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Topic: SatoshiDice Investor Scam - page 2. (Read 1907 times)

hero member
Activity: 1344
Merit: 507
January 19, 2017, 06:02:56 PM
#5
Your analysis of the wording raises another interesting point. It's not even clear that an investor is part of the SatoshiSlot bankroll in the first place. However, the loss on this day and a look at the recent big wins makes it undoubtedly clear that the bankroll is shared by both games.

Bet on the House
You have the opportunity to be part of Satoshi Dice's bankroll. The bankroll is the total amount that that players have placed to bet on the house and you are paid according to your percentage of the house's bankroll. Satoshi Dice uses a 1.9% house edge and backers get 50% of the house wins or losses. This means a 0.95% Expected Value (EV) that is shared by the backers. Affiliate earnings, Leader Board rewards and other rewards are not paid by the backers, and there are no additional fees. Minimum amount to bet on the house is 0.001 and there is no upper limit.
Based on their terms and conditions, you invest only in Satoshi Dice. They offer Satoshi Dice and Satoshi Slot, but they speak only about the possibility to invest in Satoshi Dice and not one word about to invest in Satoshi Slot.

How much is the house edge for Satoshi Slot?

I mean they do not expect that anyone will initiate legal action, so they write any kind of not valid or uncomplete nonsense in the terms and conditions.


I think this site is going down the drain. All the claims of lost balances lately and their unwillingness to ever offer support. Even their cold storage has been depleted lately and only holds about 2/3 of current bankroll (ignoring customer balances that are not in the investment)
It does not matter if they have only 2/3 left. Only a few victims will claim and first come first serve.


1) "Welcome to Satoshi Dice - The Original and Best Bitcoin Betting Game"

-> this statement on their website confirms that they speak about the Satoshi Dice game and not about Satoshi Dice as the website operator

2) "Satoshidice.com is operating under the gaming licence 1668/JAZ"

-> this confirms that the website operator is satoshidice.com and not Satoshi Dice




 
newbie
Activity: 18
Merit: 0
January 19, 2017, 05:53:42 PM
#4
I did not question you, but wanted to get clarification, because the contract laws are very precise.

Quote
You have the opportunity to be part of Satoshi Dice's bankroll.
Based on this they can say

Quote
Satoshi Dice keeps the maximum profit a player can make on a bet to 1.9% of the bankroll (employing the Kelly criterion).
and they speak about the website satoshidice.com in general and not about Satoshi Dice vs Satoshishi Slot

If they would have stated

Quote
satoshidice.com keeps the maximum profit a player can make on a bet to 1.9% of the bankroll (employing the Kelly criterion).

it would have been instantly clear that they mean all offers of the satoshidice.com website. I hope yyou can see the difference?

They obviously breached the legally binding agreement and victims could initiate legal action in Curacao. Curacao has civil and criminal laws based on Roman law, because they were originally a part of The Netherlands in Europe.

A large number of conis also magically disappeared and I already sent to two victims contact details of a lawyer in Curacao. I was instantly accused of selling lawyer services, but I will not see one vcoin of it. I even do not know of they will refer to me if they decide to contact the mentioned lawyer.

Your analysis of the wording raises another interesting point. It's not even clear that an investor is part of the SatoshiSlot bankroll in the first place. However, the loss on this day and a look at the recent big wins makes it undoubtedly clear that the bankroll is shared by both games.

Bet on the House
You have the opportunity to be part of Satoshi Dice's bankroll. The bankroll is the total amount that that players have placed to bet on the house and you are paid according to your percentage of the house's bankroll. Satoshi Dice uses a 1.9% house edge and backers get 50% of the house wins or losses. This means a 0.95% Expected Value (EV) that is shared by the backers. Affiliate earnings, Leader Board rewards and other rewards are not paid by the backers, and there are no additional fees. Minimum amount to bet on the house is 0.001 and there is no upper limit.



I think this site is going down the drain. All the claims of lost balances lately and their unwillingness to ever offer support. Even their cold storage has been depleted lately and only holds about 2/3 of current bankroll (ignoring customer balances that are not in the investment)
newbie
Activity: 18
Merit: 0
January 19, 2017, 05:31:06 PM
#3
You quoted the maximum for Satoshi Dice and where is the maximum for Satohi Slots stated?

Also, I recommend to make screenshots of everything, terms and conditions, winner, etc.

SatoshiDice and SatoshiSlot are both accessible from satoshidice.com, SatoshiSlot does not have its own website.

The quote I gave is from the "Bet on the house" page where one can invest in the bankroll which is shared between SatoshiDice and SatoshiSlot.

I have made screenshots and can post them if requested. But anyone can see the terms without logging in by going to https://www.satoshidice.com/ and clicking "Bet on the house".
hero member
Activity: 1344
Merit: 507
January 19, 2017, 05:25:47 PM
#2
You have quoted the maximum for Satoshi Dice and where is the maximum for Satohi Slots stated?

Also, I recommend to make screenshots of everything, terms and conditions, winner, etc.
newbie
Activity: 18
Merit: 0
January 19, 2017, 05:20:09 PM
#1
Background
As you may be aware, a user on SatoshiDice had a BIG win recently.

On January 11, 2017, Underdog01253 (user ID 2789717) placed a bet of 0.25 BTC and won a x1215.92 multiplier to walk away with a whopping 303.73 BTC.

This bet was placed on SatoshiSlot which shares the same bankroll as SatoshiDice.


Here's the scam
SatoshiDice claims they employ the Kelly criterion to limit the maximum profit to 1.9% per bet.
Satoshi Dice keeps the maximum profit a player can make on a bet to 1.9% of the bankroll (employing the Kelly criterion).

How did they allow this user to win ~14% of the bankroll in a single bet?
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