Topic: 🔶 YOLOdice.com 🔶 suspended on 16st Mar 2021 - page 111. (Read 143533 times)

When I think of an exchange bot operating I think of this process:

Someone wants to exchange BTC for LTC.
The bot quotes the rate at your favorite exchange subtracting a 1% fee.
They give you BTC for your LTC and then at the same time you buy back LTC on Binance/Bitfinex/Bittrex and pay at most a trading fee of .25%.
You code the bot to do that instantly, once they give you the BTC, and you lock in a certain profit every time.

3% seems excessive to me, so I hope ethan doesn't mind if others come in and compete with that exchange rate.

Maybe you can make it like an actual exchange when more people start using the exchange with that any fluctuations in the rate wouldn't affect the site and you can even take a percentage of fees for it

I used to run an exchange bot on the site. I was losing money because of the exchange rate fluctuation. You're asking too much for the service being provided.

Well of course both are different. You can even check this yourself on the available exchange amounts.
The ETH available to trade was set to 13 eth from btc balance so it is completely different than the sites bank roll.

Also I am guessing Ethan wants us to post more on the alt coin section(they are not halved but full payrate for this section as of now) just to let those who use these three alt coins to come visit the site and try it out for themselves so to see if they like it.

Firstly i would like to apologise for the confusion i created bankroll and exchange bankroll both are 2 different thing

And yes ethan lower fees is preferred though i don't trade between the 3 much but i think everyone would prefer a lower fees

make it below 3% imo.
open to invest in the exchange BR too.

next step is opening LTC + ETH BR investment opportunity if I am not wrong?

I would agree, the lower fee would make me use the exchange a bit more since the one I use is below 0.5% and has been for nearly half a year now. I think you would know which one I am referring too. The one you need there tokens to get it down to this rate.

It would also be interesting if you did open it to investors as the above user mentioned.

I think 2% is better. I'll put a bitcoin in the bankroll for the exchange if you open it up to investors

Looks great, thank you!  I already updated mine

I've just crafted new signatures you can use to get referrals here in the forum. I think they are a bit cleaner, plus they mention all coins we support and the exchange.







These signatures will already contain your referral link. You then earn 0.2% of what your referrals wager (that's 20% of house edge). You can get a signature for your account here: https://yolodice.com/#referrals

Cheers,
Ethan

Thanks for the feedback.

1. The "exchange bankroll" is indeed separate from the site bankroll. That's why the "max amount" comes from - you cannot pull out more than we've put there. We'll increase the "bankroll" for sure, even later today, but we wanted to make sure everything works as expected.

2. The fees can change in the future. 3%-4% is what we consider a "safe zone" for now. The exchange ratios fluctuate pretty much and at this point we'd rather avoid potential losses. The rates are 2% "worse" than those at Shapeshift, but there are no other fees like network fees.

3. I was indeed thinking about opening exchange bankroll for investors. However I have no clear idea how this could be done. Well, I have an idea actually, but first I wanted to make sure the exchange is working in the first place, and there is enough daily volume to even consider going this way.

Tell me -- do you think a lower fee, e.g. 2%, would make you use the exchange more?

Cheers,
Ethan

I just want to clear up some confusion regarding the last few posts.  People make assumptions and then that confuses others.

The LTC, ETH, and BTC amounts inside the exchange are NOT a part of the site bankroll; they are two separate entities.  The exchange's coins are Ethan's (and probably some of Scott's too, if I had to guess) and nobody else's.

As for the statement regarding the bankrolls: The BTC bankroll is the only currently public one; YD (Ethan and Scott) do not own all of it, just a good chunk.  The LTC and ETH bankrolls are still private, meaning 100% of them are Ethan and Scott's funds until they become public.

With reference to exchange fees, 3-4% is pretty conservative in my opinion, seeing as 1) it's instant 2) it's on-site 3) it's essentially anonymous (you could make an account on YD even without an email and still be able to use it) 4) Whatever fee YD charges for the exchange has to cover the difference in potential losses by coin price fluctuations on the market (this was the exact reason RGB has to shut down his bot when he was charging a 1% fee - he was losing too much money).  We're hoping 3-4% will cover the potential losses, but we can always adjust the fee percentage up or down as needed.

Personally, I'd pay even a 5% fee to use an on-site instant exchange because I don't trust other exchanges, nor do I want to give them all my personal info.

Anyways, I hope this clears up some confusion.

Not at all complaining the fees is comparatively way lower than other gambling sites but i was asking in low run maybe in a year , i won't use it quite often just wanted to ask

Maybe you even share part of fees with the investors but yeah it kind of doesn't make much sense

You can't say the bankroll doesn't belong to yolodice see the ethereum and litecoin it's currently private

Maybe if he needs to he could open investments in the exchange. Not quite sure how that would work though.

Great to see it finally available as I have some alt coins I was looking for a service to exchange on that doesn't charge as high it normally takes for doing this.
But I think everyone else would like to know where does the maximum amount come from? Is there a reserve amount held in a different area for this sole purpose of exchanging and how often is it replenished?
Because I would imagine it would be used alot in the first week as people want to test it out to see how well it works.
Congratulations on getting it out the gates!

I think some percent of current bankroll may be converted, but let's get real answer from admin.
And to be dair 3-4% isn't that high for casino. It's not an exchanger, it's casino website which allows you for quick exchange to play on their website. Just see fees on blockchain.info, coinbase and etc.
Great news, I see how far you have gone.

How would that make sense? The bankroll doesn't belong to yolodice, so they can't use it for the exchange.

Congrats on the exchange, glad to see you got it up and running. Hopefully everything works out alright.

EDIT: Maybe add a "max" button so you can exchange your whole balance of one coin?

So you are not going to use the current bankroll for the exchange?
And also 3% is still a lot , i get it this has just been started but i hope in long run you have plans to reduce

We have just launched a simplistic exchange service, A picture should be worth a thousand words, right?


It's simple, it's fast, it works. The exchange rate is 3-4% higher than what you can find on major exchanges.

There are no other fees, and just to remind you - our dynamic withdrawal fees are on pair with real network fees (right now it's 0.000064 BTC, 0.000808 LTC and custom gas amount in ETH).

I am glad it's finished now. The demand was pretty high and I can already see exchange transactions. Keep it coming!

Cheers,
Ethan