I am just glad someone is thinking out of the box and they are making it easier for the
average person to determine if the bets was Provably fair or not.
The thing is.. most casinos use the RTP to manage their income and profits from the site. So they will increase the RTP before a promotion or a bonus offer to fund it... but with your system, this will not be possible. (if I understand it correctly)
How can a large casino survive with a 0.01 house edge? (Thinking to the future, when this takes off and you want to scale with the growth)
You are correct that most casinos absolutely could NOT survive on a 0.01 house edge. However, since this is a multiplayer game that requires 2 or more players to run, it doesnt suffer from what every other slot casino suffers from. Trying to beat the players (usually via a large'ish house edge or a house edge small but not to small). I have shifted that responsibility onto the players themselves. So they are competing against each other rather than the house. Therefore, the house never actually loses anything. So I could setup a 0.00000001% house edge, and still be profitable. But of course to start out, I need a higher house edge. But as time progresses (just like bitcoin, remember, this is an educational site as well into how BTC works heh) and it gains more players, I'll be able to lower the house edge even further. This mimics Bitcoin's "deflationary" aspect. You might also notice that there are actually 2 different types of games, games that are seeded by the house and games that are seeded by the players. If players create their own games, they are rewarded with a lower house edge of 0.01%. But if it's seeded by me, the house edge is actually 4.75%. I realizes early that games are probably going to rely upon me heavily to seed them because there's not many players to seed things. However as it gains popularity, the seeding I've been doing will actually become less and less lucrative because of the higher percentage and players will simply create their own games instead.
I should make a FAQ about the house edges that explains the correlation between popularity, BTC fees, and house edges. Here's a 1 to 1 mapping of how this actually works:
House seeded games with 4.75% house edge == Bitcoin mining rewards (which halves every year).
Player seeded games with 0.01% house edge == Bitcoin mining FEES (which will sustain the blockchain once mining rewards are to small).
Threshold == Bitcoin difficulty (the higher the threshold, the more difficult it is and the longer it's going to take for the game to complete)
My goal is exactly the same. In the future, player seeded games are what is going to sustain the site while in the early days, House seeded games are going sustain the site. Pretty neat eh
Bitcoin is revolutionary, and I'm just trying to apply it's rules to things other than the blockchain itself
The cool part is that I can start up this little casino with next to NO capitol at all. The only capitol I need is for the house seeded games. And since when a house seeded game is completed, it provides the house back it's seed amount PLUS a small house edge, the house will always be able to seed games. It's able to do this because of the "threshold" amount that stops a game from completing until it actually reaches the required threshold (again, it has a Bitcoin analogy called Difficulty hehe).
So this method of gaming protects the house from something like this:
Joe shmoe walks up to a slot, puts 25 cents in, and wins $250000. Since the casino is new, they cant afford the payout and they close down.
This game does not suffer from this type of problem which is why the house edge can be so low. And who says one cant learn something new every day
I've already taught a few people some new tricks right here in this thread explaining how my games work lol. Hash Wars is full of cool little educational nuggets like this. Blockchain rules