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Topic: The owner will go bankrupt (Read 1351 times)

member
Activity: 110
Merit: 10
June 17, 2014, 03:02:59 AM
#31
Did you try playing gamble such as: satoshicircle, reel, coin flipping, coin wheeling, lucky coin dropping, coin dice rolling ...etc.... If YES you should read this

First, we know these gambles allow us to set personal SEED (seek) for fair playing (some other sites dont allow this).
What is SEED (seek) ?
as peerbet.com explain https://www.peerdice.org/default.aspx
Quote
The Provably Fair process we use:
1. Each player ads a client seed for every bet that he places.
2. We combine the number of games made with the client seed.
3. We combine all the clients seeds of all players and bets into 1, and we create a SHA256 hash from it, who determines the winning number.

as betcoin.tm explain http://www.betcoin.tm/circle/howtoplay
Quote
The client seed allows you to directly affect the outcome of each bet by inserting the text you enter into the hash function which generates the outcome of each game.

So now I trying input some special character into SEED (seek) field such as: ∞ ⅍ ₮ ₱ ₳ ℅ □ ₴ ⁿ ∏ √ ‰ ≈ ≡
And I play to get the result. Extremely I found that the result array now is not the same.

Here is some screnshot from betcoin.tm





You can try to set a special personal seed (seek) to know this is true.
Especially DICE gamble. The server result give out the number result quite differently with our number result (in spite of our personal SEED)

At last so what is the exactly fair playing? The generate results are not the same. Is this not fair OR am I so stupid to understand about this? The answer is yours.

legendary
Activity: 3038
Merit: 4418
Crypto Swap Exchange
June 16, 2014, 09:07:11 PM
#30
if all the btc games provably fair.

two things proove you wrong; one is that a hause allways has house edge, and second, and more important is human greed.
Those of you who gamble will know how hard it is to resist sometimes.
And variance, you cannot always have one win every two bets on 2x.
legendary
Activity: 1722
Merit: 1000
Satoshi is rolling in his grave. #bitcoin
June 16, 2014, 07:22:35 PM
#29
if all the btc games provably fair.

two things proove you wrong; one is that a hause allways has house edge, and second, and more important is human greed.
Those of you who gamble will know how hard it is to resist sometimes.
member
Activity: 112
Merit: 10
June 16, 2014, 12:09:59 PM
#28
It's called the law of averages..
hero member
Activity: 662
Merit: 500
June 16, 2014, 11:02:21 AM
#27
if all the btc games provably fair.


So which casino do you mean thats not provably fair ?

I knew one, i didn't know it's a bug or not,  i told the owner a week ago, but it happened again.
I lost some coin by the same way.

This discussion is  worthless till you dont mention site name, without that how we will say anything.

Not now maybe, i keep playing there, if it's a bug they should fix it, i told them twice.

Why are you still playing on that site, when you believe it is not provably fair or has a bug?
sr. member
Activity: 560
Merit: 257
June 15, 2014, 11:19:04 PM
#26
If you gamble $1 you won't get $2 back even if you win. If the house edge is 1% for example, you get $1.99 back.

$1.98, not $1.99.  $1.98 is 99% of $2.

If you got $1.99 back, that would be a 0.5% house edge.

Consider two bets, where you win one and lose one.

In total you risk $2 and end up with $1.99

You have lost 0.5% of everything you risked.

That's a 0.5% edge.

I'm not quite sure about that, but I assume you're correct. I thought the house edge was based on the number you gambled.

He is sayin 1% of $2.00 you get back is .02 = $1.98 not $1.99

Either way real world casinos are Provably Fair, doesnt mean you should win or the odds are in your favor just that they arent cheating.
legendary
Activity: 2940
Merit: 1333
June 15, 2014, 11:13:05 PM
#25
I'm not quite sure about that, but I assume you're correct. I thought the house edge was based on the number you gambled.

1% house edge means that in the long run you will lose 1% of everything you gamble.

Your example of the $1.99 payout doesn't do that.

Correct, most/all of the casinos have a very big bankroll.

You need your bankroll to be significantly bigger than your maximum payout.  If you have a small bankroll you can avoid the risk of going bust by reducing your maximum bet.

