Topic: Over 1.5 Million bitcoins wagered in past 8 hours on Just-Dice.com (Read 3466 times)

Unless Dirty money can make up > 90% of bankroll, he will lose too much too other investors. Better to clean coins in mixer, like Silk Road's and funnel through casino site, with only you as investor.

This actually makes it a BETTER money laundering scheme. The guy with dirty money can invest like an ordinary anonymous user.

Wouldn't work for just-dice though, because other users are the bank in this case.

So the "bad guy" doesn't need to bet at all and this trick works for any shared wallet.

The is the real way to launder money: the betting site operator is the guy with dirty money, or connected to the guy with dirty money. By betting on the site, the loss in the dirty money becomes the clean profit of the site.

Depending on what coins they send you back, yes. But the betting has nothing to do with it.
It's the transfering of funds in and out that might act like a mixing service or might not.

They could be, never tried it though. If you win more, well then they are tainted, too when you gain back all others.

Sure, bets are off-chain but deposits and pay outs are not - are the Bitcoins you deposit the same you are payed out?

All JD bets are public though.

certainly a site like J-D which has huge amount of coins coming in and out of it does act like a mixing service.

Thank you, that was an excellent explanation.  I do not think that is what is going oin at J-D, but it definitely is food for thought

This doesn't make any sense, because all just-dice bets are off-chain.

OK, lemme jump in here:

The way to do it (in theory) is the following; you (the guy with dirty money) bet whatever you want to launder at bets with a close to 50/50 chance of winning. This way you can launder almost arbitrary sums of money by betting on a 50/50 bet. Some times you win, some times you loose. After a couple of thousands of bets you come out more or less even. The only "fee" this costs you is the house edge. In this case 1%, which is another name for the banks advantage over you to. A simplyfied example to explain "house edge" is the "0" at roulette. 18 black and 18 red numbers mean you take a 50/50 chance for you to win, but the bank takes all when the 0 comes up, you dont have a 0 to compensate for that, so the house will win more often then you do. Even worse in "American Roulette" where there are two 0s. So to launder 1 million USD you only have to pay 1% house edge, you throw it all against the casino and get payed out in "clean" money that you legitemately won. The same deal with sports bets where the outcome is almost 50% of winning. Especially popular with horse races or football matches among Asian money launderers.

If the gamblers try to use the service as a "mixer" or "tumbler" (same thing), to reduce taint it wouldnt work very well though. With those amounts they are pretty much the only guys playing, just shoving their own coins around. At the end of the day they wont reduce their taint significantly, not even if justdice has to tap in their cold storage tro cover pay outs.

It is in the interest of those who help bankroll the house to spread good publicity about he site (not just for the owner Dooglus). The site has a couple hundred investors.  In theory, more volume wagered = more profit for investors, though sadly it has not worked out that way.  With 3.6 million BTC wagered, the site has a loss of -3000 BTC

And an easy way for him to steal the coins himself

Agreed, the overenthusiastic posts seem like shilling and it's probably just the owner betting on his own site to make the numbers look bigger.  No way to verify, but it is cheap publicity.

I lost 1 btc.
But it does not matter.


In the long run we will be up again

just dice is provably fair.
But if you do not believe it, do not play there

I am confused by B.  WHat does that have to do with one player winning a crap load and defying the odds?

i lost over 0.4 BTC! That's it.

Yes.

And there is also the scenario that the site owner is either playing under different names, or employing someone to play, and what we are seeing are phantom bets, and any winnings from these are being paid out to the gambler (aka site owner and cohorts)

I mean lets get real.  The site owner holds over 35k in btc, (millions of USD), and no one can track who's vetting, or anything.  You have to take the site owners word that he isn't playing or giving the secret seed info to a friend in exchange for a cut. 

Question. Could the admin just run with his money at the moment?