Topic: Your opinions on Online Gambling and Bitcoin - page 3. (Read 4140 times)

Hello dear community,

Thank you for your responses. We at Open Ocean have decided to make our product known now (it will be up and running within a month) for any interested parties.

Before I list the details I must clear up that by what we mean with regards to no house edge. No house edge means we will not adversely affect any parties changes at winning using our code. We will however rake on action to pay our fees.

With no further ado, Open Ocean would like to present:

Lottery Bonds

What are Lottery Bonds?

Lottery Bonds are an online Bitcoin draw that pays out two groups of users (Ticket Holders and Bond Holders) depending on how many users in the first category (Tickets) are active on the site.

How to use Open Ocean Lottery Bonds:

To play, first deposit funds to one of your two Personal Deposit Addresses.
 
-   The first address funds your Bond account

-   The second address funds your Ticket account

You need to wait until the transaction gets a confirmation before the balance becomes available

How does the System work?

Whenever you deposit Bitcoin into your Bond Account, our database will register the time and price of the account update

The price of a Bond is $100USD
•   If the price of Bitcoin is $100/BTC and you fund your account with 0.5BTC you will have 0.5 Lottery Bonds
    If the price of Bitcoin is $200/BTC and you fund your account with 0.5BTC you will have 1.0 Lottery Bonds
•   The entire community’s collective Bonds collect 2% from the total of sum of Tickets entered into the draw pool
   This 2% is distributed amongst Bondholders by the weight of their holdings
o   A bondholder with 1.0 Bonds will received twice as much as a Bondholder with 0.5 Bonds
   Therefore the more Ticketholders there are, the bigger becomes the 2% return divided among the Bondholding community

When a Bondholder withdraws their Bond, a 2% fee will be removed and put forward into the following Ticket draw

The price of a Ticket is $1USD
•   If the price of Bitcoin is $100/BTC and you fund your account with 0.5BTC you will have 50 Lottery Tickets
   If the price of Bitcoin is $200/BTC and you fund your account with 0.5BTC you will have 100 Lottery Tickets
•   Tickets are entered into a draw pool against each other
   Each Ticket is assigned a random number which at the time of the draw (12:00PM CET) will determine a winner
o   The ticket with the highest number wins the entire draw pool minus 15%
   2% is divided by weight among Bondholders, 3% goes to the services providers, and 10% is forwarded towards the Mega Jackpot

What is the Mega Jackpot?

The Mega Jackpot is a side prize that will cumulate with each additional draw and will be awarded on a roughly monthly basis to any winning ticket

If your ticket wins, you will have a chance to choose a number out of 30, choosing the right one unlocks the Mega Jackpot
•   Choosing the wrong number cumulates the Mega Jackpot available for the next winner

Membership

Though the minimal statistics will be available to all (i.e. total of Daily and Mega Jack Pots) for a small membership (very cheap, optional) we will provide additional statistics on how many bondholders and ticketholders there are and how the holdings are separated with regards to who is most likely to win the next pot and who will receive the most returns on pot coupon payments
•   Hopefully this will allow users to optimize on their investment/gambling choices

What Open Ocean Lottery Bonds hope to Accomplish

Lotteries are used to raise funds from the public to be invested in public goods

The bonds are a way of directly transferring the money from lottery ticket buyers to lottery ticket funders (who are Bondholder that submit a small percentage of their holdings towards the next pot whenever they withdraw funds from their account)
•   Taxes are inefficient, this method uses a gaming-backed security to pay out interest (it’s pretty novel and took us 2 years to develop, even though it’s not that sophisticated)
•   An investment mentality is rewarded, since you will not lose bitcoin by simply buying and holding onto bonds (unless you withdraw at a point where your 2% fee > than your 2% pot coupon, which is divided by weight)

