Topic: 💰(LIR)💰 LetItRide💰 Dice Tournament LIVE💰 3+BTC in LIR PRIZES💰 Join For FREE - page 185. (Read 255964 times)

Will there be a facebook bounty as well? Or only Twitter?

I have great hope in this project and am glad to be a part of it. Tomorrow will set up a facebook page, had some stuff to finish off at home today.

You are right, everyone does need to start somewhere. Until you get somewhere, you shouldn't be raising a ton of money from the public.

No one on their team has any experience in the crypto-gaming industry. None. I don't believe "Frank" has any experience in the gaming industry either, just stating you have experience doesn't make it so. Where did he previously work in the gaming industry?

Their mission statement has spelling errors (sloppy), very vague references to trending subjects ("we will look to utilize Smart Contracts and DApps in the future") that frankly have nothing to do with a gambling site, nor would even be feasible. the only reason you mentioned that is so that people associate your site with other hyped up stuff so they are more likely to invest in your site.

Here is why decentralization/trustless casino is not possible. The only way to operate a business is when you have complete control over the money, even more so in the casino industry.

One example that I have heard people discuss before:
Say you want to use a variation of multi-sig wallets, so that way users don't need to worry about the casino running off. What happens if a player loses their bet and refuses to accept the transaction (to send the Bitcoin out of their wallet)? You could say you could do a 2/3 with a third party... Well now you are relying on a third party to operate your business, where it is possible they could conspire with the player to steal from your business.

As to the decentralized part... Lol. You can't run a decentralized business. It doesn't work. In business decisions need to be quick, you can't be held hostage by having to have a majority of a vote where its possible a large portion of people eligible to vote do not vote, so it's extremely difficult to reach a consensus (meaning if you are using smart contracts, nothing would ever be executed).

This 35% of valuation is also ridiculous. What is stopping you from pretending to sell the site 3-4 months down the line for say 100 BTC, which means only 35 BTC would go towards stakeholders. You would pocket everything raised minus 35 BTC and investors would be out big time.


Even assuming you know what you are doing (I don't believe you do), what are you bringing new to the table that gives you a competitive advantage? Tournaments? That can be replicated in a day by a competitor if a tournament draws big volume (not to mention most sites hold competitions of some sorts). Provably fair has been around for years. Dice, hundreds of sites like that. You will also have a much smaller bankroll than most sites. The management team provides no added value (since you have no experience in this industry). To sum it up, you are trying to join a crowded market with no competitive edge.

Here is where it really shows you have no idea what you are doing. You say Jigar estimates that 10% of raised funds will be needed for development. How do you have a % of an unknown quantity down as your development cost? What if you raise 1000 BTC? 500 BTC? 150 BTC? Your development costs shouldn't be tied to that whatsoever, dev costs are pretty much fixed rate, or at the very least within a ballpark range. You also shouldn't be paying a developer that much capital if they also have an equity stake in the business. You could hire a developer to build a quality casino for $10-20k without paying them any equity.

What will you be spending the marketing budget on?

"As you know, there are potential unseen costs so we need to be prepared for those and have a buffer ready"
No, I do not know. What potential costs are there outside of development and having a bankroll (marketing budget is nice to have, not a necessity)? The only thing is legal costs, and you have legal issues based on where you are located (or because of the fiat gateways you intend on adding) 10% of what you raise will not be nearly enough to cover that.

Why are you offering cashback on an investment? Why not just try and raise 10% less cash.

Finally, for investors:
Why are you investing for 15% piece of the pie. You could simply invest your money on other sites (such as Bet King, SatoshiDice, BitVest.io, and so on) where you get a larger portion of the EV while also still having control over your money (being able to liquidate at any time without incurring loss from having to dump).

It is good to have a few promising coins/investments so if something crazy happens like it did with our situation then chances are another coin will make up for it. This will be our redemption getting in early. I owned eth also but you only lose when you sell at a loss so I have not sold lol If I go down then it is not as a panic. Plus I luckily took profits out and put it in this a few days before. We will forget all about today when this ride begins, LetItRide

It sucks for me I was invested in a few different things BTC climbing has really helped me out but Eths drop in price has really screwed me over 

We can't all be winners someones gotta lose. I'm sure when they host tournaments there will be some people who bet big any go crying home

I will also do my part and join in the action. What can I do to help get this started.

Look at his name. He is just a troll probably. A troll who likes let it ride but still a troll.
If you are not a troll then I agree with Andre. Never go all on any investment.

Big risk big reward, I never go all in one coin. Better to spread your risk!!!

All in for me. Letting my ETH profits ride on letitride. Wish me luck.
 

The new op looks sick, but you raise a good point. Are they going to use this format for all the translations and remake the images too or just use the old text format? Either way awesome job guys

LOVELY NEW OP but we will need the writing in text, sent a PM TO
Phoenix1969 so we can have in text format the writing to do Chinese Translation as it was before.. 

done Filipino translation of OP
https://bitcointalk.org/index.php?topic=1515881.new#new

With a team that listens and wants interaction from the community, if the building community gives them the ammo they need in the form of ideas then I don't see why this can't be a future contender of dice sites and if that is the case then this is going to be so big that we can't even imagine yet. We can all make it happen and imo it will be up to the community as much as the LIR team.

I make

Sorry. All fixed up now.

Great, but where is the link to the site?

It's settled then. We'll help the lir team figure it out and we'll have the coolest dice tournament available in the dice realm.

OP updated.

Although i have to say that we are looking for profits and that is why we are pooling in our resources, i feel that a lot of us are also passionate about this projects and really hope that it will take off well. I really see some amazing ideas and discussions over here as compare to the posts i see in gambling sections. I have to say that i am enjoyed being here and monitor the thread and the sites. The btc coming in are crazy!