So that's a total of 16 BTC paid out in 2 months.
In the same period I've collected 192 BTC in commission. Minus the 16 BTC expenses, that's 176 BTC. That's 22 BTC per week or a little over 3 BTC per day. I put about 16 hours per day into the site on average, and Deb, about 14. 30 hours per day between the two of us.
As the site continues to profit I plan to enjoy my fair share of those profits. A 90/10 split seems generous to me.
Hi Doog,
Before I start I just want to clarify that I'm a big fan of the site, have no intention to divest (or even threaten to), and I agree that this is a free market (perhaps the freest?), so if people don't like it, they can simply divest and/or make their own gambling site.
However, I'd like to address a couple things:
1) In the course of defending the 10% commission, you stated your profit has been 176 BTC. However, that is the total over the two months, which includes periods of 1% commission and 5% commission on much smaller investment and volume (and an epic run of bad luck--for the house--due to a whale). Thus, you are implying that your
current "commission wage" is about 22BTC per week, but it is in fact much higher than this. In the interest of transparency (where you have really gone above an beyond since you started, which is why I've entrusted my few BTC with you), I would humbly suggest you provide the commission figures for the time period since the 10% commission was implemented when discussing the 10% commission. (Or, since that is a very short amount of time, you could calculate what your income would have been had the commission been 10% all along, and then turn that into a weekly rate, although this doesn't account for the increasing amount wagered.)
2) While it is true that people can simply divest, "take it or leave it", there is something to be said to whether this is in your best interest (let alone investors). I think the fact that people can invest, that investment keeps skyrocketing, and that the max bet is getting huge are part of what makes just-dice so exciting, so unique. I don't know if discouraging that is a trivial decision. A soaring investment amount and max bet is a sure way to get picked up in the Bitcoin and mainstream press. When investment hits 100k BTC and/or max profit is over $100,000 that will definitely turn some heads.
3) Finally, regarding your graph that shows no impact on investment when commission was increased: keep in mind that not all policies have immediate impacts. Sure if you increase the commission very suddenly some people might divest in "protest", but the real effects are longer term. I think you won't see an effect now because ROE is so high. However, ROE (let's ignore variance for a sec) depends on amount wagered, and I don't know if there's strong evidence that amount wagered is correlated with investment (in the chat one day I asked you for amount wagered and investment for each day for this purpose). Therefore, as investment increases to 100k btc and beyond, without any change in the mechanics of the site, perhaps amount wagered won't grow as fast and suddenly ROE will drop. Then perhaps people will start to feel the difference between 5% commission and 10, 15, 20%. Perhaps then will be the time to drop commissions, but who knows if you can time it right. My point is that there (likely) is an effect on investment (long term), it just might not be obvious at first.
Having said all that, fuck it, do as you please. I love this site.
