How passive is the income from running a dice site/altcoin exchange?

[Marcy]

Trustworthy dice sites with an investing option are something special. Currently, I would only trust Just-Dice because of many scams with the investing feature in a dice game.

cool, yes agree with it

[Bizmark13]

Trustworthy dice sites with an investing option are something special. Currently, I would only trust Just-Dice because of many scams with the investing feature in a dice game.

That's true.

Last year, two big dice sites ended up becoming scams (or near scams) - dice.ninja and Dicebitco.in. Whether or not Dicebitco.in was actually a scam is debatable, but it's clear that a lot of people lost their money there. It was the biggest dice site that welcomed investors at the time and became very popular in the weeks after Just-Dice had closed. Dooglus even had them in their signature too which meant that a lot of people invested who otherwise probably wouldn't have done so. First there were a few problems with the site skipping winning rolls. Then some whale came who had a massive and highly suspicious string of good luck which devastated the site's bankroll. Then once everyone left the site, he came back and lost it all. Then the site announced they were closing.

Dice.ninja on the other hand, seems to have been a straight-up scam. No doubt about it.

Just-Dice is good and trustworthy but they don't use bitcoins. They use CLAMS which are an altcoin that you can only get by "digging" old wallets. There really isn't a proper dice site that is both trustworthy and uses BTC right now. Primedice is probably the only other trustworthy one but it doesn't allow investing. Because of this, there's a bit of a void in the market right now for a trustworthy dice site that offers investing using BTC.

[fearlesscat10]

Trustworthy dice sites with an investing option are something special. Currently, I would only trust Just-Dice because of many scams with the investing feature in a dice game.

That's true.

Last year, two big dice sites ended up becoming scams (or near scams) - dice.ninja and Dicebitco.in. Whether or not Dicebitco.in was actually a scam is debatable, but it's clear that a lot of people lost their money there. It was the biggest dice site that welcomed investors at the time and became very popular in the weeks after Just-Dice had closed. Dooglus even had them in their signature too which meant that a lot of people invested who otherwise probably wouldn't have done so. First there were a few problems with the site skipping winning rolls. Then some whale came who had a massive and highly suspicious string of good luck which devastated the site's bankroll. Then once everyone left the site, he came back and lost it all. Then the site announced they were closing.

Dice.ninja on the other hand, seems to have been a straight-up scam. No doubt about it.

Just-Dice is good and trustworthy but they don't use bitcoins. They use CLAMS which are an altcoin that you can only get by "digging" old wallets. There really isn't a proper dice site that is both trustworthy and uses BTC right now. Primedice is probably the only other trustworthy one but it doesn't allow investing. Because of this, there's a bit of a void in the market right now for a trustworthy dice site that offers investing using BTC.

Bitcoin Betting Guide posts reviews on dice sites he's invested in. Some of them look promising.
http://bitcoin-betting-guide.com/gambling-investments/gambling-investment-reviews/

He's also on the forum.
https://bitcointalk.org/index.php?action=profile;u=213269

I'd also like to invest in Diggit.io, they're a bitcoin minesweeper site, but I haven't seen a lot of reviews on investing there.

[Buziss]

The workload of running a dice site is much more than a full time job as you have to not only fix bugs and run marketing campaigns, but also to process users' queries and complaints.

[BayAreaCoins]

I personally just use Just-dice to invest.

Way less bullshit to deal with and doogs a good dude.

[FeelTheBeat]

I personally just use Just-dice to invest.

Way less bullshit to deal with and doogs a good dude.

Don't trust the page just because of dooglus.

[BayAreaCoins]

I personally just use Just-dice to invest.

Way less bullshit to deal with and doogs a good dude.

Don't trust the page just because of dooglus.

Doog did me solid on Bitcoin.

Doog did me solid on Dogecoin.

I trust Dooglus more than I trust myself to hire someone to make something could even be in the same ball park as his place.

I trust that if someone could have taken the 60,000 BTC then they would have.  JD has time and tons of tries at the bankroll to prove its worth.

If you open a dice site... the chances are you'll have flaws found in your system by gentlemen who frequent JD and bug bounties are sweet

[Somekindabitcoin]

Once your site gets popular, someone will come in and take all your Bitcoin. They'd probably find flaws ahead of time. If it gets big, it would be great to hire a security team or open up a bug bounty program.

Just my .02

[AnonBitCoiner]

Once your site gets popular, someone will come in and take all your Bitcoin. They'd probably find flaws ahead of time. If it gets big, it would be great to hire a security team or open up a bug bounty program.

Just my .02

When a site starts getting popular, it's to be expected that someone will look for exploits. If the site managers can't implement proper security, I'm sorry, but they deserve to lose quite a bit. What they could do, like a lot of people, is offer bounties for when people DO find exploits, prior to release/during updates. There are reasons that faucets that pay 900 satoshis/10 min dry out within a day or two

[Hazir]

Trustworthy dice sites with an investing option are something special. Currently, I would only trust Just-Dice because of many scams with the investing feature in a dice game.

