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General Discussion / Re: BitShares Dice FBA
« on: December 13, 2015, 06:50:17 pm »Millions of Features, Features for Me!
There are far too many opportunities out there and prioritizing new features for BitShares becomes very challenging.
Profit is perhaps the most important means of prioritizing.
So I would like to take some time to outline a plan I am devising for getting features lined up and prioritized based upon the concept of Fee Backed Assets (FBA).
5. Gambling Systems
In terms of profit potential blockchain based dice would the most investable FBA imo.QuoteAfter you deposit bitcoins into Just Dice you have the option to invest all or part of your balance in the house bank. Just Dice takes 10% of the profit and distributes 90% to the investors in real time, every players losing bet makes your investment go up instantly!
Every players winning bet makes your investment go down but the odds are always in your favour and no one could ever send the house broke because the maximum profit per bet is 0.05% of the house bank.
Never has a feature that allows anybody in the world to put themselves at an advantageous position in a gambling operation been offered. That is normally reserved for those rich and politically connected enough to own a gambling operation or for the investor class with barriers to entry that preclude most of the world’s population.
On average your investment will increase 0.9% as often as the house bank is turned over. For example at the moment the house bank is ฿42,500 so every time that amount is wagered by users the site should make on average 1% profit with 0.9% of that going to investors. The house bank turns over approximately every 14 days on average! I first invested in Just Dice 3 months ago and the investment I made has risen 22.5% since then. So far the site has paid out ฿18,000 to investors.
The only risks are government seizure and shut down and hackers or the site operators disappearing with the money. This is sincerely the best passive investment I have ever found.
http://www.bitroll.co/just-dice-a-gambling-investment-revolution/
Unfortunately centralized sites are more prone to closures or hit and runs...
http://www.bitroll.co/just-dice-closes-due-to-canadian-bitcoin-regulations/
JustDice's bankroll was > ฿50,000 (Double the CAP of BTS) & from the above, appeared to be making >$300 000 profit a month.
Mixing gambling into a decentralized exchange will KILL BITSHARES for China and ruin Bitshares for a lot of people. I would say due to the regulatory and legal ramifications the risks of adding gambling to Bitshares is both unnecessary and exceeds any possible benefit.
If you add gambling to Btishares in as a primary feature then the whole network could be seen as a pyramid scheme, like MMM, which could result in it being banned in China and Russia. It could also make Bitshares very unpopular in the United States.
I would prefer to see cannabis commodities and assets than to see blatant gambling because it only will take away from the legitimate features like prediction markets. If someone does want to do a dice type feature why not just make it external to Bitshares or use DAC Play?