Quote from: dooglus on January 28, 2014, 07:52:30 PM

Quote from: DomenicoRomano on January 28, 2014, 03:37:07 PM

Quote from: dooglus on January 28, 2014, 01:35:15 AM

... Variance is the only way the player can ever win. Without it, he doesn't even bother playing. ...

I'd like to test this. I bet that if you created a game that has a fixed guaranteed return of -1% that people would still play. For every bitcoin wagered 0.99 bitcoins is returned.

How about it Dooglus. Can you create a site that is not only provably fair but deterministic. In that you know exactly your return before you wager.

Gambling is an activity that is against the gamblers own financial interest. Would that tendency to gamble away money work if there was no way to win. I guess it wouldn't be gambling then.

Try it see what happens.

The easiest way to test this would be to allow Just-Dice players to bet at 100%. That has a payout of 0.99x, and is exactly what you're describing.

I wouldn't want the 'max chance' button to go there though, because that's just rude. But I could allow players to type 100 into the chance box and accept the box. It doesn't feel right though to give them no chance of winning, and I also really don't see why anyone (who understood it) would play.

Gamblers understand that a 49.5% chance of doubling their money is slightly less than fair, but it's close enough to fair that they're willing to take the chance. But who wpuld ever accept a guaranteed loss of 1%?

I should offer this service. Send me 1.00 BTC, I send you back .99. Heck, send me 1 BTC and it's already a gamble that I send back anything...

There's more to the earlier post below if you want to click.

Quote from: deepceleron on August 08, 2013, 01:03:08 PM

I'll add a conclusion to my post: gamblers like variance. People buy lottery tickets not because the house edge is 50%, but because there is miniscule chance of millionaire status. The more you bet, the more you reduce variance. If I have 10,000BTC and bet it once on double my money, 49.5% chance I double my money. If I bet 1000000 0.01 BTC bets, the variance is gone and payout approaches the house edge, I might as well be sending 10000 BTC to a site that pays 9900 back.