Topic: How passive is the income from running a dice site/altcoin exchange? - page 2. (Read 2860 times)

I personally just use Just-dice to invest.

Way less bullshit to deal with and doogs a good dude.

The workload of running a dice site is much more than a full time job as you have to not only fix bugs and run marketing campaigns, but also to process users' queries and complaints.

Bitcoin Betting Guide posts reviews on dice sites he's invested in. Some of them look promising.
http://bitcoin-betting-guide.com/gambling-investments/gambling-investment-reviews/

He's also on the forum.
https://bitcointalksearch.org/user/bitcoin-betting-guide-213269

I'd also like to invest in Diggit.io, they're a bitcoin minesweeper site, but I haven't seen a lot of reviews on investing there.

That's true.

Last year, two big dice sites ended up becoming scams (or near scams) - dice.ninja and Dicebitco.in. Whether or not Dicebitco.in was actually a scam is debatable, but it's clear that a lot of people lost their money there. It was the biggest dice site that welcomed investors at the time and became very popular in the weeks after Just-Dice had closed. Dooglus even had them in their signature too which meant that a lot of people invested who otherwise probably wouldn't have done so. First there were a few problems with the site skipping winning rolls. Then some whale came who had a massive and highly suspicious string of good luck which devastated the site's bankroll. Then once everyone left the site, he came back and lost it all. Then the site announced they were closing.

Dice.ninja on the other hand, seems to have been a straight-up scam. No doubt about it.

Just-Dice is good and trustworthy but they don't use bitcoins. They use CLAMS which are an altcoin that you can only get by "digging" old wallets. There really isn't a proper dice site that is both trustworthy and uses BTC right now. Primedice is probably the only other trustworthy one but it doesn't allow investing. Because of this, there's a bit of a void in the market right now for a trustworthy dice site that offers investing using BTC.

cool, yes agree with it

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.

Marked is almost full, you would need good marketing strategy and good developers, and with the current nickname you don't have even one of these.

No, running a successful business requires a lot of work. You will have to be ready to fix any bugs that are discovered on your website. Additionally, you will need to constantly market your website, or run the risk of traffic to it decreasing. You may have to introduce new updates to remain competitive against similar websites.

If you think about it, there is no such thing as a truly passive business that is at its full potential. Even if you write a book, you will still have to market it, and work out deals such as merchandising or movie rights, which will make you even more money. If you just published it and left it there without doing anything, you would not make the maximum amount of money possible from your business.

After coding, you will need to spend time/effort/money to advertise your site and attract users to your new site with promotion and bonus.
And even after you have established a stable customer base, you will still need to make improvements, fix bugs, and organize some events from time to time to make your existing customers happy and attract even more new customers.

If you are looking to create the website and leave it alone and try to profit, I advice you not to bother doing so. Successful dice sites like just-dice, primedice, etc and exchanges do not simply create the sites and leave it alone. They have to constantly listen to he community's feedback and improve on it. You also need to regularly test out your site for vulnerabilities and provide support for your user. Thats the reason why Stunna has a development team and quit his job to manage the dice site. Dice sites mostly generate 1% of the total wagered amount in the LONG run, sometimes, you may have positive or negative profits but in the long run, it usually evens out to 1% profit.

The basics are the same for any sit,

More the traffic,

Better the earnings.

most popular casino and dice sites make 10-100s of btc daily, a gambling site should also require monitoring

Hi.

I run BitsinoDice which is open source. https://github.com/Bitsino/BitsinoDice

Basically, no site starts out passive, but may become passive later. The flow of money is simple.

Visitors -> Registrations -> Deposits -> Profit ?

The problem is firstly getting traffic. Secondly a dice site runs a house edge typically of 1%, however this is an average over many bets, you could lose the entire capital of the site through a few lucky customers.

So even if you are able to get a constant flow of traffic you have to look out for security issues. A security issue could also wipe out your profit.

Good luck.

It all depends on the amount of traffic you receive. But considering even minimum traffic (a few BTC volume on alt-coin trading), you can't just sit back on the couch and watch the show. Such sites require regular maintenance, updates and security checks to ensure users don't get hacked.

Also, given your username, I recommend naming your sites differently. Mt. Gox does not go well with most people here.

Sometimes they can cause serious headaches.

Like bugs in the site, people getting mega luck, people crying because they lost their money gambling, marketing things like signature programs, etc.

And include among the time and money consuming things laws and taxes.

Coinichiwa has gotten a lot of good reviews because of their "stop if balance if over/under x" options in their automated betting feature. I think you'd have a chance against the other more well known dice sites if you'd implement similar/better features.

Good luck though.

On a side note, I'm curious to why you chose "Mt. Gox" as a username considering everything that's happened. 

You will have to hire programmers to do the work you alone won't be able to maintain the website and it needs lots of investment too.And most important thing is trust.

You have to create a good marketing campaign, and remember the possibility that you may enter in losses

For example 24h volume on cryptsy= 2300BTC They have 0.25% FEE, so 2300*0.0025=~5.75BTC per day. But of course you have to pay for servers and electricity and maintainance.

If you're asking this question you're probably not suited to run one. You have to be a good coder or have a good team. You will have to be constantly on alert, and you have to spend a lot of time and money advertising it as these are risky and customers will prefer to use the established places.

Be careful otherwise you will end up losing a lot.