What does Veeky Forums think of investing in Bitcoin gambling sites?

Methshot
Methshot

What does Veeky Forums 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.

All urls found in this thread:

en.bitcoin.it/wiki/Satoshi_Dice
bitchikun.wordpress.com/2016/06/12/introducing-bit-chikun-com/
whaleclub.co/join/CiCCMS

Flameblow
Flameblow

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

TalkBomber
TalkBomber

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.

CodeBuns
CodeBuns

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.

Evil_kitten
Evil_kitten

If they pay the fee, they get included. How hard is it to understand?

cum2soon
cum2soon

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.

takes2long
takes2long

satoshi bypasses transaction fee mang
en.bitcoin.it/wiki/Satoshi_Dice

you can too if your coins are old enough.

w8t4u
w8t4u

The etheroll ico begins tomorrow

massdebater
massdebater

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

RumChicken
RumChicken

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

Stark_Naked
Stark_Naked

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???

Firespawn
Firespawn

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.

Supergrass
Supergrass

No. You misunderstand the concept of smart contracts.

In time you will learn

haveahappyday
haveahappyday

Youre an idiot.

kizzmybutt
kizzmybutt

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.

Nude_Bikergirl
Nude_Bikergirl

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.

Why would a bitcoin gambling site accept investors?
Transfer the bankroll risk to the investors.
Also this:

Playboyize
Playboyize

reputable

there are more retards on this board than /mlp/

hairygrape
hairygrape

So how does one get into this?
What are the downsides? (Someone running off with your money obviously)

cum2soon
cum2soon

this

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.

Dreamworx
Dreamworx

A betting market could provide the feed. Its a decentralised way of determining events. See: augur

Need_TLC
Need_TLC

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!

bitchikun.wordpress.com/2016/06/12/introducing-bit-chikun-com/

farquit
farquit

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.

Emberburn
Emberburn

not very subtle

Playboyize
Playboyize

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.

RumChicken
RumChicken

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.

Supergrass
Supergrass

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 :)

Stark_Naked
Stark_Naked

If you're gamble BTC, at least do it with 5 minutes futures so you actually have a chance.
whaleclub.co/join/CiCCMS

Raving_Cute
Raving_Cute

just trying to help :) I dig your creativity!

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