Topic: [ANN] [10X] 10X - an innovative gambling and trading game based on the Ethereum - page 2. (Read 3073 times)

The deal with the capital investors has been cancelled. It would have changed the project too much. I probably miss a LOT of money, but here is the details of the story:

In June I spent about 1 month dealing with capital investors, doing white paper after white papers, I decided to dump all of them nicely to do everything myself, because time is money.

This month same story. I could have raised a lot outside the ICO BUT, they asked to wait November.
We would have made a video in an office with 'peoples', add brand names to the projects in exchange of a lot of tokens, have a 40 pages audit with a lot of capital investors delicacy, the website redesigned professionally, you know the whole thing.

After reflexion, I decided to impose the ICO date, and I told them that we can do something later (due to the flexibility of the contract, many things are possible) but I will do this ICO regardless.
This had left them flabbergasted and they finally decided to talk later because they are in the investor trip, they have a lot of relations in the press, tv etc.. but in August everyone is in holiday. Ok let's talk in September then  

The bad thing is that this project has been initially conceived together with someone who is very famous in the video game industry for having been the CEO of one of the biggest company in Europe (was valuated +350 M Euro at the time), and I would have loved put both our faces on this project, but for a lot of reasons that I cannot explain here - and that are personal - he refuses to show his name publically. So we will continue with TheWolf, and well the investors are not really happy about that  

To conclude, the ICO will happen and the game will exist without institutional investors. We have saved several millions of 10X tokens in the process that would have been issued for them which is a good thing

So apperently we will not even have a choice to invest at all since the dev is selling out:
Big money is basically stealing all the profits.

"Some  news coming in soon.
1) capital investors may join the team, in consequence we might no do any ICO since the project will be funded. The game will start.
2) very big name in the video game industry join the project... someone who was the CEO of one of the biggest company in Europe.(gewijzigd)
Press release will follow once all the paperworks are signed."

So far for an innovative new project.  

Next time you try to launch a project make sure to not disappoint people
anymore by promising things and then retracting your statements.

Either way, I do not wish to buy in at the top of a pyramid scheme.
And there would be no point for anybody else either to.
And I'll make sure to tell anybody I know not to play it either.

Good luck.

-- Update --

Site officially down and ICO disbanded. "http://10x.bz/" is now down.

Dev confirmed for scammer.

Well that's a good catch, and I am not sure about that.


I can do it owned, sure it is probably more consistent and logical, but if someone else decide to send 1000 ether without being the owner, it is not really a liability   welcome!
I will fix that, someone could make a mistake and I have to refund him after, let's avoid this.

I will update the current contract with this change and the new feature: auto pilot on/off (version 1.46). I have decided to run the contract after the ICO at whatever we have in ETH, if it is 10000 great, we will have the first game where people can bet 100 ether and win 1000 (! lucky !)
But if we have 10 (I have enough to fund the bank myself lol) I will run the game with that - which will limit the maximum bet to 0.1. Of course the more ETH we get, the more we can also pay advertising on facebook and the hyper expensive crypto websites - 5 Eth / months for a banner on some websites that I will not tell the name). The more players the bigger the community is, and after a while we will be an army of evangelists to attract people to play.

At the end of the game, if we reach this goal, 2000 ICO 10X tokens will have been transformed into 200 ether: thanks Ethereum and solidity.

Your Answers.

1. you are right, the bet is not placed in the trading platform so the relation between the purchase and the sale is not as linked as I described it, I will fix that, my mistake, glad that someone read this . But the fact that tokens are changing hands at 0.1 ether will show up in the buy wall in every exchanges, and will have an influence over the global value of the token per ether, if I am not mistaken. For example if you issue 1000 10X tokens at 0.1 eth per token (and none 10X token are minted of course) this should drive the price of the 10X up considerably, compare with a normal token which has no other traction than the buy/sales of the traders.

2. when we switch in crowdfunding (ICO is not really the word since it can happen anytime), in any case, the state of the game is displayed on the website (not yet, but it will of course). It is very important to place any bet from the website so that the player knows what is happening. The website also display the maximum bet possible which is 1/100 of the bank reserve. The second solution is that we are in manual mode and then we let the game going on at with whatever ETH are in the bank. In that case we might be in a situation that players cannot play more than 0.1 ETH (with 10 ETH in the bank).  All bets above that will be rejected.
If someone send ethers to the contract address blindly, he might get random results depending of the state of the contract. I have no idea how we could possibly warn the player apart from social medias, and our website.

3. same problem, if the player send money without checking our website first, he might be in the situation that you describe. I do not see how I can prevent that. It is a game that needs to be played from the game interface.
For example we can do a special event, where we sell for 1 day 5000 x 10X for 1 ether. Or we can do another event where we sell 500,000 10X max, with 10,000 per 10X, who knows, then of course the player always has to check what are the rules of the game at the time he sent his ethers to the game.

I can refund people in case of error, it is a pita to do, specially if there are many refund to do, but the player responsibility is to check the status of the token before sending anything since this token is a little bit more advanced and can morph into different modes.

I have few questions regarding the 10X game and contract:

1. You are saying that when a player looses and gets 10x tokens at 0.1 ETH rate, it is like an exchange order for buying 10x in 0.1 ETH price.
But this is not true, the contract is paying the tokens from the contract token supply and it has nothing to do with external exchange trading. I don't see how this affect trading prices (and really cannot see how your claim that if i place a sell order for 0.1ETH price in the exchange, when i lose the game i might buy my own sell order)

2. There is the case of the game mode is on and then the ETH supply is running out so the mode is switched back to ICO. When this happens players that are currently active may send bets without knowing that they are not betting but actually contributing more funds to the contract.  How do you prevent this from happening ?

