Topic: DaDice.com - Next Gen Social Gambling Dice Experience | Progressive Jackpot - page 110. (Read 257856 times)

That in its own seem to be a very serious thing that Dadice should handle at first. The excuses made do sound made up and fishy .



But isn't your max bet like other sites based on the invested amount on the site ? So by showing a larger investment , say if its 100 BTC and you show 400 BTC, then the profit from any loss would be distributed to be 1/4th amount to the investors.

LOL.

Your own site says:
And then when I start asking about the actual cold storage address, which is not an attack at all - a completely valid request, you come up with several bad excuses:

- Need more investments first. WRONG.
- Other sites also don't have it. WRONG.
- It's impossible because of kelly investments. WRONG.
- This investor is asking to not show it. WRONG.
- We show solvency by private cold addresses. WRONG.

I have given a lot of valid arguments and proof for each bad excuse.

And now the conclusion is "I consider the whole story as a public attack". Lol.

Well... situation seems pretty obvious to me...

We don't charge any commissions. What we charge is a fee, based on the performance [profit] generated from a single investment

We give proof of invested funds to each individual investor. I consider the whole story as a public attack. We are growing day by day and that is obviously a concern for some competition, which is fine for me. Others should put their own house in order first, before coming to our thread, as I said before, but they like to ignore this fact. As they ignore their own members concerns in their very own thread.

If that looks shady, ok, then we are shady! However, nobody will tell us how to run our business. My job is to make our very own members and investors happy! And so far they are

Over 2 years ? The Thread it started was on May 31st 2013 . How is that over 2 years ? And Few say you started investments after 1st year.


I saw a post that you sent Stunna and Dooglus a PM begging to invest in your casino . And they didn't care to reply. You telling me you had a private investor willing to invest 200K ? And you didn't take it ?

Hey man that sounds not legit. People don't invest in exchanges and exchanges do not generate income from their money . Gambling sites like yours do . And your site is typically holding more amount than a normal not so famous exchange site. So better offer that proof if you care to get any investments.

If the site does not show the proof of funds then there is a big risk that they may be faking the data and charging the wrong commission or a higher commission than they are supposed to. A solution to this problem would be to share the addresses with someone who is a trusted member of the community . That will cut out the risk of a hack happening .

Thats not how bitcoin works. Everyones funds are "placed" in public addresses.


Use a mixer. If you (not you personally ofc) already have compromised your privacy there are ways to clear this connection. This should have no impact on the way dadice handles business.


If you value your privacy enough to enforce a certain unhealthy custom on the business you are backing with your funds you should be willing to pay the (in comparison)  tiny fee. This explanation makes dadice look very shady and if the investor has any interest in dadice being a success they would have an interest in paying a small fee now instead of seeing the site get ruined by their requests.


@Da_dice id appreciate a response to my previous post. I understand that the bickering between rivals might distract you, but I prefer a discussion about this with as little drama as possible.

Hey guys @saurav here.I was in the chat at the moment the major investor(name withheld due to his privacy concerns) and steve were having a talk so i got a peek at the messages. Maybe dev can show a screenshot or the chat history or something but this is how it went. The investor requested that although he is a major investor there, he would not like his bitcoins to be placed in the public address. He said that the coins could be traced back to his address , which he would not like because of his privacy concerns. Then another guy offered an advice that they could "mix the coins" , but then there was the problem of huge"transaction fees" and since investors keep divesting and reinvesting those coins , that could be problem again. So thats the reason why there isn't a public address for 10% of the coins. And as steve has already told the 10% mark hasn't been completed because of the investor's request , dadice's investment is still 90%+ of the bank roll. And as steve and dev have already said kelly level can be confusing.
Keep rolling

Seeing as both you and Nico have used your site as an EXAMPLE that is not us, we followed suit in using an already established point.

Secondly perhaps you should read your thread first before coming to ours and read the dozens of complaints , some from the most respected members of btctalk

Thirdly, we do things in a way that our members want it to be done, why should we listen to somebody like you and ignore our largest investor?

If ignoring your members wishes is the way you run your business, please go ahead and do so. We run our business with our members input and those who don't agree don't have to join DaDice. End of story for us!

