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Topic: Chain-Bet.com | On Chain | No KYC | 15x Win | Provably Fair | Since 2016 - page 14. (Read 38517 times)

full member
Activity: 132
Merit: 100
Due to increase in average cost of confirming a Bitcoin transaction, we are hereby increasing transaction processing fee from 0.0004 BTC to 0.001 BTC. At the same time, minimum bet amount is being raised from 0.0005 BTC to 0.002 BTC. We understand, this might impact small bet amounts, but to ensure faster processing of bet forwarding Tx and winning amount sending Tx, we had no other way. Sorry for the inconvenience caused.

https://twitter.com/Chain_Bet_/status/870375527063801856

Pikers will chicken out. Wink
member
Activity: 206
Merit: 10
Due to increase in average cost of confirming a Bitcoin transaction, we are hereby increasing transaction processing fee from 0.0004 BTC to 0.001 BTC. At the same time, minimum bet amount is being raised from 0.0005 BTC to 0.002 BTC. We understand, this might impact small bet amounts, but to ensure faster processing of bet forwarding Tx and winning amount sending Tx, we had no other way. Sorry for the inconvenience caused.

https://twitter.com/Chain_Bet_/status/870375527063801856
copper member
Activity: 2562
Merit: 2510
Spear the bees
Definitely not. But, claiming the reverse is a shitty line of thinking as well. If a game has paid previously, does it increase its chance of scam?

That's a terrible non sequitur you're using. I have not claimed the reverse but rather was provoking your thought process: you are stating that there is no reason not to pay a user since chain-bet has paid over 1 BTC multiple times before.

I'm simply stating that if that is true, then it paradoxically creates a reason to scam. If it is common knowledge that if a casino has paid before, it will not scam, then would it not be consequence-free to do just that? Scam?



This is kind of similar to some lines of game theory. Say you're playing poker and the flop comes Ks Qs Js. Let's suppose a 10% chance of your opponent having two spades. If it's commonly thought that you would only raise if you have a flush here, would it not be advantageous to just always raise?

Suppose you raise 1x the pot.
That's a 90% chance of a pot-sized return and a 10% chance of a pot-sized loss if your opponent calls.



Since its inception one year ago, there is not a single scam accusation against chain-bet.com. And u, appearing from nowhere, claiming that because it paid before it will scam now? Are u mentally stable?

Never said that. Don't put words in my mouth.
newbie
Activity: 44
Merit: 0
According to historical data available on https://bitcointalksearch.org/topic/10x-win-on-chain-betcom-by-betting-on-blockchain-1635955, chain-bet has paid over 1 BTC multiple times before. So, I think, there is no reason not to pay u all in a sudden.

That's a shitty line of thinking. So you're saying if I've paid out users previously, that there is no way that I could scam ever?
Definitely not. But, claiming the reverse is a shitty line of thinking as well. If a game has paid previously, does it increase its chance of scam?

Well, if it's that easy to scam with no repercussions, then sign me up!
/s
Since its inception one year ago, there is not a single scam accusation against chain-bet.com. And u, appearing from nowhere, claiming that because it paid before it will scam now? Are u mentally stable?
copper member
Activity: 2562
Merit: 2510
Spear the bees
According to historical data available on https://bitcointalksearch.org/topic/10x-win-on-chain-betcom-by-betting-on-blockchain-1635955, chain-bet has paid over 1 BTC multiple times before. So, I think, there is no reason not to pay u all in a sudden.

That's a shitty line of thinking. So you're saying if I've paid out users previously, that there is no way that I could scam ever?

Well, if it's that easy to scam with no repercussions, then sign me up!
/s
newbie
Activity: 44
Merit: 0
Yes of course but that is already long time ago, we really need some recent activity on this site if you are saying that they really hold up to 1 btc right now. There is no updates or anything mentioned towards this site.
The site has very recent activities as well. Please check the dashboard and verify latest Tx dates.

And btw this is 0% house edge? I do not think how this gambling site is getting his money without giving some house edge here
U may think that man has not stepped on moon yet. But, that's gonna be the reality. It has been almost a year chain-bet.com is running with 0% house edge. Enough has already been discussed about the possibility or impossibility of it. Unfortunately, it is the reality u have to live with.

