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Author Topic: Bitcoin Double - Betting game with faster payouts.  (Read 3603 times)
Alex Beckenham
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May 24, 2011, 01:34:18 AM
 #1



Previously some people have mentioned to me that 'Bitcoin Toss' isn't suitable for people who want to play over-and-over again because you have to wait for the payout before you can deposit again, which ends up taking too long.

So instead of modifying that site, I just made a new one: http://bitcoindouble.com

With this new site, instead of depositing for each play, you just deposit once, play as much as you want, and then withdraw.

Along with the idea of having a login-based doubler game, I thought it would be good to have a universal balance that could instantly be used at many sites; hence I came up with 'Bitcoin Balance' (which I'll start a different thread for).

So BitcoinBalance.com will handle all the login/registration/deposits/withdrawals for BitcoinDouble.com, plus more sites in future.

This will mean that you will be able to see use your balance instantly across all participating sites. (eg. If you win 10 BTC in Bitcoin Double, then not only will that be immediately available for withdrawal through BitcoinBalance.com, but it would also be immediately available for use on any other participating sites, without waiting going through the hassle of withdrawing and depositing and waiting for confirmations again).

Anyway enough typing for now Cheesy

http://bitcoindouble.com

p.s. Thanks again to my HTML/CSS guy for the work in cutting up my graphics, etc.


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Tyran
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May 24, 2011, 01:47:07 AM
 #2

Do you ever plan to implement proof that your games are fair?
Alex Beckenham
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May 24, 2011, 02:02:00 AM
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Do you ever plan to implement proof that your games are fair?

Sure if there is demand. You're only the 2nd person that's ever asked me. I put my time so far into getting it just to work.

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May 24, 2011, 02:05:26 AM
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I'm sure more people will be willing to play if you do, even if they haven't asked you Wink
BitcoinsWallet
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May 24, 2011, 11:37:16 AM
 #5

Great work, doood  Cheesy
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May 24, 2011, 11:42:26 AM
 #6

Another great site! But I agree with the rest you should implement proof, it will make more people willing to spend.

klamathonsite
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June 01, 2011, 06:03:35 AM
 #7

this info is null - issue fixed
Alex Beckenham
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June 01, 2011, 06:05:43 AM
 #8

what kind of crap is that

It's called 'bitcoind' and I agree it's utter shit... I'm restarting it now; Please try your withdrawal again in 5 minutes.

Edit: It's restarted now and I see your balance is 3.15... where did you pull the figure of 7.43 from?

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June 01, 2011, 06:10:20 AM
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this info is null - issue fixed
klamathonsite
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June 01, 2011, 06:14:26 AM
 #10

this info is null - issue fixed
Alex Beckenham
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June 01, 2011, 06:14:54 AM
 #11

So now it only shows btc3.15 and I had btc 7.43 whats up with it?

I had won and had a total of 7.43 and I started a with draw of 4.25 but your website crashed or something so I never got my transfer of the 4.25 back to my wallet and i was going to play with the rest that i won.
but thats not showing up in transactions for my wallet or your site so I guess its a loss.


Where on earth did you see 7.43? I'd really like to know.

Your address shows on block explorer as that you sent a total of 3.5 BTC to my server, and then the SUM of all your wins/losses adds up to -0.35 BTC:

SELECT sum(amount) FROM `transactions` WHERE user_id='39';

sum(amount)
-0.35000000

Every single play/win is recorded in mysql database, would you like me to list them all here with the time and date?


Alex Beckenham
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June 01, 2011, 06:18:22 AM
 #12

So player beware site crashes if you pull out funds and you dont get to keep what you win.

Complete B.S.

Site crashes whenever 'bitcoind' crashes it's true, this is rare and affects many other bitcoin-using websites, not just mine.

You are entitled to withdraw everything in your account as many others have done before you.

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June 01, 2011, 06:18:59 AM
 #13

this info is null - issue fixed
Alex Beckenham
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June 01, 2011, 06:23:20 AM
 #14

I dont really care I sent the btc I played I won and I lost almost everything i won just trying to withdraw from your site if your sql keeps record of all transactions with drawn you would see I started a withdraw for 4.25 to my wallet and this would have left me 2-3 btc to play with so Im not stressed I got most my invested money back just shitty your site dont record all transactions like bitcoin does. might look  into it. other wise fun game.

