bustabit.com -- The Social Gambling Game - page 128.

dooglus

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Quote from: elm on November 09, 2014, 12:32:10 PM

Quote from: dooglus on November 07, 2014, 05:29:07 PM

So at 2x payout the house edge is only 0.5025% compared to 1% at regular dice sites.

Do You think that the average gambler would favor a game (not a dice game ) with 0.5% HE? or do You thing he would still favor a dice game even it has a 1% HE?

thanks

I would guess that the average gambler doesn't care too much about house edge, and is more influenced by softer qualities (nice colours, good design, sound effects, smoothness of play, etc.)

The average *Bitcoin* gambler probably cares more about house edge than the average fiat gambler, but not massively more.

elm

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Quote from: dooglus on November 07, 2014, 05:29:07 PM

So at 2x payout the house edge is only 0.5025% compared to 1% at regular dice sites.

Do You think that the average gambler would favor a game (not a dice game ) with 0.5% HE? or do You thing he would still favor a dice game even it has a 1% HE?

thanks

Splatters

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★YoBit.Net★ 1400+ Coins Exchange

Quote from: secondstrade.com on November 07, 2014, 04:55:50 PM

Your site so funny

if funny means profit, I like it!

alani123

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Leading Crypto Sports Betting & Casino Platform

Thanks for the clarifications, I am actually aware of the stuff you mentioned but I'll have to admit that I still learned one thing or two since you went in great detail to explain what you said. Maybe me oversimplifying what I was writting about made it seem a bit wrong. I was actually repeating the same thing doog said a post above (just with different words).

So in dooglus' words this time:

Quote from: dooglus on November 07, 2014, 05:29:07 PM

If you never get a bonus, you need to add about 1.0% to the house edges above.

And at least in my mind the YOLO style bet can bring you closer to this situation.

dooglus

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Quote from: alani123 on November 08, 2014, 06:26:57 AM

There's also the 1% chance of an instant crash.

I addressed that in the last paragraph of the post immediately before yours.

The bonus scheme gives the player an extra 1% EV, and the 0% crashes take off an extra 1%. The two balance out, adding variance, but not affecting expectation.

Quote from: ?? on ??

Actually the bigger your bet is relative bet, the closer you bonus approaches 1% regardless of game crash.

I had a hard time figuring out what you meant there.

My best guess is "your bet is relative to the total bet" - but I'm not sure that's right.

alani123

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Leading Crypto Sports Betting & Casino Platform

There's also the 1% chance of an instant crash. Losses occured from the insta crash are supposed to be contributed to the bonuses but the precentage of the crash still adds up to the possibility of losing.

So if someone deposits BTC in there with the sole porpuse of betting it all in a single round looking to double his money he'd be betting against a (~)1.5% edge. The bonuses can wipe out the crash precentage on long term runs but obviously don't favor the hit and run tactic. IMO you'd better bet on a dice if you're going to use that playstyle.

dooglus

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Quote from: adaseb on November 07, 2014, 05:19:29 PM

Yes dont worry just ignore that guy, I actually like this site. It has the same edge but the game is just more thrilling than regular dice.

In fact the edge is better than regular dice.

The edge is between 0% and 1% based on your cashout point.

For multiplier M, the house edge is 100*(1 - 0.99*M / (M - 0.01)).

Some examples:

>>> M=1.1; 100*(1 - 0.99*M / (M - 0.01))
0.0917%

>>> M=2; 100*(1 - 0.99*M / (M - 0.01))
0.5025%

>>> M=10; 100*(1 - 0.99*M / (M - 0.01))
0.9009%

>>> M=100; 100*(1 - 0.99*M / (M - 0.01))
0.9901%

So at 2x payout the house edge is only 0.5025% compared to 1% at regular dice sites.

Bear in mind though that I haven't taken the bonus scheme into account. On average once in every 101 games the game crashes at 0x and every instantly loses. The bets from those games go to the house and are used to fund the bonus scheme, where on the other 100 out of 101 games a bonus is shared between the players. The total bonus is equal to 1% of all the bets made that round, and goes to the players who cash out successfully last. If you average a 1% bonus then you're getting the house edges I listed above. If you never get a bonus, you need to add about 1.0% to the house edges above. If you're careful, you can get bonuses of 2% or 3%, which result in an overall negative house edge for you.

adaseb

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Yes dont worry just ignore that guy, I actually like this site. It has the same edge but the game is just more thrilling than regular dice.

secondstrade.com

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Your site so funny

dooglus

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Quote from: alani123 on November 06, 2014, 10:39:14 PM

https://bitcointalksearch.org/topic/m.2815837

I'm not sure if that's the specific post you're looking for but most of the discussion about offsite investments took place nearby it.

Thanks. It turns out that it wasn't my idea at all!

Quote from: trout on July 20, 2013, 07:11:36 AM

hey, dooglus,
if you decide to implement the variable investment rate, can you also make an option to enter
how much I have in my cold storage? This way, I won't have to manually manage the investment,
unless it becomes insufficient.