First thing, you do not have real players there, only some players that try to make some fortune so I do not think that it will run well in the future and second thing is about your 0% house edge how much profit you already get from this kind of game? I believe it is hard to get profit here right with this kind of traffic

So I can say that I played a lot on this site.. Sometimes lost and on other days I made good profit. I like this game but I am not sure what happens if you bet bigger amounts. Is the site able to pay for example 1 BTC? I don't know...

According to historical data available on https://bitcointalksearch.org/topic/10x-win-on-chain-betcom-by-betting-on-blockchain-1635955, chain-bet has paid over 1 BTC multiple times before. So, I think, there is no reason not to pay u all in a sudden.
member
Activity: 103
Merit: 11
Yes of course but that is already long time ago, we really need some recent activity on this site if you are saying that they really hold up to 1 btc right now. There is no updates or anything mentioned towards this site.
The site has very recent activities as well. Please check the dashboard and verify latest Tx dates.

And btw this is 0% house edge? I do not think how this gambling site is getting his money without giving some house edge here
U may think that man has not stepped on moon yet. But, that's gonna be the reality. It has been almost a year chain-bet.com is running with 0% house edge. Enough has already been discussed about the possibility or impossibility of it. Unfortunately, it is the reality u have to live with.

First thing, you do not have real players there, only some players that try to make some fortune so I do not think that it will run well in the future and second thing is about your 0% house edge how much profit you already get from this kind of game? I believe it is hard to get profit here right with this kind of traffic

So I can say that I played a lot on this site.. Sometimes lost and on other days I made good profit. I like this game but I am not sure what happens if you bet bigger amounts. Is the site able to pay for example 1 BTC? I don't know...
legendary
Activity: 1834
Merit: 1008
Yes of course but that is already long time ago, we really need some recent activity on this site if you are saying that they really hold up to 1 btc right now. There is no updates or anything mentioned towards this site.
The site has very recent activities as well. Please check the dashboard and verify latest Tx dates.

And btw this is 0% house edge? I do not think how this gambling site is getting his money without giving some house edge here
U may think that man has not stepped on moon yet. But, that's gonna be the reality. It has been almost a year chain-bet.com is running with 0% house edge. Enough has already been discussed about the possibility or impossibility of it. Unfortunately, it is the reality u have to live with.

First thing, you do not have real players there, only some players that try to make some fortune so I do not think that it will run well in the future and second thing is about your 0% house edge how much profit you already get from this kind of game? I believe it is hard to get profit here right with this kind of traffic
legendary
Activity: 1662
Merit: 1050
Yes of course but that is already long time ago, we really need some recent activity on this site if you are saying that they really hold up to 1 btc right now. There is no updates or anything mentioned towards this site.
The site has very recent activities as well. Please check the dashboard and verify latest Tx dates.

And btw this is 0% house edge? I do not think how this gambling site is getting his money without giving some house edge here
U may think that man has not stepped on moon yet. But, that's gonna be the reality. It has been almost a year chain-bet.com is running with 0% house edge. Enough has already been discussed about the possibility or impossibility of it. Unfortunately, it is the reality u have to live with.
legendary
Activity: 1834
Merit: 1008
I am wondering, if I would place a bet of 0.04 BTC at your site and lets say I win. What happens in this case, since the funds of your sites wallet is only 0.42 BTC?
Why do u think there is only one address in the site wallet? Fund may spread across multiple addresses in the same wallet...
Maybe he does always think that a certain gambling sites do only have a single wallet which is not right at all and its not really a good move if they would tend to do such thing.Having multiple wallets on a certain gambling site is normal and including this site is no exception.Why wont bother not to be paid? If you hit and win then site will pay you no matter what as long they have the money,theres no problem at all.

That is probably true but my question was if the site can pay if I am betting a higher amount.. Most gambling sites have a large amount on their hot wallet and here it is only 0.4 BTC

I wonder why do u think that the hot wallet has only 0.4 BTC? U may have checked one or two addresses that are regularly used. But, u may never know how many addresses it has in hot wallet. Hence exact hot wallet balance will not be known either. Is not it?

