The Exit Scam: Magic Dice. Need more decentralization

in decentralization •  23 days ago 

By now we know we got scammed by Magic Dice.

I don't quite get the exit, but maybe the business was just slowing down too much.

The key thing is that it wasn't that bad.

What we got scammed out of was the tokens and corresponding divident payments. But the magic dice formular was provably fair. Nobody lost funds from the game or depositing into the casino.

This is much better than a casino holding customer funds and running away with it, or an exchange getting hacked.

The next step

We need more than just provably fair transactions, we also need tokens with decentralized governance as well as apps that run natively on the blockchain.

This would prevent such exits from happening. Maybe steem-engine could provide such functionality, or maybe we need a different kind of blockchain.

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Don't really think there's much in the way of a solution to this... it's just about the people who start a business, being people (avatars really) who are proven to be part of the community.

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Think smart contracts are a solution. If the app is decentralized and the Token as well than something like this is impossible.

I wish there was accountability in some way, unfortunately that might be the one bad thing about cryptocurrency. You can scam the F out of people but if its small scaleish nothing gets done about it and they get away with it.

Isn't that what Kryptogamers is doing ?
Their tokens are on steem-engine and they pay dividends aswell

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Dear @knircky

Interesting read.

I've never played MagicDice and my interest towards this project only grew few days ago, when it became obvious that this project is a failure.

We need more than just provably fair transactions, we also need tokens with decentralized governance as well as apps that run natively on the blockchain.
This would prevent such exits from happening.

Wouldn't you agree, that small projects (like MagicDice) may not be able to enjoy decentralized governance? Products like DrugWars, MagicDice etc will probably be always centralized because of their "size".

Unfortunatelly (just like @meno) I also don't see solution for this problem. Even STEEM with it's size and decentralized authorities isn't really doing that well (witnesses do not have really much power over applied and planned changes).

Yours
Piotr