I can see the 4.25 DID go to you.

Please check again and come back and tell everyone that in fact my site did send your 4.25... I guess that's why your balance was then showing lower than you expected.

Edit: You can see it here as it hasn't made it into a block yet: http://bitcoincharts.com/bitcoin/

klamathonsite
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June 01, 2011, 06:25:34 AM
 #15

this info is null - issue fixed
klamathonsite
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June 01, 2011, 06:27:18 AM
 #16

I just checked its all good thanks bro!
I told you Im not a lair so I will keep shooting straight I want a great rep here thanks!
Alex Beckenham
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June 01, 2011, 06:30:13 AM
 #17

I just checked its all good thanks bro!
I told you Im not a lair so I will keep shooting straight I want a great rep here thanks!



No problem.

By the way, I'm almost finished work on a new site involving rolling 6 dice... will hopefully be connected to BitcoinBalance soon Smiley
Will also have md5 check with (1,2,3,4,5,6,xxxxxxxxxxxx) for example to show the dice.

klamathonsite
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June 01, 2011, 06:32:05 AM
 #18

sounds like a blast!
rlh
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June 02, 2011, 02:31:21 AM
 #19

First, thanks for offering this game.  I've enjoyed playing it the couple times that I've given it a try and I've enjoyed the minuscule payouts that I've received made.  In fact, I'm going to go ahead and share my strategy but, be forewarned, you may want to modify your service to prevent this type of statistical "abuse".  If enough people (with enough bank roll) played this strategy, you could end up losing a lot of coin.

One quick note, I'm not sure what this strategy is called but I do know if you are caught using it in a near 50/50 chance game  like Blackjack in Vegas, they'll kick you out and never let you back in (or so I've heard.)

Here's how it works.  Each turn, bet a minimum bid that is significantly less than your available bank roll.  If you loose, take the sum of all your losses and double it for your next bet.  I see that with bitcoindouble.com, you can bet a minimum of .01BTC.  The betting progression could therefore follow .01, .02, .06 ((.01 +.02) *2), .18, .54, 1.62, 4.86, 14.58... Well, you get the picture.  The odds are exceptionally low that you will lose the game 4, 5, 6... 10... times in a row.  Following the double-your-loses progression will yield a payout average of 33% of all lost bets once you finally break a losing streak (well, it's better than that if you win on the first or second round.)

Starting out at .01 won't accumulate much but .10 or even 1.00BTC as an initial bet can yield significant returns with enough game play, assuming you have the freedom to set your bet.

I played your game a couple nights ago and at that time you allowed betters to specify any bet between .01 and 100 BTC.  After a few rounds, I managed to cash out with  a profit of around .30BTC.  I know, not much, but I don't have that many BTC so I was starting at the .01btc as my initial bid for each streak.  I did manage to get a total gain of 1.5, or so, before I managed to get into a loosing streak that was a bit over my head (Eek, I was down about 2 BTC!) After I won, I played a few more rounds of my strategy and cashed out while I was ahead.

Today, I logged into your site and I noticed that you had changed the betting system to a series of 8, fixed bets.  This is a fair house improvement but someone can still implement my strategy... sort of... and clear out your coffers. 

Significant payout could still be achieved if a player bets the minimum bid, and if the lose simply bet the next highest bid increment that you offer assuming, they had the bank role.  I don't have that kind of cash, so I, personally, wouldn't even try.  It is worth mentioning that if a player had a horrendous loosing streak, and lost, say, 7 or 8 times in a row, they'd call you a cheater!  Just kidding, they would lose their entire betting "investment"  for that round of bets because they can't double their bet after the eighth bet.  This is the key to protecting your house balance.
 
