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Offline Empirical1.1

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BitUSD Dice & BitAsset gambling
« on: January 27, 2015, 11:22:04 PM »

http://www.coindesk.com/bitcoins-gambling-boom-just-getting-started/

Some Bitcoin gambling platforms do $10 million+ a month in Bitcoin volume, so I'm guessing you're looking at $100 million a month Bitcoin gambling volume.

Considering BTS is about 1% the size and daily volume of Bitcoin, we could be talking up to a $1 million in monthly BitAsset volume right now if BTS users were given access to BitAsset gambling.

Edit: An internal option that only let you wage with BitAssets (but not BTS) would be ideal. It would get us using the wallet & BitAssets more and massively increase BitAsset volume.
Even an external site would be fantastic though and from cursory research would do big volumes from inception. (No advertising required for the first mover either & BTS users would use it in a similar ratio to what Bitcoin users do.)
« Last Edit: January 27, 2015, 11:34:44 PM by Empirical1.1 »

Offline Ander

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Re: BitUSD Dice & BitAsset gambling
« Reply #1 on: January 27, 2015, 11:32:35 PM »
This also had a major impact on getting bitcoin's network effect going early on.  (Satoshi Dice!)
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Offline BunkerChain Labs

Re: BitUSD Dice & BitAsset gambling
« Reply #2 on: January 27, 2015, 11:34:42 PM »
http://www.coindesk.com/bitcoins-gambling-boom-just-getting-started/

Some Bitcoin gambling platforms do $10 million+ a month in Bitcoin volume, so I'm guessing you're looking at $100 million a month Bitcoin gambling volume.

Considering BTS is about 1% the size and daily volume of Bitcoin, we could be talking up to a $1 million in monthly BitAsset volume right now if BTS users were given access to BitAsset gambling.

WOO HOO.. BTS Ponzi here we go come. Somehow I don't get the sense that this community has a huge desire for this. I maybe wrong... but there are a LOT of issues that come with this... none of them seem to fit into BMs mission statement either.
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Offline Empirical1.1

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Re: BitUSD Dice & BitAsset gambling
« Reply #3 on: January 27, 2015, 11:35:25 PM »
http://www.coindesk.com/bitcoins-gambling-boom-just-getting-started/

Some Bitcoin gambling platforms do $10 million+ a month in Bitcoin volume, so I'm guessing you're looking at $100 million a month Bitcoin gambling volume.

Considering BTS is about 1% the size and daily volume of Bitcoin, we could be talking up to a $1 million in monthly BitAsset volume right now if BTS users were given access to BitAsset gambling.

WOO HOO.. BTS Ponzi here we go come. Somehow I don't get the sense that this community has a huge desire for this. I maybe wrong... but there are a LOT of issues that come with this... none of them seem to fit into BMs mission statement either.

You must have a very skewed definition of ponzi.

A certain % of people like to gamble, crypto gives the option to do it with a very small house edge so it's extremely popular.
« Last Edit: January 27, 2015, 11:37:01 PM by Empirical1.1 »

Offline BunkerChain Labs

Re: BitUSD Dice & BitAsset gambling
« Reply #4 on: January 27, 2015, 11:52:48 PM »
http://www.coindesk.com/bitcoins-gambling-boom-just-getting-started/

Some Bitcoin gambling platforms do $10 million+ a month in Bitcoin volume, so I'm guessing you're looking at $100 million a month Bitcoin gambling volume.

Considering BTS is about 1% the size and daily volume of Bitcoin, we could be talking up to a $1 million in monthly BitAsset volume right now if BTS users were given access to BitAsset gambling.

WOO HOO.. BTS Ponzi here we go come. Somehow I don't get the sense that this community has a huge desire for this. I maybe wrong... but there are a LOT of issues that come with this... none of them seem to fit into BMs mission statement either.

You must have a very skewed definition of ponzi.

A certain % of people like to gamble, crypto gives the option to do it with a very small house edge so it's extremely popular.

My reference was to the very recent explosion of ponzi 'gambling' going on in BTC. Dozens popped up in the last month after one giant one made off with thousands in BTC. Sure there is the standard gambling.
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Offline Empirical1.1

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Re: BitUSD Dice & BitAsset gambling
« Reply #5 on: January 27, 2015, 11:56:30 PM »
http://www.coindesk.com/bitcoins-gambling-boom-just-getting-started/

Some Bitcoin gambling platforms do $10 million+ a month in Bitcoin volume, so I'm guessing you're looking at $100 million a month Bitcoin gambling volume.

Considering BTS is about 1% the size and daily volume of Bitcoin, we could be talking up to a $1 million in monthly BitAsset volume right now if BTS users were given access to BitAsset gambling.

WOO HOO.. BTS Ponzi here we go come. Somehow I don't get the sense that this community has a huge desire for this. I maybe wrong... but there are a LOT of issues that come with this... none of them seem to fit into BMs mission statement either.

You must have a very skewed definition of ponzi.

A certain % of people like to gamble, crypto gives the option to do it with a very small house edge so it's extremely popular.

My reference was to the very recent explosion of ponzi 'gambling' going on in BTC. Dozens popped up in the last month after one giant one made off with thousands in BTC. Sure there is the standard gambling.