Here we have a list of BIG payments that the site has previously made - https://bitcointalksearch.org/topic/10x-win-on-chain-betcom-by-betting-on-blockchain-1635955

Yes of course but that is already long time ago, we really need some recent activity on this site if you are saying that they really hold up to 1 btc right now. There is no updates or anything mentioned towards this site. And btw this is 0% house edge? I do not think how this gambling site is getting his money without giving some house edge here
legendary
Activity: 1662
Merit: 1050
I am wondering, if I would place a bet of 0.04 BTC at your site and lets say I win. What happens in this case, since the funds of your sites wallet is only 0.42 BTC?
Why do u think there is only one address in the site wallet? Fund may spread across multiple addresses in the same wallet...
Maybe he does always think that a certain gambling sites do only have a single wallet which is not right at all and its not really a good move if they would tend to do such thing.Having multiple wallets on a certain gambling site is normal and including this site is no exception.Why wont bother not to be paid? If you hit and win then site will pay you no matter what as long they have the money,theres no problem at all.

That is probably true but my question was if the site can pay if I am betting a higher amount.. Most gambling sites have a large amount on their hot wallet and here it is only 0.4 BTC

I wonder why do u think that the hot wallet has only 0.4 BTC? U may have checked one or two addresses that are regularly used. But, u may never know how many addresses it has in hot wallet. Hence exact hot wallet balance will not be known either. Is not it?

Here we have a list of BIG payments that the site has previously made - https://bitcointalksearch.org/topic/10x-win-on-chain-betcom-by-betting-on-blockchain-1635955
member
Activity: 103
Merit: 11
I am wondering, if I would place a bet of 0.04 BTC at your site and lets say I win. What happens in this case, since the funds of your sites wallet is only 0.42 BTC?
Why do u think there is only one address in the site wallet? Fund may spread across multiple addresses in the same wallet...
Maybe he does always think that a certain gambling sites do only have a single wallet which is not right at all and its not really a good move if they would tend to do such thing.Having multiple wallets on a certain gambling site is normal and including this site is no exception.Why wont bother not to be paid? If you hit and win then site will pay you no matter what as long they have the money,theres no problem at all.

That is probably true but my question was if the site can pay if I am betting a higher amount.. Most gambling sites have a large amount on their hot wallet and here it is only 0.4 BTC
legendary
Activity: 3094
Merit: 1127
I am wondering, if I would place a bet of 0.04 BTC at your site and lets say I win. What happens in this case, since the funds of your sites wallet is only 0.42 BTC?
Why do u think there is only one address in the site wallet? Fund may spread across multiple addresses in the same wallet...
Maybe he does always think that a certain gambling sites do only have a single wallet which is not right at all and its not really a good move if they would tend to do such thing.Having multiple wallets on a certain gambling site is normal and including this site is no exception.Why wont bother not to be paid? If you hit and win then site will pay you no matter what as long they have the money,theres no problem at all.
legendary
Activity: 1662
Merit: 1050
I am wondering, if I would place a bet of 0.04 BTC at your site and lets say I win. What happens in this case, since the funds of your sites wallet is only 0.42 BTC?
Why do u think there is only one address in the site wallet? Fund may spread across multiple addresses in the same wallet...
legendary
Activity: 1463
Merit: 1886
It would be very risky for the pool to perform this and they might end up losing a block as a result of this.

They would only lose the block, if it was profitable to do so. If they win the bet,  they would face only a tiny extra cost of losing a block (likely slightly slower block propagation, due to mining a few extra transactions that the network wouldn't have seen)

And keep in mind that for a shady pool to withhold a valid block might not actually cost them very much at all. This is because they can cheat their miners, and just act like it was bad luck that caused them to have not mined a block in a while.

---

(Although in practice it's not really a concern. For someone to exploit them, they would likely have to risk 15 bitcoin (With the hope of winning 1). I doubt anyone is ever going to do that, as the chance of them not getting paid would be too high)
member
Activity: 103
Merit: 11
I am wondering, if I would place a bet of 0.04 BTC at your site and lets say I win. What happens in this case, since the funds of your sites wallet is only 0.42 BTC?
hero member
Activity: 896
Merit: 500
If you have 0% house edge, how can you profit and how much can you profit per month? I am very curious because your site is 0% house edge.

Perhaps their profit depends entirely on the luck of each player. However, I think this is not really feasible. In my opinion, somehow, their algorithms were a bit skewed, which made their odds of winning higher, and profit easier. However, it is just my opposite inference, I do not accuse anyone. Please test yourself by joining their site.

Are you saying that their algorithms have problems? No, I suppose you were wrong. Every casino is always looking for and ensuring fairness. So, this casino really depends on luck, extremely fair on both sides. I think people can rest assured when joining this casino. This is an unfounded statement, it's like an allegation.
legendary
Activity: 3808
Merit: 1723
If you're betting less than that, you're better off playing a traditional 1% casino.
Not really. There are gamblers like me, who'll always prefer risk free on-chain gambling over risky traditional casinos, where site wallet deposit is mandatory.