[...]

Otherwise, if I have to manually manage my investment all the time, the feature will be useless for me, and probably for many others

to which I replied:

Quote from: dooglus on July 20, 2013, 12:03:46 PM

I've only just woken up and not had coffee yet, but could this be the answer for people wanting to invest more but put off by the CP risk?

Every user has not just "balance" (for playing with) and "invested" (coins actively in the bankroll) but also a "local" balance, which is coins the user holds themselves, but consider part of the bankroll. On every roll, the site risks 1% of ("invested" plus "local") for the user. The user's percentage of the bankroll stays constant, since everyone is risking 1%, and it works fine until "invested" shrinks to less than 1% of "invested" + "local" (since the site then doesn't have access to the 1% they're risking).

This allows players to risk 1% of their whole holdings without having to send their entire holdings to me. They only need to send 1% plus however much extra they want as a buffer.

It's a shame this doesn't appear to address the issue of people who want to risk less than 1% of their investment, because otherwise it looks like a good solution to me.

alani123

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Leading Crypto Sports Betting & Casino Platform

Quote from: dooglus on November 06, 2014, 10:25:26 PM

Quote from: ?? on ??

Took me a while to find,

Do you still have it? I'd like to make a note of the URL.

https://bitcointalksearch.org/topic/m.2815837

I'm not sure if that's the specific post you're looking for but most of the discussion about offsite investments took place nearby it. Maybe you should try going to the print page of the post, hit F3 and search whatever was written in this post yourself.

Dabs

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The Concierge of Crypto

Quote from: dooglus on November 06, 2014, 07:21:05 PM

Quote from: Dabs on November 06, 2014, 12:58:15 PM

Is the new investment scheme public? If not, I'd like to request permission to use the same thing. (or try to.) At least allow them to pick a number instead of fixing it to 1%. (*edit* I'm asking dooglus, espringe, and ryan)

I posted my idea about "off-site investment" to one of the JD threads about a year ago.

Use it if you like.

Quote from: ?? on ??

Took me a while to find, but it was a very interesting thread. It seems you proposed it during the time when investors lived in fear of Nakowa and wanted to be able to configure different risk profiles. I had mistakenly believed I had some part to do with its creation, when trying to explore a good way to allow investors to minimize their counter-party risk, but it was fully explored a long time ago. I apologize about not giving you full credit when it was due.

Thanks to the both of you.

dooglus, please don't re-open JD for awhile (or forever), hehehe. Feel free to partially invest here (and also to my new one; sorry wait another 2 weeks, I'm still working on it.)

Ryan, here is a free idea for you, in addition to the different risk profiles, investors can affect (but not chose) how much the site takes commission on profits. So, dooglus first thought of the whole investing thing, and then Dabs thought of the variable commissions. (Now, maybe this was also already explored a long time ago ...) It seems to me, to be a simple idea.

I initially planned on opening my little game with a 1.56% house edge. But seeing how another site lowers that house edge for the players the more they wager, I could do the same thing. MoneyPot already has a very low house edge, so I don't think you should lower it any more.

Quote from: dooglus on November 06, 2014, 10:25:26 PM

Quote from: ?? on ??

Took me a while to find,

Do you still have it? I'd like to make a note of the URL.

Yes, me too. Please save me from reading all 236 pages / 4700 posts of JD's thread. LOL.

dooglus

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Quote from: ?? on ??

Took me a while to find,

Do you still have it? I'd like to make a note of the URL.

alani123

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Leading Crypto Sports Betting & Casino Platform

Quote from: ?? on ??

The game server is done right now. Or rather, it's not routable from the outside world -- but still online. Looking into it right now, it's not clear if it's because of an abuse claim, or null-routed by our hosting provider because of DoSes. We're preparing the move to a new game server, please have patience while we make the move. In the mean time you can still deposit (or more likely) withdraw your money

~~Could it be that someone filed a report that your website was against the host's ToS again?~~

panju1

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Quote from: ?? on ??

Quote from: SF-Man on November 04, 2014, 09:30:58 PM

So is the site still payin?

Yes. Processed over a 1000 bitcoins of withdrawals without issue.

For a minute I thought you were talking about a single transaction. Grin

Of course, what has been processed historically does not necessarily indicate the current status.

dooglus

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Quote from: Dabs on November 06, 2014, 12:58:15 PM

Is the new investment scheme public? If not, I'd like to request permission to use the same thing. (or try to.) At least allow them to pick a number instead of fixing it to 1%. (*edit* I'm asking dooglus, espringe, and ryan)

I posted my idea about "off-site investment" to one of the JD threads about a year ago.

Use it if you like.

Dabs

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The Concierge of Crypto

Is the new investment scheme public? If not, I'd like to request permission to use the same thing. (or try to.) At least allow them to pick a number instead of fixing it to 1%. (*edit* I'm asking dooglus, espringe, and ryan)

Bitzkrieg

full member