Author Topic: Comparison to ChanceCoin  (Read 1819 times)

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Offline BldSwtTrs

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Re: Comparison to ChanceCoin
« Reply #15 on: May 27, 2014, 07:06:40 pm »
I stumble upon that on Reddit, it may be relevant to the discussion: http://bitcoin-betting-guide.com/james-cannings-blog/0-house-edge-provably-fair-and-trustless-gambling/

Offline vlight

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Re: Comparison to ChanceCoin
« Reply #16 on: July 06, 2014, 11:43:28 am »
CHA devs are considering making negative house edge. So as a DAC it will be operating at loss. Not sure if this is a good or bad thing.  :-\

https://bitcointalk.org/index.php?topic=528023.msg7694263#msg7694263

Offline bytemaster

Re: Comparison to ChanceCoin
« Reply #17 on: July 06, 2014, 01:47:17 pm »
CHA devs are considering making negative house edge. So as a DAC it will be operating at loss. Not sure if this is a good or bad thing.  :-\

https://bitcointalk.org/index.php?topic=528023.msg7694263#msg7694263

I think it makes perfect sense to drive use and is a promotional item.   Certainly a win in the short term and likely to get the coin into the hands of those most interested in gambling.  Get them hooked, then change the house odds on them down the road after wide spread adoption.
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Offline FreeTrade

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Re: Comparison to ChanceCoin
« Reply #18 on: July 06, 2014, 03:54:29 pm »
CHA devs are considering making negative house edge. So as a DAC it will be operating at loss. Not sure if this is a good or bad thing.  :-\

https://bitcointalk.org/index.php?topic=528023.msg7694263#msg7694263

Hmm - I think it would be very encouraging for bot writers :)

The aim is new customer acquisition - but how do you tell a new customer's first bet from a bot's one millionth bet?
“People should be more sophisticated? How are you gonna get that done?” - Jerry Seinfeld reply to Bill Maher

Offline Empirical1

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Re: Comparison to ChanceCoin
« Reply #19 on: July 06, 2014, 07:36:23 pm »
CHA devs are considering making negative house edge. So as a DAC it will be operating at loss. Not sure if this is a good or bad thing.  :-\

https://bitcointalk.org/index.php?topic=528023.msg7694263#msg7694263

I think it makes perfect sense to drive use and is a promotional item.   Certainly a win in the short term and likely to get the coin into the hands of those most interested in gambling.  Get them hooked, then change the house odds on them down the road after wide spread adoption.

Negative house edge seems like a bad idea, I just asked them this question, but maybe I'm not thinking clearly

Quote
How often can you make a bet in your system?

If you gave me a 2% edge, I'd make $1000 bets expecting to make $20 on average per bet. If I could make a bet every 15 seconds, I'd be making $80 a minute on average from you guys.  Over the course of just 1 Day, I'd be expected to take $115 000 out of your coin, in exchange for only putting in a meagre $1-20K of my own money into your coin at the beginning to bankroll it, depending on how I fared with variance (with 2% odds in my favour, 100k bankroll and $1000 bets then http://www.albionresearch.com/kelly/default.php)

Is the above right?

https://bitcointalk.org/index.php?topic=528023.msg7706522#msg7706522

He replied

Quote
We would have a limit to prevent this (probably a maximum total wagered with negative edge per block or per 100 blocks). The point is to encourage gambling, not to let someone take down the house.

So I guess if it's possible to implement limits, it's fine. It will certainly work for marketing. Perhaps a low maximum bet and some proof that you're not a bot.
« Last Edit: July 06, 2014, 09:46:31 pm by Empirical1 »