Buy/Sell Thread. Chancecoin [CHA] (Decentralised Dice-Coin)

[TwinWinNerD]

Link to main thread: https://bitcointalk.org/index.php?topic=528023.0


Description

Chancecoin (CHA) is a protocol, coin, and client used to bet on dice rolls in a decentralized casino. Owners of the coin may gamble on dice rolls, with randomness provided by published NY Lottery Quick Draw numbers. Owners of the coin are automatically invested in the house bankroll. The protocol, which is based on Counterparty (XCP), is built on top of the Bitcoin blockchain. Coins are created by burning Bitcoins(Period is over now!). Coins can be exchange on the build-in decentralised exchange.

Burn information: BURNING IS OVER!

Maximum coins burned: 1,000,000
Burn period: Bitcoin blocks 291860 to 298340
Coins burned in first block: 1,500 CHA per 1 BTC
Coins burned in last block: 1,000 CHA per 1 BTC (coins per block scaled linearly in between these blocks)
BTC burn address: 1ChancecoinXXXXXXXXXXXXXXXX0ZELUFD
Maximum coins burned per address: unlimited

Casino information

House edge: 2.0% (for now, will be changed to 1%!)
Maximum win: 1.0% of bankroll (max win 5000 CHA right now!)

Wallet software

OS X binary
Windows binary
Install from source on GitHub

Resources

Home page
Up to date version of this document
Technical details
Subreddit

How do I buy CHA?

You can still trade CHA for BTC on the decentralized exchange using the standard Chancecoin wallet or command line interface.


How do I gamble?

You can gamble using the standard Chancecoin wallet or command line interface.

Gambling with the Chancecoin wallet

Open the wallet software and click on "Casino." Choose the amount of CHA you want to bet, and the desired payout or odds of winning (one will determine the other). Then click "Roll the Dice."

Gambling with the command line interface

Run "python chancecoind.py bet --source SOURCE --bet BET --chance CHANCE --payout PAYOUT." Note that the chance of winning and the payout must be congruent. This is best illustrated with an example: if the chance of winning is 50 (meaning 50%), then the payout is 1/0.5*(1-0.02)=1.96, where 0.02 is the house edge.

How do I bankroll the house?

By owning CHA, you are automatically bankrolling the house. On average, you can expect to earn the house edge of 2.0% per bet.

Developers

Magician and Venetian

Installation instructions

Prerequisites

Install bitcoind or a Bitcoin client with RPC capability (such as Bitcoin-Qt). The txindex option must be enabled.

From binary

• Download and run a precompiled Chancecoin wallet binary.
• When you load the program for the first time, it will tell you where you need to create your configuration file, and it will also show you an example of a valid configuration file. Create this file and fill it in with the details of your Bitcoin RPC server.
• Restart the Chancecoin wallet and you should be good to go.

From source

• Git fetch https://github.com/chancecoin/chancecoin.git.
• Install python3 and the following prerequisites: apsw, requests, appdirs, prettytable, python-dateutil, json-rpc, cherrypy, pycoin, pyzmq(v2.2+), tornado.
• You can run the GUI via gui.py, or the command line interface via chancecoind.py.
• Either way, you need to create a configuration file first. When you first run the program, it will tell you where you need to create your configuration file. Example.conf is an example of a valid configuration file. Create this file and fill it in with the details of your Bitcoin RPC server.
• Restart the Chancecoin wallet and you should be good to go.

Happy trading!

[TwinWinNerD]

First offer:

100 CHA for 0.5 BTC.

This is dirt cheap!

[superresistant]

First offer:
100 CHA for 0.5 BTC.
This is dirt cheap!

It is indeed very cheap.

I would sell for at least 100 CHA per BTC ratio.

0.01 BTC/CHA

[TwinWinNerD]

First offer:
100 CHA for 0.5 BTC.
This is dirt cheap!

It is indeed very cheap.

I would sell for at least 50 CHA per 0.5 BTC ratio.

0.01 BTC/CHA

It is the first CHA trade ever. I am giving a little discount

[provenceday]

how to buy or sell chance?

anybody know this?

seems you can not buy or sell chance coin?

here:http://chancecoin.com/technical

Code:

Technical

Betting

Generally speaking, when you bet, you specify a bet size, a chance of winning, and a payout. The chance of winning and the payout must correspond. For example, if there were no house edge, a 50% chance of winning would correspond to a 2-to-1 payout (2x). Because the house edge is 2.0%, this payout is adjusted to 1.96x (this is 10.5⋅(1−0.02).

