What does /biz/ think of investing in Bitcoin gambling sites?
Unlike the HashOcean Ponzi it actually has a sustainable business model, and ones like Satoshi Dice are reputable so chances of walking away with coins is low.
ROI is roughly 30% year from the research I've done. For people investing in bitcoins hoping they'll rise back to the moon, seems like the best way to put your coins to use in the mean time.
Why would a bitcoin gambling site accept investors? That's the dumbest thing I've ever heard. Successful models like that stay privately owned. Anything else is a scam
>>1298413
Investors put their bitcoins towards the sites bankroll, allowing them to take larger and larger bets while still staying solvent. They have a 2% edge (other sides have different edges). Satoshi site takes 50% of the profits and gives 50% back to investors.
>>1298400
satoshi dice is an attack on bitcoin it tries to overwhelm the network with small meaningless transactions, and there is an other bot that tries to make satoshi dice lose with double spend attacks which on the other hand taints the bitcoins and thus the network.
so no i would never use satoshi dice.
>>1298803
If they pay the fee, they get included. How hard is it to understand?
I buy Clams when they're cheap and hold them on Just-Dice. I take them out and sell when the price goes up. Wait for the price to drop, rinse, and repeat.
>>1298835
satoshi bypasses transaction fee mang
https://en.bitcoin.it/wiki/Satoshi_Dice
you can too if your coins are old enough.
>>1298400
The etheroll ico begins tomorrow
Only worth it if you know the site owner won't run away with funds and when you have decent % of bankroll compared to daily wagered
>>1298847
Etheroll prevents this attack by operating as an autonomous smart contract. Its literally genius, its like satoshi dice with zero risk of that happening. Its also provably fair using ethereum blockchain.
The 2 million tokens go on sale 2mrw
>>1298882
Nigga wtf. It's 200k tokens. And they go on sale on June 13.
And no it doesn't prevent the site owner from running away with funds. They are asking for investments before the application is built.
There is risk. They don't use the block chain for random numbers. They use an external service.
Did you even read their site???
>>1298910
the moment you acquire assets outside the blockchain organization with the funds (as any real enterprise would require so) it has the smart contract becomes meaningless.
for an online casino it could work if certain conditions are met but the moment any input is received in the decision making algorithm from outside it all goes out the window. and without outside input again it's pretty god damn limited what you can do with it.
so i think eth is way way way overrated. it's not a revolution it's an aspie dicking around with other peoples time and money.
>>1298964
No. You misunderstand the concept of smart contracts.
In time you will learn
>>1299183
Youre an idiot.
>>1299183
sure give me a real life example where it would help? for example i wish to rent a car, or i wish to hire someone for a job. no? then it's useless really.
>>1298843
>>1298803
>satoshi dice is an attack on bitcoin it tries to overwhelm the network with small meaningless transactions
Your information is outdated. That pertains to the old "blockchain game". SatoshiDice is 100% session based nowadays.
>>1298413
>Why would a bitcoin gambling site accept investors?
Transfer the bankroll risk to the investors.
Also this:
>>1298415
>>1298400
>reputable
there are more retards on this board than /mlp/
So how does one get into this?
What are the downsides? (Someone running off with your money obviously)
>>1298964
>>1299221
this
>>1299183
keep bagholding eth
the best use-case for smart contracts is a trustless gambling platform. i've yet to see better uses.
first, a central server is always going to be more efficient than a decentralized application. unless you need the decentralizion then it doesn't make sense to run things as a DAPP. unless you're operating something in a legal grey (or black) area decentralizion doesn't offer very much.
second, as you state, smart contracts are only as reliable as their inputs. they work well for blockchain assets but you lose the protection of decentralizaion the moment you involve non-decentralized assets or events. take for instance a smart contract which is supposed to enforce certain rules based on the outcome of an election. how does the smart contract determine this? it'd be required to pull headlines from an array of media outlets at certain times. an event this big probably would be very difficult to manipulate but smaller events might only have a couple sources. as those sources would be made public in the contract those able to target those sources could hijack the entire thing. this severly limits what smart contracts will be capable of.
>>1301418
A betting market could provide the feed. Its a decentralised way of determining events. See: augur
Have you guys seen this weird bitcoin faucet?
You claim the reward by risking some btc if you're paired at random with another user they can mine your deposit :/
It's been up 3 days and some peeps are making 90% returns every 10 minutes due to low traffic right now!
https://bitchikun.wordpress.com/2016/06/12/introducing-bit-chikun-com/
>>1298415
I'm confused. So the casino always has a 2% edge and the investors are simply providing money for the casino to use. How then does a single whale wipe out any one individual investor?
I get that the 2% is over the long term, but I don't understand how investors are seemingly pitted against players.
>>1301487
not very subtle
The users are not pitted against the site on bit-chikun, they are playing against one another. An initial small reward is offered up by the site but the users are randomly paired together.
>>1301537
>>1301537
Just be like "check out my risk aversion gambling site guys, it's basically a faucet until it gets more traffic" then explain how it works better. And don't mis-use the word mine in the context of bitcoin, it'll confuse people or make it seem more scammy. I guess you sound a bit scammy the way you're coming off now, not-so-subtly pretending to not be the owner.
>>1301918
>don't mis-use the word mine in the context of bitcoin, it'll confuse people
good point, i'll stop doing that
>not-so-subtly pretending to not be the owner
that's why im using my real name :)
If you're gamble BTC, at least do it with 5 minutes futures so you actually have a chance.
https://whaleclub.co/join/CiCCMS
>>1301943
just trying to help :) I dig your creativity!
