Topic: 🌟🎲🌟 MoneyPot.com - page 6. (Read 119068 times)

What if it isn't done automatically? If I created an app, had the player place the first bet, and if he won, I could have them press a button that says continue or cashout, and keep going till I won 7 BTC from 70 satoshi or another amount.

Or what if placing a bet tips the amount to a site owned bot (or having the player directly place a bet like what I outlined), which would bet 1 BTC and 70 satoshi, with a chance to either lose 70 satoshi (very high chance), a chance to win 1 BTC and x amount for 4/6, a chance to win 1 BTC and x amount for 5/6, and 8 BTC? (using Dust Lottery's current set up as an example)

No, but if the app does it, I assume they would be attempting to circumvent the rules

Are you saying that if I make a small bet at 1,000x and win, then place the winnings on another 1,000x bet I would be "attempting to circumvent your rules", because the net win would be 1,000,000x?

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Attempts to circumvent our rules would result in having API service cut off.


Few whales today (including allorbroke who is currently on Bit-exo)

Happy holiday season!

I don't see the point in this to be honest. If I wanted to run an app like Dust Lottery, with the new changes, all I'd have to do is stack multiple smaller multiplier bets together. I could set a side a little bit to pay players if they reach 4/6 correct and lose on the 5th, do the same with 5/6 correct and pay the set aside BTC if they win the final bet. It would require more programming, and require more bets which would be slower, but still work.

They are essentially paying them a salary. Probably justified given how much work they put in

Yes, I got it now. It is a detailed post.

Maybe will try first with small amount even though I heard last few months investors are not making a profit. Hope you guys will fix all those new plans soon.

You mean to say only at the end of each week profit and losses are distributed to investors, app developers and owners?

What happens if any investors withdraw their investment in the middle of the week? Whether they will get money based on last weeks calculations?

Don't forget the cost of running an app and writing the script, app owners would pay domain, hosting and promotion which investors don't take part so it will cost more for the app owners specially if there are only very few bet volume on his/her app. If you think app owners make much profit, you can try hiring someone to make mp script for you, pay him and buy domain plus hosting and extra expense on promotion if you want. How much would you need only for those things?

One more thing, app owners bring players to fight with the investors and giving them the edge

If an app owner will have to lose money if someone wins big, i think he would rather be an investor instead of wasting money running his own app. Right?

By your statement you clearly wants an app owner to be owner and investor at the same time. Why not ask every investor to make their own app instead?

Again thanks for your explanation and somehow I'm not convinced with your explanation that owners only come forward to take the cut when investors make money but when investors lose money don't want to take part of it.

Anyway, you're the owner of the site, and you can decide the rules, and I can decide whether want to invest or not.

Nothing is personal here....

Edit -

When you run a business then should be ready to take a loss as well but if you want to be always safer side then it is not balanced. No one is forcing to run a show but they are running because they are making profit. That is the logic..

Because that is the way Moneypot decided to do it. Many sites do things like that (taking a commission off of every bet, and than weekly profits). It's still a better deal than the current set up, since investors get 10% extra profit.

The point is that it is supposed to be biased. They run the platforms/apps where people bet with, and need BTC to run things.


Actually, investors are up 13 BTC total, as of this post. Variance is a thing, and it can't be stopped. You were expected to make a profit, but didn't. Not always losers either, I'm up over 0.01BTC from a 0.1BTC investment I made long before Dust Lottery was created.

It is a good explanation, and everyone can easily understand this simple maths.

Just want to get more understanding on last part. Why do investors need to pay 10% to both MP and App owners if they make a profit at the end of each week? Any specific reason for that?

If that is applicable, then you should also consider implementing MP and App owners need to pay investors 10% each, if Investor loses money for any particular week then I think it is a balanced formula otherwise it is biased to help only MP and App owners.

Investors are always losers in this investment and it is just my feeling because I too lost my money in this investment and if you come up with better profit sharing then I would like to re-enter again.

I hope everyone will support for this logic if you think it without biased mindset.

40% of the house edge goes to app owners
10% of the house edge goes to MP
so 50% of the house edge is going to the investors

of the profit investors make from their 50% of the house edge, app owners and MP each get 10%; that represents a further 5% of the house edge for each

so the investors end up getting 40% of the house edge

---

For your specific examples:

when the player wins a 1 BTC bet (at 2x) the app gets 0.004, MP gets 0.001, and the investors pay 1.005
when the player loses a 1 BTC bet the app gets 0.004, MP gets 0.001, and the investors get 0.995

but then, at the end of the week, the investors pay 20% of their net profit: 10% to the apps, and 10% to MP.

So suppose there were 1000 bets in the week. All of them were for 1 BTC at 2x, with a 49.5% chance of winning. A house edge of 1%.
Suppose 495 of them won and 505 of them lost. That's the expected result.

On each of the 495 winning bets the investors pay out 1.005; they pay a total of 1.005 * 495 = 497.475
On each of the 505 losing bets the investors earn 0.995; they earn a total of 0.995 * 505 = 502.475
Their net profit is 502.475 - 497.475 = 5 on a total amount wagered of 1000. That's 50% of the house edge.

At the end of the week they pay 10% of their profit to the apps, and 10% to MP; that's 0.5 BTC to each.
They are left with a profit of 4. That's 40% of the house edge.

Get it now?

Hi,

I am posting on here in case my e-mails were missed. Can someone get back to me on my cashout request. Thanks.

-SoraAoi

App owners I will be posting some important information on slack later this evening about V2.

Great explanation there at the bottom, thanks

I checked it with real bets:
bet 1- won
house edge=1%
wager=10bits
profit=10bits
investor profit=-10.07bits
app dev profit=0.05bits

calculated: mp profit=10.07-10-0.05=0.02bits

bet 2- lost
house edge=1%
wager=10bits
profit=-10bits
investor profit=9.93bits
app dev profit=0.05bits

calculated: mp profit=10-9.93-0.05=0.02bits

So what does this mean? App dev get's 0.5% of the wagered amount, MoneyPot gets 0.02% of the wagered amount, and investors lose 100.7% of the wagered amount with a winning bet, and get 99.3% of the wagered amount with a losing bet.
But the chance of winning of the one betting is only 49.5%, so investors win on average:
0.993*0.505-1.007*0.495=0.003 => 0.3%

I didnt said it was a .01btc bet, what i mean about correct is the case one where he uses 1btc on his computation so i said that is correct but not as .01btc bet

Wrong, doesn't matter if player losses or wins, the app owner will get 40% of the house edge, so if a player losses 1btc but he wagered it 1000x (1,000btc) before losing it, app owner will earn 4btc on commission and 1btc for moneypot

You didn't provide any details how that could be abused (as there are none). If you have anything more usefull than "You might want to read up on that if you still dont know how it works." please post it in our official thread, so we don't go offtopic here.

Thanks.