Dice games on the blockchain: is it worth to mine?
Well the past few days I probably did spent way too much time trying to mine some dice games tokens. We have 4 dice games running on the steem blockchain and all now have their own token economy in place. Some even 2 tokens.
O man way too much!
When I did some calculation this morning, I was a little bit shocked how much steem I did wager in total. But luckily for me I did cam away with a profit.
In total I did wager a stunishing sum of 11917.6 Steem. With the curren value of $0.41 that is just below $5000. Woopsy daisy!
But luckily the income was bigger than the steem wagered with 12052.8 Steem. That makes an overal profit of 135 steem or $55.
Most dice games do have a house advantage of 2%, meaning that for each 100 steem wagered you should count on a loss of 2 steem. In the past week, lady luck was standing by my side. But I can't always count on her, or can I?
Tactics
Because I did spend a lot of time on the sites of the dice games, I did spot some remarkable tactics. One riskies than the other.
I have seen the following:
- doubling up each time a roll was won with the multiplier of 2. After 5 rounds start all over. After a loss start all over. I don't see how this tactic can turn into a profit.
But maybe it is better than the next one. - flat stake betting. Each roll the same bet with the same probability. This only can work if the pay-out is bigger than the betting size. So preferably you should go for the under 49 (or over 51 with MagicDice).
- Starting with a bet and after each won roll, putting the complete pay-out on the next roll with always the same probability. Most of these do start over when they doubled up the initial wager. When they run into a lost roll, they will just start over again!
- An advantage tactice of the previous one, which I cannot understand because it is way to risky for me. After a lost bet, they do wager 1 steem, the next bet regardless if the 1 steem bet has won or lost, they will bet the maximum allowed or needed to recover the initial starting wager! What about that. Very risky but if they are there to mine, an excellent tactic.
- The good old martingale. The games do love these. Because they always run into the limits of the dice game or their bankroll. In this case the potential profit is way too low to take so many risks!
My tactic
Most of the time I do start my intital bet with 5 or 10 steem, depending on the mood and my bankroll. Most of the time I do bet on a probability of 90% or more. So the odds are relative low!
After each won bet, I do wager the pay-out of the previous bet rounding down on 1 decimal. So if the payout was 5.228. the next bet would be 5.2.
When I doubled the initial stake I will start over again. When I do loose a bet, I will also start over again! If you can complete one cycle, the next cycle is for free. The dice games were there isn't a lot of traffic are very suitable for this tactic. Here I mostly wait untill somebody rolled above 95 before placing the next bet. This can take a while on some site :(
Will this isn't a guarantee for success, it helps with mining the tokens.
Steem-bet
Probably the dice game with the lowest traffic at the moment. But for each steem wagered you will get 50 SBTs. They are not paying a dividend yet, they will only start to do this when 30M SBTs are mined. At the moment, 65% of this 30M is mined. But with the current traffic it can take a while before they will payout the divs.
But the divs aren't lost. They are adding those up, so when the 30M SBT is reached, they will payout all the previous mounted dividends. For the moment I am entitled on a pay check of 40 steem. Each day around 1 steem is added to this.
They were planning to launch their roulette game this week, but a discovered bug is postponing this a little bit. The launch of the roulette game could increase the traffic, which I really hope. Better to do this right from the first place.
This is also the only dice game with a double token economy. They have the SBTs but also have SPTs (Steem-bet Platform token). The SPT can only be obtained via investing into the house. Next week the first investment round will open.
EpicDice
The amount of bets on EpicDice skyrocketed this week. This is probably due to the news that they will launch their own Steem-engine token.
Most of my bets where placed on EpicDice. They do have a weekly leaderboard where the top 10 of players with the most wagered steem can earn some extra Steem.
For the moment, they do have an early bird promotion where you will get 110 EPIC per steem wagered. This will decrease to 100 when the token is actually launched. But all stakes up untill then will get the EPIC tokens rewards. This is probably the reason that the traffic has increased.
I do have some worries about them being able to handle all the traffic. I have seen a lag of around 5 minutes between placing the bet and getting the pay-out.
Kryptogames Dice
Also here the traffic is increasing, but I do think that it is a little bit lower than on Epid Dice. Also here you will get 100 GAMERS tokens per steem wagered. Depending on the total amount of steem wagered you are in a membership club. For instance if you have wagered in total more than 2000 steem, you are in the Bronze club. This means that you will get 10% extra GAMERS per steem wagered.
