Ninjastic
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Board Gambling
Re: Moneypot just took a huge loss?
by
Quickseller
on 31/01/2016, 05:23:48 UTC
Quote from: ranlo on January 31, 2016, 03:52:00 AM
Quote from: Quickseller on January 31, 2016, 03:30:14 AM
Quote from: Dannie on January 31, 2016, 03:20:42 AM
Quote from: Quickseller on January 31, 2016, 03:07:23 AM
if it is your opinion that this bet would allow excessive risks, then it is your responsibility as the owner/operator of MoneyPot to disallow such bets from being placed. As the owner/operator of MoneyPot, it is your responsibility to ensure that your bankroll investors are not exposed to excessive risk.

The problem is he (and probably all the investors) didn't know.
It is his responsibility to know. If this was something that he did not fully understand, then he should not have allowed these kinds of bets in the first place.

(AFAIK) dooglus, nor RHaver are the ones who own MoneyPot, therefore it is not their responsibility to make sure that bets do not expose MoneyPot bankroll investors to excessive risk

I am not speaking on behalf of MP, I'm speaking on behalf of myself. Any official correspondence from MP itself will come from the official account. That said, I personally don't even understand Kelly, how it works, and how to break it down mathematically. It's not my area of expertise and I would never insinuate I know anything about it. I'm also not a developer, nor would I ever claim to be. As such, this entire discussion is completely foreign to me, Smiley. Things like Kelly are way over my head. Looks like it's above others', too, with Bitvest's hefty loss today (9.2 BTC loss on a 0.1 BTC bet, with a 160 BTC bankroll). Wondering what their mass loss per roll is.
Regardless of if you are speaking on behalf of MP or not, I think it says a lot when it is one of the owner's opinion that a controversially large winning bet that was allowed to be made was risking more then what he thinks should have been risked.

Since you were offering bankroll investments, it would be your job to understand how Kelly works. If I had to guess I would say that Stunna did not know how probably fair betting works prior to deciding to open PD, however likely deals with it on a daily basis now. He previously has stated that none of the owners of PD are devs. The same is likely true for other technical aspects of PD.

When you are managing the risks of other's money then you should understand these risks before you start offering bankroll investments. This is similar to how am escrow service should know how to keeps funds secure prior to offering his services.