Chain-Bet.com | On Chain | No KYC | 15x Win | Provably Fair | Since 2016 - page 15.

Albert Hamilton

full member

Activity: 128

Merit: 100

Quote from: RHavar on April 25, 2017, 07:58:22 AM

Just for everyone too lazy to do the maths, if you are betting > 0.04 BTC per bet, this site offers better odds.

That's why I said...

Quote from: Albert Hamilton on April 25, 2017, 06:21:17 AM

I can foresee that in future chain-bet.com may turn into a temple for high rollers.

Quote from: RHavar on April 25, 2017, 07:58:22 AM

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.

Quote from: RHavar on April 25, 2017, 07:58:22 AM

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.

RHavar

legendary

Activity: 1463

Merit: 1886

Quote from: Albert Hamilton on April 25, 2017, 06:21:17 AM

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.

Just for everyone too lazy to do the maths, if you are betting > 0.04 BTC per bet, this site offers better odds. If you're betting less than that, you're better off playing a traditional 1% casino.

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)

Albert Hamilton

full member

Activity: 128

Merit: 100

Quote from: Monnt on April 19, 2017, 04:08:07 PM

Quote from: Albert Hamilton on April 19, 2017, 02:03:19 PM

Quote from: Bitcoin Gambling on April 19, 2017, 06:58:00 AM

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.

soul-impact

hero member

Activity: 854

Merit: 500

Quote from: RichDaniel on April 23, 2017, 02:25:34 AM

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.

RHavar

legendary

Activity: 1463

Merit: 1886

Quote from: Bitcoin Gambling on April 21, 2017, 03:44:22 PM

Could u please show a recent Tx of yours, i.e. in April, 2017, where cost per Tx i/p is 500 Satoshi?

https://anduck.net/bitcoin/fees/

You'll see routinely 1-3 times per week, transactions with a feerate of 5 byte/sat can clear.

Quote

With the calculation given above with real world data, it must be clear to everyone that instead of making any flat profit, we have actually accepted (28294-15000) Satoshi, i.e. 13294 Satoshi, flat loss per bet.

This doesn't make much sense. Why you even running the site if you're taking a flat loss per bet? And all you need to do is write some utxo consolidation logic, and you'd be making a decent profit per bet.

RichDaniel

sr. member

Activity: 479

Merit: 533

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.

Ewox

sr. member

Activity: 812

Merit: 253

Quote from: Jimmy Wales on April 20, 2017, 06:19:14 AM

Quote from: Ewox on April 19, 2017, 08:46:57 PM

How has this game been paying? I'd like to try this out, seems like a pretty decent provably fair game to me.

I cant say that it is paying high or paying low. But, it is paying as expected. I have listed some the BIG winnings on Chain-Bet.com here - https://bitcointalksearch.org/topic/10x-win-on-chain-betcom-by-betting-on-blockchain-1635955

Thanks for letting me know. Well at least its paying, that's what I really wanted to know. Oh and for your BIG winning on your thread, pretty lucky but I'm sure despite all those winnings, you have lost a lot right? Anyways, will try my luck on that game too. Cheers and good luck to your future games on this gambling site!

Bitcoin Gambling

member

Activity: 206

Merit: 10

Quote from: RHavar on April 19, 2017, 09:05:28 PM

I'm not sure that the advertising is terribly honest.

Our claim of 0% house edge is pretty honest indeed. Explanation given below...

Quote from: RHavar on April 19, 2017, 09:05:28 PM

The processing fee you charge is rather high, based on running a casino it costs me a little under 500 satoshis per deposit to process (as I consolidate outputs when it's cheap), while your processing fee is 40000 satoshis. Which would be an entirely entirely reasonable processing fee for a winning bet, as sending a transaction fast is quite expensive. However, the tricksy part is that you take the processing fee before you apply the multiplier, which means the player is effectively paying that 15 times!

Could u please show a recent Tx of yours, i.e. in April, 2017, where cost per Tx i/p is 500 Satoshi?

Quote from: RHavar on April 19, 2017, 09:05:28 PM

So based on the costs I believe the break even point would be charging ~2421 satoshis per bet in processing fees (assuming efficient utxo consolidation). Which means you have an expected profit of around $0.46 USD per bet.

I'm not sure how u have derived the figure 2421 Satoshi, but here is how I have calculated...
Total Tx processing fee per bet = 40000 Satoshi
Forwarding Tx cost for each bet = 25000 Satoshi (you may verify it from any of our recent bet, i.e. since we increased our Tx processing fee)
Remaining to process each bet to create a winning Tx = (40000-25000) Satoshi = 15000 Satoshi

Now, let us look at how much it has cost per Tx i/p to send a recent winning Tx, i.e. https://blockchain.info/tx/c96a28919b23476c54c248da5fbe80c38108358d5295f221d8c9fc1c66e3b8ff
Total mining fee paid = 424410 Satoshi
Total no. of Tx i/p = 15
Therefore, actual cost per Tx i/p = (424410/15) Satoshi = 28294 Satoshi

Quote from: RHavar on April 19, 2017, 09:05:28 PM

So while I understand it's a business, and your goal is to make money -- I think by claiming to be 0% house edge and not making it clear you make a flat profit on each bet is bit ifffy.

With the calculation given above with real world data, it must be clear to everyone that instead of making any flat profit, we have actually accepted (28294-15000) Satoshi, i.e. 13294 Satoshi, flat loss per bet.

jems

sr. member

Activity: 854

Merit: 250

Quote from: Jimmy Wales on April 20, 2017, 06:19:14 AM

Quote from: Ewox on April 19, 2017, 08:46:57 PM

How has this game been paying? I'd like to try this out, seems like a pretty decent provably fair game to me.