It's not close to risk free, and offers only slightly lower risk than another BTC casino with off-chain gambling that has the exact same reputation. Both of them you have to deal with the site disappearing, or withdraws not being sent. The only plus (which is very little) is that the time your funds are held on Chain-Bet is generally less.

Although personally I'd be too skeptical to play here. The site is trivial for a miner to profitably (and undetectably) cheat...   (and even more so for a mining pool, which can cheat it's miners at the same time if they have to discard a block)
The very concept of miners can cheat profitably this game was debunked long ago. Check this thread for further info - https://bitcointalksearch.org/topic/how-random-the-last-digit-of-a-block-hash-really-is-1493510.

That thread didn't debunk anything - it just said that miners can't pick the block hash. However, they can still no broadcast blocks that contain a losing hash, and hope to get a winning hash. A bad actor pool might make a large bet on every character except one with a very low (possibly 0) fee. They can than use bitcoind to treat their tx as a 100 BTC fee transaction, so it would be added into the next block the pool finds. They can set it so the pool owner needs to check the block before it's broadcast to the network, and if it is a losing hash, they can chose to withhold the block (screwing the miners, but letting them be more likely to win).

This might be possible but unless this site grows and allows max bets of > 100BTC I don't see anyone trying to cheat this way.

It would be very risky for the pool to perform this and they might end up losing a block as a result of this.
legendary
Activity: 2772
Merit: 3284
If you're betting less than that, you're better off playing a traditional 1% casino.
Not really. There are gamblers like me, who'll always prefer risk free on-chain gambling over risky traditional casinos, where site wallet deposit is mandatory.

It's not close to risk free, and offers only slightly lower risk than another BTC casino with off-chain gambling that has the exact same reputation. Both of them you have to deal with the site disappearing, or withdraws not being sent. The only plus (which is very little) is that the time your funds are held on Chain-Bet is generally less.

Although personally I'd be too skeptical to play here. The site is trivial for a miner to profitably (and undetectably) cheat...   (and even more so for a mining pool, which can cheat it's miners at the same time if they have to discard a block)
The very concept of miners can cheat profitably this game was debunked long ago. Check this thread for further info - https://bitcointalksearch.org/topic/how-random-the-last-digit-of-a-block-hash-really-is-1493510.

That thread didn't debunk anything - it just said that miners can't pick the block hash. However, they can still no broadcast blocks that contain a losing hash, and hope to get a winning hash. A bad actor pool might make a large bet on every character except one with a very low (possibly 0) fee. They can than use bitcoind to treat their tx as a 100 BTC fee transaction, so it would be added into the next block the pool finds. They can set it so the pool owner needs to check the block before it's broadcast to the network, and if it is a losing hash, they can chose to withhold the block (screwing the miners, but letting them be more likely to win).
hero member
Activity: 854
Merit: 500
Due to increase in average cost of confirming a Bitcoin transaction, we are hereby increasing transaction processing fee from 0.0002 BTC to 0.0004 BTC. We understand, this might impact small bet amounts, but to ensure faster processing of bet forwarding Tx and winning amount sending Tx, we had no other way. Sorry for the inconvenience caused.

https://twitter.com/Chain_Bet_/status/854662731085078528

This move may turn off gamblers betting less than 0.001 BTC. Otherwise, it is good for us as bet processing has become pretty fast now.
I don’t think so it is just a 0.0002 increase after all, I mean it is not per bet increase neither just a transaction fee increase. Considering 0.0002 is just 25 cents it is not that much to consider when you are gambling. If you are worrying about a 25 cent increase than you shouldn’t be gambling anyway.

Actually it depends on the bet amount of the gambler. For a bet amount less than 0.001 BTC, a 0.0004 BTC flat deduction is huge. But, for high rollers, it does not matter, because they are enjoying the 0% house edge, which is a privilege they wont get anywhere else. I can foresee that in future chain-bet.com may turn into a temple for high rollers.

Although I do not really believe what you say, however, in part, I feel you are right, 0% next door can not be profitable, so, somehow, they have way to collect Profits from players, algorithms are not the only decision, but it is also a good reason. However, this is just an unfounded inference, do not assert anything about them.
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