Post
Topic
Board Service Announcements (Altcoins)
Re: Just-Dice.com : Invest in 1% House Edge Dice Game
by
dooglus
on 06/07/2013, 00:48:57 UTC
Also, watch the total invested sum. It's more dangerous once it's been past the peak for a while.

One thing that nobody seems concerned about is the following:

I say there's around 19k BTC invested.  I show a cold wallet with 19k in it (more actually - some investors divest large amounts when the house is over 1% profit, because "invisible strings" or some such, but leave the coins in their balanace).

But what if in reality 50 different people have invested 1k each?  I could have spent the extra 30k already and nobody would be able to tell.  I've not proved that I'm making the total invested amount public, and could in effect be operating a fractional reserve operation.  That would only be discovered when people try to withdraw, and the 19k runs out.

I figure an easy way to avoid this risk is for me to list the 'base' figure for each investor.  You can find yours in the 'history' tab, in the 'investments' report (the number in the bottom right corner).

I'll publish a list of investors (with all details removed except for the 'base' amount) after each Sunday commission run, starting this coming weekend.  Then people can check that their investment is included in the published total, and shout if it isn't.

Edit: so divest a random number of bitcents and dust to make your base amount unique.  Then I can't pass off 4 separate 1k investments as a single investment and spend the other 3).