3. Same question as 2 but the other way around - when ICO mode is switched to game mode, there might be contributors that still send ethers to the ICO but instead they will play the game without knowing - again how do you prevent this from happening ?

Hi,
I have reviewed your contract and it seems fine except for one potential issue - the function addEth() is not onlyOwner - is this done intentionally ?

yes ,it is very technical,keep you hard work my dear dev ,i am waitting for more good news from you . have a good day !

Actually investors do not need to know all the behind the scene functions of the token, it is very technical. This token has a lot of features for the owner to control it on the long term.

Here is the Github version I have uploaded. I have also updated the first post with the Github.


Feel free to give me your feedback, I have 5 days for testing it.

I mean you have to have methods to make 10x tokens back to the bank(house)
your method i will study more,it sound very complicate!

I do not understand

the tokens are all on the player's hands

Great question, I actually didn't explained correctly. I will fix the description accordingly.

At the ICO I give 2000 tokens for each 1 ether. This may seems small compared with SNT for example (10,000) but it is actually a lot for this game, since they can be converted in 0.1 Eth by doing a limit sell at this price and wait that players lose their bet and their buys are coming into the buy wall at this price.

So a total of 10,000,000 max tokens are issued by the ICO with a possibility max of 5000 Ether. Once the 10 days are over, or this limit is reached, the game starts.
That's for the ICO.

But the total number of tokens issued in order to 1) run the game 2) trade, buy sell is 40,000,000 -> 10 Million being reserved for the ICO, 20 Millions send to different accounts and reserved for trading and 10 Million to supply the game. I need to clarify this in the first post. (it will be more clear by reading the contract source code)

I can mint any number of tokens to the contract account from a simple external call, I can move from the external account to the contract anytime too, there is a lot of flexibility. If there is a lot of demand, I can add more tokens. If the max cap is reached and I do not mint more, then the game stop issuing tokens but still run, and shoot an event,  it is then not different than other Dice games. If I add more tokens, the game delivers tokens again.

About switching in crowdfunding, the game does it alone when there is a low supply ETH in the bank (<200), to avoid going negative in case of very bad luck for the bank.
I can manually run a new crowdfunding from externals, if I want to make a special event like a sale for christmas for example. I will do some sales once the token has taken some popularity.

From external functions I can switch the game to crowdfunding and back to the game mode any time. I can also change the crowdfunding time, and the ether/10X rate.

It sounds simple for me but I know that this contract is not easy to understand at first.

may be you should add a smart contrast if transform 10x to the bank(house),return eth based on the exchangs price!

10X, everyone likes it, the title can cultivate the subconscious mind, maybe it will be successful, good luck.

if the tokens are infinit,the valu of it is zero! so just a joke! only give the loser somthing as the comfort！
but the ico invester will lose his money!

There is problem,in your bank(house) there are infinit tokens of 10X?
if not,when the tokens used over,how to do with that? the tokens are all on the player's hands!

also for the eth in your bank! you say when the eth used over,u open a new ICO,but where the tokens from?

Many people are asking questions at Discord https://discord.gg/Pks5wh9

Here is one possibility from this 10X token:

Every time a player lose the lotto game, he purchases 10 times his bet in 10X token.
This will show as a buy of his bet x 10 at 0.1 Ether in the exchange .
So if you placed a sale of your token at 0.1 Ether per 10X token, your sale will be filled by this player.

Example, Joe play 1.2 ether at the game, and lost. He receive 12 x 10X tokens.
In the exchange that mean that Joe purchased 12 x 10X token at the price of 0.1 ether each.
If you are participating to the ICO and get 2000 10X tokens for the price of 1 ether, and you do a limit sale at 0.1 Eth for these. You would sell 12 of your 10X tokens and win the 1.2 ether from this player.
Yes 12 10X tokens at 0.1 ether each.

The game and the trading are working together.

Think about it. Do the maths.

Anyone have some TESTNET Ethers to share?

I have 3 ETH on the contract account but Rinkeby refuses to send more ETH to another account for testing.
I even got my Github blocked temp because I tried to get more ETH and Rinkeby is super paranoid.

Once tested on TESTNET I will share the contract address here for all to test.

The test player 1 account is this one 0xC0E75c73Dc7ABC88C03D7a300d1B65B0Fd3729Ca
The test player 2 account is this one 0xfB915B9d471e850Bef0B7eBd02128D7903ab1821

Once again do not send real money, these are TESTNET accounts.

Hi, the ICO is 10 days from 20th to 30th... It was previously scheduled differently. Thanks for catching the typo

UPDATE: I have created the reddit thread here: https://www.reddit.com/r/ethtrader/comments/6tm3m5/10x_an_innovative_gambling_and_trading_game_based/

I have also contacted HITBTC and asked for an informal approval, explaining how this particular Token is linked to trading.

Also there is one thing. Because each player become an investors, many people will have to open a new account to an exchange to trade this specific token. It is a win/win with this exchange so that I direct these new customer to them.
Let see what they will answer (they say we need to wait a week or so to get a response)

How long will the ICO last?

In the FAQ on your website http://10x.bz/#page5 it says 30 days under 'How the ICO works?'
Quote: "The 10X Token distribution will take place over 30 days starting on August 20Th, 2017 approximately at 13:00 UTC."

However, in your first post at the start of this thread it says 10 days.
Quote: "The 10X ICO will open on the 20th of August, 2017 at UTC 0:00. It will last 10 days and end on the 30th of August, 2017 at UTC 0:00."

How long after the ICO will it be listed on an exchange?
Have you already been accepted by an exchange?

Thank you for answering my questions!

Why? The token is working and there is a simulation on the website, you can check the math. Let me know what is wrong. Simulation is on the website. The Button "Game Simulator".