Re: [ANN][CHA] Chancecoin protocol, client, and coin for decentralized dice betting

Just restarted everything, and it looks the same still.

Logfile:

WARNING:root:Status: Reparsing all transactions. WARNING:root:Status: NEW DATABASE ERROR:tornado.application:Exception in callback None Traceback (most recent call last): File "C:\Python33\lib\site-packages\tornado\ioloop.py", line 688, in start KeyError: 1496 ERROR:tornado.application:Exception in callback None Traceback (most recent call last): File "C:\Python33\lib\site-packages\tornado\ioloop.py", line 688, in start KeyError: 1104

Also balance query: Your balance is 1377.16126543 CHA.

Yeah, it looks like a bug in the binary client. I'll look into it and get back to you. Hopefully we'll get the new bitcoinj version out soon. Thanks for testing stuff out!

No problem, I like to help where I can.

I have some problems understanding what exactely is happening when betting or placing orders. Could you help me figuring it out?

This is a bet, where I placed a 0.01 CHA bet: https://blockchain.info/tx/dd768e799afffc44a06eacb976c4a050bccc8c706232499d186bbad6a0657088?show_adv=true
There are 3 outputs:

0.0001086 BTC Escrow
0.0001086 BTC Escrow
0.0001086 BTC Back to my own account.

What exactely happens here? Do you even get the BTC back from the Escrow addresses? The strange thing is , that blockchain.info shows those funds in the escrow addresses still as balance of my main address.

What intrests me most is, if the transaction costs me 0.0001 BTC for fee, or 0.0001BTC fee and two times 0.0001086 for escrow?

Thank you ( I know that I can be annoying Cheesy

)

PS: Are there plans to lower the house edge? 1 % would be better in my opinion, as most BTC-Dice casinos use 1 % houseedge.

The transaction does indeed cost you 0.0001 BTC for the fee plus 0.0001086*2 for the escrow. The escrow addresses are what the Chancecoin protocol reads from to interpret the bet. This is a bit of information that we'll have to document somewhere.

Since people are burning under the assumption that the house edge will be 2%, we can't change it easily, but it's something the community could discuss in the future.

Thank you for the information.

Right now the risk for the "site bankroll" is 1/2 kelly kriterion. If we would change the house edge to 1% we could then keep the kelly criterion constant at 1/2 Kelly by setting the max profit to 0.5% site bankroll.

How do you propose do we ask the community? because i'd rather change this soooner than later.