The return on your bet (ticket) rises in proportion with the decreases in your chances of winning
•   Each additional ticket in the draw pool will give you an extra 85 cents on every dollar whilst decreasing your chances by one increment relative to the total amount of tickets in the pool already
   This is statistically superior to 49 choosing 6 or 7 which would require over 13983816  tickets to be sold before making a similar return in the case of choosing 6, or 85900584 tickets to be sold in the case of choosing 7
   The risk/profit ratio is clearly superior, the direct transfer of money to investors accounts is also superior to misappropriation through public spending (for the Bonds)

There are very few investments that provide returns on your bitcoin, we hope to add another to the fray

This could be a global lottery (in the very distant future)
•   Every day someone could win huge, whilst, though less frequently (once a month on average if we choose to use 30 choose 1) Mega Jackpots could be revolutionary
•   Draws could be sped up as we are now working on the mobile application for this
   There are many, many more possibilities.

You tell us if this idea is new, novel, and game-changing. It may not be, but my colleague and I tried our very, very best and earnest to be cavaliers.

Failure does not frighten us with regards to public opinion on the novelty of our idea. Failure, however, is not an option with regards to user experience, rest assured your interests are in our hearts via economic incentive.
•   Our next move is to have our site audited by a security expert we know to make sure we are in line with best practices.

Constructive criticism is welcomed and encouraged and you can be nevertheless, because we want honest-to-goodness advice on how to make this successful on a grand scale.

Despite the fact that there are more intellectually stimulating projects out there (which we support and admire), we believe that this lottery offers value in the return on equity purchased per unit of risk (relative to all other lottery systems out there), as well as means for conservative and patient bitcoin holders to create a small rake with their assets.

Lastly, we aim to outperforming governments in the redistribution of public funds through lottery operations by taking lottery systems and privatizing them (it's not a new concept, but we hope that using bitcoin to do so makes it ingenious enough to overcome the chasm).

I think that it is a really good niche, gambling is subjected to many regulations in every country in the world, and bitcoin gambling let surpass this and play freely in all type of games, I had never seen dice with FIAT for example.
But with no house edge? and where do you get the profit from? even with house edge many gambling sites are in negative...

As a young entrepreneur where is your profit going to come from if you provide a platform that has exactly zero house edge? You will have variances of profits and losses but in the long run you will make exactly zero minus your costs for running your service. And any intelligent statistician will quickly deduce that he can't beat your game without counting cards or cheating in some way because there is zero house, and therefore, player edge.

I am unaware of what online gaming services the UK government has recently started to offer, but I am eager to learn. I know that Totesport was owned by the UK government until a few years ago, I believe it was set up by Sir Winston Churchill way back when, so it would not surprise me that they are now offering online gaming services, but please, do share with me who or where.

All this talk in favour of regulation does make me chuckle. Well actually it grates me. The UK Gambling Commission is appalling. They regulated canbet, people lost thousands, they regulated bodugi, same thing, and betbutler, same thing and the latest book that this has happened to is 666bet with that squeaky clean character Harry Redknapp plastered all over their website. And what has happened to them? Gone! With it's customers balances throwing out empty promises just like the other aforementioned bookmakers in a vague threat to the Gambling Commission saying, 'Give us our license back and we will pay our customers'.

The UK Gambling Commission forced itself into law in December 2014 so that all online gambling accessed in the UK requires the provider to have a license and pay 15% tax, whether they are located offshore or not. Undoubtedly this will be passed on to the customer in terms of worsening odds/limits/promotions etc. This has caused the likes of pinnacle sports to suspend it's services to UK customers which is horrible news because those guys take large stakes and offer industry best odds, unlike their UK high street counterparts who limit the smart money as quick as they can cotton on.

Anyway, I digress. Bitcoin seems to me an ideal platform for gambling but having said that I haven't done any gambling with any gambling sites with bitcoin. Why? Too many variables, namely exchange rates and lack of trust in providers. Ideally somewhere like sportsbookreview or casinomeister would adopt a bitcoin only section or some similar bitcoin gambling watchdog would come on the scene and start successfully applying pressure during customer disputes. Because frankly, if the guys who are regulated run off with the money, it's going to be even easier in the bitcoin world surely?