I cant say that it is paying high or paying low. But, it is paying as expected. I have listed some the BIG winnings on Chain-Bet.com here - https://bitcointalksearch.org/topic/10x-win-on-chain-betcom-by-betting-on-blockchain-1635955

Quote from: Capradina on May 31, 2016, 05:41:35 AM

I love your site, the whole site is quite interesting. It's just the lack of support for doing a communication against the owners in the event of a problem. And the lack of features that can be used to interact against a fellow player/owner of the site. I hope it can be added for convenience all players

i would like to try this game i guest its interesting and i read other comments in here and they say good about your site that is pretty nice .

Jimmy Wales

member

Activity: 144

Merit: 17

Quote from: Ewox on April 19, 2017, 08:46:57 PM

How has this game been paying? I'd like to try this out, seems like a pretty decent provably fair game to me.

I cant say that it is paying high or paying low. But, it is paying as expected. I have listed some the BIG winnings on Chain-Bet.com here - https://bitcointalksearch.org/topic/10x-win-on-chain-betcom-by-betting-on-blockchain-1635955

RHavar

legendary

Activity: 1463

Merit: 1886

I'm not sure that the advertising is terribly honest.

The processing fee you charge is rather high, based on running a casino it costs me a little under 500 satoshis per deposit to process (as I consolidate outputs when it's cheap), while your processing fee is 40000 satoshis. Which would be an entirely entirely reasonable processing fee for a winning bet, as sending a transaction fast is quite expensive. However, the tricksy part is that you take the processing fee before you apply the multiplier, which means the player is effectively paying that 15 times!

So based on the costs I believe the break even point would be charging ~2421 satoshis per bet in processing fees (assuming efficient utxo consolidation). Which means you have an expected profit of around $0.46 USD per bet.

So while I understand it's a business, and your goal is to make money -- I think by claiming to be 0% house edge and not making it clear you make a flat profit on each bet is bit ifffy.

Ewox

sr. member

Activity: 812

Merit: 253

How has this game been paying? I'd like to try this out, seems like a pretty decent provably fair game to me.

adaseb

legendary

Activity: 3808

Merit: 1723

Quote from: Albert Hamilton on April 19, 2017, 02:03:19 PM

Quote from: Bitcoin Gambling on April 19, 2017, 06:58:00 AM

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.

Basically betting less than 0.001BTC is never a good idea if its onchain. Its not good for the gambler or the gambling site he is using. My advice is to move to a different coin like Litecoin or Ethereum where the fees don't make up a huge percentage of the overall bet value.

RocketSingh

legendary

Activity: 1662

Merit: 1050

Quote from: runz on April 19, 2017, 02:54:36 PM

Quote from: Bitcoin Gambling on April 19, 2017, 06:58:00 AM

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

Ok.. So you take 0.0004 BTC for forwarding but actually pay 0.00025 BTC.. no 0% house edge anymore? The second thing is, I won one bet and the payout is still unconfirmed which was transfered like 3 hours ago... Did you decrease the fees for payouts?

This question was raised before while transaction processing fee was 0.0002 BTC and forwarding Tx used to cost 0.0001 BTC. I explained it here to the best of my understanding - https://bitcointalksearch.org/topic/m.16586076. U may like to check it out.

Monnt

legendary

Activity: 938

Merit: 1002

Quote from: Albert Hamilton on April 19, 2017, 02:03:19 PM

Quote from: Bitcoin Gambling on April 19, 2017, 06:58:00 AM

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.

runz

member

Activity: 103

Merit: 11

Quote from: Bitcoin Gambling on April 19, 2017, 06:58:00 AM

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

Ok.. So you take 0.0004 BTC for forwarding but actually pay 0.00025 BTC.. no 0% house edge anymore? The second thing is, I won one bet and the payout is still unconfirmed which was transfered like 3 hours ago... Did you decrease the fees for payouts?

Albert Hamilton

full member

Activity: 128

Merit: 100

Quote from: Bitcoin Gambling on April 19, 2017, 06:58:00 AM

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.

Bitcoin Gambling

member

Activity: 206

Merit: 10

Due to increase in average cost of confirming a Bitcoin transaction, we are hereby increasing transaction processing fee from 0.0002 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

favours

full member

Activity: 180

Merit: 100

Lover of Bitcoin

Quote from: Bitcoin Gambling on April 18, 2017, 04:31:48 PM

Quote from: adaseb on April 14, 2017, 03:59:34 AM

Right now I think you should just send him back the 0.01 BTC since its a large amount and since his bet was also 0.01BTC, why would he want to donate 100% of his winnings, it doesn't make sense.

Refunded - https://blockchain.info/tx/0fb15e2392763f4fd5a4c25bb5ae56338394535ff1016da58c4ff745d2a3e145

Truly amazing; thank you.

Bitcoin Gambling

member

Activity: 206

Merit: 10

Quote from: adaseb on April 14, 2017, 03:59:34 AM

Right now I think you should just send him back the 0.01 BTC since its a large amount and since his bet was also 0.01BTC, why would he want to donate 100% of his winnings, it doesn't make sense.

Refunded - https://blockchain.info/tx/0fb15e2392763f4fd5a4c25bb5ae56338394535ff1016da58c4ff745d2a3e145

Topic: Chain-Bet.com | On Chain | No KYC | 15x Win | Provably Fair | Since 2016 - page 15. (Read 38524 times)