Topic: 17% of Bitcoins wagered through Just-Dice in 2 Months. Is this good or bad? - page 2. (Read 3640 times)
September 25, 2013, 03:46:20 PM
This topic is unfortunately very misleading. If I bet 10 Bitcoins 100 times at 99% win odds, that would be 1,000 Bitcoins wagered. The amount of Bitcoins wagered is a fine way to compare casinos, but using it as a stat compared to the rest of the economy is 100% wrong. 17% of Bitcoins wagered through Just-Dice in 20 Months is not accurate.
September 25, 2013, 03:00:19 PM
if you win you can send the coins again.
I would speculate that its more like 0.1% of the coins used over and over making it look like 17% of all bitcoin.
I would speculate that its more like 0.1% of the coins used over and over making it look like 17% of all bitcoin.
September 25, 2013, 02:56:57 PM
Such volume makes Just-Dice a great fee mixing service (just don't gamble your coins away)
September 25, 2013, 02:51:04 PM
Don't people constantly move coins in and out of the site? How can you say it all internal?
The amount wagered is all from internal action. From an economical point of view, having the same volume on, say, a merchant is much more meaningful than a the total wagered amount on a dice-site.
September 25, 2013, 02:49:06 PM
Don't people constantly move coins in and out of the site? How can you say it all internal?
The amount wagered is all from internal action. From an economical point of view, having the same volume on, say, a merchant is much more meaningful than a the total wagered amount on a dice-site.
September 25, 2013, 02:46:55 PM
Don't people constantly move coins in and out of the site? How can you say it all internal?
September 25, 2013, 02:44:45 PM
The statistic of "17% of all Bitcoins" is incredibly misleading. A huge part of the total wagered amount on JD comes from a single gambler, placing many 100+ BTC bets at 49.5% odds (before the max bet size was lowered today anyway). With a large enough bankroll, you can generate enormous volume with a very small risk of going bankrupt, which is exactly what was going on.
It's also not really a good indication for the velocity of Bitcoins as a currency, since all this volume remains internal.
It's also not really a good indication for the velocity of Bitcoins as a currency, since all this volume remains internal.
September 25, 2013, 02:38:34 PM
So, earlier today, Just-Dice.com has passed 2 Million bitcoins wagered in a little over 2 months. This represents 17.1% of all bitcoins currently in existance. Amazingly, with this volume, the casino is at a 2250 BTC LOSS! Regardless, is this good or bad milestone for Bitcoins?
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