If you are worried about someone sweeping in and cleaning you out what you can do to fix the problem is lower the maximum bid (or raise the minimum bid) so that there isn't a wide swing of betting options.  I, personally wouldn't offer bets above 5 BTC.  Also, I would offer only 3 or 4 betting tiers (maybe .05, .5, 1 and 5.)  There is only 7.3% chance that someone will make it to a fourth round and lose-- 3.8% chance that they will make it to a 5 round and lose.

Players who know their statistics would know that after multiple rounds their strategy would break down under such constraints, and they would avoid playing this method all together.

I hope that helps.  It never hurts to double-check your statistics when playing a game a chance... even if you're the house.  Wink

Peace.

A Personal Quote on BTT from 2011:
"I'd be willing to make a moderate "investment" if the value of the BTC went below $2.00.  Otherwise I'll just have to live with my 5 BTC and be happy. :/"  ...sigh.  If only I knew.
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June 02, 2011, 02:45:42 AM
 #20

First, thanks for offering this game.  I've enjoyed playing it the couple times that I've given it a try and I've enjoyed the minuscule payouts that I've received made.  In fact, I'm going to go ahead and share my strategy but, be forewarned, you may want to modify your service to prevent this type of statistical "abuse".  If enough people (with enough bank roll) played this strategy, you could end up losing a lot of coin.

One quick note, I'm not sure what this strategy is called but I do know if you are caught using it in a near 50/50 chance game  like Blackjack in Vegas, they'll kick you out and never let you back in (or so I've heard.)

Here's how it works.  Each turn, bet a minimum bid that is significantly less than your available bank roll.  If you loose, take the sum of all your losses and double it for your next bet.  I see that with bitcoindouble.com, you can bet a minimum of .01BTC.  The betting progression could therefore follow .01, .02, .06 ((.01 +.02) *2), .18, .54, 1.62, 4.86, 14.58... Well, you get the picture.  The odds are exceptionally low that you will lose the game 4, 5, 6... 10... times in a row.  Following the double-your-loses progression will yield a payout average of 33% of all lost bets once you finally break a losing streak (well, it's better than that if you win on the first or second round.)

Starting out at .01 won't accumulate much but .10 or even 1.00BTC as an initial bet can yield significant returns with enough game play, assuming you have the freedom to set your bet.

I played your game a couple nights ago and at that time you allowed betters to specify any bet between .01 and 100 BTC.  After a few rounds, I managed to cash out with  a profit of around .30BTC.  I know, not much, but I don't have that many BTC so I was starting at the .01btc as my initial bid for each streak.  I did manage to get a total gain of 1.5, or so, before I managed to get into a loosing streak that was a bit over my head (Eek, I was down about 2 BTC!) After I won, I played a few more rounds of my strategy and cashed out while I was ahead.

Today, I logged into your site and I noticed that you had changed the betting system to a series of 8, fixed bets.  This is a fair house improvement but someone can still implement my strategy... sort of... and clear out your coffers. 

Significant payout could still be achieved if a player bets the minimum bid, and if the lose simply bet the next highest bid increment that you offer assuming, they had the bank role.  I don't have that kind of cash, so I, personally, wouldn't even try.  It is worth mentioning that if a player had a horrendous loosing streak, and lost, say, 7 or 8 times in a row, they'd call you a cheater!  Just kidding, they would lose their entire betting "investment"  for that round of bets because they can't double their bet after the eighth bet.  This is the key to protecting your house balance.
 
If you are worried about someone sweeping in and cleaning you out what you can do to fix the problem is lower the maximum bid (or raise the minimum bid) so that there isn't a wide swing of betting options.  I, personally wouldn't offer bets above 5 BTC.  Also, I would offer only 3 or 4 betting tiers (maybe .05, .5, 1 and 5.)  There is only 7.3% chance that someone will make it to a fourth round and lose-- 3.8% chance that they will make it to a 5 round and lose.

Players who know their statistics would know that after multiple rounds their strategy would break down under such constraints, and they would avoid playing this method all together.

I hope that helps.  It never hurts to double-check your statistics when playing a game a chance... even if you're the house.  Wink

Peace.

I hate probabilities.

It's less probable that you will lose twice in a row than one time, but it's also the same chance that you will lose as the first time.

>_<

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