Research the "Kelly Criterion" for the gory details.

http://en.wikipedia.org/wiki/Kelly_criterion
hero member
Activity: 700
Merit: 500
June 15, 2014, 10:55:02 PM
#24
I don't think OP knows what probably fair means. I think he thinks it means a 0 percent house edge. OP research what it means. All bitcoin casinos have a house edge so they are fine.
legendary
Activity: 3038
Merit: 4418
Crypto Swap Exchange
June 15, 2014, 10:04:27 PM
#23
The owner will never go bankrupt if the house edge exist. House edge prevents the owner from falling into the negative range most of the time.

In that case  you will need a big bankroll to prevent that .
Correct, most/all of the casinos have a very big bankroll.
sr. member
Activity: 364
Merit: 250
June 15, 2014, 06:01:45 PM
#22
Original Post is so lame

Troll IMO
hero member
Activity: 798
Merit: 1000
June 15, 2014, 06:00:02 PM
#21
If you gamble $1 you won't get $2 back even if you win. If the house edge is 1% for example, you get $1.99 back.

$1.98, not $1.99.  $1.98 is 99% of $2.

If you got $1.99 back, that would be a 0.5% house edge.

Consider two bets, where you win one and lose one.

In total you risk $2 and end up with $1.99

You have lost 0.5% of everything you risked.

That's a 0.5% edge.

I'm not quite sure about that, but I assume you're correct. I thought the house edge was based on the number you gambled.
legendary
Activity: 2940
Merit: 1333
June 15, 2014, 05:10:30 PM
#20
If you gamble $1 you won't get $2 back even if you win. If the house edge is 1% for example, you get $1.99 back.

$1.98, not $1.99.  $1.98 is 99% of $2.

If you got $1.99 back, that would be a 0.5% house edge.

Consider two bets, where you win one and lose one.

In total you risk $2 and end up with $1.99

You have lost 0.5% of everything you risked.

That's a 0.5% edge.
sr. member
Activity: 462
Merit: 250
June 15, 2014, 04:01:25 PM
#19
if all the btc games provably fair.

I dont think so, once one man told me about a pshysical cassino where they had a non-cero roulette, yes! a roulette table with cero hause edge, and do you imagine what happened there? yes... people was still losing.

So the "fair" or hause edge means almost nothing at the time when the people win or lose unless you are doing linear bets, but you know that the people always use progressive martingales and is when they lose it all.
full member
Activity: 168
Merit: 100
June 15, 2014, 03:01:38 PM
#18
Do you even get the term provably fair mate?
Maybe its time to look up the word in the dictionary before making a topic of it Wink
hero member
Activity: 896
Merit: 1000
June 15, 2014, 02:58:12 PM
#17
You misunderstand what provably fair means.

It does not mean there is no house edge.

There usually a 1 % of house edge on all casino , what happen to you and we still dint get the actually thing hapends ?
sr. member
Activity: 434
Merit: 250
June 15, 2014, 11:38:59 AM
#16
Indeed OP there is a misunderstanding.

Provably Fair refers to verifiable randomness in the mechanism which produces the result.

If an operation has a house edge, and institutes a reasonable maxbet, the chance of ruin is infinitely small as to almost not exist.

The smaller the house edge, the greater the variance.  If the maxbet % stays constant, the risk of ruin is virtually 0.
full member
Activity: 168
Merit: 100
June 15, 2014, 11:35:44 AM
#15
http://dictionary.reference.com/browse/provably

Will help you out a little OP, Provably is more a measure of what the owner says and what is really going on in the odds.
hero member
Activity: 798
Merit: 1000
June 15, 2014, 11:35:31 AM
#14
Provably Fair = Provably Fair.
For example, you can see a dice being rolled with your own eyes. If you roll an even number, you will get 2x your money, and if odd, nothing.
If you gamble $1 you won't get $2 back even if you win. If the house edge is 1% for example, you get $1.99 back.
That's why all gambling sites and casinos profit. No one will run a business to lose money.
sr. member
Activity: 490
Merit: 280
June 15, 2014, 11:33:03 AM
#13
You misunderstand what provably fair means.

It does not mean there is no house edge.
full member
Activity: 196
Merit: 100
June 15, 2014, 11:27:53 AM
#12
Agreed this is bizarre post... it makes no sense. The owner might go bankrupt if he doesn't have enough liquidity to cover some high stake flukes, but if the bet sizes and edge exist, the owner is never going to go bankrupt in practice.
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