This is the only token of all dice games which is already available on steem-engine. This is also the only dice game who has another game running. Besides dice, they also do offer BlackJack! When you do want to mine, it is best to play the dice game and only use the BlackJack game for fun!
MagicDice
The mother of all dice games on the steem blockchain. The traffic there is huge and easily is the double of all other dice games combined. Due to their daily leaderboard people do keep on playing the games. Because it is the dice game with the longest history, already 37.3% of all MAGIC tokens are mined. At the moment you will get only 25 MAGIC per steem wagered.
Still the total amount wagered per day is stunishing. More than 100K steem per day.
They already have paid out 221K steem as dividend. This explain why people are also mining on the other dice games.
Not only it is the mother of all other dice games, it still is also the best dice game around. Their feature which allows you to bet on the over or under is unique and something which the other games are missing!
Time will tell
if it is a good idea to mine on the other dice games. The Magicdice still pays me around 2 steem per week as dividend. Not to much but that is because I don't have many Magic. I do think that some people easily will have pay checks of around 20 to 50 steem per day! The average steem dividend that they do pay out per day is around 1K steem.
The question is what will happen to magic dice when the other dice games start to payout dividens. For both Epic and Kryptogames this will be within 3 to 4 weeks from now.
When they do start people will discover them and will start mining on those games!
So, I cannot answer my own question in the titte. Some of these maybe can become a real competitor of MagicDice, but nobody will know. It is the same like all crypto's do want to be the competitor of BTC!
For the moment, Epicdice will have the most of my attention!
We all have to make our decision if we are willing to risk the steem or not. Because it is a gamble. Not only to mine but also to risk your well earned and beloved steem. If you do want to try them out, make a plan and create a seperate bankroll!
Feel free to use one of the referral links below:
Magicdice: https://magic-dice.com/?ref=fullcoverbetting
EpicDice: https://epicdice.io/?ref=fullcoverbetting
Krpytogamers: https://kryptogamers.com/dice/?ref=fullcoverbetting
Steem-bet: https://steem-bet.com?ref=fullcoverbetting
Cheers,
Peter
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Great post Peter, I agree with you. I'm way up on SB, flat on the others and down a little on Magicdice after considering their upvotes-which you forgot to mention their random whale upvotes.
I noticed the Martingale strategy is very poor. Ever got 15 overs in a row? It does happen and when you think your profit may be 0.1 Steem, it's a ridiculous risk. They key to success is to change your bet up, never bet more than 10% of your liquid steem on one bet and power up or quit while you're ahead. If you are mining, do low risk bets.
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Thanks.
I am down on Steembet. Around 70 steem. Will try to recuperate that. Also if the divs will ever payout, it will lessen the pain.
Indeed I did forgot to mention the MD upvotes. I did get them twice I think. Hope to score another one these days. They are always welcome.
I do stick to low bets. All small bets do add up. I also try to power up some part of the profit if it is there. Because the ultimate goal is to become a dolphin before the year is over.
The increasing of the bet untill a predifined level is indeed working.
Good luck!
Great post!
You've inspired me to do a tutorial on my tactics. I've managed to hoard SteemBet tokens, racking up over 850k using 2 styles; one is profitable but takes a load of concentration and pattern recognition, the other is less profitable but just a slight tweak on the 'under 95' (or 94) auto-bet mining style that most use.
Both approaches have been successful and I just switch from one to the other or take a break when my luck is off.
I'll post about it today, there's a clear difference between playing these games like a casino player (gambler)— and becoming the house/casino owner (miner).
Cheers!
Look really forward to that article. Curious if I can use one.
I do all my mining manual. Take a lot of time. Since I did implement my new tactic I do see the losses decrease and the tokens increase.
At the moment we are more or less both. Gamblers and investors. We need to gamble to mine the tokens. Or do I see this wrong?
Currently Epicdice has my full attention. But they have some load problems. The problem is that I just can't keep up against the mining bots. But I miss the technical knowledge to use one!
Really did see some strange strategies!
Thanks for the resteem.
Cheers,
Peter
In a way yes, I guess. We are both gambling and mining, only to me the difference is the approach or intent.
For example...
Intent Miner:
I'm going to mine 100 STEEM worth of SBT, as much as possible— win or lose.
Conscious Gambler:
I'm going to play SteemBet and risk 100 STEEM, hopefully I win.
It's about what your willing to risk, by setting a limit on STEEM both have lowered their risk a lot but the miner has almost 0 risk since his $STEEM is already committed to the system.
