Re: [ANN][CHA] Chancecoin protocol, client, and coin for decentralized dice betting
See the technical page http://chancecoin.com/technical, note the special payout mechanism designed.
"One might assume that when a Chancecoin gambler wins or loses a bet, CHA is transferred between his wallet and the wallets of the other CHA holders. In fact, this is not the way Chancecoin's payout system works. When a Chancecoin gambler wins or loses a bet, his balance is the only balance that changes, but the effect is still the same as in the standard payout system. To illustrate this, let's go through the two cases, where the gambler wins and the gambler loses.
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Chancecoin always fixes the amount of CHA held by the remaining CHA owners who are not gambling and adjusts the amount of CHA held by the gambler, depending on whether he wins or loses. The assumption is that the exchange rate will adjust so that the USD market values of the gambler and the remaining CHA holders match what they would be under the standard payout system after the bet is resolved."
"One might assume that when a Chancecoin gambler wins or loses a bet, CHA is transferred between his wallet and the wallets of the other CHA holders. In fact, this is not the way Chancecoin's payout system works. When a Chancecoin gambler wins or loses a bet, his balance is the only balance that changes, but the effect is still the same as in the standard payout system. To illustrate this, let's go through the two cases, where the gambler wins and the gambler loses.
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Chancecoin always fixes the amount of CHA held by the remaining CHA owners who are not gambling and adjusts the amount of CHA held by the gambler, depending on whether he wins or loses. The assumption is that the exchange rate will adjust so that the USD market values of the gambler and the remaining CHA holders match what they would be under the standard payout system after the bet is resolved."
What exactely don't you understand with this?`
Case A: Gambler wins and there are more CHA in existence. Thus he wins and all other stakeholders suffer because the additional CHA make every other CHA a bit less valuable. Outcome: exactely as expected.
Case B: Gambler loses and there are now less CHA in existence. Thus he loses and all other stakeholders profit because now there are less total CHA in existence, thus making every CHA more valuable.
This is a very elegant solution to a problem that would otherwise have to settle each bet with an infinite number of transactions to EACH stakeholder. I like it
