Post
Topic
Board Service Announcements (Altcoins)
Re: Just-Dice.com : Invest in 1% House Edge Dice Game
by
ranlo
on 09/06/2014, 05:12:23 UTC
Great job this week guys.  Your coins worked hard for us and somehow managed to retain over 5% of the amount wagered!

Quote

Jun  9 2014     2.06%   142.75%

Can you please clarify this? You said there was a 5% retention (ie. house edge) but the profit was only 2.06%?
Obv 5℅ of what was wagered

Or not. 5% of what was wagered would be a 5% effective house edge (aka "profit"). Let's put it into a mathematical formula you can utilize:

5.00% profit = 2.06% profit, false

Here's a link to help you verify that (though this is basic mathematics):

http://www.wolframalpha.com/input/?i=5%25+%3D+2.06%25

If the Investment pool is 100BTC and only 10BTC was wager that week. 5% of 10 BTC is .2BTC profit for the Investors. .2BTC is .2% of 100BTC, so the profit that week is .2%, not 5%. The effective house edge is 5% of all wagered coins. That doesn't tell you how many coins are wagered. Would you expect to make 5% profit if no one even used the site all week?

I suggest you actually read my post before responding.

Dooglus said that the site retained over 5% of the bets wagered for the week. This means that if there were 100 BTC wagered, the site got at least 5 BTC in profit.

He then stated that the profit for the week was only 2.06% profit for the week. In other words, if there were 100 BTC wagered, 2.06 would have been taken in profit.

Again, how can 5% (5 BTC) possibly be equal to 2.06% (2.06 BTC) when we're talking about the same thing (profit) over the same time period (a week) when both are using the same variable (wagered amount)? How much is in the investment pool is irrelevant to any of this discussion.