Lol, what a joke.

Of course posting a public cold wallet isn't proof that you will not scam. But at least it shows that you are solvent. It is such an easy thing to do for you (if you have the coins.)

"Bankroll is currently 924 - Actually available 546"

This means you are currently not showing bankroll correctly. Bankroll is how much money there is invested on a site. "Virtual bankroll" is the one based on kelly. The max profit is obviously based on the virtual bankroll. Normal sites (read all those I listed that have kelly) show only "bankroll" and "max profit" since virtual br is not so relevant. You should also show bankroll and show the solvency based on that.

Your "largest investor" excuse is a complete joke. First of all by just putting 90% of the funds in 1 address, you are not necessarily giving out information of this investor. Secondly, since you claim to still own more than 90% of the funds, you can simply move only your own funds to 1 cold address and this "big investor" is not even included(!!)

"In addition we have decided to provide each investor who has invested a minimum of 1 BTC their own private cold storage address." This is completely irrelevant. It is about proving you have all the funds you claim to have. Not that you have 1 BTC.

All you do is giving more bad excuses while I explained to you that it is very normal to prove your solvency by a cold wallet - so normal that EVERY invest site is doing it - except you. I think it is safe to say that DaDice is very likely a scam in the making due to lack of proving solvency. Continuously coming up with new excuses doesn't look good either.

That is not an answer to the question you just explained what cold storage is. It certainly is possible to run with an offline stored private key the same it is with an online stored private key. The big difference is if the corresponding address is publicly known you can not leak funds slowly over time.


True.


Yes, but it will get noticed.


Thats just a communication problem. You expect investors to understand how kelly works, thus it should be no problem to list the invested amounts by kelly rate.


No one is asking you to publish information about the investors.


Interestingly this is the most common reason I have heard from cloud mining services that turned out to be ponzis. The secret investor does not want X.


Maybe they can come here and explain this in a more accountable way. How would my privacy be at risk if I were to invest at your site and you have a publicly known cold storage address?

You're accusing me, the most trusted crowdfunded Bitcoin dice site operator, of planning on scamming?
After over 2 years of operating.
After not running when investment was over 3000 Bitcoin.
Even after I have actively went out my way to lower the investment by not allowing new accounts to invest.

As for you wanting to keep the cold wallet keys private, it's just not acceptable.

When PRC was first starting a very well known and trusted poker player was looking to invest $200,000.
I said no because he wanted to do a similar thing and not show proof of funds.

For a new site you are doing things the wrong way and it certainly looks like yet another Bitcoin scam.

A few answers here may be of interest in resolving the above queries and statements

Let us look at an example: A Bitcoin exchange typically offers an instant withdrawal feature, and might be a steward over hundreds of thousands of Bitcoins. To minimize the possibility that an intruder could steal the entire reserve in a security breach, the operator of the website follows a best practice by keeping the majority of the reserve in cold storage, or in other words, not present on the web server or any other computer. The only amount kept on the server is the amount needed to cover anticipated withdrawals.

Q. Is it possible to run away with coins in cold storage?

A. You generate a wallet on the offline computer the same way that you do on an online computer. This makes sure your Bitcoin private keys are in cold storage. You then make a “watching-only” copy of that wallet to be used imported on the online computer. Using this watching-only wallet, you can generate addresses and monitor payments exactly the same as any other wallet. In order to send money, you will be doing the following:

    Create unsigned transaction (online).
    Sign it (offline).
    Broadcast it (online).


Q. Why other dice sites provide cold storage addresses?

A. Main purpose of cold storage is to ensure protection of coins against hackers, there is NO guarantee of any sort that admin (such as Dean of PocketRocketCasino) won't SCAM you eventually. All   the funds in any cold wallet (for instances PocketRocketCasino's one) are as fragile as any ordinary wallet as private key holder can RUN with your coins at any time, there is nothing stopping them from doing so.
 Note to the technical sites that should be considered as well.
 Let's assume we have only one investor who has invested 100 btc at kelly 10

 That's all

 So we would have a bankroll of 1000 btc, shown to everyone who would wish to check.
 However, the cold wallet would only show 100 btc.
 Now, with more and more investors and different kelly selections, the picture is even more bizarre
 Like ours:
 Bankroll is currently 924
Actually available 546

This means that we still have not reached the 10% originally stipulated

We have another issue as well. Our largest investor in the site does not wish to have this publicly known.

