Topic: How passive is the income from running a dice site/altcoin exchange? (Read 2860 times)
January 08, 2015, 01:07:56 PM
Very much agree with others that you need to do a lot of work continuously to run your site. Otherwise you could lose your bitcoin to hackers and bug abusers, or you could lose your customers to your competitors. To be a successful business, you need to keep improving your service to retain customer all the time.
January 08, 2015, 07:45:58 AM
ive got 0.01BTC on 3 days but not paasive
im active to trade on site exchange
im active to trade on site exchange
OP was talking about opening a dice site or altcoin exchange and get a passive income from it which is not really possible.
January 08, 2015, 06:52:16 AM
Some dice sites allow investment to increase their bankrolls. You may try one, and it will give you a steady income till they take everything and run away.
As for running your own, it requires high level expertise.
As for running your own, it requires high level expertise.
January 07, 2015, 08:28:06 PM
ive got 0.01BTC on 3 days but not paasive
im active to trade on site exchange
im active to trade on site exchange
January 06, 2015, 06:47:45 PM
I do not think it is very passive.
Dooglus was constantly responding to tickets on just-dice. User dogedice.me has basically done what you are suggesting by having a dice site, actually a family of sites, as well as an affiliated exchange called simple swap. He stops in once a day at least and there seems to never be a shortage of people asking for him in chat.
If you're really serious I'd suggest PMing some of the admins of the leading sites. They might not welcome the competition, but still...
Good Luck!
Dooglus was constantly responding to tickets on just-dice. User dogedice.me has basically done what you are suggesting by having a dice site, actually a family of sites, as well as an affiliated exchange called simple swap. He stops in once a day at least and there seems to never be a shortage of people asking for him in chat.
If you're really serious I'd suggest PMing some of the admins of the leading sites. They might not welcome the competition, but still...
Good Luck!
January 06, 2015, 06:30:23 PM
I would guess that it would be somewhere between passive and active income. Most of your income would come from the house edge for a dice site or trading fees for an exchange. This part is automatic since it is programmed into the software. There are some bits that aren't passive though. You will need to test the site for bugs and exploits, run marketing campaigns to attract new customers, run signature campaigns, answer customer queries, and update the site constantly to keep people interested and coming back for more.
If it's an exchange then you will need to perform security audits, add new coins, and delist old coins.
There are very few ways to make money that are either fully active or fully passive. I would guess that dice sites and altcoin exchanges are a mix of both.
If it's an exchange then you will need to perform security audits, add new coins, and delist old coins.
There are very few ways to make money that are either fully active or fully passive. I would guess that dice sites and altcoin exchanges are a mix of both.
If you can sell the exchange and keep a percentage of the revenue you would get a real passive income.
January 06, 2015, 05:19:56 PM
I would guess that it would be somewhere between passive and active income. Most of your income would come from the house edge for a dice site or trading fees for an exchange. This part is automatic since it is programmed into the software. There are some bits that aren't passive though. You will need to test the site for bugs and exploits, run marketing campaigns to attract new customers, run signature campaigns, answer customer queries, and update the site constantly to keep people interested and coming back for more.
If it's an exchange then you will need to perform security audits, add new coins, and delist old coins.
There are very few ways to make money that are either fully active or fully passive. I would guess that dice sites and altcoin exchanges are a mix of both.
If it's an exchange then you will need to perform security audits, add new coins, and delist old coins.
There are very few ways to make money that are either fully active or fully passive. I would guess that dice sites and altcoin exchanges are a mix of both.
January 06, 2015, 05:00:19 PM
Hire professionals who already have experience, otherwise you are almost guaranteed to lose funds through some exploit. Both exchanges and dice sites are very high risk targets.
You see, even Bitstamp lost funds. The very fact that you are asking here this questions shows that you are not ready to do this.
January 06, 2015, 10:25:45 AM
The Bitstamp incident shows how passive the income of any money related can be
Nothing lasts forever. Exchanges have low fees and can use a fractional bitcoin reserve system that allows them to take cash out of the company.
January 06, 2015, 08:36:17 AM
The Bitstamp incident shows how passive the income of any money related can be
January 05, 2015, 05:15:36 PM
Hire professionals who already have experience, otherwise you are almost guaranteed to lose funds through some exploit. Both exchanges and dice sites are very high risk targets.
At least one good professional who you can trust and who knows what he is doing.
January 04, 2015, 06:28:58 PM
Hire professionals who already have experience, otherwise you are almost guaranteed to lose funds through some exploit. Both exchanges and dice sites are very high risk targets.
January 04, 2015, 05:12:12 PM
I am interested in creating my own dice/gambling site (like Primedice and Just-Dice) and my own altcoin exchange (like Cryptsy and Poloniex). Does anyone know how passive such sites are? For example, writing a novel is passive income because once you write it and find a publisher, you don't need to do any work for the money to keep rolling in. Another type of passive income is a rental property - especially if you have a property manager, and automated trading where you write the trading bot and it does all the trading for you. Most large businesses also generate passive income for their owners.
