Show HN: My friends just built a Bitcoin casino

I don't really understand why "provably fair" would be so big deal. The house is winning always, no matter what. But I don't gamble myself, so perhaps I don't uderstand that world that well.

Re: Show HN: My friends just built a Bitcoin casino

#6

Post by Drakim » Fri, Mar 01, 2013, 11:18 AM UTC

jerguismi wrote: post #5

I don't really understand why "provably fair" would be so big deal. The house is winning always, no matter what. But I don't gamble myself, so perhaps I don't uderstand that world that well.

I guess with bitcoin being so anonymous, it would be easier to get away with fraud and never be caught compared to a company that accepts USD though VISA.

Re: Show HN: My friends just built a Bitcoin casino

#7

Post by StavrosK » Fri, Mar 01, 2013, 11:20 AM UTC

engineerMike wrote: post #4

bitino wrote: post #2

you can see the game in action here - http://bitino.com/about/

It looks like 30 bucks in few seconds. Nice. Like it. I am curious how are you guys making profit then?

Because, if you lose once, you lose?

Re: Show HN: My friends just built a Bitcoin casino

#8

Post by bitino » Fri, Mar 01, 2013, 11:23 AM UTC

jerguismi wrote: post #5

I don't really understand why "provably fair" would be so big deal. The house is winning always, no matter what. But I don't gamble myself, so perhaps I don't uderstand that world that well.

Provably fair means the shuffle and order of the cards are verifiably random and also that they cant be changed once the game has started.

Provably fair means you know exactly what you are dealing with before you start. Game payout odds are clearly displayed in the payout table.

Re: Show HN: My friends just built a Bitcoin casino

#9

Post by bitino » Fri, Mar 01, 2013, 11:24 AM UTC

Drakim wrote: post #6

jerguismi wrote: post #5

I don't really understand why "provably fair" would be so big deal. The house is winning always, no matter what. But I don't gamble myself, so perhaps I don't uderstand that world that well.

I guess with bitcoin being so anonymous, it would be easier to get away with fraud and never be caught compared to a company that accepts USD though VISA.

it's all about reputation. all games are made public online. all payouts are displayed on the website. if things went array for any reason it would be public knowledge very quickly and thus the end of the site.

Re: Show HN: My friends just built a Bitcoin casino

#10

Post by phreeza » Fri, Mar 01, 2013, 11:45 AM UTC

This mixing of algorithms and gambling in the provably fair section got me wondering: Couldn't one set up a kind of market for randomness? Basically you could buy and sell a variance in exchange for an expected value, and people that agree on a trade send bitcoin (or whatever) to a third party, which then draws and pays out the corresponding amount to each party.

It would make for some moderately interesting math, I wonder if there would be an interest in such a service? Basically casinos could then wrap this marketplace and have people gamble, with their expected gains being at a sort of market optimum.