We have the most advanced stats site of any dice site and strive to be as transparent as possible, but we cannot act against the wishes of our members, particularly our largest investor.

As a matter of fact the investor came to our public chat to discuss his concerns and that it was witnessed by many other members. The reason behind the investors statements: Privacy concerns

In addition we have decided to provide each investor who has invested a minimum of 1 BTC their own private cold storage address.

Hey Dadice any reason you are avoiding or evading the questions about Cold storage ? There is no reason to avoid the legit questions.

Hey there mate. There is a general no editing rule in place, that coupled with the time limit for making the guesses and a database of the guesses when they were put up will ensure fairness in that regard

Lol, wow. Currently the BR is actually supposed to be 924 BTC, so definitely more than your 10% mark.




In the Bitcoin community we never care much about regulation and licenses, including gambling licenses and such. We prefer to self-regulate and have math and tools to prove things.

The greatest example of this is the provably fair mechanism. A tool that allows players to ensure they have not been cheated.

For investors unfortunately this is not possible yet. But we do have 1 little thing to at least prove the solvency of a site, a cold public address. It is extremely easy for site owners to setup. And in history there have been only 1 site who suddenly removed the cold public address, DiceNinja, just days before they run with the whole BR.

So first you tell me you are waiting for that magical 10% requirement. Which is completely idiotic already, but okay. Now you have clearly reached that 10% and you are telling me another excuse?!?

"Other dice sites do not publish their cold wallet addresses, so why should we?"

Hereby a list of the most popular dice sites that accepts investors:

- PRC: https://blockchain.info/address/1FhxjhFb1YudGC1vtV4FuLpQc2uHzq3XFd
- Just-Dice: http://clamsight.com/address/xJDCLAMZsZg1YqGytiP9CRzYYdsrJXX9Kh
- SatoshiDice: https://blockchain.info/address/18e5jpfn9zo9GQov1Ks9Pzh6Yam2SvFqqo & https://blockchain.info/address/1GBEAxb91tea1magDAQoKnjx18oH4ax2T3
- BitDice: https://blockchain.info/address/19yR1HxBNy5As4joecih4wgj8Cpe5SdmWk
- Diggit: https://blockchain.info/address/1AqGXXoFRRa27ThqVLfsiPykkp2NC4i7QU (not dice, but has investors)
- Dicenow: https://blockchain.info/address/1FY3J5Zuh7mp7q47brqr4wHUsUTeVLT8hb
- MoneyPot(DustDice/betterbets): https://blockchain.info/address/1QD1u16PFzsmsqdBWJjx2WjSpHstsDX9ST
- SafeDice: https://blockchain.info/address/1SD1ciWyeDNf26YoAUjSsifQZK1ShFJ2s


Do you see the pattern.... all dice sites have public cold wallet addresses! (if they accept investors.) So, again, and please DO answer this question: why don't you have a public cold address like all other dice sites?



With both the silly and wrong excuses for posting a public cold wallet address, I do have to say: Be very careful with this site, I would personally not recommend investing or playing here. Every gambling site with investors should have a public cold wallet address, no excuses!



Self-regulation only works if we actively enforce the few standards in the bitcoin gambling community. Provably fair = a standard, any site that doesn't offer that should be left alone. Cold wallet address = a standard for investor sites, any site that doesn't offer that should be left alone. I do not care at all about any of your other business decisions. But WE, as the community, definitely have a say about these FEW "self-regulation standards" that are used by any other site too.

Of course you can just easily make that cold wallet already (should take like 2 hours max?) and no hard feelings.

you linked bitdice to wrong site should be https://www.bitdice.me

Agreed about bitdice, but that is not the link. Not sure where that link goes. The site is bitdice.me

That is so true.

So to anyone looking to invest ,I would suggest go for Bitdice or Multidice.

Or Convert your clams and go to Just-Dice to invest. Al the sites offer proof of Cold Storage.