Topic: Just-Dice.com : Invest in 1% House Edge Dice Game - page 34. (Read 435353 times)

Quote from: ranlo on June 09, 2014, 01:12:23 AM

Great job this week guys. Your coins worked hard for us and somehow managed to retain over 5% of the amount wagered!

Quote

Jun 9 2014 2.06% 142.75%

Can you please clarify this? You said there was a 5% retention (ie. house edge) but the profit was only 2.06%?

Sorry if that was confusing. Over the week, the amount wagered was 17754.48434936 BTC and the profit from that was 962.1460573 BTC. That profit is 5.419% of the amount wagered.

Through the week, the size of the bankroll was around 46k BTC.

If you were contributing to the site's bankroll for the whole week, your contribution will have grown by 2.06%.

The 962 BTC profit is roughly 2% of the 46k BTC bankroll.

Note that I did write I was listing "the 10 most recent weekly returns" - return as in the percentage growth experienced by anyone contributing to the bankroll that week.

So there are two different numbers:

* 5% : the effective house edge (profit as a percentage of amount wagered),
* 2% : the return to investors (profit as a percentage of the bankroll).

TwinWinNerD

legendary

Activity: 1680

Merit: 1001

CEO Bitpanda.com

Quote from: JoTheKhan on June 09, 2014, 12:46:47 AM

Quote from: TwinWinNerD on June 08, 2014, 09:16:28 PM

Quote from: ranlo on June 09, 2014, 01:12:23 AM

Great job this week guys. Your coins worked hard for us and somehow managed to retain over 5% of the amount wagered!

Quote

Jun 9 2014 2.06% 142.75%

Can you please clarify this? You said there was a 5% retention (ie. house edge) but the profit was only 2.06%?

Obv 5℅ of what was wagered

Or not. 5% of what was wagered would be a 5% effective house edge (aka "profit"). Let's put it into a mathematical formula you can utilize:

5.00% profit = 2.06% profit, false

Here's a link to help you verify that (though this is basic mathematics):

http://www.wolframalpha.com/input/?i=5%25+%3D+2.06%25

If the Investment pool is 100BTC and only 10BTC was wager that week. 5% of 10 BTC is .2BTC profit for the Investors. .2BTC is .2% of 100BTC, so the profit that week is .2%, not 5%. The effective house edge is 5% of all wagered coins. That doesn't tell you how many coins are wagered. Would you expect to make 5% profit if no one even used the site all week?

I suggest you actually read my post before responding.

Dooglus said that the site retained over 5% of the bets wagered for the week. This means that if there were 100 BTC wagered, the site got at least 5 BTC in profit.

He then stated that the profit for the week was only 2.06% profit for the week. In other words, if there were 100 BTC wagered, 2.06 would have been taken in profit.

Again, how can 5% (5 BTC) possibly be equal to 2.06% (2.06 BTC) when we're talking about the same thing (profit) over the same time period (a week) when both are using the same variable (wagered amount)? How much is in the investment pool is irrelevant to any of this discussion.

I suggest you read what YOU write before posting...

5% = the % of the amount wagered
2% = the % of the BANKROLL

fail...

kgo

hero member

Activity: 548

Merit: 500

Again, how can 5% (5 BTC) possibly be equal to 2.06% (2.06 BTC) when we're talking about the same thing (profit) over the same time period (a week) when both are using the same variable (wagered amount)? How much is in the investment pool is irrelevant to any of this discussion.

No they're not using the same variable. When you invest you buy a percentage of the profits. This is totally independent of the amount wagered and actual profit/loss. They're two different numbers which gives you two different denominators when calculating the percents.

Also, a lot of the wagered coins aren't really different coins. I bet one coin, win. I have two coins. Bet another coin. Lose. Bet another coin. Lose. That's 3 BTC worth of bets when only two real coins ever existed. So 1000 bitcoin bet doesn't mean that someone transferred 1000 bitcoin.

🏰 TradeFortress 🏰

vip

Activity: 1316

Merit: 1043

👻

Quote from: ranlo on June 09, 2014, 01:12:23 AM

Quote from: JoTheKhan on June 09, 2014, 12:46:47 AM

Quote from: TwinWinNerD on June 08, 2014, 09:16:28 PM

Quote from: JoTheKhan on June 09, 2014, 12:46:47 AM

Great job this week guys. Your coins worked hard for us and somehow managed to retain over 5% of the amount wagered!

Quote

Jun 9 2014 2.06% 142.75%

Can you please clarify this? You said there was a 5% retention (ie. house edge) but the profit was only 2.06%?

Obv 5℅ of what was wagered

Or not. 5% of what was wagered would be a 5% effective house edge (aka "profit"). Let's put it into a mathematical formula you can utilize:

5.00% profit = 2.06% profit, false

Here's a link to help you verify that (though this is basic mathematics):

http://www.wolframalpha.com/input/?i=5%25+%3D+2.06%25

If the Investment pool is 100BTC and only 10BTC was wager that week. 5% of 10 BTC is .2BTC profit for the Investors. .2BTC is .2% of 100BTC, so the profit that week is .2%, not 5%. The effective house edge is 5% of all wagered coins. That doesn't tell you how many coins are wagered. Would you expect to make 5% profit if no one even used the site all week?