Cool. Yeah the absolute ideal would be some blockchain based one where everything was provably fair and everything accounted for. In fact with a small house edge the BTS blockchain could even be the bank. We could make the edge extremely low simply because it's in our interest to get people using BitAssets. This would be huge for BitAssets.

Offline Ander

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Re: BitUSD Dice & BitAsset gambling
« Reply #6 on: January 28, 2015, 12:28:14 AM »
My reference was to the very recent explosion of ponzi 'gambling' going on in BTC. Dozens popped up in the last month after one giant one made off with thousands in BTC. Sure there is the standard gambling.

I'm pretty sure that the suggestion was to implement something liek SatoshiDice in Bitshares, not to implement Cryptodouble.com in Bitshares. :)
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Offline Empirical1.1

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Re: BitUSD Dice & BitAsset gambling
« Reply #7 on: January 28, 2015, 12:42:47 AM »
This also had a major impact on getting bitcoin's network effect going early on.  (Satoshi Dice!)

 +5% +5% In fact gambling accounted for up to 50% of all Bitcoin transactions all the way up to the middle of last year.

But we can do what Bitcoin can't and possibly have it all on the blockchain?! All the 'ponzi' gambling problems solved. (If so we just took up to half of Bitcoin's business...)

How did we miss this?

This is how you get BitAssets going. I can relax. As soon we offer BitAsset gambling internally we're all rich and it's just that simple.

Can we use anything PLAY has?


« Last Edit: January 28, 2015, 12:55:13 AM by Empirical1.1 »

Offline Gentso1

Re: BitUSD Dice & BitAsset gambling
« Reply #8 on: January 28, 2015, 12:51:05 AM »
My reference was to the very recent explosion of ponzi 'gambling' going on in BTC. Dozens popped up in the last month after one giant one made off with thousands in BTC. Sure there is the standard gambling.

I'm pretty sure that the suggestion was to implement something liek SatoshiDice in Bitshares, not to implement Cryptodouble.com in Bitshares. :)
+5%
Besides if a user wants to gamble they should at least gamble using a bitasset.

Offline Empirical1.1

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Re: BitUSD Dice &amp; BitAsset gambling
« Reply #9 on: January 28, 2015, 01:10:56 AM »
Another point is that it's transactional volume that mostly stays inside BTS, unlike when you make a purchase, where the retailer often exchanges for fiat creating selling pressure and it will probably be that way with BitAssets till they gain a bit of traction too.
« Last Edit: January 28, 2015, 09:08:47 AM by Empirical1.1 »

Offline joele

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Re: BitUSD Dice & BitAsset gambling
« Reply #10 on: January 28, 2015, 01:16:18 AM »
Gambling is like ponzi too but with style.

Offline xiahui135

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Re: BitUSD Dice &amp; BitAsset gambling
« Reply #11 on: January 28, 2015, 01:52:11 AM »

This also had a major impact on getting bitcoin's network effect going early on.  (Satoshi Dice!)

 +5% +5% In fact gambling accounted for up to 50% of all Bitcoin transactions all the way up to the middle of last year.

But we can do what Bitcoin can't and possibly have it all on the blockchain?! All the 'ponzi' gambling problems solved. (If so we just took up to half of Bitcoin's business...)

How did we miss this?

This is how you get BitAssets going. I can relax. As soon we offer BitAsset gambling internally we're all rich and it's just that simple.

Can we use anything PLAY has?
I also think using PLay is better. If what in play, music, and bitshares can be used by each other, we avoid much repeat work. And this let other DAC no need to make their own BitUSD.

Offline monsterer

Re: BitUSD Dice & BitAsset gambling
« Reply #12 on: January 28, 2015, 07:55:22 AM »
The real problem is not software, since this is a trivial problem, but gambling licencing, which is crazily expensive, unless you can find someone to host in lives in a jurisdiction where crypto-gambling doesn't need a licence.
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Offline Empirical1.1

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Re: BitUSD Dice & BitAsset gambling
« Reply #13 on: January 28, 2015, 09:01:46 AM »
The real problem is not software, since this is a trivial problem, but gambling licencing, which is crazily expensive, unless you can find someone to host in lives in a jurisdiction where crypto-gambling doesn't need a licence.

Ok yeah I haven't even thought of that. 

How is PLAY going about it?

If PLAY reach their 3000 BTC for 20%, then that will already value them at 13% of BTS and they're only at crowdfunding stage.

If PLAY have blockchain gambling & show any decent transaction volume at all, which is growing, the more I look at the numbers (Transaction volume and MoM growth in early Bitcoin gambling or new popular sites) the more it seems BTS will capitulate (No/Low BitAsset volume and growth rate) and be replaced by PLAY in a matter of weeks.

« Last Edit: January 28, 2015, 09:35:05 AM by Empirical1.1 »

Offline monsterer

Re: BitUSD Dice & BitAsset gambling
« Reply #14 on: January 28, 2015, 09:40:10 AM »
How is PLAY going about it?

I'm guessing they're licencing agnostic, since its a platform more than anything else.
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