Specifically, in Chancecoin, a bet is comprised of a bet amount (b), a chance of winning (1p), and an edge-adjusted payout (p⋅(1−e)). The house edge (e) is 0.02 (2.0%). The protocol enforces that the edge-adjusted payout and the chance of winning correspond exactly as described.

Randomness

Chancecoin uses New York Lottery Quick Draw numbers to resolve bets. Quick Draw numbers are drawn every four minutes, every day of the week (with the exception of 3:25am to 4:00am EST daily). The numbers are published online shortly after they are drawn. The drawing selects 20 numbers randomly from a pool of numbers 1 through 80, without replacement. A bet seen in the blockchain will be resolved with the next available set of Quick Draw numbers. Since Chancecoin uses the next available set of Quick Draw numbers after a block has been mined to resolve any bets in the block, it is impossible for Bitcoin miners or anyone else to control the outcomes of bets.

When it sees a bet, Chancecoin uses combinadics to convert a set of Quick Draw numbers into a standard uniform random variable, and uses it to resolve the bet. The Quick Draw numbers come in as an ordered list of 20 numbers drawn from 1 through 80. To convert this into a standard uniform random variable, Chancecoin uses:

rA=∑20i=1(number−1i)(8020)−1
In order to avoid bets in the same block being correlated, there is an additional adjustment. The last ten hexadecimal digits of a bet's transaction hash is converted into another standard uniform random variable, rB by converting the last ten digits of the hash to an integer, modulus 1000000000 divided by 1000000000. The final standard uniform random variable is (rA+rB)%1.

If the final standard uniform random variable is less than 1p, then the gambler wins the bet. Otherwise, he loses the bet. (Since the chance of winning is stored in percentage terms, the standard uniform random variable is multiplied by 100 before making this comparison.)

Payout accounting

One might assume that when a Chancecoin gambler wins or loses a bet, CHA is transferred between his wallet and the wallets of the other CHA holders. In fact, this is not the way Chancecoin's payout system works. When a Chancecoin gambler wins or loses a bet, his balance is the only balance that changes, but the effect is still the same as in the standard payout system. To illustrate this, let's go through the two cases, where the gambler wins and the gambler loses.

Suppose the initial amount of CHA is c. The exchange rate is x (1 CHA = x USD). The total market cap is c⋅x USD. Suppose a gambler bets b CHA with payout p⋅(1−e) (the house edge is e⋅100 percent).

If the gambler loses, he must lose b⋅x USD, and the remaining CHA owners must gain the same amount. In order for the remaining CHA owners to gain b⋅x USD on their original (c−b)⋅x USD while still owning c−b CHA, the new exchange rate must be (c−b)⋅x+b⋅xc−b = x⋅cc−b. The gambler loses b CHA, so he now has 0 CHA = 0 USD. There are now c−b CHA in existence, and the total market cap is still c⋅x USD.

If the gambler wins, he must win b⋅(p⋅(1−e)−1)⋅x USD (the payout is b⋅p⋅(1−e)⋅x USD), and the remaining CHA owners must lose the same amount. In order for the remaining CHA owners to lose b⋅(p⋅(1−e)−1)⋅x USD on their original (c−b)⋅x USD while still owning c−b CHA, the new exchange rate must be (c−b)⋅x−b⋅(p⋅(1−e)−1)⋅xc−b = x⋅c−b⋅p⋅(1−e)c−b. In order for the gambler to win b⋅(p⋅(1−e)−1)⋅x USD on his original b⋅x USD, his balance must now be worth b⋅p⋅(1−e)⋅x USD, so he must now have b⋅p⋅(1−e)⋅xx⋅c−b⋅p⋅(1−e)c−b CHA = b⋅p⋅(1−e)⋅c−bc−b⋅p⋅(1−e) CHA, or b⋅(p⋅(1−e)−1)⋅cc−b⋅p⋅(1−e) CHA more than his original b CHA. There are now c+b⋅(p⋅(1−e)−1)⋅cc−b⋅p⋅(1−e) CHA in existence, and the total market cap is still c⋅x USD.

Chancecoin always fixes the amount of CHA held by the remaining CHA owners who are not gambling and adjusts the amount of CHA held by the gambler, depending on whether he wins or loses. The assumption is that the exchange rate will adjust so that the USD market values of the gambler and the remaining CHA holders match what they would be under the standard payout system after the bet is resolved.

Exchange rate

Chancecoin's payout system suggests that the exchange rate needs to fluctuate with every bet, and indeed, it does. But these fluctuations are small. The exchange rate should be stable enough that CHA can trade on cryptocurrency exchanges without a problem.