Trustworthy Dice sites? Really? And I thought that if they have 'investment' option it is considered bad. Because they are trying to grab your money on many different levels. Imo Trustworthy Dice sited Do not have any investment options.

[BitCoinNutJob]

I am interested in creating my own dice/gambling site (like Primedice and Just-Dice) and my own altcoin exchange (like Cryptsy and Poloniex). Does anyone know how passive such sites are? For example, writing a novel is passive income because once you write it and find a publisher, you don't need to do any work for the money to keep rolling in. Another type of passive income is a rental property - especially if you have a property manager, and automated trading where you write the trading bot and it does all the trading for you. Most large businesses also generate passive income for their owners.

So how passive is a dice site/altcoin exchange? Could I write a site using PHP and Javascript, announce it here on the forums, and then leave it alone and still get money? Since it would all be automated and the site will automatically skim the profits from the house edge or trading fees, am I correct in assuming that I won't need to do anything further other than maybe check to see how it's going every once in a while?

Its a high risk high variance business, lots of competition with exchanges or gambling sites.  If you manage to "make it" you then have to maintain your position so i dont think its that passive.

[Somekindabitcoin]

Once your site gets popular, someone will come in and take all your Bitcoin. They'd probably find flaws ahead of time. If it gets big, it would be great to hire a security team or open up a bug bounty program.

Just my .02

When a site starts getting popular, it's to be expected that someone will look for exploits. If the site managers can't implement proper security, I'm sorry, but they deserve to lose quite a bit. What they could do, like a lot of people, is offer bounties for when people DO find exploits, prior to release/during updates. There are reasons that faucets that pay 900 satoshis/10 min dry out within a day or two

This is exactly what I just wrote . . .

[picolo]

I am interested in creating my own dice/gambling site (like Primedice and Just-Dice) and my own altcoin exchange (like Cryptsy and Poloniex). Does anyone know how passive such sites are? For example, writing a novel is passive income because once you write it and find a publisher, you don't need to do any work for the money to keep rolling in. Another type of passive income is a rental property - especially if you have a property manager, and automated trading where you write the trading bot and it does all the trading for you. Most large businesses also generate passive income for their owners.

So how passive is a dice site/altcoin exchange? Could I write a site using PHP and Javascript, announce it here on the forums, and then leave it alone and still get money? Since it would all be automated and the site will automatically skim the profits from the house edge or trading fees, am I correct in assuming that I won't need to do anything further other than maybe check to see how it's going every once in a while?

Like it was said before you will need a lot of time to prevent cheating and solve bugs. If you rent a home, you may need a lot of time to deal with the problems and paperwork if you don't have a property manager.

[goosoodude]

Hire professionals who already have experience, otherwise you are almost guaranteed to lose funds through some exploit. Both exchanges and dice sites are very high risk targets.

[picolo]

Hire professionals who already have experience, otherwise you are almost guaranteed to lose funds through some exploit. Both exchanges and dice sites are very high risk targets.

At least one good professional who you can trust and who knows what he is doing.

[(Lithium)]

The Bitstamp incident shows how passive the income of any money related can be

[picolo]

The Bitstamp incident shows how passive the income of any money related can be

Nothing lasts forever. Exchanges have low fees and can use a fractional bitcoin reserve system that allows them to take cash out of the company.

[goosoodude]

Hire professionals who already have experience, otherwise you are almost guaranteed to lose funds through some exploit. Both exchanges and dice sites are very high risk targets.

You see, even Bitstamp lost funds. The very fact that you are asking here this questions shows that you are not ready to do this.

[Bizmark13]

I would guess that it would be somewhere between passive and active income. Most of your income would come from the house edge for a dice site or trading fees for an exchange. This part is automatic since it is programmed into the software. There are some bits that aren't passive though. You will need to test the site for bugs and exploits, run marketing campaigns to attract new customers, run signature campaigns, answer customer queries, and update the site constantly to keep people interested and coming back for more.

If it's an exchange then you will need to perform security audits, add new coins, and delist old coins.

There are very few ways to make money that are either fully active or fully passive. I would guess that dice sites and altcoin exchanges are a mix of both.

[picolo]

I would guess that it would be somewhere between passive and active income. Most of your income would come from the house edge for a dice site or trading fees for an exchange. This part is automatic since it is programmed into the software. There are some bits that aren't passive though. You will need to test the site for bugs and exploits, run marketing campaigns to attract new customers, run signature campaigns, answer customer queries, and update the site constantly to keep people interested and coming back for more.

If it's an exchange then you will need to perform security audits, add new coins, and delist old coins.

There are very few ways to make money that are either fully active or fully passive. I would guess that dice sites and altcoin exchanges are a mix of both.

If you can sell the exchange and keep a percentage of the revenue you would get a real passive income.