So how passive is a dice site/altcoin exchange? Could I write a site using PHP and Javascript, announce it here on the forums, and then leave it alone and still get money? Since it would all be automated and the site will automatically skim the profits from the house edge or trading fees, am I correct in assuming that I won't need to do anything further other than maybe check to see how it's going every once in a while?
So how passive is a dice site/altcoin exchange? Could I write a site using PHP and Javascript, announce it here on the forums, and then leave it alone and still get money? Since it would all be automated and the site will automatically skim the profits from the house edge or trading fees, am I correct in assuming that I won't need to do anything further other than maybe check to see how it's going every once in a while?
Like it was said before you will need a lot of time to prevent cheating and solve bugs. If you rent a home, you may need a lot of time to deal with the problems and paperwork if you don't have a property manager.
January 04, 2015, 04:40:32 PM
Once your site gets popular, someone will come in and take all your Bitcoin. They'd probably find flaws ahead of time. If it gets big, it would be great to hire a security team or open up a bug bounty program.
Just my .02
Just my .02
When a site starts getting popular, it's to be expected that someone will look for exploits. If the site managers can't implement proper security, I'm sorry, but they deserve to lose quite a bit. What they could do, like a lot of people, is offer bounties for when people DO find exploits, prior to release/during updates. There are reasons that faucets that pay 900 satoshis/10 min dry out within a day or two
This is exactly what I just wrote . . .
January 04, 2015, 09:56:32 AM
I am interested in creating my own dice/gambling site (like Primedice and Just-Dice) and my own altcoin exchange (like Cryptsy and Poloniex). Does anyone know how passive such sites are? For example, writing a novel is passive income because once you write it and find a publisher, you don't need to do any work for the money to keep rolling in. Another type of passive income is a rental property - especially if you have a property manager, and automated trading where you write the trading bot and it does all the trading for you. Most large businesses also generate passive income for their owners.
So how passive is a dice site/altcoin exchange? Could I write a site using PHP and Javascript, announce it here on the forums, and then leave it alone and still get money? Since it would all be automated and the site will automatically skim the profits from the house edge or trading fees, am I correct in assuming that I won't need to do anything further other than maybe check to see how it's going every once in a while?
So how passive is a dice site/altcoin exchange? Could I write a site using PHP and Javascript, announce it here on the forums, and then leave it alone and still get money? Since it would all be automated and the site will automatically skim the profits from the house edge or trading fees, am I correct in assuming that I won't need to do anything further other than maybe check to see how it's going every once in a while?
Its a high risk high variance business, lots of competition with exchanges or gambling sites. If you manage to "make it" you then have to maintain your position so i dont think its that passive.
January 04, 2015, 01:57:22 AM
Trustworthy dice sites with an investing option are something special. Currently, I would only trust Just-Dice because of many scams with the investing feature in a dice game.
Trustworthy Dice sites? Really? And I thought that if they have 'investment' option it is considered bad. Because they are trying to grab your money on many different levels. Imo Trustworthy Dice sited Do not have any investment options.
January 04, 2015, 12:54:01 AM
Once your site gets popular, someone will come in and take all your Bitcoin. They'd probably find flaws ahead of time. If it gets big, it would be great to hire a security team or open up a bug bounty program.
Just my .02
Just my .02
When a site starts getting popular, it's to be expected that someone will look for exploits. If the site managers can't implement proper security, I'm sorry, but they deserve to lose quite a bit. What they could do, like a lot of people, is offer bounties for when people DO find exploits, prior to release/during updates. There are reasons that faucets that pay 900 satoshis/10 min dry out within a day or two
January 03, 2015, 09:10:21 PM
Once your site gets popular, someone will come in and take all your Bitcoin. They'd probably find flaws ahead of time. If it gets big, it would be great to hire a security team or open up a bug bounty program.
Just my .02
Just my .02
January 03, 2015, 09:02:20 PM
I personally just use Just-dice to invest.
Way less bullshit to deal with and doogs a good dude.
Way less bullshit to deal with and doogs a good dude.
Don't trust the page just because of dooglus.
Doog did me solid on Bitcoin.
Doog did me solid on Dogecoin.
I trust Dooglus more than I trust myself to hire someone to make something could even be in the same ball park as his place.
I trust that if someone could have taken the 60,000 BTC then they would have. JD has time and tons of tries at the bankroll to prove its worth.
If you open a dice site... the chances are you'll have flaws found in your system by gentlemen who frequent JD and bug bounties are sweet
January 03, 2015, 04:22:49 PM
I personally just use Just-dice to invest.
Way less bullshit to deal with and doogs a good dude.
Way less bullshit to deal with and doogs a good dude.
Don't trust the page just because of dooglus.
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