It is important to note that because of the way Chancecoin's payout system works, the gains investors accumulate in the long run due to the house edge show up in the exchange rate rather than in the quantity of holdings. To illustrate this, consider the expected change in the exchange rate per bet:

E(change in exchange rate) = p−1p⋅(cc−b)+1p⋅c−b⋅p⋅(1−e)c−b = 1+e⋅bc−b.

Over the long run, the expected change in the exchange rate is approximately equal to 1+e⋅∑bc.

Benefits of Chancecoin's payout accounting

There are some major benefits of Chancecoin's payout system versus the standard method of payout accounting.

CHA can trade on an exchange without the exchange having to worry about its balance fluctuating due to bets being won and lost.
Accounting is cleaner. Under the standard method of payout accounting, because bets can't be resolved instantaneously, Chancecoin would have to at least partially freeze funds of all parties while waiting for bets to resolve.

[TwinWinNerD]

how to buy or sell chance?

anybody know this?

seems you can buy or sell chance coin?

You can send CHA to any bitcoinaddress.

You can also use the client and just use the decentralised exchange to trade.

[provenceday]

how to buy or sell chance?

anybody know this?

seems you can buy or sell chance coin?

You can send CHA to any bitcoinaddress.

You can also use the client and just use the decentralised exchange to trade.

thanks!

[TwinWinNerD]

The sell order of 100 CHA for 0.005BTC/CHA is now live in the decentralised exchange (in the next block)

[nakaone]

put one at 0.0075 on decentralized exchange - I also think that 0.005 is too low.


in case order is not fullfilled what happens?

[TwinWinNerD]

put one at 0.0075 on decentralized exchange - I also think that 0.005 is too low.


in case order is not fullfilled what happens?

orders currently have a 24h deadline. You can change that with python commands, but I have no clue how to do that. Also you can delete offers, but right now only with commands, not with GUI.

The bitcoinj client will make that very easy!

[helloge]

WTS 500 for 0.01btc/cha 

[LethalStriker]

Have 500, pm me with some offers.
Want to sell it fast.

[bitcoinrocks]

First offer:

100 CHA for 0.5 BTC.

This is dirt cheap!

Can we make that trade off of the exchange?  I don't run the client so I would just have you send to my BTC address.

[TwinWinNerD]

First offer:

100 CHA for 0.5 BTC.

This is dirt cheap!

Can we make that trade off of the exchange?  I don't run the client so I would just have you send to my BTC address.

yes this is no problem. I can send them to you. PM me.

[bitcoinrocks]

First offer:

100 CHA for 0.5 BTC.

This is dirt cheap!

Can we make that trade off of the exchange?  I don't run the client so I would just have you send to my BTC address.

yes this is no problem. I can send them to you. PM me.

Is there a blockchain explorer or another way to verify that the CHA was sent without running the client?

[TwinWinNerD]

First offer:

100 CHA for 0.5 BTC.

This is dirt cheap!

Can we make that trade off of the exchange?  I don't run the client so I would just have you send to my BTC address.

yes this is no problem. I can send them to you. PM me.

Is there a blockchain explorer or another way to verify that the CHA was sent without running the client?

yes, but it is only updated every ~24 hours.
http://chancecoin.com/balances

[SpongebobCoinpants]

First offer:

100 CHA for 0.5 BTC.

This is dirt cheap!

Can we make that trade off of the exchange?  I don't run the client so I would just have you send to my BTC address.

yes this is no problem. I can send them to you. PM me.

Is there a blockchain explorer or another way to verify that the CHA was sent without running the client?

yes, but it is only updated every ~24 hours.
http://chancecoin.com/balances

You can post the address in this thread for 3rd parties to verify the CHA balance.

[voldemort628]

Anyone wants a quick grab of 500CHA for 2.5btc?

This is a bargain, price could easily double when the new client and bitcoinj get released.

PM me please!

Escrow or your send first in an incremental trade only!

[TwinWinNerD]

Can someone verify that this address just received 500 CHA?

16tx1hhueRN9JQM83RGx6aPLDVovYdPKxa

[TwinWinNerD]

I think the first trade on the decentralised exchange was just done!

Someone posted a 0.3 CHA order for 0.007/CHA.

I sold the 0.3 CHA and after 3 confirmations, I got the BTC on my BTC address and he got his CHA!

Order:
https://blockchain.info/de/tx/f36840bbf8fc36f0bb6b5fa740df3bf8d54083b210f5daa839d540ee609966af

Settlement:
https://blockchain.info/de/tx/435d557f39032e713c3565066cb02e9bcd11de919ff747cf1579ae42f78e9ddc

Exciting stuff!