site.
A new site being promoted poorly by a newbie wouldn't really catch attention of the gamblers.
The game is pretty normal the player would just guess the random number but how would we know that it isn't rigged?

[Fredomago]

https://honest99.bet/

No "register with google"
No "1000 free spins"
Open-sourced, 100% decentralized
No BS, only truth

Your account was created just to post this thread , The site was created exactly 1 week now then you are asking us  to trust your site?

and Look at the Domain name , it sounds like a 10 year old created domain just to make their childhood friend believe they are honest and legit.

Maybe and Look at how you claim everything .

- No "register with google" = as if everyone that has this are scammer ?

- No "1000 free spins"  = Seriously ? you really need to mention this out here.

- Open-sourced, 100% decentralized = this must be tried and be test first.

- No BS, only truth = of course you'll say this , as if you will called your site a BS and Liar ?

[kryptqnick]

https://honest99.bet/

No "register with google"
No "1000 free spins"
Open-sourced, 100% decentralized
No BS, only truth

You're saying that the 'no need to trust' part is explained, but it's not explained in this post of yours, and that's not great. I know some casinos don't require trust because they're built on smart contracts and all the payouts are handled by those contracts automatically. Neither your post nor your website really explain anything about the nature of your casino, and you should really write down explicitly how it works, so that any typical gambler can see and understand it. And it should be written not in your replies to other people, but on the website and in the first post of this thread.
This casino might be an interesting project, but you need to make relevant info easily available and user-friendly.

[joinu14]

Thank you all for your responses.

A picture is worth a thousand words.
You can check it out in action but on a testnet (with testnet tokens). That way you're not risking anything.

Here is the instruction of how you can do it via your desktop.

1. Install Metamask and create a wallet (https://metamask.zendesk.com/hc/en-us/articles/360015489531-Getting-Started-With-MetaMask)
2. Get you some testnet tokens (https://gitter. im/kovan-testnet/faucet) - just send your address to the chat and wait a little - the bot will let you know
3. Open Metamask, switch your current network to Kovan (https://www.springworks.in/blog/how-to-connect-metamask-to-the-ropsten-test-network/ - this example connects to Ropsten, but for Kovan instructions are the same)
4. Go to https://honest99.bet/ and play as much as you want

UPD:
When you're done playing, don't forget to switch Metamask network back to "Main Ethereum Network"

[electronicash]

just because your domain has the word "honest" doesn't mean we will instantly trust.

you didn't build your reputation first before announcing your casino here. users here are not very trusting and it's very understandable because obviously there are tons of new sites like yours attempt to scam everyone. hard to earn the trust and hard for eth base casino due to the gas fees, its a difficult times for this kind of casino.

[joinu14]

You're saying that the 'no need to trust' part is explained, but it's not explained in this post of yours, and that's not great. I know some casinos don't require trust because they're built on smart contracts and all the payouts are handled by those contracts automatically. Neither your post nor your website really explain anything about the nature of your casino, and you should really write down explicitly how it works, so that any typical gambler can see and understand it. And it should be written not in your replies to other people, but on the website and in the first post of this thread.
This casino might be an interesting project, but you need to make relevant info easily available and user-friendly.

You might be interested in some of my articles I've prepared for the announcement.

If you want a high-level overview read this - https://senior-joinu.medium.com/i-built-an-ethereum-based-decentralized-casino-1e78fa8f8231
If you're more into technical stuff read this - https://hackernoon.com/building-an-ethereum-based-decentralized-casino-how-i-did-it-az1p33bx