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Author Topic: Working on simple BitCoin gambling system, looking for feedback  (Read 541 times)
Eberhart
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June 25, 2012, 10:53:31 PM
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So I'm quite new to the BitCoin community, and as a programmer, I'm pretty excited about it all. To dive in, I set up a very simple and (hopefully) easy-to-use BitCoin gambling site, doubleyourbtc.com

The idea is, you send a number of BitCoins and there is a 49% chance of getting double back, and 51% chance of getting nothing. Here is what makes this so nice:

1. You get your winnings sent back instantly. By chaining onto your original transaction, we can protect ourselves from double-spending and still send you your coins within seconds.
2. The instant you send BitCoins to start a game, the site will show you whether your won or lost. If you win, you get a simple box where you put your address and withdraw your winnings.
3. 49% to win seems damned good to me.

My goal with this project isn't to make money, but rather just to make something neat. I'm still hazy on this point, but I'd really like to find a way to donate any profits (less $50 per month for operating expenses) to the EFF so they can keep fighting to protect the Internet. I know they don't accept BitCoin donations directly anymore, but does anyone know an indirect way to donate to them with BitCoins?

I'd love to hear people's thoughts and feedback. Smiley
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Stephen Gornick
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June 25, 2012, 11:27:42 PM
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I'd love to hear people's thoughts and feedback. Smiley

The difference between blockchain-based betting systems like SatoshiDICE and BitLotto is no just that they use the blockchain, but that they use it in such a way that it can be proven that the operator is not cheating.

This is not just some statistical analysis on payout percentages, this is using the power of cryptography to eliminate the risk that the operator is dishonest.

Wth BitLotto, the transaction ID is your "numbers/pick" to a monthly drawing, where the secret used is not known until after the draw ends.  All provable from the blockchain (for the wagers) and on the lottery web site (for the secret).  This is a method that works when one player wagers against another.

With SatoshiDICE, the players are wagering against the house.  For this game then, the secrets are hidden until the following day.  So technically there is a period measuring in hourse that the site could be cheating by not paying out when the was a winner, but by the next day that could be easily detected.  

Does yours have such an approach that removes the risk that the operator is cheating, or is it instead simply another wagering system based solely on trust that the operator isn't cheating?

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