The miner is purchasing or investing 100 STEEM to the platform in return for div tokens. The gambler is having fun and entertainment at the cost of STEEM.
Also, like in Proof of Work, you won't always get the same returns while solo mining, more or less.
Just my opinion 😉
It makes sense!
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Martingale is awesome when u have no limits and neither does the platform.
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That's why most casinoss and sites have a table limit :(
But most of the time those limits are way higher than my personal limits!
We are SO proud to have you as a member of our
FANTABULOUS Power House Creatives family!
uvoted and/or resteemed!
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#powerhousecreatives
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I'm not a big player, but I've been trying to spread my play around all the platforms. I got on magic dice too late to do well with it. I expect they are going to lose business to the other sites as people realize it is impossible to catch up. They have noticed this and made adjustments. They will need to release a new one. My guess is they will copy paste their code on to a new site and just manage two, I mean why not?
I am playing steem-bet again although I am still cautious. I can't wait for roulette. To be honest their new token is confusing. I asked to be on the white list, but I'm still not sure if I will invest or not, gambling is more fun anyway.
I have played EPIC dice quite a bit, but slowed down recently. It's cool they have there referrals coming out soon. Let's see what else they do.
Kryptogamers is the one I've been most active on recently. I like blackjack because it gives me something else to do. Also, call me crazy, but I think the strategies work better here.
I did stop with the blackjack. I did try to 1-3-2-6 tactic but failed :( But I do like the game. But it is easier to place 5 steem on Under 95, than to put 5 steem on a blackjack draw.
If I do play it, it is purely for fun. I should play more on Kryptogamers to mine as much as possible before the divs will be launched.
I do like the fact that Steembet is reserving the already mined divs. Epic and KG aren't doing this. But they really do need the roulette to increase the SBTs mined. I will invest in the SPT. Instead of giving 60% of the profit to the token holders like other sites, they have choosen to use a second token. SBT will get 40% of the profit, SPT 30% of the profit. They did introduce this as some kind of pay-it-forward. This way they do have some guaranteed funds which they can use to develop new games.
If you are going to play on Epic again, feel free to use the ref ID. They allow you to use a different ref link. Once used it will be locked for 24 hours. After that you can use another.
Good luck!
Peter
I am not a gambler so I will stay away from thoses dice games but cool article.
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Gambling and mining div tokens are not exactly the same, many non-gamblers mine for divs once they get the concept of owning part of a casino: becoming g the house is more business than chance. Cheers bro
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Those are indeed the 2 different type of users.
Guess I am a little bit of both!
Cheers,
Peter
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Which platforms do you consider if I decide to mine for the dividend tokens?
The only one paying out already is magicdice. But it will be hard to get enough Magic tokens to make it worth.
I would go for Epic Dice or Kryptogames. Both are still giving 100 tokens per steem wagered.
Steem-Bet only gives 50 tokens but the volume there is lower compared to the other sides.
For all 3 platform you should be early enough to get a piece of the cake.
Hard to give advice about it. At the moment I am focusing on Kryptogames and Steem-bet. But time will tell if this was the correct decision.
Thanks. Maybe it is better for me also to stay away, but I like a gamble now and then!
I have stayed away from all of them except moonsteem (mostly as an investor there) and I haven't regretted it yet. In my view, the only way to be sure to beat them is to run them and not play or mine for coins. The way I see it, it's all just a gimmick for people to keep playing with an overall negative expectation. So it's mostly down to luck, nice to see you are in the green still Peter!
Good Luck (You'll need it :-) )
I know I will.
You can invest also in Steem-bet. They do ask a minimal investment of 250 steem. In return you will get 80 SPT per steem. 30% of the profits are shared amoung the SPT holders.
Luck is indeed part of the game. a lot's more than in sports betting!
Thanks!
Peter
It's some nice strategies in here... Unfortunately, I spent a lot of money in these sites and loss a lot too. :(
Overall I am also at a loss I guess. But it seems that the new tactic is working. Most steem was lost with martingale :(
I lost a lot of money with martingale. I tried a way to continue to use martingale for more than 12 losses sequentially which gives me a good return but only because I set up a limit of losses.
I know the feeling. I will not use martingale anymore. Better to use different tactics.
Also you have to think if you are mining or if you are playing to make a profit. The answer on that could make you change your tactics!
Cheers,
Peter
Ah... You are much better than this than me! Betting is definitely not my thing! Better for me to acknowledge that!