I suggest you actually read my post before responding.

Dooglus said that the site retained over 5% of the bets wagered for the week. This means that if there were 100 BTC wagered, the site got at least 5 BTC in profit.

He then stated that the profit for the week was only 2.06% profit for the week. In other words, if there were 100 BTC wagered, 2.06 would have been taken in profit.

Again, how can 5% (5 BTC) possibly be equal to 2.06% (2.06 BTC) when we're talking about the same thing (profit) over the same time period (a week) when both are using the same variable (wagered amount)? How much is in the investment pool is irrelevant to any of this discussion.

* Free hugs! ♥ sighs

100 BTC wagered while retaining over 5% of bets wagered for the week: 5 BTC profit.
200 BTC invested in total with above scenario: 2.5% profit.

ranlo

legendary

Activity: 1988

Merit: 1007

Quote from: TwinWinNerD on June 08, 2014, 09:16:28 PM

Great job this week guys. Your coins worked hard for us and somehow managed to retain over 5% of the amount wagered!

Quote

Jun 9 2014 2.06% 142.75%

Can you please clarify this? You said there was a 5% retention (ie. house edge) but the profit was only 2.06%?

Obv 5℅ of what was wagered

Or not. 5% of what was wagered would be a 5% effective house edge (aka "profit"). Let's put it into a mathematical formula you can utilize:

5.00% profit = 2.06% profit, false

Here's a link to help you verify that (though this is basic mathematics):

http://www.wolframalpha.com/input/?i=5%25+%3D+2.06%25

If the Investment pool is 100BTC and only 10BTC was wager that week. 5% of 10 BTC is .2BTC profit for the Investors. .2BTC is .2% of 100BTC, so the profit that week is .2%, not 5%. The effective house edge is 5% of all wagered coins. That doesn't tell you how many coins are wagered. Would you expect to make 5% profit if no one even used the site all week?

I suggest you actually read my post before responding.

Dooglus said that the site retained over 5% of the bets wagered for the week. This means that if there were 100 BTC wagered, the site got at least 5 BTC in profit.

He then stated that the profit for the week was only 2.06% profit for the week. In other words, if there were 100 BTC wagered, 2.06 would have been taken in profit.

Again, how can 5% (5 BTC) possibly be equal to 2.06% (2.06 BTC) when we're talking about the same thing (profit) over the same time period (a week) when both are using the same variable (wagered amount)? How much is in the investment pool is irrelevant to any of this discussion.

JoTheKhan

sr. member

Activity: 378

Merit: 250

Quote from: TwinWinNerD on June 08, 2014, 09:16:28 PM

Quote from: TwinWinNerD on June 08, 2014, 09:16:28 PM

Great job this week guys. Your coins worked hard for us and somehow managed to retain over 5% of the amount wagered!

Quote

Jun 9 2014 2.06% 142.75%

Can you please clarify this? You said there was a 5% retention (ie. house edge) but the profit was only 2.06%?

Obv 5℅ of what was wagered

Or not. 5% of what was wagered would be a 5% effective house edge (aka "profit"). Let's put it into a mathematical formula you can utilize:

5.00% profit = 2.06% profit, false

Here's a link to help you verify that (though this is basic mathematics):

http://www.wolframalpha.com/input/?i=5%25+%3D+2.06%25

If the Investment pool is 100BTC and only 10BTC was wager that week. 5% of 10 BTC is .2BTC profit for the Investors. .2BTC is .2% of 100BTC, so the profit that week is .2%, not 5%. The effective house edge is 5% of all wagered coins. That doesn't tell you how many coins are wagered. Would you expect to make 5% profit if no one even used the site all week?

Blazed

legendary

Activity: 2128

Merit: 1119

Any plans for a LTC dice site?

ranlo

legendary

Activity: 1988

Merit: 1007

Great job this week guys. Your coins worked hard for us and somehow managed to retain over 5% of the amount wagered!

Quote

Jun 9 2014 2.06% 142.75%

Can you please clarify this? You said there was a 5% retention (ie. house edge) but the profit was only 2.06%?

Obv 5℅ of what was wagered

Or not. 5% of what was wagered would be a 5% effective house edge (aka "profit"). Let's put it into a mathematical formula you can utilize:

5.00% profit = 2.06% profit, false

Here's a link to help you verify that (though this is basic mathematics):

http://www.wolframalpha.com/input/?i=5%25+%3D+2.06%25

TwinWinNerD

legendary

Activity: 1680

Merit: 1001

CEO Bitpanda.com

Great job this week guys. Your coins worked hard for us and somehow managed to retain over 5% of the amount wagered!

Quote

Jun 9 2014 2.06% 142.75%

Can you please clarify this? You said there was a 5% retention (ie. house edge) but the profit was only 2.06%?

Obv 5℅ of what was wagered

ranlo

legendary

Activity: 1988

Merit: 1007

Great job this week guys. Your coins worked hard for us and somehow managed to retain over 5% of the amount wagered!

Quote

Jun 9 2014 2.06% 142.75%

Can you please clarify this? You said there was a 5% retention (ie. house edge) but the profit was only 2.06%?

suchmoon

legendary

Activity: 3654

Merit: 8909

https://bpip.org