Will the whales want to place a bet at a bitcoin gambling site? Only if they trust them. How is that trust going to be earned?

More DAPPS will be built in the future since the needed a decentralised currency and now that bitcoin is here there is not stop.  Decentralised market, file sharing, exchanges, gambling etc platform will be built with teh power of bitcoin. Bitcoin was the last piece of the puzzle for all that.

It'll be interesting to see what the future will bring.

You never know if an admin is trustworthy, mark karpeles was trustworthy, the evolve market admins were trustworthy and etc. It's in the human nature to be corrupt and greedy so a human admin would be corrupt as a government would be. Decentralised p2p gambling platforms will the future since none controls them, only code does. And code isn't corrupt nor greedy.

Government isn't needed.

You just need a trust worthy and good admin.

Just-dice is prime really

The punters love to use the bitcoin chip to move around to gamble, the site owners prefer to deal in bitcoin due to govs.  Further growth is inevitable for bitcoin in the gambling market, i would guess in a few years time bitcoin will be the dominant currency in the space.

but the milliion dollar question who is going to do that? Who will be having that much resource and time to do that.

You can argue whether gambling itself is good or bad, but it's definitely good for BTC (in terms of price and adoption).

Like it or not, currently large % of all bitcoin transaction relate to gambling, which probably creates fair part of demand. Would it be good if you take it away?

What you're talking about is the image issue. You seem to want to present Bitcoin to the world as 'pure goodness', that's bullshit. Bitcoin is not meant to be solution to all the problems, it's meant to be an alternative to fiat. That means it could be used both for noble and for shady things. And that's OK.

Is online poker bad for bitcoin or USD in your opinion? 

I cant believe we can lump skill gambling and luck gambling in together and also think we can decide that all forms are bad for everyone at all times.

My opinion is that gambling is bad for BTC.

BTC has suffered too much from being associated with terrorism, pedophilia or gambling, even if hard facts were non existent. I don't want anyone to think of BTC as some kind of monopoly money, and there's nothing positive in online gambling. I advise you to look for another business idea.

Bitcoin make online gambling more convenient, it could help the develop of bitcoin. The potential is huge.

Gambling is a game when you try it. Then, it will take your money away when you think that is an addicted thing. That's my opinion.

I dont see a problem in charging a small fee, if you can make a system without a fee then thats amazing.

Its all about +ev and -ev bets.  You can do either with sports betting, poker, most gambling decisions.  You cant make +ev bets vs a house unless you cheat.  If you can make a system where +ev and -ev bets are possible then its more just like the kind of "gambling" you'd take in everyday life vs a slot machine etc.

You'll have to get money from players in some way or another, so you probably will charge a % of the game pot. It will work the same way as a house edge.

The only gambling that really has no edge is sport beting.

Please you or some developer make a p2p multiplayer skill game platform where people can play for bitcoins.   I was a professional online poker player for many years, the lifestyle was very unhealthy but the "gambling" aspect is very healthy if the game is truly a skill game - i can explain further if needed.

https://bitcointalksearch.org/topic/m.11014085   < i made this thread just recently.

Im very interested in helping with p2p skill gaming platforms using bitcoin, im passionate about gaming and this stuff is really fun to me not work.  

If you want to talk more PM me or talking here is fine also, i just want to see the system made.

Yes gambling is also one form of addiction like Alcohol, drugs, dope, women, etc. You get same Kick from Gambling as you get in case of above addictions. The only difference is here you directly dealing with money, so if you lose it then it's gone. 

People tend to confuse addiction with fun. Many gamblers can't stop gambling because they find it "funny", in reality, the "fun" part is long gone and replaced with a bad addiction mostly caused by adrenaline. When addiction turns into obsession, the gambler is now in pretty deep shit without even realizing it. Unfortunately for some, they only give up on gambling when either forced by the complete lack of funds or following a bad life event such as wife divorcing (not necessarily a bad thing though, maybe not the best example?).

Well, gambling in intself is just fun. When people start having addiction its diffirent matter then.