Quote from: Rannasha on September 20, 2013, 10:41:47 AM

Quote from: Flora on September 20, 2013, 10:26:51 AM

SatoshiBones is selling 10% of all future profits for a total of 250BTC: http://bitzillions.com/satoshibones/stake They are wonderfully honest and transparent but from looking at the payment reports it seems as though not even the biggest investors are making more than $20 per month. The converter I use is here: http://coinmill.com/BTC_USD.html I wouldn't invest in this because I want my investment to be a highly profitable one! And won't each investor's monthly payment decrease even further as the 10% is dispersed between the final total of a HUGE number of investors? Because if that's how it works I don't see why anyone would buy shares.

That website doesn't meet the requirements for provably fair betting. They don't post the hash of the server seed in advance, which makes it possible for a malicious operator to skew the results. And even if the operator is not malicious, the fact that the hash isn't posted in advance makes you question the experience/knowhow of the operator.

Anyway, the bet volume on that site seems really low. 250 BTC buys you only 10% of the profits, so the expected gains are really low, especially considering the fact that the Bitcoin gambling business is highly competitive, with new sites and innovations popping up regularly. SatoshiBones is a straight-up clone of SatoshiDice without any new innovations to attract gamblers (the house edge is slightly smaller at 1.5% instead of 1.9%, but there are plenty of 1% edge sites already). Furthermore, there is no information on how you can withdraw your investment, if it's even possible and whether you can always withdraw the full invested amount even if the site loses.

@Rannasha:

Thank you for your critique of Satoshibones. While I appreciate your honest feedback, I would like to counter some of your assertions.

* Provably fair

We have a fixed daily secret common to all bets that day. If we were to alter this for any given bet, it would be very apparent to anyone who looked. I'll gladly provide you data of all roll history, from which it is clear we do not cheat and have never cheated.

Providing a hash of the secret in advance is an idea we will gladly entertain. We have nothing to hide.

We have now been in continuous operation for 1 year (just had our 1st Anniversary Wink

) . Not insubstantial for the Bitcoin world.

* Bet volume

The only volume which really matters is number of bitcoin bet. This has been increasing steadily, as has profitability. Our investors have been paid monthly since the start, and as we continue to see increased play, their break-even point will come sooner. This is not a get-rich-quick investment, but a steady dividend on a long-term investment. Each investor has their own goals, and we cannot say that it is right for every investor.

* Value add (over s.dice)

We won't deny that the site began as a s.dice clone. We are working hard to develop 2nd gen games which will work off-chain. But we do believe there are reasons some players will always prefer on-chain betting, and our aim is to make the service we offer the best around.

Most of the positive feedback we've received has been from customers who like the simplicity and responsiveness of our site. We aim to make it easy to see your bet result as quick as we can safely bring it to you.

S.dice no longer pays out on unconfirmed bets. I think that's a pretty big difference.

* Withdrawal of stake

Our house stake is a long-term investment. It is not typical for private companies to offer investment which can be withdrawn at will. Down the road we do plan to set up something of a marketplace for people interested in selling their shares. This needs to be done carefully to ensure we follow any securities related laws.

I hope that helps to clear up anything. If you have any other concerns please let me know!!

-Ben at Bitzillions

Edit: check out the official thread here as well for more info!