Topic: [SHUTTING DOWN] [DiceBitco.in | BE THE BANK ! | 1% House Edge] - page 74. (Read 102257 times)

You saw that Stunna is onto you and decided to lose a little back to the investors to keep them happy?

I saw your "dooglus" account lost a bunch yesterday too, but your "akcoinminer" account won all the profits back.

Hint: I'm joking.

While it's probably true that they didn't prove themselves trustworthy with such a sum, how could they? Presumably only by previously having had such a sum, and returned it. To build trust, you have to be trusted beyond the point you have previously been trusted, and show that such trust was well founded.

When I started running Just-Dice, all people knew about me was that I had been posting stats about SatoshiDice for a year or so on a daily basis (which presumably says more about my mental health than my trustworthiness, since it didn't involve me holding any coins at all) and that I had refunded something like 1700 BTC (worth ~$5 to ~$100 each) from a failed exchange when I could have just kept the coins. So I had shown myself to be trustworthy for around $170k worth of BTC.

Within a week of running Just-Dice people had thrown way more than that at me, hence my doubt about why people were trusting me so much. At the peak I was holding over 50 million dollars' worth of other people's coins. There's no way I had proven that I was trustworthy enough for such a sum (other than by not running at 10, 20, 30, or 40 million dollars worth - but the running joke was always "he's wanting for (n+1) million before he buys his island").

The way I see it, investing in dice sites is a risky business, and everyone needs to take all the risks into account when deciding whether to get involved:

* the house may legitimately lose coins to a big player
* the house may play against them selves and cheat to win investor coins
* the house may just shut down and run off with the coins

The first of these is at least quantifiable using math. The other two are big unknowns (unless you are the house) and so that's where the real risk comes in.


Did you see this post? Apparently they're refunding investors:

https://bitcointalksearch.org/topic/m.8451076

sites' profit up to 25btcs!

You miserly... j/k . I thought you'd have earned sufficient reputation for yourself and your casino to not worry about what trolls might say...

Thank you for your balanced and respectful opinion. I agree with most of it but I also think there is nothing wrong with risking a small investment in a site like this. Sure we've been burned with scams but we've also been blessed with great opportunities like JD. I hope this is a better than 50-50 chance. The effort put in by the owner(s) is either that of an honest operation or a very very long con and I'm betting my satoshis on the former.

I never would have guessed that a brand new site would be kind of replacing dooglus'. I would have figured it would have to be one of the preexisting ones.

The whole trust issue is the big deal at stake.

i totally understand and respect your opinion and post as a whole. Only time will tell if we were trustworthy and proved ourselves worthy of trust and respect. No hard feelings at all, everyone is entitled to their opinion and we are open to any kind of feedback - both negative and positive

Cheers and gl with pd3! Keep rising the bars, competition fuels our passion

Here's my take:

This isn't the major risk in my opinion, the inherent risk you need to consider is the possibility that an operator will play against their own investors. This is pretty much impossible to detect/prove. Someone could run an investment based site for years and profit off commissions and playing against investors and then run with the bankroll if they were so inclined. This is one of the primary reasons why I'm not interested in dealing with investments at the moment, it requires too much trust. When you weigh the risk of an operator playing against the casino, your expected value from the investment quickly dips and when you factor in the chance of the site getting "hacked this probably drops negative.

I'm not trying to accuse dicebitco of anything as they are possibly legitimate, but in my opinion pretty much every major scam in bitcoin has occurred when the amount at stake becomes greater than the reputation. Can anyone firmly argue that dicebitco.in has proven themselves trustworthy to handle well over $2M in bitcoin, I don't think anyone would agree with that if weighing the facts alone. The only facts we have is that they ran a litecoin gambling site which had relative success but pales in comparison to the current site they are running and also the fact that dooglus has a small amount invested.  

I do have some doubts with this site as I did with Everydice. The gain exceeded the reputation and they seemed to have made off with investor funds as a result. They weren't met with as much success though given that just-dice was operating during that time period, but they still made off with a couple hundred coins it seems.

I've debated posting something like this for a while as I fear it will make me even more hated in the investment communities which often assume I'm a miserly asshole judging from my brief viewing of one of the chatrooms earlier today.  I'm not accusing dicebitco.in of scamming or acting unethically as there is no proof of anything of that sort,  it's just important to treat investments like this as a gamble which it truly is. I choose to keep 100% of my earnings in bitcoin which is a significant gamble in its own, however I am still too risk averse to consider any sort of bitcoin "investment". I was surprised that dicebitcoin did not take dooglus up on his offer which seemed like a no-brainer which is partially why I ended up posting this. Even if they considered a multisig it wouldn't mean much, I was hoping they would create some sort of fair scheme where dooglus will generate their rolls and access the seeds.

At the end of the day purely based off expected value I am not willing to risk my bitcoins on an investment site that in my opinion has a 50-50 chance of not playing against the house or running with funds. Feel free to disagree, many people will believe this comes from a biased perspective but this is just my personal take and I feel I've raised at least one valid argument.

tl;dr Bitcoin investments are gambling and often don't end well, risk what you are willing to lose


EDIT: Everyone deserves a chance to prove themselves, as does dicebitco. I'm just hoping people understand and weigh the potential risks.

This is exactly why I trust him. No body should trust one person with this much money. The simple fact that he acknowledges that shows a great maturity.

Same here.

BTW, I believe dooglus has once said he has no idea why people trust him so much with investing tens of thousands of bitcoin in JD.

I Feel like that most of the people who gamble/invest on this site is because of dooglus. Dooglus seems to be a good "promotion" for the site since he owned just-dice.

Evening trusting yourself can be tricky at times tbh. 

Just checking out your site & win88 while primedice is down. 

That is correct, same owner. You can trust us, as much as you can trust btc-e I would say. Thing is, you can never trust anyone 100%, apart from your self. However we will try to further increase the trust level, we have some plans in mind please stay tuned

He probably browsed your trust rating and thought he would make a clever comment... ignore the newbies.

 So when we take it apart these are the deals ;

 1- Good background with diceliteco.in
 2- Good affiliate with Doog name tag up there
 3- Investment option
 4- Fairly good signature campaing


 These are the things make this good , plus a little viral effect maybe



 I am trying to do so , but I have no clue who the hell you are and who gives you the right to call me out in public about something irrelevant to subject here and you have nothing to do with it.

Maybe preference and please pay back ur loan

So dicebitco.in's owner is the same as diceliteco.in?

4k btc invested in under a month seems like a lot, my question is: can we trust the one running the site?

We can't know that for sure.
We just have to trust it.
There is always risks.
I have nothing invested though.

How can we know they won't run away with 4000+BTC (2.000.000 $)?

I don't trust even to my father, how can people invest thousand of btcs... Interesting.

It is popular partly because dooglus uses it.
And it has investment option unlike PD and it isn't completely new because of diceliteco.in so many ppl felt better to invest in it because of that compared to those new sites popping out every week.
And ith has second(?) biggest sig campaign too

 I understand just-dice getting closed down played a big roll but still what made dicebitco.in so big comparing to others , I feel like (I don't have the stats so I am not sure) primedice and dicebitco.in is the only 2 left standing these days primedice was always here and after jd dicebitcoin got bigger , what made it so popular comparing to other dice games?