Post
Topic
Board Gambling
Re: 🔶 YOLOdice.com 🔶 suspending on 1st March 2021 :-(
by
ethan_nx
on 24/02/2021, 13:35:37 UTC
I can see that LTC loses raises a lot of controversy and I fully understand it. The first time (in Dec 2019) someone won most of the bankroll was when we (me and Scott) owned the bankroll, so someone won ~4k LTC in just a few days. This plus ~700 LTC in rakeback and referral bonuses. These were taken directly from our pockets. We then changed the max bet profit and changed the rules to make such wins less likely. We've also opened LTC to other investors, hoping for the stable (although probably less exciting) growth. LTC profits came back to 2019 levels, but to our despair a similar thing happened in Aug 2020.

Believe me, we became paranoid after the first win, but the second time this happened made us ultra-paranoid. We have been checking server logs, bet history, API requests, algorithms, number generators... everything we could. Although we found nothing, this was still disturbing for us, not to mention investors (you).

We've never made our LTC back, and if you had investments open in Aug 2020 you probably suffered a huge loss too. I can only say we did all we could to make sure it was a fair win and I believe it was. The probability was low, but it happened.

Other bankrolls did not suffer anything similar (fortunately), but are under-performing too. All BTC, ETH (which is not a public bankroll), LTC and DOGE's expected profit is higher than real profit, which is disturbing for us too. It looks like some players with really high budgets were playing YOLOdice and their budget allowed them to keep winning. When you have large budget you can will small for quite a long time, until you lose in a big way. But this (unfortunately for us, investors) did not happen.

I also realize that this discrepancy between the actual and expected profit could undermine our reputation and I don't feel well about it. That's also one of the reasons we are suspending YOLOdice, although I would be much, much happier if we could close when the profits were at ATH.

Besides, I still believe we could come with a model where both players and investors could be protected by a Provably Fair algorithm and not rely on site operators.

Cheers,
Ethan